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Economy News

Liquidations decrease in July – Stats SA

By: Sapa     30th August 2010 The total number of liquidations recorded for July 2010 decreased by 34,3% from 428 to 281 compared with July 2009, Statistics South Africa said on Monday. The total number of liquidations recorded for the first seven months of 2010 decreased by 1,4% (from 2 379 to 2 346) compared with the... 

World Cup R1,5bn annual boon to economy 

By: Sapa     30th August 2010 The boost to the economy from the 2010 FIFA World Cup should increase tax revenue by R1,5-billion a year, Economic Development Minister Ebrahim Patel said in written reply to a Parliamentary question on Monday. Quoting estimates from the Union Bank of Switzerland, Patel said infrastructure... 

Public-sector strike costing SA economy, urgent resolution needed – Gordhan 

By: Loni Prinsloo     27th August 2010 Government is seeking an urgent resolution to the crippling public sector strike, which is costing the South African economy an estimated R1-billion-plus a day, Finance Minister Pravin Gordhan said on Thursday. While workers had a right to strike, he criticised striking employees for the... 

New city bid to match skills to industry requirements

By: Petronel Smit     27th August 2010 The mismatch between the skills required in Johannesburg and the skills available to industry has resulted in the recent launch of the City of Johannesburg’s Section 21 Leago Skills Hub. 

Commission seeks penalty for scrap traders facing collusion charges

By: Loni Prinsloo     26th August 2010 South Africa's Competition Commission on Thursday requested that the Competition Tribunal impose a 10% of yearly turnover penalty on eight of the 13 scrap merchants accused of collusion. The scrap metals traders face allegations that they colluded to set prices, divide the markets, and fix... 

Grid unbundling not an immediate obstacle to private power - Eskom 

By: Terence Creamer     26th August 2010 State-owned power utility Eskom expects to sign agreements for 1 425 MW of conventional and renewable energy arising from independent power producer (IPPs) between now and 2013, as well as a further 1 000 to 1 500 MW of cogenerated capacity over the same period. Six power purchase agreements... 

Khula plans to make R1,6bn available to small enterprises 

By: Chanel de Bruyn     25th August 2010 Development finance institution (DFI) Khula Enterprise Finance will require about R1,6-billion in funding over the next four years to roll out its Khula Direct business plan, chairperson Malose Kekana said on Wednesday. In terms of the new business plan, Khula was aiming to lend funds directly... 

South Africa’s economic growth slows to 3,2% in Q2 

By: Loni Prinsloo     24th August 2010 The 3,2% gross domestic product (GDP) growth figure for the quarter ended June, released by Statistics South Africa (Stats SA) on Tuesday, was lower than expected, particularly given that a significant part of the FIFA World Cup took place on South African soil during the period. Investment... 

Gauteng to unveil industry sector plan within weeks

By: Terence Creamer     24th August 2010 The Gauteng provincial government expects to unveil the identities of the business sectors that it plans to support under a refined provincial industrial policy action plan within weeks. Economic Development MEC Firoz Cachalia reports that a team from the University of the Witwatersrand has... 

South African men earn more than female counterparts – Adcorp

By: Creamer Media Reporter      23rd August 2010 Many South African companies were still paying female employees less than their male counterparts for doing the same work, staffing solutions group Adcorp said on Monday. “South African men earn up to 65% more than their female counterparts for the same work. This is despite the fact that more... 

New fund offers SA investors access to late-stage 
venture capital prospects 

By: Petronel Smit     20th August 2010 Local institutional and retail investors have recently been afforded the opportunity to participate in partnership-based late-stage venture capital investment through finance advisory house Bridge Capital Group’s (Bridge Capital’s) Sand Hill Venture Fund I. 

Gordhan says South Africa needs to target sustained growth of 7% for 20 years  

By: Terence Creamer     20th August 2010 Finance Minister Pravin Gordhan believes it has become opportune for South Africa to proclaim a new “national intent” of pursuing an economic path that targets sustained gross domestic product (GDP) growth of 7% for a period of 20 years. In a broad-ranging interview with Engineering News, held... 

Tribunal withdraws charges against First Uranium accountant

By: Chanel de Bruyn     19th August 2010 South Africa’s Competition Tribunal announced on Thursday that it had withdrawn a criminal charge against Rory Cole, a financial accountant of First Uranium, for failing to respond to a summons issued by the tribunal. Last week, the tribunal laid a charge with the South African Police Service... 

Some of SA’s policies at odds with economic growth – Sairr

By: Loni Prinsloo     18th August 2010 The South African Institute of Race Relations (Sairr) said on Tuesday that some of South Africa's current policies were at odds with greater economic growth going into the future. Currently, banks and economist are predicting economic growth of between 2,5% and 3,5% for 2010, and growth of... 

Tribunal lays charges against First Uranium accountant

By: Chanel de Bruyn     16th August 2010 In the first incident of its kind, South Africa’s Competition Tribunal has laid a criminal charge against a person for not adhering to a summons issued by it. The tribunal on Monday announced that it had, on August 13, laid a charge with the South African Police Service (SAPS) against Rory Cole,... 

Transnet plans to buy up to 100 locomotives a year for ‘a prolonged period'

By: Terence Creamer     13th August 2010 State-owned freight logistics group Transnet will aim to purchase between 75 and 100 locomotives a year over "a prolonged period" to reduce the average age of its locomotive fleet from 30 years to below 20 years, acting CEO Chris Wells reports. Writing in the group's 2010 annual report, released... 

DTI launches revised black business support programme

By: Mary-Anne O’Donnell     13th August 2010 The Department of Trade and Industry (DTI) has launched the revised edition of the Black Business Supplier Development Programme (BBSDP), which will mainly focus on rural areas and sectors identified in the Industrial Policy Action Plan. 

Excessive pricing to come under spotlight again as Sasol faces polymer charge

By: Terence Creamer     12th August 2010 Lingering doubts about what constitutes excessive pricing in the South African context could finally be resolved, following a decision by the Competition Commission to refer complaints of collusion and excessive pricing against Sasol in the polymers market to the Competition Tribunal for... 

SA trade activity index increases marginally

By: Creamer Media Reporter      12th August 2010 Trade conditions had remained subdued in July, the South African Chamber of Commerce and Industry (Sacci) said on Thursday, reporting that its Trade Activity Index (TAI) had increased only marginally to 49 points. The chamber highlighted that the trade activity build-up to May, had been dampened... 

Manufacturing beats forecasts with 8,8% growth in June

By: Chanel de Bruyn     11th August 2010 The June manufacturing production statistics have surprised on the upside, with output having grown by 8,8% year-on-year. Efficient Group economist Freddie Mitchell commented that the market had underestimated the June manufacturing production growth, with market expectations having been between... 

Reserve Bank bill needs urgent attention – Gordhan

By: Reuters     10th August 2010 The potential destabilisation of South Africa's Reserve Bank by a few shareholders must be dealt with urgently, Finance Minister Pravin Gordhan said on Tuesday, adding that proposed amendments to the bank's shareholding structure would not affect its independence. Gordhan in May announced... 

SA hotel industry scores during FIFA World Cup 

By: Loni Prinsloo     6th August 2010 During the hosting period of the first FIFA World Cup on African soil, hotel room revenues jumped with 121,7% or by about R1 099 a room, while occupancy increased with around 6% compared with the same period last year, business advisory firm Deloitte found. Deloitte tourism, hospitality and... 

Sacci warns against ‘ill-conceived’ rand policy

By: Chanel de Bruyn     5th August 2010 South Africa should first interrogate the reasons for the strong rand before implementing any “ill-conceived” policy on intervening in its performance, the South African Chamber of Commerce and Industry (Sacci) said on Thursday. With the release of the Business Confidence Index (BCI) for July,... 

Recession, rand exact heavy toll on Foskor

By: Terence Creamer     5th August 2010 South African phosphate rock miner and fertiliser producer Foskor reported a sharp fall in revenue and earnings for the year ended March 31, 2010, on the back of a recession-linked pullback in prices and demand, as well as lower production and a strong appreciation of the rand against the US... 

Public sector strike still on cards despite revised offer 

By: Terence Creamer     5th August 2010 The South African government tabled a revised public sector salary offer on Thursday and again appealed for immediate acceptance, which Public Service and Administration Minister Richard Baloyi said would provide "a bridge" to a more far-reaching negotiation process that would be synchronised... 

Tribunal rejects kulula.com objections to 1time complaint amendment  

By: Loni Prinsloo     2nd August 2010 South Africa's Competition Tribunal said on Monday that airliner kulula.com's objection to 1time's application for amendments to its complaint to the Tribunal was without merit. Last week, the Tribunal granted 1time leave to amend a complaint referral to include a contravention of the... 

DEA looking for projects to support green-economy strategy 

By: Loni Prinsloo     2nd August 2010 The Department of Environmental Affairs (DEA) is looking to identify potential projects that could contribute to ‘green growth' in South Africa, and has invited industry to submit expressions of interest (EOI). This is in response to the Green Economy Summit, which was held in May, where the... 

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... 

 

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