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Trump's infrastructure plan a boon for iron-ore, says Australia's Cormann

By: Bloomberg     23rd April 2017 US President Donald Trump’s plan to upgrade the nation’s roads, ports and bridges will drive demand for steel and support iron ore prices, Australia’s Finance Minister Mathias Cormann said. “The US and the Trump administration has put out a very ambitious infrastructure investment program" and... 

Revised framework for SA auto sector expected by year-end

By: Irma Venter     21st April 2017 The framework for the government support programme to replace the Automotive Production and Development Programme (APDP) is “currently under consideration and should be announced by the end of 2017”, says National Association of Automobile Manufacturers of South Africa director Nico Vermeulen.... 

South Africa could suffer further downgrades if political uncertainty stalls growth – S&P's

By: Reuters     20th April 2017 South Africa's credit rating could get downgraded deeper into junk status if political uncertainty triggered by the recent firing of the finance minister stalls reforms needed to grow the economy, an executive from S&P Global Ratings said on Wednesday. "There are risks that potential growth... 

CMH achieves good results, but worries about political turmoil

By: Megan van Wyngaardt     19th April 2017 Despite a difficult year in the motoring industry, JSE-listed Combined Motor Holdings (CMH) on Wednesday said it still achieved “commendable results”, delivering a 17.8% increase in basic earnings a share, a 14.8% increase in headline earnings a share and a 25.6% improvement in dividends a share... 

Governments worldwide could save $1tr by adopting procurement best practices – McKinsey 

By: Terence Creamer     19th April 2017 Governments worldwide could reduce their current purchasing bill by 15%, or a combined $1-trillion, if they were to adopt best-practice procurement disciplines, a new study by the McKinsey Center for Government (MCG) claims. The study, titled ‘Government Productivity: Unlocking the $3.5-trillion... 

Tourism supports 1 in 10 jobs

By: News24Wire      18th April 2017 Travel and tourism generated 1 in 10 of the world’s jobs in 2016, according to a new report by the World Travel & Tourism Council (WTTC). WTTC’s Economic Impact Report 2017, which is conducted in conjunction with Oxford Economics, researches the economic impact of travel and tourism on a global... 

South African R&D spending on the rise but government aims yet higher

By: Keith Campbell     12th April 2017 The South African government seeks to increase the country’s investment in research and development (R&D) by 100% from the R29-billion of 2014/2015 to about R60-billion a year by 2020. In terms of percentage of gross domestic product (GDP), this would involve an increase from 0.77% to 1.5%. This... 

Fortescue moves on growing markets outside steel giant China

By: Bloomberg     7th April 2017 Fortescue Metals Group is making iron-ore marketing forays to steel-producing nations outside China to tap forecast increases in demand from burgeoning infrastructure projects across the region. The world’s fourth-biggest exporter’s mines in northwestern Australia are well-positioned to take... 

Winning Wabush pits not 'life or death' for Alderon’s Kami iron project – CEO

By: Henry Lazenby     7th April 2017 Securing the closed Wabush mine assets is not a life or death threat to developing Alderon Iron Ore’s flagship Kamistiatusset (Kami) high-grade iron-ore property. Not securing the assets will merely be a setback, chairperson and CEO Mark Morabito has told Mining Weekly Online. In an interview on... 

AfDB lends Tanzania $29.8m for natural gas developments

By: Megan van Wyngaardt     6th April 2017 The African Development Bank (AfDB) has approved a $29.8-million loan to Tanzania to help the country mobilise domestic resources and unlock the potential of its natural gas resources through leveraging domestic markets and local content initiatives. The project will help Tanzania “capture the... 

Automotive industry key to future of South Africa’s manufacturing industry – Davies 

By: Shirley le Guern     6th April 2017 Trade and Industry Minister Dr Rob Davies has stressed that South Africa does not have the luxury to stop supporting its automotive sector, as has been the case in Australia, where the industry has come to an end.   “The auto industry is key to the future of manufacturing in this country and... 

Higher local content in SA-made vehicles could create 49 000 jobs, says Barnes 

By: Irma Venter     6th April 2017 Achieving 60% local content on vehicles assembled in South Africa will make a significant impact on the South African economy, including the creation of 49 000 new jobs and an additional R68-billion in gross domestic product, says Automotive Masterplan lead and B&M Analysts chairperson Dr Justin... 

Big miners have trouble joining technology revolution

By: Reuters     6th April 2017 Mining companies chasing the kind of technological breakthroughs made long ago in the manufacture of cars and mobile phones have unveiled eye-catching innovations ranging from vast drills and remote-controlled trucks to second-by-second data analysis. Behind the scenes, however, there has so far... 

Nestle, small business dept ink supplier development MoU

By: Natasha Odendaal     3rd April 2017 As Proudly South Africa kicks off its yearly Buy Local Summit, held in Sandton from April 3 to 4, the Department of Small Business Development and Nestle have signed a memorandum of understanding (MoU) to cooperate on providing supply chain opportunities for small, medium-sized and... 

Sugar tax threatens sugar industry survival

By: Robyn Wilkinson     31st March 2017 The South African Treasury’s proposal to introduce a tax on sugar-sweetened beverages (SSBs) later this year threatens the sustainability and survival of a sugar industry already under strain, says South African Sugar Association (Sasa) executive director Trix Trikam. 

UK committed to developing R&D and trade with South Africa

By: Keith Campbell     31st March 2017 The British Government has assigned up to £35-million from its Prosperity Fund to South Africa. This money will be disbursed over the remaining period of the current UK Parliament (that is, until 2020). This was pointed out by outgoing British High Commissioner to South Africa, Dame Judith... 

Solidarity stresses importance of saving South Africa’s steel industry

By: Anine Kilian     30th March 2017 Trade union Solidarity on Thursday emphasised the importance of South Africa’s steel industry, stating that it is a “key enabler of every part of the South African economy – including the automotive, mining, construction, energy and infrastructure sectors, all of which have been identified as... 

SARB keeps interest rate steady

By: News24Wire      30th March 2017 South African Reserve Bank (SARB) governor Lesetja Kganyago announced on Thursday that the bank's Monetary Policy Committee (MPC) has decided to leave the interest rate unchanged at its second meeting this year. The repurchase rate, which is the interest rate at which the Sarb lends money to... 

Tanzania orders audit of mining companies' earnings over taxes

By: Reuters     29th March 2017 Tanzania's President John Magufuli has ordered a special audit of mining companies to determine if they pay their fair share of taxes to the East African country. Mining contributes 3.5% of the gross domestic product (GDP) in Tanzania, Africa's fourth-largest gold producer, but the government... 

Report highlights mining, Mets sectors’ contribution to Aus economy, jobs

By: Esmarie Swanepoel     29th March 2017 New data by advisory firm Deloitte Access Economics has shown that the mining and mining equipment, technology and services (Mets) sectors contributed 15% of Australia’s gross domestic product in 2015/16, delivering some A$236.8-billion. The report, which was commissioned by the Minerals Council... 

MCA calls for Australia’s pursuit of trade liberalisation

By: Esmarie Swanepoel     28th March 2017 The Minerals Council of Australia (MCA) has proposed a number of measures to boost Australia’s international engagement in its submission to the federal government’s Foreign Policy White Paper, calling on the government to pursue further trade liberalisation, maintain an open foreign investment... 

UK remains committed to helping research and development in South Africa

By: Keith Campbell     16th March 2017 The British government has assigned up to £35-million from its Prosperity Fund to South Africa. This money will be disbursed over the remaining period of the current UK Parliament (that is, until 2020). This was pointed out by outgoing British High Commissioner to South Africa, Dame Judith... 

Tanzanian ore export ban unlikely to be implemented – BMI

By: Megan van Wyngaardt     16th March 2017 Recent policies aimed at bolstering fiscal revenues, and a crackdown on tax evasion by the Tanzanian government, will increase investor uncertainty across various sectors and have a direct negative impact on the country's future growth, BMI Research's Africa Country Risk team said on Thursday.... 

Upcoming AHI conference to tackle SME ‘disenablement’

By: Natasha Odendaal     16th March 2017 Employers organisation AHI aims to highlight the “disenabling” environment currently faced by small and medium-sized enterprises (SMEs) in South Africa at its upcoming conference. The small business chamber’s day-long conference, described as the first it will be convening in a series of... 

S&P Global sees higher use of guarantees by Eskom as ratings ‘pressure point’

By: Terence Creamer     14th March 2017 S&P Global warns that contingent liabilities associated with guarantees to State-owned companies (SoCs) such as Eskom have emerged as a “pressure point” for South Africa’s sovereign rating, which the agency currently has at one notch above junk, but with a negative outlook. The negative outlook... 

Trade between South Africa, UK to remain unaffected by Brexit

By: Megan van Wyngaardt     13th March 2017 Trade and Industry Minister Dr Rob Davies met with UK Trade Policy State Minister Lord Mark Price on the sidelines of the inaugural Commonwealth Trade Ministers Meeting, last week, and reiterated that there will be no interruption in the trade between South Africa and the UK as a result of the... 

Oil still main energy source in 2035 – petroleum company

     10th March 2017 Petroleum company British Petroleum’s (BP’s) 2017 Energy Outlook notes that oil, gas and coal will remain the main sources of energy for powering the world economy, accounting for more than 75% of total energy supply in 2035, compared with 86% in 2015.  According to the outlook, which was... 

Updated PFS delivers improved economic metrics for Amarillo’s Mara Rosa project

By: Creamer Media Reporter      8th March 2017 An updated prefeasibility study (PFS) on TSX-V-listed Amarillo Gold’s Mara Rosa project, in Brazil, has demonstrated improved economic metrics, compared with a 2011 study, including a rapid after-tax payback period of just over two years. The updated PFS investigated two mining scenarios –... 

Mining, manufacturing contribute to 0.3% contraction in GDP in Q4

By: Anine Kilian     7th March 2017 The mining, quarrying and manufacturing industries were the biggest contributors to South Africa’s gross domestic product (GDP) contracting by 0.3% in the fourth quarter of 2016. “Commodities showed a declining trend. Mining and quarrying decreased by 11.5% owing to a drop in the production of... 

World Bank urges South Africa to shift investment tax incentives to more labour-intensive sectors

By: Natasha Odendaal     6th March 2017 The World Bank on Monday urged South Africa to consider “reorienting” certain investment tax incentives towards more labour-intensive sectors such as construction, manufacturing, agriculture and trade to encourage private investment and bolster job creation in the muted growth environment. This... 

New auto programme to be announced by end-2017, says Naamsa 

By: Irma Venter     6th March 2017 The framework for the government support programme to replace the Automotive Production and Development Programme (APDP) in 2021 is “currently under consideration and should be announced by the end of 2017”, says National Association of Automobile Manufacturers of South Africa director Nico... 

AfDB supports Zimbabwe’s efforts to reform SoEs

By: Anine Kilian     3rd March 2017 African Development Bank (AfDB) Southern Africa regional development and business delivery office DG Tonia Kandiero and Zimbabwe Finance and Economic Development Minister Patrick Chinamasa have signed a $4-million grant agreement to support a State-owned enterprise (SoE) reform and delivery... 

Africa slump not grounds for ‘excessive pessimism’

By: Bloomberg     3rd March 2017 The student is halfway through her question to Christine Lagarde when the power cuts – a reminder of the obstacles facing Africa’s poorest nations. The head of the International Monetary Fund (IMF) doesn’t miss a beat. “As you can see, building better infrastructure – roads, the Internet,... 

Solidarity protects local steel industry

By: Marleny Arnoldi     3rd March 2017 Following the National Treasury’s instruction last month that State-owned entities must use 100% locally manufactured structural steel last month, trade union Solidarity says it will act as a watchdog to ensure that this happens.  

Nigeria's economy contracted by 1.5% in 2016 on lower oil prices

By: Reuters     28th February 2017 Nigeria's gross domestic product fell by 1.5% in 2016 due to lower oil revenues, the National Bureau of Statistics said on Tuesday, for its first annual contraction in 25 years. Africa's largest economy slid into recession in the second quarter of 2016 as a slump in crude prices hammered the Opec... 

World debt to increase to $44tr – S&P

By: News24Wire      27th February 2017 Absolute debt levels of countries continue to increase and total outstanding global sovereign commercial debt stock will rise to reach an all-time high of $44-trillion by the end of this year, according to rating agency Standard & Poor's (S&P). In a report entitled Sovereign Debt 2017, S&P... 

Sasol says relations with Moz in ‘good space’ as new oil-find notice is issued 

By: Terence Creamer     27th February 2017 Sasol joint president and CEO Stephen Cornell has described the group’s relations with the Mozambique government as being in a “good space”, despite the country’s current fiscal difficulties, as well as periodic criticism that the country is not benefiting fully from the South African energy and... 

Sanral CEO looks to regain South Africa’s trust despite ongoing e-toll tussle 

By: Irma Venter     24th February 2017 Not too long ago, the South African National Roads Agency Limited (Sanral) was a firm darling among its peers. It was a well-funded State-owned enterprise (SOE) almost never under fire, seldom in retreat, grinding ever onward in its task to manage and expand the country’s road network. Then came... 

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