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Economy News

Affiliate Centre for the Fourth Industrial Revolution launched in SA

By: Rebecca Campbell     3rd May 2019 South African Science and Technology Minister Mmamoloko Kubayi-Ngubane has highlighted that the country's future development probably depended on how fast it mastered the technologies of the Fourth Industrial Revolution (4IR). She was addressing a recent breakfast forum to mark the setting up of... 

New tech initiative to enhance tourism industry

By: Tasneem Bulbulia     2nd May 2019 Tourism Minister Derek Hanekom on Thursday launched Jurni, a public–private sector venture that is expected to benefit the country’s tourism industry. Travel and Tourism Data Management company Jurni will deliver unbiased, consolidated and comprehensive tourism data to equip tourism businesses... 

New tech initiative to enhance tourism industry
Dr Nomvuselelo Songelwa

Seifsa welcomes PMI increase to 47.2 in April 

By: Marleny Arnoldi     2nd May 2019 The Steel and Engineering Industries Federation of Southern Africa has welcomed the increase in the seasonally-adjusted Absa Purchasing Managers’ Index (PMI) for April. Chief economist Dr Michael Ade said the rebounding indicator was encouraging for production processes. The PMI data for April... 

Seifsa welcomes PMI increase to 47.2 in April
Photo by Creamer Media
Seifsa chief economist Dr Michael Ade

Ramaphosa addresses YES youth concerns

By: Marleny Arnoldi     2nd May 2019 Since President Cyril Ramaphosa launched the Youth Employment Service (YES) in March last year, companies have jointly committed to realising nearly 18 000 work opportunities. The President on Thursday met with YES candidates who started their paid work experience at Nedbank and responded to... 

Absence of load-shedding signals positive outlook for business – index 

By: News24Wire      2nd May 2019 The lack of load-shedding in April, resulted in an uptick in the outlook for business conditions in the next six months, a survey revealed. The Absa Purchasing Manager's Index for April, released on Thursday, increased by 2.2 points to 47.2. This is the first increase following three months of... 

Absence of load-shedding signals positive outlook for business – index

Absa PMI rises in April as blackout fears ease

By: Reuters     2nd May 2019 South Africa's seasonally adjusted Absa Purchasing Managers' Index rose in April, breaking a run of three consecutive months of decline as business activity and new sales orders increased, a survey showed on Thursday. The index, which gauges manufacturing activity in Africa's most industrialised... 

Absa PMI rises in April as blackout fears ease

Sars welcomes Kieswetter as new Commissioner

By: African News Agency      2nd May 2019 The South African Revenue Service on Wednesday formally welcomed Edward Kieswetter to his new role as the Commissioner of the revenue collector. Kieswetter commenced his duties on Wednesday, replacing disgraced erstwhile Sars boss Tom Moyane, who left behind a broken tax collection agency and a... 

Sars welcomes Kieswetter as new Commissioner
Photo by Creamer Media's Dylan Slater
Sars Commissioner Edward Kieswetter

Mr Price lists on A2X, retains primary listing on JSE

By: African News Agency      2nd May 2019 Fashion retailer Mr Price Group will list its shares for trade on the A2X markets on Thursday while it will retain its primary listing on the Johannesburg Stock Exchange (JSE). Mr Price said that its issued share capital will be unaffected by its secondary listing on A2X. 

Ramaphosa to receive update on Youth Employment Service

By: African News Agency      2nd May 2019 President Cyril Ramaphosa will on Thursday receive an update on the Youth Employment Service, a business-led collaboration with the government and labour to create work opportunities for young people. Ramaphosa launched the initiative in March 2018 to place the needs of and opportunities for... 

Ramaphosa to receive update on Youth Employment Service
President Cyril Ramaphosa

Transnet promises to fill executive vacancies as Mahomedy is appointed new acting CEO 

By: Terence Creamer     2nd May 2019 State-owned freight logistics group Transnet has appointed Mohammed Mahomedy as acting group CEO after its board decided not to extend the six-month contract of the Tau Morwe, beyond Friday, May 3. Mahomedy, who has worked with Transnet for more than 12 years, has been acting CFO for the past 12... 

Transnet promises to fill executive vacancies as Mahomedy is appointed new acting CEO
Photo by Creamer Media's Dylan Slater
New acting Transnet CEO Mohammed Mahomedy

Mashaba calls for prioritisation of ‘neglected’ local government basics

By: Simone Liedtke     30th April 2019 Under the Diphetogo banner, which means “real, transformative, lasting change”, City of Johannesburg mayor Herman Mashaba on Tuesday called for the prioritisation of the basics of local government that have been “neglected”. Some of these basics focus on pressing community needs, youth... 

Mashaba calls for prioritisation of ‘neglected’ local government basics
City of Johannesburg mayor Herman Mashaba

NUM calls for reskilling of Eskom workers to equip them for clean-energy jobs  

By: Terence Creamer     30th April 2019 The National Union of Mineworkers (NUM) has called for greater attention to be given to the reskilling of Eskom workers “so that they can be absorbed” into clean-energy technology work opportunities. In a statement released following a meeting of its national executive committee in Gauteng, the... 

NUM calls for reskilling of Eskom workers to equip them for clean-energy jobs

Tribunal approves CIVH, Vumatel deal

By: Creamer Media Reporter      30th April 2019 The Competition Tribunal has approved, subject to conditions, the proposed merger whereby Community Investment Ventures Holdings (CIVH) seeks to increase its shareholding in Vumatel. Following the merger, CIVH, which acquired its initial shares in Vumatel in June 2018, will have sole control of... 

Nedbank reports ‘overwhelmingly positive’ response to pioneering renewable-energy bond 

By: Terence Creamer     30th April 2019 Financial services group Nedbank reported an “overwhelmingly positive” market response on Tuesday to its pioneering listing of a renewable-energy bond on the Green Bond Segment of the JSE. Nedbank became the first South African bank to list such an instrument on the bourse’s platform, which was... 

Nedbank reports ‘overwhelmingly positive’ response to pioneering renewable-energy bond
Bruce Stewart (holding Vuvuzela) at the listing on April 30 of the Nedbank Renewable Energy Bond

More than R550m attracted to key Cape Town sectors in first quarter

By: African News Agency      30th April 2019 More than R550-million was attracted into Cape Town’s economy and 520 new jobs created during the first quarter of this year, according to the recent quarterly report. The report on the performance of Wesgro, the Official Tourism, Trade & Investment Promotion Agency for Cape Town and the Western... 

More than R550m attracted to key Cape Town sectors in first quarter

SAA agrees debt rollover deal in principle – CEO 

By: Reuters     30th April 2019 State-owned South African Airways has reached an agreement in principle with lenders to roll over $642-million of debt, its CEO said on Tuesday, giving him room to execute a turnaround aimed at weaning the airline off government bailouts. President Cyril Ramaphosa has made a point of supporting... 

SAA agrees debt rollover deal in principle – CEO

Sars wants tech to help it stop illicit tobacco revenue leaks

By: Schalk Burger     30th April 2019 The South African Revenue Service (Sars) is seeking to introduce a track-and-trace marker technology in the cigarette industry, which will enable it to monitor the journey from cigarette manufacturing plants to points of sale and/or import or export trades. This is aimed at curbing revenue... 

Sars wants tech to help it stop illicit tobacco revenue leaks

Eskom attributes load-shedding-free period to improved plant performance 

By: Terence Creamer     29th April 2019 State-owned electricity utility Eskom reported on Monday that an improvement in plant performance had enabled it to avoid load-shedding for 36 consecutive days since the declaration of an extended period of rotational power cuts in March. However, COO Jan Oberholzer reiterated that the risk of... 

Eskom attributes load-shedding-free period to improved plant performance
Photo by Creamer Media's Dylan Slater
Eskom COO Jan Oberholzer

Competition Tribunal unveils new website to provide easier access to information

By: Schalk Burger     29th April 2019 The Competition Tribunal on Monday announced that it had rebranded under a new logo and had redone its website to offer easier access to information for companies. The revamped website offers users the latest case information and documentation, breaking news, as well as improving search... 

KZN floods cause damage of over R1bn, province wants disaster declared 

By: News24Wire      29th April 2019 The cost of damage to various parts of KwaZulu-Natal following last week's heavy rains and localised flooding has run into billions of rand, Premier Willies Mchunu said on Monday. "The estimated damage currently stands at R1.1-billion, with the eThekwini damage alone estimated at over... 

KZN floods cause damage of over R1bn, province wants disaster declared

EDF puts energy-challenged Africa at the centre of its 2030 development strategy

By: Simone Liedtke     29th April 2019 Africa is at the heart of French energy solutions provider EDF’s ambition to triple its activity outside of Europe, as well as to double its renewable energy capacity globally, by 2030; however, there are various challenges facing the continent, and the company aims to help address these through... 

EDF puts energy-challenged Africa at the centre of its 2030 development strategy
EDF senior VP for Africa Valérie Levkov

Winter rains are starting later in the year – study

By: News24Wire      29th April 2019 The rainy season in South Africa’s winter rainfall region is starting later in the year than it used to, according to a study conducted at the University of Cape Town (UCT). But Waarith Abrahams, a master’s student at UCT’s Climate Systems Analysis Group who did the research, said further studies... 

Mergence, Cadiz merger broadens capabilities

By: Marleny Arnoldi     29th April 2019 The Mergence Group has acquired a controlling stake in Cadiz Corporate Solutions, with the team rebranded under the name Mergence Corporate Solutions (MCS), with a presence in Johannesburg and Cape Town. MCS MD Robbie Gonsalves will continue to lead the team of eight people, including veteran... 

Nedbank commits to further investment in Youth Employment Service 

By: Marleny Arnoldi     26th April 2019 Nedbank has agreed to sponsor 3 315 youths between the ages of 18 and 29 for paid work experience over the 12 months from May 1. This forms part of the bank’s funded skills development programme run with the Youth Employment Service (YES). The agreement, dubbed the CEO Pledge, was signed by... 

Nedbank commits to further investment in Youth Employment Service
Photo by Creamer Media's Dylan Slater
YES CEO Tashmia Ismail-Saville and Nedbank CEO Mike Brown sign the CEO pledge

Prasa suspends WC head of security, 2 others over burning trains saga

By: News24Wire      26th April 2019 The Passenger Rail Agency of South Africa (Prasa) announced on Friday that it has suspended its head of security in the Western Cape as well as two other security officers pending the outcome of an investigation into whether there was a security lapse that resulted in the burning of 12 train... 

 Prasa suspends WC head of security, 2 others over burning trains saga

Long period of backsliding masks genuine promise South Africa still holds

By: Terence Creamer     26th April 2019 It was the best of times, it was the worst of times, it was the age of political inclusion, it was the age of income inequality, it was the epoch of human dignity, it was the epoch of neglect and corruption, it was the season of electricity access, it was the season of load-shedding, it was the... 

Long period of backsliding masks genuine promise South Africa still holds

Poultry association says importers should support local jobs 

By: African News Agency      25th April 2019 The South African Poultry Association (SAPA) said on Thursday it was concerned about what it called irresponsible claims by a consumer protection body and a new organisation for black chicken importers and exporters in support of predatory trade from Brazil, at the expense of local jobs. Last... 

Barloworld optimistic ‘black public’ will take up offer to invest in new property group 

By: Terence Creamer     25th April 2019 Industrial group Barloworld is optimistic that qualifying black South Africans will respond positively to its offer to buy a maximum of 30% of the shares available in a new black-owned property company, called Khula Sizwe Property Holdings, being created as part of a larger R3.5-billion... 

Barloworld optimistic ‘black public’ will take up offer to invest in new property group
Barloworld to sell 68 mostly industrial properties to Khula Sizwe

SA Mint commemorates 25 years of democracy with three collectable coins 

By: Marleny Arnoldi     25th April 2019 South African Reserve Bank subsidiary South African Mint Company has launched an “SA25 – Celebrating South Africa” coin series, which commemorates the rights and freedoms espoused by the country’s Constitution. This week, 25 years ago, South Africa held its first democratic elections. The SA Mint... 

SA Mint commemorates 25 years of democracy with three collectable coins
Sa Mint's SA25 - Celebrating South Africa coin series

Davies and Mboweni in Lesotho for SACU meeting

By: African News Agency      25th April 2019 South African Trade and Industry Minister Dr Rob Davies and Finance Minister Tito Mboweni are in Maseru, Lesotho, where they will attend the Southern African Customs Union "Council of Ministers" meeting on Thursday.  Lesotho is the current chair of SACU, whose members are Botswana, Eswatini,... 

Davies and Mboweni in Lesotho for SACU meeting
Trade & Industry Minister Rob Davies

Agricultural sector urged to collaborate

By: Tasneem Bulbulia     24th April 2019 The agricultural sector needs to pursue collaboration to mitigate the various challenges it is facing, as well as to grow the sector, says Agri SA Commodity Chamber chairperson Dr Pieter Prinsloo. Speaking at Agri SA’s Commodity and Corporate Chamber Conference, in Pretoria, on Wednesday, he... 

Cabinet Ministers’ meeting with Xolobeni community postponed

By: Simone Liedtke     24th April 2019 A delegation of Cabinet Ministers, led by Mineral Resources Minister Gwede Mantashe, which were to meet with the Xolobeni community, in the Eastern Cape, on Thursday, has postponed its visit to the area owing to the heavy rainfall that has led to flooding and damaged roads in the province. The... 

Defy showcases latest tech at new regional experience centre

By: Simone Liedtke     24th April 2019 Home appliance manufacturer Defy on Wednesday unveiled its regional experience centre, at its Midrand facility, to showcase its latest innovations. The centre also includes a museum documenting the progress the company has made since 1933. According to Defy regional marketing director Rajan... 

Defy showcases latest tech at new regional experience centre
Photo by Creamer Media's Dylan Slater
Home appliance manufacturer Defy's Midrand facility

CSIR analysis highlights positive contribution of renewables during 2019 load-shedding periods  

By: Terence Creamer     24th April 2019 South Africa’s fleet of utility-scale variable renewable energy plants contributed to limiting the extent of load-shedding instituted by Eskom during the first quarter of 2019 by 46%, new analysis by the Council for Scientific and Industrial Research research shows. The report adds that, absent... 

CSIR analysis highlights positive contribution of renewables during 2019 load-shedding periods

South Africa's 2018/19 maize crop seen down 15% on drought

By: Reuters     24th April 2019 South Africa is likely to harvest 15% less maize in 2018/2019 compared with the previous season after drought delayed plantings, a Reuters poll showed on Wednesday. The government's Crop Estimates Committee (CEC), which will provide its third production forecast for the 2018/2019 crop on... 

Bank report points to transport being next decarbonisation frontier 

By: Terence Creamer     24th April 2019 Newly released research by international banking group HSBC outlines a scenario for reducing transport emissions by 76% by 2040 through combining technology and regulation in a way that results in electricity, hydrogen and biofuels replacing oil as the primary fuel feedstock across transport... 

Bank report points to transport being next decarbonisation frontier

Closure of Blantyre Airport’s main runway has forced changes to SAA operations

By: Rebecca Campbell     24th April 2019 South African Airways (SAA) announced on Wednesday that, because of the closing of the main runway of Malawi’s Chileka International Airport in Blantyre, also with effect from Wednesday (April 24), and until July 24 this year, the national flag carrier would not be able to operate services to... 

Closure of Blantyre Airport’s main runway has forced changes to SAA operations
Photo by Bob Adams/Creative Commons
A Bombardier Q400 airliner of SA Express
 

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