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Economy News

BUSA pays tribute to Mthembu

By: Creamer Media Reporter      Updated 5 hours ago Business Unity South Africa (BUSA) says organised business mourns the passing of Jackson Mthembu, who was "one of South Africa’s hardest-working Ministers and a reliable social partner to engage with". Mthembu passed away this week from Covid-19-related complications. 

Reserve Bank keeps rates on hold at 3.5%

By: News24Wire      Updated 6 hours ago The Reserve Bank has decided to keep rates unchanged at 3.5%, in line with the expectations of economists. Governor Lesetja Kganyago made the announcement on Thursday afternoon, following the bank's Monetary Policy Committee's (MPC) first meeting for the year this week. Two of the MPC's five... 

Pandemic management, vaccine to shape economies in 2021

By: Tasneem Bulbulia     Updated 6 hours ago Three factors will determine the trajectory of the global economy in 2021, Deloitte Touche Tohmatsu chief global economist Dr Ira Kalish has said. Speaking during a virtual executive conference hosted by professional services organisation Deloitte on January 20, he said the path of the pandemic... 

As South Africa veers from NDP jobs and poverty goals ‘course corrections’ proposed 

By: Terence Creamer     Updated 6 hours ago With the National Development Plan’s (NDP’s) goals of achieving full employment and eliminating poverty by 2030 already out of reach ahead of the onset of the deadly Covid-19 pandemic, which has since obliterated the plan’s objectives entirely, the outgoing National Planning Commission (NPC) has... 

As South Africa veers from NDP jobs and poverty goals ‘course corrections’ proposed

EPP appoints sales, acquisitions exec

By: Simone Liedtke     Updated 6 hours ago JSE-listed EPP has appointed Agata Sekula as the company’s executive management team member responsible for sales and acquisitions. Sekula will join EPP from March 1 and will be responsible for executing EPP’s divestment and investment plans, with a particular focus on acquiring institutional... 

EPP appoints sales, acquisitions exec
Agata Sekula

Report finds educational attainment gaps limit success of women-owned businesses in Africa

By: Simone Liedtke     Updated 7 hours ago A new report by the United Nations Economic Commission for Africa (Uneca) on women entrepreneurship, has found that educational attainment gaps limit the success of women-owned businesses in Africa. The report also offers potential solutions to tackle the imbalance. 

Hulamin appoints new CFO

By: Simone Liedtke     Updated 7 hours ago Aluminium supplier and exporter Hulamin has appointed Meganathan (Mark) Gounder CFO and executive director, with effect from April 1. Gounder is an experienced finance professional with over 25 years’ experience, and he has held various senior finance roles within the Illovo Sugar Group, which... 

NUM tackles De Ruyter over Eskom’s poor performance, load-shedding

By: African News Agency      21st January 2021 The National Union of Mineworkers on Thursday said it is unhappy with the load-shedding being carried out in South Africa and “very disappointed” with the performance of Eskom under the leadership of chief executive André de Ruyter. “The current management team has taken the country to stage 6... 

 NUM tackles De Ruyter over Eskom’s poor performance, load-shedding
Photo by Donna Slater
Eskom CEO André de Ruyter

Oxygen supply hampered by logistical issues, but there are adequate reserves, say suppliers 

By: Simone Liedtke     21st January 2021 Industrial gases company Afrox has confirmed that it has adequate reserves of liquid oxygen in storage across South Africa and that it has supplied oxygen as required by public and private hospitals in all provinces at substantially higher than normal demand levels. In response to questions from... 

Oxygen supply hampered by logistical issues, but there are adequate reserves, say suppliers

South African wealth tax could raise R160bn, study shows

By: Bloomberg     20th January 2021 An annual wealth tax on the net worth of South Africa’s richest people could raise as much as R160-billion and would narrow inequality in a nation where the most affluent 1% of the population own 55% of personal wealth, a study showed. The study, carried out by groups including the World... 

MultiChoice to give bursaries to 236 students, worth R26m

By: Simone Liedtke     20th January 2021 About 236 students will benefit from bursaries to be awarded by MultiChoice South Africa (SA), worth R26-million, in 2021. The bursaries will be provided to students in the fields of science, technology, engineering and mathematics, broadcasting, media, film and television, human resources,... 

More doors close in South Africa’s hospitality industry, owing to pandemic

By: Simone Liedtke     20th January 2021 The Federated Hospitality Association of South Africa (Fedhasa) is concerned with the increasing losses of income being reported in the hospitality industry. The continued financial strain being placed upon the industry is further evidence of the need for an accelerated rollout of South Africa’s... 

More doors close in South Africa’s hospitality industry, owing to pandemic

Heineken South Africa to cut jobs, put investments on hold

By: Reuters     20th January 2021 The South African arm of Heineken will cut 70 jobs and put new investments on hold in the country due to the significant impact of bans on alcohol sales and Covid-19 trading restrictions, it said on Wednesday. South Africa has recently banned alcohol sales for the third time as part of efforts to... 

UN seeks $254m to respond to escalating humanitarian crisis in gas-rich Cabo Delgado 

By: Terence Creamer     20th January 2021 The United Nations is warning that the humanitarian crisis in the gas-rich Cabo Delgado province, of northern Mozambique, has escalated dramatically over the past 12 months with more than 500 000 people having been displaced as a result a religiously inspired conflict. The UN launched an appeal... 

UN seeks $254m to respond to escalating humanitarian crisis in gas-rich Cabo Delgado

Steel baron Eric Samson dies

By: News24Wire      20th January 2021 Steel magnate Eric Samson, best known for building Macsteel into one of South Africa's largest companies, has died aged 83.   The octogenarian billionaire – who shied away from the spotlight throughout his life – died in Newport, California. He had a career spanning more than five decades in the... 

Chocolate war leaves world’s top cocoa producer stuck with beans

By: Bloomberg     20th January 2021 Nobody is suffering more from a global chocolate standoff than the Côte d'Ivoire cocoa farmer. Less than two years after the top cocoa producer teamed up with neighboring Ghana to force companies from Hershey Co. to Nestle SA to pay more for their beans, the attempt to exert control over prices... 

2 out of every 3 cigarettes sold in SA are illicit, report estimates

By: News24Wire      20th January 2021 The sale of illicit, tax-evading cigarettes has become "endemic" across South Africa in the wake last year’s 5-month Covid-19 lockdown blanket ban on tobacco trade, according to an undercover investigation and subsequent report by Tax Justice SA (TJSA). TJSA’s undercover team visited over 40... 

South Africa’s 2020 wine exports reach 319-million litres despite market challenges

By: Simone Liedtke     20th January 2021 South Africa’s wine export volumes of 2020, which amount to 319.2-million litres, echo that of a challenging 2019, despite a five-week long ban on exports and challenges at the Cape Town Port terminal owing to Covid-19. This follows on from a good 2020 harvest and vineyard recovery following the... 

South Africa’s 2020 wine exports reach 319-million litres despite market challenges

Govt chooses electronic vaccine roll-out system 

By: African News Agency      20th January 2021 The South African government is establishing an electronic vaccination data system to assist with the management and surveillance of the Covid-19 vaccine. The EVDS will help the government monitor vaccine effectiveness, planning and safety monitoring, as well as uptake and coverage, explained the... 

Govt chooses electronic vaccine roll-out system

Raising distributed-generation licensing threshold to 50 MW would unlock at least 5 000 MW in five years, survey shows 

By: Terence Creamer     20th January 2021 Lifting the licensing threshold for distributed-generation projects to 50 MW or higher could unlock an estimated 5 000 MW of additional capacity in five years and go a long way to rapidly easing South Africa’s debilitating power supply constraints. This is the conclusion of a Meridian Economics... 

Raising distributed-generation licensing threshold to 50 MW would unlock at least 5 000 MW in five years, survey shows

Kasada acquires African hotel portfolio from AccorInvest

By: Donna Slater     20th January 2021 Kasada Capital Management – through the debut fund, Kasada Hospitality Fund – has acquired a portfolio of eight sub-Saharan African hotels from AccorInvest. The transaction relates to the Pullman, Novotel, Ibis Plateau and Ibis Marcory hotels in Abidjan, Côte d'Ivoire; the Pullman, Novotel and... 

Project launched to define role of finance in South Africa and India’s ‘just transitions’ 

By: Terence Creamer     19th January 2021 A new multi-partner initiative has been launched with the aim of defining the role that finance can and should play in supporting both South Africa and India’s aspirations to implement “just transitions” to more climate-resilient economies. The ‘Just Transition Finance Roadmaps in South Africa... 

 Project launched to define role of finance in South Africa and India’s ‘just transitions’

Ramaphosa forms inter-ministerial committee on vaccines, to be led by David Mabuza 

By: News24Wire      19th January 2021 President Cyril Ramaphosa has established an inter-ministerial committee to oversee the roll-out of Covid-19 vaccines in the country. Ramaphosa announced this at a Zoom meeting of the ANC's Progressive Business Forum on Tuesday.  

Business performance, strategy, Covid-19 drive further change in nonexecutive practices 

By: Schalk Burger     19th January 2021 While 2020 was a year of fluctuations and novel challenges, the remuneration of nonexecutive directors continues to be increasingly linked to the performance of businesses, as well as their ability to adapt to new challenges and new demands from stakeholders and shareholders, says professional... 

Business performance, strategy, Covid-19 drive further change in nonexecutive practices
PwC discusses the findings of its 2021 Nonexecutive Directors Practices And Fees Trends' report.

Renergen hoping to highlight importance of diesel dual fuel with new truck

By: Simone Liedtke     19th January 2021 Emerging natural gas and helium producer Renergen has replaced its old transport truck with a new one, equipped with the diesel dual fuel (DDF) kit and tank from the former truck, in a bid to prove the equipment will “outlast the truck”. While the truck itself is not linked to the company’s... 

Renergen hoping to highlight importance of diesel dual fuel with new truck

AfriSam helps build solid foundation for Cape Town mixed-use development

By: Simone Liedtke     19th January 2021 Variable ground conditions at an upmarket mixed-use development in Cape Town has demanded some innovative solutions from contractor GVK-Siya Zama Construction and readymix specialist AfriSam. At the Old Cape Quarter project in De Waterkant, four floors of luxury apartments are being added to... 

AfriSam helps build solid foundation for Cape Town mixed-use development
A particular challenge was the lack of space in the basement for the use of normal Class 3 formwork.

Covid-related risks dominate Allianz Risk Barometer 2021

By: Tasneem Bulbulia     19th January 2021 A trio of Covid-19-related risks heads up the tenth Allianz Risk Barometer 2021, reflecting potential disruption and loss scenarios companies are facing in the wake of the pandemic. Business interruption and pandemic outbreak are this year’s top business risks with cyber incidents ranking a close... 

Concerns about future viability drove M&A activity in last months of 2020

By: Marleny Arnoldi     19th January 2021 In its latest 'Global Mergers & Acquisitions (M&A) Industry Trends' analysis, PwC finds that deal volumes went up 18% in the second half of 2020, while deal values increased by 94%, compared with the first half of the year. Deal activity in the second half of last year experienced a surge... 

Unions want Labour Court to order SAA to sort out backpay within 7 days

By: News24Wire      19th January 2021 The National Union of Metalworkers of South Africa (Numsa) and the SA Cabin Crew Association (Sacca) intend to make an urgent application to the Labour Court in Johannesburg on 28 January to have a deal regarding backpay of members of South African Airways (SAA) declared unlawful or unfair. The... 

After baptism of fire, empowered valves manufacturer on road to recovery 

By: Terence Creamer     19th January 2021 After fulfilling, in November 2019, all the conditions precedent to finally consummate the R165-million acquisition of valve manufacturer Dynamic Fluid Control (DFC) from Aveng the new black owners faced a true baptism of fire. CEO and co-shareholder Tumi Tsehlo, who previously headed the South... 

After baptism of fire, empowered valves manufacturer on road to recovery
Tumi Tsehlo

African central bankers out of policy space to fight recessions

By: Bloomberg     19th January 2021 African central bankers meeting in the next two weeks amid a resurgent coronavirus may find they’ve used up most of their interest-rate ammunition to lift their economies out of recessions that still affect much of the continent. Monetary policy committees have limited scope to provide stimulus... 

Land Bank posts a R172m interim loss for 2020

By: News24Wire      19th January 2021 The Land Bank has posted a R172-million loss from its continuing operations for the six months ended on 30 September as its interest income continued to decline while provision for bad debts grew. The state-owned lender, which finances approximately 27% of agricultural debt in SA and is the only... 

R68 766 000 invested in Covid-19 research – Nzimande 

By: Sane Dhlamini     18th January 2021 The Higher Education, Science and Innovation Ministry on Monday announced that it has invested R68 766 000 towards coronavirus (Covid-19) research and development. Addressing the media, Minister Dr Blade Nzimande said the funds were approved to support Covid-19 research and development in... 

R68 766 000 invested in Covid-19 research – Nzimande
Minister of Higher Education, Science and Innovation, Dr Blade Nzimande

S Africans have the ability to stimulate economic activity – Ramaphosa 

By: Thabi Madiba     18th January 2021 With public finances under extreme strain because of the cost of the country’s health response to Coronavirus and the social and economic relief measures put in place to assist businesses and poor households, President Cyril Ramaphosa has called on citizens to be innovative and focused in their... 

S Africans have the ability to stimulate economic activity – Ramaphosa
President Cyril Ramaphosa

DEFF issues yellow alert for harmful West Coast red tide, partners prepare for red alert

By: Schalk Burger     18th January 2021 Following the build-up of harmful algal blooms - called red tides - on the West Coast over the past few weeks, the Department of Environment, Forestry and Fisheries (DEFF) has issued a Situation Yellow alert under the West Coast Rock Lobster Contingency Plan and placed all government role-players... 

Glass packagers face R1.5bn hit from alcohol ban - Consol

By: Reuters     18th January 2021 South Africa's glass packaging industry could lose a further R1.5-billion in sales if the latest ban on alcohol sales continues for long, the CEO of glass bottle maker Consol said on Monday. South Africa has recently banned alcohol sales for the third time as part of efforts to free up space for... 

Mavuso bemoans govt exacerbating uncertainty

By: Marleny Arnoldi     18th January 2021 Business Leadership South Africa CEO Busi Mavuso has expressed her view on government spending an increasing amount of time in court defending its regulations to control the spread of Covid-19. She refers to the South African Breweries (SAB) having gone to court to challenge the alcohol ban,... 

Mavuso bemoans govt exacerbating uncertainty
Photo by Creamer Media's Donna Slater
BLSA CEO Busi Mavuso
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