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Economy News

EOH expects Microsoft investigations to be completed by end-May

By: Schalk Burger     4th April 2019 JSE-listed information technology services group EOH expects the investigations into alleged impropriety in the resale of multinational technology company Microsoft’s licences to be completed by the end of May, EOH CEO Stephen van Coller said in an update to shareholders sent out on Wednesday.... 

Mkhize gives municipalities to-do list for successful SEZ implementation

By: African News Agency      4th April 2019 Cooperative Governance Minister, Dr Zweli Mkhize, has told attendees at a Special Economic Zones conference on Thursday, that in order for the zones to be successful, municipalities had to be fully involved in the process. SEZs were located in local, district or metropolitan municipalities, and... 

Mkhize gives municipalities to-do list for successful SEZ implementation
Photo by Creamer Media
Cogta Minister Zweli Mkhize

Investment in SEZs reaches R16.8bn, says Davies

By: African News Agency      4th April 2019 Government's Special Economic Zones (SEZ) programme currently had 115 investors with a private investment value of over R16.8 billion, department of trade and industry (DTI) minister Rob Davies said on Wednesday.  Davies made the statement at Durban's Inkosi Albert Luthuli International... 

Intu Properties appoints Matthew Roberts CE

By: Simone Liedtke     4th April 2019 Matthew Roberts has been appointed CE of JSE-listed Intu Properties, with effect from April 29. Roberts will succeed David Fischel, who will be standing down from the board and leaving the company on April 26. 

SA's stagnant growth a drag on expansion in southern Africa – AfDB

By: African News Agency      4th April 2019 Gross Domestic Product in southern Africa is expected to grow by around 2.2 percent in 2019 from 1.2 percent last year, the lowest pace of expansion on the continent, the African Development Bank said this week. In its annual economic outlook the AfDB said southern Africa -- which includes... 

SA's stagnant growth a drag on expansion in southern Africa – AfDB

Eskom’s financial woes not abating in sync with load-shedding risk 

By: Terence Creamer     3rd April 2019 The cautiously optimistic prognosis provided by Eskom on the outlook for electricity supply for the coming nine months has been more than offset by the State-owned utility’s disturbing assessment of its financial predicament. The group, which implemented ten days of confidence-sapping power cuts... 

Eskom’s financial woes not abating in sync with load-shedding risk
Photo by Creamer Media's Terence Creamer
Lethabo power station

Economy to remain ‘weak, patchy’ until after national elections – PUI 

By: Simone Liedtke     3rd April 2019 Economic and policy uncertainty in South Africa is expected to remain elevated until after the national elections on May 8. According to the North West University Business School’s Policy Uncertainty Index (PUI), positive and negative trends appear to be putting the South African economy in a... 

Load-shedding: Eskom's plan for winter and how it will keep the lights on 

By: News24Wire      3rd April 2019 Public Enterprises minister Pravin Gordhan says that Eskom has come up with a detailed winter plan that includes several possible scenarios. Gordhan said the first scenario was if no load-shedding was implemented. 

 Load-shedding: Eskom's plan for winter and how it will keep the lights on

Brics Business Council making good progress, faces great opportunities

By: Rebecca Campbell     3rd April 2019 The Brazil, Russia, India, China, South Africa (Brics) alignment offered its members "massive" trade opportunities, which must be exploited. So affirmed Brics Business Council South Africa Chapter chairperson Busi Mabuza on Wednesday. She was addressing the Brics Business Council mid-term meeting... 

Africa growth at 7-year high, no thanks to its major economies

By: Bloomberg     3rd April 2019 Growth in Africa’s two largest economies may be sputtering along but that won’t stop the continent’s gross domestic product from expanding at the fastest pace since at least 2012. Growth domestic product (GDP) growth for the continent is forecast to accelerate to 4% this year, up from an... 

Brics group can help develop Africa and reshape world – Makhura

By: Rebecca Campbell     3rd April 2019 Gauteng Premier David Makhura on Wednesday hailed the Brazil, Russia, India, China, South Africa (Brics) alignment as a force that could promote global inclusive economic growth and help develop Africa. He was delivering the keynote address at the Brics Business Council mid-term meeting in... 

Sandile Zungu, Sipho Pityana smoke the peace pipe

By: African News Agency      3rd April 2019 Prominent South African black businessmen Sandile Zungu and Sipho Pityana on Wednesday decided to smoke the peace pipe and bury the hatchet following two face-to-face meetings after widely publicised differences between them. Zungu and Pityana are the presidents of the Black Business Council and... 

Sandile Zungu, Sipho Pityana smoke the peace pipe
Photo by Creamer Media's Dylan Slater
Busa president Sipho Pityana

Rooibos research gets R4.5m injection

By: African News Agency      3rd April 2019 The South African Rooibos Council is ramping up research efforts into how the indigenous tea could help tackle diseases, with R4.5-million to be invested into its potential to reduce allergies, heart disease, diabetes and skin cancer between now and 2022. These diseases combined afflict more than... 

Power cuts slow South African private sector activity in March – PMI 

By: Reuters     3rd April 2019 Activity in South Africa's private sector contracted sharply in March, a survey showed on Wednesday, with firms citing electricity blackouts as the main drag on business. IHS Markit's Purchasing Managers' Index (PMI) slipped to 48.8 from February's 50.2 as falls in new orders and employment saw... 

Power cuts slow South African private sector activity in March – PMI

South Africa needs rapid, employment-intensive growth – CDE

By: Simone Liedtke     2nd April 2019 Centre for Development and Enterprise executive director Ann Bernstein on Tuesday said that, for South Africa to achieve rapid economic growth, it would require a “decisive shift in policy, growth and jobs”, which remain at the apex of national priorities in South Africa. However, accelerated,... 

Improved policy, regulation needed to help Eskom power SA, Brics Bank meeting told

By: African News Agency      2nd April 2019 Without alternative power generation capacity, unemployment will remain rampant in South Africa, Development Bank of Southern Africa (DBSA) chief executive Patrick Dlamini said on Tuesday. "The policy makers, they have a decision to make, to make sure that you can be able to enable and sustain... 

Improved policy, regulation needed to help Eskom power SA, Brics Bank meeting told

Nehawu accepts latest Sars wage offer, not happy with term of agreement 

By: African News Agency      2nd April 2019 The National Education, Health and Allied Workers’ Union on Tuesday accepted the latest wage offer tabled by the South African Revenue Services, bringing an end to the nationwide strike that crippled the revenue service. This after the Public Servants Association, the majority union at Sars, on... 

Nehawu accepts latest Sars wage offer, not happy with term of agreement

Central banks are thinking greener as climate change hits policy

By: Bloomberg     2nd April 2019 Climate change is increasingly affecting the world’s central banks and their monetary policies. At a time when students around the globe are urging governments, companies and citizens to protect the environment, awareness is growing among currency guardians that weather disruptions, carbon... 

Law firm plans class action against Eskom over load-shedding 

By: News24Wire      2nd April 2019 The national load-shedding crisis will shortly come under legal scrutiny, if a local law firm has its way. Law firm De Beer Attorneys has called on businesses who have suffered financial losses to join a class action lawsuit against State-owned enterprise Eskom. 

Law firm plans class action against Eskom over load-shedding

Govt aid, tariffs may not be enough for debt-laden Eskom – Moody's  

By: News24Wire      2nd April 2019 Ratings agency Moody's on Tuesday said that government's financial support to embattled power utility Eskom and the announcement of recent electricity tariffs by the National Energy Regulator of South Africa may prove "insufficient to address the company's long-standing financial troubles". It... 

 Govt aid, tariffs may not be enough for debt-laden Eskom – Moody's

SystemicLogic buys Kagiso’s Knowledge Factory

By: Schalk Burger     2nd April 2019 Financial innovation consultancy SystemicLogic has acquired property data and information and communication technology company Knowledge Factory from media organisation Kagiso Media for an undisclosed sum. Knowledge Factory offers a range of solutions based on property data and marketing... 

Gartner expects 100m people to shop using digital reality tech by next year

By: Schalk Burger     2nd April 2019 Technology research and advisory multinational Gartner expects 100-million people to use augmented reality (AR) and virtual reality (VR) technology to shop online and in-store by next year. In a statement issued on Monday, the company said AR and VR have the potential to shake up the customer... 

South African poultry industry backs Namibia against dumping of chicken from Brazil

By: African News Agency      2nd April 2019 The South African Poultry Association (SAPA) said on Tuesday that it had noted with alarm that the insidious dumping of chicken from Brazil that plagues the local industry has also taken root in Namibia. Izaak Breitenbach, GM of SAPA's broiler division, said that it was increasingly clear that... 

Tariff war will hammer global trade growth this year, WTO says

By: Bloomberg     2nd April 2019 The World Trade Organization (WTO) slashed its global trade growth projection for 2019 to the lowest level in three years, citing the impact of rising commercial tensions and tariffs. World merchandise trade growth will slow to 2.6% this year and 3% next year, after notching 3% in 2018, the WTO... 

S Africans to know more about state of country's electricity supply tomorrow

By: News24Wire      2nd April 2019 Public Enterprises Minister Pravin Gordhan and chairperson of the Eskom board Jabu Mabuza are expected to brief the media on the state of South Africa's electricity supply tomorrow. The briefing is expected to be at a power station in Johannesburg. 

S Africans to know more about state of country's electricity supply tomorrow
Public Enterprises Minister Pravin Gordhan

Necsa scientist in spotlight with award successes

By: Rebecca Campbell     2nd April 2019 A scientist from the South African Nuclear Energy Corporation, Dr Jan Rijn Zeevaart, has won two prestigious awards, one local and the other international. These are the Department of Science and Technology’s Top Intellectual Property Creator Award and the European Association of Nuclear... 

Youth unemployment in South Africa a 'human catastrophe', Nobel laureate tells BRICS bank delegates

By: African News Agency      2nd April 2019 Nobel laureate Paul Romer on Monday described South Africa as an "economic disappointment", citing the high levels of unemployment among the country's youth, calling it a "human catastrophe". "It's a very hard story because there was this political miracle in this country which was then followed... 

Brics banks should not look at SA in isolation of its neighbours – Mboweni

By: African News Agency      1st April 2019 The New Development Bank (NDB) cannot separate South Africa from its neighbours when deciding on extending development loans, Finance Minister Tito Mboweni said on Monday. Speaking at the fourth annual meeting of the NDB at the Cape Town International Convention Centre, Mboweni said countries in... 

Brics banks should not look at SA in isolation of its neighbours – Mboweni
Finance Minister Tito Mboweni

Higher refunds at Sars result in R14.6bn deficit 

By: News24Wire      1st April 2019 The South African Revenue Service announced on Monday afternoon that it had collected R1 287.6-billion in tax for the financial year ended March 31 2019, some R14.6-billion less than what was estimated in the Budget.  The tax agency's acting head Mark Kingon made the announcement in Pretoria. The... 

 Higher refunds at Sars result in R14.6bn deficit
Photo by Creamer Media's Dylan Slater
Sars acting commissioner Mark Kingon

Tax revenues fall R15bn short of government target

By: Reuters     1st April 2019 Tax revenues fell R15-billion short of the government’s target in the 2018/19 fiscal year, with revenue estimated at R1.29-trillion, the revenue service said on Monday. South Africa has seen revenue collections fall consistently since 2015 due to weak economic growth and administrative weakness,... 

Tax revenues fall R15bn short of government target

Gordhan: Radioactive leaks at Koeberg were 'negligible'

By: News24Wire      1st April 2019 Koeberg Nuclear Power Station released radioactive waste into the environment in three separate incidents in 2014 and 2015, but the quantities were "negligible" and fell under the threshold that would have made it necessary to notify the public, Public Enterprises Minister Pravin Gordhan has said... 

 Gordhan: Radioactive leaks at Koeberg were 'negligible'
Photo by Creamer Media
Koeberg Nuclear Power Stations

South Africa extends probe into Africa's biggest money manager

By: Bloomberg     1st April 2019 President Cyril Ramaphosa granted a judicial commission an extra three months to finish its investigation into allegations of wrongdoing at the government workers’ pension-fund manager. The date by which the commission of inquiry into the Public Investment Corporation must submit its final report... 

NDB, DBSA sign loan agreement for renewable energy projects in South Africa 

By: Simone Liedtke     1st April 2019 The New Development Bank (NDB) and the Development Bank of Southern Africa (DBSA) have signed a $300-million loan agreement for the Greenhouse Gas Emissions Reduction and Energy Sector Development project. The NDB will provide the loan to the DBSA without a sovereign guarantee. 

Absa PMI dips further on weaker demand, power cuts

By: Reuters     1st April 2019 The seasonally adjusted Absa Purchasing Managers' Index fell for a third consecutive month in March, hurt by a dip in business activity due to power cuts and lower new sales orders, a survey showed on Monday. The index, which gauges manufacturing activity in Africa's most industrialised economy,... 

Small Business Institute to host indaba with a focus on job creation 

By: Marleny Arnoldi     1st April 2019 The Small Business Institute (SBI) will hold its first of two small business indabas at the Bryanston Country Club, on April 11, where three major South African political parties will debate their manifestos. The indaba will be held under the theme “Creating jobs against all odds”, with the... 

Small Business Institute to host indaba with a focus on job creation
Photo by Creamer Media
Small Business Institute executive director Bernard Swanepoel

Denel to end manufacture of parts for Airbus A400M aircraft

By: Rebecca Campbell     1st April 2019 South African State-owned defence industrial group Denel announced over the weekend that it had reached a mutual understanding with Europe-based major aerospace and defence group Airbus to cease Denel’s manufacture of components for the Airbus A400M military airlifter aircraft, “subject to... 

Denel to end manufacture of parts for Airbus A400M aircraft
Photo by Airbus
An A400M takes off from an unpaved airstrip

SA business welcomes Moody's reprieve, urges govt to effect economic reforms

By: African News Agency      1st April 2019 Business Unity South Africa (Busa) has urged the government to effect urgent economic reforms after Moody's Investors Service deferred a review of the country's Baa3 rating which had been expected on Friday. This means South Africa stays one notch above sub-investment grade with a stable outlook... 

SA business welcomes Moody's reprieve, urges govt to effect economic reforms
 

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