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Economy News

South Africa business confidence edges higher, down on year ago

By: Bloomberg 3rd July 2019 South African business confidence ticked higher in June, but remains below levels from a year ago after weak economic data and power blackouts in the first half of 2019. An index measuring sentiment rose to 93.3 in June from 93 in May, the South African Chamber of Commerce and Industry said... →

Initial ‘just energy transition’ work points to need to cushion coal regions

By: Terence Creamer 3rd July 2019 The Council for Scientific and Industrial Research (CSIR) Energy Centre has initiated a project to model the socioeconomic risks and opportunities associated with South Africa’s transition from a coal-dominant electricity industry to one that is increasingly based on renewable energy. The... →

CSIR research group leader for the energy industry Ntombifuthi Ntuli

South Africa weighs new support measures for struggling Eskom

By: Reuters 3rd July 2019 South Africa is weighing extra options to support Eskom, including swapping the financially troubled State power firm's debt for government bonds or ring-fencing it in a special account, a senior treasury official said. Discussions are at an early stage, and it is not yet clear which option will... →

EOH to publish findings of probe into controversial public sector contracts in two weeks

By: African News Agency 3rd July 2019 JSE-listed technology group EOH Holdings said on Wednesday it would in two weeks time make public the findings of an investigation conducted by law firm and forensic specialists ENSafrica into its public sector contracts. "ENSafrica has concluded the investigation commissioned by EOH into public... →

Greenpeace calls for global oceans treaty before deep sea mining is pursued

By: Marleny Arnoldi 3rd July 2019 Environmental organisation Greenpeace International warns that the world’s oceans could face severe and irreversible harm from deep sea mining unless tighter environmental safeguards are put in place. A new report published by the organisation, titled ‘In Deep Water’, shines a light on the... →

Zuma era ministers elected to chair portfolio committees

By: African News Agency 2nd July 2019 Parliament's portfolio committees on Tuesday elected a raft of Zuma-era ministers and MPs with perceived loyalties to the former president as chairperson. Among these are former energy minister Tina Joemat-Pettersson, who will head the portfolio committee on police, and former State security... →

Parliament's portfolio committee on police chairperson Tina Joemat-Pettersson

Policy uncertainty persists in Q2, but there is potential for a turnaround

By: Tasneem Bulbulia 2nd July 2019 The North West University Business School’s Policy Uncertainty Index decreased from 53.4 in the first quarter to 52.9 in the second quarter. NWU Business School economist Professor Raymond Parsons on Tuesday said policy uncertainty remained strongly elevated and had stayed in negative territory... →

Photo by Creamer Media
NWU Business School economist Professor Raymond Parsons

4AX in search of new CEO

By: Marleny Arnoldi 2nd July 2019 South African exchange 4 Africa Exchange (4AX) has appointed credit marketplace RainFin CEO Sean Emery as its interim CEO, while outgoing CEO Fay Mukaddam finds a suitable successor as part of a six-month succession handover plan. Mukaddam will remain an active shareholder in 4AX and will... →

Outgoing 4AX CEO Fay Mukaddam

South Africa urged to start integrating carbon neutrality into revamped industrial strategy

By: Terence Creamer 2nd July 2019 The United Nations Industrial Development Organisation (UNIDO) is urging South Africa to take proactive steps to begin integrating the concept of carbon neutrality into its revised industrial strategy, warning that a delay in doing so could undermine the future competitiveness of the country’s... →

UNIDO energy and climate coordinator in South Africa Conrad Kassier

EOH sells 70% of Construction Computer Software to RIB Software

By: Schalk Burger 2nd July 2019 JSE-listed information technology company EOH has sold 70% of the shares of Construction Computer Software (CCS), held by subsidiary EOH Mthombo, to Frankfurt Stock Exchange-listed construction and building software company RIB Software for R444.39-million. EOH on Tuesday said the deal... →

Prasa sacks company secretary following investigation

By: News24Wire 1st July 2019 The Passenger Rail Agency of South Africa announced on Monday that it had dismissed its company secretary, Lindikaya Zide, following a series of investigations. Zide had been placed on special leave in March. The rail agency did not say what the charges were or what Zide had been found guilty of. →

Makhura promises revitalised plan for Gauteng by end August

By: Natasha Odendaal 1st July 2019 Stimulating the economy is at the top of Gauteng Premier David Makhura’s agenda for the first 100 days of the sixth provincial administration. Outlining plans for South Africa’s most populous province in his State of the Province Address on Monday, he said a full plan, titled ‘Growing Gauteng... →

Photo by Creamer Media
David Makhura

'Gauteng government prepared to help settle e-toll debt' – Makhura

By: African News Agency 1st July 2019 The Gauteng provincial government will do anything to have e-tolls scrapped, including footing the bill to pay billions of rands in debt owed by the South African National Roads Agency to lenders. Gauteng Premier David Makhura said his provincial government will not change its stance on e-tolls.... →

Makhura hands Lesufi a mammoth task at Gauteng SoPA

By: News24Wire 1st July 2019 Gauteng Premier David Makhura has ordered Education MEC Panyaza Lesufi to produce annual primary school results. Speaking at his State of the Province Address (SoPA) on Monday, Makhura said Lesufi was instructed to implement the national integrated assessment framework, which will ensure rigorous... →

Gauteng Education MEC Panyaza Lesufi

Manufacturing still under pressure despite rise in Absa PMI to 46.2 in June

By: Marleny Arnoldi 1st July 2019 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) increased to 46.2 points in June, compared with the 45.4 points recorded in May. Absa said the average level for the second quarter was 46.3 points, compared with an average of 47 in the first quarter of the year. →

Gauteng government awaits lifestyle audits says Makhura

By: African News Agency 1st July 2019 MECs and officials in the Gauteng provincial government are ready for lifestyle audits, Premier David Makhura said in his state of the province address in Soweto on Monday. "We are awaiting the multi-disciplinary task team on life style audits being finalised by national government to be... →

Gauteng Premier David Makhura

Western Cape local level strategy works, says Gauteng premier Makhura

By: African News Agency 1st July 2019 Gauteng Premier David Makhura on Monday said he preferred the Democratic Alliance-led Western Cape municipalities' processes of enforcing good performance and will ensure a pro-active and hands-on approach at local government in Gauteng. "The cautious approach is not working because things are... →

Gauteng Premier David Makhura

As tax season kicks off, here's what you need to know

By: News24Wire 1st July 2019 Tax season 2019 officially started on Monday July 1 for South African taxpayers who use Filing and the South African Revenue Service MobiApp, Sars said on Monday morning. The revenue collection agency also announced it had implemented enhancements and changes for the season. Taxpayers who use... →

SAA is leasing new-generation wide-body airliners

By: Rebecca Campbell 1st July 2019 State-owned national flag carrier South African Airways (SAA) announced on Sunday that it had leased latest-generation Airbus A350-900 aircraft to operate its Johannesburg-New York route. The new, twin-engined, aircraft will replace the four-engined older generation Airbus A340-600 airliners... →

Photo by Airbus
An Airbus A350-900 in the livery of China Southern Airlines

Fourth Medupi unit reaches commercial operation

By: Nadine James 1st July 2019 State-owned power utility Eskom has announced that Unit 3 at its Medupi power station has attained commercial operation, which ensures technical compliance to statutory, safety and legal requirements. Unit 3 is the fourth Medupi unit to reach commercial operation, with Units 6, 5 and 4 already... →

Working visit to G20 Summit in Japan successful, says Ramaphosa

By: African News Agency 30th June 2019 President Cyril Ramaphosa has described his working visit to Japan for the G20 Summit as a success and congratulated Japan on hosting a well-organised summit, the presidency said on Sunday. Ramaphosa on Sunday concluded the two-day working visit to Osaka in Japan, where he led the South African... →

Tackling youth unemployment requires cohesive, holistic measures

By: Tasneem Bulbulia 28th June 2019 Tackling youth unemployment will require input from multiple stakeholders and measures, programmes and initiatives that pursue job creation will need to be effectively structured to ensure meaningful outcomes. This was a key message from a roundtable discussion held at the Directors Event, in... →

Solidarity serves Denel with demand to take legal action

By: African News Agency 28th June 2019 Trade union Solidarity on Friday said it had served state arms manufacturer Denel with a demand under section 165 of the Companies Act to take immediate legal action against those responsible for the financial muddle it finds itself in. The demand was served after Denel earlier this week... →

South Africa needs return to a proper value system, says Chief Justice Mogoeng

By: Tasneem Bulbulia 28th June 2019 Chief Justice Mogoeng Mogoeng on Friday lamented the high level of unemployment in South Africa, stating that it was at odds with a country with vast natural resources and hardworking people, as evidenced by their display of mettle to do the “unthinkable” and transition from Apartheid to a... →

Chief Justice Mogoeng Mogoeng

Union demands Denel take action against those responsible for irregularities

By: Rebecca Campbell 28th June 2019 Trade union Solidarity announced on Friday that it had served a demand on Denel to institute legal proceedings against people who caused, or who contributed to, the financial straits the State-owned defence group is currently in. The demand was served in terms of Section 165 of the Companies Act.... →

PPC reports ‘solid’ results despite challenging trading conditions

By: Simone Liedtke 28th June 2019 Despite having had to navigate through challenging trading conditions across the markets in which it operates, cement producer PPC on Friday reported a 60% increase in its basic earnings a share to 16c, and a 33% increase in its headline earnings a share to 20c for the financial year ended March... →

South Africa posts R1.74bn trade surplus in May

By: Reuters 28th June 2019 South Africa recorded a R1.74-billion trade surplus in May after a revised R3.53-billion deficit in April, data from the revenue service showed on Friday. Exports rose 8.1% on a month-on-month basis to R112.1-billion rand in May, while imports climbed 3% to R110.3-billion, the South African... →

Hudaco says it remains resilient despite continued economic downturn

By: Marleny Arnoldi 28th June 2019 JSE-listed engineering consumables supplier Hudaco stresses that its prospects are dependent on how the economy performs and warns that it expects the economy’s performance for the remainder of this year and next to be no different to that of the past 18 months. Nevertheless, the company, which... →

Everyone has a choice to indulge in corrupt behaviour or not – Gordhan

By: Thabi Madiba 28th June 2019 Public Enterprises Minister Pravin Gordon on Thursday evening distinguished between corruption as a concept and the moral choices made by individuals that enable corruption to take effect. Gordon was joined by EOH CEO Stephen van Coller, EOH chief commercial officer Fatima Newman and National... →

Public Enterprises Minister Pravin Gordon

Nigeria’s Buhari says made-in-africa key to success of free-trade deal

By: Bloomberg 28th June 2019 he success of a continental free-trade deal hinges on Africa developing its manufacturing base, Nigerian President Muhammadu Buhari said. Africa’s largest economy won’t rush into joining the Africa Continental Free Trade Area until it finishes extensive consultations with all stakeholders, Buhari... →

UAE strengthens bilateral trade, investment ties with SA

By: African News Agency 28th June 2019 The United Arab Emirates has confirmed its commitment to injecting billions of dollars in the South African economy and solidify its place as the country's largest trading partner in the Arab world. This as the two countries held their annual SA-UAE Business Forum, this year in Johannesburg, in... →

World airline body calls for international alignment on restoring airworthiness of 737 MAX

By: Rebecca Campbell 28th June 2019 National aviation safety regulators should continue to align their technical validation timelines and requirements for the safe restoration to service of the Boeing 737 MAX airliner, the International Air Transport Association (Iata) has urged. The association also urged that there be alignment... →

Photo by Comair
The first Boeing 737 MAX acquired by South African operator Comair, in British Airways colours

BLSA appoints new CEO

By: Marleny Arnoldi 28th June 2019 Business Leadership South Africa has appointed Busisiwe Mavuso CEO, effective July 1. Mavuso has been serving as BLSA’s COO since November 2017 and succeeds Bonang Mohale, who is retiring to pursue farming. Prior to joining BLSA, Mavuso was MD of the Black Management Forum. →

Sanral extends olive branch to smaller contractors, communities

By: Shirley le Guern 28th June 2019 The massive turnout at the South African National Roads Agency Limited's (Sanral's) N2/N3 information corridor roadshow across KwaZulu-Natal this week saw the roads agency extend an olive branch to local contractors and communities, as well as controversial business forums that had disrupted... →

Improving SA’s Doing Business ranking requires acceleration of reforms

By: Nadine James 28th June 2019 During his State of the Nation Address in February, President Cyril Ramaphosa stated that “the World Bank’s annual Doing Business Report (DBR) currently ranks South Africa 82 out of 190 countries . . . we have set ourselves the target of being among the top 50 global performers within the next... →

Improving SA’s Doing Business ranking requires acceleration of reforms

By: Nadine James 28th June 2019 During his State of the Nation Address in February, President Cyril Ramaphosa stated that “the World Bank’s annual Doing Business Report (DBR) currently ranks South Africa 82 out of 190 countries . . . we have set ourselves the target of being among the top 50 global performers within the next... →

Union gets set to oppose Necsa restructuring plan

By: Rebecca Campbell 28th June 2019 The National Education, Health and Allied Workers Union (Nehawu) has asserted that it had “reliably learnt” that the South African Nuclear Energy Corporation’s (Necsa’s) Board was proposing to retrench 400 employees and perhaps sell public assets. These proposals were part of a turnaround... →

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