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Economy News

Renewables zones in Emalahleni and Klerksdorp part of just-transition vision – Creecy

By: Terence Creamer 23rd July 2020 Environment, Forestry and Fisheries Minister Barbara Creecy has made a direct link between government’s proposed designation of Renewable Energy Development Zones (REDZs) in the coal and gold mining towns of Emalahleni and Klerksdorp respectively, and South Africa’s just transition to a... →

Insurers still refusing to pay out Covid-19 claims despite court and regulatory rulings

By: Rebecca Campbell 23rd July 2020 Specialist public loss adjustment company Insurance Claims Africa (ICA) has again thrown the spotlight on major insurance companies that are refusing to pay out business interruption claims submitted by small and medium enterprises (SMEs) in the hospitality and tourism sector, despite a Western... →

Reserve Bank cuts repo rate by 25 basis points

By: News24Wire 23rd July 2020 The Reserve Bank has introduced a 25 basis points rate cut, with Governor Lesetja Kganyago saying inflation is expected to be "well contained" in the medium term. Kganyago on Thursday announced that the Monetary Policy Committee was divided on the decision. The repo rate - which is the benchmark... →

SARB governor Lesetja Kganyago

Ramaphosa to address nation at 20:00 tonight

By: News24Wire 23rd July 2020 President Cyril Ramaphosa will address the nation at 20:00 this evening, on developments in South Africa’s risk-adjusted strategy to manage the spread of Covid-19. The President’s address follows a number of meetings of the Cabinet and the National Coronavirus Command Council. The President’s... →

President Cyril Ramaphosa

Gauteng Premier recovers from Covid-19, resumes duties

By: Sane Dhlamini 23rd July 2020 Gauteng Premier David Makhura has recovered from the novel coronavirus and has already resumed his official duties by joining Thursday’s virtual sitting of the Gauteng Provincial Legislature, where the Adjustment Budget was tabled as part of the province’s Covid-19 response. He expressed his... →

Gauteng Premier David Makhura

Concern raised over R1.5bn cut to electrification budget

By: Terence Creamer 23rd July 2020 Concern continues to be raised over the fact that the biggest cut made to the Department of Minerals Resources and Energy’s 2020/21 budget is for the electrification of poor households, especially in those province with the largest connection backlogs. The cuts, which were signalled in early... →

AfDB approves R5bn loan for South Africa's Covid-19 fight

By: Donna Slater 23rd July 2020 The African Development Bank (AfDB) board has approved a loan of about R5-billion ($288-million) to the government of South Africa, as the country battles one of the largest Covid-19 caseloads in the world. The loan forms part of the AfDB’s $10-billion Covid-19 Response Facility and will finance... →

Gauteng unveils R4bn upward revision to Budget in response to Covid-19

By: Terence Creamer 23rd July 2020 The Gauteng government announced a R4-billion upward revision to its 2020/21 provincial Budget on Thursday, indicating that the increase to R146.4-billion, from the R142.2-billion outlined in March, had been made in response to the need for additional resources to respond to the Covid-19... →

Gauteng Finance and e-Government MEC Nomantu Nkomo-Ralehoko

Eskom suspends operations in other parts of Cape Town following attacks

By: News24Wire 23rd July 2020 Eskom announced it has now suspended operations in other parts of Cape Town following continued attacks on its employees. Affected areas, where the utility has pulled out of operations, include Bloekombos, Wallacedene, Kraaifontein CBD and Wesbank in Delft, it said in a statement on Wednesday. →

DMRE goes live with Carbon Offset Administration System

By: Marleny Arnoldi 22nd July 2020 The Department of Mineral Resources and Energy, as the administrator of the Carbon Offset Administrator, has activated the Carbon Offset Administration System (COAS) to be live as of July 23. COAS will facilitate the receipt and approval of project applications, as well as the issuance of the... →

Tourism sector's recovery to take place in phases, says Minister

By: Yvonne Silaule 22nd July 2020 The tourism sector's recovery will take place in phases, Minister Mamoloko Kubayi-Ngubane said in a budget vote speech on July 22. "With regards to interventions, we envisage that Phase 1 of interventions will primarily focus on the protection of the domestic supply side of the sector. In Phase... →

Agri SA bemoans agriculture programme budget cuts

By: Marleny Arnoldi 22nd July 2020 Industry body Agri SA says the Department of Agriculture, Land Reform and Rural Development’s salary bill should be cut by a higher amount rather than the cuts announced in funding for programmes for food security, land reform, production aid, infrastructure and rural development. “Scaling down... →

Commission asks for maximum penalty against hygienic goods maker

By: Marleny Arnoldi 22nd July 2020 The Competition Commission has referred to the Competition Tribunal, for prosecution, Johannesburg-based wholesale distributor and manufacturer of medical productions, LevTrade International, trading as Burnshield, for alleged excessive pricing. The commission says its investigation has found... →

Reduced agricultural budget compounds food insecurity in SA

By: African News Agency 22nd July 2020 The South African Department of Agriculture, Land Reform and Rural Development received its budget allocation for the 2020/2021 financial year. This follows the national budget vote in February by Finance Minister Tito Mboweni. According to a statement issued on Tuesday, the received amount of... →

Agriculture, Land Reform and Rural Development Minister Thoko Didiza

CW report highlights impact of corruption in health sector

By: Sane Dhlamini 22nd July 2020 Not for profit organisation Corruption Watch (CW) on Wednesday released its ‘X-Ray: The critical state of the health sector in SA’ report which aims to uncover the impact of corruption in the healthcare sector. The report demonstrates how people who are reliant on public health facilities in... →

Border Management Authority Bill enforced

By: Sane Dhlamini 22nd July 2020 President Cyril Ramaphosa has signed the Border Management Authority Bill into law as part of government’s vision for an integrated and well-coordinated border management service, legitimate trade and secure travel. The new legislation effective from July 21 and is in accordance with... →

President Cyril Ramaphosa

Struggle activist Andrew Mlangeni dies

By: Sashnee Moodley 22nd July 2020 Anti-apartheid struggle icon and the last surviving Rivonia trialist Andrew Mlangeni has died at age 95. Mlangeni was admitted to hospital on Tuesday evening with abdominal pains. →

Photo by Reuters
Anti-apartheid activist Andrew Mlangeni

Labour department commits R100m to small business support

By: Marleny Arnoldi 22nd July 2020 The Department of Employment and Labour has committed to provide R104-million, through the Unemployment Insurance Fund, to Productivity South Africa (Productivity SA). Employment and Labour Deputy Minister Boitumelo Moloi confirmed during a virtual budget vote that the funds would be used to... →

April economic activity suffered record collapse, worse than global financial crisis - Reserve Bank data

By: News24Wire 22nd July 2020 South Africa's GDP contraction could be the worst on record – outdoing that of the global financial crisis of 2008, according to Investec chief economist Annabel Bishop. In a note on the latest business cycle indicators issued by the Reserve Bank on Tuesday, Bishop highlighted that the... →

Bid documentation for 2 000 MW of emergency power by ‘end July, early August’

By: Terence Creamer 21st July 2020 Bid documentation for the procurement of 2 000 MW of “emergency” power to address an immediate supply shortfall that is making South Africa vulnerable to ongoing load-shedding will be released to the market by the end of July or early August at the latest, Minister Mmamoloko Kubayi-Ngubane told... →

Tourism Minister Mamaloko Kubayi-Ngubane delivered the Budget Vote address on behalf of Mineral Resources and Energy Minister Gwede Mantashe, who has been hospitalised for Covid-19

Radisson Group to build six new hotels in Africa

By: Donna Slater 21st July 2020 Radisson Hotel Group is adding another six new hotels to its African portfolio, with one each planned in Durban and Kempton Park – bringing the total to almost 100 hotels across 32 African markets. Radisson Hotel Group executive VP and chief development officer Elie Younes says the addition of... →

An artist's impression of the Radisson Hotel & Convention Centre Johannesburg

TBCSA appoints legal heavyweights as it considers legal route to reopen industry

By: Donna Slater 21st July 2020 The Tourism Business Council of South Africa (TBCSA) has appointed attorneys and a senior counsel as it considers a legal route to try and ease government-imposed restrictions under Covid-19 Alert Level 3. The TBCSA states that the industry suffers a loss of more than R748-million for every day... →

AfDB says $400m loan for LNG project in line with Moz country strategy

By: Terence Creamer 21st July 2020 African Development Bank (AfDB) is the latest financial institution to confirm funding for the $20-billion Mozambique Liquefied Natural Gas (LNG) project, which is being developed by a Total-led consortium in northern Mozambique. In a statement, the development finance institution announced that... →

Creecy moves ahead with plan to declare coal and gold towns as renewables zones

By: Terence Creamer 21st July 2020 Environment, Forestry and Fisheries Minister Barbara Creecy has called for public comment on government’s intention to add three more Renewable Energy Development Zones (REDZs) to the eight that have already been proclaimed for the purpose. Renewable-energy projects located within the boundaries... →

Mboweni says he has no plan to use emergency powers to fund SAA

By: African News Agency 21st July 2020 Finance Minister Tito Mboweni has said in court papers that he has taken no decision to use emergency powers to avail money from the National Reserves Fund to South African Airways to bankroll its business rescue plan. Mboweni, in an affidavit submitted in response to an urgent court application... →

Run-of-river hydropower partnership extended to Burundi projects

By: Terence Creamer 21st July 2020 Africa-focused independent power producer Tembo Power has announced that its strategic partnership with WK Construction has been extended to the 7.5 MW Dama and 12 MW Siguvyaye run-of-river hydropower projects located in the south-west region of Burundi. WK Construction is already the preferred... →

The Kaptis project site in Kenya

DBSA confirms financing of $120m for giant Mozambique LNG project

By: Terence Creamer 21st July 2020 South Africa’s State-owned Development Bank of Southern Africa (DBSA) has confirmed financing of $120-million for the $20-billion-plus liquefied natural gas (LNG) project being developed by a Total-led consortium in northern Mozambique. On July 17, Total announced the signing of a $14.9-billion... →

Nxesi, Mantashe admitted to hospital after testing positive for Covid-19

By: Tasneem Bulbulia 21st July 2020 Employment and Labour Minister Thulas Nxesi and Mineral Resources and Energy Minister Gwede Mantashe have both been admitted to hospital after having tested positive for Covid-19. Both Ministers tested positive about a week ago. Mantashe's wife Nolwandle has also tested positive for Covid-19 and... →

Mineral Resources and Energy Minister Gwede Mantashe

Sars losing out on R5bn in excise duties, says alcohol industry

By: Marleny Arnoldi 20th July 2020 The renewed prohibition of alcohol sales has resulted in the South African alcohol industry having no choice but to apply for a deferment of payment of excise duties to the South African Revenue Service (Sars) valued at R5-billion for July and August. In a statement issued on behalf of the... →

Denel Group CEO suddenly resigns

By: Rebecca Campbell 20th July 2020 State-owned defence industrial group Denel announced on Monday that its Group CEO, Danie du Toit, had resigned. Although the group is the country’s largest defence company, it is severe financial difficulties. Denel stated that Du Toit would leave the organisation on August 15. It gave no reason... →

Exxaro, SBI partner again on small business initiatives

By: Marleny Arnoldi 20th July 2020 JSE-listed diversified miner Exxaro and the Small Business Institute (SBI) have announced they will collaborate to promote the development of small and medium-sized enterprises (SMEs) in South Africa. The partnership will focus on the functional and economic viability of small towns beyond the... →

Photo by Creamer Media's Donna Slater
Exxaro CEO Mxolisi Mgojo

BLSA's Mavuso bemoans lack of transparency, engagement on alcohol ban

By: Marleny Arnoldi 20th July 2020 Business Leadership South Africa (BLSA) CEO Busi Mavuso says President Cyril Ramaphosa should learn to trust the citizens of the country, following the imposition of a new ban on alcohol sales. “Being secretive – denying the public access both to the discussions on how major decisions are made... →

Ramaphosa urges youth to take economic opportunities during Covid-19

By: Sane Dhlamini 20th July 2020 President Cyril Ramaphosa has applauded South Africa’s entrepreneurial youth for using the Covid-19 pandemic to create good business ideas and he is calling on more young South Africans, particularly in townships, to take advantage of economic opportunities during this time. In his weekly address... →

President Cyril Ramaphosa

Mboweni wants DA to provide 'evidence' for SAA bailout allegations

By: News24Wire 20th July 2020 Finance Minister Tito Mboweni has hit back at claims by the Democratic Alliance (DA) that National Treasury plans to extend a bailout to help fund the business rescue process of flag carrier South African Airways (SAA). This after the main opposition party announced on Friday that it had filed an... →

Finance Minister Tito Mboweni

TIPS Paper: A case for water and sanitation in South Africa’s post-lockdown economic recovery stimulus package

By: Creamer Media Reporter 17th July 2020 In this working paper, research organisation Trade & Industrial Policy Strategies discusses the need for South Africa to deal with the country's water and sanitation challenges while stimulating the economy. As South Africa responds to Covid-19 and aims to stimulate the economy and job creation... →

SA lagging in ABC best practice, but shoots of activity

By: Tasneem Bulbulia 17th July 2020 South Africa lags behind other jurisdictions like the UK and US in terms of anti-bribery and corruption (ABC) compliance programmes, international law firm Herbert Smith Freehills Johannesburg director Cameron Dunstan-Smith said during the company’s Corporate Crime and Investigations Conference... →

DA files urgent court application to interdict govt bailout for SAA

By: News24Wire 17th July 2020 The Democratic Alliance said on Friday it had filed an urgent interdict application at the Pretoria division of the high court to stop the bailout of South African Airways. Finance Minister Tito Mboweni and Public Enterprises Minister Pravin Gordhan have committed the government to making... →

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