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Macro and Micro News

Brics Environment Ministers adopt sustainability initiative

By: Megan van Wyngaardt     23rd June 2017 The Brazil, Russia, India, China and South Africa (Brics) member countries’ Environment Ministers on Friday adopted the Partnership for Urban Environmental Sustainability Initiative (Puesi), which identifies water and air pollution prevention measures. The initiative further sets out to improve... 

MEIBC appoints subcommittee in attempt to resolve metals, engineering wage negotiation deadlock

By: Megan van Wyngaardt     23rd June 2017 The Metal and Engineering Industries Bargaining Council’s management committee has agreed to appoint a subcommittee to attempt resolving the disputes declared by employers and trade unions in the metals and engineering sector. Negotiations to conclude a wage agreement and an agreement on... 

Ethos Capital reports increase in net asset value

By: Megan van Wyngaardt     23rd June 2017 A return on a temporary investment and an Ethos Mid-Market Fund I (MMF I) equalisation payment has seen JSE-listed holdings company Ethos Capital’s underlying net asset value (NAV) increase to R10.22 a share as at May 31.  The Ethos MMF I concluded its second close towards the end of May, and is... 

High Commissioner ‘seized’ with avoiding post-Brexit trade interruption with South Africa

By: Terence Creamer     23rd June 2017 British High Commissioner to South Africa Nigel Casey says he is currently “very seized” with ensuring that measures are put in place “timeously” to guarantee no interruption in the trade relationship between the UK and South Africa when Britain leaves the European Union (EU) on March 29, 2019.... 

High Commissioner ‘seized’ with avoiding post-Brexit trade interruption with South Africa
High Commissioner to South Africa Nigel Casey

Parliament opposes calls to change Reserve Bank mandate

By: Reuters     23rd June 2017 The South African Parliament will launch a court challenge against an anti-graft watchdog's recommendation of constitutional changes to alter the mandate of the central bank, it said. The legislative assembly joined the central bank and lender Barclays Africa in seeking a court review of Public... 

Parliament opposes calls to change Reserve Bank mandate

AI expected to be key disrupter in transition to smart-city status

By: David Oliveira     23rd June 2017 According to research by Bank of America Merrill Lynch (BofAML), about 54.5% of the global population is living in urban areas, which is expected to increase to about 70% in the next 35 years. As such, the US-based investment service provider highlights that urbanisation and smart cities, as well... 

Drive supplier remains committed to continent

By: Nadine James     23rd June 2017 German drive engineering group SEW Eurodrive remains committed to Africa despite political and economic instability in parts of the continent, says local subsidiary SEW Eurodrive South Africa (SA). SEW Eurodrive SA MD Raymond Obermeyer says while the political upheaval and economic uncertainty... 

S Africa’s attractiveness to investors dependent on economic recovery

By: Nadine James     23rd June 2017 South Africa’s attractiveness to foreign investors in the future will depend a great deal on how it recovers from its latest economic knocks and political and policy developments, warns the Southern African-German Chamber of Commerce and Industry (SAGCCI). SAGCCI CEO Matthias Boddenberg explains... 

S Africa’s attractiveness to investors dependent on economic recovery
RESOLUTE RELATIONSHIP German businesses have deep roots in South Africa and are unlikely to pull out any time soon

JSE adopts racial diversity promotion policies

By: Megan van Wyngaardt     22nd June 2017 Following an amendment to its listing requirements, the Johannesburg Stock Exchange (JSE) now requires all its listed companies to have a policy in place, by June 1, 2018, to promote racial diversity at board level. The JSE initiated the proposed amendments to its listing requirements after the... 

Afrimat Construction Index continues to outperform general economy

By: Mia Breytenbach     22nd June 2017 Despite negative perceptions, South Africa’s economy remains resilient, while the construction industry remains healthy and continues to perform well, says Afrimat CEO Andries van Heerden. This is evident in the Afrimat Construction Index (ACI) having expanded by 22.7% between the third quarter... 

Afrimat Construction Index continues to outperform general economy
Afrimat CEO Andries van Heerden

Ramaphosa moves to reclaim ‘radical economic transformation’  

     22nd June 2017 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about society’s scepticism around the term ‘radical economic transformation' and how Deputy President Cyril Ramaphosa is seeking to redefine the term that he says is being misused by others. 

Ramaphosa moves to reclaim ‘radical economic transformation’
Ramaphosa moves to reclaim ‘radical economic transformation’

Maile’s 2017 budget to focus on jobs

By: Natasha Odendaal     22nd June 2017 Gauteng will continue its focus on intervening decisively to resolve the bottlenecks facing various industry sectors to save and create jobs at a time when the unemployment rate in the province remains high. Economic Development and Agriculture and Rural Development MEC Lebogang Maile on Thursday... 

Deep-sea trawling association appoints more representative executive committee

By: Megan van Wyngaardt     22nd June 2017 The South African Deep-Sea Trawling Industry Association (Sadstia) on Thursday said the existing members of its executive committee (Exco) have stood down, with four new executives, who are more representative of the ownership of the deep-sea trawling industry, having been elected to take their... 

Deep-sea trawling association appoints more representative executive committee

Raubex chair to retire in September

By: Megan van Wyngaardt     22nd June 2017 JSE-listed investment holding company Raubex’s chairperson Koos Raubenheimer will retire from his position on September 8, the company said on Thursday. He will be succeeded by current nonexecutive director Freddie Kenney. 

Building confidence declines sharply in Q2

By: Megan van Wyngaardt     22nd June 2017 The First National Bank (FNB)/Bureau for Economic Research (BER) Building Confidence Index fell sharply to 32 for the second quarter, down from 43 in the first quarter. All of the measured subsectors registered a drop in confidence. 

Building confidence declines sharply in Q2

Kenya joins Africa Finance Corporation

By: Megan van Wyngaardt     21st June 2017 Kenya is the latest country to become a member of Pan-African multilateral development finance institution, the Africa Finance Corporation (AFC).   Kenya is the AFC’s fifteenth member and its third East African member after Rwanda and Uganda. The other members are Cabo Verde, Chad, Côte d’Ivoire,... 

Third of SA municipalities could become unviable if finances not managed properly – AG 

By: African News Agency      21st June 2017 A third of South Africa’s 263 municipalities risked becoming financially unviable according to the latest audit outcomes released by Auditor General (AG) Kimi Makwetu on Wednesday. “If you’ve got a third of municipalities whose expenditure is starting to become bigger than their revenue either... 

Meat, petrol price increases drive up May CPI food inflation

By: African News Agency      21st June 2017 The headline Consumer Price Index (CPI) inflation lifted slightly in May to 5.4 percent from 5.3 percent year-on-year in April on food and petrol prices, Statistics South Africa said on Wednesday. Figures released on Wednesday, showed that South African food and non-alcoholic beverages price... 

Meat, petrol price increases drive up May CPI food inflation

Public Protector's 'foolish behaviour' threatens Constitution and economy – Phosa

By: News24Wire      21st June 2017 African National Congress (ANC) stalwart and presidential hopeful Mathews Phosa has accused Public Protector Busisiwe Mkhwebane of constitutional overreach and threatening South Africa's economy. He joins those who have voiced their disapproval of Mkhwebane since she released her findings of an... 

Public Protector's 'foolish behaviour' threatens Constitution and economy – Phosa
Photo by Duane Daws
ANC stalwart Mathews Phosa

Cable manufacturer to fork out R13m for price fixing

By: Megan van Wyngaardt     21st June 2017 Alberton-based cable manufacturing company South Ocean Electric Wire Company (SOEW) has been fined R13.36-million by the Competition Tribunal, after admitting to having engaged in price fixing, market division and collusive tendering between November 2003 and November 2012. The fine comprises a... 

Irregular spend at municipalities sees drastic rise – AG

By: African News Agency      21st June 2017 Irregular expenditure, or spending outside the prescripts of the law, at South African municipalities increased by over 50% to R16.81-billion, Auditor-General (AG) Kimi Makwetu said on Wednesday. Releasing the audit outcomes of local government for the 2015/16 year, Makwetu noted that the figure... 

Ramaphosa moves to reclaim ‘radical economic transformation’ from those 'misusing' term  

By: Terence Creamer     21st June 2017 Deputy President Cyril Ramaphosa has moved, just days before the convening of the African National Congress’s (ANC’s) policy conference, to reclaim the phrase ‘radical economic transformation’ from those who he said were misusing and misrepresenting it as part of a paid-for “publicity offensive”.... 

Ramaphosa moves to reclaim ‘radical economic transformation’ from those 'misusing' term
Deputy President Cyril Ramaphosa on the genesis and meaning of the phrase ‘radical economic transformation’. Camera Work & Editing. Darlene Creamer. Recorded: 20.6.17

Dipula CEO to head Reit association

By: Megan van Wyngaardt     21st June 2017 The South African Real Estate Investment Trust (SA Reit) Association has appointed Dipula Income Fund CEO Izak Petersen as its chairperson.   He has extensive experience in the financial services environment spanning investment banking, asset management and property.  With over R400-billion in... 

Dipula CEO to head Reit association
SA Reit Association chairperson Izak Petersen

Competition Commission prohibits two separate mergers

By: Megan van Wyngaardt     21st June 2017 The Competition Commission has prohibited a proposed merger between Dutch packaging manufacturer Greif International and local steel drum manufacturer Rheem South Africa, as it would garner anticompetitive activities. The commission felt that, as Greif and Rheem were the only manufacturers of... 

South Africa’s steel production fell 3.5% y/y in May

By: Megan van Wyngaardt     21st June 2017 World crude steel production reached 143.3-million tonnes in May, a 2% year-on-year increase, the World Steel Association (worldsteel) reports. South Africa’s output, however, dropped by 3.5%, from 581 000 t in May 2016, to 561 000 t, indicating the ongoing challenges facing the local steel... 

More people on grants than with jobs

By: News24Wire      21st June 2017 There were more than 17-million South Africans dependent on social grants on a monthly basis compared with about 15.5-million South Africans with jobs last year, the South African Institute of Race Relations (IRR) said on Wednesday. In a finding released in the institute’s latest South Africa... 

More people on grants than with jobs

Need to protect central bank independence – Gigaba

By: Reuters     21st June 2017 The independence of South Africa's central bank is paramount, Finance Minister Malusi Gigaba said on Tuesday, adding he was weighing whether to back the bank in seeking a court review of a recommendation that its mandate be changed. A row over the independence of the South African Reserve Bank... 

Govt, miners need to 'go back to drawing board' on Charter – Ramaphosa  

By: Terence Creamer     20th June 2017 Deputy President Cyril Ramaphosa says government and the mining industry need to "go back to the drawing board" to recraft the Mining Charter, following the recent Gazetting of a third version that has caused deep consternation within the industry and precipitated a major sell-off in South... 

Govt, miners need to 'go back to drawing board' on Charter – Ramaphosa
Deputy President Cyril Ramaphosa on returning to the Mining Charter drawing board. Camera Work and Editing: Darlene Creamer 20.6.2017

BEE Advisory Council mulls various new radical socioeconomic transformation proposals

By: Natasha Odendaal     20th June 2017 The Black Economic Empowerment Advisory Council (BEEAC) on Tuesday convened a special meeting in Pretoria to unpack new proposals, that emerged from a prior meeting, to accelerate the council’s mandate and pursue radical socioeconomic transformation. The workshop, convened by President Jacob... 

Untapped drone industry holds multibillion-rand potential for economy

By: Megan van Wyngaardt     20th June 2017 South Africa’s economy is set to earn around R2-billion and gain about 3 600 formal jobs through the economic output generated by the local drone industry, Commercial Aviation Association of South Africa economist Dr Roelof Botha believes. Speaking at Drone Con, in Midrand, last week, Botha said... 

Untapped drone industry holds multibillion-rand potential for economy

S&P's warns South Africa over meddling with central bank independence

By: Reuters     20th June 2017 Credit rating firm S&P Global warned South Africa on Tuesday that its rating could be cut deeper into junk territory if the government meddles with the "critical" independence of the country's central bank. A row over the South African Reserve Bank has escalated this week after the head of the... 

SAA to implement turnaround plan 

By: Megan van Wyngaardt     20th June 2017 Cash-strapped South African Airways (SAA) has compiled a five-year business turnaround plan, aimed at improving its financial stability, it said on Tuesday. The national carrier is currently plagued by a weak balance sheet, with projected losses of R3.5-billion for 2016/17– a R 2-billion increase... 

SAA to implement turnaround plan
Photo by Duane Daws
South African Airways acting CEO Musa Zwane

Public Protector’s suggestions around SARB open Pandora’s box – Parsons

By: Megan van Wyngaardt     20th June 2017 Public Protector Busisiwe Mkhwebane’s proposal that the mandate of the South African Reserve Bank (SARB) be changed to be more transformation-led threatens to open a “Pandora's box” of additional risks for markets and rating agencies about the country, North West University School of Business and... 

Public Protector’s suggestions around SARB open Pandora’s box – Parsons
Busisiwe Mkhwebane

Public Protector defends comments on SARB

By: Reuters     20th June 2017 South Africa's anti-graft watchdog on Tuesday defended her recommendation that the central bank's mandate of maintaining currency and price stability be changed, saying the bank should act in the interests of empowering ordinary citizens. In an interview with 702 Talk Radio Busisiwe Mkhwebane... 

Fitch says South Africa's new mining rules may deter investment

By: Reuters     20th June 2017 Fitch Ratings agency said on Monday that new regulations seeking to accelerate black ownership in South Africa's mining industry would deter investment. The government published its revised Mining Charter on Thursday, raising the minimum threshold for black ownership of mining companies to 30%... 

Low sales, drought and mill downtime affect Mpact interim earnings

By: Megan van Wyngaardt     19th June 2017 JSE-listed packaging company Mpact’s results for the six months ending June 30 will be negatively impacted on by lower sales volumes in the paper- and plastics-converting businesses, lower domestic containerboard and cartonboard sales volumes and higher recovered paper costs. In addition, the... 

Rooibos Limited faces abuse of dominance charge

By: Megan van Wyngaardt     19th June 2017 South Africa’s largest rooibos producer Rooibos Limited has been referred to the Competition Tribunal for prosecution, for allegedly abusing its dominance and engaging in uncompetitive behaviour. Historically, rooibos tea processors obtained their supply from farmers through one-year supply... 

Rooibos Limited faces abuse of dominance charge
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