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Economy News

SA commits $500 000 to empower female financial leaders  

By: Yvonne Silaule     28th September 2020 South Africa has made a commitment of $500 000 to the African Women Impact Fund, which seeks to empower women financial leaders. South African President Cyril Ramaphosa, in his capacity as President of the African Union, said on Monday, during a high level virtual panel hosted by G7 Partnership... 

South Africa's post coronavirus economic recovery faces risks - Moody's  

By: Reuters     28th September 2020 South Africa's post coronavirus economic recovery will face a number of constraints, with risks of a larger than forecast contraction this year tilted to the upside, ratings firm Moody's said on Monday. A recession deepened by the impact of the coronavirus has frustrated economic reform efforts... 

South Africa's post coronavirus economic recovery faces risks - Moody's

Skilled workers seek jobs on the streets of South Africa 

By: Bloomberg     28th September 2020 South Africa is forecast to set an unwelcome world record this week when its statistics agency is predicted to report unemployment rose to a record 34.8% in the second quarter, which would be the highest of 83 countries tracked by Bloomberg. Ayanda Mbatha was among the unlucky ones who joined the... 

Skilled workers seek jobs on the streets of South Africa

National Treasury seeks conditions on SAA loan guarantees  

By: Bloomberg     28th September 2020 South Africa’s National Treasury wants strict conditions attached to any guarantees it provides for loans to the country’s embattled state airline, according to two people familiar with the matter. Treasury and Department of Public Enterprises officials met Saturday to discuss ways to restart... 

IPP procurement a signal that growth-enhancing reform is moving ahead – Ramaphosa  

By: Terence Creamer     28th September 2020 President Cyril Ramaphosa says the Gazetting of a Ministerial determination enabling the development of more than 11 800 MW of new electricity capacity by independent power producers signals government’s intention to move ahead with one of the key reforms needed to unlock growth and investment in... 

IPP procurement a signal that growth-enhancing reform is moving ahead – Ramaphosa
Photo by Creamer Media
President Cyril Ramaphosa

South African Airways Techical suspends services to parent over nonpayment

By: Reuters     28th September 2020 South African Airways' maintenance subsidiary has withdrawn services to its parent after the struggling airline failed to pay money owed to the unit, an SAA spokesman said on Saturday. Administrators took control of SAA in December after almost a decade of financial losses, and have been trying... 

Western Cape launches fifth route in Cape Cycle network

By: Yvonne Silaule     25th September 2020 Western Cape Premier Alan Winde and Minister of Finance and Economic Opportunities David Maynier have launched the Karoo Crossing Route in the Cape Karoo gem of Prince Albert. The Karoo Crossing is the fifth route in the Cape Cycle Routes network, which is a Western Cape government-led initiative... 

FDI can sustainably strengthen Africa, says Merkel's Africa representative

By: Simone Liedtke     25th September 2020 Foreign direct investment (FDI) can sustainably strengthen the development of the African continent so that the people that live on it “can create real opportunities and prospects for themselves and their families”, says Günter Nooke, who is the African representative of  German Chancellor Angela... 

G20 Trade Ministers support economic diversification

By: Yvonne Silaule     25th September 2020 Ministers from the largest economies – including the US, China, the EU, India, Japan, Brazil and Indonesia – attended the G20 Trade and Investment Ministers meeting earlier this week, where they took a stance to support economic diversification. South Africa was the only country representing the... 

G20 Trade Ministers support economic diversification
Minister of Trade, Industry and Competition Ebrahim Patel

Ten lessons to guide South Africa’s ‘just transition’ from coal to renewables 

By: Terence Creamer     23rd September 2020 A new study, which outlines global best practices for just-transition journeys, includes ten lessons for South Africa to consider as the country prepares to navigate what it hopes will be a just transition, over the coming decades, from an electricity sector based on coal to one based... 

Ten lessons to guide South Africa’s ‘just transition’ from coal to renewables

UNWTO, Google partner to drive digital innovation in the tourism sector

By: Donna Slater     23rd September 2020 The United Nations World Tourism Organisation (UNWTO) and Google have partnered to boost digital transformation of the tourism sector with the development of an online Acceleration Programme for UNWTO member States’ tourism Ministers, top travel associations and tourism boards to further develop... 

Africa Foundation calls for all borders to be opened to save tourism sector

By: Donna Slater     23rd September 2020 Each day South Africa keeps its borders closed, albeit partially, the negative effects are felt by communities dependent on tourism for survival, says independent nonprofit organisation Africa Foundation business development manager Rebekah Copham. She says the sooner government reopens borders... 

Inequalities hamper remote learning in S Africa – UCT study

By: Sane Dhlamini     23rd September 2020 A recent University of Cape Town study has revealed that technical and vocational education and training students are faring worse than university students in terms of internet access for remote learning. The study was conducted by researchers Dr Nicola Branson, Emma Whitelaw and Samantha... 

Inequalities hamper remote learning in S Africa – UCT study

Pandemic presents opportunity to rethink PEPs, speaker says

By: Tasneem Bulbulia     23rd September 2020 There is a need to reconsider the approach of Public Employment Programmes (PEPs) and to structure these to upskill workers for the workplace of the future, a webinar hosted by the Department of Public Works and Infrastructure on September 22 has revealed. Development Economist consultant Liesel... 

Unilever, govt partner to increase SMME investment

By: Simone Liedtke     23rd September 2020 Unilever South Africa and the Department of Small Business Development have partnered to increase investment in small-, medium-sized and microenterprise development. The partnership follows the publication of a racially offensive advert on the Clicks website by Unilever hair brand, TRESemmé. This... 

Unilever, govt partner to increase SMME investment

Tourism sector pledges to support South Africa’s economic recovery

By: Donna Slater     22nd September 2020 An enabling environment can further boost the multiplier effects of tourism on job creation and economic growth in regions not supported by other industries, says #IAmTourism lobby spokesperson Thembi Kunene-Msimang. She says the economic recovery from the Covid-19 pandemic presents a unique... 

Tourism sector pledges to support South Africa’s economic recovery
#IAmTourism lobby spokesperson Thembi Kunene-Msimang

Equites, Standard Bank ink R1.6bn sustainability-linked loan

By: Simone Liedtke     22nd September 2020 JSE-listed Equites Property Fund has closed a R1.6-billion sustainability-linked loan with Standard Bank aimed at promoting the achievement of various environmental, social and corporate governance (ESG) targets. The funding deal reflects that sustainable finance solutions in the African market... 

Public funding for SAA undermines government credibility and endangers State finances

By: Rebecca Campbell     22nd September 2020 The government’s undertaking to reprioritise State funding in order to finance State-owned national flag carrier South African Airways (SAA) and so prevent its liquidation represented a defeat for the National Treasury (NT) and undermined the credibility of the government, Intellidex analyst... 

Alaris Holdings holds steady, despite Covid-19 challenges 

By: Simone Liedtke     22nd September 2020 Radio frequency (RF) technology group Alaris Holdings’ financial results for the year ended June 30, was severely impacted by the Covid-19 pandemic and subsequent hard lockdown, leading to a 24% decrease in headline earnings per share (HEPS) to 25.8c. “There would have been some growth, had it... 

Alaris Holdings holds steady, despite Covid-19 challenges
Alaris executive finance director Elsie Müller gives more detail on the company's results for the 2020 financial year. Video: Creamer Media's Kutlwano Matlala. Editing: Creamer Media's Nicholas Boyd.

Nersa says Eskom must be buyer of IPP power arising from new determination 

By: Terence Creamer     22nd September 2020 The National Energy Regulator of South Africa (Nersa) says that Eskom should remain the buyer of the electricity produced by independent power producers (IPPs) and procured by the Department of Mineral Resources and Energy (DMRE) in line with a new Section 34 Ministerial determination for 11 813... 

Nersa says Eskom must be buyer of IPP power arising from new determination

IRP’s wind component could trigger yearly investments of R40bn, create 144 000 jobs by 2030 

By: Terence Creamer     22nd September 2020 The 14.4 GW of new wind included in South Africa’s electricity plan positions the country as a “top ten” wind-energy market for the coming decade, while building capacity at the yearly tempo of 1 600 MW envisaged in the plan could attract R40-billion a year in new investment and create 144 000... 

IRP’s wind component could trigger yearly investments of R40bn, create 144 000 jobs by 2030
BioTherm Energy's Excelsior Wind Farm

R27m relief fund launched for W Cape businesses  

By: Yvonne Silaule     22nd September 2020 The Western Cape province has launched a R27-million Covid-19 Business Relief Fund in support of small businesses affected by the Covid-19 pandemic. Western Cape spokesperson for the Minister of Finance and Economic Opportunities Francine Higham said in a statement released on Tuesday that the... 

R27m relief fund launched for W Cape businesses

TIPS Tracker: The economy and the pandemic

21st September 2020 Trade and Industrial Policy Strategies' (TIPS's) 'Tracker: The economy and the pandemic' highlights important trends in the Covid-19 pandemic in South Africa and how they affect the economy. Since August 18, when the country moved to Level 2 of the lockdown, the number of cases has plateaued at... 

Astral Foods CEO hospitalised after motorcycle accident

By: Simone Liedtke     21st September 2020 Poultry producer Astral Foods CEO Chris Schutte has been hospitalised following a motorcycle accident in celebration of his upcoming sixtieth birthday. Schutte was airlifted to a medical facility, in George, where he is being stabilised and treated for multiple fractures after the accident on... 

UIF TERS payments to resume

By: Simone Liedtke     21st September 2020 The Unemployment Insurance Fund (UIF) is set to resume its Covid-19 Temporary Employee Relief Scheme (TERS) benefits payments on September 21. UIF acting commissioning Marsha Bronkhorst said a payment plan would be run for all outstanding payments for April, May and June over September 21 and 22,... 

BLSA’s Mavuso calls for urgency in implementation of economic recovery plan 

By: Simone Liedtke     21st September 2020 South Africa’s move to Alert Level 1 in the Covid-19-induced lockdown is “the right one”, as this means that more of the economy can function, and “more people can get back to work”, says Business Leadership South Africa (BLSA) CEO Busi Mavuso. In her weekly newsletter on September 21, Mavuso... 

Busa’s Pityana stresses need for approval, implementation of Economic Recovery Action Plan 

By: Simone Liedtke     18th September 2020 Business Unity South Africa (Busa) President Sipho Pityana has called for a “more empathetic approach” with South Africa recently passing two important milestones on the road to salvaging its battered economy. These milestones comprise the Covid-19 lockdown having been scaled down to Alert Level... 

Open borders lauded by tourism stakeholders

By: Donna Slater     18th September 2020 Stakeholders in the tourism industry have lauded President Cyril Ramaphosa’s decision to allow restricted international travel to South Africa to resume as an effort to help rebuild the tourism and hospitality industry in South Africa. This sentiment was conveyed during a Governance... 

Nersa to learn next week if tariff-raising Eskom judgment can be appealed 

By: Terence Creamer     18th September 2020 High Court Judge Fayeeza Kathree-Setiloane will decide next week whether to grant the National Energy Regulator of South Africa leave to appeal her July 28 judgment, which found the regulator’s decision to deduct a R69-billion equity injection into Eskom from its allowable revenue for the period... 

Nersa to learn next week if tariff-raising Eskom judgment can be appealed

Govt commits to provide SAA with R10.5bn – administrator 

By: Reuters     18th September 2020 South Africa has pledged R10.5-billion to South African Airways, one of the administrators of the ailing state-owned airline said on Friday. The administrators took control of SAA in December after almost a decade of financial losses and have been trying to keep it afloat as the coronavirus... 

Govt commits to provide SAA with R10.5bn – administrator

Unions threaten legal action if government does not commit to saving State-owned airlines

By: Rebecca Campbell     18th September 2020 Two trade unions, the National Union of Metalworkers of South Africa (Numsa) and the South African Cabin Crew Association (Sacca), have jointly announced that, together, they are going to challenge in court the liquidation of State-owned airlines South African Airways (SAA) and South African... 

DPWI, AgriSeta partner to train and certify 400 artisans

By: Marleny Arnoldi     18th September 2020 The Department of Public Works and Infrastructure (DPWI) has partnered with the Agricultural Sector Education Training Authority (AgriSeta) to provide artisan development training to 400 Expanded Public Works Programme (EPWP) participants. Artisan development is often overlooked by school... 

DPWI, AgriSeta partner to train and certify 400 artisans

Cybersecurity has to remain ‘front of mind’ for miners, says panel

By: Simone Liedtke     18th September 2020 As the world becomes more connected through information technology (IT) and operational technology (OT), ABB local division manager for mining solutions John Manuell warns that cybersecurity will need “to remain front of mind”. With the advent and increasing use of digital technologies,... 

Cybersecurity has to remain ‘front of mind’ for miners, says panel

Initiative to accelerate technology strategies amid aerospace industry decline

By: Mamaili Mamaila     18th September 2020 The Aerospace Industry Support Initiative (AISI) plans to continue building technology strategies with industry for long-term implementation amid the industry’s decline of late. 

Initiative to accelerate technology strategies amid aerospace industry decline
EVEN ODDS Although there are “pockets of excellence”, the local aerospace industry is very small and focuses almost exclusively on exports

Environmental concerns driving industry change

By: Mamaili Mamaila     18th September 2020 A disruptive change is currently underway in the heating, ventilation, air conditioning and refrigeration (HVAC-R) refrigerant market, global safety science company UL states. 

Environmental concerns driving industry change
GOING GREEN Driven by environmental concerns, global promoters are advocating the phase-out of traditional refrigerants in favour of new alternatives with a lower global warming potential

Engineering collaboration assists local development

18th September 2020 Mechanical engineering contractor Brimis Engineering is working together with air conditioning contractor Blue Hemisphere on the heating, ventilation and air conditioning (HVAC) installation at the Middelburg Provincial Hospital. 

HVACR industry at a turning point

By: Mamaili Mamaila     18th September 2020 The heating, ventilation, air-conditioning and refrigeration (HVACR) industry is at a turning point and it is up to all the innovators in the industry to take the lead and set a new standard for South Africa, multinational air-conditioning manufacturing company Daikin South Africa MD Koen Van... 

HVACR industry at a turning point
KOEN VAN WYNENDAELE Before the Covid-19 outbreak, the industry in general was under pressure owing to a sluggish economy with limited to no growth, a difficult political climate and a tough investment climate
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