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Economy News

DTIC entities provide R1bn in support of businesses affected by unrest in KZN, Gauteng

By: Marleny Arnoldi     28th September 2021 The National Empowerment Fund (NEF) and the Industrial Development Corporation (IDC) have approved 77 applications, valued at R1-billion, for businesses in KwaZulu-Natal and Gauteng. These applications, covering 164 affected sites, relate to affected businesses as a result of the civil unrest... 

South Africa has first quarterly primary surplus in three years

By: Bloomberg     28th September 2021 South Africa recorded its first quarterly primary budget surplus since 2018 in the three months through June, a sign that the National Treasury’s efforts to bring spending in line with revenue are succeeding. The government’s primary balance swung to a surplus of R9.8-billion, or 0.6% of gross... 

South African Rand against the flag

Cape Town container, multipurpose terminals introduce truck booking system 

By: Tasneem Bulbulia     27th September 2021 Introducing a mandatory truck booking system at South Africa’s port terminal operations has yielded benefits that the Cape Town Container Terminal (CTCT) and Cape Town Multipurpose Terminal (CTMPT) will soon enjoy, Transnet Port Terminals says in a statement. “There are many challenges introduced... 

Immediate introduction of new tariff methodology ‘not feasible’ 

By: Terence Creamer     27th September 2021 State-owned electricity utility Eskom says it is “not feasible” for the National Energy Regulator of South Africa (Nersa) to make a revenue determination, for implementation on April 1 2022, on the basis of a new methodology that has yet to be consulted or finalised. On September 24, Nersa... 

A sign on the door of a Nersa public hearing

UCT’s Mamokgethi Phakeng becomes first Illustrious Visiting Professor at the University of Bristol

By: Thabi Madiba     27th September 2021 University of Cape Town (UCT) Vice-Chancellor Professor Mamokgethi Phakeng has been appointed as Bristol University’s first Bristol Illustrious Visiting Professor to further promote African scholarship and strengthen international relationships. The newly established Bristol Illustrious Visiting... 

Image of UCT Vice-Chancellor Professor Mamokgethi Phakeng
UCT Vice-Chancellor Professor Mamokgethi Phakeng

Rand falling prey to global worries fuels South Africa inflation

By: Bloomberg     27th September 2021 The rand is taking a bigger hit than most of its emerging-market peers as an energy crisis and Chinese growth concerns batter the South African currency and worsen the country’s inflation outlook. The currency declined for a second day on Monday to its weakest level in more than a month as oil... 

South African Rand against the flag

Save water while reservoirs recover from Eskom outage, Rand Water urges

By: News24Wire      27th September 2021 Power supply from an Eskom substation, which negatively impacted water production in Gauteng, has since been restored. The power supply interruption, affecting transmission from Snowden substation, was caused by a veld fire on Sunday afternoon. This subsequently impacted Rand Water's Zuikerbosch... 

Water Tap

Green bonds provide balance to traditional investment vehicles

By: Donna Slater     27th September 2021 Compared with traditional impact investment vehicles, which tend to be private equity, green bonds provide a “nice balance” in achieving a desired investment impact, environment, social and governance (ESG) advisory firm EBS Advisory CEO James Brice said during the Southern Africa Green Bonds... 

South African Treasury trumpets stability as key official exits 

By: Bloomberg     27th September 2021 The South African National Treasury’s succession planning is sufficient to ensure the exit of key personnel doesn’t disrupt plans to return public finances to a sustainable path, its top civil servant said. Tshepiso Moahloli, the head of assets and liability management and the most high-profile... 

Treasury Director-General Dondo Mogajane
Treasury Director-General Dondo Mogajane

Professional services firms' employees experiencing stress, study shows

By: Schalk Burger     27th September 2021 A pilot study of office-based employees' stress and trauma levels at large professional services firms in September indicates that 66% of them are experiencing stress, says management and consulting firm IQbusiness. The study tested key empirical indicators of trauma including financial... 

BLSA CEO bemoans Icasa’s decision to end emergency spectrum  

By: Tasneem Bulbulia     27th September 2021 Businesses will now have to contend with the prospect of a major cut in bandwidth for those who connect through cellphone networks, as regulatory body Independent Communications Authority of South Africa  (Icasa) is moving ahead with a plan to terminate access to emergency spectrum at the end of... 

An image of Business Leadership South Africa CEO Busi Mavuso
Busi Mavuso

Long way to go to instil ethics in public service – Ramaphosa  

By: Sashnee Moodley     27th September 2021 As government increases its efforts to prevent corruption in the public service, President Cyril Ramaphosa acknowledged on Monday that there was still a long way to go to instil a culture of ethics in the public service. It was recently revealed that about 17 000 public servants had applied for... 

South African President Cyril Ramaphosa
President Cyril Ramaphosa

Significant untapped potential in local waste economy

By: Darren Parker     24th September 2021 The current contribution of the waste economy to South Africa’s gross domestic product (GDP) could significantly increase if the importance of implementing the waste management hierarchy is fully recognised, says waste management company Interwaste human resources and transformation director... 

A photo of two informal waste reclaimers walking along the road dragging trolleys laden with recyclable waste
Photo by Reuters
UNDERVALUED Informal waste reclaimers perform a much-needed recycling service in South Africa with little support or appreciation

Programme expands into other provinces

By: Darren Parker     24th September 2021 National Cleaner Production Centre South Africa’s (NCPC-SA’s) Industrial Symbiosis Programme (ISP) is on track to be launched in the Eastern Cape and the Free State before the end of the year, says NCPC-SA national programme manager Victor Manavhela. “We are to conclude feasibility studies in... 

A photo of plastic dustbins in the background, which are made from recycled waste plastic and rubber in bags shown in the foreground
REPURPOSED Where one company sees waste, another might see a valuable resource

Rubble recycling not seen as economically viable

By: Darren Parker     24th September 2021 The recycling of construction and demolition materials in South Africa is behind the global curve, partly because it is generally not viewed as economically viable by the vast majority of local companies operating in the sector, claims crushing and screening equipment supplier Pilot Crushtec... 

A photo of Pilot Crushtec Africa sales manager Fernando Abelho
FERNANDO ABELHO A lack of enforcement means much construction and demolition waste is not suitable for recycling into general aggregate

ArcelorMittal South Africa responds to Itac’s termination of safeguard probe

23rd September 2021 Earlier this month, the International Trade Administration Commission of South Africa (Itac) recommended that an investigation be terminated into the imposition of safeguard duties on certain steel sections manufactured at the Highveld Structural Mill. The application was lodged in June 2020 by... 

The Highveld Structural Steel Mill
Photo by Creamer Media
The Highveld Structural Steel Mill

Salga appoints two deputy presidents

By: Simone Liedtke     23rd September 2021 The South African Local Government Association (Salga) has appointed two deputy presidents to share the responsibility of leading the organisation towards the upcoming local government elections and the elective Salga national conference. Following a vacancy created by the departure of former... 

Reserve Bank keeps rates on hold, revises growth higher  

By: News24Wire      23rd September 2021 The South African Reserve Bank has kept the repo rate unchanged at 3.5%, in line with economists' expectations. During a media briefing on Thursday, Reserve Bank Governor Lesetja Kganyago said that all members of the Monetary Policy Committee were in favour of keeping the repo rate on hold.... 

South African Reserve Bank Governor Lesetja Kganyago
Reserve Bank Governor Lesetja Kganyago

SAA returns to the skies

By: Reuters     23rd September 2021 Jubilant South African Airways (SAA) staff at the country's biggest airport broke into song and dance on Thursday as the airline took to the skies for the first time in around a year. State-owned SAA's longstanding financial woes were exacerbated by the Covid-19 pandemic and it halted all... 

Risks linked to South Africa’s more ambitious decarbonisation pledge not yet ‘adequately addressed’ 

By: Terence Creamer     23rd September 2021 Minerals Council South Africa has signalled its support for South Africa’s transition to a low-carbon economy, but is concerned that the immediate risks associated with the country’s more ambitious decarbonisation targets are not being adequately addressed. CEO Roger Baxter told participants to a... 

Image from Daylin Paul’s photographic book, titled ‘Broken Land’, a visual narrative of the environmental and social impacts of coal in Mpumalanga
An image from Daylin Paul’s black and white photographic book, titled ‘Broken Land’, which offers a visual narrative of the environmental and social impacts of coal in Mpumalanga

Sasol's revised decarbonisation commitments 

23rd September 2021 Sasol has announced revised and accelerated decarbonisation commitments. Engineering News Editor Terence Creamer unpacks the significance of the 2030 target and the group’s promise to be net-zero by 2050.   

Photo of Terence Creamer
Sasol's revised decarbonisation commitments

Court rules race-based tourism fund criteria unlawful 

By: Bloomberg     22nd September 2021 South Africa’s appeals court ruled the Department of Tourism’s focus on only black businesses for payouts to help the industry overcome the coronavirus pandemic is unlawful. The Bloemfontein-based court said the Minister of Tourism committed an error and is not legally obliged to allocate funds... 

Sasol triples 2030 decarbonisation target, makes net-zero by 2050 pledge 

By: Terence Creamer     22nd September 2021 Chemicals and energy group Sasol has announced a material acceleration of its decarbonisation plans, confirming that it will reduce greenhouse gas (GHG) emissions by 30% by 2030 rather than by the much-criticised 10% level to which it initially committed. CEO Fleetwood Grobler has also pledged... 

Sasol CEO Fleetwood Grobler
Photo by Creamer Media's Donna Slater
Sasol CEO Fleetwood Grobler

Takatso says it is still in talks over SAA investment

By: Reuters     21st September 2021 Takatso Consortium said on Wednesday it was still in discussions with South Africa's Treasury over its purchase of a 51% stake in the country's struggling national airline but said both parties were committed to an agreement. The transaction was large and complex and so might take time to... 

Industrial policy belongs at centre of development agenda – Godongwana 

By: Terence Creamer     21st September 2021 Finance Minister Enoch Godongwana says industrial policy and the quest for industrialisation belong back at the centre of the development agenda and are critical for meeting South Africa’s aspirations for higher levels of economic growth, job creation, transformation and development. The South... 

Finance Minister Enoch Godongwana
Photo by Creamer Media
Finance Minister Enoch Godongwana

Engineering sector strike looms as wage talks deadlock

By: Donna Slater     21st September 2021 The National Union of Metalworkers of South Africa (Numsa) on Tuesday announced that it would embark on a national strike in the engineering sector from October 5, after wage talks deadlocked. Numsa has deadlocked with employer associations in engineering, namely the National Employers... 

Civil confidence index edges higher, but lack of work remains a concern

By: Simone Liedtke     21st September 2021 The civil confidence index ticked up slightly to 17 points in the third quarter, but despite the improvement, underlying indicators worsened in the quarter and industry respondents remained dissatisfied with prevailing business conditions. The civil confidence index, compiled by First National... 

Nkabane says South Africa will move ahead with nuclear procurement in 2022  

By: Terence Creamer     21st September 2021 Deputy Mineral Resources and Energy Minister Dr Nobuhle Nkabane says that South Africa plans to issue a request for proposal (RFP) for a 2 500 MW nuclear programme by the end of March 2022 and complete the procurement in 2024. In an address to the sixty-fifth general conference of the... 

Photo of the Koeberg nuclear power station
The only allocation made in the IRP 2019 for nuclear relates to extending Koeberg's life

Sasol, Imperial explore hydrogen options for decarbonising long-haul trucking

By: Terence Creamer     21st September 2021 South African companies Sasol and Imperial Logistics have entered into an agreement to explore options and solutions for decarbonising heavy-duty long-haul trucking, including through the use of fuel cell electric (FCE) trucks fuelled by green hydrogen. Sasol has already announced its intention... 

Photo of an Imperial Logistics truck
An Imperial Logistics truck

DDG Moahloli resigns from Treasury

By: Simone Liedtke     21st September 2021 Tshepiso Moahloli has resigned from her position as the National Treasury’s deputy director-general (DDG) of asset and liability management. The resignation will be official from October 15. 

Bojanala SEZ to create jobs, attract R8bn of investment

By: Yvonne Silaule     20th September 2021 The North West provincial government says the Bojanala Special Economic Zone will create an estimated 2 500 jobs and attract about R8-billion of investment. High on the agenda is mineral beneficiation; the creation of an industrial zone and a logistics park; and investment in information and... 

Cabinet endorses more ambitious carbon pledge ahead of Glasgow summit  

By: Terence Creamer     20th September 2021 Cabinet has approved a revised – and more ambitious – Nationally Determined Contribution (NDC) carbon mitigation target range for 2030 ahead of the upcoming COP26 gathering, which will take place in Glasgow, Scotland, in November. In a statement, Cabinet announced that South Africa had revised... 

A road to an Eskom power station
Photo by Creamer Media
Eskom plans to decommission 11 GW of coal by 2030

Plan to replace SAFARI-1 with multi-purpose nuclear reactor gets Cabinet nod

By: Terence Creamer     20th September 2021 Cabinet has approved the setting up of the multi-purpose nuclear reactor project to replace the current SAFARI-1 nuclear research reactor, owned by the South African Nuclear Energy Corporation (Necsa). The research reactor, located at Pelindaba, west of Pretoria, is a leading global producer of... 

The Pelindaba complex, west of Pretoria
The Pelindaba complex, west of Pretoria

BLSA deplores the UK’s decision to keep South Africa on the red list for travellers

By: Marleny Arnoldi     20th September 2021 In this week’s Business Leadership South Africa (BLSA) newsletter, CEO Busi Mavuso bemoans the UK authorities’ decision to keep South Africa on the “red list” for travellers. The UK imposed a traffic light system to determine the correct Covid-19 precautions related to travellers, which is... 

BLSA CEO Busi Mavuso
Photo by Creamer Media's Donna Slater
BLSA CEO Busi Mavuso

Eskom CEO bemoans slow pace of talks on cutting R402bn debt

By: Bloomberg     20th September 2021 Talks about reducing the South African state power utility’s R402-billion debt to a manageable level are taking too long, its CEO Andre de Ruyter said. Eskom Holdings, which produces most of South Africa’s power, can’t meet its running and debt service costs and is dependent on government... 

Johannesburg Mayor Jolidee Matongo dies in car accident

By: Bloomberg     20th September 2021 The mayor of Johannesburg died in a car accident Saturday after appearing at a campaign event with South African President Cyril Ramaphosa, News24 reported, citing sources who weren’t identified. Jolidee Matongo was elected mayor of South Africa’s economic hub last month, following the passing of... 

PetroSA mulls geothermal as way to offset ‘decommissioning liability monster’ 

By: Terence Creamer     17th September 2021 Embattled State-owned gas-to-liquids refiner PetroSA is considering plans to harness geothermal energy from its mature or depleted gas wells to produce electricity and delay decommissioning. Addressing a conference in Cape Town this week, Central Energy Fund (CEF) CEO Dr Ishmael Poolo reported... 

PetroSA refinery in Mossel Bay
Photo by Creamer Media
PetroSA refinery in Mossel Bay
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