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Macro and Micro News

Wine industry under pressure amid subdued economy

By: Megan van Wyngaardt     20th January 2017 While the local wine market has grown more than 14%, or by 50-million litres, over the past two years, to more than 400-million litres at the end of December, continued pressure on the local economy could hamper the industry’s future growth. The wine industry is currently in a slump, with only... 

AfriForum to take legal action against defaulting municipalities

By: Megan van Wyngaardt     20th January 2017 Civil rights organisation AfriForum on Friday said it would call on the National Energy Regulator of South Africa (Nersa) to withdraw the licences of municipalities that have defaulted on their payments to power provider Eskom. “[We will be approaching] the courts in terms of the protection of... 

AfriForum to take legal action against defaulting municipalities

Guptas lambast Gordhan in court papers

By: African News Agency      20th January 2017 Oakbay Investments, the company owned by the wealthy Gupta family, on Friday lambasted Finance Minister Pravin Gordhan’s court application seeking a court order enforcing his decision not to intervene in the debacle relating to the South African banks that cut links with the controversial family.... 

Guptas lambast Gordhan in court papers
Photo by Reuters
Finance Minister Pravin Gordhan

Adcock Ingram expects substantial increase in interim earnings

By: Megan van Wyngaardt     20th January 2017 Pharmaceuticals company Adcock Ingram expects its earnings per share (EPS) for the six-month period to December 31, 2016, to be at least 60% higher than the comparative period of 2015. The company noted that the 60c-a-share increase from the EPS of 99.6c reported in the prior year came on the... 

Ramaphosa hopeful Trump will have ‘positive disposition’ to Africa

By: African News Agency      20th January 2017 On the eve of Donald Trump’s inauguration as President of the United States, South Africa Deputy President Cyril Ramaphosa said he was hopeful the US leader would have a “positive disposition” towards Africa and South Africa. “He is going to be inaugurated tomorrow and clearly he is going to be... 

Ramaphosa concludes ‘productive’ visit to Davos

By: African News Agency      20th January 2017 South Africa Deputy President Cyril Ramaphosa has concluded his visit to the World Economic Forum (WEF) annual meeting in Davos-Klosters, Switzerland, where he delivered the message that South Africa was hard at work and remained open for business. A statement from his office on Friday said... 

Innovation, outward-looking approach will bolster industry growth

By: Nadine James     20th January 2017 The plastics converter industry needs to alter its mindset and look for innovative solutions while becoming more outward-looking to experience real economic growth, says industry body Plastics SA. Plastics SA chairperson Bernhard Mahl describes real growth as “thousands of tons of plastics,... 

Innovation, outward-looking  approach will bolster industry growth
OFF LINE Over the past five to ten years, the local plastics industry has stagnated, hovering between producing 1.3-million tons and 1.4-million tons of virgin material a year

Construction under way at 7.5 MW Burundi solar park

By: Megan van Wyngaardt     19th January 2017 Solar and social development enterprise Gigawatt Global on Wednesday broke ground on a 7.5 MW solar field that will boost Burundi’s electricity generation capacity. The $14-million project is being built in the Mubuga district, in one of the world's least-developed nations and is expected to be... 

Construction under way at 7.5 MW Burundi solar park

Zimbabwe tax agency says misses 2016 revenue target due to weak economy

By: Reuters     19th January 2017 Zimbabwe's tax agency Zimra said on Thursday it failed to meet its 2016 revenue target by 4%, as the economy stalled and weak global commodity prices hit mineral royalties. The southern African nation's economy stagnated last year while its budget deficit exploded, putting political pressure on... 

Second Nigerian tomato paste plant shuts, in embarrassment for Buhari

By: Reuters     19th January 2017 Africa's richest man Aliko Dangote has shut his new tomato paste plant in Nigeria due to a shortage of dollars needed to import raw materials, a senior executive said, the second such closure in months in a blow to official plans to diversify the economy. President Muhammadu Buhari, elected in... 

Consumers will find relief in maize, chicken prices; red meat prices to rise

By: Megan van Wyngaardt     19th January 2017 Maize production in the current season, which ends in April, is estimated to reach more than 12-million tonnes, up from the 7.5-million tonnes in the previous season, which could bring some relief to consumers. “The good rainfalls South Africa has experienced since October last year has restored... 

Consumers will find relief in maize, chicken prices; red meat prices to rise

South Africa growth ticking up, Mexico slowing – S&P

By: Reuters     19th January 2017 South Africa should avoid falling into recession this year, the chief economist of Standard & Poor's said on Wednesday, but the firm has cut its forecasts for Mexico amid rising concerns over its trade ties with the United States under Donald Trump. Paul Sheard, who is not involved in deciding... 

South Africa growth ticking up, Mexico slowing – S&P

Egypt on track to receive IMF loan's second tranche

By: Reuters     19th January 2017 Egypt is on track to receive the second tranche of a $12-billion three-year loan from the International Monetary Fund (IMF) pending a visit in the end of February to review progress on its economic reform program, the fund said on Wednesday. The IMF originally approved the loan, intended to... 

Egypt on track to receive IMF loan's second tranche

Investment the cure for SA’s unemployment – Fedusa

By: African News Agency      19th January 2017 All sectors in South Africa needed to pull in the same direction if the country is to attract investment which could break the back of unemployment. This was according to Dennis George of the Federation of Unions of South Africa, the second largest trade union federation in the country, who is... 

Busa appoints new CEO

By: Megan van Wyngaardt     18th January 2017 Business Unity South Africa (Busa) has appointed Tanya Cohen CEO, effective immediately. Cohen, who was selected as the preferred candidate following a thorough recruitment process, will hold the position for a three-year term. 

South Africa could possibly downscale number of international airports

By: Megan van Wyngaardt     18th January 2017 Cabinet will, this year, review and take a decision on rationalising the number of international airports in South Africa, Home Affairs Minister Malusi Gigaba said on Wednesday. Speaking at a media briefing in Pretoria, he said Cabinet had already taken a decision last year “that there are too... 

South Africa could possibly downscale number of international airports

Food prices hike December inflation by 0.2%

By: African News Agency      18th January 2017 The consumer price index (CPI) inflation accelerated further to 6.8 percent year-on-year in December 2016 against market expectations of a moderation to 6.5 percent year-on-year, Statistics South Africa (StatsSA) said on Wednesday. This rate was 0.2 of a percentage point higher than the... 

Food prices hike December inflation by 0.2%

Eskom cuts power to some defaulting municipalities in North West, Northern Cape

By: Megan van Wyngaardt     18th January 2017 As part of its debt collection efforts, State-owned Eskom on Wednesday started interruptions of bulk electricity supply to some defaulting municipalities in North West and the Northern Cape. The municipalities of Naledi, Lekwa-Teemane and Kgetlengrivier, in North West, as well as the Ubuntu and... 

Eskom cuts power to some defaulting municipalities in North West, Northern Cape

Outa questions timing of publication of energy efficiency strategy, requests extension for comments

By: Megan van Wyngaardt     18th January 2017 The Organisation Undoing Tax Abuse (Outa) on Wednesday called for an extension for public comments on the New Energy Efficiency Strategy (NEES), which was gazetted on December 23. The organisation believes the timing of the gazette’s release and the rationality of publishing an energy strategy... 

Outa questions timing of publication of energy efficiency strategy, requests extension for comments

Gordhan takes a stand for emerging markets at WEF

By: News24Wire      18th January 2017 Although the US as a super economic powerhouse impacts the rest of the world, emerging markets also matter to the global environment. This was the message from Finance Minister Pravin Gordhan on the global stage at the World Economic Forum (WEF) in Davos on Tuesday.Wearing a black suit, white... 

Gordhan takes a stand for emerging markets at WEF
Photo by Duane Daws
Finance Minister Pravin Gordhan

New financing models needed for infrastructure

By: African News Agency      18th January 2017 Global leaders and representatives of Canada, France, Switzerland, China, South Africa and the United States on Tuesday, questioned the ability of public sectors across the globe to develop proper infrastructure ecosystems. Financing of infrastructure projects seemed not to be the major obstacle... 

Education and right mix of skills crucial to growth and development – Radebe

By: African News Agency      18th January 2017 Investing in education and the right skills have become vital elements to a country’s economic growth, development and competitiveness in a global setting. This was according to South Africa’s Minister in the Presidency for Planning, Monitoring and Evaluation and Chairperson of the National... 

Closing Africa’s energy gap key to sustained economic growth

By: African News Agency      18th January 2017 A lack of access to electricity precluded Africa from fully participating in the Fourth Industrial Revolution, and private sector investment in power generation was key to spurring Africa’s growth. Speaking during a session called “Powering Africa”, at the forty-seventh Annual Meeting of the... 

Closing Africa’s energy gap key to sustained economic growth
Photo by Duane Daws
Deputy President Cyril Ramaphosa

Inclusive growth key to South Africa’s fortunes – Ramaphosa

By: African News Agency      18th January 2017 South African Deputy President Cyril Ramaphosa sought to deliver a message of hope as he addressed the country’s delegation at the World Economic Forum in Davos, Switzerland, on Tuesday. Ramaphosa said 2016 had been a turbulent year, but that South Africa had managed to come through the worst of it. 

ANC to review NDP at policy conference

By: News24Wire      18th January 2017 The African National Congress (ANC) plans to review the successes and challenges of the National Development Plan (NDP) at its upcoming policy conference which set to be dominated by talks on broadening economic inclusion and ending the "rhetoric" on land redistribution. On Tuesday party... 

ANC to review NDP at policy conference
Photo by Duane Daws
ANC secretary general Gwede Mantashe

Ramaphosa says South Africa has done well to survive a turbulent 2016

By: African News Agency      17th January 2017 South African Deputy President Cyril Ramaphosa sought to deliver a message of hope as he addressed the country delegation at the World Economic Forum in Davos, Switzerland, on Tuesday. Likening 2016 to the flight over to Switzerland, Ramaphosa said there had been turbulence but South Africa had... 

Pound climbs as Theresa May outlines how Brexit will happen

By: News24Wire      17th January 2017 Theresa May, British Prime Minister, said on Tuesday that the country cannot “possibly” remain within the European Union’s single market, as that would mean the UK is not leaving the EU at all. May’s long-anticipated speech, in which she outlined the UK’s approach and objectives when finally... 

Investment key to raising South Africa’s lagging growth potential – World Bank 

By: Terence Creamer     17th January 2017 The World Bank says raising private investment in South Africa will be critical to increasing the country’s growth potential above its current estimate of only 1.3%, which is well below the National Development Plan’s (NDP’s) aspiration of 5.4% a year. In its ninth South Africa Economic Update,... 

Investment key to raising South Africa’s lagging growth potential – World Bank
World Bank senior economist Marek Hanusch outlines how South Africa could make more effective use of its investment tax incentives. Camera Work & Editing: Nicholas Boyd. Recorded 17.1.2017

South Africa remains attractive destination for investment

By: Megan van Wyngaardt     17th January 2017 South Africa is still an attractive investment destination and the Department of Trade and Industry’s InvestSA initiative still has a good investment pipeline, says InvestSA head Yunus Hoosen. In a statement released on Tuesday, he noted that the initiative had a “number of investment projects... 

South Africa remains attractive destination for investment

Organic growth in local companies to boost employment, but scarce skills a concern – PwC 

By: Megan van Wyngaardt     17th January 2017 Amid the country’s rising unemployment rate, 83% of South African CEOs are confident about their company’s prospects for revenue growth over the next year, which will result in an increase in headcount. In its eighth South African edition of the yearly Global CEO Survey, financial services firm... 

Organic growth in local companies to boost employment, but scarce skills a concern – PwC
PwC Southern Africa CEO Dion Shango discusses CEO sentiments

Fedusa takes aim at SoEs with Section 77 notice  

By: Natasha Odendaal     16th January 2017 The Federation of Unions of South Africa (Fedusa) is taking a stand against government’s alleged failure to appoint “suitably qualified, accountable, responsible and responsive” management at some of South Africa’s vital parastatals. A Section 77 Protest Action Notice has been lodged with the... 

Fedusa takes aim at SoEs with Section 77 notice

Wealth of top three South African billionaires equal to that of bottom half of country's population

By: News24Wire      16th January 2017 The wealth of the top three South African billionaires is equal to that of the bottom half of the country's population, Oxfam South Africa (SA) said in a report released on Monday. The report, entitled ‘An economy for the 99%’, coincides with the upcoming forty-seventh World Economic Forum (WEF)... 

Massmart’s 2016 sales reach R91.2bn

By: Megan van Wyngaardt     16th January 2017 South African retail management group Massmart’s total sales for the year to December 25, increased by 7.7% to R91.2-billion, boosted by a 5.4% increase in comparable store sales. The company added that the figures were also enhanced by an estimated 6.7% rise in product inflation. 

New incentive Act will boost employment – Busa

By: Megan van Wyngaardt     16th January 2017 Business Unity South Africa (Busa) has welcomed the passing of the Employment Tax Incentive (ETI) Act, which it believes will enable significant strides in the creation of more jobs for the youth. President Jacob Zuma signed the Bill into law on January 11 under the Taxation Laws Amendment Act. 

New incentive Act will boost employment – Busa

Motorists warned to brace for more petrol pain 

By: News24Wire      16th January 2017 The Automobile Association on Monday warned motorists to brace for another hike in fuel prices at the end of January. Commenting on unaudited mid-month fuel price data released by the Central Energy Fund (CEF), the AA said the the rand/US dollar exchange rate has firmed slightly since the start... 

Motorists warned to brace for more petrol pain

Clover expands product offering through acquisition of olive oil manufacturer 

By: Megan van Wyngaardt     16th January 2017 JSE-listed Clover has acquired the Olive Pride business from Southern Canned Products (SCP), which is a wholly-owned subsidiary of explosives and specialty chemicals company AECI. SCP will dispose of Olive Pride to the newly formed Clover Pride, in which Clover South Africa holds 51% and AECI the... 

Clover expands product offering through acquisition of olive oil manufacturer

New 'use it or lose it' land policy in pipeline – Zikalala

By: News24Wire      16th January 2017 The African National Congress's (ANC’s) provincial chair and acting KwaZulu-Natal Premier Sihle Zikalala, used the podium at the party’s 105th anniversary celebrations to say that the issue of land would be dealt with decisively and a "use it or lose it" policy was being considered. President... 

New 'use it or lose it' land policy in pipeline – Zikalala
ANC provincial chair Sihle Zikalala
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