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Budget News

Investment event targets S Africa and Germany

By: Halima Frost     23rd July 2021 The annual Africa Financial Services Investment Conference – Investing in Africa event, known as AFSIC, organised by hosting company Africa Events Limited, will be held in London, UK, on October 11 and 12. The event provides a forum for investors, business leaders and dealmakers to build... 

Company provides energy storage for hospital

By: Anna Moross     25th June 2021 Solar energy company SustainSolar has completed the supply of its battery energy storage system to the Cecilia Makiwane Hospital in East London, in the Eastern Cape.  

BATTERY ENERGY STORAGE 
The aim of the project – successfully completed at the end of March this year – is to alleviate healthcare pressure at the hospital during the Covid-19 pandemic
BATTERY ENERGY STORAGE The aim of the project – successfully completed at the end of March this year – is to alleviate healthcare pressure at the hospital during the Covid-19 pandemic

Transformational investing a challenge for developing nations – investment panel

By: Donna Slater     14th June 2021 Africa presents a unique case for the type of transformational investing that is required for sustainability, to meet the United Nations’ Sustainable Development Goals (SDGs) and to achieve net-zero carbon emissions by 2050, according to panellists participating in a Sanlam Investments Forum on... 

Collaborative effort needed to reignite sector

By: Halima Frost     11th June 2021 To address the effects of the lack of infrastructure projects in South Africa, cement manufacturer Pretoria Portland Cement (PPC) MD Njombo Lekula has called for industry and government to work together to mitigate the knock-on effects on the cement sector. “We urgently need an agile and... 

PLANT POWER
PPC has invested substantially in improving its various plants technologies and infrastructure to maximise efficacy
PLANT POWER PPC has invested substantially in improving its various plants technologies and infrastructure to maximise efficacy

Pandemic highlights investment opportunities

By: Halima Frost     4th June 2021 Covid-19 has highlighted the importance of strengthening supply chains in Africa to reduce reliance on other continents, where possible, private equity investment firm Agile Capital principal dealmaker Liz Kolobe tells Engineering News. Therefore, the company has announced that it is open to... 

LIZ KOLOBE 
Agile Capital has announced that it is open to exploring new opportunities and is looking to deploy the capital it has available in its fourth private equity fund
LIZ KOLOBE Agile Capital has announced that it is open to exploring new opportunities and is looking to deploy the capital it has available in its fourth private equity fund

Sakeliga starts court proceedings to realign municipal administration

By: Donna Slater     31st May 2021 Independent business community Sakeliga has instituted court proceedings to reverse municipal decline throughout South Africa, proposing a new form of municipal administration, with independent control over electricity and other service charges. In court papers currently being served on two... 

Looming environmental crises to require $8.1tr by 2050 to mitigate impacts

By: Donna Slater     28th May 2021 A report into the climate, biodiversity and land degradation crises reveals that, to tackle these matters, a total investment in nature of $8.1-trillion is required over the next three decades, amounting to $536-billion a year by 2050. United Nations (UN) Environmental Programme executive... 

Mboweni appoints ombud council leaders

By: Donna Slater     24th May 2021 Finance Minister Tito Mboweni has appointed the first Ombud Council board and council Chief Ombud, independent consultant Eileen Meyer, giving effect to the new financial ombud system in terms of the Financial Sector Regulation Act. Meyer will serve in her position as a transitional measure,... 

Critical structural reforms taking too long – BLSA

By: Donna Slater     24th May 2021 The structural reform required to transform South Africa’s economy has “frustratingly” progressed very little, even with the establishment of Operation Vulindlela, Business Leadership South Africa (BLSA) CEO Busi Mavuso asserts. She says organised business has consistently argued that South... 

BLSA CEO Busi Mavuso
Photo by Creamer Media's Donna Slater
BLSA CEO Busi Mavuso

Construction turnaround requires collaboration

By: Darren Parker     21st May 2021 Partnerships between the private and public sectors are paramount to turning the built environment and construction sectors around in South Africa, says engineering firm Aecom Africa programme cost consulting director Dean Narainsamy. “This will encourage collaborative thinking and combine the... 

DEAN NARAINSAMY We are losing key resources and skills sets to emigration
DEAN NARAINSAMY We are losing key resources and skills sets to emigration

Direct cement sales to industry drop

By: Darren Parker     21st May 2021 About 30% of cement sales in South Africa are going directly to the construction industry for construction projects, which is down from about 50% being sold directly to the construction industry about ten years ago, says cement manufacturer AfriSam sales & marketing executive Richard Tomes. “We... 

CONCRETE ASSURANCE
Quality is not only about the product delivered but also the entire value chain
CONCRETE ASSURANCE Quality is not only about the product delivered but also the entire value chain

District Development Model seen as key to tackling delivery backlogs

By: Donna Slater     14th May 2021 Proponents of government's recently launched District Development Model (DDM) believe the joined-up model provides the framework required for South African municipalities to begin tackling their generally severe service-delivery problems. Conceptualised by the Department of Cooperative Governance... 

District Development Model seen as key to tackling delivery backlogs

Portfolio ensures better efficiency

By: Anna Moross     7th May 2021 Electric variable-speed drives and motors supplier ABB Motion in January released their ACS880LC liquid cooled drives portfolio that can improve overall system efficiency by reducing auxiliary power consumption by up to 10%. 

LIQUID COOLED DRIVES
This portfolio of liquid cooled drives technology includes a reduced footprint of up to 30%
LIQUID COOLED DRIVES This portfolio of liquid cooled drives technology includes a reduced footprint of up to 30%

$100bn bled from emerging markets during onset of Covid-19 in 2020 – Afreximbank

By: Donna Slater     16th April 2021 A survey and subsequent report ‘Survey of Impact of Covid-19 on African Trade Finance’ by the Africa Export-Import bank (Afreximbank), shows that outflows from emerging market economies in the first quarter of 2020 accounted for more than $100-billion. The report was a joint production between... 

Loan Guarantee Scheme to be extended to July 11 

By: Donna Slater     12th April 2021 The Loan Guarantee Scheme (LGS), first announced by President Cyril Ramaphosa on April 21, 2020, and which was scheduled to expire on April 11, will remain in operation for a further three months, enabling those who have qualified for a loan to continue to access their funds and for applications... 

BLSA commends steps taken to advance public administration, says more to be done

By: Donna Slater     12th April 2021 Business Leadership South Africa CEO Busi Mavuso cautions that while business owners, leaders and CEOs may criticise government for maladministration, it ought to be remembered that government is a large and complex organisation with over two-million employees and a budget of R1.8-trillion. “That... 

Business Leadership South Africa CEO Busi Mavuso
Photo by Donna Slater
Business Leadership South Africa CEO Busi Mavuso

Sars revenue boost a result of good luck and not good policy, says BLSA CEO

By: Donna Slater     6th April 2021 The announcement last week by the South African Revenue Service (Sars) that it had managed to exceed revised budgets for tax collections, with the collection of R38-billion more than had been estimated in the February budget for the 2020/21 year, is “very welcome”, says Business Leadership South... 

Vaccination success key to igniting SA’s infrastructure roll-out

By: Darren Parker     2nd April 2021 Despite the strain that the roll-out of Covid-19 vaccinations is placing on the fiscus, industry body Consulting Engineers South Africa (Cesa) believes that it needs to be prioritised in concert with the fast-tracked implementation of infrastructure projects for the recovery of South Africa’s... 

Vaccination success key to igniting SA’s infrastructure roll-out

Compounder adds new plant capacity

By: Darren Parker     12th March 2021 Speciality compound producer Continental Engineering Compounds has invested R25-million in building a new specialised production line at its Westmead factory, in KwaZulu-Natal. The added capacity will help the company to increase supply of locally manufactured compounds used for packaging,... 

EXTRA, EXTRA
The capacity expansion will assist in terms of local supply to the industrial and automotive sectors
EXTRA, EXTRA The capacity expansion will assist in terms of local supply to the industrial and automotive sectors

KwaZulu-Natal to implement Provincial Economic Reconstruction and Recovery Plan

By: Sane Dhlamini     9th March 2021 KwaZulu-Natal Finance MEC Nomusa Dube-Ncube has promised that her department will move with speed to implement, in line with the national plan, the Provincial Economic Reconstruction and Recovery Plan, as articulated by KwaZulu-Natal Premier Sihle Zikalala.  Dube-Ncube, on Tuesday, tabled the... 

KZN MEC for Finance Nomusa Dube-Ncube
KZN MEC for Finance Nomusa Dube-Ncube

Sovereign governments set to borrow $12.6tr this year – S&P Global Ratings

By: Donna Slater     3rd March 2021 Sovereign governments worldwide are set to borrow $12.6-trillion from commercial debt sources this year, a report by ratings agency Standard & Poor’s (S&Ps) Global Ratings shows. S&P Global Ratings’ yearly survey of global sovereign debt and borrowing compiles data pertaining to all 135 rated... 

Sars establishes unit to crack down on high wealth tax evaders and offshore accounts

By: Donna Slater     25th February 2021 The South African Revenue Service (Sars) is establishing a separate unit – the High Wealth Individual Taxpayer Segment (HWI) – to focus on individual taxpayers with wealth and complex financial arrangements. The unit will initially be co-located with the Large Business and International Taxpayer... 

Budget highlights  

25th February 2021 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about Finance Minister Tito Mboweni's 2021 Budget, which included a focus on the importance of the Covid-19 vaccine rollout. Tax changes and better than expected debt and deficit projections also featured. 

Budget highlights
Budget highlights

Ramaphosa’s SoNA holds bold promises, but lacks finer details, says BLSA

By: Donna Slater     15th February 2021 In his February 13 State of the Nation Address (SoNA), President Cyril Ramaphosa highlighted factors that will serve to lift the economy, tackle Covid-19 and boost ailing electricity infrastructure, says Business Leadership South Africa (BLSA) CEO Busi Mavuso. Of particular interest, she says,... 

Industry body seeks purposeful rebuilding

By: Darren Parker     12th February 2021 The Consulting Engineers South Africa (Cesa) theme for this year is: Rebuilding with purpose. This is aimed at encouraging the engineering and construction sectors to pursue the rebuilding of the sector and the economy in a more conscious and mindful manner so that all South Africa’s... 

SUGEN PILLAY
Cesa’s call to purposefully rebuild the economy and infrastructure will aim to foster an enhanced social compact between all industry partners and stakeholders
Photo by Creamer Media
SUGEN PILLAY Cesa’s call to purposefully rebuild the economy and infrastructure will aim to foster an enhanced social compact between all industry partners and stakeholders

Strategic forethought hindered by crisis mindset

By: Darren Parker     12th February 2021 With South Africa’s fiscus placed under immense strain as government attempts to combat the effects of the pandemic, South African Institute of Civil Engineering (Saice) CEO Vishaal Lutchman fears that owing to the Covid-19 pandemic, the country’s leadership is in “head down crisis mode”, with... 

VISHAAL LUTCHMAN
Government has not prioritised infrastructure development for the past decade and it will likely not prioritise it in 2021 either
VISHAAL LUTCHMAN Government has not prioritised infrastructure development for the past decade and it will likely not prioritise it in 2021 either

SIU recovers R127m worth of dodgy PPE payments so far  

By: Marleny Arnoldi     5th February 2021 The Special Investigating Unit's (SIU's) work has resulted in the recovery of R127-million of funds, which had been paid irregularly by the State to service providers of personal protective equipment (PPE) and related services. This was revealed on February 5 as SIU head Advocate Andy Mothibi... 

PPE
SIU head Advocate Andy Mothibi discusses the unit's progress on uncovering Covid-19 PPE corruption

Treasury likely to maintain bond auction levels 

By: Bloomberg     4th February 2021 South Africa’s National Treasury will probably keep the levels of its bond auctions constant until the end of the fiscal year, even with domestic-debt issuance running ahead of target. The Treasury is unlikely to “adjust its in-year bond auction levels due to the short time period remaining after... 

Finance Minister Tito Mboweni
Finance Minister Tito Mboweni

District Development Model to improve planning, implementation as South Africa embarks on economic recovery

By: Donna Slater     29th January 2021 The Covid-19 pandemic is providing a good socioeconomic testing ground for the newly rolled-out District Development Model (DDM), with its One Plan, One Budget strategy expected to alleviate disjointed planning, budgeting and implementation across the different spheres and entities of... 

WEF yearly summit to be held in Singapore in May

By: Donna Slater     8th December 2020 The World Economic Forum (WEF) will convene its 2021 Special Annual Meeting in Singapore from May 13 to 16; and return to Davos-Klosters, in Switzerland, for the 2022 edition. The change in location reflects the forum’s priority of safeguarding the health and safety of participants and the host... 

Government departments implement initiatives to create more jobs

By: Donna Slater     16th November 2020 Various government departments have commenced with the rollout of President Cyril Ramaphosa’s plan to protect and create jobs as part of his emergency relief package that has been mobilised in the wake of the Covid-19 pandemic and to address the impacts thereof. To date, Public Works and... 

Maintenance saves companies’ bottom line

13th November 2020 With economic uncertainty levels reaching an all-time high, it is necessary to find creative and resilient ways to reduce budgets while boosting the bottom line. Preventive maintenance is often one of the most tempting to trim, however, doing so could end up costing a business significantly more... 

PREVENTION BETTER THAN CURE 
Companies can minimise the risk of costly reactive maintenance as reactive maintenance only addresses problems as it arises
PREVENTION BETTER THAN CURE Companies can minimise the risk of costly reactive maintenance as reactive maintenance only addresses problems as it arises

B4SA proposes alternatives to another hard lockdown in event of a second wave

By: Donna Slater     10th November 2020 To restore and boost investor and consumer confidence in South Africa, Business for South Africa (B4SA) is requesting certainty from government that there will not be another “hard economic lockdown” – such as those of Alert Levels 3 to 5 – in South Africa in the event of a second wave of... 

Next interim candidate appointed as FSCA commissioner

By: Marleny Arnoldi     9th November 2020 National Treasury has appointed Olano Makhubela interim commissioner of the Financial Sector Conduct Authority (FSCA) for a period of three months starting November 6. He is currently the divisional executive for retirement funds supervision at the authority and will continue with these... 

Covid-19 accelerates domestic sustainable finance market – Standard Bank

By: Donna Slater     4th November 2020 The Covid-19 pandemic has heightened the focus on climate change and financial instruments that promote sustainable economic development, Standard Bank group CEO Sim Tshabalala noted in the latest episode of the ClimateBiz podcast series hosted by the International Finance Corporation (IFC). In... 

Economic Reconstruction and Recovery Plan presents opportunity to build a better economy, says Saice

By: Donna Slater     4th November 2020 The Economic Reconstruction and Recovery Plan tabled by President Cyril Ramaphosa in October, provides an opportunity to build a better structured economy, reports South African Institution of Civil Engineering CEO Vishaal Lutchman. Following Ramaphosa’s announcement of the plan, Finance Minister... 

Bank to play pivotal role in recovery plan

By: Cameron Mackay     30th October 2020 State-owned development finance institution Development Bank of Southern Africa (DBSA) is looking to accelerate playing a meaningful role in the economic recovery of the country by assisting in financing and implementing vital infrastructure projects for the transport sector, particularly road... 

THE ROAD TO RECOVERY
The DBSA sees roads infrastructure and other transport sector infrastructure as key to stimulating economic growth and social inclusion
THE ROAD TO RECOVERY The DBSA sees roads infrastructure and other transport sector infrastructure as key to stimulating economic growth and social inclusion
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