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Economy News

Latest PMI shows manufacturing remains under pressure

By: Chanel de Bruyn     2nd August 2010 Despite the Kagiso Purchasing Managers Index (PMI) having registered a 1,1 point increase to 49,5 points in July, the level of the index indicated that the slowdown in the manufacturing industry had continued at the start of the third quarter, Kagiso Securities highlighted on Monday. “While the... 

No Iata involvement in air cargo collusion case

By: Sapa     30th July 2010 The International Air Transport Association (Iata) in Geneva is not involved in the South African Competition Commission's inquiry into cases of collusion in the cargo carriage market. "That the airlines involved in the Commission's inquiry are members of Iata does not and should no imply any... 

University of Stellenbosch places research energy behind five core themes

By: Mary-Anne O’Donnell     30th July 2010 Stellenbosch University, one of the leading research-intensive universities on the African continent, has taken the step of aligning its teaching and learning, research and community interaction initiatives with five key international development themes to launch a multidimensional campaign,... 

Consulting engineers support corporate 
social investment 

By: Eleanor Seggie     30th July 2010 Investigations are under way to determine if training institution African Academy’s computer systems can be run off a central server, which could allow the academy to be virtually accessible to the rest of the country, reports consulting engineers and project implementation company Hatch. 

Multidisciplinary approach to draughting and design

By: Eleanor Seggie     30th July 2010 The Academy of Advanced Technology offers a multidisciplined training approach to new and experienced consulting engineers, giving them a competitive edge, says Academy of Advanced Technology founder and director Professor Emil Dirsuwei. 

Shifting emphasis

By: Terence Creamer     30th July 2010 The South African government made a concerted, albeit belated, bid last week to shift the emphasis in the ongoing dispute between Kumba Iron Ore (KIO) and ArcelorMittal South Africa (AMSA) beyond the narrow realm of corporate and legal rights to the realm of South Africa’s national interests.... 

South Africa should promote entrepreneurship to grow economy  

By: Chanel de Bruyn     29th July 2010 South Africa’s economy was falling further and further behind the rest of the continent owing to deficiencies in the education system and its skills development efforts, which was, in turn, eroding the country’s competitive ability, Econometrix chief economist Azar Jammine said on Thursday.... 

Eight air-cargo carriers fingered for long-running collusion

By: Creamer Media Reporter      29th July 2010 South Africa's Competition Commission confirmed on Thursday that it had referred eight air-cargo carriers to the Competition Tribunal for alleged collusive behaviour that had endured for a ten-year period, from 1996 to 2006. The companies face allegations of fixing the price of the fuel... 

SA fares well against peers in investment climate study – Davies 

By: Chanel de Bruyn     29th July 2010 South Africa had an opportunity to further improve its business environment, as perceptions towards the country were changing in its favour, Trade and Industry Minister Dr Rob Davies said on Thursday. Speaking at the launch of the World Bank's ‘Second Investment Climate Assessment', the Minister... 

BER lowers SA growth forecast to 3,1%

By: Creamer Media Reporter      27th July 2010 The Bureau for Economic Research (BER) has revised its gross domestic product (GDP) growth forecast for 2010 downwards to 3,1%, compared with the previously anticipated 3,4%, adding that there would be no job growth this year. The researchers highlighted that while South Africa’s GDP had grown... 

Regulations now in place for SA's R20bn large project tax incentive

By: Terence Creamer     27th July 2010 Regulations for South Africa's long-awaited R20-billion tax incentive for large-scale industrial projects have been published, potentially opening the way for significant new manufacturing sector investments. The incentive will officially continue until December 31, 2014, but could be closed... 

SA economy shed 61 000 jobs in Q2, jobless rate ticks up 

By: Chanel de Bruyn     27th July 2010 South Africa's unemployment rate increased marginally to 25,3% in the second quarter, compared with the 25,2% recorded in the first quarter of the year, official data showed on Tuesday. This was 1,7 percentage points higher than the unemployment rate of 23,6% in the second quarter of 2009. 

Commodity recovery to drive oil markets in Southern Africa

By: Terence Creamer     26th July 2010 Rebounding demand for Southern Africa's minerals and natural resources is stimulating demand for oil products within the region, a new report from Frost & Sullivan has found. But inadequate infrastructure and inefficient regulatory processes were increasing costs and undermining the security of... 

SA's competitiveness ranking does not tell the whole story  

By: Terence Creamer     23rd July 2010 South Africa's ranking of forty-fourth in the World Competitiveness Yearbook 2010 had disguised a relatively impressive performance of the country in a number of the components on which the survey is based, competitiveness expert Dr Hischam El-Agamy told a Johannesburg audience in a recent... 

Yearly green investments of $440bn needed to meet climate target 

By: Terence Creamer     23rd July 2010 Some $440-billion a year of additional global investments would be required between 2010 and 2015 to limit greenhouse gas (GHG) emissions to the levels outlined in the Copenhagen Accord, a new United Nations report argues. The ‘World Investment Report 2010', which was published earlier this week... 

Guiding the youth in construction

By: Karishma Thakurdin     23rd July 2010 Role-players in the civil engineering and construction industry have joined forces to encourage school learners and students to join the industry, through the Youth in Construction Week initiative. 

Focused on skills

By: Dimakatso Motau     23rd July 2010 Vehicle manufacturer Nissan South Africa (NSA) believes that developing skills is significant to its business growth and is focused on enhancing the skills of its current employees and on developing new skills. 

Public–private partnership to develop BBBEE

By: Dimakatso Motau     23rd July 2010 The Gauteng Department of Economic Development reports that the recent initiative to establish an incubation centre to nurture black-owned component suppliers at vehicle manufacturer’s Ford Motor Company of Southern Africa (FMCSA) plant in Silverton, Pretoria, heralds a new way of stimulating the... 

Green technology on the road soon

By: Henry Lazenby     23rd July 2010 Seventy members of the South African National Taxi Council (Santaco) operating minibus taxis on a pre-determined route will take part in a project where their vehicles will be converted to run on both petrol and liquefied petroleum gas (LPG), the Automotive Industry Development Centre (AIDC) says. 

Canada pledges R140m to help develop African mathematical sciences hubs 

By: Petronel Smit     23rd July 2010 The Canadian government has pledged support of more than R140-million towards the establishment of five African Institute for Mathematical Sciences (AIMS) centres in Africa over the next four years. 

South Africa’s artisan shortage cloud may have a training silver lining 

By: Mary-Anne O’Donnell     23rd July 2010 It is widely accepted that South Africa's artisan shortage is a chronic problem and that the training initiatives to build a new cadre of artisans have failed, thus far, to fully address the backlog. 

Gradual recovery expected in 2010

23rd July 2010 The findings of a local survey undertaken in Johannesburg, Port Elizabeth and Durban, by accounting firm KPMG, suggests that confidence is returning to the ailing automotive sector, which has forecast an anticipated growth rate of up to 10% for 2010. 

SA confirmed as top developing country investor in Africa 

By: Terence Creamer     22nd July 2010 South Africa was the largest "developing country" foreign direct investor (FDI) in Africa between 2006 and 2008, with South African companies having invested an average of $2,61-billion a year over the period, which was even higher than FDI flows from China, whose companies invested an average of... 

Govt shifts iron-ore emphasis from corporate rights to national interest 

By: Terence Creamer     22nd July 2010 The South African government moved on Thursday to further shift the emphasis in the ongoing dispute between Kumba Iron Ore (KIO) and ArcelorMittal South Africa (AMSA) beyond the realm of corporate and legal rights, to one that was also sensitive to South Africa's national interests. The State's... 

Govt to meet business on level of rand – Zuma 

By: Loni Prinsloo     22nd July 2010 The issue of currency management was on the minds of government officials and economists alike, said President Jacob Zuma in Pretoria on Thursday. Briefing the media after a two-day Cabinet lekgotla meeting, the President said that government was discussing the current level of the rand, but... 

SA to use outcomes approach to improve service delivery – Zuma  

By: Loni Prinsloo     22nd July 2010 South African President Jacob Zuma said on Thursday that the July Cabinet lekgotla, which focuses on planning to inform the budgeting process, was conducted within a focus of an outcomes approach to improve service delivery in the country. Speaking at a media briefing in Pretoria, he said that... 

Africa's expanding trade relations with Asia to spur growth in 2010 and beyond 

By: Terence Creamer     20th July 2010 Rising trade with Asia, and China in particular, has emerged as a key new source of growth for sub-Saharan Africa and will continue to be a core growth driver in 2010 and beyond, IHS Global Insight chief economist Nariman Behravesh said on Tuesday. Speaking to a South African audience at the IHS... 

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... 

 

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