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Economy News

MPs approve Reserve Bank Bill

By: Sapa     20th July 2010 Parliament's Portfolio Committee on Finance on Tuesday approved a Reserve Bank Bill designed to change the way that the institution is governed and prevent shareholders disrupting its operations for their own gain. Members of Parliament (MPs) approved the bill after a mere hour of deliberations,... 

OECD says activist currency policy to avoid overvaluation could benefit SA 

By: Terence Creamer     19th July 2010 Greater policy effort to avoid currency overvaluation in South Africa "is warranted", a new Organisation for Economic Cooperation and Development (OECD) report argues. In fact, the inaugural OECD Economic Survey of South Africa, released in Pretoria on Monday, stated that, despite the potential... 

Reduce carbon by making it dear, energy economist argues 

By: Terence Creamer     16th July 2010 In the absence of decisive intervention from governments, fossil fuels will remain the dominant energy source for the next 25 years to 30 years, despite strong growth in renewable-energy production and despite the build up of climate-changing carbon dioxide (C02) in the atmosphere, a leading US... 

New programme for draughting academy

By: Eleanor Seggie     16th July 2010 Consulting engineers and project implementation company Hatch has developed and implemented a training programme for draughting education and training institution African Academy. 

Job shadow month to expose learners to the engineering environment

By: Eleanor Seggie     16th July 2010 Consulting engineering company SSI is participating in the Consulting Engineers South Africa’s National Job Shadow Month, in July, which aims to expose learners to the engineering environment, particularly consulting engineering. 

Investing in early skills development

By: Eleanor Seggie     16th July 2010 Software development company Dariel Solutions sponsors the independent, nonprofit Vuleka School by setting up computers, networking, asymmetric digital subscriber lines and Internet connectivity through Internet service providers, to expose the learners to information technology (IT) at an early... 

Competition underscores mechatronics

By: Eleanor Seggie     16th July 2010 The Durban University of Technology (DUT) has won this year’s Cyber Junkyard Challenge, a mechatronics competition that drew entries from 11 engineering tertiary institutions in sub-Saharan Africa.  

R12,8m scrap metal settlement confirmed

By: Sapa     15th July 2010 The Competition Tribunal has confirmed a R12,8-million settlement agreement between the Competition Commission and Power Metal Recyclers. It said on Thursday that the settlement was 5% of Power Metal's turnover for the year ended February 2006. 

IDC plans to inject R11,7bn into green industries by 2015

By: Terence Creamer     15th July 2010 South Africa's State-owned Industrial Development Corporation (IDC) plans to inject R11,7-billion into ‘green' industries over the next five years as part of a larger R100-billion disbursement plan between 2010 and 2015. CEO Geoffrey Qhena indicates that the "green economy" has emerged as a... 

Disappointed by fall off in approvals, IDC sets R100bn five-year target  

By: Terence Creamer     15th July 2010 South Africa's State-owned Industrial Development Corporation (IDC) reported funding approvals of R9,4-billion for the year to March 31, 2010, down from the R10,8-billion approved in the previous financial year. The decline in approvals was the first in five years, with the IDC having a stated... 

Tribunal postpones decision on Sasol fertiliser settlement

By: Loni Prinsloo     14th July 2010 The Competition Tribunal on Wednesday postponed its confirmation of the settlement agreement reached between the Competition Commission and Sasol, relating to allegations of abuse of dominance in the JSE-listed company's fertiliser business. Sasol spokesperson Jacqui O'Sullivan said that the... 

Government, business seek to sustain World Cup momentum

By: Loni Prinsloo     13th July 2010 The South African government on Tuesday met with the country's business leadership to further build on the positive sentiment created by the successful hosting the first FIFA World Cup on African soil. Speaking after the meeting in Pretoria, President Jacob Zuma said that investors from around... 

Trade conditions tighten – Sacci

By: Sapa     13th July 2010 Trade conditions have tightened, the SA Chamber of Commerce and Industry (Sacci) said on Tuesday as it released the results of its Trade Conditions Survey for June 2010. The Trade Activity Index (TAI), which reflects current trade conditions, dipped by three index points to 48 in June 2010 as... 

The stadium showdown: Soccer City vs Bird's Nest 

By: Terence Creamer     12th July 2010 Any doubts about the building prowess of South Africa's construction industry were dispelled decisively by the impressive delivery of the World Cup stadiums ahead of the 2010 FIFA tournament, which reached its dramatic conclusion late on Sunday night when Spain snatched a dramatic, late winner... 

Fall in rate of employment slows – survey

By: Sapa     12th July 2010 The fall in the rate of employment slowed between May and June 2010, a survey released on Monday showed. According to the Adcorp Employment Index, the rate of employment fell to a marginal annualised rate of 0,26% in June after a steep fall of 6,2% the previous month. Employment continued to... 

SAQA sets up career advice helpline 

By: Creamer Media Reporter      9th July 2010 he South African Qualifications Authority (SAQA) has established the National Qualifications Framework (NQF) and Career Advice Helpline, in line with the expectations of Higher Education and Training Minister Blade Nzimande. The helpline services would be accessible by phone, SMS, the Internet,... 

Siemens to invest €200m in Africa by 2012 as it targets sales of €3bn 

By: Terence Creamer     9th July 2010 Global technology group Siemens announced on Friday that it would invest €200-million (about R2-billion) in Africa by 2012, about €100-million of which would be directed to South Africa, in a bid to create the platform for a trebling of sales on the continent over the next two years. Speaking in... 

Reliance on commodities makes Africa vulnerable to next crisis

By: Loni Prinsloo     9th July 2010 While the economic downturn seems to have bottomed out, there is a risk of a double-dip recession, the African Economic Research Consortium (AERC) warned this week, urging African countries to reduce their dependence on commodities and crude material production. Speaking at the 50th Trade and... 

Youth agency and Higher Education join forces on skills development

By: Creamer Media Reporter      8th July 2010 The National Youth Development Agency (NYDA) and Minister of Higher Education Blade Nzimande have agreed to collaborate on a number of projects to improve education and skills development among South Africa’s youth. NYDA chairperson Andile Lungisa met with Nzimande earlier this week to look at... 

Manufacturing output expands 7,9%, growth may slow

By: Chanel de Bruyn     8th July 2010 South Africa’s manufacturing output grew by 7,9% year-on-year in May and while this was lower than the 8,7% year-on-year growth in April, it was not necessarily as a result of economic weakness, an economist has said. Absa Capital senior economist Ian Marsberg said that the investment bank had... 

World Cup gives business confidence a boost

By: Chanel de Bruyn     8th July 2010 Despite indications that the global economy may remain depressed over the medium term, the successful hosting of the 2010 FIFA World Cup could boost domestic business confidence, the South African Chamber of Commerce and Industry (Sacci) said on Thursday. The chamber, which reported a 2,8 point... 

Renewables scale-up core to Zille's sustainability road map 

By: Jade Davenport     7th July 2010 Western Cape Premier Helen Zille officially released the Western Cape provincial government's (WCPG) strategic plan on environmental sustainability and resource-use efficiency in Cape Town on Wednesday, in which a target was set for generating 15% of the province's electricity from renewable... 

Red tape continues to stymie SA's foreign investors, report finds 

By: Terence Creamer     7th July 2010 It takes eight procedures and 65 days to establish a foreign-owned limited liability company in South Africa, which a new World Bank study says is slower than both the sub-Saharan African average of 48 days and the global average of 42 days. The ‘Investing Across Borders 2010' report - which... 

Africa rocketing out of recession

By: Keith Campbell     6th July 2010 Africa is the region that is growing fastest out of the global recession. “Our prediction is that this year the continent will have a growth of 4,5%, next year 5,5% and then 6%,” reported African Development Bank vice-president and chief economist Professor Mthuli Ncube on Tuesday. “This is a... 

Africa needs foreign investment to tackle infrastructure deficit

By: Keith Campbell     6th July 2010 The infrastructure deficit in Africa currently amounts, in monetary terms, to $1,5-trillion, African Development Bank vice-president and Chief Economist Prof Mthuli Ncube told Engineering News Online on Tuesday. And the continent probably can’t afford to finance all the required development from... 

Busa calls on Eskom and its unions to keep talking

By: Terence Creamer     2nd July 2010 Organised business on Friday urged Eskom and its trade unions to continue with collective bargaining efforts to resolve the current wage negotiation stalemate, indicating that it was "deeply concerned" at the prospect of industrial action at the power utility, which is classified as an essential... 

Land reform delays cause uncertainty in the sugar industry

By: Eleanor Seggie     2nd July 2010 The ongoing land reform programme remains an area of significant focus for the South African sugar industry, reports the South African Sugar Association (Sasa).  

Sugar price volatility fears eased

By: Eleanor Seggie     2nd July 2010 Finance was a significant concern at the recent Kingsman Asia Pacific sugar conference in Singapore, reports market analyst and broker in the world sugar and biofuels markets Kingsman. 

Engineers needed to provide economic growth impetus

By: Petronel Smit     2nd July 2010 Inadequate economic growth can partly be ascribed to the lack of engineers in the country. About 60% to 75% of enrolled engineering students finish their degree. 

Association supports small-scale growers

By: Eleanor Seggie     2nd July 2010 The small-scale cane growers sector is currently operating below potential, with sharply reduced yields and a 20 % decline in the number of growers in this sector, over the past five years, reports the South African Cane Growers Association (Canegrowers).  

Industry research efforts make headway

By: Eleanor Seggie     2nd July 2010 The Sugar Milling Research Institute (SMRI) reports that its research and development (R&D) initiatives have resulted in a number of commercial opportunities that will add significant value to sugar-cane processing.  

World Cup to yield little for SA's manufacturers - Coface

By: Dennis Ndaba     1st July 2010 The direct benefits for South Africa's struggling manufacturing sector from the 2010 World Cup will be limited to retail- and hospitality-related manufacturers, with limited spinoffs likely for the sector as a whole, trade credit protection company Coface said on Thursday. Coface South Africa's... 

SA has lowest employment ratio in Africa – report  

By: Loni Prinsloo     1st July 2010 Africa's largest economy, South Africa, is boasting the highest unemployment ratio on the continent, with almost 60% of people being unemployed and 25% choosing not to participate in the country's economy. Economist Mike Schussler, who presented the '2010 Uasa South African employment report' in... 

South African PMI drops below 50-point level

By: Chanel de Bruyn     1st July 2010 The manufacturing sector’s contribution to overall gross domestic product (GDP) growth in the second quarter would likely be “meaningfully less” than the 1,3 percentage points contributed during the first quarter of the year, Kagiso Securities head of fixed income André Coetzee said on Thursday,... 

NUM ready to defy strike ban, Solidarity rejects new offer, Eskom makes contingency plans 

By: Sapa     30th June 2010 The National Union of Mineworkers (NUM) on Wednesday formally notified Eskom of its intention to go on strike next week over wages, a union spokesman said. "Today [Wednesday] we started mobilising our members for the strike," said NUM spokesman Lesiba Seshoka. 

Bicycle wholesalers, retailers face price-fixing charge 

By: Creamer Media Reporter      28th June 2010 The Competition Commission has requested the Competition Tribunal to levy an administrative penalty on 28 bicycle wholesalers and retailers that it believes had been involved in price-fixing activities during 2008. The firms were facing allegations that they colluded to set the wholesale and... 

Jobs must take centre stage in SA growth plans – Patel 

By: Chanel de Bruyn     25th June 2010 For South Africa to achieve results in growing the economy, existing packages could not simply be repackaged and jobs had to be at the centre of the country’s common goal, Economic Development Minister Ebrahim Patel said on Thursday. Patel and Trade and Industry Minister Rob Davies met with... 


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