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Economy News

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,... →

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... →

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... →

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... →

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... →

Photo by Bob Adams/Creative Commons
A Bombardier Q400 airliner of SA Express

Vanggatfontein coal deliveries to Eskom interrupted as striking miners dismissed

By: Simone Liedtke 24th April 2019 Production at Wescoal’s Vanggatfontein mine, in Mpumalanga, will be suspended for six to eight weeks after the mining contractor dismissed its 274 employees at the mine following unlawful industrial action – that turned violent – earlier this month. The mining contractor and Wescoal have, on... →

Accor plans 60 new hotels in Africa, half of them in Egypt

By: Bloomberg 24th April 2019 Accor SA will open 60 new hotels in 14 countries in Africa in the next four years, its CEO for Middle East and Africa Mark Willis said. Over the next two years, the European hotel operator will open over half of them in Egypt, which Willis said was rebounding after “external factors” hurt the... →

Transforming South Africa's fishing industry key to unlocking economic growth – Zokwana

By: African News Agency 24th April 2019 Substantive transformation in South Africa's fishing industry remains a challenge and requires a collective responsibility and focus given its potential to unlock economic growth, agriculture, forestry and fisheries minister Senzeni Zokwana has said. In a speech on Tuesday to launch the 2020... →

Reserve Bank will likely keep interest rates steady at next MPC meeting – economist

By: News24Wire 24th April 2019 Interest rates are likely to remain unchanged at next month's meeting of the Monetary Policy Committee of the South African Reserve Bank, according to Sanisha Packirisamy, an economist at Momentum Investments. The MPC will start its three-day meeting on May 21. Reserve Bank governor Lesetja... →

Photo by Reuters
SARB governor Lesetja Kganyago

Magwanishe to launch first phase of revitalised Nkowankowa Industrial Park

By: Tasneem Bulbulia 23rd April 2019 Deputy Trade and Industry Minister Bulelani Magwanishe will officially launch the completed first phase of the revitalised Nkowankowa Industrial Park, in Tzaneen, on April 29. He is expected to be joined at the ceremony by Limpopo Economic Development, Environment and Tourism MEC Seaparo Sekoati,... →

Contract workers Mogale Neo and Donation Monyela putting the touches to the vehicular access gate of Nkowankowa Industrial Park ahead of the launch next week

Post Office launches commemorative Mama Sisulu stamp

By: African News Agency 23rd April 2019 As part of the Mama Albertina Sisulu centenary, Communications Minister Stella Ndabeni-Abrahams together with the South African Post Office South Africa (Sapo) on Tuesday officially launched a commemorative stamp to honour the struggle stalwart's efforts during the apartheid era. Ndabeni-Abrahams... →

Duma Sisulu and Communications Minister Stella Ndabeni-Abrahams

Manuel vs EFF: I want to vindicate my name, as well as Sars and Treasury

By: News24Wire 23rd April 2019 Trevor Manuel says his court battle with the Economic Freedom Fighters is not only to clear his name, but also to protect the integrity of National Treasury and the South African Revenue Service (Sars). The former finance minister filed a founding affidavit at the high court in Johannesburg on... →

Photo by Creamer Media
Former Finance Minister Trevor Manuel

Sandton’s Leonardo an example of South Africa’s architectural future, says Co-Arc

By: Simone Liedtke 23rd April 2019 The nascent Fourth Industrial Revolution and the resultant information revolution will affect South African architecture “quite markedly” moving forward, South African architecture firm Co-Arc International Architects director Patrick McInerney tells Engineering News Online, adding that... →

The Leonardo building, which is still under construction, pictured against the Sandton skyline

Nearly R3bn in investment raised for Cape Town, Western Cape in 2018/19

By: African News Agency 23rd April 2019 The Western Cape’s investment promotion agency Wesgro said on Tuesday it had helped secure R2.85-billion in investments in the province during the 2018/19 financial year which would be realised over a five year period and create nearly 1 000 jobs. It said this followed a successful fourth quarter... →

IMF slates unpredictable policies in report Tanzania blocked

By: Bloomberg 23rd April 2019 The International Monetary Fund said that Tanzania’s economy is being harmed by the government’s “unpredictable and interventionist policies” in a report whose release the East African country has blocked. Tanzania refused to authorize the publication of the report, the IMF said Wednesday in a... →

Brics offers ‘massive’ opportunities for intrabloc trade

By: Rebecca Campbell 19th April 2019 Gauteng Provincial Premier David Makhura has hailed the Brazil, Russia, India, China, South Africa (Brics) alignment as a force that could promote global inclusive economic growth and help develop Africa. He was delivering the keynote address at the recent Brics Business Council mid-term meeting... →

Africa’s air cargo sector needs trade and aviation liberalisation to reach full potential

By: Rebecca Campbell 19th April 2019 In early February, the International Air Transport Association (IATA) released its global air freight data for the whole of 2018. Although worldwide demand, measured in freight (metric) ton kilometres (FTKs) rose by 3.5% in comparison to 2017, it was far below 2017’s 9.7% growth. And demand... →

Digital initiatives could unlock trillions in value for SA, research shows

By: Schalk Burger 19th April 2019 South Africa can unlock financial value and create meaningful outcomes for citizens in their daily lives by implementing key digital initiatives across government services and key industry sectors, professional services multinational Accenture says. Research indicated that the value that can be... →

VUKANI MNGXATI Unlocking the value from digital transformation within the economy will require efforts by the public and private sectors

Ongoing copper cable theft negatively affects power capacity

By: Mamaili Mamaila 19th April 2019 Ongoing copper cable theft from companies, such as State-owned power utility Eskom, has devastating effects on the local copper industry, says Copper Development Association Africa (CDAA) executive chairperson Evert Swanepoel. →

COPPER ALLIANCE The high demand for copper and copper alloys, with demand mainly from the Asian region, particularly China, is causing expensive exports to many countries

Fuel prices a sore thumb for businesses, consumers

By: News24Wire 18th April 2019 Higher fuel prices have contributed largely to the increase in March inflation, and industry has warned of the effects it is having on business profitability. Stats SA on Wednesday released March inflation figures, which increased to 4.5% compared to 4.1% reported in February. Transport costs... →

Reserve Bank: Damage wreaked by State capture even worse than we thought

By: News24Wire 18th April 2019 The damage done by State capture is worse than previously understood, and its effects, coupled with load-shedding, are bound to hit economic growth hard, according to the Reserve Bank Monetary Policy Review. In a document outlining growth prospects for the country, the Pretoria-based institution... →

Agri SA applauds Santam donation to drought relief fund

By: African News Agency 18th April 2019 Agricultural industry association Agri SA on Thursday applauded a donation from financial services group Santam to help drought-stricken farmers in the Northern Cape province. It said the drought in Sutherland had caused a devastating decline in the sheep breeding population and placed the town’s... →

Ncondezi receives shareholder loan conversion notice

By: Simone Liedtke 18th April 2019 Aim-listed Ncondezi Energy has received a shareholder loan conversion notice for 764 165 shares from lenders to be converted at a conversion price of 10p a share. Admission of these shares on Aim is expected to take place on April 26. →

Africa's sole nuclear plant undergoes revamp to extend lifespan

By: Bloomberg 18th April 2019 Eskom Holdings, the State utility that supplies 95% of South Africa’s power, is overhauling the continent’s sole nuclear plant with the aim of extending its lifespan by at least 20 years. The revamp of the 1 860 MW Koeberg facility comes as Eskom struggles to produce enough electricity to meet... →

Load-shedding may cut growth close to zero, SARB says

By: Bloomberg 18th April 2019 South Africa’s power cuts could bring economic growth for the year close to zero if they continue at the same severity seen in March, the South African Reserve Bank (SARB) said. The wave of rolling blackouts that started in November and are among the worst the country has yet experienced could... →

SARB deputy governor Kuben Naidoo

SARB says too early to claim inflation win

By: Bloomberg 18th April 2019 The South African Reserve Bank says it’s premature to claim victory in the war against inflation and sees price growth stabilising at 4.5% only by the end of 2021. While inflation has been inside the central bank’s target band of 3% to 6% for two years and was at the midpoint of this range in... →

Mashaba says service delivery in Jhb is improving, but irregular expenditure remains a problem

By: Marleny Arnoldi 17th April 2019 Since the Democratic Alliance entered into a coalition government in the Johannesburg metropolitan two and a half years ago, the City of Johannesburg has achieved and maintained economic growth of around 1.95% a year, mayor Herman Mashaba said at the city’s annual general meeting on Wednesday.... →

Johannesburg Mayor Herman Mashaba

Saice requests Ramaphosa’s urgent intervention to address construction site attacks

By: Nadine James 17th April 2019 The South African Institution of Civil Engineering (Saice) has joined other industry bodies in strongly condemning the recent spate of alleged “mafia-style” coordinated gang activity on project sites across the country. In a statement issued on Wednesday, Saice referred to pleas from the South... →

PIC raises Texton stake to 18.9%

By: Nadine James 17th April 2019 State-owned investment management company, the Public Investment Corporation (PIC) increased its beneficial shareholding in JSE-listed real estate investment trust Texton Property Fund to 18.9%. Texton CEO Marius Muller on Wednesday noted that the PIC had become Texton’s largest shareholder. →

MARIUS MULLER

South Africa's decline worst of nations not at war, model shows

By: Bloomberg 17th April 2019 South Africa’s performance on a range of social, economic and governance measures deteriorated more in the past 12 years than any other nation not at war, according to Eunomix Business & Economics. The decline is likely to continue as the country wrestles with the consequences of nine years of... →

SA consumer inflation edges up to 4.5% year-on-year in March

By: African News Agency 17th April 2019 South Africa's consumer price inflation edged higher to 4.5 percent year-on-year in March from 4.1 percent in February, the national statistics agency said on Wednesday. On a month-on-month basis, consumer prices were up 0.8 percent in March compared with February. →

Brand SA appoints Thulisile Manzini acting CEO

By: Marleny Arnoldi 16th April 2019 Brand South Africa has appointed Thulisile Manzini acting CEO. This follows the suspension of CEO Dr Kingsley Makhubela, owing to a number of charges being pursued in a disciplinary process. →

Steel demand growth rates to moderate in line with slowing global economic growth

By: Nadine James 16th April 2019 Global steel demand is expected to increase by 1.3% year-on-year to 1.74-billion tonnes this year, the World Steel Association’s (worldsteel’s) ‘April 2019 Short Range Outlook’ shows. Demand is projected to grow by a further 1% in 2020 to 1.75-billion tonnes, the association added. →

EOH shares surge as restructuring takes form

By: Schalk Burger 16th April 2019 JSE-listed information and communication technology (ICT) service provider EOH’s share price rose by 55.76% on Tuesday as the company reported its financial results for the six months ended January 31. The company reported a loss for the six months of R3.3-billion mainly owing to one-off costs... →

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