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Economy News

Gordhan hopes Europe will raise bail-out fund

By: Reuters 30th November 2011 South Africa hopes Europe will increase its bail-out fund and reassure global markets about resolving its deepening debt crisis that has led to a "most unwelcome" uncertainty, Finance Minister Pravin Gordhan said on Wednesday. "We can only hope that by the time the [December meetings] are... →

Mining, manufacturing weigh on SA economic growth

By: Henry Lazenby 29th November 2011 South Africa’s third-quarter economic growth data came in below expectations on Tuesday as mining and manufacturing contracted. Third-quarter gross domestic product (GDP) increased by 1.4%, which was below market expectations of a 1.8% increase, but slightly higher than the 1.3% in the previous... →

Group Five confirms six renewables bids, to submit more in March

By: Terence Creamer 29th November 2011 South African construction major Group Five has confirmed that it has participated in the submission of three wind and three solar photovoltaic (PV) tenders, representing projects involving capital expenditure of R4-billion and a combined capacity of 250 MW, during the Department or Energy’s... →

SA wants development goal to top agenda at WTO meeting

By: Henry Lazenby 28th November 2011 South Africa will urge member countries of the World Trade Organisation (WTO) not to hijack the development goals of the Doha round at the upcoming Ministerial conference in Geneva, Trade and Industry Minister Rob Davies said on Monday. Davies said there was consensus among developing nations in... →

Manufacturing confidence stabilises as orders rise, but outlook blurred

By: Terence Creamer 28th November 2011 Manufacturing business confidence in South Africa stabilised at low levels, edging down from 36 to 35 index points, the Bureau for Economic Research’s (BER’s) latest manufacturing survey for the fourth quarter of 2011 shows. In addition, manufacturers remained cautious about the outlook, with... →

Toll enforcement unit likely to cost R80m yearly

By: Terence Creamer 28th November 2011 The proposed ‘National Traffic Police Freeway Unit’, which would be managed under the Road Traffic Management Corporation and be responsible for traffic policing on the Gauteng Freeway Improvement Project (GFIP), was likely to cost about R80-million yearly. In repsonse to a Parliamentary... →

SA sets up nuclear oversight body, to name participants ‘in due course’

By: Terence Creamer 28th November 2011 The South African government has confirmed the establishment of a body known as the National Nuclear Energy Executive Coordination Committee (NNEECC) to “lead, monitor, and ensure oversight” of the implementation of the country’s nuclear energy policy. However, the identities of those appointed... →

Gordhan says SA doesn't need policy changes

By: Reuters 28th November 2011 South Africa has no need for additional policy changes to deal with the impact of the euro zone debt crisis on its economy, Finance Minister Pravin Gordhan said in written response to questions in Parliament dated November 14. In his reply, released on Monday, Gordhan said there were... →

Upscaling renewables beyond IRP allocations will drive green jobs - report

By: Terence Creamer 25th November 2011 A new ‘Green Jobs’ report estimates that some 130 023 direct jobs could be created by South Africa’s renewable energy sector by 2025, but only if the renewables allocation outlined in the current Integrated Resource Plan (IRP) 2010-2030 is materially expanded. The IRP for electricity, which was... →

Municipal infrastructure agency to help accelerate service delivery

By: Henry Lazenby 25th November 2011 A new Municipal Infrastructure Support Agency (Misa) would be established next month to accelerate service delivery and enhance capacity among municipalities, Cooperative Governance and Traditional Affairs Minister Richard Baloyi announced this week. Opening a conference on accelerating... →

Purchasing power in emerging markets set for strong growth

By: Megan van Wyngaardt 25th November 2011 Companies will need to change their strategic direction to capitalise on new demands from a fast-growing global middle class, particularly in the emerging markets, a new report by tax firm Ernst & Young states. →

Firm serious about training, skills development

By: Sinette Goosen 25th November 2011 JSE-listed capital equipment and leasing firm Eqstra Holdings has invested heavily in training and skills development to overcome skills shortages and unemployment in the industry, and to further train its employees. →

Industrial equipment division committed to helping EC schools

25th November 2011 Eqstra Industrial Equipment (EIE), a division of JSE-listed Eqstra Holdings, visited schools in the Eastern Cape, in October, as part of the group’s ongoing commitment to support the educational needs of technical and agricultural educational institutions, as well as the feeder schools from... →

€50m committed to higher education programmes globally

25th November 2011 In 2011, its 125th anniversary year, technology supplier Bosch Group is expanding its higher education funding and launching a new global initiative. →

Leasing firm invests in technical schools to alleviate skills shortage

By: Sinette Goosen 25th November 2011 JSE-listed capital equipment and leasing firm Eqstra Holdings plans to spend R36-million in the next five years on a long-term project called Eqstralution, which will train, develop and educate young learners to take up positions in technical fields. →

Infrastructure development seen as key to poverty elimination, reducing inequality

By: Terence Creamer 25th November 2011 South Africa has the potential and capacity to eliminate poverty and reduce inequality over the next two decades, the inaugural report of the National Planning Commission (NPC), which was released in Pretoria on earlier this month, asserts. But, the 430-page National Development Plan also... →

Markets unlikely to break free from low-growth shackles in 2012

By: Dimakatso Motau 25th November 2011 Global markets in 2012 will battled to break free from 2011's low-growth tendencies, owing to a legacy of excessive debt, unemployment, the widening wealth gap, inflation and market stagnation in many key economies, Investment Solutions chief strategist Chris Hart argues. →

Civil engineering group expects weak market conditions to linger

By: Dimakatso Motau 25th November 2011 Civil engineering group Protech Khuthele has recorded a decrease in overall revenue for the financial period ending August 31. →

SA unveils its special economic zones concept

By: Terence Creamer 24th November 2011 South Africa’s Cabinet has approved the publication of the Special Economic Zones Bill for public comment. The legislation, should it be approved, will enable government to establish new special economic zones, or SEZs, in areas not physically associated with either an airport or a harbour, as is... →

Enterprise development given higher weighting in amended BEE law

By: Terence Creamer 24th November 2011 Cabinet has approved the publication of proposed changes to the Broad-Based Black Economic Empowerment (BBBEE) Act, which have been made in a bid to align the legislation with the New Growth Path (NGP) and the Industrial Policy Action Plan (Ipap). The Amendment Bill, which has been released for... →

Private sector has key role to play in job creation – Zuma

By: Jean McKenzie 24th November 2011 President Jacob Zuma has urged the private sector to help with job creation, saying that government would support businesses to grow and generate employment opportunities. “Improving quality of life cannot be done successfully by government alone. We are therefore happy with the cooperation that... →

SA not too exposed to Europe – Motlanthe

By: Sapa 23rd November 2011 South Africa's economic exposure to countries at the epicentre of the European market turmoil is reasonably low, Deputy President Kgalema Motlanthe said on Wednesday. →

SA inflation risks skewed to upside

By: Reuters 23rd November 2011 South African inflation is more likely to exceed than undercut official targets, with cost-push pressures and the sharp depreciation of the rand posing the primary risks, the Reserve Bank said on Tuesday. Governor Gill Marcus also told a forum that the bank's view in the current climate was to... →

SA carbon tax could have growth, jobs co-benefits – World Bank

By: Terence Creamer 22nd November 2011 The introduction of a “modest” carbon tax in South Africa would have relatively low adjustment costs while raising revenue that could be deployed to cut other growth- and job-inhibiting taxes, or to make growth-enhancing infrastructure investments, two senior World Bank advisers argued on... →

Labour laws, BEE hamper small business

By: Sapa 22nd November 2011 Inflexible labour legislation and black economic empowerment are frustrating small business growth, according to an index released on Tuesday. "Major regulatory barriers identified by the index are inflexible labour laws, broad-based black economic empowerment (BBBEE) and Sars [SA Revenue... →

World Bank cuts SA’s growth outlook, warns of increased downside risks

By: Terence Creamer 22nd November 2011 The World Bank has lowered its baseline growth forecasts for South Africa for 2011, from 3.5%, in July, to 3.2%, and has warned that the downside risks to the country’s growth outlook for 2012 and 2013 have also increased. The revision was published on Tuesday as part of the bank’s second ‘South... →

Nascent property fund outlines growth pipeline

By: Megan van Wyngaardt 18th November 2011 JSE-listed black-managed Rebosis Property Fund has reported a profit for the period from its May 17 listing to the end of August, which will be further enhanced by a development pipeline. The company, which was also the first to list under the new Companies Act, said that it was well positioned... →

Brics professionals bullish on private-equity outlook

By: Megan van Wyngaardt 18th November 2011 Despite onging turbulence in the global economy, 72% of private equity professionals in Brazil, Russia, India, China and South Africa (Brics) countries believe investment activity in the sector will rise, a new report by international accounting firm Grant Thornton states. Nearly two-thirds of... →

Draughting school aims to fill steel industry skills gap

By: Nomvelo Buthelezi 18th November 2011 The School of Draughting, a joint venture between the Southern African Institute of Steel Construction (Saisc) and specialist in the design, detailing and fabrication of structural steelwork and platework Aveng Grinaker-LTA Mechanical & Electrical DSE Fabrication, is expanding its curriculum... →

Public- and private-sector input needed to reverse skills shortage

By: Reggie Sikhakhane 18th November 2011 Quality education by, and integrated commitment from, all sectors are needed to radically reverse the skills shortage in the engineering sector, asserts University of the Witwatersrand School of Civil and Environmental Engineering Professor Emeritus Robert McCutcheon. →

Course to broaden consulting engineers’ business acumen

By: Reggie Sikhakhane 18th November 2011 There is a clear need for the additional development of engineering graduates to broaden their knowledge beyond pure engineering, asserts industry body Consulting Engineers South Africa (Cesa). →

Unemployment results in increase of fake, nonaccredited degrees

By: Reggie Sikhakhane 18th November 2011 Stellenbosch-based Qualifications Verification Services (QVS) says there is a significant increase in the number of bogus and nonaccredited degrees and diplomas that are being submitted by South African citizens who seek employment opportunities. →

Engineering consultancy invests in skills development programmes

By: Reggie Sikhakhane 18th November 2011 Engineering consultancy Hatch Africa says resolving the skills shortage in the engineering sector in Africa requires proactive initiatives by the private sector, but also input and assistance from government. →

Steel giant emphasises importance of maths, science

By: Reggie Sikhakhane 18th November 2011 Steel producer ArcelorMittal South Africa believes there is an opportunity for business to support initiatives aimed at improving mathematics and science at school level by developing and maintaining partnerships with educational institutions →

Brick-making business model to teach business science

By: Schalk Burger 18th November 2011 The Vaal University of Technology will run a brick-making machine as a model business to teach different discipline students about the various facets of profitably running a company and ensure that they have a broad understanding of the rigours of competitive business before they enter the... →

Over 4 000 girls placed in technical mentorship schemes since 2007

By: Dimakatso Motau 18th November 2011 Over 4 250 girls have been placed in corporate mentorship and job shadowing programmes since 2007, owing to the Techno Girl Programme (TGP). →

Corporate insolvencies could spike next year if recession hits

By: Henry Lazenby 17th November 2011 Corporate insolvencies could increase next year, if the world economy descended into a recession, South African credit insurer Credit Guarantee senior economist Luke Doig said on Thursday. According to the global corporate insolvency index, insolvencies rose a cumulative 64% at the height of the... →

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