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Economy News

FDI into South Africa fell to ten-year low in 2015, Unctad shows 

By: Terence Creamer     21st June 2016 Foreign direct investment (FDI) inflows to South Africa slumped to a ten-year low of only $1.8-billion in 2015, a 69% decline, the latest World Investment Report (WIR16) shows. Inward FDI into Africa’s most developed economy was recorded by the United Nations Conference on Trade and Development... 

South Africa, US free-trade agreement discussions on the cards

By: Natasha Odendaal     21st June 2016 The impasse between the US and South Africa over meat exports and imports has highlighted the need for a shift in approach with regards to the negotiations over a free-trade agreement (FTA) when the current African Growth and Opportunity Act (Agoa) expires in 2025. While South Africa gained a... 

South Africa, US free-trade agreement discussions on the cards

Unilever head urges South African firms to prioritise society not just shareholders

By: Terence Creamer     21st June 2016 The global head of consumer goods group Unilever has urged South African companies to eschew short-termism and begin integrating the United Nations’ 17 sustainable development goals (SDGs) into their operating models, describing their attainment as not only achievable, but also a high-return... 

Unilever head urges South African firms to prioritise society not just shareholders
Unilever CEO Paul Polman

South Africa makes most use of Agoa, but still only a fraction of the tariffs

By: Natasha Odendaal     21st June 2016 While South Africa has seemingly made the most use of the duty-free trade benefits with the US under the African Growth and Opportunity Act (Agoa) since inception, the nonreciprocal deal was, for the most part, heavily underused across the continent. While the 15-year-old Act had surged into the... 

South Africa makes most use of Agoa, but still only a fraction of the tariffs

Zuma urges labour to work with government

By: News24Wire      21st June 2016 President Jacob Zuma has praised organised labour and business for working with the government to avert a recent ratings downgrade, and said the cooperation should continue. Speaking at the opening of a meeting of the presidential labour working group in Pretoria on Tuesday, he thanked trade... 

Zuma urges labour to work with government
Photo by Duane Daws
President Jacob Zuma

Presidency reports on progress with 9-point plan

By: News24Wire      21st June 2016 The South African Government is making steady progress in the implementation of its Nine Point Plan to reignite growth and create jobs, the Presidency said on Monday. The plan, which forms part of of the implementation of the National Development Plan (NDP), was announced by President Jacob Zuma... 

Presidency reports on progress with 9-point plan

Global manufacturing survey points to ‘brutal’ market share tussle

By: Terence Creamer     20th June 2016 A newly released international survey of senior manufacturing executives highlights growth as being a key priority for most enterprises, which, in the context of weak underlying economic conditions, is suggestive of a “brutal competitive fight” for market share in the coming two years. In fact,... 

Global manufacturing survey points to ‘brutal’ market share tussle

Icasa, SABS outline process for issuing of EMI/EMC certificates of compliance

By: Anine Kilian     20th June 2016 Manufacturers and importers of electronic equipment can expect a “transparent, predictable and efficient process” when applying for Electromagnetic Interference/ Compatibility (EMI/EMC) Certificates of Compliance (CoCs), South African Bureau of Standards (SABS) CEO Dr Boni Mehlomakulu said on... 

Meeting of the presidential labour working group convened

By: News24Wire      20th June 2016 The presidential labour working group is meeting this week to discuss the economy and other related matters, the Presidency said on Sunday. The group comprises the president, deputy president, economic cluster ministers and the leadership of trade union organisations Cosatu, Fedusa and Nactu. 

DA launches petition against purchase of presidential jet

By: News24Wire      20th June 2016 The Democratic Alliance (DA) has launched an online petition against the purchase of a presidential jet, the party said on Saturday. In a speech prepared for delivery at a youth event in Khayelitsha, Cape Town, DA leader Mmusi Maimane said South Africa was experiencing a "chronic jobs crisis" and... 

DA launches petition against purchase of presidential jet

Davies outlines agricultural benefits from new EU trade deal

By: Terence Creamer     17th June 2016 South Africa is “satisfied” that the recently signed Economic Partnership Agreement with the European Union (EU) will lead to improved market access for some additional South African agricultural products, Trade and Industry Minister Dr Rob Davies said at the weekend, reporting that Cabinet had,... 

Davies outlines agricultural benefits from new EU trade deal
Photo by Duane Daws
Trade and Industry Minister Dr Rob Davies

SA citizens need more visa-free deals to up global ranking

By: News24Wire      17th June 2016 South Africa, which ranks 89th out of 161 on a new index that measures the quality of a nationality, should improve visa-free travel status for its citizens to increase its ranking. That’s the message from Henley & Partners SA spokesperson Sandra Woest, who spoke to Fin24 about the release of... 

SA citizens need more visa-free deals to up global ranking

Govt working hard to promote confidence in the economy – Zuma 

By: News24Wire      17th June 2016 As the country continued to battle high levels of youth unemployment, government was working on programmes to promote confidence in the economy to attract investors, President Jacob Zuma said on Thursday. “We need the economy to grow so that jobs can be created, especially for our youth. Towards... 

Govt working hard to promote confidence in the economy – Zuma
Photo by Duane Daws
President Jacob Zuma

Air passenger traffic forecast to double over next 15 years

By: Keith Campbell     17th June 2016 Worldwide, air transport has proven very resilient over the past 45 years, despite periodic major crises. This was highlighted by Airbus Chief Operating Officer Customers John Leahy to international aerospace journalists at the company’s recent Innovation Days briefing in Hamburg. Since 1970,... 

Airbus planning to deliver 650 airliners

By: Keith Campbell     17th June 2016 Airbus President and CEO Fabrice Brégier told the world's aviation media at the company’s recent Innovation Days briefing that "[t]he focus for 2016 is, no surprise, it is to deliver!" The company, part of the wider Airbus Group, is currently seeking to ramp up production and deliveries of its... 

Equipment supplier strengthens bonds with German companies 

By: Simon Sonnekus     17th June 2016 The continued quality of German products has allowed Boksburg-based capital equipment and consumables provider Elquip Solutions to thrive in a challenging local market. According to Elquip Solutions MD Mike Cronin, the resounding quality of the German-made electrical, automation and mechanical... 

Equipment supplier strengthens bonds with German companies
Elquip Solutions MD Mike Cronin discuss the influence of German products on the South African market, scan the barcode with your phone’s QR reader, or go to ‘Video Reports’ on www.engineeringnews.co.za. Camerawork: Nicholas Boyd. Editing: Lionel da Silva. Recorded 18.05.2016

Exports seen as key to improving prospects for SA capital equipment manufacturers

By: Dylan Slater     17th June 2016 The South African Capital Equipment Export Council (Saceec) says domestic manufacturers of capital equipment stand a better chance of being sustainable in the country’s struggling economy by opening up export channels and liaising with foreign customers to build stronger ties in international... 

Exports seen as key to improving prospects for SA capital equipment manufacturers

Prioritise labour-intensive industries – EU Chamber

By: Nadine James     17th June 2016 The European Union Chamber of Commerce and Industry in Southern Africa (EUCCIISA) believes that the manufacturing sector and the Department of Trade and Industry (DTI) should prioritise less complex, labour-intensive production – as opposed to high-end, high-precision production –  to increase... 

Prioritise labour-intensive industries – EU Chamber
Photo by Bloomberg
DRIVING GROWTH? Industry stakeholders call for greater public-private engagement and warn against prioritizing high-end high-precision industries

South African problems pose difficulties for German companies

By: Simon Sonnekus     17th June 2016 German companies aiming to enter the South African market in the near future will face several adversities, including visa regulations, a weakening currency and stringent regulations, says the Southern African–German Chamber of Commerce and Industry (SAGCC). Germany, South Africa’s biggest... 

Supply chain study highlights rising uncertainties for local firms

By: David Oliveira     17th June 2016 Supply chain service company Barloworld Logistics launched its supplychainforesight 2016 programme in Johannesburg earlier this month, which reviews the change and adaptation of South African businesses over the past year. The in-depth study explores how companies have fared and analysed key... 

Zulu wants small business development integrated into nine-point plan

By: Mia Breytenbach     17th June 2016 While the South African Department of Small Business Development (DSBD) is one of the lead departments for one of the priority interventions of government’s Nine-Point Plan to boost economic growth and create much-needed jobs – unlocking the potential of small, medium-sized and microenterprises... 

Zulu wants small business development integrated into nine-point plan
Photo by Duane Daws
LINDIWE ZULU The Department of Small Business Development has set a target of increasing the . . . jobs created by the small business sector from 7.1-million to 9.2-million by 2019

UK will lose R2.3trn by 2020 if Brexit occurs

By: News24Wire      16th June 2016 Leaving the European Union (EU) would trigger a recession and set economic growth back by 6% - or £106-billion (R2.3-trillion) by 2020, a report from the Economist Intelligence Unit revealed on Wednesday. UK citisens will vote on its membership of the EU on June 23. 

UK will lose R2.3trn by 2020 if Brexit occurs

Protesting firefighters showed courage against exploitation – Numsa

By: News24Wire      16th June 2016 South African firefighters who went on strike in Canada were 'ruthlessly' exploited, the National Union of Metalworkers of SA (Numsa) said on Thursday. "[Numsa] warmly congratulates the 301 fire-fighters who protested at the way they were being ruthlessly exploited while they were courageously... 

Protesting firefighters showed courage against exploitation – Numsa
Photo by Air Canada
Work on fire firefighters arrive in Canada

SAA scraps idea that it gave Mango cheap plane leases 

By: News24Wire      16th June 2016 Four days after South African Airways (SAA) said it sub-leased aircraft to its low-cost subsidiary Mango Airlines at a discounted cost, inadvertently raising concerns of collusion, the embattled airline did an about-turn and denied that it had done so. The change in tune came hours after... 

Procurement rules overhaul aims to assist small firms – National Treasury

By: Terence Creamer     15th June 2016 The Office of the Chief Procurement Officer in the National Treasury has published draft new preferential procurement regulations, which propose far-reaching changes to the way tenders are adjudicated. The revisions, which are open for public comment, are reportedly designed to assist in ensuring... 

Procurement rules overhaul aims to assist small firms – National Treasury

Sugar cane production declines by more than 16.3% y/y

By: Samantha Herbst     15th June 2016 As a result of the ongoing countrywide drought, South African cane production declined during the 2015/16 season by more than 16.3% to 14.81-million tons, following an 11.4% reduction recorded in the previous season. “The decrease will impact on the sustainability of the rural economy in both... 

Sugar cane production declines by more than 16.3% y/y

Gupta-owned company shares dive 91% as websites downed by hackers 

By: News24Wire      15th June 2016 Gupta-owned Oakbay Resources and Energy’s share price plummeted by over 90% on the JSE on Wednesday, the same day that hackers attacked the company’s websites and shut them down. The JSE-listed company was trading R20.86 lower at R2.14, with only 30 shares trading. The company, with a market cap... 

Gupta-owned company shares dive 91% as websites downed by hackers

Sugar tax ‘may do more harm than good’

By: African News Agency      15th June 2016 Not only have so-called sugar taxes been proved ineffective elsewhere, but the new tax, which is due to come into effect in South Africa in 2017, could have a detrimental affect on society, particularly poorer people, KPMG warned on Wednesday. The multinational professional services firm said... 

Sugar tax ‘may do more harm than good’

SADC Economic Partnership Agreement signing 

     15th June 2016 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the significance of the signing of an Economic Partnership Agreement between six Southern African countries, including South Africa, and the European Union. 

SADC Economic Partnership Agreement signing
SADC Economic Partnership Agreement signing

WC Department of Health office wins green building accolades

By: Anine Kilian     14th June 2016 The Western Cape Department of Transport and Public Works has been recognised by the Green Building Council of South Africa (GBCSA) for its work on a R128-million regional office building currently under construction for the Department of Health in Bellville, Western Cape. The building, located... 

WC Department of Health office wins green building accolades
Department of Health office building, Bellville

Tough trading conditions impact on Invicta’s H1 results

By: Anine Kilian     14th June 2016 Investment holding company Invicta reported disappointing results for the year ended March 31, owing to difficult economic and trading conditions that culminated in the group posting a 17% year-on-year decrease in operating profit. Group CEO Charles Walters said the results reflected the markets... 

Tough trading conditions impact on Invicta’s H1 results

Sacci reports improved trade conditions for May

By: Anine Kilian     14th June 2016 Although trade conditions improved in May, with the South African Chamber of Commerce and Industry’s (Sacci’s) seasonally adjusted Trade Activity Index (TAI) rising to 50, from 47 in April and 48 in May 2015, trade conditions remained muted. Respondents to the survey attributed the muted trade... 

Sacci reports improved trade conditions for May

DA submits PAIA application for presidential jet maintenance records 

By: News24Wire      13th June 2016 The Democratic Alliance has submitted a Promotion of Access to Information Act (PAIA) application for the presidential jet's maintenance records. DA leader Mmusi Maimane on Monday said, since the defence department was set on buying a new presidential jet, the decision needed to be scrutinised. 

DA submits PAIA application for presidential jet maintenance records
Photo by Duane Daws
DA leader Mmusi Maimane

Eskom outlines its position on coal contract to Gupta-linked firm 

By: Creamer Media Reporter      12th June 2016 In a seeming effort to preempt a City Press report raising questions about the award, by State-owned electricity utility Eskom, of a multimullion-rand coal contract to the Gupta-family-linked Tegeta Exploration and Resources, in which President Jacob Zuma’s son, Duduzane, is a shareholder, Eskom... 

Eskom outlines its position on coal contract to Gupta-linked firm
Photo by Duane Daws
Eskom Chairperson Dr Ben Ngubane

South Africa edges up a notch in competitiveness

By: Natasha Odendaal     10th June 2016 South Africa’s competiveness has inched back to its former ranking at number 52 in the Institute for Management Development’s (IMD’s) competitiveness index for 2016, recovering from its one-ranking slip to 53 in 2015. Presenting the IMD World Competitiveness Yearbook 2016 on Friday, Productivity... 

South Africa edges up a notch in competitiveness

Agri SA calls for a national disaster declaration 

By: African News Agency      10th June 2016 Agri SA on Friday welcomed the announcement by the Minister of Cooperative Governance and Traditional Affairs, Des van Rooyen, to declare most of South Africa’s provinces as drought disaster areas. On Friday, Van Rooyen declared all but Gauteng as drought disaster areas because of the threat to... 

Agri SA calls for a national disaster declaration

South African economy likely bottoming out, tough road to recovery expected in 2017

By: Natasha Odendaal     10th June 2016 This year could see South Africa’s economy bottoming out somewhat, leaving the country at a low base for recovery next year, Econometrix director and chief economist Dr Azar Jammine said on Friday. “2016 proved to be awful,” he told delegates at the Infrastructure Africa conference. 

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