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Economy News

Joburg to award four smart city challenge winners, applauds quality of solutions

By: Schalk Burger     21st June 2022 The City of Johannesburg (CoJ) would be announcing four winners for its yearly Smart City Innovation Challenge instead of three owing to the quality of solutions received, said CoJ Smart City Office leader Lawrence Boya. Each of the four winners would receive R500 000 and an opportunity to pilot... 

Transnet to issue locomotive tender in July to address crippling port and rail backlog

By: News24Wire      21st June 2022 In a bid to improve on its operational performance, clear logistic backlogs, and claw itself out of its financial predicament, Transnet has confirmed that it will issue a tender for the procurement of new locomotives next month. This comes after Transnet Group CEO Portia Derby told Business Day... 

South Africa transmission firm seen hobbled by Eskom millstone

By: Bloomberg     21st June 2022 South Africa’s plan to create a power transmission company that will attract the investment needed to strengthen the national grid has been hobbled by its restrictive debt arrangements with parent Eskom Holdings, two people familiar with the situation said. Under the plan to separate the unit,... 

Patel says ‘pragmatic solution’ to be found to localisation-linked renewables delays  

By: Terence Creamer     21st June 2022 Trade, Industry and Competition Minister Ebrahim Patel reports that government is working to find a “pragmatic solution” to the problem where local-content requirements contained in government’s electricity procurement programmes are delaying the construction of utility scale renewable-energy... 

Trade, Industry and Competition Minister Ebrahim Patel
Trade, Industry and Competition Minister Ebrahim Patel on localising renewables components in a pragmatic way. Camera Work: Shadwyn Dickinson. Editing: Nicholas Boyd. Recorded: 21.06.2022

‘Jackpot’ oil discoveries may help Namibia double GDP by 2040

By: Bloomberg     21st June 2022 Namibia expects its biggest oil discoveries since independence to help double its economy by 2040, Jennifer Comalie, chairperson of National Petroleum Corp of Namibia, said in a Bloomberg TV interview. TotalEnergies in February said it had made a “significant” oil discovery off the coast of... 

Eleven-point action plan agreed to address recruitment of foreign truck drivers

By: Donna Slater     20th June 2022 The Road and Freight Inter-Ministerial Committee (IMC), in partnership with the road and freight industry stakeholders, have agreed on an eleven-point action plan to deal with industry challenges and the recruitment of foreign nationals. The Road and Freight IMC met with industry players that... 

Failure to tackle the construction mafia will have dire consequences, report warns

By: Darren Parker     20th June 2022 Government’s failure to adequately address the “construction mafia” will have dire consequences not just for the construction sector but for South Africa as a whole, as it is likely to result in the spread of such practices to other sectors of the economy. This is according to a Global Initiative... 

construction of building with cranes

Youth unemployment in need of a united focus – BLSA

By: Donna Slater     20th June 2022 Youth unemployment, exacerbated by the Covid-19 pandemic, is a “national crisis” that requires a clear focus if it is to be resolved, says Business Leadership South Africa CEO Busi Mavuso. She says that, although the challenges that led to June 16 being marked as Youth Day – following a dramatic... 

Stage 2 load-shedding to be implemented every evening from Monday to Thursday

By: News24Wire      20th June 2022 Eskom will implement Stage 2 load-shedding every evening between 17:00 and 22:00, from Monday to Thursday. The power utility said the load shedding was due to the continued shortage of generation capacity. 

Power pylons in South Africa

Finance ‘sea change’ needed for Africa to meet $190bn/y energy investment goal 

By: Terence Creamer     20th June 2022 Achieving Africa’s energy and climate goals by 2030, including universal access, will require a more than doubling in energy investment this decade, rising to a yearly rate of $190-billion from 2026 to 2030, a new International Energy Agency (IEA) report shows. It will also require the connection... 

Executive director Dr Fatih Birol
Executive director Dr Fatih Birol

Eskom warns of high load-shedding risk as grid likely strained for 'next few weeks'

By: News24Wire      20th June 2022 The power system is under severe pressure and there is a risk of load-shedding at short notice if there are any significant breakdowns at Eskom plants, the power utility warned on Monday morning.  The power system will be under strain for the next few weeks, it added in a statement.  

Electricity Pylons

Ramaphosa sees more to gain from Brics as he gears up for Leaders’ Summit 

By: Thabi Madiba     20th June 2022 President Cyril Ramaphosa will join the virtual fourteenth Brics (Brazil, Russia, India, China and South Africa ) Leaders’ Summit, on Thursday, hosted by Chinese President Xi Jinping. Ramaphosa hopes to strengthen South Africa’s ties with the Brics countries, particularly for job creation. He... 

Image of South African President Cyril Ramaphosa
President Cyril Ramaphosa

Police arrest 2 men with more than 300kg of Transnet copper cable

By: News24Wire      20th June 2022 Two men were arrested in Vredenburg after allegedly being found with 302 kg of copper cable belonging to Transnet, Western Cape police said. Police spokesperson Colonel Andrè Traut said officers on patrol on Saturday night arrested the two at the R27 and R399 crossing in Vredenburg. 

Numsa signs above inflation wage increase with Gautrain operator

By: Tasneem Bulbulia     17th June 2022 The National Union of Metalworkers of South Africa (Numsa) says it has signed an above-inflation wage increase of 7%, effective July 1, with the Bombela Operating Company (BOC), the agency which is running the Gautrain. In a statement, the union indicates that it has been engaging the employer... 

Eskom has 32 GW of grid capacity, but not where most renewables investors want it 

By: Terence Creamer     17th June 2022 Eskom acknowledges that transmission constraints remain an obstacle to the introduction of new renewables generation, but the utility also highlights that 32 GW of grid capacity is immediately available to those independent power producers (IPPs) willing to build projects outside of the country’s... 

Eskom power lines
Photo by Creamer Media
Eskom power lines

Industry body stresses need for import protection

By: Cameron Mackay     17th June 2022 Construction industry body Cement & Concrete South Africa (CCSA) is interacting with government to legislate anti-import dumping tariffs and protection for local cement materials and products. “We have capacity to produce around 22-million tons of cement a year, and we are producing only about... 

Image of CCSA CEO Bryan Perrie
BRYAN PERRIE The cement industry is a large employer locally. If the industry suffers and cement plants close, it can have a severe knock-on effect on communities

GreenCape’s 2022 green economy market intelligence reports outline opportunities

By: Tasneem Bulbulia     15th June 2022 This year’s editions of nonprofit organisation GreenCape’s yearly green economy market intelligence reports (MIRs) have been made available. The reports were officially launched on June 7 by Western Cape Minister of Finance and Economic Opportunities Mireille Wenger and Western Cape Minister of... 

Information most important part to support greater investments into emerging markets

By: Schalk Burger     15th June 2022 Emerging markets need more funding to close developmental gaps and to adapt to a changing climate, and a better flow of information and greater accuracy of information can help to increase the flow of investment funding. Recent United Nations estimations indicate that emerging markets will need... 

World Economic Forum New Champions Chapter launched in South Africa

By: Donna Slater     15th June 2022 Integrated market access and logistics solutions provider Imperial, and markets, risk management and data science company Risk Insights jointly hosted the official launch of the World Economic Forum (WEF) New Champions Chapter, in Johannesburg, on June 14. In August 2021, the WEF announced both... 

An image of Julia Devos, Andrey Bogdanov and Mohammed Akoojee
WEF New Champions global community head Julia Devos, Risk Insights principal and CEO, and WEF New Champions Local Chapter South Africa co-chairperson Andrey Bogdanov, and Imperial group CEO Mohammed Akoojee

Altron FinTech AFSCI shows recovery in fourth quarter of 2021

By: Creamer Media Reporter      15th June 2022 The Altron FinTech Short-term Credit Impact (AFSCI) Index shows some short-term lending recovery in the fourth quarter of 2021, despite the impacts of Covid-19; however, National Creditor Regulator (NCR) data for the first quarter of 2022 is expected to show a decline. The AFSCI, which tracks the... 

Pandemic induces change in food and beverage behaviour for the better – Tetra Pak

By: Donna Slater     15th June 2022 The Covid-19 pandemic has resulted in a shift in the way people approach everyday life and the ways they prepare and consume food and beverages, food processing and packaging solutions company Tetra Pak’s latest index report shows. The report reveals that the pandemic has reinforced the value... 

Proposals made to end worsening load-shedding  

By: Creamer Media Reporter      15th June 2022 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about warnings that load-shedding could become much worse if urgent action is not taken, proposals by Meridien Economics and other experts on how to end load-shedding and the need for political will and coordination... 

Photo of Terence Creamer
Proposals made to end worsening load-shedding

South African agriculture again recorded growth in the first quarter, but trend is slowing

By: Rebecca Campbell     15th June 2022 The Bureau for Food and Agricultural Policy (BFAP) has highlighted the continuing economic growth of the South African agricultural sector during the first quarter of this year (Q1 2022) but has warned that this growth was expected to decelerate “drastically” over the course of this year. In... 

Sacci BCI at a two-year low

By: Tasneem Bulbulia     14th June 2022 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) stood at 89.3 in May – its lowest level since the 85.7 of September 2020. The BCI declined from 95.6 in March to 93.7 in April and then further to 89.3 in May. 

Climate Commission sets sights on energy mix as it wraps up work on just transition framework 

By: Terence Creamer     14th June 2022 The Presidential Climate Commission (PCC) is initiating a process of research and consultation on South Africa’s future energy mix, which it aims to present to Cabinet before the end of 2022. Speaking at a conference hosted by the RES4Africa Foundation in Johannesburg, executive director Dr... 

PCC executive director Dr Crispian Olver
PCC executive director Dr Crispian Olver

Eskom warns power system is 'very constrained', risk of load-shedding in coming weeks

By: News24Wire      14th June 2022 Eskom warned on Tuesday afternoon that load-shedding may be implemented at short notice during the evenings this week, should there be any significant breakdowns. Eskom said there's a continued shortage of generation capacity, and that the power system will be very constrained on Tuesday evening... 

Electricity Powerlines

Registrations for South African Heavy Haul Association Conference now open

By: Simone Liedtke     14th June 2022 Early bird registrations for the upcoming South African Heavy Haul Association (Sahha) Conference 2022 are now open. The conference, which will be held at Emperors Palace, in Kempton Park, Gauteng, from August 2 to 4, will be themed “Safe, Resilient and Efficient Heavy Haul – from pit to port”. 

Registrations for South African Heavy Haul Association Conference now open

Gordhan gives Transnet a pat on the back for progress made on repairs in KZN

By: Darren Parker     14th June 2022 Public Enterprises Minister Pravin Gordhan has commended State-owned Transnet on what he called “significant progress” in the undertaking of repairs to operational areas damaged by the April floods in KwaZulu-Natal, which were declared a national disaster by President Cyril Ramaphosa. The repair... 

A repaired railway line in KwaZulu-Natal

SA's biggest monetary mistake can still be corrected, says Kganyago

By: News24Wire      14th June 2022 South Africa should have shifted to an inflation target of between 2% and 4% years ago and – even though inflation is threatening to break above 6% – lowering the target should still be considered, according to Lesetja Kganyago, governor of the SA Reserve Bank.  "The time to actually talk [about]... 

Reserve Bank Governor Lesetja Kganyago
Reserve Bank Governor Lesetja Kganyago

Treasury gazettes new VAT regulations for valuable metal vendors

By: Darren Parker     14th June 2022 The National Treasury this week gazetted the Regulations on Domestic Reverse Charge Relating to Valuable Metal, which is meant to serve as an anti-abuse measure aimed at foreclosing schemes and malpractices to claim undue value-added tax (VAT) refunds from the South African Revenue Service (Sars)... 

Comair placed in provisional liquidation by high court

By: News24Wire      14th June 2022 Kulula.com and local British Airways operator Comair was placed in provisional liquidation by the South Gauteng High Court in Johannesburg on Tuesday. The liquidation is necessary for Comair to preserve its fleet of aircraft, valued at about R3.5-billion, for the benefit of creditors, according... 

Kulula airlplane

Localisation strategies must identify, remove constraints for local producers

By: Darren Parker     13th June 2022 Effective localisation strategies must start by identifying the constraints on local producers that make it harder for them to compete with foreign suppliers, a report issued by economic research firm Trade and Industrial Policy Strategies (Tips) on June 10 states. Tips identified several... 

South African GDP boosted as investment makes gradual recovery

By: Darren Parker     13th June 2022 In expenditure terms, a recovery in investment and expanded household spending boosted South Africa’s gross domestic product (GDP) growth in the first quarter this year, according to a report issued by economic research firm Trade and Industrial Policy Strategies (Tips) on June 10. Gross fixed... 

Eskom probes fire at Duvha power station

By: News24Wire      13th June 2022 A fire broke out at Unit 2 of the Duvha power station in Mpumalanga on Monday morning, Eskom has confirmed. In a statement, spokesperson Sikonathi Mantshantsha said the fire had been extinguished quickly and no injuries to staff had been reported.  

Duvha powerstation

WTO set to debate tariffs on $26.7tr in global e-commerce

By: Bloomberg     13th June 2022 For the past quarter century, the meteoric rise of the digital economy has been exempt from the kind of tariffs that apply to trade in physical goods. That era may come to a screeching halt this week as a handful of nations threaten to scrap an international ban on digital duties in a... 

UK to support free and fair trade at latest WTO Ministerial Summit

By: Rebecca Campbell     13th June 2022 UK International Trade Secretary (Cabinet Minister) Anne-Marie Trevelyan reaffirmed, on Sunday, the central importance of freedom and fairness in global trade. She was speaking ahead of the 12th Ministerial Conference of the World Trade Organisation (WTO), which will run from Sunday to Wednesday... 

Better assessment needed to overcome future crises – BLSA 

By: Donna Slater     13th June 2022 In responding to crises on local soil, South Africa needs to ensure all collaborators have sufficient capacity to engage and plan for joint action, says Business Leadership South Africa CEO Busi Mavuso. She says South Africa has responded well to some of the recent crises it has been presented... 

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