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Economy News

Chabane moots regulator for the regulators

By: Christy van der Merwe     12th February 2010 A single regulatory coordinator, under the Competition Commission, was being considered by the South African government to enhance consistency and quality of regulation, Minister in The Presidency Collins Chabane said on Friday. The announcement was met with enthusiasm and surprise among the... 

Davies to unveil expanded industrial policy plan next week

By: Terence Creamer     12th February 2010 South Africa's Trade and Industry Minister Dr Rob Davies will provide insight into the newly approved Industrial Policy Action Plan (Ipap), for the period 2010 to 2013, at a briefing on Thursday. The briefing will take place in Cape Town the day after Finance Minister Pravin Gordhan is scheduled... 

Chabane outlines plan to improve govt performance

By: Creamer Media Reporter      12th February 2010 Minister in the Presidency for Performance Monitoring and Evaluation Collins Chabane on Friday outlined some of the 12 performance outcomes that government has set itself. He noted that Cabinet had already approved nine of the 12 outcomes last year, with the remaining three to be discussed in... 

Zuma's speech unlikely to have big Budget implications

By: Sapa     12th February 2010 Minister in the Presidency Collins Chabane on Friday rejected notions that policy initiatives announced in President Jacob Zuma's sState of the nation address would have a major impact on the Budget tabled next week. Chabane said Finance Minister Pravin Gordhan's first budget would be informed... 

Emergency programmes under way to assist municipalities

By: Eleanor Seggie     12th February 2010 Engineering and environmental consultants SSI has devised a number of emergency projects to assist the municipalities of the southern Cape coastal belt, in light of the severe drought that the area is experiencing. SSI communications manager Robin Hayes says that during December, tourists flood... 

SA’s growth likely to exceed Treasury’s forecast – economist

By: Chanel de Bruyn     11th February 2010 While this year’s budget would be a “challenging” one for the National Treasury, it could be pleasantly surprised in terms of the country’s growth, Deloitte economist Kay Walsh said on Thursday. She noted during a pre-budget media briefing that the National Treasury had initially expected South... 

SA trade activity rebounds in January

By: Creamer Media Reporter      11th February 2010 The South African Chamber of Commerce and Industry’s (Sacci’s) Trade Activity Index (TAI) rebounded to 44 points in January, after dropping by nine points to 42 points in December. While remaining in negative territory, the index was still well above the low of 32 points recorded in April last... 

Zuma to leave economic details to Ministers

By: Sapa     10th February 2010 President Jacob Zuma will indicate a change in industrial policy in his state of the nation address, but leave an expected announcement on monetary policy to the National Treasury, Minister in the Presidency Collins Chabane said on Thursday, Chabane said Finance Minister Pravin Gordhan was best... 

Informal jobs prop up Q4 employment figures after big '09 losses

By: Esmarie Iannucci     9th February 2010 An estimated 89 000 jobs were created during the fourth quarter of 2009, as signs of stability in the labour market emerged, Statistics South Africa (Stats SA) reported on Tuesday. The increase in the number of jobs created came after three consecutive quarters of massive job losses, however,... 

Competition Tribunal dismisses complaint against DME 

By: Creamer Media Reporter      8th February 2010 The Competition Tribunal on Monday dismissed the complaint brought forward by mining industry electronics equipment supplier AEC Electronics against the Department of Minerals and Energy (DME). "We neither have the competence to instruct a state functionary exercising a public power to act in a... 

Nationalisation debate less about policy than internal ANC tussles

By: Terence Creamer     8th February 2010 Mine nationalisation in South Africa was not an imminent policy threat, nor even a fully fledged policy consideration. But the debate could be important in helping to shape the future leadership dynamics within the governing African National Congress (ANC), Control Risks senior Southern Africa... 

SA economy lacking ‘vigorous’ recovery anticipated for peers

By: Chanel de Bruyn     8th February 2010 The South African Chamber of Commerce and Industry (Sacci) on Monday expressed concern that the country’s economy had not yet joined in the “vigorous” economic recovery anticipated for other key emerging market economies. With the release of its January business confidence index (BCI), the... 

Correct tools could enable companies 
to lower their 2010 credit risks

By: Jacqueline Holman     5th February 2010 There is a wave of expectation and excitement building up to the 2010 Soccer World Cup that may increase positive economic sentiment and result in consumers spending and using credit again, says consumer and business credit monitoring firm Experian senior executive for sales and business... 

SA power consumption up 7,5% in Dec

By: Chanel de Bruyn     4th February 2010 South Africa’s power consumption jumped 7,5% year-on-year to 18 850 GWh in December, its biggest increase since February 2004 when consumption rose 6,9% year-on-year, official data by Statistics South Africa (Stats SA) showed on Thursday. Electricity usage for the three months ended December 31,... 

Engineers confirm nominee for Manuel's new planning body

By: Terence Creamer     4th February 2010 Consulting Engineers South Africa (Cesa) would nominate its incumbent president, Zulch Lötter, for a position on the National Planning Commission (NPC), which the South African government planned to establish by March. Cesa CEO Graham Pirie indicated on Thursday that it was in the process of... 

Power-price shock would hamper already frail factory recovery 

By: Chanel de Bruyn     2nd February 2010 South Africa’s already struggling manufacturing sector did not need any other economic shocks, such as the large electricity tariff increases proposed by Eskom, Nedcor chief economist Dennis Dykes asserted on Tuesday. The country’s economy remained under pressure and conditions in many sectors... 

Comair denies price collusion allegations  

By: Creamer Media Reporter      29th January 2010 JSE-listed aviation company Comair, which operates the kulula.com and British Airways airlines in the Southern African region, has denied that there has been any collusion between local airlines around pricing for the 2010 FIFA World Cup. In a statement issued on Friday, the company “strongly... 

Limpopo cooperative to produce sanitation systems

By: Jacqueline Holman     29th January 2010 Precast concrete infrastructural products and solutions specialist Rocla, which is part of the Murray & Roberts group, has issued a license to a community-owned and operated factory in Vhembe, in the Limpopo province, for the manufacture of some of its products. 

South Africa set to launch big corridor-based logistics efficiency study

By: Terence Creamer     29th January 2010 The South African government is initiating a R17,2-million study into the state of operational efficiency along the country’s key transport corridors, which it hopes will provide the basis for material performance improvements to help guide infrastructure planning and future investment... 

Gordhan unlikely to announce major tax changes – E&Y

By: Chanel de Bruyn     28th January 2010 The National Treasury was unlikely to make major changes to the individual, corporate or indirect tax rates, but it was also unlikely to announce any new tax incentives when Finance Minister Pravin Gordhan tables the national budget next month, tax advisory firm Ernst & Young (E&Y) said on... 

Anglo American unveils SA job creation plan

By: Creamer Media Reporter      28th January 2010 Diversified miner Anglo American plans to establish 12 new enterprise development hubs in high unemployment areas in South Africa in an attempt to create 25 000 new jobs and up to 1 500 new businesses over the next seven years. The mining group announced on Thursday that it has committed itself... 

SA's biggest constraint is lack of skilled workforce – survey  

By: Creamer Media Reporter      28th January 2010 South African business owners see a lack of skilled workforce as the biggest constraint impeding business growth, a survey found. Grant Thornton’s 2010 International Business Report (IBR) study, which related key constraints on company’s abilities to expand the business, found that 34% of... 

SA producer prices up for first time in 8 months

By: Reuters     28th January 2010 South Africa's producer prices increased by 0,7% year-on-year in November, compared with a 1,2% decrease in November, official data showed on Thursday. Statistics South Africa said on a monthly basis producer inflation, representing domestic output, was at 0,7% compared with 0,8% in November.  

Zuma errs on the side of economic-policy stability at Davos 

By: Terence Creamer     27th January 2010 President Jacob Zuma came out on the side of economic-policy stability at the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, arguing that "judicious management" of the country's finances had enabled South Africa to respond to its first recession of the post-1994 "democratic era"... 

Emerging economies to grow by 6% in 2010, says IMF

By: Chanel de Bruyn     27th January 2010 Emerging and developing economies, which grew by 2,1% in 2009, would likely see growth of about 6% in 2010, as well as accelerated economic growth in 2011, the International Monetary Fund (IMF) has revealed in its latest World Economic Outlook (WEO) report. The report highlighted that stronger... 

Australia seeks to strengthen ties with South Africa

By: Esmarie Iannucci     26th January 2010 South African International Relations and Cooperation Minister Maite Nkoana-Mashabane and her Australian counterpart, Foreign Affairs Minister Stephen Smith, on Tuesday launched an Australian-South Africa Foreign Minister's dialogue to advance the countries' common interest and to regularly... 

Job creation promises faltering — Vavi

By: Sapa     25th January 2010 Government's promise to create 500 000 employment opportunities is faltering, Congress of South African Trade Unions (Cosatu) general secretary Zwelinzima Vavi said on Monday. "Much more needs to be done to make sure we achieve and preferably surpass this target," he said in a speech prepared... 

Business confidence likely 
to trend upwards from 
2009 doldrums

By: Chanel de Bruyn     22nd January 2010 Business confidence, which had shown considerable volatility in 2009, would likely reach a higher average this year, after reaching a seven-year low in 2009, the South African Chamber of Commerce and Industry (Sacci) said earlier this month.

Reporting on the results of its Business Confidence... 

SA's economic recovery vulnerable to ‘double-dip' threat

By: Terence Creamer     21st January 2010 The World Bank expects the South African economy, which slumped into its first recession in 17 years during 2009, leading to an estimated 1,8% contraction in gross domestic product (GDP), to grow by 2% during 2010 and 2,7% in 2011 - however, a ‘double-dip' recession would severely undermine the... 

SA failed to evade global FDI slump in 2009, report shows

By: Terence Creamer     19th January 2010 As with the global recession, South Africa failed to escape the effects of a sharp pullback in global foreign direct investment (FDI) flows during 2009, with a new report showing that FDI inflows to South Africa slumped by 24,6% to $6,8-billion last year, from $9-billion in 2008. The estimate,... 

Africa likely to see shift in politics after economic crisis – analyst   

By: Esmarie Iannucci     19th January 2010 Although the most pressing signs of the global economic meltdown seems to be ebbing, the political impact of the downturn on Africa would only be seen at a later stage, said the Institute for Global Dialogue (IDG) on Tuesday. Speaking at an event hosted by research and strategy company Frontier... 

Sars enforcement of documentary requirements may increase

By: Eleanor Seggie     15th January 2010 The South African Revenue Service (Sars) has significantly felt the impact of the financial crisis and the budget deficit is expected to reach about R80-billion this year. This has resulted in Sars enhancing collection measures. Exporters are no exception and it may be expected that SARS’... 

Focus on entrepreneurs, incentives needed to boost venture capitalism in SA

By: Jacqueline Holman     15th January 2010 Government needs to develop a more favourable environment for start-up and early stage entrepreneurial companies to grow and provide a solution to unemployment by providing angel investors with tax incentives, say business accelerator Aurik CEO Pavlo Phitidis and director of strategy and business... 

Firms team up in maths, science and engineering drive

By: Jacqueline Holman     15th January 2010 Human capital investment company Infundo Consulting, engineering technology company Bentley Systems incorporated and the Royal Netherlands Embassy have partnered to enhance mathematics and science teaching skills in South Africa through an e-learning computer-aided design (Elcad) programme where... 

PetroSA awards bursaries to boost engineering, science skills 

By: Chanel de Bruyn     14th January 2010 In an effort to increase the skills availability in the engineering, science and commerce fields of South Africa, national oil company (NOC) PetroSA has awarded bursaries to 30 matriculants and university students to study commerce and science at higher learning institutions. The bursaries were... 

Steady trade activity recovery expected in 2010

By: Creamer Media Reporter      14th January 2010 Despite the Trade Activity Index (TAI) having slipped back into negative territory in December amid a normal seasonal decline in trade activity, the South African Chamber of Commerce and Industry (Sacci) expected the steady recovery of the index at the end of 2009 to be sustained into 2010, given... 

Contraction in SA manufacturing output slowed in Nov

By: Chanel de Bruyn     12th January 2010 Local manufacturing output contracted by 4,7% year-on-year in November, the least negative growth rate recorded, to date, in 2009, Statistics South Africa (Stats SA) reported on Tuesday. Efficient Group economist Freddie Mitchell noted that this was “all in all a good figure” with a definite... 

 

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