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Economy News

Zuma could be called in to get SAA money back from abroad – Deputy Finance Minister

By: African News Agency      18th May 2017 If all else failed, National Treasury might enlist the help of President Jacob Zuma to secure the repatriation of South African Airways funds from fellow African states, Deputy Finance Minister Sifiso Buthelezi told MPs on Wednesday. Buthelezi told Parliament’s standing committee on finance the... 

Gemgrow declares maiden dividend

By: Megan van Wyngaardt     17th May 2017 Real estate investment trust Gemgrow Properties declared a dividend of 24.85c per A share and 18.15c per B share in its maiden results for the six months ended March 31. Investment property increased from R2.4-billion to R4.3-billion for the six months, attributable to an asset exchange with... 

Building African brands a feature of African Utility Week

By: Kim Cloete     17th May 2017 Africans need to be proud of their brands and local companies and do everything they can to boost the image and reputation of these brands, says Brand Leadership Group founder and chairperson Thebe Ikalafeng. “The top brands that Africans admire are all foreign. How are we going to transform the... 

South Africa’s Agoa eligibility likely to come under pressure before 2025, trade expert warns 

By: Terence Creamer     17th May 2017 A leading trade expert is urging those South African businesses currently benefiting from preferential market access to the US under the Africa Growth and Opportunity Act (Agoa) to begin to “wean” themselves off such benefits, owing to the increased risk of those preferences being revoked ahead... 

South Africa’s Agoa eligibility likely to come under pressure before 2025, trade expert warns
Tutwa Consulting Group MD Peter Draper

Retailers will face economic pressure for at least two years

By: Megan van Wyngaardt     17th May 2017 With household disposable income at its lowest level in a decade, South African retailers are facing their toughest environment since the 2009 recession, which has resulted in a dramatic slowdown in new space roll-outs. Further, the introduction of the National Credit Act and new documentation... 

Retailers will face economic pressure for at least two years

South African online retail underwhelming – Investec analyst

By: Megan van Wyngaardt     17th May 2017 South African online retail sales represent only 1% of the country’s overall sales and, although this is projected to grow as consumers look for increased convenience, it is unlikely to reach the levels of the most penetrated countries. Speaking at the South African Council of Shopping Centres’... 

South African online retail underwhelming – Investec analyst

Brown to talk to Zuma, Ramaphosa to 'resolve Molefe matter' 

By: News24Wire      17th May 2017 Public Enterprises Minister Lynne Brown says she will talk to President Jacob Zuma and Deputy President Cyril Ramaphosa to resolve the controversial return of Eskom boss Brian Molefe. Brown was summoned to Luthuli House on Monday and ordered to rescind Molefe's return to the power utility. She... 

Brown to talk to Zuma, Ramaphosa to 'resolve Molefe matter'
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Tourism can change people's lives for the better – Zuma

By: News24Wire      17th May 2017 Tourism has the potential to change people’s lives for the better, especially during these globally depressed economic times, President Jacob Zuma has said. In addition to job creation, tourism also provided opportunities for entrepreneurship, Zuma said at the official opening of the Travel... 

Ransomware attacks should be tackled through a 'people-process-technology triangle' – Deloitte

By: Megan van Wyngaardt     16th May 2017 Companies affected by ransomware attacks should not be tempted to pay a ransom, as the likelihood of receiving the decryption keys is often very slim. Following last week’s Wanna Cry malware attack, that locked up over 200 000 computers in more than 150 countries, including a retail company in... 

Kubayi expresses support for 3 700 MW gas-to-power vision amid IPP uncertainty 

By: Terence Creamer     16th May 2017 Energy Minister Mmamoloko Kubayi expressed her support on Tuesday for the country’s proposed gas-to-power programme, assuring delegates to a conference in Cape Town that government intended proceeding in line with the existing “vision and policy objectives” for gas infrastructure. “Over the past... 

Kubayi expresses support for 3 700 MW gas-to-power vision amid IPP uncertainty
Energy Minister Mmamoloko Kubayi

Denel says it continues talks with National Treasury over Denel Asia JV

By: Megan van Wyngaardt     16th May 2017 State-owned aerospace and defence technology conglomerate Denel on Tuesday said it was in ongoing talks with Finance Minister Malusi Gigaba and Public Enterprises Minister Lynne Brown regarding its multibillion-rand joint venture (JV) deal with VR Laser Asia, which led to the creation of Denel... 

Necsa signs skills-related MoU with French utility

By: Megan van Wyngaardt     16th May 2017 The South African Nuclear Energy Corporation (Necsa) and French electric utility company Electricité de France (EDF) have signed a memorandum of understanding (MoU) to advance training of and development of technical skills and, for the continuous education and training of technicians, in the... 

Molefe could 'obstruct' investigations – DA

By: News24Wire      16th May 2017 The reinstatement of Brian Molefe as Eskom CEO places him in a "position to frustrate or obstruct" any investigations against him, the Democratic Alliance (DA) says in court papers. The party on Monday brought an application in the High Court in Pretoria, asking it to rule Molefe's reinstatement... 

Molefe could 'obstruct' investigations – DA
Photo by Duane Daws
Eskom CEO Brian Molefe

Gigaba appoints acting DG as Fuzile departs

By: Terence Creamer     15th May 2017 Finance Minister Malusi Gigaba on Monday appointed Dondo Mogajane as acting director-general, effective May 16, after Lungisa Fuzile completed his notice period. Mogajane would act in the position “until the process of appointing a new director-general is completed”. 

City Power offers one-time reprieve for meter-tampering customers

By: Natasha Odendaal     15th May 2017 Johannesburg’s City Power on Monday said customers who have illegally tampered with their electricity meters have an opportunity to claim amnesty and normalise their meters “no questions asked”, but only until June 30. Customers approaching City Power during the amnesty period to “register” the... 

Equipment, automotive divisions boost Barloworld’s performance in difficult interim period 

By: Megan van Wyngaardt     15th May 2017 Fleet management and logistics solutions company Barloworld on Monday posted a 5% increase in its operating profit for the six months ended March 31, to R1.84-billion, as its automotive division achieved record results and its overall equipment division boasted strong growth amid challenging... 

Equipment, automotive divisions boost Barloworld’s performance in difficult interim period
Barloworld CEO Dominic Sewela speaks on the company's results. Video: Nicholas Boyd. Editing: Lionel da Silva 15/05/2017

AMSA insists 12% hot-rolled-coil safeguard won’t translate into abrupt price hike

By: Terence Creamer     15th May 2017 Steel producer ArcelorMittal South Africa (AMSA) insists that the institution of a 12% safeguard duty on hot-rolled coil (HRC) from July 1 will not result in a commensurate rise in domestic prices for the primary-steel product, owing to a pricing agreement with government that regulates the... 

AMSA insists 12% hot-rolled-coil safeguard won’t translate into abrupt price hike
Photo by Duane Daws
AMSA CEO Wim de Klerk

SA 'working on scrapping visas for all African citizens'

By: News24Wire      15th May 2017 South Africa is working towards allowing all African citizens to enter the country without visas – but at first “trusted travellers” like diplomats, officials, academics, business people and students will be the only ones to benefit. The Department of Home Affairs outlines the steps that will be... 

SA 'working on scrapping visas for all African citizens'

DA to file urgent interdict against Molefe’s reappointment

By: African News Agency      15th May 2017 The Democratic Alliance (DA) said on Monday it would be filing for an urgent interdict at the North Gauteng High Court in a bid to stop Brian Molefe’s reappointment as Eskom chief executive. DA spokesperson for public enterprises, Natasha Mazzone, said that Molefe was not a “fit and proper”... 

DA to file urgent interdict against Molefe’s reappointment

DoE won’t appeal nuclear ruling, but Kubayi leaves door open for new nuclear determination ahead of IRP update 

By: Terence Creamer     13th May 2017 Energy Minister Mmamoloko Kubayi announced on Saturday that government would not appeal the April 26 ruling of the Western Cape High Court, which declared the processes hitherto used to procure new nuclear capacity to be unconstitutional and illegal, along with three nuclear-related... 

DoE won’t appeal nuclear ruling, but Kubayi leaves door open for new nuclear determination ahead of IRP update
Energy Minister Mmamoloko Kubayi

Brown defends shock Molefe reinstatement, as Koko takes leave amid forensic probe 

By: Terence Creamer     12th May 2017 Public Enterprises Minister Lynne Brown has defended her decision to accept the Eskom board’s much-criticised recommendation that Brian Molefe be reinstated as CEO and see out his five-year contract to 2020 on the basis that it offered “better value” than the alternative of paying him a... 

Brown defends shock Molefe reinstatement, as Koko takes leave amid forensic probe
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Emerging markets not as fragile as they used to be – economist

By: Megan van Wyngaardt     12th May 2017 Despite all the negativity the local economy has faced since the Cabinet reshuffle in March, it is still not being reflected in the rand, which could indicate that emerging markets are “not as fragile” as they used to be, which bodes well for future investment. Speaking at a breakfast meeting in... 

Busa backs economic transformation, commits to strategic partnerships

By: Natasha Odendaal     12th May 2017 Business Unity South Africa (Busa) on Friday endorsed government’s imperative to implement economic transformation following a “frank” and “encouraging” engagement with Finance Minister Malusi Gigaba and Deputy Finance Minister Sfiso Buthelezi. The organisation further committed to exploring... 

High Court rejects Farmers Trust’s appeal in fresh produce competition investigation 

By: Megan van Wyngaardt     12th May 2017 The High Court of South Africa has dismissed an application by Farmers Trust to set aside the Competition Commission’s search warrant in an investigation into alleged cartel and price-fixing conduct by fresh produce market agents. The failed bid followed a search and seizure operation conducted... 

High Court rejects Farmers Trust’s appeal in fresh produce competition investigation

ANC condemns 'reckless' reinstatement of Molefe as Eskom CEO 

By: News24Wire      12th May 2017 The African National Congress (ANC) has condemned the "unfortunate and reckless" decision taken by the Eskom board to reinstate Brian Molefe as CEO. Earlier on Friday, Eskom confirmed that Molefe would return as its chief executive, after the board rescinded his application for early retirement.... 

ANC condemns 'reckless' reinstatement of Molefe as Eskom CEO
Photo by Duane Daws
Brian Molefe

Outa outraged by Brian Molefe’s reinstatement at Eskom

By: African News Agency      12th May 2017 The Organisation Undoing Tax Abuse (Outa) on Friday expressed “extreme outrage and disappointment” over the Eskom board’s decision to reinstate former chief executive, Brian Molefe, in the position he recently resigned from. This comes after Business Report on Friday broke the news that Molefe,... 

Outa outraged by Brian Molefe’s reinstatement at Eskom
Outa chairperoson Wayne Duvenage

Cement and concrete affected by faltering construction industry

By: Tasneem Bulbulia     12th May 2017 The construction industry in South Africa – which is tied directly to the state of cement and concrete – is stuttering, but there is scope to improve, says chemicals solutions provider Chryso Southern Africa (Chryso) CEO Norman Seymore. It has been widely reported that the construction industry... 

Cement and concrete affected by faltering construction industry
Photo by Bloomberg
NOTHING CONCRETE A lack of major infrastructure projects in South Africa is negatively affecting the construction industry, thereby hindering the state of cement and concrete

Court ruling means new approach needed for SA’s nuclear programme

By: Keith Campbell     12th May 2017 The South African Nuclear Energy Corporation (Necsa) called for “caution and common sense” in the press release it issued on April 28 in response to the Western Cape High Court judgement on April 26, which set aside as unconstitutional and unlawful certain policy decisions and intergovernmental... 

New audit service to support concrete product manufacturers

By: Tasneem Bulbulia     12th May 2017 Cement and construction materials supplier AfriSam is providing additional support for its Concrete Product Manufacturers (CPMs) customers through its new Efficiency Audit service offering. AfriSam national sales manager Amit Dawneerangen says there has been a downturn in infrastructure projects... 

New audit service to  support concrete  product manufacturers
CENTRE OF EXCELLENCE AfriSam’s Centre of Product Excellence offers customers an additional Efficiency Audit service

Nuclear energy provides secure, clean, affordable baseload power

By: Nadine James     12th May 2017 Nuclear energy is the only provider of secure, reliable, clean and affordable baseload power that, from a total lifecycle cost perspective, offers one of the most affordable electricity sources, states the Nuclear Industry Association of South Africa (Niasa). Niasa supply chain development... 

Nuclear energy provides secure, clean, affordable baseload power
Photo by Duane Daws
PELINDABA Some South African companies have already achieved local nuclear regulatory standards and requirements and have been implementing them on the Koeberg and Pelindaba's Research Reactor with success

Nuclear is too expensive, too controversial

By: Nadine James     12th May 2017 Implementing a nuclear build programme in South Africa would be extremely difficult because of the associated expenses as well as the controversy surrounding nuclear power, says financial services company Thomson Reuters. “Globally, government decisions regarding nuclear programmes are delayed... 

Nuclear is too expensive, too controversial
ROBERT FISH The costs associated with constructing the necessary infrastructure added to the costs of importing most of the nuclear technology, fuel and materials, will incur large amounts of debt

South African intellectual property offices seeking to stimulate innovation

By: Keith Campbell     12th May 2017 The Companies and Intellectual Property Commission (CIPC), an agency of the Department of Trade and Industry (DTI), has been holding talks with the Department of Higher Education about establishing a national Intellectual Property (IP), or Innovation, Academy, reported CIPC Executive Manager:... 

‘Dynamite’ GDP growth comes in small private-equity investment packages

By: David Oliveira     12th May 2017 According to a report by economic advisory service provider The Economist Corporate Network (ECN) every 0.01% increase in private equity (PE) investment penetration into Africa’s gross domestic product (GDP) would inject an incremental $1.1-billion investment over the next five years, providing a... 

ConCourt dismisses appeal by participants in bicycle industry cartel

By: Megan van Wyngaardt     11th May 2017 The Constitutional Court has dismissed Omnico’s and Coolheat Agencies’ leave to appeal its ruling finding them guilty of price fixing in a bicycle cartel. The Competition Commission on Thursday welcomed the ruling, noting that the parties were appealing the ruling that if a firm participates in a... 

AfDB to support Namibia’s economic governance, competitiveness

By: Megan van Wyngaardt     11th May 2017 The African Development Bank (AfDB) has approved a R3-billion loan to finance the Namibia Economic Governance and Competitiveness Support Programme (EGCSP), which will support the strengthening of public financial management and improve the quality and efficiency of public sector spending. “The... 

Online agricultural education platform set to create trained farmers

By: Megan van Wyngaardt     11th May 2017 A new online education platform, Agricolleges, aims to help create a fresh wave of farmers and agriculturalists in Africa. It is expected to assist in the provision of education and training for small-scale farmers on the continent, which is one of four factors identified by the World Economic... 

Online agricultural education platform set to create trained farmers

SAA wins another air freight award

By: Keith Campbell     11th May 2017 In some good news for national flag carrier South African Airways (SAA), the company’s air freight division, SAA Cargo, has been voted the Best Cargo Airline – Africa at the 2017 Air Cargo Airline of the Year Awards. The voting was done by readers of “Air Cargo News”. “We are very proud to have... 

SAA wins another air freight award
Cargo is loaded into the belly hold of an SAA airliner at Johannesburg’s OR Tambo International Airport

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