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Economy News

COP26 must unlock climate support from developed to developing countries – Creecy 

By: Terence Creamer     4th October 2021 South Africa’s Forestry, Fisheries and the Environment Minister Barbara Creecy says the COP26 climate talks scheduled for Glasgow, Scotland, in November need to prioritise the securing of finance, technology and capacity building support from developed to developing countries. Addressing a... 

National Treasury to disburse R3.9bn to Sasria to assist with unrest claim payouts 

By: Simone Liedtke     4th October 2021 The National Treasury says R3.9-billion will be disbursed to the South African Special Risk Insurance Association (Sasria) following the conclusion of the recently tabled Special Appropriation Bill Parliamentary processes. This is intended to assist Sasria in meeting its obligations until the end... 

Headwinds mounting for world economy into final stretch of 2021

By: Bloomberg     4th October 2021 The global economy is entering the final quarter of 2021 with a mounting number of headwinds threatening to slow the recovery from the pandemic recession and prove policy makers’ benign views on inflation wrong. The spreading delta variant continues to disrupt schools and workplaces. US lawmakers... 

Clear understanding between govt, business needed to boost economic recovery – Mavuso

By: Donna Slater     4th October 2021 Little can be done to drive an economic recovery without a clear understanding between business and government, says Business Leadership South Africa CEO Busi Mavuso, who joined other business representatives in a meeting with President Cyril Ramaphosa and his senior colleagues at the end of... 

Sisulu invites eligible enterprises to apply for tourism funding, green incentive programme

By: Yvonne Silaule     1st October 2021 The Department of Tourism (DoT) has called for eligible enterprises to apply for funding under the Tourism Transformation Fund (TTF) and the Green Tourism Incentive Programme (GTIP), from October 1. The TTF is a dedicated capital investment mechanism that was developed to drive transformation in... 

Eskom says Nersa’s MYPD5 rejection creates ‘regulatory vacuum’ 

By: Terence Creamer     1st October 2021 State-owned utility Eskom says the rejection, by the Energy Regulator, of its latest allowable-revenue application has created a regulatory vacuum for the electricity supply industry. “Eskom is accordingly considering how to proceed, and is taking advice on its position following the National... 

Eskom branding on a board outside Megawattpark

US envoy says grants and concessional loans will be needed to support South Africa’s ‘ambitious’ energy transition 

By: Terence Creamer     1st October 2021 US Deputy Special Envoy for Climate Dr Jonathan Pershing has described South Africa’s latest climate pledge as “extraordinary” and says the US and other donor countries will seek to support South Africa’s ambition to transition to a decarbonised economy “by the middle of this century” with... 

US Deputy Special Envoy for Climate Dr Jonathan Pershing during a Zoom briefing on Friday
US Deputy Special Envoy for Climate Dr Jonathan Pershing during a Zoom briefing on Friday

Johannesburg council picks third mayor in three months 

By: Bloomberg     1st October 2021 Municipal councilors in South Africa’s economic hub, Johannesburg, have picked Mpho Moerane as the city’s third mayor in less than three months. The post of mayor was left vacant when Jolidee Matongo died in a car accident on Sept 18. Matongo served less than two months after replacing Geoff... 

Enoch Godongwana appointed governor of New Development Bank  

By: News24Wire      1st October 2021 South African Finance Minister Enoch Godongwana has been appointed a governor of the New Development Bank. The bank on Friday issued a notice on the stock exchange news service, providing an update on its new directors. Godongwana's appointment has been effective from 17 August 2021, according to... 

South African Finance Minister Enoch Godongwana
Finance Minister Enoch Godongwana

Okonjo-Iweala grows frustrated with WTO inertia, floats quitting

By: Bloomberg     1st October 2021 Ngozi Okonjo-Iweala, the leader of the World Trade Organization, began the year with a plan to score quick negotiating victories that she said would help reboot the dysfunctional Geneva-based trade body. Now, seven months into her 4 1/2-year term, Okonjo-Iweala has fully grasped the frustrating... 

Absa PMI stable at 56.8 points in September

By: Creamer Media Reporter      1st October 2021 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) stabilised at an elevated level in September. This comes after large swings in the prior two months when several well-documented shocks pushed the PMI sharply lower in July, followed by a robust rebound in August. 

Implications of Eskom's rejected revenue application unpacked   

1st October 2021 The Energy Regulator has rejected Eskom’s latest revenue application for the three-year tariff cycle starting in 2022 and has proposed that it be submitted again under a new methodology. Engineering News editor Terence Creamer unpacks the development and its implications.   

Photo of Terence Creamer
Implications of Eskom's rejected revenue application unpacked

Alcohol industry expresses relief at lifting of trading restrictions

By: Creamer Media Reporter      1st October 2021 The South African Liquor Brandowners Association (Salba) has welcomed President Cyril Ramaphosa’s announcement of the lifting of alcohol trade restrictions and urges government to work with business to define a clear and detailed path to economic recovery. “The government has finally shown its... 

Production site acquisition finalised

1st October 2021 Multinational industrial gas company Air Liquide’s acquisition of integrated chemicals and energy company Sasol’s 16 Air Separation Units (ASUs) in Secunda, Mpumalanga has now been finalised. The plan to acquire the ASUs was first announced on July 29 last year, subject to approvals. Engineering... 

A photo of seven air separation units and a pylon in the background
BIGGEST OXYGEN PRODUCTION SITE GLOBALLY The initial investment amounts to about R8-billion and comprises 16 air separation units that will now be operated by Air Liquide Large Industries South Africa Air

Carbon tax ineffective against major emitters

By: Darren Parker     1st October 2021 South Africa’s “laughably weak and ineffective” carbon tax regime is no disincentive to carbon-intensive businesses, such as integrated chemicals and energy company Sasol, environmental activist organisation Greenpeace Africa climate and energy campaigner Thandile Chinyavanhu tells Engineering... 

A photo of a Sasol plant emitting pollution into the air while crops and flowers grow in the foreground
Photo by Reuters
PINING FOR CHANGE Greenpeace Africa ponders whether a just transition is possible while major emitters continue to be granted large-scale carbon tax allowances

More equipment donated in the fight against Covid-19

1st October 2021 Integrated chemicals and energy company Sasol has donated mobile clinics, vaccine carriers, laptops, specialised World Health Organisation-approved medical refrigerators and freezers, as well as temperature loggers to the provincial health departments in Gauteng, Mpumalanga and the Free State to... 

A photo of a healthworker’s hands filling out a form at a table with Covid-19 vaccinations lined up in the foreground
SPREADING THE CURE Sasol is supporting Government’s vaccination rollout strategy by donating essential equipment and resources

South Africa moves to Level 1 as govt set to introduce vaccine certificates

By: News24Wire      30th September 2021 President Cyril Ramaphosa announced on Thursday evening the country will move to adjusted Level 1 lockdown, starting at midnight. He also said the government would also be implementing a vaccine certificate. 

Eskom mulls legal options as Energy Regulator rejects MYPD5 application 

By: Terence Creamer     30th September 2021 The Energy Regulator has voted to reject Eskom’s fifth multiyear price determination (MYPD5) application for the three financial years from 2022/23 to 2024/25 and will now request the utility to make a new one-year submission "preferably based on the principles of a new [methodology] approach... 

A photo of a mic at a Nersa hearing
Photo by Creamer Media
Nersa will hold public hearings on its proposed new price determination methodology from October 25 to 29

Wage deal imperils South African municipalities’ finances

By: Bloomberg     30th September 2021 South African municipalities’ budget frameworks are at risk of being compromised by a three-year deal that granted their workers inflation-beating increases. Municipalities’ employee-related costs rose 5.2% in the year through June, Statistics South Africa said Thursday in a quarterly report of... 

Cabinet shifts South Africa Investment Conference to March 2022

By: Terence Creamer     30th September 2021 Cabinet has announced that the next South Africa Investment Conference (SAIC) will take place in March next year rather than this year. Three such conferences have been held every year since 2018, with a hybrid physical/virtual event held during 2020, when Covid lockdowns restricted travel and... 

President Cyril Ramaphosa
President Cyril Ramaphosa

Satsa calls on UK govt to remove South Africa from its travel red list

By: Creamer Media Reporter      30th September 2021 The South Africa Tourism Services Association (Satsa) is calling on UK Prime Minister Boris Johnson to take immediate steps to remove South Africa from Britain’s travel red list. In a meeting convened on September 27, leading South African scientists presented the latest pandemic data to the UK’s... 

An image of the British and South African flags

Strike threatens nascent recovery under way in metals sector, Seifsa warns 

By: Terence Creamer     30th September 2021 A protracted strike in the metals and engineering sector would severely undermine the nascent recovery under way in the industry following what was a deep Covid-linked slump in 2020, the Steel and Engineering Industries Federation of Southern Africa (Seifsa) warned on Thursday. Speaking at the... 

Marching Numsa workers
The 2014 Numsa strike cost the industry R300-million directly

South African bourse seeks to lure firms from Nigeria to Kenya

By: Bloomberg     30th September 2021 The latest South African stock exchange opens Thursday pledging to lure firms from across the continent with listing costs that are a third of that charged by the Johannesburg Stock Exchange. TWK Agri will be the first company to trade on the Cape Town Stock Exchange, which was previously called... 

Numsa to start metals, engineering sector strike on Oct 5

By: Creamer Media Reporter      30th September 2021 The National Union of Metalworkers of South Africa (Numsa) has officially served a notice of strike action in the metals and engineering sector. The strike action will start at 05:00 on October 5 with a march in Gauteng, as well as potentially in KwaZulu-Natal and Cape Town. 

Africa needs $240bn to transition to clean energy, Ramaphosa says

By: Bloomberg     30th September 2021 Sub-Saharan Africa needs $240-billion for the region to transition to a clean energy, South African President Cyril Ramaphosa told reporters in Johannesburg on Wednesday. “We need grant funding to help us transition,” he said. “If we get the funding we will migrate far quicker to renewable... 

South African President Cyril Ramaphosa
President Cyril Ramaphosa

Global economy to face several headwinds going into second half – Fitch Solutions

By: Donna Slater     29th September 2021 Despite the global economy having performed strongly in the first half of the year, global economic activity has peaked and is starting to face several headwinds, says financial risk management, solutions and insights company Fitch Solutions Country Risk and Industry Research (Fitch Solutions)... 

Busa, Deloitte Africa pay tribute to the late Vassi Naidoo

By: Schalk Burger     29th September 2021 Audit and advisory firm Deloitte Africa joins the South African business community in mourning the passing of industry stalwart, former Deloitte Southern Africa CEO and financial services firm Nedbank chairperson Vassi Naidoo.  As a sign of respect to him, flags throughout Deloitte Africa offices... 

Rich nations pitch climate aid to fund South Africa coal exit 

By: Bloomberg     29th September 2021 Envoys from some of the world’s richest nations met with South African cabinet ministers on Tuesday to discuss a climate deal that could see billions of dollars put toward ending the country’s dependence on coal. The delegation is trying to hammer out an agreement that can be announced at the... 

SA must implement structural reforms to accelerate economic growth – CDE 

By: Thabi Madiba     29th September 2021 Centre for Development and Enterprise CEO Ann Bernstein said South Africa needs to implement a range of structural reforms essential to accelerate economic growth, free up the labour market so that growth could become more labour intensive, and fix a training, skills and education system that is... 

Image of CDE CEO Ann Bernstein
CDE CEO Ann Bernstein

Better education needed to spur economic growth, says Jammine

By: Schalk Burger     29th September 2021 The central element to enable South Africa to achieve radical economic growth is education and skills development. The lack of skilled workers and the problems with the education system are at the heart of South Africa's structural weakness and solving this challenge is necessary to create the... 

‘Just Transition Transaction’ can unlock fiscal space for South Africa’s low-carbon shift

By: Terence Creamer     28th September 2021 A Just Transition Transaction (JTT) that enables South Africa to secure highly concessional finance from rich countries in return for accelerated decarbonisation would help create the fiscal space required to take such a programme forward, a new Meridian Economics study asserts. Released to... 

Photo of the Komati power station
The transaction is seen as complementing Eskom's own Just Energy Transition Transaction, which is meant to start with repowering and repurposing projects at Komati (pictured)

Busa committed to helping resolve challenges facing the country  

By: Tasneem Bulbulia     28th September 2021 There are a number of issues concerning the country that Business Unity South Africa (Busa) is currently tacking, CEO Cas Coovadia said during the Consulting Engineers South Africa (Cesa) Infrastructure Indaba 2021, on September 28. Firstly, there is the issue of economic recovery. Coovadia said... 

An image of Midvaal Local Municipality executive mayor Bongani Baloyi during a webinar presentation
Midvaal Local Municipality executive mayor Bongani Baloyi outlines the relationship between engineering and politics, and how this must be managed.

KZN opens second phase of R20m Tourism Relief Fund

By: Schalk Burger     28th September 2021 Distressed tourism businesses and operators in KwaZulu-Natal will get another chance to apply for financial assistance after the second phase of the R20-million Tourism Relief Fund was opened on September 27, the KwaZulu-Natal Department of Economic Development, Tourism and Environmental Affairs... 

Unequal access to vaccines a huge risk to a sustained global recovery, says Ramaphosa

By: Yvonne Silaule     28th September 2021 Unequal access to vaccines presents a huge risk to a sustained global recovery and the vaccine business should not be just about profit but about saving lives, President Cyril Ramaphosa said during the opening of the World Trade Organisation (WTO) World Trade Public Forum on September 28. The WTO... 

A photo of President Cyril Ramaphosa
President Cyril Ramaphosa

Energy features strongly in IDC’s R24bn pipeline as Patel makes ‘go green’ call 

By: Terence Creamer     28th September 2021 The State-owned Industrial Development Corporation (IDC) is aiming to convert a significant portion of a R24-billion investment pipeline into commitments following a steep fall in both approvals and disbursements during its Covid-afflicted 2020/21 financial year. The development finance... 

A photo of IDC CEO TP Nchocho
Photo by Creamer Media's Donna Slater
IDC CEO TP Nchocho

Micro, informal businesses severely impacted on by Covid-19-related restrictions

By: Schalk Burger     28th September 2021 A study undertaken by the Department of Small Business Development (DSBD), in partnership with the United Nations Development Programme (UNDP) in South Africa, on the impact of Covid-19 on micro and informal businesses in South Africa demonstrated the severe negative impact on the micro and... 

Botswana, Namibia outline efforts towards green bonds, sustainable stock exchanges

By: Donna Slater     28th September 2021 After South Africa, Namibia, through its Namibian Stock Exchange, is the second African country to issue a green bond after signing up to the United Nations’ (UN’s) sustainable stock exchanges initiative, said Namibian Stock Exchange CEO Tiaan Bazuin. Speaking during the Southern Africa Green... 

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