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Economy News

Salga appoints new president

By: Tasneem Bulbulia     14th June 2019 The South African Local Government Association’s (Salga's) National Executive Committee has appointed Councillor Thembisile Nkadimeng as president of the association.  She succeeds former Salga president Parks Tau, who has been appointed Deputy Cooperative Governance and Traditional Affairs... 

Reviving South Africa’s economy requires active involvement by all citizens – Neasa

By: Tasneem Bulbulia     14th June 2019 National Employers’ Association of South Africa (Neasa) CE Gerhard Papenfus has called on all South Africans to create the environment they envision, instead of waiting on government to ensure a conducive climate for greater economic growth. Papenfus says it is possible that the ideal environment... 

South African Express says that it is turning itself around

By: Rebecca Campbell     14th June 2019 South African State-owned regional airline SA Express (SAX) affirmed on Friday that it was making substantial progress in its turnaround programme. It has also been taking action against employees found to have been engaged in wrongdoing. All those employees who have been charged with offences,... 

South African Express says that it is turning itself around
A CRJ-700 of SA Express

Good news for SA motorists! Huge 91c fuel price drop – AA

By: News24Wire      14th June 2019 Retreating oil prices have painted a rosier picture for South African fuel users than has been the case for much of 2019.  This is according to the Automobile Association which was commenting on unaudited mid-month fuel price data released by the Central Energy Fund. At this stage of the month,... 

Good news for SA motorists! Huge 91c fuel price drop – AA

Unions agree to give SAA one week to deal with their demands on Jarana

By: African News Agency      14th June 2019 Workers unions at the South African Airways said on Friday the State-owned airline has requested one week to deal with their demands of reinstating Vuyani Jarana as group chief executive and a complete overhaul of the board. This as the National Union of Metalworkers of South Africa and the South... 

Unions agree to give SAA one week to deal with their demands on Jarana
Photo by Creamer Media
Former SAA CEO Vuyani Jarana

Hydrogen offers pathway for lowering hard-to-abate carbon emissions – IEA 

By: Terence Creamer     14th June 2019 Hydrogen and hydrogen-based fuels could help facilitate the decarbonisation of a range of sectors where the pathway for achieving meaningful emission reductions is currently uncertain or difficult, a new global study argues. Released by the International Energy Agency (IEA) at a meeting of G20... 

Hydrogen offers pathway for lowering hard-to-abate carbon emissions – IEA

Kganyago says model shows room for rate cuts 

By: Bloomberg     14th June 2019 The South African Reserve Bank’s forecasting model suggests there might be room for interest-rate cuts in the next year or two, given how weak the economy is, Governor Lesetja Kganyago said. While the central bank can play a role to help economic growth, decisions should be supported by other... 

Kganyago says model shows room for rate cuts
Photo by Bloomberg
Reserve Bank governor Lesetja Kganyago

DTI forges ahead with product standardisation task

By: Mamaili Mamaila     14th June 2019 Following Mining Charter III’s call to the Department of Trade and Industry (DTI) to develop a “Standardised Coding and Product Identification System in the Mining Supply Chain” whereby products can be identified using a unique name and code, the department has established a multistakeholder... 

DTI forges ahead with product standardisation task
INDUSTRY GROWTH The DTI looks forward to exchanging lessons and experiences to unpack challenges and identify solutions for growth across the manufacturing sector

Brazilian VP says Brics should focus on economics, not politics

By: Rebecca Campbell     14th June 2019 In comments made in Beijing on May 24, which appear not to have been much, if at all, reported outside his home country, Brazilian Vice President Hamilton Mourão called on the Brazil, Russia, India, China, South Africa (Brics) alignment to switch away from political issues and focus instead on... 

Collaboration seen as key to unlocking South Africa’s industrial potential

By: Simone Liedtke     14th June 2019 The revival of South Africa’s flagging manufacturing sector is core to President Cyril Ramaphosa’s broader economic recovery plan. The importance attributed to manufacturing can be seen in the President’s decision to appoint the experienced Ebrahim Patel to lead the newly restructured Trade and... 

Collaboration seen as key to unlocking South Africa’s industrial potential

South Africans urged to remain mindful of the bigger picture amid economic downturn

By: Simone Liedtke     13th June 2019 Even though South Africa is considered “a country of deficits”, Efficient Group chief economist Dawie Roodt on Thursday encouraged South African businesses and private persons to continue monitoring the country’s economic situation. An economy, he said, was “a gradual process” and would not come... 

South Africans urged to remain mindful of the bigger picture amid economic downturn
Photo by Creamer Media's Dylan Slater
Efficient Group chief economist Dawie Roodt

ACSA appoints new acting CFO

By: Simone Liedtke     13th June 2019 Lindani Mukhufwani has been appointed acting CFO of Airports Company South Africa, effective June 13. She succeeds Dirk Kunz, who has been acting CFO since January 2017. 

Dubai chamber to host global business forum on Africa in November

By: Tasneem Bulbulia     13th June 2019 The Dubai Chamber of Commerce and Industry (Dubai Chamber) will host the fifth edition of the Global Business Forum (GBF) on Africa on November 18 and 19, in Dubai. Organised under the theme “Scale Up Africa”, GBF on Africa 2019 will bring together African and United Arab Emirates (UAE)... 

Dubai chamber to host global business forum on Africa in November
Hamad Buamim

Low business confidence to remain for foreseeable time – survey

By: Marleny Arnoldi     13th June 2019 The Rand Merchant Bank (RMB)/Bureau for Economic Research (BER) Business Confidence Index (BCI) flatlined at a “worryingly” low 28 in the second quarter of the year. The BER on Thursday stated that seven out of every ten respondents had remained unsatisfied with current business conditions... 

Sakeliga to further investigate Eskom BEE matter

By: Marleny Arnoldi     13th June 2019 Business organisation Sakeliga has instructed its legal team to evaluate a recommendation by the Broad-Based Black Economic Empowerment (BBBEE) Commission that State-owned power utility Eskom cancel a R4-billion contract awarded to Dongfang Electric Corporation. The commission on Wednesday said... 

Rescue practitioners seek another extension for Group Five plan 

By: Terence Creamer     13th June 2019 Group Five’s joint business rescue practitioners reported on Thursday that they would be approaching creditors to seek approval for yet another extension to the June 28 deadline for the publication of a business rescue plan. Initially a deadline of April 16 was set in line with a legal... 

Rescue practitioners seek another extension for Group Five plan

Necsa board states agency has dire finances 

By: Rebecca Campbell     13th June 2019 The South African Nuclear Energy Corporation (Necsa) issued on Thursday a curt response to the press release issued the day before by the National Education, Health and Allied Workers Union. In its statement, the union alleged that the Necsa board was proposing to retrench 400 employees and... 

Necsa board states agency has dire finances
Necsa logo

Pioneering 1 MW wave-energy pilot project being built in Hermanus 

By: Terence Creamer     13th June 2019 A South African wave-energy start-up is building a pioneering 1 MW pilot project, based on its patented homegrown design, which will supply clean electricity to a large-scale Hermanus abalone farm, in the Western Cape. Mean Sea Level (MSL) is developing the first-of-its-kind project with equity... 

Pioneering 1 MW wave-energy pilot project being built in Hermanus
Photo by Mean Sea Level
Construction of 1 MW wave-energy pilot project under way in Hermanus

SAA, Eskom faced with leadership challenge 

13th June 2019 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the leadership and financial challenges facing South African Airways and Eskom and what decisions will have to be made by government soon to assist these entities. 

SAA, Eskom faced with leadership challenge
SAA, Eskom faced with leadership challenge

Air Products, Jeka highlight benefits of solar rooftop installations 

By: Simone Liedtke     13th June 2019 A solar photovoltaic roof-mounted power plant system installed at industrial and specialty chemicals supplier Air Products’ Kempton Park facility generates sufficient energy to meet between 60% and 70% of the facility’s day-time requirements, Air Products GM Maropeng Bahula says. The plant,... 

Air Products, Jeka highlight benefits of solar rooftop installations
Air Products GM Maropeng Bahula speaks to Engineering News Online about the company’s newly-installed solar rooftop PV system, while Jeka Energy CEO Thembani Marhanele touches on some of the system’s specifics. Video: Creamer Media’s Nicholas Boyd. Editing: Creamer Media’s Christo Greyling

CDI Growth Fund opens for new round of applications

By: Simone Liedtke     12th June 2019 A new application round has opened for the R12.8-million Craft & Design Institute (CDI) Growth Fund. The CDI Growth Fund, which is managed by CDI Capital, is a grant fund specifically for growing South African small businesses who need a cash injection to scale up further and create jobs. 

Storage presents African utilities with opportunities to rekindle investor appeal

By: Simone Liedtke     12th June 2019 The advent of renewable energy and new storage technologies presents Africa’s utilities with an opportunity to increase capacity and efficiency, while rekindling their appeal to investors, Standard Bank said on Wednesday. The “clear and rapid” evolution in Africa’s energy and energy... 

Storage presents African utilities with opportunities to rekindle investor appeal
Standard Bank power and infrastructure head Stephen Barnes

Union attacks Necsa board, claiming retrenchments and privatisations planned

By: Rebecca Campbell     12th June 2019 The National Education, Health and Allied Workers Union (Nehawu) asserted on Wednesday that it had “reliably learnt” that the South African Nuclear Energy Corporation’s (Necsa’s) board was proposing to retrench 400 employees and perhaps sell public assets. These proposals were part of a... 

Union attacks Necsa board, claiming retrenchments and privatisations planned
Photo by Duane Daws/Creamer Media
An aerial view of Necsa’s Pelindaba complex, west of Pretoria/Tshwane

SARB independence threats are 'hand grenade with the pin out' for South Africa's credibility – analyst

By: News24Wire      12th June 2019 The idea of government reviewing inflation targeting in South Africa's low-growth environment, as well as political threats against the independence of the South African Reserve Bank (SARB), amount to "a credibility hand grenade with the pin out". This is the view of Peter Attard Montalto, head... 

South Africa tells investigators to clarify rand-rigging charges 

By: Bloomberg     12th June 2019 The Competition Tribunal ordered antitrust investigators to clarify their charges of currency manipulation brought against more than 20 banks, drawing out a four-year legal battle. The tribunal, which adjudicates antitrust cases like a court, found deficiencies in referrals prepared by the... 

South Africa tells investigators to clarify rand-rigging charges

Commission finds Eskom failed to comply with BBBEE Act 

By: Simone Liedtke     12th June 2019 The Broad-Based Black Economic Empowerment (BBBEE) Commission has found that State-owned Eskom failed to comply with the BBBEE Act in awarding a tender for the Duvha power station to a Chinese-owned entity. The tender was awarded to Dongfang Electric Corporation, an entity with 0% black ownership... 

Ramaphosa, Mabuza receive report on land reform and agriculture from advisory panel

By: African News Agency      12th June 2019 President Cyril Ramaphosa and Deputy President David Mabuza on Tuesday received the report of the Presidential Advisory Panel on Land Reform and Agriculture.  The task of the panel, which was appointed in September 2018 to support the work of the Inter-Ministerial Committee (IMC) on land reform... 

Ramaphosa, Mabuza receive report on land reform and agriculture from advisory panel
Photo by Creamer Media
President Cyril Ramaphosa

Treasury moves to improve cost containment at municipal level

By: Marleny Arnoldi     11th June 2019 The National Treasury has gazetted cost containment regulations that are aimed at ensuring efficient, effective and economic use of municipal resources. The new regulations will take effect on July 1.  

Manufacturing sector remains resilient, output up 4.6% y/y in April 

By: Marleny Arnoldi     11th June 2019 Despite the encouraging improvement in manufacturing output in April, Steel and Engineering Industries Federation of Southern Africa economist Marique Kruger says there are still concerns about constraints, including exchange rate volatility and rising costs, facing the sector. Statistics South... 

Manufacturing sector remains resilient, output up 4.6% y/y in April
Photo by Creamer Media
Steel and Engineering Industries Federation of Southern Africa economist Marique Kruger

Unions demand reinstatement of former CEO of SAA and purge of its board

By: Rebecca Campbell     11th June 2019 The National Union of Metalworkers of South Africa and the South African Cabin Crew Association jointly presented a memorandum to beleaguered State-owned national flag carrier South African Airways (SAA) on Tuesday. The memorandum contained a number of demands. “Should our demands not be met, we... 

Unions demand reinstatement of former CEO of SAA and purge of its board

Mohale calls for better leadership as he receives FMF Luminary award

By: Tasneem Bulbulia     11th June 2019 Business Leadership South Africa (BSLA) CEO and businessperson Bonang Mohale was on Tuesday awarded the Free Market Foundation’s (FMF’s) tenth Luminary award in recognition of “the outstanding courage and integrity he has displayed through difficult times, for his contributions to the business... 

Mohale calls for better leadership as he receives FMF Luminary award
Photo by Creamer Media
Bonang Mohale

Numsa to picket at major airports on Tuesday over 'myriad' issues

By: African News Agency      11th June 2019 The National Union of Metalworkers of South Africa (NUMSA) said on Monday that it would be picketing with the South African Cabin Crew Association (SACCA) at all the country’s major airports on Tuesday.  The protests involved "myriad" issues at South African Airways (SAA) and SAA Technical, said... 

Ramaphosa praises ILO's social justice approach

By: African News Agency      11th June 2019 President Cyril Ramaphosa on Monday commended the contribution of the International Labour Organisation for the contribution and impact it has made to work and the lives of workers in its 100 years of existence. Ramaphosa said that the ILO played a pivotal role during South Africa’s struggle for... 

 Ramaphosa praises ILO's social justice approach
President Cyril Ramaphosa

Renergen dual listing to provide benefit of Australian research, understanding 

By: Simone Liedtke     10th June 2019 Emerging liquid helium and liquid natural gas (LNG) producer Renergen’s recent listing on the ASX will benefit the company by giving it access to Australian research and industry understanding, CEO Stefano Marani tells Engineering News Online. Renergen, which is also listed on the JSE’s AltX,... 

Renergen dual listing to provide benefit of Australian research, understanding
Renergen CEO Stefani Marani discusses the company’s recent ASX-listing and the company’s Virginia gas project with Engineering News Online. Video & Editing: Creamer Media’s Darlene Creamer 10.6.2019

BLSA appalled by threats to SARB independence 

By: Thabi Madiba     10th June 2019 Business Leadership South Africa on Monday said it condemned what it called “deliberate attempts” to undermine the South African Reserve Bank’s legitimacy and called out the African National Congress for threatening to collapse the country’s economy. BLSA said in a statement that the ANC seemed... 

BLSA appalled by threats to SARB independence

SA SME Fund aims to set up South Africa’s first university technology fund by August 

By: Terence Creamer     10th June 2019 The SA SME Fund, created in 2016 by big business to support entrepreneurs and help established small firms expand, is planning to set up a R150-million university technology fund to support the commercialisation of intellectual property developed at South Africa’s tertiary institutions. The... 

SA SME Fund aims to set up South Africa’s first university technology fund by August
SA SME Fund CEO Ketso Gordhan

Busa CEO Tanya Cohen steps down

By: African News Agency      10th June 2019 Tanya Cohen is stepping down as chief executive of Business Unity South Africa after two-and-a-half years at the helm, the apex business organisation announced on Monday. Busa said that after careful consideration and in consultation with the board, Cohen has been granted permission to take leave... 

Busa CEO Tanya Cohen steps down
Photo by Creamer Media's Dylan Slater
Outgoing Busa CEO Tanya Cohen
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