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Economy News

BBC welcomes financial support for Black Industrialists Programme

By: Nadine James     16th July 2019 The Black Business Council (BBC) has welcomed the announcement that R40-billion in financial support will be made available for the Black Industrialists Programme over five years. “To enhance the growth of black industrialists, we will combine the efforts of the Department of Trade, Industry and... 

Didiza calls for conversation with land owners

By: African News Agency      16th July 2019 Agriculture, Land Reform and Rural Development Minister Thoko Didiza on Tuesday called for dialogue with land owners as the department seeks to change historically skewed ownership demographics. Didiza said the department planned to "revitalise" land that was transferred through the state's... 

Didiza calls for conversation with land owners
Agriculture, Land Reform & Rural Development Thoko Didiza

EOH says bribery, corruption limited to a few individuals, subsidiaries 

By: Schalk Burger     16th July 2019 JSE-listed information technology services company EOH on Tuesday revealed the preliminary findings of a forensic investigation conducted by legal firm ENSafrica into suspected bribery and corruption at the R18-billion-a-year-turnover company. EOH CEO Stephen van Coller said the scale of the... 

EOH says bribery, corruption limited to a few individuals, subsidiaries
EOH CEO Stephen van Coller

‘Monetisation’ of risks will be key to transitioning from climate awareness to resilience

By: Terence Creamer     16th July 2019 The City of Cape Town’s ‘Day Zero’ water crisis of 2018, as well as the deadly Cyclone Idai, which ravaged parts of Mozambique and Malawi in March, has increased awareness about the need to begin investing in climate-resilient infrastructure. To transition from awareness to implementation,... 

‘Monetisation’ of risks will be key to transitioning from climate awareness to resilience
Mott MacDonald global head of climate resilience services Ian Allison

GEPF looks to invest more offshore

By: Bloomberg     16th July 2019 South Africa’s Government Employees Pension Fund (GEPF) is planning to invest more of its R2-trillion under management outside the country and in unlisted assets to reduce risk of overexposure to locally traded companies. The strategy was outlined by GEPF Principal Executive Officer Abel Sithole... 

What Africa’s key central banks will discuss in the next ten days

By: Bloomberg     16th July 2019 Central banks in sub-Saharan Africa’s key economies will take direction from US Federal Reserve chairperson Jerome Powell when they make calls on interest rates in the next ten days. Since the Monetary Policy Committees last met, South Africa’s statistics agency said that economy contracted the... 

Gautrain adds R6.4bn to the Gauteng economy a year, says new study  

By: Irma Venter     15th July 2019 A new study on the socio-economic impact of the Gautrain indicates that the rapid-rail system adds R6.64-billion to Gauteng economy’s gross domestic product (GDP) – or 0.56% ­– during a typical year of operation. The newest study – the second – was conducted by consulting engineering firm Hatch. 

Gautrain adds R6.4bn to the Gauteng economy a year, says new study
Photo by Creamer Media's Irma Venter
Gauteng Roads and Transport MEC Jacob Mamabolo and Gautrain Management Agency CEO Jack van der Merwe

Jacob Zuma details ‘conspiracy’ against him 

By: Sashnee Moodley     15th July 2019 Former President Jacob Zuma on Monday proposed that an elaborate and detailed plan of character assassination against him beginning in 1990 up until his recent resignation as President had been pursued. While giving his long-awaited testimony at the State capture commission of inquiry, Zuma also... 

Jacob Zuma details ‘conspiracy’ against him
Photo by Reuters
Former President Jacob Zuma

Total South Africa achieves Level 1 BBBEE rating

By: Marleny Arnoldi     15th July 2019 Petrochemicals company Total South Africa has achieved a Level 1 broad-based black economic empowerment rating. Total has since 2003 implemented a dedicated transformation strategy, which includes 52% black ownership, skills development programmes, preferential procurement, enterprise and... 

Eskom’s quickest fix is giving it cash now, swapping debt later

By: Bloomberg     15th July 2019 Ask Nedbank Group CEO Mike Brown how to save South Africa’s beleaguered State-owned power utility and his approach is simple: first give it cash and then consider a debt-to-equity swap later. Eskom Holdings is paying so much in interest on its debt – at the same time that its income is falling –... 

Climate change takes priority in Creecy’s budget vote debate  

By: Nadine James     12th July 2019 Newly appointed Environment, Forestry and Fisheries Minister Barbara Creecy delivered her R7.5-billion budget vote statement in the National Assembly on Thursday, emphasising the socioeconomic threat of climate change, as more than two-million South Africans are directly dependent on the... 

Fedusa welcomes appointment of Ivan Fredericks to PIC board

By: African News Agency      12th July 2019 The Federation of Unions of South Africa on Friday welcomed the appointment of Ivan Fredericks to the Interim Board of Directors of the Public Investment Corporation. Fedusa spokesperson Frank Nxumalo described Fredericks as part of a cohort of prominent worker leaders. 

Fedusa welcomes appointment of Ivan Fredericks to PIC board

Heavy haul industry business models to be modelled under 4IR – Monakali

By: Simone Liedtke     12th July 2019 The official 40-page-long International Heavy Haul Association (IHHA) Vision 2030 Strategy will be published next month. The strategy, which took about 15 months to compile, is expected to unpack what the future will look like for the global heavy haul industry in terms of customer experience,... 

Heavy haul industry business models to be modelled under 4IR – Monakali
Photo by Creamer Media's Dylan Slater
Transnet Freight Rail GM Brian Monakali

Eskom seeks advice on how to spend financial aid

By: News24Wire      12th July 2019 Eskom has put out a request for information for financial services groups to assist it with "advising on the efficient and effective implementation of the government financial support package". A RFI is generally the first phase of a tender process. It is followed by a request for proposal and a... 

Eskom seeks advice on how to spend financial aid

WearCheck acquires reliability testing company, boosts services

By: Simone Liedtke     12th July 2019 Durban-based condition monitoring specialist WearCheck has bought Anglo Field Services (AFS), adding three new established divisions to the company’s reliability solutions portfolio, including nondestructive testing (NDT), technical compliance (TC) and rope condition assessment (RCA). The fourth... 

WearCheck acquires reliability testing company, boosts services
WearCheck MD Neil Robinson

Denel’s liquidity crisis plunges employees into new financial crisis

By: Simone Liedtke     12th July 2019 Following a further breakdown in trust between the management of State-owned defence company Denel and labour after this week’s announcement that the company had not paid over either workers’ or the company’s retirement fund contributions, a special labour forum was held on Thursday to discuss... 

DA demands answers about 'go-slow' at Transnet's Ngqura port

By: African News Agency      12th July 2019 The main opposition Democratic Alliance said on Friday it would seek an urgent update from State-owned freight and rail company Transnet on a protracted "go-slow" strike at its Ngqura port. Workers have staged the protest action at the Ngqura container terminal for 13 days in a show of... 

DA demands answers about 'go-slow' at Transnet's Ngqura port

SAA has R1.1bn stuck in cash-strapped Zimbabwe

By: News24Wire      12th July 2019 South African Airways has approximately $85-million (R1.1-billion) locked in Zimbabwe that it cannot currently access due to the country's liquidity crisis. Zimbabwe is facing severe foreign currency shortages. The RBZ guaranteed that the funds will be paid to the beneficiaries in US dollars. 

 SAA has R1.1bn stuck in cash-strapped Zimbabwe

2019 White Paper sets objectives for science, technology and innovation

By: Rebecca Campbell     12th July 2019 The 2019 White Paper on Science, Technology and Innovation, approved by the Cabinet on 13 March, was necessary because the previous White Paper on Science and Technology had been adopted in 1996 and global technological change and the development of "megatrends" since then required an updated... 

Africa needs to give priority to rules of origin for products – Unctad

By: Rebecca Campbell     12th July 2019 The United Nations Conference on Trade and Development (Unctad), in its recently released “Economic Development in Africa Report 2019”, called for the continent to give serious attention to the issue of Rules of Origin (RoO). RoO are the criteria which establish the nationality of a product, and... 

Bank bails Denel out amid union demand for action on irregularities

By: Rebecca Campbell     12th July 2019 The spokesperson for Public Enterprises Minister Pravin Gordhan, Adrian Lackay, has clarified to “Engineering News” that the lender who came to the assistance of beleaguered State-owned defence industrial group Denel, allowing it to pay its staff their full salaries for this month, was “a... 

Mboweni promises contingency reserve funds for SAA, SABC, Denel

By: African News Agency      11th July 2019 Finance Minister Tito Mboweni on Thursday said he would allocate funding from the contingency reserve to shore up South African Airways, the South African Broadcasting Corporation and Denel but warned that the handouts should not be considered a "blank cheque".  Mboweni promised the lifelines to... 

SAA chair has quit – Gordhan

By: Reuters     11th July 2019 South African Airways' chairperson Johannes Bhekumuzi Magwaza has resigned, the country's Public Enterprises Minister Pravin Gordhan said on Thursday, the second senior figure at the struggling airline to leave this year.– Gordhan told Parliament that Magwaza tendered his resignation for personal... 

Gordhan says draft Eskom unbundling White Paper to be finalised soon 

By: Terence Creamer     11th July 2019 Public Enterprises Minister Pravin Gordhan says a draft White Paper outlining government’s approach to the unbundling of State-owned power utility Eskom, as well as how its “unsustainable” debt burden will be managed, is being prepared and should be finalised within weeks. Gordhan made the... 

Gordhan says draft Eskom unbundling White Paper to be finalised soon
Photo by Creamer Media
Public Enterprises Minister Pravin Gordhan

Ngqura port go-slow affecting South Africa's automotive production, citrus exports

By: Nadine James     11th July 2019 State-owned Transnet has suspended several employees at its Ngqura Container Terminal for engaging in an illegal industrial action which has had a negative impact on port operations. In a statement released on Thursday, Transnet stated that the illegal industrial action by employees had had a... 

IRP will serve before Cabinet only in September as Nedlac process drags on 

By: Terence Creamer     11th July 2019 The long-awaited update to the Integrated Resource Plan for electricity is only likely to serve before Cabinet in September, Mineral Resources and Energy Minister Gwede Mantashe reported on Thursday. The minister said that the draft IRP was still being considered by the social partners at the... 

IRP will serve before Cabinet only in September as Nedlac process drags on
Mineral Resources and Energy Minister Gwede Mantashe

South African ports ‘need to evolve’ – specialist

By: Simone Liedtke     11th July 2019 South Africa’s ports will need to evolve into a more entrepreneurial ports system, instead of being facilitators of trade, in order to continue trading in a world often characterised as volatile, uncertain, complex and ambiguous, Transnet National Ports Authority logistics supply chain specialist... 

South African ports ‘need to evolve’ – specialist
Photo by Creamer Media's Dylan Slater
Transnet National Ports Authority logistics supply chain specialist Lwandile Mabuza

Dirco to focus on facilitating more foreign direct investment to South Africa

By: African News Agency      11th July 2019 International Relations and Cooperation Minister Naledi Pandor on Thursday said her department’s mission for the current financial year is expected to focus more on economic diplomacy, facilitating more foreign direct investment in support of the President Cyril Ramaphosa’s drive to attract... 

Dirco to focus on facilitating more foreign direct investment to South Africa
International Relations and Cooperation Minister Naledi Pandor

Port operators’ 4IR strategies must have skills development focus

By: Simone Liedtke     11th July 2019 African port operators need to formulate Fourth Industrial Revolution (4IR) strategies and should take into account the skills readiness and the skills development required to adjust and adapt accordingly, Transnet National Ports Authority research and development senior specialist Thamsanqa Basi... 

Port operators’ 4IR strategies must have skills development focus
Photo by Creamer Media's Dylan Slater
Transnet National Ports Authority research and development senior specialist Thamsanqa Basi

TNPA calls for improved maritime transportation infrastructure systems

By: Simone Liedtke     11th July 2019 With over 90% of global trade volumes being seaborne and moving through ports, Transnet National Ports Authority’s (TNPA’s) Kana Mutombo has highlighted the growing need for improved maritime transportation infrastructure systems globally and in South Africa. As a result of global population... 

Cabinet okays NHI Bill for tabling in Parliament

By: African News Agency      11th July 2019 Cabinet has approved the National Health Insurance Bill for tabling in Parliament, Minister in the Presidency Jackson Mthembu said on Thursday. Mthembu said the inputs received from the 2018 three month consultation process have been included in the latest version of the bill.  

 Cabinet okays NHI Bill for tabling in Parliament
Minister in The Presidency, Jackson Mthembu

BEE commission says MTN scheme contrary to objectives of empowerment law

By: African News Agency      11th July 2019 South Africa's Broad-based Black Economic Empowement (B-BBEE) Commission said on Thursday a probe initiated in 2017 into mobile communications company MTN's Zakhele-Futhi scheme had found it to be contrary to the objectives of the B-BBEE Act. In a statement, the commission said it had issued... 

Police service considered the most corrupt institution – survey

By: Thabi Madiba     11th July 2019 The tenth edition of the Global Corruption Barometer Africa has revealed that the police service is considered the most corrupt institution. Released on African Anti-Corruption Day, the GCB report revealed that a global average of 47% of people believe that most or all police are corrupt and in... 

Police service considered the most corrupt institution – survey

Absa metal ETFs list on A2X

By: Marleny Arnoldi     11th July 2019 Three of financial services giant Absa Corporate and Investment Bank’s metal exchange-traded funds (ETFs) started trading on A2X Markets on Thursday. The listings of NewGold, NewPlat and NewPalladium on the A2X are in addition to their listings on the JSE and the Namibian Stock Exchange. 

Eskom will not restore power to areas affected by illegal connections

By: Sane Dhlamini     11th July 2019 Power utility Eskom on Thursday warned that it will not be restoring power in areas affected by illegal connections. This decision comes after extensive customer and various stakeholder engagements across the Gauteng province, aimed at resolving issues related to electricity services.  

Eskom will not restore power to areas affected by illegal connections

4IR summit 

11th July 2019 Creamer Media's Chanel de Bruyn speaks to Creamer Media Senior Deputy Editor Natasha Odendaal about the inaugural Digital Summit for South Africa’s Fourth Industrial Revolution and what steps will be taken by the various stakeholders after the summit. 

4IR summit
Natasha Odendaal discusses the 4IR summit. (Camera & editing: Nicholas Boyd)

Kganyago reappointment shows commitment to central bank independence – association

By: African News Agency      11th July 2019 The re-appointment of Lesetja Kganyago as governor of the central bank shows the government's clear commitment to the institution's independence, responsible monetary policy and a stable financial system and currency, the Banking Association South Africa (BASA) has said. President Cyril Ramaphosa... 

 

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