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Macro and Micro News

Evidence of blatant corruption at Eskom unpacked at Parliament’s inquiry into State capture

By: Kim Cloete     17th October 2017 Parliament’s Portfolio Committee on Public Enterprises has kicked off its inquiry into alleged State capture with a report revealing “overwhelming evidence of grand corruption”, governance failure and a stream of irregularities at Eskom, South Africa’s largest State-owned entity. Research... 

EU remains focused on progressive trade policies, transparency

By: Natasha Odendaal     17th October 2017 Transparency, as well as balanced, inclusive and progressive trade policies remain top priorities for the European Union (EU) Commission as it shifts its trade approach in an ever-changing world to harness globalisation fairly. In recent years, global trade has come under immense negative... 

EU remains focused on progressive trade policies, transparency
Photo by Bloomberg
European Union Commissioner for Trade Cecilia Malmström

Cabinet reshuffle about consolidating Zuma’s power – Vavi

By: African News Agency      17th October 2017 President Jacob Zuma’s latest Cabinet reshuffle was a self-serving bid to consolidate power with a view to the ruling party’s elective conference, with no consideration for the good of the country, trade union leader Zwelinzima Vavi said on Tuesday. “It is about Jacob Zuma first and the country... 

Cabinet reshuffle about consolidating Zuma’s power – Vavi
Photo by Duane Daws
SAFTU SG Zwelinzima Vavi

Rand drops on Zuma's suprise 'pro-nuclear' Cabinet reshuffle

By: News24Wire      17th October 2017 The rand lost more than 0.5% within minutes of President Jacob Zuma's announcement of yet another surprise Cabinet reshuffle. The biggest move is that of energy - Mmamoloko Kubayi has been moved from the energy portfolio to communications, with David Mahlobo now occupying the position of Minister... 

 Rand drops on Zuma's suprise 'pro-nuclear' Cabinet reshuffle

Nzimande axed in another Cabinet reshuffle

By: Anine Kilian     17th October 2017 President Jacob Zuma has again made changes to his Cabinet. The Presidency said in a statement on Tuesday that Professor Hlengiwe Mkhize has been appointed Higher Education and Training Minister, Ayanda Dlodlo as Home Affairs Minister, Mmamaloko Kubayi as Communications Minister, David Mahlobo as... 

Nzimande axed in another Cabinet reshuffle
Blade Nzimande

SARB cautious about more rate cuts

By: Reuters     17th October 2017 The South African Reserve Bank (SARB) is taking a cautious approach to monetary policy as risks to the inflation outlook are on the upside, deputy governor Daniel Mminele said. South Africa's consumer price inflation stood at 4.8% year-on-year in August. Statistics South Africa is due to publish... 

SARB cautious about more rate cuts
Photo by Bloomberg
SARB deputy governor Daniel Mminele

It's up to Gigaba to rebuild trust and confidence in mini budget – Coovadia

By: News24Wire      16th October 2017 The motives behind government’s failure to act in the national interest should be questioned as it undermines trust and service delivery in South Africa, Cas Coovadia, managing director of the Banking Association of South Africa (BASA), said on Monday. Coovadia in a statement called on Finance... 

 It's up to Gigaba to rebuild trust and confidence in mini budget – Coovadia
Photo by Duane Daws
BASA MD Cas Coovadia

Sending right economic signals key to integration of distributed energy resources

By: Terence Creamer     16th October 2017 The transition from centralised electricity systems to ones that increasingly comprise both large-scale centralised resources and distributed energy resources (DERs) is under way globally. However, to successfully manage the shift will depend substantially on sending the right economic signals, a... 

 Sending right economic signals key to integration of distributed energy resources

Carlyle snaps up Nosa to access occupational health, safety growth in emerging markets

By: Schalk Burger     13th October 2017 Nasdaq-listed asset management multinational Carlyle Group will acquire emerging markets-focused occupational health and safety training company Nosa Group from JSE-listed Micromega Holdings for up to R747.8-million. The occupational health and safety sector is particularly attractive across... 

Seifsa president laments slow pace of metals sector transformation

By: Terence Creamer     13th October 2017 The slow pace of transformation in the metals and engineering sector continues to be of concern, Steel and Engineering Industries Federation of Southern Africa (Seifsa) president Michael Pimstein said during his presidential address in Johannesburg on Friday. He urged the sector, which represents... 

Seifsa president laments slow pace of metals sector transformation

Mkhwebane seeks delay in Bankorp review – report

By: News24Wire      13th October 2017 Public Protector Busisiwe Mkhwebane has requested that a review of the Bankorp-CIEX report be postponed. According to a report by EWN, the Public Protector has asked the deputy judge president of the North Gauteng High Court to delay the review of the report until January 2018, following reports... 

 Mkhwebane seeks delay in Bankorp review – report
Photo by Reuters
Public Protector Busisiwe Mkhwebane

SAICA’s independent inquiry into KPMG finalizes terms of reference

By: African News Agency      13th October 2017 The South African Institute of Chartered Accountants (SAICA) on Friday said an independent inquiry into the conduct of some chartered accountants formerly employed by embattled audit firm KPMG would begin soon. In a statement SAICA chief executive, Terence Nombembe, said: “The independent inquiry... 

SAICA’s independent inquiry into KPMG finalizes terms of reference

Sub-Saharan Africa economic growth to pick up next year

By: Reuters     13th October 2017 Nigeria and South Africa are expected to lift sub-Saharan regional growth next year, a Reuters poll showed, once their central banks cut rates to boost Africa's largest - but sickly - economies. The two economies contribute more than half of sub-Saharan Africa's gross domestic product and the... 

SA weighs market opportunities as utility-scale battery storage prospects improve

By: Mia Breytenbach     13th October 2017 Following the release of an energy storage techno-economic study ‘The South Africa Energy Storage Technology and Market Assessment’, advocating that South Africa requires market preparation to take advantage of growth opportunities in the stationary and mobility value chains of energy storage,... 

SA weighs market opportunities as utility-scale  battery storage prospects improve

S Africa’s PUI increases in Q3 2017

By: Sane Dhlamini     12th October 2017 South Africa’s Policy Uncertainty Index (PUI) rose from 53.1 in the second quarter of 2017, to 53.6 in the third quarter of 2017, revealed North-West University School of Economics professors Raymond Parsons and Waldo Krugell. They delivered the results for the third quarter of 2017 in... 

S Africa’s PUI increases in Q3 2017
Professors Waldo Krugell and Raymond Parsons

Political change could spark a surge in investment, says Goldman Sachs

By: Kim Cloete     12th October 2017 South Africa has the potential to achieve a 3% economic growth rate, and 5% in the medium term, if the constitutionalists in the African National Congress (ANC) are elected to lead the country, says Goldman Sachs Southern Africa MD Colin Coleman. “With the right leaders in the right... 

Political change could spark a surge in investment, says Goldman Sachs

When Cyril wins, he must send Zuma to live in Nkandla – Gordhan 

By: News24Wire      12th October 2017 When Deputy President Cyril Ramaphosa wins December's African National Congress (ANC) elective conference, he must send President Jacob Zuma to live in Nkandla, former finance minister Pravin Gordhan said on Thursday. Gordhan told a conference in Cape Town that his preferred candidate to become... 

When Cyril wins, he must send Zuma to live in Nkandla – Gordhan
Photo by Reuters
Former Finance Minister Pravin Gordhan

Even Stats SA could fall to State capture – Gordhan, Jonas 

By: News24Wire      12th October 2017 Statistics South Africa is not immune to the State capture project, former finance minister Pravin Gordhan and his former deputy Mcebisi Jonas said on Thursday. The warning comes as Statistician-General Pali Lehohla is set to step down in October, after 17 years in charge of Stats SA. 

Taste Holdings’ H1 loss widens

By: Schalk Burger     12th October 2017 The brutal and sustained decline in consumer spending across almost all categories that fast food and luxury goods company Taste Holdings trades in has overshadowed operational gains made during the six months ended August 31, Taste Holdings CEO Carlo Gonzaga said in a statement on Thursday. The... 

Verimark achieves revenue growth, but lower profit in H1

By: Schalk Burger     12th October 2017 Consumer products company Verimark’s revenue for the six months to August 31 grew by 13.7% to R209.7-million, but its pre-tax profit decreased to R2.2-million, from R3.9-million during the first half of the prior financial year. The lower profit is owing to an increase in new products, which... 

South Africa to woo investors at IMF meetings

By: Reuters     12th October 2017 South Africa's Finance Minister Malusi Gigaba and central bank governor Lesetja Kganyago head to Washington this weekend to meet ratings agencies and international investors in a bid to boost growth in an economy that is emerging from recession. The Treasury said in a statement on Thursday that... 

South Africa to woo investors at IMF meetings
Photo by Duane Daws
Finance Minister Malusi Gigaba

One year into new trade deal, European commissioner urges South African firms to take fuller advantage

By: Terence Creamer     11th October 2017 European Commissioner for Trade Cecilia Malmström will use her upcoming visit to South African to urge business to take fuller advantage of the recently concluded trade agreement between the European Union (EU) and six Southern African countries. The deal came into force just over a year ago on... 

One year into new trade deal, European commissioner urges South African firms to take fuller advantage
European Commissioner for Trade Cecilia Malmström

South Africa vulnerable to any sharp rise in global rates, World Bank warns

By: Terence Creamer     11th October 2017 A quicker and sharper-than-expected normalisation in interest rates in the US could trigger a reversal in capital flows to South Africa, the World Bank’s latest ‘Africa’s Pulse’ warns, adding that any sharp increase in global interest rates could also complicate debt dynamics for sub-Saharan... 

South Africa vulnerable to any sharp rise in global rates, World Bank warns
In September, Fed chairperson Janet Yellen said she was 'wary of moving too gradually' on normalisation

Rand will rebound against dollar by end of 2017 - analysts

By: News24Wire      11th October 2017 Analysts at Rand Merchant Bank and ING Groep predict that the rand, the second-worst emerging-market performer in the past month, will rebound against the dollar by year-end as the pull of improving fundamentals and the hunt for yield support buyers amid lingering political and fiscal risks. The... 

 Rand will rebound against dollar by end of 2017 - analysts

South Africa's economic woes domestic, downgrade risks high – deputy SARB governor

By: Reuters     11th October 2017 South African deputy central bank governor Kuben Naidoo said on Tuesday domestic factors are the main cause of a frail economy and the risk of further credit downgrades is "quite significant". Painting a bleak picture during a monetary policy forum in Cape Town, Naidoo said a downgrade to South... 

South Africa's economic woes domestic, downgrade risks high – deputy SARB governor
SARB deputy governor Kuben Naidoo

IMF cuts South Africa growth forecasts as politics takes it toll

By: Reuters     10th October 2017 The International Monetary Fund cut its South African economic growth forecast for this year on Tuesday, saying rising political uncertainty has dented consumer and business confidence. The IMF said it expected South Africa's economy to grow by 0.7% this year, down from an earlier projection of... 

IMF cuts South Africa growth forecasts as politics takes it toll

Transport megaprojects stand on four legs – Gautrain CEO

By: Keith Campbell     10th October 2017 The successful implementation of transport infrastructure megaprojects rests on four equally important “pillars”. So affirmed Gautrain Management Agency CEO Jack van der Merwe to the recent sixth Council for Scientific and Industrial Research Conference, in Pretoria. These pillars are: political... 

Transport megaprojects stand on four legs – Gautrain CEO
Photo by Duane Daws
Gautrain CEO Jack van der Merwe

Brazil revives African ties, eyes expanding market

By: Reuters     10th October 2017 Agricultural powerhouse Brazil aims to revive ties with Africa after a lull and sees a vast export market for food and manufactured goods in a continent whose population is surging, its foreign minister said. Brazil's presence in Africa surged during the government of former President Luiz Inacio... 

Bank of Baroda ordered to keep Gupta accounts open for now

By: News24Wire      9th October 2017 The high court ordered the Bank of Baroda on Monday to keep the accounts of Gupta-linked companies open, pending a final application which must be launched in 15 days. Pretoria high court judge Tati Makgoka granted the requested interdict against the bank, prohibiting the bank from deactivating... 

 Bank of Baroda ordered to keep Gupta accounts open for now

Fedusa wants to review PIC investments 

By: Reuters     9th October 2017 South African labour federation Fedusa said on Saturday it would consult rival federations over withdrawing an investment mandate the workers' pension fund has with one of the continent's largest asset managers, the Public Investment Corporation (PIC). The PIC manages South African government... 

Gigaba wants concerns over irregularities at State pension fund probed

By: Reuters     6th October 2017 Finance Minister Malusi Gigaba on Friday asked government pension fund Public Investment Corporation (PIC) to investigate concerns of irregularities at the asset manager to ensure transparency at the institutions. The PIC has been in the spotlight in recent weeks after reports that the finance... 

Gigaba wants concerns over irregularities at State pension fund probed
Photo by Duane Daws
Finance Minister Malusi Gigaba

New stock exchange, A2X, makes its debut

By: Anine Kilian     6th October 2017 South Africa’s newest stock exchange A2X Markets (A2X) made its debut on Friday with three listings and four of the industry’s brokers on board.   A2X competes directly with the JSE and provides an alternative platform for companies to secondary list and trade their shares.   Financial services... 

Sarb denies instructing banks on KPGM

By: African News Agency      6th October 2017 The South African Reserve Bank (Sarb) has denied that it told the country’s big four banks that they cannot fire KPMG, stating categorically on Friday that it had not instructed banks on what steps they should or should not take with regards to their contracts with the embattled auditing firm.... 

Sarb denies instructing banks on KPGM

South Africa continues on path of deindustrialisation

By: Natasha Odendaal     5th October 2017 With some exceptions, South Africa’s industrial policy is not working, leaving the nation to continue down its current path of deindustrialisation, says Department of Trade and Industry (DTI) industrial development deputy director-general Garth Strachan. Addressing delegates at the sixth... 

South Africa continues on path of deindustrialisation
Department of Trade and Industry industrial development deputy director-general Garth Strachan

Auditor general explains why he 'didn't pull plug' on KPMG

By: News24Wire      5th October 2017 The office of the auditor general decided not to pull the plug completely on KPMG as one of its partners in public sector auditing, pending an independent investigation into the firm’s conduct. Kimi Makwetu, auditor general, told members of Parliament on Thursday that his office engaged with the... 

 Auditor general explains why he 'didn't pull plug' on KPMG
Auditor General Kimi Makwetu

Economic impact of ANC race to be felt only in 2019, says Schussler

By: Irma Venter     5th October 2017 Economist Mike Schussler says South Africa’s economic growth rate will not see a “major improvement beyond 2%, 2.5% for the foreseeable future”. “I think growth next year, not even depending on who is the president, will be better than this year, but it is not going to shoot out the lights,” he... 

Economic impact of ANC race to be felt only in 2019, says Schussler

SA business ‘complicit’ in looting of State – Jay Naidoo

By: African News Agency      5th October 2017 Activist for social justice, Jay Naidoo, on Thursday urged the South African business community to find its moral compass and not be complicit in the looting of the State by greedy individuals. Naidoo, who was founding general secretary of the Congress of South African Trade Unions (Cosatu) and a... 

SA business ‘complicit’ in looting of State – Jay Naidoo
Photo by Duane Daws
Activist Jay Naidoo
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