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Economy News

Kganyago re-appointed for another 5 years

By: Reuters     10th July 2019 South African President Cyril Ramaphosa has re-appointed central bank governor Lesetja Kganyago for another five-year term when his current term expires in November, the finance ministry said on Wednesday. Ramaphosa also appointed Fundi Tshazibana and Rashad Cassim as deputy central bank... 

Iata meets with Zimbabwean government over blocked airline revenues

By: Rebecca Campbell     10th July 2019 A delegation from the International Air Transport Association (Iata) led by its director-general Alexandre de Juniac, met with Zimbabwean President Emmerson Mnangagwa and other high-ranking government officials on Tuesday to discuss major issues concerning the airline industry and Zimbabwe, and... 

Iata meets with Zimbabwean government over blocked airline revenues
Zimbabwean flag

National minimum wage not the jobs poison pundits feared – Minister Nxesi 

By: News24Wire      10th July 2019 Minister of Employment and Labour Thulas Nxesi told reporters in Parliament on Wednesday that the employment market had taken well to the National Minimum Wage since it was signed into law, with only 7% of employers in the country not complying. Nxesi was speaking ahead of his first Budget Vote... 

National minimum wage not the jobs poison pundits feared – Minister Nxesi
Photo by Creamer Media
Minister of Employment and Labour Thulas Nxesi

Cyril Ramaphosa’s honeymoon is officially over

By: Bloomberg     10th July 2019 South African business leaders are becoming frustrated with the pace of reform under President Cyril Ramaphosa. His Cabinet choices and spending pledges haven’t helped. His ascension to national leader in February last year was greeted with so-called “Ramaphoria,” as the rand and government bonds... 

Cyril Ramaphosa’s honeymoon is officially over
President Cyril Ramaphosa

‘Weak’ carbon tax to be significantly strengthened from 2023 – Treasury official 

By: Terence Creamer     9th July 2019 A leading National Treasury official has warned industry to prepare for a significant strengthening of South Africa’s carbon tax during the second phase of implementation, which will begin in January 2023, describing the first phase, which came into force on June 1, as “weak”. South Africa’s... 

‘Weak’ carbon tax to be significantly strengthened from 2023 – Treasury official
Photo by Creamer Media
National Treasury deputy director-general Ismail Momoniat

SARB stresses importance of independence 

By: Reuters     9th July 2019 The South African central bank's independence is an important check on government-controlled fiscal policy, a central bank deputy governor said on Tuesday, following a high-profile row over the role of the bank. Some senior officials in the governing African National Congress party have this year... 

SARB stresses importance of independence
Kuben Naidoo

'E-tolls cannot be resurrected' – Outa

By: African News Agency      9th July 2019 The Organisation Undoing Tax Abuse says it is willing to help government resolve the e-tolls impasse following a social media spat between Finance Minister Tito Mboweni and Gauteng Premier David Makhura over the province's decision to reject e-tolls. Outa said government could have used the fuel... 

'E-tolls cannot be resurrected' – Outa

Think-tank attacks State-owned regional airline for 'showing contempt for the law'

By: Rebecca Campbell     9th July 2019 The Free Market Foundation (FMF) think-tank has accused State-owned regional airline SA Express (SAX) of breaking the law by not responding to a request for information under the Promotion of Access to Information Act (PAIA). The FMF made a PAIA request to SAX on May 31 regarding the troubled... 

Think-tank attacks State-owned regional airline for 'showing contempt for the law'
Photo by SA Express
A Bombardier CRJ700 regional jet in SA Express colours

Saice bemoans the exodus of engineers from South Africa

By: Marleny Arnoldi     9th July 2019 The South African Institution of Civil Engineering (Saice) has called for urgent intervention by government to attract engineers who have been emigrating at an alarming rate back to South Africa. Statistics from the Department of Home Affairs in 2017 showed that eight South African... 

Ramaphosa says he will discuss Zim's energy woes with Eskom

By: News24Wire      9th July 2019 President Cyril Ramaphosa has said he will discuss Zimbabwe's energy woes with Eskom, adding that boosting the supply of electricity to South Africa's northern neighbour requires a "balancing act".  The president was speaking on the sidelines of the 12th Extraordinary Summit on the Continental... 

 Ramaphosa says he will discuss Zim's energy woes with Eskom
President Cyril Ramaphosa

Task team to look at future of e-tolling, completion date set for August  

By: Irma Venter     8th July 2019 A governmental task team will produce a report on the future of electronic tolling in Gauteng by August. Speaking at a media conference at the Southern African Transport Conference in Pretoria, on Monday, Transport Minister Fikile Mbalula said this report will be presented to President Cyril... 

Task team to look at future of e-tolling, completion date set for August
Photo by Creamer Media's Dylan Slater
Transport Minister Fikile Mbalula

Gauteng leading in South Africa’s response to 4IR

By: Marleny Arnoldi     5th July 2019 South Africa’s response to the Fourth Industrial Revolution (4IR) must be integrated and comprehensive, involving all stakeholders of the global polity, from the public and private sectors to academia and civil society, Gauteng Premier David Makhura said on Friday. He spoke at the inaugural... 

Gauteng leading in South Africa’s response to 4IR
Photo by Creamer Media's Dylan Slater
Premier David Makhura

Ramaphosa speaks out against using companies as pawns in trade wars

By: Natasha Odendaal     5th July 2019 South Africa President Cyril Ramaphosa on Friday slammed the use of private companies as pawns in trade disagreements between States. Speaking at the inaugural Digital Economy Summit, in Midrand, he reiterated South Africa’s support of telecommunications giant Huawei amid now-alleviated US... 

Gauteng macroeconomic model to be ready in next 100 days, says Ramokgopa

By: Simone Liedtke     5th July 2019 Gauteng Economic Development, Agriculture and Environment MEC Dr Kgosientso Ramokgopa on Friday told media that a provincial macroeconomic model will be developed and finalised within the next 100 days. The model would help to address Gauteng’s disproportionate share of responsibilities and would... 

Gauteng macroeconomic model to be ready in next 100 days, says Ramokgopa
Photo by Creamer Media's Simone Liedtke
Gauteng Economic Development, Agriculture and Environment MEC Dr Kgosientso Ramokgopa

Ramaphosa throws weight behind 4IR as South Africa’s growth accelerator 

By: Natasha Odendaal     5th July 2019 South Africa is positioning itself not as an adopter but rather as a leader and driver of the Fourth Industrial Revolution (4IR) worldwide, President Cyril Ramaphosa promised on Friday, throwing his weight fully behind the imminent digital disruption. He believes that taking the global lead on... 

Ramaphosa throws weight behind 4IR as South Africa’s growth accelerator
Photo by Creamer Media's Dylan Slater
President Cyril Ramaphosa

Emerging market currencies likely have seen the best of 2019

By: Reuters     5th July 2019 Most emerging market currencies have probably seen the best of a lukewarm year against the dollar as US President Donald Trump is expected to back-pedal on his conciliatory tone from the recent G20 summit, a Reuters poll showed on Friday. Emerging market currencies have had a relatively resilient... 

Denel asks for R2.8bn State cash injection – CEO 

By: Reuters     5th July 2019 State arms company Denel has asked the government for a R2.8-billion cash injection to help it emerge from a financial crisis and secure lucrative export deals, its chief executive said. Denel, a cornerstone of the country's once-mighty defence industry, is one of several state firms whose... 

Denel asks for R2.8bn State cash injection – CEO

Africa to decide on free-trade zone: what’s at stake?

By: Reuters     5th July 2019 African leaders will decide on Sunday which nation will host the headquarters for a continental free-trade zone that aims to eventually unite the continent's 1.27 billion people and its $3.4-trillion nominal gross domestic product. Leaders at the African Union summit in Niger will also set a date... 

Africa to decide on free-trade zone: what’s at stake?

South Africa ranked the thirtieth most attractive country for expats

By: Simone Liedtke     5th July 2019 Quality of life, career progress and the climate are the top reasons cited by people who move to South Africa to work, according to the twelfth annual league table published by HSBC Expat. The independent consumer research study into the global views of those who relocate for work provides... 

‘Structural disconnect’ to blame for South Africa’s de-industrialisation

By: Simone Liedtke     5th July 2019 The “hollowing out” of South Africa’s manufacturing sector has occurred as a result of the country’s premature de-industrialisation, professional services firm Deloitte emerging markets and Africa MD Dr Martyn Davies tells Engineering News Online. Expanding on the phenomenon, he says that South... 

‘Structural disconnect’ to blame for South Africa’s de-industrialisation
Photo by Creamer Media
Deloitte emerging markets and Africa MD Dr Martyn Davies

EU steel sector braces amid onslaught

5th July 2019 Surging import volumes, stalling economic growth, high and volatile raw material costs and sharply growing carbon costs are coming together to form a perfect storm that could knock the European steel industry back into a period of severe crisis. 

Tough leadership needed to improve SA economy

5th July 2019 The 3.2% drop in South Africa’s gross domestic product (GDP) in the first quarter of 2019 demonstrates that the country needs more than the now-routine lip service paid by its political leadership to economic growth amid the euphoria which greeted Cyril Ramaphosa’s ascendancy to the presidency... 

South African unmanned aerial vehicle industry body created

By: Rebecca Campbell     5th July 2019 A representative body for the South African unmanned aerial vehicle (UAV), or drone, sector was launched recently at Kyalami, north of Johannesburg. This is the South African Federation of Unmanned Aircraft Systems (UAS), officially abbreviated to Safu. (UAS is another term for drones; they are... 

World airline body’s regional head highlights benefits of and barriers to African aviation

By: Rebecca Campbell     5th July 2019 The importance, potential, and challenges facing commercial aviation in Africa were highlighted at the International Air Transport Association (IATA) Regional Aviation Forum, held late last month in Accra, Ghana. “Aviation is a key enabler for economic and social prosperity in Africa,”... 

Institute implements changes for inclusivity, diversity

By: Theresa Bhowan     5th July 2019 The Southern African Institute of Steel Construction (SAISC) is following a diverse and inclusive approach in the steel industry as it promotes the importance of women working in steel, as well as younger people joining the sector. 

Institute implements changes for inclusivity, diversity
NEW ON BOARD Newly elected chairperson, Nicolette Skjoldhammer with CEO Paolo Trinchero and board member Tebogo Raaleka

Infrastructure backlog provides growth opportunities for company

By: Cameron Mackay     5th July 2019 There is a backlog of sufficient planned new bulk water infrastructure projects in South Africa which could potentially provide increased opportunities for engineering consultants, such as AECOM, to become involved in more infrastructure development, says AECOM water business line director Werner... 

Infrastructure backlog provides growth opportunities for company
WERNER COMRIE Collaboration between the public and private sectors is long overdue. We have to use our collective knowledge to solve the challenges going forward

Stakeholder collaboration can ensure cleaner air in SA

By: Mamaili Mamaila     5th July 2019 The transition to an environmentally sustainable and healthier South Africa, ultimately, comes down to collaborative inputs by government, industries and citizens, says air pollutants control and removal company About Air Pollution GM Anton Wentzel. 

Stakeholder collaboration can ensure cleaner air in SA
BAGHOUSE EXTRACTIONS About Air Pollution designed, fabricated and supplied various baghouse extraction systems, ducting and ancillary equipment from various furnaces for recycling company Fry’s Metals

Solutions provider to improve air monitoring service offering

By: Mamaili Mamaila     5th July 2019 Environmental consultant Rayten Engineering Solutions is acquiring South African National Accreditation System accreditation for stack emissions monitoring and dust fallout monitoring to improve its service offering. 

Treasury vows to respect central bank independence

By: Bloomberg     4th July 2019 The National Treasury respects the independence of the nation’s central bank and will refrain from commenting on monetary policy. And the Reserve Bank promised to do the same for fiscal policy. The institutions put out a joint statement on Thursday following comments in Business Day newspaper by... 

DTIC gives insight into locally manufactured vehicle parts sector

By: Simone Liedtke     4th July 2019 Between 800 and 20 000 locally manufactured parts were used in every locally assembled vehicle model in 2018, the Department of Trade, Industry and Competition (DTIC) says. It noted in a Parliamentary reply published this week that, vehicle models that have been in production for longer use more... 

No significant changes in transformation, says BBBEE Commission

By: Simone Liedtke     4th July 2019 No significant changes happened in the levels of transformation during 2018, with black ownership reflecting a decline to 25.2% last year, from 27% in 2017, and management control still sitting at 38% for black persons, the Broad-Based Black Economic Empowerment (BBBEE) Commission said on... 

SAWEA calls for urgent finalisation of the IRP

By: Simone Liedtke     4th July 2019 The South African Wind Energy Association (SAWEA) is making an urgent call for the release of the finalised Integrated Resource Plan (IRP) in order to “create the certainty required to attract foreign investment”. The draft IRP was tabled for public comment in August 2018 and an updated version... 

SAWEA calls for urgent finalisation of the IRP
Noupoort Wind Farm

Safika now holds 10% of Sephaku

By: Simone Liedtke     4th July 2019 Investment holdings company Safika has acquired an interest in building materials company Sephaku. Safika now holds 10% of Sephaku’s issued shares. 

National Treasury briefs appropriations committees on R17bn payment to Eskom

By: African News Agency      4th July 2019 National Treasury on Wednesday briefed a joint meeting of the Standing and Select Committees on Appropriations on the Minister of Finance’s authorisation of a R17.65-billion payment to Eskom in April, as well as on the Appropriations Bill, the committee said in a statement.   National Treasury... 

Nigeria will sign African free-trade pact at AU meeting in Niger

By: Bloomberg     3rd July 2019 Nigeria will sign a continental free-trade deal at a extraordinary summit of the African Union this weekend, bringing the duty-free movement of goods in the region a step closer. The economy of Africa’s most-populous nation vies with South Africa to be the continent’s biggest and signing up... 

Head hunters seek new generation of leaders in South Africa

By: Bloomberg     3rd July 2019 There may be a silver lining to South Africa’s growing CEO crisis. The departures of more than eight chief executives from companies such as Absa Group and Eskom Holdings is making room for the next generation of younger, more dynamic leaders to navigate the country’s top institutions through a... 

Public enterprises wants to fast-track oversight bill on parastatals

By: African News Agency      3rd July 2019 The department of public enterprises believes the Shareholder Management Bill should be fast-tracked to allow tighter oversight over state-owned enterprises, Deputy Public Enterprises Minister Phumulo Masualle said on Wednesday. Masualle said the bill remained in the pipeline and there was a hope... 

Public enterprises wants to fast-track oversight bill on parastatals
 

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