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Economy News

Over 400 000 job opportunities already supported through employment stimulus

By: Simone Liedtke Updated 3 hours ago More than 400 000 job opportunities have already been supported through the Presidential Employment Stimulus, with several programmes in the recruitment or beneficiary identification phase, the Presidency confirmed on December 1. The remaining programmes are all on track to meet their targets,... →

UK announces emergency aid to help families in Southern Africa

By: Rebecca Campbell Updated 3 hours ago Although the British government recently announced that it was cutting its aid budget (because of financial stress imposed by the Covid-19 pandemic), the UK announced on Tuesday that the country would provide £7-million (more than R140-million) to support essential services and food assistance to... →

Absa PMI decreases again to 52.6

By: Marleny Arnoldi 1st December 2020 The Absa Purchasing Managers’ Index (PMI) has declined to 52.6 index points in November, from 60.9 points recorded in October. Financial services provider Absa explains that the decline comes after three consecutive upward moves and brings the index to its lowest level since July. →

SA Supreme Court dismisses Airlink’s claim against national carrier SAA

By: African News Agency 1st December 2020 Privately owned airline Airlink said on Tuesday it was disappointed, but respected the Supreme Court of Appeal’s decision to dismiss its claim against South African Airways. Airlink, which services the southern Africa region, applied to the Johannesburg High Court in January for a declaratory... →

Eskom to be charged with misleading regulator over pollution

By: Bloomberg 30th November 2020 Eskom Holdings, South Africa’s State power utility, said it will be charged with supplying misleading information to the national air quality officer as well exceeding emissions limits at the Kendal coal-fired power plant and breaching its Atmospheric Emission License. “Eskom can confirm it has... →

Invicta’s strategy paying off, says CEO

By: Simone Liedtke 30th November 2020 Investment holding and management company Invicta Holdings is starting to see its strategy, which focuses on lowering debt levels, optimising return on equity, simplifying structures and focusing on key operational areas, pay off. This is despite the negative impact of Covid-19 and related... →

Aveng may ‘upsize’ R300m recapitalisation should shareholders show appetite

By: Terence Creamer 30th November 2020 Infrastructure and contract mining group Aveng has expressed confidence that its recently unveiled debt restructure and recapitalisation plan will provide the “reset” required for its two remaining core businesses, McConnell Dowell and Moolmans, to begin growing again, with the Australasian... →

Photo by Creamer Media's Donna Slater
CEO Sean Flanagan

BLSA CEO urges South Africans to ‘face the realities’ of Covid-19 pandemic

By: Simone Liedtke 30th November 2020 Business Leadership South Africa CEO Busi Mavuso is urging South Africans to “face the realities of the pandemic” or risk facing a worse spike in infections that will ultimately do more damage to the economy and public health. In her weekly newsletter, she laments that the Covid-19 pandemic... →

Photo by Creamer Media
BLSA CEO Busi Mavuso

Investments of R7.7bn heading directly to the City of Cape Town

By: African News Agency 30th November 2020 Investments totalling R7.7-billion are heading directly to the City of Cape Town, mayoral committee member for economic opportunities and asset management James Vos said on Sunday. Of the investments announced at last week’s Presidential Investment Summit, R7.7-billion would be invested directly... →

Africa poised to benefit from strong European backing in its recovery

By: Marleny Arnoldi 27th November 2020 Despite this year having been the worst year of growth for the global economy in the past 40 years, and with sub-Saharan Africa facing its first recession in 25 years with a 3.1% gross domestic product (GDP) contraction expected, there remains a strong case for a rebound, as international... →

UK sets out its development aid priorities following announcement of funding cut

By: Rebecca Campbell 27th November 2020 UK Foreign Secretary Dominic Raab has informed the House of Commons in London of the Foreign, Commonwealth & Development Office’s plans to overhaul Britain’s Official Development Assistance (ODA). This followed the UK government’s decision to temporarily reduce its ODA from the current 0.7% of... →

Agri SA calls for govt aid as Land Bank is too important to fail

By: Marleny Arnoldi 27th November 2020 Industry organisation Agri SA has warned that the action by Moody’s Investor Service to lower the Lank Bank and Eskom’s respective ratings pose a risk to food security and overall economic recovery in South Africa. It says Moody’s downgraded the State-owned Land Bank as a result of ongoing... →

SA's prospects for future coal projects

27th November 2020 The role of new coal in South Africa’s electricity mix is coming under increasing scrutiny, with Eskom CEO Andre de Ruyter the latest to question whether it can indeed be built. Engineering News editor Terence Creamer discusses the prospects for future coal projects. →

SA's prospects for future coal projects

Plans to amend SA’s land tenure law another attack on private property rights, Cape chamber says

By: African News Agency 27th November 2020 The proposed amendment to South Africa’s Upgrading of Land Tenure Rights Act is a clear attempt to “bamboozle” the homeless out of their ability to own property, the Cape Chamber of Commerce & Industry said on Friday. If passed, it will inevitably trigger a Constitutional Court challenge, Cape... →

SA govt funding for SAA business rescue will not hurt other services, Mabuza says

By: African News Agency 27th November 2020 South Africa’s government will do all it can to minimise any adverse impact that the re-prioritisation of budget allocations to free up R10.5-billion towards national carrier South African Airways’s business rescue might have on other services, Deputy President David Mabuza has said. The... →

Deputy President David Mabuza

Indaba aims to encourage sector growth

By: Darren Parker 27th November 2020 Revitalising and growing manufacturers is the theme of this year’s Manufacturing Indaba, which aims to get the South African manufacturing industry stakeholders together to unpack the way forward towards growing their businesses. This year’s event was originally slated to take place on June 9 and... →

THIS TIME IT’S VIRTUAL This year’s Manufacturing Indaba will be entirely virtual and, therefore, free to attend

Local valve manufacturer first to be marine-certified

By: Darren Parker 27th November 2020 Valve manufacturer Paltechnologies (Paltech), a subsidiary of holdings company Mokoena Holdings, has become the first South African valve manufacturer to become fully certified to supply valves to the marine industry. Paltech was one of the companies to benefit from the Marine Manufacturing,... →

OPEN AND SHUT Paltechnologies is the first South African valves manufacturer to become marine-certified

Panel on EIPs to feature at Indaba

By: Darren Parker 27th November 2020 The National Cleaner Production Centre South Africa (NCPC-SA) will host a panel at this year’s Manufacturing Indaba on industrial parks, the potential to transform them into eco-industrial parks (EIPs) and leveraging them for accelerated development. This year, the NCPC-SA, United Nations... →

HENRY NUWARINDA The Global Eco-Industrial Park Programme will ensure an added level of quality control and cost-efficiency

African funds with dedicated ESG mandates could hold up to R500bn in JSE-listed equities

By: Simone Liedtke 26th November 2020 African funds with dedicated environmental, social and governance (ESG) mandates could hold JSE-listed equities worth up to R500-billion over the medium term as the focus on sustainability intensifies, a research report by SBG Securities shows. This shows that corporates with strong ESG... →

AfCFTA to provide business opportunities for African countries

By: Yvonne Silaule 26th November 2020 The African Continental Free Trade Agreement (AfCTA) will provide business opportunities that will enable African countries to lift citizens of the continent out of poverty post Covid-19, Department of Trade, Industry and Competition (DTIC) Trade and Invest Africa chief director John Rocha has... →

Six steps proposed for unlocking larger-scale self-gen projects, amid ongoing government resistance

By: Terence Creamer 26th November 2020 Six steps could be taken immediately by the South African government and the energy regulator to unlock more self-generation investment by residential, commercial, industrial, mining and agricultural consumers so as to minimise power shortages and reduce the threat of load-shedding, a newly... →

Speed up SAA restructure so it can continue key role in Africa - aviation official

By: News24Wire 26th November 2020 The regional representative of the International Air Transport Association (IATA) has called for the SA government to speed up its contribution to assist the airline in restructuring. He says South African Airways (SAA) and South Africa have played a major role in the growth of aviation in... →

Ramaphosa to face motion of no confidence next week

By: News24Wire 26th November 2020 President Cyril Ramaphosa will face a motion of no confidence next Thursday. At Thursday’s meeting of the National Assembly Programming Committee, secretary to Parliament Masibulele Xaso said National Assembly Speaker Thandi Modise had approved the African Transformation Movement’s motion of no... →

President Cyril Ramaphosa

Only an uptick in building, manufacturing activity can sustain this quarter’s higher BCI

By: Marleny Arnoldi 25th November 2020 The Rand Merchant Bank (RMB)/Bureau for Economic Research (BER) Business Confidence Index (BCI) has notched up to 40 in the fourth quarter, from 24 in the third quarter. However, the BER questions the sustainability of maintaining business confidence at this level. →

CIDB acts on conviction that creation of construction jobs is at centre of economic recovery

By: Donna Slater 25th November 2020 In a sector hit hard by job losses and a general lack of work, initiatives in the construction industry designed to support the growth, and survival, of emerging contractors, should attract greater public attention and draw the support from established companies in the construction industry,... →

Greencape highlights importance of green SMMEs in economic recovery

By: Marleny Arnoldi 25th November 2020 Green economy organisation Greencape is drafting policy recommendations around development and support for green small, medium-sized and microenterprises (SMMEs), which is being informed by a support programme the company launched with help from the European Union (EU). Greencape had earmarked... →

Saice launches career growth platform for engineers

By: Donna Slater 25th November 2020 The South African Institution of Civil Engineering (Saice) has launched an innovative new platform – Saice Connect – that enables its members to network and engage with potential employers and like-minded individuals. The platform is designed to bridge the gap between skills shortages in many... →

South Africa could sell shares in restructured national airline

By: Bloomberg 25th November 2020 South Africa could offer to sell shares in the bankrupt national airline to the public as part of an ambitious new plan to revive the carrier outlined by Finance Minister Tito Mboweni. The government could bring the various parts of the South African Airways group into one company that would be... →

Global workforce to reach highest level of risk in 2021 – International SOS

By: Simone Liedtke 25th November 2020 The risk to the global workforce has reached its highest level since 2016, according to the findings of International SOS's 'Risk Outlook 2021' report. The outlook reveals findings from the Business Resilience Trends survey of over 1 400 risk professionals across 99 countries, carried out by... →

International SOS security director for intelligence and operations James Bird discusses the findings of the Risk Outlook 2021 report. Video editing: Darlene Creamer.

Surging Covid-linked borrowing costs pose threat to Africa’s energy transition

By: Terence Creamer 24th November 2020 The surge in borrowing costs affecting most African countries in the wake of the economic and fiscal harm that has accompanied the Covid-19 pandemic poses a serious risk to the much-needed recovery in energy investment across the continent, which is set to collapse by 30% in 2020. International... →

IEA executive director Dr Fatih Birol

Cloud-based vaccine management system launched in Africa

By: Sane Dhlamini 24th November 2020 IT giant Oracle and the Tony Blair Institute announced on Tuesday the launch of the cloud-based Oracle Health Management System, which will help African countries manage large-scale vaccination programmes. Ghana, Rwanda and Sierra Leone are the initial users of the system, which will create... →

De Ruyter calls for upscaling of power procurement plans as he questions whether coal IPP will proceed

By: Terence Creamer 24th November 2020 Eskom CEO Andre de Ruyter has again called on government to open the way for the procurement of more new electricity capacity in addition to the 11 800 MW outlined in a recently gazetted Ministerial determination, cautioning that the 1 500 MW of new coal included in the determination is unlikely... →

Photo by Creamer Media's Donna Slater
Eskom CEO Andre de Ruyter

Higher public debt threatens South Africa's financial system, SARB says

By: Reuters 24th November 2020 A massive increase in projected government debt poses a "major threat" to financial stability in South Africa, the central bank warned on Tuesday, while problem mortgages were also a risk. South Africa's government debt is now set to hit 82% of gross domestic product this year as the Treasury... →

Sisulu hands over KZN bulk water supply scheme

By: Yvonne Silaule 23rd November 2020 Human Settlements, Water and Sanitation Minister Lindiwe Sisulu, on Sunday, launched the uMshwathi Regional Bulk Water Supply Scheme, set to service more than 3 000 households in the areas of Albert Falls, Mpolweni, Nadi, Cool Air, Efaye, Kwazibusele, Ntanzi, Mtulwa and Mount Elias. The scheme is... →

Human Settlements, Water and Sanitation Minister Lindiwe Sisulu

South Africa’s ability to tame wage bill uncertain, Fitch says

By: Bloomberg 23rd November 2020 South Africa may struggle to stick to a plan to rein in government spending by freezing public-sector wages, Fitch Ratings said on Monday. Finance minister Tito Mboweni has outlined a plan to pare the government salary bill, which has surged 51% since 2008, as part of an effort to start bringing... →

Wits encouraged by AstraZeneca/Oxford Covid-19 vaccine results

By: Thabi Madiba 23rd November 2020 The University of the Witwatersrand said on Monday it was encouraged by the results of the Coronavirus vaccine jointly-developed by the University of Oxford and British drug group AstraZeneca. An analysis of the Phase 3 arms of the UK and Brazil studies show a 70.4% efficacy, with data from two... →

Downgrades deal blow to economic recovery plan

By: Marleny Arnoldi 23rd November 2020 The latest sovereign ratings downgrades imposed on South Africa have dealt a blow to the country's economic recovery plan and should spur government into action to address the issues raised by Moody’s and Fitch. Responding to the news that Moody's and Fitch have pushed South Africa's credit... →

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