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Macro and Micro News

Ramaphosa launches commission of inquiry into PIC

By: African News Agency      16th August 2018 President Cyril Ramaphosa will appoint a commission of inquiry to investigate the scandal-plagued Public Investment Corporation (PIC), it was announced on Thursday afternoon. The PIC invests government pensions and handles assets worth about R1.928-trillion. It is one of the biggest known funds... 

Parliament considers tougher anti-smoking Bill

By: Reuters     16th August 2018 A Bill that would toughen anti-smoking legislation in South Africa has been submitted to Parliament for review by lawmakers, a health ministry spokesman said on Wednesday, as a campaign against the proposed changes intensifies. The Control of Tobacco Products and Electronic Delivery Systems Bill... 

Rand slumps as Moody's says fiscal consolidation slows

By: Reuters     15th August 2018 The rand slumped on Wednesday as ratings agency Moody's warned that the pace of fiscal consolidation in Africa's most industrialised economy had slowed. Moody's is the only one of the "big three" ratings agencies which still has South Africa's sovereign rating in investment grade, so any hint... 

Gordhan announces whistleblower hotline to boost fight against corruption

By: News24Wire      15th August 2018 Stabilising State-owned enterprises could take six months or longer, depending on the extent of corruption, said Public Enterprises Minister Pravin Gordhan. The minister on Wednesday briefed the portfolio committee on public enterprises on the progress made in addressing governance challenges at... 

Gordhan announces whistleblower hotline to boost fight against corruption
Photo by Dylan Slater
Public Enterprises Minister Pravin Gordhan

South Africa's 2018 growth to be 'much lower' than initial forecasts – SARB

By: Reuters     15th August 2018 South Africa's economic growth this year will be "much lower" than initial expectations, the South African Reserve Bank (SARB) said in a presentation to Parliament on Wednesday, calling any recovery "weak and choppy". The SARB added that fixed investment was not expected to pick up meaningfully... 

South Africa's 2018 growth to be 'much lower' than initial forecasts – SARB

Municipalities owed R139bn for services – Cogta

By: News24Wire      15th August 2018 Minister of Cooperative Governance and Traditional Affairs Zweli Mkhize has revealed that municipalities are owed R139-billion for municipal services rendered. He said that the outstanding billions made it difficult for them to pay money owed to Eskom. Mkhize was responding to questions in the... 

Union takes illicit cigarettes trade fight to National Treasury

By: African News Agency      14th August 2018 Members of the Food and Allied Workers’ Union (Fawu) joined by tobacco farmers and informal traders on Tuesday as they marched to the National Treasury offices in Pretoria CBD, protesting about the thriving inflow of illegal cigarettes into the South African market, suffocating the local... 

Ramaphosa proposes new sovereign wealth fund – party officials

By: Reuters     14th August 2018 President Cyril Ramaphosa has proposed setting up a sovereign wealth fund to help boost economic growth, and his ruling African National Congress (ANC) backs the plan, two senior party officials said on Tuesday. Ramaphosa, who replaced scandal-plagued Jacob Zuma as ANC leader late last year, is... 

Rand rebounds two percent as Turkey-led rout eases

By: Reuters     14th August 2018 South Africa's rand gained more than 2% on Tuesday, bouncing off a two-year low struck a day before, when investors dumped emerging market assets because of fears over the Turkish economy. At 0705 GMT, the rand traded at 14.0800 versus the dollar, around 2.3% stronger on the day and more than 11%... 

Rand rebounds two percent as Turkey-led rout eases

SARB 'nowhere near' intervention on rand – deputy governor

By: Reuters     13th August 2018 The South African Reserve Bank was surprised by the magnitude of the rand weakness early on Monday but forex market conditions where "nowhere near" requiring the bank to intervene, deputy governor Daniel Mminele told Reuters. The rand slid more than 10% to a two-year low against the dollar in... 

Esor’s share price plummets as major subsidiary files for business rescue

By: Simone Liedtke     13th August 2018 JSE-listed Esor’s share price plummeted on Monday by 62.5% as the company announced the start of business rescue proceedings for its Esor Construction subsidiary, which holds the group’s infrastructure, building and housing, pipelines, sanitation and pipe services businesses. The decision follows... 

Sappi shares fall on lower Q3 profit

By: Simone Liedtke     13th August 2018 Dissolving wood pulp (DWP), paper and pulp producer Sappi’s share price on the JSE fell by as much as 10.4% on Monday after the company reported a 12% year-on-year decrease in net profit to $51-million for the third quarter ended June 30, compared with a net profit of $58-million reported for the... 

Sappi shares fall on lower Q3 profit
Sappi CEO Steve Binnie

Rand hits 2-year low, bonds stumble as Turkey contagion spreads

By: Reuters     13th August 2018 South Africa's rand plunged to a 2-year low against the dollar in early trade on Monday and government bonds weakened sharply as massive falls in the Turkish lira spread to other emerging market currencies. The rand slid earlier in the day more than 10% to hit a session low of 15.7000 per dollar,... 

Rand hits 2-year low, bonds stumble as Turkey contagion spreads

Business Confidence Index gains one index point in July

By: Marleny Arnoldi     8th August 2018 The South African Chamber of Commerce and Industry (Sacci) business confidence index (BCI) improved by one index point in July to measure 94.7, compared with 93.7 in June. However, the BCI remained 0.6 index points below the 95.3 of July 2017. “Whereas the downward momentum of the BCI slowed in... 

ARC to acquire 100% of TymeDigital

By: Anine Kilian     8th August 2018 African Rainbow Capital (ARC), led by chairperson Patrice Motsepe, has reached an agreement to acquire, through its 50.1% held subsidiary, ARC Financial Holding Company (FinHoldCo), 90% of TymeDigital by Commonwealth Bank, for an undisclosed consideration. When concluded, FinHoldCo will own 100%... 

Sars appoints acting finance chief to permanent position

By: Schalk Burger     7th August 2018 The South African Revenue Service (Sars) has appointed Johnstone Makhubu as its chief officer: finance with immediate effect. He had been the acting chief financial officer since August 2017. 

DA proposes free trade, cost and regulatory reductions to stimulate manufacturing

By: Schalk Burger     7th August 2018 Political party, the Democratic Alliance (DA), on Tuesday proposed increased free trade and reducing regulatory burdens and energy costs to stimulate manufacturing in South Africa. In its policy proposal, ‘Manufacturing a new economic future’, the party states that “an effective trade policy... 

June manufacturing output up 0.7%

By: Reuters     7th August 2018 South Africa's manufacturing output rose by 0.7% year-on-year in June, following a revised 2% expansion in May, the statistics agency said on Tuesday. Statistics South Africa said factory production on a month-on-month basis rose 0.3% in June, and in the three months to June it fell by 0.1%... 

June manufacturing output up 0.7%

Treasury says receives reports of abuse of preferential procurement regulations

By: African News Agency      7th August 2018 South Africa's Treasury said on Tuesday it had received complaints about the abuse in some provinces and municipalities of the requirement that 30 percent of public procurement contracts be subcontracted to designated groups, as provided for in the Preferential Procurement Regulations, 2017.  The... 

New silver bullion Krugerrand goes on sale

By: Creamer Media Reporter      7th August 2018 The new silver bullion Krugerrand went on sale this week and is expected to generate significant interest, says Prestige Bullion, a joint venture between Rand Refinery and the South African Mint. The silver Krugerrand is Prestige Bullion’s first foray into silver and its introduction makes this... 

New silver bullion Krugerrand goes on sale

Black Business Council to hold long-awaited election for new leadership

By: African News Agency      6th August 2018 The Black Business Council (BBC) will on Tuesday hold its long-awaited elective national council meeting to elect new leaders to the top structure of the embattled organisation.  BBC is the over-arching confederation that represents black professionals, business associations and chambers. 

KSB South Africa achieves Level 1 BBBEE status

By: Simone Liedtke     6th August 2018 KSB Pumps and Valves, which has offices in Gauteng’s East Rand, has achieved Level 1 broad-based black economic empowerment (BBBEE) status after black women-owned company Insikazi Synergies acquired a 30% stake in KSB South Africa. “Achieving Level 1 BBBEE status has marked a major milestone for... 

BBBEE Commission urges govt, private sector to do more on transformation

By: Marleny Arnoldi     3rd August 2018 JSE-listed companies have only 38% representation by black people on their boards, with males accounting for 20% and females accounting for 18%, a report produced by the Broad-Based Black Economic Empowerment (BBBEE) Commission on the national status and trends on BBBEE transformation for 2017... 

Wits University-owned company launches entrepreneurial development unit

By: African News Agency      3rd August 2018 A private company owned by Wits University has launched a new unit to focus on entrepreneurial development. The company, Wits Enterprise, said the new unit, called The Entrepreneurial Wayz (TEWZ), would focus on aligning business ecosystems, developing strategic partnerships, building... 

Franchising industry a major contributor to South Africa’s GDP

By: Anine Kilian     2nd August 2018 The franchising industry contributed 13.4% to the country’s gross domestic product (GDP) in 2017, the Franchise Junction CEO Thys van Zyl said on Thursday. Addressing delegates at the 12J Marketplace conference, in Johannesburg, he pointed out that the franchising industry not only contributed to... 

DTI’s Strachan steps in as SABS acting CEO

By: Creamer Media Reporter      2nd August 2018 Garth Strachan, previously the Department of Trade and Industry’s deputy director-general of the Industrial Development division, has been appointed acting CEO of the South African Bureau of Standards (SABS). This follows the resignation, effective August 1, of suspended former SABS CEO Dr Boni... 

AfDB appoints Kapoor director general for regional office

By: African News Agency      2nd August 2018 The African Development Bank Group has appointed Dr Kapil Kapoor director general for its Southern Africa Regional Development and Business Delivery Office, it said late on Wednesday. It said Kapoor, who has been director for strategy and operational policies since 2012 when he joined the bank,... 

AMSA studies new Vanderbijl electric arc furnace as it moves to restart Vereeniging mill 

By: Terence Creamer     1st August 2018 Steel producer ArcelorMittal South Africa (AMSA), which announced its first interim profit in six years and may be on track to deliver its first full year profit since 2010, has initiated a study for the construction of a new electric arc furnace (EAF) at its Vanderbijlpark mill and has also... 

AMSA studies new Vanderbijl electric arc furnace as it moves to restart Vereeniging mill
AMSA CEO Kobus Verster

New sales channels, expansion lift Go Life’s revenue

By: Simone Liedtke     1st August 2018 JSE-listed Go Life International’s revenue rose by 66.3% year-on-year to $572 287, compared with revenue of $343 730 earned in the quarter ended May 31, 2017. This significant growth, the company said on Wednesday, is attributed to various new sales channels, as well having expanded the Go Life... 

Expropriation will advance economic development, increase food security – Ramaphosa

By: News24Wire      1st August 2018 President Cyril Ramaphosa announced that the ANC would propose an amendment of the Constitution to Parliament, outlining conditions for expropriation of land without compensation. His late-night announcement came following the political party's two-day national executive committee lekgotla, which... 

Nene extends deadline for VAT panel to submit report to him

By: African News Agency      1st August 2018 Finance Minister Nhlanhla Nene has extended the deadline for a panel of experts appointed to review the current list of items exempt from value-added tax (VAT) to submit its final report to him, the National Treasury said on Tuesday. "The Chair of the Independent Panel of Experts for the review... 

Trade surplus jumps to R12bn in June

By: Reuters     31st July 2018 South Africa's trade surplus widened to R12-billion ($917-million) in June from a revised R3.84-billion surplus in May, data from the revenue agency showed on Tuesday. Exports rose by 7.1% on a month-on-month basis to R110-billion in June, while imports dipped 0.9% to R98-billion, the South... 

IDC open to ‘all options’ for turning around Foskor as impairments surge  

By: Terence Creamer     31st July 2018 The State-owned Industrial Development Corporation (IDC) reported a sharp rise in impairments during its 2018 financial year, which surged 178% to R2.7-billion, from R954-million in 2017. Impairments as a percentage of total financing also increased to R4.9-billion (R2.1-billion), or 17.4%, only... 

IDC open to ‘all options’ for turning around Foskor as impairments surge
IDC CFO Nonkululeko Dlamini and CEO Geoffrey Qhena discuss the rise in impairments in the 2018 financial year, while IDC chairperson Busisiwe Mabuza outlines the need for policy certainty. Video and editing: Nicholas Boyd.

Q2 unemployment rate rises to 27.2%

By: Marleny Arnoldi     31st July 2018 The official unemployment rate increased to 27.2% during the second quarter, compared with 26.7% in the first quarter. This translates to 6.1-milllion unemployed people in South Africa. There are 37.8-million people that are of working age (between 15 and 64 years) in South Africa, of which... 

Q2 unemployment rate rises to 27.2%

South Africa's economic growth faces risks from public debt, State firm bailouts – IMF

By: Reuters     30th July 2018 The International Monetary Fund on Monday kept South Africa's economic growth forecast for 2018 unchanged at 1.5% but warned that the economy faced several headwinds, mainly the rapid rise in public debt and potential bailouts to state firms. "The IMF's concerns on fiscal policy relates to the... 

South Africa's economic growth faces risks from public debt, State firm bailouts – IMF

Thulani Mavuso appointed as acting Home Affairs DG

By: Marleny Arnoldi     30th July 2018 Home Affairs Minister Malusi Gigaba has appointed Thulani Mavuso acting director-general (DG) of the department, effective August 1. Mavuso will succeed outgoing DG Mkuseli Apleni.  

SARB does not see Q2 economic contraction

By: Reuters     27th July 2018 South African Reserve Bank (SARB) Governor Lesetja Kganyago said on Friday he does not expect economic growth to contract in the second quarter, after a 2.2% contraction in the first quarter of this year. Africa's most industrialised economy grew by 3.1% in the final quarter of 2017, but... 

SARB does not see Q2 economic contraction
Photo by Reuters
SARB governor Lesetja Kganyago
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