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Economy News

By leveraging three resource advantages Mpumalanga can be global just transition ‘flagship’ 

By: Terence Creamer     24th May 2022 Eskom CEO André de Ruyter has highlighted three key resource advantages that he argues could transform the coal province of Mpumalanga into a global “flagship” of the just energy transition. In an address to the Mpumalanga Energy Summit, De Ruyter argued that the province’s skilled human... 

South Africa the fourth-largest fundraiser for blockchain ventures in Africa

By: Schalk Burger     24th May 2022 Private venture capital company Crypto Valley Venture Capital (CV VC) and financial services firm Standard Bank’s inaugural ‘African Blockchain Report’ shows that Nigeria raised $49.6-million for 18 new blockchain ventures in Africa in 2021. The Seychelles raised $33.8-million for four companies,... 

Sakeliga praises economist Schüssler's forthright analyses of economic issues

By: Schalk Burger     24th May 2022 Business organisation Sakeliga has praised economist Mike Schüssler, who passed away this week, for his forthright analyses, through which he sought to steer policy in a better directions and alert business and civil society in general to policy risks. "Schüssler was a guest speaker at Sakeliga... 

Labour Court scuppers AMSA’s attempts to squash Numsa strike

By: Darren Parker     24th May 2022 The National Union of Metalworkers of South Africa (Numsa) has welcomed the decision of the Labour Court to dismiss the application by steel producer Arcelormittal South Africa (AMSA) to interdict the ongoing national strike at all its plants. Numsa members have been on strike since May 11,... 

NUMSA members striking

Well-known economist Mike Schüssler has died

By: News24Wire      24th May 2022 Renowned South African economist Mike Schüssler has died. Gavin Kelly, the CEO of the Road Freight Association, where Schüssler worked as an economist, said on Tuesday morning that he learnt about the death from Schüssler's family. 

Economist Mike Schüssler
Economist Mike Schüssler

Eskom vs municipalities that owe billions: ConCourt to rule on 'human catastrophe'

By: News24Wire      24th May 2022 Eskom has approached the Constitutional Court to argue that it should not be compelled to provide two of South Africa's most indebted municipalities with more electricity than provided for in supply agreements.  The power utility is seeking leave to appeal a high court ruling from August 2020... 

Necsa mourns passing of Dr Namane Magau

By: Schalk Burger     23rd May 2022 The South African Nuclear Energy Corporation (Necsa) on May 23 said it was saddened and devastated at the passing of Human Resource and Ethics subcommittee chairperson Dr Namane Magau, who was also a board member of Necsa subsidiary NTP Radioisotopes, on May 20. "She carried her responsibilities... 

Dr Namane Magau
Dr Namane Magau

South African food inflation slowed a little in April, but still heading up

By: Rebecca Campbell     23rd May 2022 South African food (and non-alcoholic beverages) inflation decelerated slightly last month, in both year-on-year (y-o-y) and month-on-month (m-o-m) terms, the Bureau for Food and Agricultural Policy (BFAP) has reported. In its latest Food Inflation Brief, the think tank noted that y-o-y food... 

PwC says South African companies must integrate, internalise ESG for long-term sustainability

By: Schalk Burger     23rd May 2022 The environmental, social and governance (ESG) performance of businesses can have a direct impact on societal wellbeing and University of Oxford Sustainable Finance Programme research shows that an increase in company-level ESG performance can result in a positive effect on a country’s living... 

'No attempt to disguise' latest incident of sabotage at Eskom power station as another cable is cut

By: News24Wire      23rd May 2022 A cable on Unit 1 at Eskom's Matla Power Station was cut over the weekend in what is now the fourth incident of suspected sabotage at a power station in the past two weeks. News24 understands that on Sunday officials discovered the cut cable, but the 575-megawatt unit had fortunately not tripped... 

BLSA calls for business-friendly policies

By: Tasneem Bulbulia     23rd May 2022 The public sector, labour and some civil society organisations must move away from the perception they often have of business as a single entity that they can negotiate with, business organisation Business Leadership South Africa (BLSA) CEO Busi Mavuso writes in her weekly newsletter. “I... 

Rand supported by S&P outlook upgrade

By: Reuters     23rd May 2022 he South African rand was slightly stronger early on Monday, supported by ratings agency S&P upgrading the country's sovereign outlook to "positive". S&P on Friday revised its outlook from "stable" and affirmed the foreign and local currency ratings on favourable terms of trade and a path toward... 

Nersa confirms registration of first two 100 MW projects 

By: Terence Creamer     23rd May 2022 The National Energy Regulator of South Africa (Nersa) has confirmed the registration of the first two 100 MW projects following the August 2021 amendment of Schedule 2 of the Electricity Regulation Act allowing sub-100 MW projects to proceed without a licence. Both solar photovoltaic projects are... 

A solar farm image

AfDB starts fund to wean continent off Russian wheat

By: Bloomberg     20th May 2022 Africa’s biggest multilateral lender announced a $1.5-billion fund to boost grain production to help avert potential food shortages stemming from Russia’s war with Ukraine. The African Development Bank will use the facility to supply about 20-million farmers with climate-smart certified seeds and... 

Forum set up to improve cooperation between Eskom, Transnet and domestic industrialists 

By: Terence Creamer     20th May 2022 A new forum comprising Eskom, Transnet and domestic industrialists is to be established to improve collaboration between the two large infrastructure-focused State-owned companies and domestic manufacturers and suppliers. The initiative was unveiled by Ministers Pravin Gordhan and Ebrahim Patel... 

Trade, Industry and Competition Minister Ebrahim Patel
Photo by Creamer Media Chief Photographer Donna Slater
Trade, Industry and Competition Minister Ebrahim Patel

Tau outlines GDED budget progress

By: Natasha Odendaal     20th May 2022 As Gauteng Economic Development; Environment, Agriculture and Rural Development MEC Parks Tau delivered the 2022/23 departmental budgets, he outlined the progress that Gauteng has made across the Gauteng City Region. The Gauteng Department of Economic Development’s (GDED’s) pre-designation work... 

Medupi units 1 to 3 at full load, Eskom to bring damaged unit 4 online in August 2024

By: Schalk Burger     20th May 2022 State-owned power utility Eskom this week revealed that it had implemented repairs and fixes to generation Units 1 to 3 at the Medupi power station, and that the units are operating at full load, producing 720 MW of electricity each. Unit 4, which was damaged in a generator explosion, after... 

The Medupi power station
Photo by Creamer Media's Schalk Burger
The Medupi power station

Mantashe says fuel levy cut won't be extended beyond May  

By: News24Wire      20th May 2022 Petrol prices may surge by more than R3.50 a litre in the first week of June, with Gwede Mantashe, Minister of Mineral Resources and Energy, saying that the general fuel levy cut will fall away at the end of May. The levy was cut by R1.50 a litre for April and May as government sought to relieve... 

Minister of Mineral Resources and Energy Gwede Mantashe
Minister of Mineral Resources and Energy Gwede Mantashe

Gordhan reports yet another sabotage incident at Hendrina power station 

By: Terence Creamer     20th May 2022 A day after Eskom confirmed incidents of sabotage at its Tutuka power station, Public Enterprises Minister Pravin Gordhan alleged that another incident of sabotage had taken place at the Hendrina power station. The Hendrina incident raises to six the number of incidents of suspected sabotage that... 

Public Enterprises Minister Pravin Gordhan
Photo by Creamer Media Chief Photographer Donna Slater
Public Enterprises Minister Pravin Gordhan

Wits launches Entrepreneurship Clinic to develop aspiring entrepreneurs

By: Thabi Madiba     20th May 2022 University of the Witwatersrand School of Business Sciences senior lecturer and project leader Dr Robert Venter on Friday described the new Wits Entrepreneurship Clinic as a force for change and redress as it tackled the core challenges facing South African society. Wits launched the WEC, which... 

Image of Wits senior lecturer Dr Robert Venter
Wits senior lecturer Dr Robert Venter

Gauteng Provincial Treasury budget focuses on economy, own revenue improvement

By: Creamer Media Reporter      20th May 2022 Gauteng Finance and e-Government MEC Nomantu Nkomo-Ralehoko is focusing on jobs and the economy in the last two-and-a-half years of this political term of government amid significant challenges faced over the past few years. Presenting the Gauteng Provincial Treasury’s Budget Vote in “complex and... 

Stage 2 load-shedding in the evenings all weekend – Eskom

By: News24Wire      20th May 2022 Eskom says a shortage of generation capacity has persisted, and Stage 2 load shedding will be implemented from 17:00 to 22:00 on Friday, Saturday and Sunday. "As previously communicated, due to the continued shortage of generation capacity Stage 2 load shedding will be implemented from 17:00... 

Eskom power lines

Is the steel master plan delivering?  

By: Creamer Media Reporter      20th May 2022 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about whether the steel master plan is delivering; the lack of demand that is negatively impacting on the industry and how localisation could help to boost demand; and the electricity supply and rail and port... 

Photo of Terence Creamer
Is the steel master plan delivering?

Megger solidifies commitment to Africa with new Durban-based office

By: Simone Liedtke     20th May 2022 With South Africa being one of four regional economic “hotspots” in Africa, testing and measurement equipment manufacturer Megger has chosen the country to be the host of its first African office, which it believes signals “a strong commitment to the African continent”. This, says Megger Africa... 

Megger solidifies commitment to Africa with new Durban-based office

Rich nations offer debt guarantees on South African climate deal

By: Bloomberg     20th May 2022 A group of the world’s richest nations offered South Africa debt guarantees as part of a proposed $8.5-billion deal designed to cut the nation’s reliance on coal for power generation, people familiar with the talks said, potentially resolving one sticking point in the negotiations. The guarantees... 

Mantashe open to meeting with opposition to seek short-term solutions to power crisis 

By: Terence Creamer     19th May 2022 Mineral Resources and Energy Minister Gwede Mantashe has described as “constructive” a proposal by the opposition Democratic Alliance for a meeting to discuss short-term solutions to the country’s ongoing load-shedding crisis. In his Budget Vote address, Mantashe outlined the initiatives his... 

Minerals Resources and Energy Minister Gwede Mantashe
Photo by Creamer Media's Donna Slater
Minerals Resources and Energy Minister Gwede Mantashe

Eskom confirms sabotage incidents at Tutuka

By: Creamer Media Reporter      19th May 2022 Power utility Eskom on May 19 confirmed an incident in which a cable was severed at the Tutuka power station this week while the power station was finalising preparations to return Unit 5 to service. "The damage to the cable had the effect of delaying the unit’s return to service by three days,... 

Steel Master Plan presents immediate opportunities for industry, govt

By: Tasneem Bulbulia     19th May 2022 There are a number of opportunities for both government and industry to capitalise on immediately while pursuing the implementation of the Steel Master Plan, speakers agreed during a panel discussion at the Mainstreaming the Steel Master Plan Conference on May 19. Manufacturing Circle executive... 

Fanaroff dismisses infrastructure versus localisation dichotomy as ‘factually wrong’ 

By: Terence Creamer     19th May 2022 The “either-or” narrative pitting accelerated infrastructure delivery against localisation has been challenged by Dr Bernie Fanaroff, who played a central role in the development of the Steel Master Plan, which identifies localisation as one of several instruments to be used to revive the... 

Dr Bernie Fanaroff
Photo by Creamer Media's Donna Slater
Dr Bernie Fanaroff

Alexforbes launches new transformation policy

By: Darren Parker     19th May 2022 Financial services company Alexforbes Investments launched its new transformation policy on May 19. The policy launch took place in conjunction with the publication of the company’s new Transformation Survey, which helped inform the policy. 

Alexforbes Investments CEO Ann Leepile
Alexforbes Investments CEO Ann Leepile

Interest rates increased by biggest margin since 2016

By: News24Wire      19th May 2022 The Reserve Bank's monetary policy committee has increased the repo rate by 50 basis points to 4.75%. This is the largest hike since January 2016. Four members of the committee voted for the increase, while one voted for a 25 basis point hike.   

Reserve Bank governor Lesetja Kganyago
Photo by Bloomberg
Reserve Bank governor Lesetja Kganyago

Inclusivity, resiliency focus of South Africa’s tourism sector recovery

By: Natasha Odendaal     19th May 2022 As South Africa rebuilds its Covid-19-devastated tourism sector, focus must be given to the development of an inclusive, resilient and transformed tourism industry and economy. Speaking to media prior to her Budget Vote on Thursday, Tourism Minister Lindiwe Sisulu said that as the Department of... 

Cape Town cruise tourism showing green shoots after two-year lull

By: Marleny Arnoldi     19th May 2022 Tourism promotion agency Wesgro’s Cruise Cape Town project is optimistic about the 2022/23 cruise ship season, which kicks off in October. Wesgro confirms that 104 ship visits have already been booked to dock at the Port of Cape Town, made up of 26 cruise ships, carrying more than 195 000... 

Cruise ship

Minerals Council backs decision to place Ubank under curatorship

By: Tasneem Bulbulia     19th May 2022 Industry organisation the Minerals Council South Africa says it supports the action taken by the South African Reserve Bank‘s (SARB’s) Prudential Authority to place Ubank under curatorship, positing that it would clear the way to stabilise Ubank, protect depositors and enable the attraction of a... 

E-toll decision is imminent, says Mbalula  

By: News24Wire      19th May 2022 Minister of Transport Fikile Mbalula said the final pronouncement on the funding model of e-tolls is imminent. Mbalula tabled his budget vote for the Department of Transport in Parliament on Wednesday afternoon. This comes amid uncertainty around South African National Roads Agency Limited... 

Transport Minister Fikile Mbalula
Transport Minister Fikile Mbalula

Pivot to citizen-owned renewables could save City Power, energy specialist says ahead of indaba 

By: Terence Creamer     19th May 2022 Johannesburg could turn around the lossmaking performance of City Power, end load-shedding and improve the green credentials of its manufacturing industry by purchasing 80% of its wholesale electricity from large-scale, citizen-owned solar and wind plants at a cost below that purchased from Eskom... 

Image of Johannesburg

Drilling of Northam’s Zondereinde No 3 shaft completed 

18th May 2022 Platinum group metals miner Northam last month completed the drilling and reaming of the first shaft of its Number 3 Shaft expansion project. The new shaft, at 1 380 metres deep and 4.8 metres wide, is designed to handle personnel and materials, while two additional shafts will handle... 

Real Economy Report Image
Drilling of Northam’s Zondereinde No 3 shaft completed
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