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Economy News

SA to receive 1-million vaccine doses this month from Serum Institute of India  

By: Thabi Madiba     7th January 2021 South Africa will receive 1-million doses of the SII/AstraZeneca Covid-19 vaccine in January, with a further 500 000 doses expected in February. This was according to Health Minister Zweli Mkhize, who announced on Thursday that the Department of Health had secured doses from the Serum Institute... 

SAB to challenge government’s alcohol ban in court

By: African News Agency      7th January 2021 South African Breweries said it would go to court to challenge the constitutionality of the government’s decision to ban alcohol for the third time since last March as part of efforts to rein in the Covid-19 pandemic. President Cyril Ramaphosa announced the ban 10 days ago as he moved the country... 

 SAB to challenge government’s alcohol ban in court

IRR wants to know why Covid-19 vaccines cannot be bought privately

By: News24Wire      7th January 2021 The Institute for Race Relations (IRR) wants Health Minister Zweli Mkhize to explain why the private sector is not allowed to buy the vaccines intended to prevent Covid-19. "The prohibition to procure Covid-19 vaccines which is placed on the private sector, including but not limited to medical... 

IRR wants to know why Covid-19 vaccines cannot be bought privately

Rosond’s new rigs ready to be operationalised at Kumba mines 

7th January 2021 Rosond has delivered a range of newly manufactured, technologically advanced drill rigs to Kumba Iron Ore’s Kolomelo and Sishen mines, to be fully operationalised early this year. Natasha Odendaal tells us more. 

Rosond’s new rigs ready to be operationalised at Kumba mines
Rosond’s new rigs ready to be operationalised at Kumba mines

Amid Covid-19 surge, Mkhize aims to vaccinate for herd immunity

By: Reuters     7th January 2021 South Africa will vaccinate 40-million people or two-thirds of its population against Covid-19 in order to achieve herd immunity, its health minister said on Thursday, as a mutant variant drove daily new cases above 21 000 for the first time. A more contagious coronavirus mutant, first found on... 

Amid Covid-19 surge, Mkhize aims to vaccinate for herd immunity
Health Minister Zweli Mkhize

Medical schemes to fund Covid-19 vaccinations for both insured and uninsured South Africans 

By: News24Wire      7th January 2021 As South Africa's battle against increasing Covid-19 cases continues, medical schemes are collaborating to help fund vaccinations for some people without medical aid, but the battle against the pandemic might be lost without universal access to the vaccine. The country has seen a dramatic climb... 

SA Breweries to face off against government in court over alcohol ban

By: News24Wire      7th January 2021 SA Breweries has decided to challenge the current blanket alcohol ban in court as a last resort, its Vice President of Corporate Affairs, Zoleka Lisa, said on Wednesday.  In SAB's view, the decisions taken and the processes followed by the National Coronavirus Command Council to re-ban the sale... 

Major US business group urges Pence, cabinet to remove Trump

By: News24Wire      7th January 2021 The head of a significant United States business group that represents 14 000 companies including Exxon Mobil Corp, Pfizer Inc and Toyota Motor Corp urged senior US officials to consider removing President Donald Trump from office after supporters of the outgoing president stormed the US Capitol.... 

Major US business group urges Pence, cabinet to remove Trump
Photo by Reuters
US President Donald Trump

South African officials argue for harsher measures to curb Covid 

By: Bloomberg     6th January 2021 South African government officials have called for stricter measures to curb soaring coronavirus infections at a meeting to discuss the state’s response to the pandemic, according to two people familiar with the matter. President Cyril Ramaphosa is hosting a meeting of the National Coronavirus... 

South African officials argue for harsher measures to curb Covid
President Cyril Ramaphosa

Has SAA's rescue plan become unimplementable?

By: News24Wire      6th January 2021 The rescue practitioners of South African Airways could still end up having to say that the state-owned airline's rescue plan is not financially viable anymore and unimplementable. Then they would be forced to liquidate the airline because the business rescue process could not serve its purpose... 

Eskom to implement Stage 2 load-shedding on Wednesday, Thursday nights 

By: Simone Liedtke     6th January 2021 State-owned power utility Eskom will be implementing Stage 2 load-shedding between 22:00 and 05:00 on January 6 and 7. The load-shedding is necessary to recover and preserve the emergency generation reserves that have been used to support the system during the week following the... 

Eskom to implement Stage 2 load-shedding on Wednesday, Thursday nights

Association suggests safe alternatives in light of third alcohol ban 

By: Simone Liedtke     6th January 2021 The Beer Association of South Africa (Basa) has issued an urgent call to President Cyril Ramaphosa to lift the blanket ban on alcohol from January 16, stating that it is “imperative” to ensure the survival of craft breweries. The association’s plea follows on the heels of South Africa’s third... 

Association suggests safe alternatives in light of third alcohol ban

South African variant unlikely to fully negate Covid vaccines, scientist says

By: Reuters     6th January 2021 A variant of the coronavirus first detected in South Africa is unlikely to completely negate the immunising effects of vaccines, a researcher studying it told Reuters. British scientists expressed concern on Monday that Covid-19 vaccines may not be able to protect against the variant identified... 

South African variant unlikely to fully negate Covid vaccines, scientist says

World Bank warns of extreme poverty setback as South Africa is buffeted by Covid

By: Terence Creamer     5th January 2021 The World Bank expects the South African economy to recover by 3.3% in 2021 and return to a “near potential pace” of 1.7% in 2022 after contracting by an estimated 7.8% during Covid-afflicted 2020. However, it warns in its flagship Global Economic Prospects report, published on Tuesday, that the... 

World Bank warns of extreme poverty setback as South Africa is buffeted by Covid

Motsoaledi warns of 'humanitarian crisis' as pressure mounts at South Africa's border posts

By: News24Wire      5th January 2021 Long queues and desperate attempts to enter South Africa have placed a huge strain on the country's border posts with neighbouring countries. And, while acknowledging that a "humanitarian crisis" might be unfolding at the Beitbridge border post with Zimbabwe, home affairs minister Aaron... 

Govt adamant about pursuing appeal against cigarette ban ruling

By: News24Wire      5th January 2021 Government has applied to the Supreme Court of Appeal for leave to appeal a Western Cape High Court judgment which found the ban on trading in tobacco during South Africa's hard lockdown last year was unnecessary. Represented in the case by Cooperative Governance and Traditional Affairs Minister... 

World risks 'moral catastrophe' if Covid shots delayed in Africa, its CDC chief says

By: Reuters     5th January 2021 The world risks a "moral catastrophe" if Covid-19 vaccinations are delayed in Africa while wealthier regions inoculate their entire populations, the head of the continent's disease control body said on Thursday. The Africa Centres for Disease Control and Prevention (CDC) hopes significant... 

World risks 'moral catastrophe' if Covid shots delayed in Africa, its CDC chief says

Ramaphosa calls urgent meeting of National Coronavirus Command Council as death toll rises 

By: News24Wire      5th January 2021 The government's National Coronavirus Command Council is expected to meet on Wednesday morning, setting the stage for yet another announcement on the Covid-19 lockdown from President Cyril Ramaphosa by the end of the week. The council's scheduled meeting was only set to happen next week, but... 

Ramaphosa calls urgent meeting of National Coronavirus Command Council as death toll rises
President Cyril Ramaphosa

South African stocks climb as haven demand boosts gold miners

By: Bloomberg     5th January 2021 South African stocks advanced for a second day, boosted by gold producers as demand for haven assets supported bullion prices amid the latest news on the coronavirus pandemic. The main Johannesburg stock index was 0.4% higher as of 9:36 a.m., after climbing 1.8% in the first trading session of 2021. 

South African medical insurers may help fund vaccines for broader population

By: News24Wire      5th January 2021 South African medical-insurance companies, business organiSations and the government are developing a programME in which the private sector will help fund Covid-19 vaccines for people not covered by insurance. Legislation has been amended to allow the companies to fund shots for people who don’t... 

SAA pilot lockout 'indefinite', while backpay dispute raises legal issues, says labour lawyer

By: News24Wire      5th January 2021 The rescue practitioners of South African Airways can continue with the lockout of pilots as long as it suits them or until the SAA Pilots’ Association agrees to their proposals, says Hugo Pienaar, a labour law expert at Cliffe Dekker Hofmeyr. Members of SAAPA have been locked out by the rescue... 

SAA pilot lockout 'indefinite', while backpay dispute raises legal issues, says labour lawyer

Mondi to acquire Turkish corrugated packaging company

By: Simone Liedtke     5th January 2021 Paper and packaging company Mondi will acquire a 90.38% interest in Turkish corrugated packaging company Olmuksan International Paper from International Paper for €66-million. The implied enterprise value on a 100% basis would amount to about €88-million, Mondi said in a statement on January 5. 

Pfizer and BioNTech have offered SA discounted Covid-19 vaccines 

By: News24Wire      5th January 2021 Pfizer and BioNTech offered to supply South Africa with their Covid-19 vaccine at a discounted $10 a dose, according to a person familiar with the talks, yet the president’s office still described the cost as prohibitive. The price was worked out according to South Africa’s status as a... 

Young South African women scientists awarded funding by L’Oréal and Unesco

By: Rebecca Campbell     4th January 2021 Last month, six young South African women scientists were awarded research grants by the L’Oréal-Unesco For Women in Science partnership. French group L’Oréal is reportedly the world’s biggest cosmetics company and Unesco is the United Nations Educational, Scientific and Cultural Organisation.... 

Santam to start assessing contingent business interruption claims

By: Simone Liedtke     4th January 2021 Insurance company Santam will start the process for assessing claims for policies with contingent business interruption (CBI) extensions. The claims assessment process will specifically apply to policies impacted by the recent judgment in the Western Cape High Court in the case between Santam and... 

South African fuel prices to rise across the board this week

By: African News Agency      4th January 2021 The retail price of fuel in South Africa will increase by up to 43 cents a litre from Wednesday, while the wholesale cost of diesel will rise by as much as 55 cents, the mineral resources and energy department said on Monday. In a statement, it said the retail price of illuminating paraffin,... 

South African fuel prices to rise across the board this week

Unplanned shut of Koeberg Unit 1 affects installation of new steam generators, raises load-shedding spectre

By: Terence Creamer     4th January 2021 Electricity utility Eskom reported on Monday that Koeberg Unit 1 would be taken offline for repairs one month ahead of scheduled maintenance after an increasing leak rate was detected from one of the unit’s three steam generators. Eskom said in a statement that the leak rate was “well within the... 

Unplanned shut of Koeberg Unit 1 affects installation of new steam generators, raises load-shedding spectre

Rand, stocks kick off new year on the front foot

By: Reuters     4th January 2021 South Africa's rand kicked off 2021 on a strong note in early Monday trade, as investors pinned their hopes on a COVID-19 vaccination programme, while firmer commodity prices lifted stocks. At 0712 GMT the rand was 0.61% firmer at 14.5637 against the dollar from a December 31 close at 14.6700. 

Rand, stocks kick off new year on the front foot

Covid-19 vaccine to target two-thirds of the population as govt aims for herd immunity

By: News24Wire      4th January 2021 At least 67% of South Africans will need to be vaccinated against Covid-19 to ensure herd immunity, health minister Zweli Mkhize has announced during a public briefing. On Sunday, Mkhize unveiled the government's strategy to secure vaccines and roll them out to two-thirds of South Africa's... 

Covid-19 vaccine to target two-thirds of the population as govt aims for herd immunity
Health Minister Zweli Mkhize

African Free Trade Area kicks off, but with reminders of major obstacles at borders

By: News24Wire      4th January 2021 It was by coincidence rather than design that the African market got bigger on the same day that Europe shrunk. Britain exited the EU on the first day of this year, just as African countries started trading under the African Continental Free Trade Agreement. This agreement is set to create a... 

African Free Trade Area kicks off, but with reminders of major obstacles at borders

Alcohol ban reinstated as SA moves to level 3 lockdown

By: News24Wire      28th December 2020 The ban on the sale, distribution and transportation of alcohol has been reinstated, President Cyril Ramaphosa announced on Monday night, as SA moves to level 3 of the Covid-19 lockdown.  "One of the more difficult areas of regulation relates to the sale of alcohol. The liquor industry is a major... 

Alcohol ban reinstated as SA moves to level 3 lockdown
President Cyril Ramaphosa

Commission recommends approval of Stanlib Fund II's buyout of SCDA 3

By: Creamer Media Reporter      18th December 2020 The Competition Commission has recommended that the Competition Tribunal approve the proposed transaction whereby Stanlib Fund II intends to acquire Solar Capital De Aar 3 (SCDA 3), without conditions. Stanlib Fund II is involved in the provision of financial services and SCDA 3 is a solar... 

Opposition DA files complaint over missed Covax payment  

By: Bloomberg     18th December 2020 South Africa’s main opposition party will file a complaint against Finance Minister Tito Mboweni for allegedly misleading the legislature about the country’s payment to sign up to the global Covax program, which is to procure and distribute Covid-19 vaccines. The Democratic Alliance will submit... 

Rand at its strongest in months, but 2021 could be another rollercoaster 

By: News24Wire      18th December 2020 The rand on Thursday broke below the R14.70/$ mark, and an analyst thinks there is scope for it to strengthen even further to R14.50/$. Along with other emerging market currencies, the rand this week rallied on a surge in risk appetite and a weakening dollar. Reports that a Brexit deal may be... 

Covid-19 second wave hits South Africa’s private hospitals

By: News24Wire      18th December 2020 South Africa's biggest private hospital groups are in for a busy festive season as Covid-19 cases rise, putting their facilities under pressure and putting elective surgeries on the backburner. This week, the country passed the 10 000 mark for new cases, which continue to climb, with more than... 

SAA pilots union: Key issue is not cuts to salaries, perks - it's who will be rehired and why  

By: News24Wire      18th December 2020 The South African Airways Pilots Association (SAAPA) has hit back at claims by the Department of Public Enterprises (DPE) that a regulating agreement dating back to 1988 - which covers the cost structure for the airline's pilots - is too expensive to allow the restructured flag carrier to get off... 

SAA pilots union: Key issue is not cuts to salaries, perks - it's who will be rehired and why

Drugmakers should cut Covid-19 vaccine prices for Africa - Africa CDC 

By: Reuters     17th December 2020 Pharmaceutical companies should sell Covid-19 vaccines to African countries at discounted rates and allow them to be produced locally to potentially cut costs, the head of the continent's disease control body said on Thursday. Africa is aiming to vaccinate up to 60% of its 1.3 billion people in... 

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