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Economy News

South Africa has 300m litres of unsold wine

By: News24Wire      14th December 2020 Ahead of the start of the new harvest next month, South African wine producers are still stuck with a massive glut of unsold wine in the country. The lengthy freeze on sales at home and ban on exporting during the first phase of lockdown, have left South African wine producers with surplus stock... 

Eskom outlines streamlined restructuring model to deliver independent grid company by end-2021  

By: Terence Creamer     14th December 2020 Eskom CEO Andre de Ruyter outlined a streamlined approach on Monday to the vertical separation of the State-owned utility into three businesses of generation, distribution and transmission, which he said could accelerate the process of establishing an Eskom-owned independent transmission system... 

Eskom outlines streamlined restructuring model to deliver independent grid company by end-2021
Photo by Creamer Media's Donna Slater
Eskom CEO Andre de Ruyter

J&J has applied to South Africa for registering COVID-19 vaccine - regulator

By: Reuters     14th December 2020 South Africa's pharmaceutical regulator SAHPRA said on Monday it has received its first application to register a Covid-19 vaccine from Johnson & Johnson. "As of today we have received one application, this was received on Thursday evening from J&J, and we started the review process," said... 

J&J has applied to South Africa for registering COVID-19 vaccine - regulator

Lockdown claims are capped and won't cripple insurers, say claimants 

By: News24Wire      14th December 2020 Hotel and other hospitality establishment owners, whose lockdown claims remain in limbo as insurers await a Supreme Court of Appeal decision, say many of them may not live to see the end of the biggest case in SA's short-term insurance's recent history. Robert More, founder of More Family... 

Tourism dept, TIA embark on implementation of incubation programme

By: Yvonne Silaule     14th December 2020 The Department of Tourism and the Technology Innovation Agency have embarked on the joint implementation of the Tourism Technology Grassroots Innovation Incubation Programme (TTGIIP). The department has extended an invitation for South Africans aged 18 to 35 to apply for the course before January 8. 

Sars' Kieswetter appointed vice-chairperson of Africa Initiative

By: Creamer Media Reporter      14th December 2020 The Global Forum on Transparency and Exchange of Information for Tax Purposes has appointed South African Revenue Service (Sars) Commissioner Edward Kieswetter  vice-chairperson of the Africa Initiative. Kenya Revenue Administration Githii Mburu has been appointed chairperson of the Africa... 

Rand firms as virus vaccine rollout progress lifts risk appetite

By: Reuters     14th December 2020 South Africa's rand firmed against a weaker dollar early on Monday, as progress regarding the rollout of a Covid-19 vaccine lifted riskier assets globally. At 0600 GMT, the rand traded at 15.0950 against the dollar, 0.31% firmer than its New York close on Friday. 

Hunt on for ‘tens of billions’ more, as ABB agrees to repay R1.56bn to settle corrupt Kusile contract

By: Terence Creamer     11th December 2020 Eskom and the Special Investigating Unit (SIU) announced on Friday that an agreement had been reached with ABB South Africa in terms of which the multinational technology group would repay R1.56-billion to the State-owned utility to settle an overpayment dispute relating to a corrupt Kusile... 

Hunt on for ‘tens of billions’ more, as ABB agrees to repay R1.56bn to settle corrupt Kusile contract

Solidarity Fund reports on progress made

By: Marleny Arnoldi     11th December 2020 The Solidarity Fund has issued an interim impact report, explaining how the R3.1-billion of donations it has received have been allocated and disbursed since the inception of the fund in March. The fund comments in a statement that it was a daunting task to build a new institution from scratch,... 

Competition Commission publishes final automotive aftermarket guidelines

By: Donna Slater     11th December 2020 The Competition Commission has issued its final Guidelines for Competition in the South African Automotive Aftermarket, which are now available on the commission’s website and which will take effect from July 1, 2021. The guidelines were prepared in terms of Section 77 of the Competition Act (89... 

Two South African tax consultancies band together to offer advice on trade, customs and excise tax

By: Simone Liedtke     11th December 2020 Two South African tax consultancies have banded together to ensure they can offer the best possible service to businesses seeking advice on trade, customs, excise tax, data analytics and related issues.  Cova Advisory and Peak Advisory have signed a memorandum of understanding (MoU) to offer... 

AfDB identifies agriculture as one that needs particular support

By: Simone Liedtke     11th December 2020 The African Development Bank (AfDB) has identified the agriculture sector as an area that needs particular support, and as an area of opportunity going forward to increase inter-regional integration and to increase resilience against external shocks. Speaking during a news conference on the... 

Numsa blasts DPE, SAA, over 'misleading' workers, warns against 'unlawful' actions

By: Rebecca Campbell     11th December 2020 The National Union of Metalworkers of South Africa (Numsa) has attacked the Department of Public Enterprises (DPE) concerning its behaviour regarding maintenance and repair organisation South African Airways Technical (SAAT), a subsidiary of the State-owned national airline South African Airways... 

Demand for consumer credit falls as South Africans remain cautious

By: Irma Venter     11th December 2020 South African consumers remain under severe strain, says TransUnion’s third-quarter South Africa Industry Insights Report. Although the latest data relates primarily to a period when Covid-19 measures were less stringent than during the initial lockdowns earlier in the year, there was still a... 

Demand for consumer credit falls as South Africans remain cautious

South Africa’s renewables plan presents ‘remarkable’ industrialisation opportunity 

By: Terence Creamer     11th December 2020 The roll-out of renewable energy at the scale envisaged in South Africa’s official electricity plan to 2030 presents a “remarkable” industrialisation opportunity, the leader of the South African Renewable Energy Masterplan (SAREM) project team, Francis Jackson, argues. Jackson, who is also a... 

South Africa’s renewables plan presents ‘remarkable’ industrialisation opportunity
Completed tower sections manufactured by DCD Wind Towers, which subsequently closed down as a result of a protracted Eskom-induced procurement hiatus

Fitch Solutions forecasts strong recovery in 2021

By: Simone Liedtke     11th December 2020 Financial risk management, solutions and insights company Fitch Solutions Country Risk and Industry Research (Fitch Solutions) forecasts a strong recovery in 2021, as economic activity is expected to pick up in a "broader and deeper fashion" than this year, both geographically and across... 

CSIR partners with BU to provide technological support to SMMEs

By: Schalk Burger     11th December 2020 The Council for Scientific and Industrial Research (CSIR) and emerging black-owned small, medium-sized and microenterprises (SMMEs) funding, training and support nonprofit organisation Black Umbrellas (BU) will identify companies for which new or existing technologies may be produced or... 

REIPPPP requires more traction to address challenges

By: Mamaili Mamaila     11th December 2020 The Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) continues to take years to move through the various phases – from initiating tenders to delivering energy to the end-user – which, considering the challenges that South Africa is facing, is a luxury the country cannot... 

REIPPPP requires  more traction to  address challenges
PROCUREMENT ROAD MAP The Department of Mineral Resources and Energy will seek to procure 6 800 MW of solar photovoltaic and wind renewable energy from 2022 to 2024

Wind association lauds S Africa govt’s policy progress

11th December 2020 The South African Wind Energy Association (Sawea) has applauded the South African government for the progress made in policy over the last 12 months, beginning with the gazetting of the Integrated Resource Plan 2019 (IRP 2019) and all the hard work done, despite the Covid-19 pandemic, to ensure... 

Wind association lauds S Africa  govt’s policy progress
KANGAS WIND FARM The first bid window four wind farm, in the Northern Cape, to come on stream as part of government’s Renewable Energy Independent Power Producer Procurement Programme

South Africa’s biggest power shift in over a generation holds big promise, and some risk

By: Terence Creamer     11th December 2020 Next year, 2021, is poised to be a pivotal one for South Africa’s renewable-energy sector – for real this time! The industry will have an opportunity, finally, to participate in the fifth bid window of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), the bid... 

South Africa’s biggest power shift in over a generation holds big promise, and some risk

Covid-19 vaccine essential to end economic devastation – Solidarity Fund CEO

By: Thabi Madiba     10th December 2020 Solidarity Fund CEO Tandi Nzimande said the speedy roll-out of the Covid-19 vaccine was vital to end the devastation that the virus has caused, adding that the Solidarity Fund would ensure that the country receives its equitable share of the vaccine when it becomes available. On Thursday, the... 

Covid-19 vaccine essential to end economic devastation – Solidarity Fund CEO

Key lessons learned this year 

10th December 2020   Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the key lessons emerging from a traumatic 2020 and the prospects for a recovery in 2021. 

Key lessons learned this year
Key lessons learned this year

EPP reveals ‘encouraging recovery’ after second Covid-induced lockdown in Poland

By: Simone Liedtke     10th December 2020 JSE-listed EPP on December 10 revealed an “encouraging recovery” for retail and the continued strengthening of its operational resilience. Poland emerged from a second three-week Covid-19 lockdown on November 28, which marked the start of a robust return to shopping at EPP’s centres. Footfalls... 

EPP reveals ‘encouraging recovery’ after second Covid-induced lockdown in Poland
EPP shoppers adhering to Covid regulations

Transnet says McKinsey owes it R1.2bn 

By: Marleny Arnoldi     10th December 2020 State-owned freight utility Transnet has confirmed that no final settlement has been reached with US-based consultancy McKinsey, but says the consultancy owes it more than R1.2-billion. Transnet and McKinsey had discussions up until December 9, with the main point of dispute being the repayment... 

Second wave, cuts to Covid relief are ‘main threats’ to economic recovery  

By: Simone Liedtke     10th December 2020 South Africa’s economic recovery, which outperformed forecasts by the International Monetary Fund, is in danger of regressing as a second wave of the Covid-19 virus − fueled by Christmas socialising and travel − and the planned termination of two large relief programmes hit the country. The... 

Second wave, cuts to Covid relief are ‘main threats’ to economic recovery

SA to introduce Web-based Covid-19 screening system  

By: Sane Dhlamini     10th December 2020 The Department of Health on Thursday announced the launch of a pilot programme for a new Web-based travel health questionnaire to increase efforts to strengthen active screening and surveillance at ports of entry into South Africa. The department says with the full resumption of international... 

SA to introduce Web-based Covid-19 screening system

2020s a ‘once-in-generation opportunity’ to scale job-rich, zero-carbon industries

By: Terence Creamer     10th December 2020 The 2020s represent a “once-in-a-generation opportunity” for countries, companies and investors to scale zero-carbon industries that will stimulate growth, support more resilient economies and create millions of jobs, a newly released global report argues. Titled ‘The Paris Effect: How the... 

2020s a ‘once-in-generation opportunity’ to scale job-rich, zero-carbon industries

Western Cape Cabinet approves Atlantis SEZ land transaction

By: Yvonne Silaule     9th December 2020 The Western Cape Cabinet has approved key amendments to the founding documents of the Atlantis Special Economic Zone Company (ASEZ Co), which enabled the purchase of land on which the ASEZ Co is located from the City of Cape Town in exchange for minority shareholding in the ASEZ Co. This is... 

DPE appoints six nonexecutive directors to SAA interim board 

By: Simone Liedtke     9th December 2020 The Department of Public Enterprises (DPE) has appointed six nonexecutive directors to the interim board of South African Airways (SAA). Geoff Qhena will be the board’s interim chairperson, and will be joined by Peter Tshisevhe, June Crawford, Bembe Zwane, Professor Edna van Harte and Nick Fadugba. 

juwi appoints new South Africa MD, Emea financial director

By: Simone Liedtke     9th December 2020 International project developer juwi has appointed Richard Doyle as its new MD for South Africa, while Carlos Duran has been appointed the new Europe, Middle East and Africa (Emea) FD. Both appointments are effective December 1. 

juwi appoints new South Africa MD, Emea financial director

SA needs structural reforms to bolster business confidence  

By: News24Wire      9th December 2020 Business confidence continued its upward trend in November, but poor economic performance remains a concern. The business climate is still plagued by poor economic performance, recessionary conditions and high unemployment and fiscal unsustainability, says the South African Chamber of Commerce... 

SA needs structural reforms to bolster business confidence

BCI settles at 93.4 in November, still indicating plagued business climate  

By: Marleny Arnoldi     9th December 2020 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) has gained some ground, reaching 93.4 in November. The BCI had bottomed out at 70.1 in May, reflecting the impact of the severity of lockdown measures on business climate.  

23 women in construction to undergo business development coaching with Grow South Africa

By: Simone Liedtke     9th December 2020 In the coming months, 23 women in construction will undergo business development coaching with Grow South Africa, compliments of the Department of Public Works and Infrastructure (DPWI). The department has sponsored the Grow Master Class programme for the winners of the inaugural Empowerment and... 

Sars freezes R2.8bn from Chinese rail company that paid Gupta kickbacks

By: News24Wire      9th December 2020 Days before R1.26-billion in frozen funds was due to be released to Gupta-linked Chinese rail group CRRC, the Gauteng High Court in Pretoria on Tuesday handed down an order that the monies remain frozen until the company provides a bank guarantee for the same amount to the South African Revenue... 

Seifsa encouraged by rise in third-quarter economic activity

By: Marleny Arnoldi     8th December 2020 The Steel and Engineering Industries Federation of Southern Africa (Seifsa) has welcomed the annualised 66.1% rise in real gross domestic production (GDP) in the third quarter of the year, albeit from a low base, given the second quarter’s decline of 51.7%. Statistics South Africa attributed... 

Barometer shows pandemic impacting on family business confidence, prospects

By: Simone Liedtke     8th December 2020 Multinational professional services company KPMG Private Enterprise has released its third edition of the 'African Family Business Barometer', which shows that the pandemic has had an impact on the confidence levels of respondents and that there is uncertainty concerning the economic prospects... 

Implementation of Poultry Master Plan progressing, industry capacity increases

By: Simone Liedtke     8th December 2020 Progress has been made on the implementation of the Poultry Master Plan, in spite of a decline in chicken consumption during the initial lockdown period, the Department of Trade, Industry and Competition (DTIC) has said. Over the course of the past 12 months, a new tariff was introduced on... 

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