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Economy News

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

By: African News Agency      Updated 1 hour 22 minutes ago 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      Updated 1 hour 25 minutes ago 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 (SAA's) business rescue might have on other services, Deputy President David Mabuza has said. The... 

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

Indaba aims to  encourage sector growth
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,... 

Local valve manufacturer first to be marine-certified
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... 

Panel on EIPs to  feature at Indaba
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... 

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

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... 

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

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... 

Ramaphosa to face motion of no confidence next week
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... 

South Africa could sell shares in restructured national airline

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... 

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

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

Cloud-based vaccine management system launched in Africa

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... 

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

Sisulu hands over KZN bulk water supply scheme
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... 

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

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... 

Wits encouraged by AstraZeneca/Oxford Covid-19 vaccine results

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... 

Rand lifted by vaccine hopes, shrugs off downgrades

By: Reuters     23rd November 2020 The rand opened stronger on Monday, lifted by global optimism over coronavirus vaccines and shrugging off ratings downgrades that are likely to push up government borrowing costs. At 07:02 GMT, the rand traded at 15.3700 versus the dollar, 0.4% firmer than its previous close. The upbeat global... 

Nersa sets Feb 5 deadline for written comment on proposed nuclear determination 

By: Terence Creamer     23rd November 2020 The National Energy Regulator of South Africa (Nersa) has given stakeholders until February 5 to comment on a Section 34 determination received from Minerals Resources and Energy Minister Gwede Mantashe for the procurement of new nuclear capacity post-2030. The draft determination delivered to... 

Nersa sets Feb 5 deadline for written comment on proposed nuclear determination

'Painful' downgrades will raise South Africa's borrowing costs

By: Reuters     23rd November 2020 South Africa's Finance Ministry said on Saturday credit ratings downgrades by Moody's and Fitch would increase the country's borrowing costs and constrain its fiscal options. "The decision by Fitch and Moody's ... is a painful one," Finance Minister Tito Mboweni said in a statement. There is an... 

'Painful' downgrades will raise South Africa's borrowing costs
Finance Minister Tito Mboweni

CEF, SFF welcome High Court decision on sale of strategic crude oil reserves

20th November 2020 The Central Energy Fund (CEF) and its subsidiary, the Strategic Fuel Fund (SFF), have welcomed the Western Cape High Court's judgment in reversing the 2015 sale of South Africa's strategic crude oil reserves. The CEF stated that the "landmark victory" was the culmination of a series of court... 

Santam to apply to appeal against Covid-19 business interruption judgment against it

By: Rebecca Campbell     20th November 2020 Insurance group Santam announced on Friday that it was going to seek leave to appeal the recent judgment handed down against it by a full bench of the Western Cape High Court. The Court ruled that the insurance group must pay in full the business interruption claims of Ma-Afrika Hotels and... 

Repurposing of Eskom power stations key in SA's just transition  

20th November 2020   Creamer Media's Chanel de Bruyn speaks to Creamer Media Editor Terence Creamer about plans by Eskom to repurpose and repower three coal-fired power stations that are due for decommissioning, why it is important for creating a just transition framework and the need for South Africa to determine... 

Repurposing of Eskom power stations key in SA's just transition
Repurposing of Eskom power stations key in SA's just transition

S African-Italian trade dips but remains adequate

By: Darren Parker     20th November 2020 Despite the Covid-19 pandemic, a respectable $1.4-billion worth of goods has been exchanged between South Africa and Italy since January, according to Italian-South African Chamber of Trade and Industries (ItalchamSA) secretary general Pamina Bohrer. She explains that the bulk of this trade... 

S African-Italian trade dips but remains adequate
TRADE-OFF Since Italy and South Africa were both subjected to strict lockdowns, trade between the two countries is expected to be significantly lower this year

Stronger advocacy needed to protect European business interests

By: Darren Parker     20th November 2020 The impact of Covid-19 on South Africa and Italy has highlighted the need for strong action to ensure that European business interests are protected in South Africa, according to a statement by Italian-South African Chamber of Trade and Industries (ItalchamSA) secretary-general Pamina Bohrer... 

Stronger advocacy needed to protect European business interests
PAMINA BOHRER European business interests need to be protected in South Africa

Partnership improves dry-type transformers access in Africa

By: Darren Parker     20th November 2020 Access to dry-type transformer technology has been boosted throughout Africa, following the partnership of South African transformer supplier Trafo Power Solutions with Italian transformer manufacturer TMC Transformers at the end of 2018. “The business prospects for TMC in Africa are quite good... 

Partnership improves dry-type transformers access in Africa
DAVID CLAASSEN Dry-type transformer technology is safer and requires less maintenance

Automaker notes industry decline, expands African footprint

By: Mamaili Mamaila     20th November 2020 Global automotive company Isuzu Motors South Africa – a subsidiary of Isuzu Motors Limited – expects that domestic vehicle sales will decline by around 30% this year, compared with those of 2019. 

Automaker notes industry decline, expands  African footprint
BILLY TOM Isuzu has maintained its number one position in Kenya, to which it exports semi-knocked down bakkies

Rough road ahead for VUCA-plagued trucking industry

20th November 2020 It is going to take at least five years for South Africa’s economy to recover from the impact of the Covid-19 pandemic, says Road Freight Association (RFA) chief executive Gavin Kelly. 

Rough road ahead  for VUCA-plagued trucking industry
DRIVING LEGITIMACY Road freight operators should transport efficiently, safely and refuse to operate in non-sustainable circumstances

World Bank says ‘flagship’ Eskom battery scheme to open way for private investment in the technology 

By: Terence Creamer     19th November 2020 The World Bank reports that Eskom’s large-scale battery energy storage initiative, which will involve the installation of  battery energy storage systems (BESS) across up to eight sites, is being treated as a “flagship” initiative by the global development finance institution, which has committed... 

World Bank says ‘flagship’ Eskom battery scheme to open way for private investment in the technology
The Skaapvlei site, with the Sere wind farm in the background

SARB leaves repo rate unchanged at 3.50% 

By: Reuters     19th November 2020 South Africa's central bank left its main lending rate unchanged at 3.50% on Thursday, Governor Lesetja Kganyago said. A Reuters poll saw the Reserve Bank leaving rates unchanged, with 17 of 22 economists expecting the bank to hold rates steady after cutting them by a cumulative 300 basis points... 

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