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Economy News

IMF suggests priorities for sub-Saharan Africa to recover from being slowest growing region

By: Marleny Arnoldi 15th April 2021 Sub-Saharan Africa’s economic growth is set to recover this year; yet, the path to recovery, and overcoming the long-lasting effects of the pandemic, will be difficult, warns the International Monetary Fund (IMF). Policymakers must strive to deliver vaccines, while restoring the health of public... →

Firm to donate essential goods to charity, contribute to Solidarity Fund

By: Schalk Burger 15th April 2021 Personal protective clothing and safety equipment company Mine Africa Safety Solutions has agreed to donate essential goods to a charity and contribute to the Solidarity Fund, as part of the terms of a consent agreement concluded between it and the Competition Commission. The Competition Tribunal... →

Structural reform implementation necessary to drive economic growth, says BLSA CEO

By: Tasneem Bulbulia 15th April 2021 It is no secret that the country is not doing well from an economic perspective, with all indicators pointing to this continuing in the wrong direction. The issues of poverty, inequality and unemployment were expected to worsen and, therefore, much was required to turn this situation around,... →

Companies may face TERS audits, as DEL appoints forensic auditors

By: Schalk Burger 15th April 2021 Companies that have received money through the Covid-19 Temporary Employer/Employee Relief Scheme (TERS) may be selected for audit and face legal action for noncompliance, says advisory multinational EY Europe, Middle East, India and Africa People Advisory Services senior manager Ruth Maforimbo.... →

Fuel price breather could be on the cards for financially burdened consumers, according to the AA

By: News24Wire 15th April 2021 The current data shows the prospect of a 32 cents-a-litre drop in the price of diesel. Financially burdened South African consumers might get a fuel price breather in May, the Automobile Association said on Thursday. This is due to stability on international petroleum markets and a stronger... →

Electricity, water price hikes pose risk to inflation outlook – central bank

By: Reuters 15th April 2021 Above-inflation increases to South Africa's electricity and water prices pose a risk to the consumer inflation outlook and could trigger a rise in lending rates, the central bank said on Wednesday. "These risks, should they materialise, could drive headline above the 4.5% target midpoint and... →

UN report on women’s autonomy shows Africa, including South Africa, has a lot to do

By: Rebecca Campbell 15th April 2021 In its latest report, ‘My Body is My Own: State of the World Population Report 2021’, the United Nations Population Fund (UNFPA) has revealed that, in 57 developing countries for which adequate data is available, only 55% of women are able to make fully autonomous decisions regarding health care,... →

Public have until month-end to comment on new lighting lamp specifications

By: Schalk Burger 14th April 2021 South Africans have until April 30 to comment on the recently gazetted specifications for general service lamps. The specifications are aimed at improving the safety, performance and energy efficiency of lightbulbs approved for use in South Africa by phasing out inefficient and environmentally... →

SBI papers make recommendations to engender small business growth, aid recovery

By: Tasneem Bulbulia 14th April 2021 Nonprofit organisation the Small Business Institute (SBI) on April 14 released four additional papers in its series of six aimed at the promotion and development of small business in South Africa, during the Covid-19 pandemic and beyond. The other two papers in the series were released previously. →

Consumer behaviour to remain restricted as household budgets continue to take strain – Deloitte

By: Donna Slater 14th April 2021 Although it is now well known that Covid-19 has subdued global economies and put strain on consumers’ willingness to splurge on non-essential items, professional services firm Deloitte shines a light on how consumer behaviour is being shaped currently and how they plan to spend money going into... →

Cabinet expected to approve Hydrogen Society Roadmap by early 2022 at latest

By: Terence Creamer 14th April 2021 South Africa’s Hydrogen Society Roadmap (HSRM) will be presented for Cabinet approval either before the end of the year or early next year and should outline how the country’s resource advantages should be leveraged to produce green hydrogen, as well as to integrate hydrogen-related technologies,... →

Trade conditions turn more positive – Sacci

By: Creamer Media Reporter 14th April 2021 The more stringent lockdown in December 2020 and the dampening effect it had on trade conditions, gave way to a more optimistic outlook in February and March, says the South African Chamber of Commerce and Industry (Sacci). The Sacci Trade Activity Index (TAI) improved to 49 in March, from 40 in... →

Zest WEG introduces new super premium efficiency motors

14th April 2021 Brazilian motor and controls manufacturer WEG’s South African subsidiary Zest WEG group has introduced its new WEG IE4-rated super-premium efficiency motor to the South African market. Natasha Odendaal tells us more. →

Zest WEG introduces new super premium efficiency motors

Sasol takes ambitious steps towards becoming a green-hydrogen major

By: Terence Creamer 13th April 2021 Energy and Chemicals group Sasol made announcements on Tuesday that potentially open the way for the coal- and gas-heavy company to begin an energy transition designed to reposition it as a green hydrogen major and a leading global producer of carbon-neutral jet fuel. CEO Fleetwood Grobler... →

Sasol CEO Fleetwood Grobler

Delays in digital migration, exclusive spectrum licensing hampering broadband rollout

By: Schalk Burger 13th April 2021 While the delayed migration of analogue television and radio broadcasting signals to other spectrum bands is hampering the rollout of broadband telecommunications services, especially in rural areas, the licensing of the exclusive use of spectrum only by a single market player is preventing... →

Astral obtains High Court order for govt to improve Lekwa municipal service delivery

By: Schalk Burger 13th April 2021 Poultry producer Astral Foods has obtained a High Court order against government and the National Treasury over the nondelivery of basic water and electricity supply services within the Lekwa (Standerton) municipality. In terms of the Order issued on April 12, government will be required to... →

SEZ Programme successfully driving industrialisation – DTIC

By: Donna Slater 13th April 2021 Despite the devastating impact of the Covid-19 pandemic on South Africa’s economy, Trade, Industry and Competition Deputy Minister Nomalungelo Gina says the Special Economic Zones (SEZ) Programme continues to “successfully drive industrialisation” of the country. She explains that the programme... →

Sasol and Air Liquide initiate first phase of 900 MW renewables procurement process

By: Terence Creamer 13th April 2021 Sasol and Air Liquide have formally announced plans to jointly procure 900 MW of renewable-energy capacity from independent power producers (IPPs) by 2030 and have issued a request for proposal (RFP) through which they aim to procure an initial 600 MW this year. The transaction, the companies... →

Photo by Creamer Media
Power lines in the foreground, with Sasol's Secunda complex in the background

Eskom fetches R76-million from sale of buildings, with more assets expected to be sold

By: News24Wire 13th April 2021 Eskom has raised R76.1-million from the sale of two buildings as parts of a strategy to free up cash through the disposal on non-core assets, and more properties are expected to be sold. The buildings in Kimberley and Johannesburg were sold to the Department of Human Settlements, Water and... →

Majority hopeful that pandemic will be contained within the next year – global survey

By: Simone Liedtke 12th April 2021 A new Ipsos and World Economic Forum (WEF) survey found that there are wide variations in post-Covid ‘return to normal’ expectations, with almost 60% of respondents expecting a return to pre-Covid normal level within the next year. Another 6% of respondents already believe this to be the case and... →

Solidarity, AfriForum says tourism equity fund hearing to be held on April 13

By: Marleny Arnoldi 12th April 2021 Trade union Solidarity and civil rights group AfriForum will be in the North Gauteng High Court on April 13 for the hearing of their case against the Department of Tourism and Tourism Minister Mmamoloko Kubayi-Ngubane. The two institutions had instituted legal action after unsuccessful talks... →

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... →

Covid-19 loan guarantee scheme extended by 3 months

By: News24Wire 12th April 2021 The Covid-19 loan guarantee scheme will be extended by three months. The scheme was launched as part of government's R500-billion stimulus package to support the economy given the impact of the Covid-19 pandemic. The scheme is based on a partnership between National Treasury, the SA Reserve Bank... →

Visa appoints Southern Africa cluster MD

By: Schalk Burger 12th April 2021 Financial services and payments multinational Visa has appointed Maurice Newa as Southern Africa cluster MD. He will be responsible for the development and implementation of Visa’s growth strategy in the region, the company said in a statement on April 12. Newa will be part of the sub-Saharan... →

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... →

Photo by Donna Slater
Business Leadership South Africa CEO Busi Mavuso

Need for a new economy in new global reality – Ramaphosa

By: Sane Dhlamini 12th April 2021 President Cyril Ramaphosa on Monday said there was a need to forge a new economy in a new global reality to recover the ground lost during the coronavirus pandemic. In his weekly newsletter to the nation, Ramaphosa warned that South Africa’s economic recovery plan was not about a return to what... →

President Cyril Ramaphosa

Still no sign of money to top up partial payment of SAA Technical staff

By: News24Wire 12th April 2021 Attempts by the management of South African Airways Technical (SAAT) to work towards the improvement of the partial payment of March salaries continued until Saturday morning, but were unfortunately unsuccessful, employees were told in a letter at the weekend. This was after meetings were held... →

De Ruyter accuser allegedly extended irregular contracts worth R8bn to oil firm

By: News24Wire 9th April 2021 Suspended Eskom procurement chief Solly Tshitangano supported the awarding of contracts worth more than R8-billion to Econ Oil in 2019 - despite being aware of evidence of impropriety and possible corruption involving Econ and Eskom officials. He also took no steps to further investigate Econ... →

Photo by Donna Slater
Eskom CEO André de Ruyter

Guardians of world economy see long road for pandemic recovery

By: Bloomberg 9th April 2021 The guardians of the global economy this week implored governments to act to avoid a two-speed rebound where vaccinated, rich nations recover more strongly from the pandemic than poorer countries languishing under the burden of disease and debt. The International Monetary Fund said that it sees... →

DTIC says South Africa ranked as top location for business services in 2021

By: Schalk Burger 9th April 2021 The business services sector in South Africa is a large and growing employer of labour that serves local and multinational companies and South Africa was ranked as the top global location for business process services and is exporting call centre and related services to other parts of the world,... →

Cylinder market expected to grow

9th April 2021 The global liquified petroleum gas (LPG) cylinder manufacturing market is projected to reach a market size of about $4.7-billion by 2026, with an average growth rate of about 3.6% during the forecast period, according to a report issued by market intelligence provider Transparency Market Research... →

EXPANDING GAS The growth in the global LPG cylinder manufacturing market is driven by increased disposable income, urbanisation and demand for convenience

Increase in tanks demand presents challenges

By: Darren Parker 9th April 2021 Despite a global increase in stainless steel tanks production over the past 12 months – particularly for the food and beverage sectors – some subsectors are facing challenges, says stainless steel supplier Columbus Stainless market development manager Lerato Mashigo. “The food and beverage sector... →

AGES LIKE A FINE WINE Over the recommended life span of a structure, stainless steel becomes more economical because of reduced maintenance and refurbishment required

New range of air driers introduced

By: Darren Parker 9th April 2021 Compressed-air treatment supplier Artic Driers International has launched a new range of locally manufactured air driers – the SA Series – for cleaning and drying compressed air in food and beverage applications. The SA Series range of heatless desiccant pressure swing driers embodies a simple,... →

THE SA SERIES The locally made range of heatless desiccant pressure swing driers embodies a simple and robust design

Western Cape human settlements dept launches its own reserve fund

By: Yvonne Silaule 8th April 2021 The Western Cape government has launched the Western Cape Asset Finance Reserve for Human Settlements (WCAFRHS), with the aim to strengthen the provincial Department of Human Settlement’s ability to drastically improve the lives of the people of the province. The launch of the WCAFRHS was first... →

Labour dept commits to disciplinary action against corrupt officials, welcomes SIU TERS benefit probe

By: Schalk Burger 8th April 2021 The Department of Employment and Labour (DEL) has welcomed a Special Investigating Unit (SIU) probe investigating allegations of corruption and maladministration involving the Unemployment Insurance Fund (UIF) special Covid-19 Temporary Employee/Employer Relief Scheme (TERS) benefits. “If any of... →

Climate, debt and resource needs important for world recovery - World Bank

By: Schalk Burger 8th April 2021 Development cooperation institution the World Bank president David Malpass in a speech to leaders of the Group of Twenty (G20) developed countries emphasised the importance of climate financing to transition carbon-intensive industries, debt relief and rescheduling, and global vaccination... →

Sanral announces R1.2bn three-year Cradock and Middelburg road construction projects

By: Schalk Burger 8th April 2021 The South African National Roads Agency Limited (Sanral) is investing about R1.2-billion in road construction projects in Cradock and Middelburg, in the Eastern Cape, over the next three years. The projects in the Inxuba Yethemba local municipality are at various stages, with some in tender stage... →

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