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Economy News

Tiger Brands' Olifantsfontein abattoir disposal finalised

By: Simone Liedtke     30th September 2020 South African packaged goods company Tiger Brands has successfully disposed of its abattoir business at Olifantsfontein to Molare Proprietary Limited for R100-million. The acquisition has become unconditional, Tiger Brands confirmed in a statement on September 30. 

UIF to process Covid-19 TERS claims for September period from Oct 1

By: Tasneem Bulbulia     30th September 2020 The Unemployment Insurance Fund (UIF) will, from October 1, start processing Covid-19 Temporary Employer-Employee Relief Scheme (TERS) applications for the period covering August 16 to September 15.  “To apply for the September period, employers are required to upload documentation that includes... 

Koeberg’s 20-year life extension marks steam-generator milestone   

By: Terence Creamer     30th September 2020 The steam generator replacement project, which is central to Eskom’s R20-billion programme to extend the 40-year design life of the Koeberg nuclear power station by a further 20 years, marked a major milestone this week with the arrival of the first units in Cape Town. The project, which was... 

Koeberg’s 20-year life extension marks steam-generator milestone
The first unit being transported the 40-km distance from the Cape Town Harbour to Koeberg using abnormal-load vehicles.

August consumer price inflation dips to 3.1% 

By: News24Wire      30th September 2020 Annual consumer price inflation for August dipped slightly to 3.1% from 3.2% in July, according to Stats SA. This falls midway within the target range of between 3% to 6% target range set by the Reserve Bank. The main contributors to August’s print were food and non-alcoholic beverages, which... 

August consumer price inflation dips to 3.1%

SAA to go under care and maintenance until funding found  

By: Reuters     30th September 2020 Struggling state-owned airline South African Airways will be put under "care and maintenance" until funding discussions are completed, the airline's administrators said on Tuesday. A company's assets can be put under care and maintenance in order to keep them in good condition when they are not... 

SAA to go under care and maintenance until funding found

Jobs picture worse than the official unemployment rate shows 

By: Marleny Arnoldi     29th September 2020 It may seem surprising and positive that the figures released by Statistics South Africa (Stats SA) showed an improvement in the unemployment rate to 23.3% in the second quarter, compared with the rate of 30.1% in the first quarter, but financial services provider Nedbank believes the numbers... 

Jobs picture worse than the official unemployment rate shows

Numsa calls for Bombela to resume negotiations to avoid Gautrain strikes

By: Tasneem Bulbulia     29th September 2020 The National Union of Metalworkers of South Africa (Numsa) has urged the Bombela Operations Company (BOC), which manages the Gautrain, to return to the negotiating table. Numsa says its members feel that BOC is driving them towards a strike, noting that BOC is refusing to negotiate yearly wages... 

Solar retains top jobs spot as renewables employment climbs to 11.5m

By: Terence Creamer     29th September 2020 Renewable-energy jobs rose to 11.5-million globally last year, from 11-million in 2018, with the solar photovoltaic (PV) industry retaining its leading position with 3.8-million jobs, a new study shows. The ‘Renewable Energy and Jobs – Annual Review 2020’, published by the International Renewable... 

Solar retains top jobs spot as renewables employment climbs to 11.5m

NUM supports Cosatu strike against corruption  

By: Sane Dhlamini     29th September 2020 The National Union of Mineworkers said on Tuesday that it would take part in the Congress of South African Trade Unions’ October 7 strike against corruption. NUM said while it noted efforts from President Cyril Ramaphosa to fight corruption, workers were losing confidence in government’s ability... 

NUM supports Cosatu strike against corruption

Food retailers commit to reduce food waste

By: Yvonne Silaule     29th September 2020 Leading food retailers in South Africa have asserted their commitment to initiatives that reduce food waste in their businesses, during the launch of the Food Loss and Waste Voluntary Agreement, on Tuesday. The Agreement brings together the Consumer Goods Council of South Africa; the Department... 

Food retailers commit to reduce food waste
Photo by Donna Slater
Environment, Forestry and Fisheries Minister Barbara Creecy

Official unemployment rate drops as lockdown discourages job seekers 

By: Reuters     29th September 2020 South Africa's official unemployment rate fell in the second quarter as a coronavirus lockdown saw fewer people actively looking for employment, but the expanded jobless figure which includes people who have stopped looked for work soared, the statistics agency said on Tuesday. In its quarterly... 

Illegal money flows from Africa near $90bn, UN study says

By: Reuters     29th September 2020 Africa is losing nearly $89-billion a year in illicit financial flows such as tax evasion and theft, amounting to more than it receives in development aid, a UN study showed on Monday. The estimate, in the United Nations Conference on Trade and Development's (Unctad) 248-page report, is its most... 

Radisson opens twelfth hotel in South Africa

By: Marleny Arnoldi     28th September 2020 Radisson Hotel Group is on track to open its twelfth hotel in South Africa, with the opening of the Radisson Hotel & Convention Centre Johannesburg which will be launched at OR Tambo International Airport in October. The group first entered the South African market in 2000 and has since grown... 

Radisson opens twelfth hotel in South Africa
The Radisson Hotel & Convention Centre at O.R Tambo International Airport, opening in October

Investec says rand on track to average at R17/$ for third quarter

By: Simone Liedtke     28th September 2020 South Africa’s volatile currency is currently trading at R17.22/$ and is on track to average just under R17/$ for the third quarter of the year, says financial services provider Investec. It reports that high levels of uncertainty continue to plague financial markets, with a second wave of... 

Eskom tests market for Medupi flue gas desulphurisation solutions 

By: Terence Creamer     28th September 2020 State-owned electricity utility Eskom has issued a no-obligation request for information (RFI) in a bid to gain insight into what flue gas desulphurisation (FGD) technologies are currently available and to assess their potential suitability for deployment at the Medupi power station, in Limpopo.... 

Eskom tests market for Medupi flue gas desulphurisation solutions

ARA conference to be held virtually next month

By: Simone Liedtke     28th September 2020 Newly appointed executive secretary of the African Refiners and Distributors Association (ARA) Anibor Kragha has called for urgent financing to upgrade oil refineries and associated infrastructure to avoid premature deaths caused by air pollution in developing economies. Speaking ahead of the... 

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... 

SA commits $500 000 to empower female financial leaders
AU President Cyril Ramaphosa

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
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