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Macro and Micro News

Standard Bank SA appoints ex-Treasury DG Lungisa Fuzile as CEO

By: News24Wire      14th December 2017 Standard Bank South Africa on Thursday announced the appointment of Lungisa Fuzile as its new CEO with effect from January 15, 2018. The former director general of the National Treasury will replace Sim Tshabalala, who as recently as September 2017 took over as sole CEO at the bank. Before this,... 

M&A markets remain resilient despite geopolitical risks

By: Megan van Wyngaardt     14th December 2017 Despite the growth in global geopolitical risks, merger and acquisition (M&A) markets continued to prove highly resilient, with a 19% year-on-year increase recorded in the number of deals valued at between $1-billion and $5-billion, international law firm Allen & Overy’s (A&O’s) latest M&A... 

South Africa's current account deficit narrows, FDI and trade surplus climb

By: Reuters     14th December 2017 South Africa's current account deficit narrowed slightly to 2.3% of GDP in the third quarter and foreign direct investment in Africa's most industrialised economy grew, as did the trade surplus, the central bank said on Thursday, After contracting in the last quarter of 2016 and the first of this... 

PPC ends merger talks with LafargeHolcim; proposes top-up BEE transaction

By: Schalk Burger     14th December 2017 Cement producer PPC’s shares fell by nearly 20% in early morning trade on the JSE on Thursday, after announcing that it has ended merger talks with LafargeHolcim and that it is considering a new black economic empowerment (BEE) transaction. The independent board set up by PPC to evaluate bids... 

PPC ends merger talks with LafargeHolcim; proposes top-up BEE transaction

GEPF, PIC insist on joining board committee investigating Steinhoff

By: Megan van Wyngaardt     13th December 2017 The Government Employees Pension Fund (GEPF) and the Public Investment Corporation (PIC) insist that they form part of the board committee investigating Steinhoff International. Steinhoff last week announced that its CEO Markus Jooste has stepped down amid allegations of financial irregularities. 

ICT service provider Ayo to list on JSE

By: Schalk Burger     13th December 2017 Ayo Technology Solutions will list on the main board of the JSE on December 21. The company provides information and communications technology (ICT) services to the healthcare industry, as well as information systems for hospitals, pharmacies and laboratories. 

Trade remains constrained, but employment numbers expected to rise

By: Megan van Wyngaardt     13th December 2017 The South African Chamber of Commerce and Industry’s (Sacci’s) latest Trade Activity Index (TAI) remained in negative territory during November, declining by one index point to 45. This, the chamber noted, was as a result of important elements of trade contracting during the month, except for new... 

Court rejects Zuma's bid to review State capture report

By: African News Agency      13th December 2017 The High Court in Pretoria on Wednesday ruled that Chief Justice Mogoeng Mogoeng will select the judge to preside over the State capture commission of inquiry ordered by former public protector Thuli Madonsela. "The President [Jacob Zuma] is directed to appoint a commission of inquiry within 30... 

Court rejects Zuma's bid to review State capture report

Decreasing employment in South Africa a sign of ‘deeply troubled economy’ – Seifsa

By: African News Agency      13th December 2017 The Steel and Engineering Industries Federation of Southern Africa (Seifsa) said on Tuesday that South Africa’s employment statistics showed signs of a “deeply troubled economy” and was a serious cause for concern. This comes after Statistics South Africa released its Quarterly Employment... 

Sars concerned about falling tax compliance

By: Reuters     12th December 2017 The South African revenue service (Sars) is concerned about falling tax compliance as some tax payers have stopped paying their taxes over unhappiness with the government, the agency said on Tuesday. Finance Minister Malusi Gigaba shocked markets in October when he said tax revenue for the... 

Sars concerned about falling tax compliance

October manufacturing output up 2.2% y/y

By: Reuters     12th December 2017 South Africa's manufacturing output rose 2.2% year-on-year in October, beating market expectations, after falling by a revised 1.7% in September, Statistics South Africa said on Tuesday. Economists polled by Reuters had forecast manufacturing volumes would rise by 0.75% year-on-year in October. 

October manufacturing output up 2.2% y/y

DTI to probe Steinhoff compliance with companies law

By: African News Agency      12th December 2017 South Africa’s trade and industry department said on Tuesday it would launch an investigation into the alleged governance failures and financial irregularities at retailer Steinhoff, to determine any non-compliance with the Companies Act and Regulations. “The Department of Trade and Industry and... 

Heartland-to-heartland linkages sought in China-driven industrial superproject

By: Schalk Burger     12th December 2017 The China-driven superproject, the Belt and Road Initiative (BRI), which is a conceptual redevelopment of the ancient global tradeways of the Silk Road, aims to link the heartlands of countries by land, sea and air routes, said Renmin University School of International Studies Professor Wang... 

Mahlobo: Corruption is corruption

By: News24Wire      12th December 2017 The African National Congress's (ANC's) subcommittee on peace and stability said corruption was a "cancer" and it would be one of the issues discussed at the party's upcoming national elective conference. Subcommittee member and Minister of Energy David Mahlobo said on Monday that the party was... 

Mahlobo: Corruption is corruption
Minster of Energy David Mahlobo

Steinhoff continues trade, appoints subcommittee

By: News24Wire      11th December 2017 Disgraced retail international holding company Steinhoff has established a board subcommittee to bolster independent governance following the resignation of CEO Markus Jooste over accounting irregularities which are being investigated. In a note to shareholders issued on Monday morning, the group... 

Political will needed to maintain South Africa growth momentum

By: Reuters     11th December 2017 South Africa's economy needs political support to maintain upward momentum into next year, a Reuters poll found on Monday, just days before a conference of the ruling African National Congress. Medians in the poll of 26 economists, surveyed by Reuters last week, suggested the economy will grow... 

Political will needed to maintain South Africa growth momentum
Photo by Duane Daws
Deputy President Cyril Ramaphosa

SAPVIA launches ‘bold’ 5-point plan for solar industrialisation

By: Mia Breytenbach     8th December 2017 The South African Photovoltaic Industry Association (SAPVIA) has announced a “bold” five-point plan for the solar photovoltaic (PV) industry to drive industrialisation, create jobs, and contribute to economic growth. Speaking at the Energy Indaba held at Gallagher Estate in Midrand, on Friday,... 

SAPVIA launches ‘bold’ 5-point plan for solar industrialisation

Steinhoff shares bounce off 14-year low in volatile trade

By: Reuters     8th December 2017 Steinhoff shares plunged another 50 percent on Friday, before recovering as traders booked profits on short positions taken out after the South African retailer disclosed accounting irregularities earlier this week. More than $12 billion has been wiped off the market value of the owner of... 

DA wants probe into Deloitte over Steinhoff role

By: African News Agency      8th December 2017 South Africa's main opposition Democratic Alliance (DA) said on Friday it had requested an investigation into Deloitte, the auditors of retail group Steinhoff, after accounting irregularities were uncovered. "The resignation of Markus Jooste, Chief Executive Officer of Steinhoff International... 

DA wants probe into Deloitte over Steinhoff role

Fourth industrial revolution brings hope to youth – Makhura

By: Thabi Madiba     7th December 2017 Gauteng Premier David Makhura on Thursday tabled the fourth Political Report of the Gauteng provincial government and highlighted the opportunities that were arising from the fourth industrial revolution. Makhura said the unfolding of the fourth industrial revolution was shaping the economy and... 

Fourth industrial revolution brings hope to youth – Makhura
Hip hop artist Cassper Nyovest and Gauteng Premier David Makhura

Barloworld board looks to improve capital allocated to leasing assets to improve returns

By: Schalk Burger     7th December 2017 Earthmoving equipment and logistics multinational Barloworld’s board on Thursday announced that it was investigating the capital allocated to leasing assets to further optimise capital allocation into higher-returning opportunities. Various options are currently under consideration in relation to... 

Zuma promises ‘seamless’ ANC transition at energy indaba that sidesteps IRP debate

By: Terence Creamer     7th December 2017 President Jacob Zuma used his address at the Energy Indaba, taking place in Johannesburg this week, to assure business and investors that the upcoming African National Congress (ANC) elective conference would be “orderly and peaceful”, while promising a “seamless” handover to the new ANC... 

Zuma promises ‘seamless’ ANC transition at energy indaba that sidesteps IRP debate
President Jacob Zuma and Energy Minister David Mahlobo

Africa and China have a shared future under new world order

By: African News Agency      7th December 2017 The world order has changed and it was time to take hands and chart a common destiny. This was one of the central themes to emerge from a seminar held in Cape Town on Thursday under the twin headings Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and Xi Jinping: the... 

 Africa and China have a shared future under new world order
Photo by Reuters
Chinese President Xi Jinping

Steinhoff identifies €1bn noncore assets to boost liquidity

By: Schalk Burger     7th December 2017 In the grip of an accounting scandal that led to it indefinitely postponing the release of its 2017 financial results, JSE-listed retail multinational Steinhoff  noted on Thursday that it had received expressions of interest in noncore assets that will release a minimum of €1-billion of... 

Steinhoff identifies €1bn noncore assets to boost liquidity
Photo by Bloomberg
CHRISTO WIESE The Steinhoff supervisory board appointed Dr Christo Wiese delegated supervisory chairperson on an interim basis

Ocean science key to supporting sustainable ocean health

By: Anine Kilian     6th December 2017 Studying and understanding ocean science is key to achieving the Sustainable Development Goals (SDGs) set out by the United Nations (UN) and to sustain the health of the world’s oceans, according to Department of Environmental Affairs oceans research director Ashley Johnson, who unpacked the key... 

Ocean science key to supporting sustainable ocean health
Department of Environmental Affairs oceans research director Ashley Johnson

South Africa, Norway announce new oceans research programme

By: Anine Kilian     6th December 2017 The Norwegian Embassy in South Africa, together with the Department of Science and Technology (DST), has signed a declaration of intent to develop a new bilateral research programme focused on the oceans economy. The intent for the development of the programme, called the South Africa-Norway... 

South Africa, Norway announce new oceans research programme
DST International Cooperation and Resources deputy-director-general Daan du Toit and Norwegian Ambassador to South Africa, Botswana, Madagascar and Namibia Trine Skymoen

Vukile continues to grow Spain retail portfolio

By: Schalk Burger     6th December 2017 JSE-listed retail property trading company Vukile Property Fund added two Spanish retail parks, worth about €65-million, to its portfolio of 11 other Spanish retail parks. CEO Laurence Rapp said in a note on Wednesday that the total value of the Spanish portfolio was about €290-million. Vukile’s... 

Steinhoff’s STAR largely unaffected by group troubles

By: Schalk Burger     6th December 2017 JSE-listed African retail subsidiary Steinhoff Africa Retail (STAR) announced on Wednesday that it was “unaffected by the events at [JSE-listed retail multinational] Steinhoff”. Steinhoff has delayed the publication of its 2017 financial results indefinitely as it investigates what it terms... 

Q3 GDP expands by 2% q/q as agriculture soars

By: Reuters     5th December 2017 South Africa's economy grew more than expected in the third quarter as agricultural sector continued to recover from a severe drought while mining and finance also improved, lifting hopes the country may avoid further credit downgrades. Last month S&P Global Ratings cut Pretoria's local currency... 

Q3 GDP expands by 2% q/q as agriculture soars

South Africa's private-sector activity slows in November – Standard Bank PMI

By: Reuters     5th December 2017 South African private sector activity slowed in November as new orders and output fell, a survey showed on Tuesday. The Standard Bank Purchasing Managers' Index (PMI), compiled by IHS Markit, fell to 48.8 in November from 49.6 in October, staying below the 50 mark that separates expansion from... 

Municipal workers want minimum R10 000 salary, as municipal pay talks start

By: African News Agency      4th December 2017 The South African Municipal Workers Union (Samwu) wants municipal workers to earn a minimum wage of R10 000 per month, the union said on Monday. Trade unions representing municipal workers tabled their initial demands at the wage negotiations with the South African Local Government Association... 

Sars denies paying Makwakwa a bonus while on suspension

     4th December 2017 The South African Revenue Service (Sars) on Monday dismissed as "inaccurate and untrue" media reports that its embattled chief officer of business and individual tax, Jonas Makwakwa, was paid a bonus while on suspension. "Sars finds it necessary to specifically clarify the deliberate... 

Sars denies paying Makwakwa a bonus while on suspension
Photo by Duane Daws
Sars Commissioner Tom Moyane

Petrol, diesel price to go up this week

By: African News Agency      4th December 2017 South Africa's energy department on Monday announced motorists will have to fork out 71 cents more per litre of petrol, while the wholesale price of diesel is set to increase between 57 cents and 60 cents a litre. The department, in a statement, attributed the price hikes to the international... 

Petrol, diesel price to go up this week

Black Business Council suspends president over missing donation

By: African News Agency      4th December 2017 South Africa's Black Business Council (BBC) said on Monday it had suspended its president Danisa Baloyi pending an investigation into a missing R5-million donation. The black business lobby group said last week that Airports Company South Africa had confirmed making the donation, but that the... 

Black Business Council suspends president over missing donation
BBC president Danisa Baloyi

Competition Amendment Bill moves to give teeth to market inquiry instrument

By: Terence Creamer     1st December 2017 Economic Development Minister Ebrahim Patel released the Competition Amendment Bill for public comment on Friday, indicating that he expects the proposed legislation to be placed before lawmakers during the first half of 2018. The amendments, which were drafted with the assistance of an expert... 

Competition Amendment Bill moves to give teeth to market inquiry instrument
Photo by Duane Daws
Economic Development Minister Ebrahim Patel

Second Norway-South Africa Science Week to stimulate oceans science and economy 

By: Schalk Burger     1st December 2017 The second Norway-South Africa Science Week will provide a platform for scientists, researchers, civil servants and business people from both countries to share best practices and policies to promote the sustainable use of ocean resources. Norwegian ambassador to South Africa, Botswana,... 

Second Norway-South Africa Science Week to stimulate oceans science and economy
Norway Ambassador to South Africa, Botswana, Madagascar and Nambiia Trine Skymoen discusses the upcoming Norway-South Africa science week. Video and editing: Nicholas Boyd.

Absa PMI rises to six-months high in November

By: Reuters     1st December 2017 South Africa's seasonally adjusted Absa Purchasing Managers' Index (PMI) rose in November to its highest level in six months as business activity improved further, a survey showed on Friday. The index, which is compiled by the Bureau for Economic Research and gauges manufacturing activity in... 

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