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Economy News

Denel confirms salary cut; union expresses shock and concern

By: Rebecca Campbell Updated 2 hours 36 minutes ago State-owned defence industrial group Denel confirmed on Tuesday that it will pay its staff only 85% of their salaries for this month. “Due to ongoing liquidity challenges we are now faced with unfortunate reality that the company is not in a position to fulfil the 100% salary obligation,” stated... →

Astral Foods secures emergency water arrangement for Mpumalanga facility

By: Simone Liedtke 24th June 2019 Poultry producer Astral Foods has recently, with the assistance of a number of national government departments, secured an emergency arrangement with the Lekwa municipality as an interim measure to stave off the water crisis affecting its Goldi poultry processing facility in Standerton,... →

Libstar increases its competitiveness with new par-baked goods offering

By: Simone Liedtke 24th June 2019 Food and beverage producer Libstar Group has further increased its competitiveness by expanding its facilities to meet client requirements by converting a section of the group’s Amaro Foods facility, in Epping, into a par-bake facility. →

Perdekraal East Wind Farm turbine foundations completed ahead of schedule

By: Simone Liedtke 24th June 2019 The developers of the Perdekraal East Wind Farm, in the Western Cape, last week completed the project’s 48 wind turbine foundations – three weeks ahead of schedule and still within budget. The first of the foundations was poured in November 2018. →

South Africa, China sign deals that signify ‘deepening economic relationship’

By: Simone Liedtke 24th June 2019 The signing of 93 economic and trade cooperation agreements between South African and Chinese entrepreneurs signifies a deepening of the economic relationship between the respective countries, newly appointed Trade and Industry Minister Ebrahim Patel said in a statement. The statement was issued... →

Trade and Industry Minister Ebrahim Patel handing peppadews to Chinese Assistant Minister of Commerce Ren Hongbin and Ambassador Lin Songtian as part of promoting Proudly SA products

US official outlines conditions for enticing more US firms to Africa

By: Terence Creamer 21st June 2019 US Assistant Secretary of State for African Affairs Tibor Nagy believes there is a window of opportunity for South Africa to attract direct investment from American firms that are currently seeking outlets for billions of dollars in capital, accumulated as a result of strong economic conditions... →

CSIR announces new head of its Defence and Security Technology Sector Cluster

By: Rebecca Campbell 21st June 2019 The Council for Scientific and Industrial Research (CSIR) announced on Friday that Sipho Mbhokota had been appointed as the new executive manager of CSIR Defence and Security (previously Defence, Peace, Safety and Security). He has been at the CSIR since 2014, when he was appointed Competency... →

South African drone sector association created

By: Rebecca Campbell 21st June 2019 A representative body for the South African unmanned aerial vehicle (UAV), or drone, sector was launched on Thursday evening at Kyalami, north of Johannesburg. This is the South African Federation of Unmanned Aircraft Systems (UAS – another term for drones), officially abbreviated to Safu.... →

GVK to pay R6m fine in settlement with competition authorities

By: Simone Liedtke 21st June 2019 The Competition Tribunal has ordered local construction firm GVK Siyazama Building to pay an administrative penalty of just over R6-million after the firm admitted to collusive tendering in three construction projects in the Western Cape. The firm’s admission and its agreement to pay the fine,... →

SARB likely to cut rates at next meeting – economist

By: News24Wire 21st June 2019 The South African Reserve Bank will likely cut the repo rate by about 25 basis points at its Monetary Policy Committee meeting in July and then keep rates flat for a while, Nicky Weimar, senior economist at Nedbank, said on Wednesday. In her view, such a rate cut might lead to some consumer... →

R230bn in Eskom funding confirmed

21st June 2019 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the confirmation by President Cyril Ramaphosa that Eskom will receive R230-billion in funding from government over a ten-year period. →

R230bn in Eskom funding confirmed

Eskom welcomes Trillian judgment, calls on more firms to come forward

By: News24Wire 21st June 2019 Eskom has welcomed a high court judgement ordering Trillian to pay back the R595-million it earned in an "unlawful and invalid" contract. The Gupta-linked advisory firm was ordered by the High Court in Pretoria on Tuesday to pay back the money after the utility in March 2018 launched a bid to set... →

We need detail, and we need it soon, business says in SoNA response

By: Terence Creamer 21st June 2019 Business Unity South Africa (Busa) has lamented the absence of “real implementation plans” from President Cyril Ramaphosa’s June State of the Nation Address (SoNA) and has urged him to work with business to table a clear implementation plan, with timeframes and milestones, to address South... →

Photo by Creamer Media's Dylan Slater
Busa president Sipho Pityana

Regulations enable organisations to develop graduates

By: Cameron Mackay 21st June 2019 Organisations need to play a more active role in developing engineering capacity in South Africa, as new regulations are in place to provide available funding for graduate training, says South African Institution of Civil Engineering (Saice) capacity building arm Civils Masakheni MD Allyson... →

ALLYSON LAWLESS Employers are mistaken in unrealistically expecting graduates to design and manage processes, projects and systems from their first day at work

Saice embarks on long-term expansion strategy

By: Cameron Mackay 21st June 2019 Civil engineering voluntary association and learning institution, the South African Institution of Civil Engineering (Saice) has initiated a long-term expansion strategy to cater to the needs of its members according to their specific member segment, such as segments for students, graduates or... →

GROWING FORWARD The diversity panel and ‘Growing Forward’ strategy will allow the institution to develop policies that address gender diversity and inclusivity in the built environment industry

Ramaphosa confirms R230bn support for Eskom to be front-loaded

By: Terence Creamer 20th June 2019 President Cyril Ramaphosa announced on Thursday that the R230-billion in fiscal support being directed to debt-laden power utility Eskom over the coming ten years would be structured in a way that ensures a significant portion is provided in the early years. A Special Appropriation Bill would be... →

President Cyril Ramaphosa

Social enterprise here to stay, says Deloitte

By: Marleny Arnoldi 20th June 2019 Intensifying economic, social and political disruption are forcing organisations to move beyond mission statements and social impact programmes, to putting people at the centre of their business strategies and learning to lead the social enterprise. “To bring meaning back into the workplace and... →

Nigeria to consider its industries in Africa free trade zone decision

By: Reuters 20th June 2019 Nigeria will consider the interests of its industries in deciding whether to sign up to a $3-trillion Africa free-trade agreement, President Muhammadu Buhari said in a meeting with local manufacturers on Wednesday. The African Continental Free Trade Agreement (AfCFTA) encompasses 1.2-billion... →

Naamsa Automotive Conference to boast two themes this year

By: Simone Liedtke 20th June 2019 This year’s iteration of the Naamsa Automotive Conference will feature two themes that will be linked under the overall slogan of ‘Reimagining the future together’. The first theme, ‘Embracing innovation as an indispensable catalyst for prosperity and sustainable growth’, will interrogate how... →

Afrimat Construction Index shows marginal improvement year-on-year

By: Simone Liedtke 20th June 2019 JSE-listed Afrimat’s Construction Index (ACI) for the first quarter broadly followed the same “disappointing trend” evident in overall economic activity during the quarter, with gross domestic product (GDP) having contracted by more than 3% quarter-on-quarter. Economist Dr Roelof Botha, who... →

Photo by Creamer Media's Dylan Slater
Afrimat CEO Andries van Heerden

Five things to watch out for in Ramaphosa’s State of the Nation speech

By: Bloomberg 20th June 2019 South African President Cyril Ramaphosa on Thursday delivers his first state-of-the-nation speech since the ruling party extended its quarter-century grip on power in last month’s election. His address to Parliament in Cape Town is scheduled to begin at 19:00. Here are five key things to watch... →

TCTA moves ahead with R12.3bn second phase of Mokolo-Crocodile water scheme

By: Terence Creamer 19th June 2019 Trans-Caledon Tunnel Authority (TCTA) announced on Wednesday that it had commenced with the implementation of the Mokolo-Crocodile Water Augmentation Project Phase 2A (MCWAP-2A) project, which is strongly associated with minerals and energy projects in the Limpopo province and is, thus, facing... →

Transnet signs R8.5bn rail deal with UMK

By: Marleny Arnoldi 19th June 2019 State-owned freight utility Transnet and manganese producer United Manganese of Kalahari on Wednesday “renewed their business vows” by signing an R8.5-billion contract to move two-million to three-million tonnes a year of manganese by rail to six South African exports channels. Transnet... →

Photo by Creamer Media's Marleny Arnoldi
UMK CEO Victor Radko and Transnet commercial sales and marketing group executive Mike Fanucchi

South Africa urged to do more to develop its human capital base

By: Tasneem Bulbulia 19th June 2019 It is important for countries, and especially South Africa, to revisit how they build their human capital base. →

Eskom appoints Nxumalo as new head of generation

By: Terence Creamer 19th June 2019 State-owned power utility Eskom has announced that Bheki Nxumalo has been appointed as its group executive for generation as from July 1 2019. Nxumalo takes over the role permanently from Andrew Etzinger, who has been acting in the position for the past nine months. →

Bheki Nxumalo

SAA says possible strike by pilots could hurt airline's business

By: African News Agency 19th June 2019 South African Airways has said that the industrial action threatened by aggrieved pilots could hurt the embattled airline's business. This as the South African Airways Pilots’ Association on Monday questioned the interim SAA chief executive Zukisa Ramasia's competency to run the State-owned... →

Photo by Reuters
SAA interim CEO Zukisa Ramasia

Govt explores new approach to industrial policy implementation

By: Nadine James 18th June 2019 The government – led by the Presidency – is rethinking how industrial policy is conceptualised and implemented as a key element in revitalising the economy. This emerged during a recent debate organised by trade research organisation Trade & Industrial Policy Strategies (TIPS) on the role of... →

Ramaphosa to announce more support for Eskom

By: Reuters 18th June 2019 President Cyril Ramaphosa will announce more measures to support cash-strapped power utility Eskom, his office said on Tuesday, without providing details. "It is expected that the President will announce further measures to support Eskom's efforts at recovery and financial and operational... →

High Court orders Trillian to pay back Eskom R595m

By: News24Wire 18th June 2019 Trillian Capital Partners has been ordered to pay back Eskom almost R595-million by the High Court in Pretoria. The ruling was handed down on Tuesday. Approached for comment, Eskom said it would need to refer to its legal team for more information. The court ruled that payments from the... →

State capture inquiry hears about 'Myeni's person' at SAA

By: News24Wire 18th June 2019 The judicial commission of inquiry into State capture on Tuesday heard from a former South African Airways executive about how she was advised by then board chairperson Dudu Myeni to interact with her "personal advisor". The airline's former chief financial officer Phumeza Nhantsi, a chartered... →

SAA defends interim CEO, warns against strikes

By: News24Wire 18th June 2019 The board of South African Airways has backed its new interim CEO Zukisa Ramasia after the South African Airways Pilots Association criticised her appointment and threatened to go on strike. Ramasia was appointed as the flag carrier's interim head earlier this month after Vuyani Jarana stepped... →

Photo by Reuters
SAA interim CEO Zukisa Ramasia

Indian Ocean Rim economies urged to increase trade with each other

By: Shirley le Guern 18th June 2019 It is time to re-energise the Indian Ocean Rim Association (Iora), created by Nelson Mandela in 1997, and transform it into an active body that unlocks tangible business opportunities and helps negotiate the removal of disruptive nontariff barriers between the 22 member States. This was the... →

Cosatu argues for worker representation on PIC board

By: News24Wire 18th June 2019 South Africa's largest trade union federation the congress of South African Trade Unions has argued for worker representation on the board of State-run asset manager the Public Investment Corporation, saying this would help keep looting in check and increase workers' trust. Matthew Parks, the... →

SBI launches scorecard to measure South Africa’s business performance

By: Tasneem Bulbulia 18th June 2019 The Small Business Institute (SBI) is launching a new scorecard, the SBI Index Tracker, to measure South Africa’s performance relative to other countries in terms of the ease of doing business and other metrics. The SBI Index Tracker measures South Africa’s business environment across the... →

South Africa finds a credit rating, once lost, is hard to regain

By: Bloomberg 18th June 2019 Lesetja Kganyago, then the top official at South Africa’s National Treasury, was taking a break at Sugarloaf Mountain in Rio de Janeiro between two G20 meetings in November 2008 when he got the bad news. Barely three years after his country had managed to get its highest-ever investment-grade... →

Photo by Bloomberg
Reserve Bank governor Lesetja Kganyago

State capture inquiry: Pressure mounts on Jacob Zuma to testify

By: News24Wire 18th June 2019 The Zondo commission of inquiry has informed former president Jacob Zuma's lawyers that it urgently needs him to indicate whether he agrees to testify, BusinessLive reported. Pressure has been mounting on Zuma to answer to allegations witnesses made against him at the commission. In September... →

SA govt urges developing countries to respond to anti-globalisation initiatives

By: African News Agency 18th June 2019 The South African government on Monday, urged the 22 countries that belong to the Indian Ocean Rim Association to discuss how to respond to the anti-globalisation initiatives that were arising from powerful countries in the world. Sipho Zikode, deputy director-general of special economic zones at... →

President Cyril Ramaphosa

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