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Economy News

Poor maths results hamper engineering sector, says recruitment firm

By: Dimakatso Motau     17th February 2012 Less than 105 000 matriculants out of the 496 000 that sat for their final exams in 2011, are able to pursue studies in engineering this year.  

Samsung honours first crop of electronics graduates 

By: Dimakatso Motau     17th February 2012 Samsung Electronics Engineering Academy’s first class of matriculants graduated last month, at a ceremony held at the Alberton Civic Centre, in Boksburg, Gauteng.  

SA’s finance professionals more bullish than global peers

By: Dimakatso Motau     17th February 2012 Despite another rollercoaster year, finance professionals in South Africa have shown notable resilience to the ongoing turbulence of the global economy, states the 2011 members’ salary survey carried out by the Chartered Institute of Management Accountants (CIMA).  

BEE a priority for companies, survey finds 

By: Dimakatso Motau     17th February 2012 Advisory firm KPMG’s 2011 and sixth yearly Black Economic Empowerment (BEE) survey results have shown a significant improvement in participating companies’ scorecards. 

SA to be hub in ABB’s assault on Africa’s ‘enormous’ power, resources potential

By: Terence Creamer     16th February 2012 Despite challenging market conditions in South Africa, global power and automation technologies group ABB has selected the country as one of two hubs from which it will pursue an even more aggressive assault on the African market, which has been selected as a key future growth jurisdiction – the... 

Lowest earners likeliest to lose jobs

By: Sapa     16th February 2012 Employment has increased among higher-income groups in South Africa, while many of the country's lowest earners have lost their jobs, according to a transformation audit released on Wednesday. 

Online maps to help attract investors to Southern Africa

By: Henry Lazenby     15th February 2012 A project by the Department of Trade and Industry’s (dti’s) Regional Spatial Development Initiative (RSDI) would soon provide free online maps to help attract investors to Southern Africa, geographic information system (GIS) consultancy Aspire Solutions said on Wednesday. The RSDI, which was... 

Posco teams up with IFC to pursue African investments

By: Henry Lazenby     15th February 2012 The International Finance Corporation (IFC) and South Korea's Posco, the world's No 3 steelmaker, on Wednesday announced a yearlong memorandum of understanding (MoU) to cooperate on business development in sub-Saharan Africa. Under the accord, the two organisations will pursue investment... 

Proudly SA pushes ‘buy local’ campaign on Valentine's Day

By: Natasha Odendaal     14th February 2012 A Proudly South African Buy-Local campaign event on Tuesday, aimed at creating awareness for the support of local goods, products and services, was deemed a success. Trade and Industry Deputy Minister Thandi Tobias-Pokolo joined a number of South African personalities, celebrities and Proudly SA... 

Minister Pandor announces 60 new research chairs

By: Henry Lazenby     14th February 2012 Science and Technology Minister Naledi Pandor has appointed 60 new research chairs as part of the South African Research Chairs Initiative (SARChI), which is aimed at retaining excellence in research and innovation in the South African science system. The new research chairs increased the total... 

Tribunal gives Actom, Savcio deal conditional thumbs up

By: Natasha Odendaal     13th February 2012 The Competition Tribunal on Monday approved, with conditions, a merger between electrical equipment manufacturer Actom and electrical service, repair and import company Savcio. The tribunal supported the Competition Commission’s proposed stipulation that, following the merger, Actom should... 

Control Risks sees no major SA policy changes this year

By: Idéle Esterhuizen     13th February 2012 Major policy changes in South Africa are unlikely this year ahead of the December national conference of the governing African National Congress (ANC) in Mangaung, Control Risks said on Monday. In its latest version of the yearly ‘RiskMap’, it stated that a measured evaluation of government... 

Survey shows trade conditions slowly recovering

By: Natasha Odendaal     13th February 2012 Trade conditions recovered slowly in January, the South African Chamber of Commerce and Industry (Sacci) said on Monday, when it published its latest trade conditions survey. The monthly survey showed that the nonseasonally adjusted trade activity index (TAI) recovered to 48 in January 2012,... 

SA to strengthen economic ties with Turkey, Saudi Arabia 

By: Creamer Media Reporter      13th February 2012 Trade and Industry Minister Dr Rob Davies will travel to Turkey this week to cochair the second session of the Turkey – South Africa Joint Economic Commission (JEC) meeting, which is aimed at promoting trade, investment and economic cooperation between the two countries. The Department of Trade... 

Government planning, infrastructure key growth drivers - Leipziger 

By: Terence Creamer     10th February 2012 In the prevailing context where economic growth will be harder to generate and global competition will intensify as nationalism grows, governments will have to play more strident roles in planning for and supporting economic expansion initiatives, a leading international economist told a South... 

Transnet Ports continuing talks with UAL on Saldanha lease

By: Henry Lazenby     10th February 2012 State-owned Transnet National Ports Authority (TNPA) this week continued negotiations with shipping company Universal African Lines (UAL) to save an investment deal at the Saldanha port. Last week it was announced the Dutch-headquartered group would withdraw from the Saldanha Oil and Gas Service... 

Zuma praised but oversights questioned

By: Sapa     10th February 2012 Observers have welcomed President Jacob Zuma's focus on economic development in his state-of-the-nation address, but said he neglected other areas of concern, notably mining regulation. 

Business welcomes Zuma’s power price stance, Eskom prepares options 

By: Terence Creamer     10th February 2012 The focus in President Jacob Zuma’s State of the Nation address on moderating the rate of increase in South Africa’s electricity tariffs has received strong support from business groupings. Zuma said that he had asked Eskom “to seek options on how the price increase requirement may be reduced... 

Mercedes, Merseta cofund technical learnership to help reduce skills dearth  

By: Megan van Wyngaardt     10th February 2012 The scarcity of appropriately skilled technicians in the automotive sector has spurred Mercedes-Benz South Africa (MBSA) to extend their involvement in the training of technicians by initiating a technical learnership at St Anthony’s Education Centre (SAEC), in Boksburg. 

ICT skills development push gains private boost

10th February 2012 Information and communications technology (ICT) skills development in South Africa received a boost after business systems software giant SAP and the Media, Advertising and ICT Sector Education and Training Authority (MICT Seta) partnered to place PhD and Masters candidates into research... 

Connectivity, mobility affecting youth employment choices – study

10th February 2012 The desire of young professionals and college students to use social media, mobile devices and the Internet more freely in the workplace is strong enough to influence their future job choice, sometimes more than salary, according to an international study published by information technology... 

Sustainability, growth tension to come to the fore in 2012 Budget

By: Schalk Burger     10th February 2012 Finance Minister Pravin Gordhan, who will present South Africa’s 2012 Budget on February 22, will need to strike a difficult balance between finding the resources required to implement growth-supporting policy objectives and debt sustainability, Deloitte economist Kay Walsh argues in her Budget... 

Zuma declares 2012 the year of public infrastructure delivery 

By: Terence Creamer     9th February 2012 South Africa’s multibillion-rand public infrastructure programme, including those projects that would unlock key mineral resources and exports, were given strong emphasis by President Jacob Zuma in his State of the Nation address, delivered in Parliament on Thursday evening. Effectively... 

Skills projects could be better aligned with workplace demand

By: Henry Lazenby     9th February 2012 South Africa is in need of increased high-level integration of the country’s multiple programmes, policies and strategies to better align skills development initiatives with workplace demand, Production Management Institute (PMI) executive director for strategy John Botha said on Thursday.... 

Return to era when State contributed 50c in every rand invested - economist 

By: Terence Creamer     8th February 2012 In light of serious external and domestic economic headwinds, concerted efforts were required to raise public sector investment to levels where South Africa once again began sustaining a minimum yearly investment rate of 25% of gross domestic product (GDP), Standard Bank’s chief economist Goolam... 

BCI dips to lowest level since May 2010

By: Henry Lazenby     8th February 2012 The Business Confidence Index (BCI) of the South African Chamber of Commerce and Industry (Sacci) dipped to 97.1 in January, the lowest level since May 2010, when the BCI registered 96.7. The BCI briefly increased by 1.7 points in December, to 99.1. The January 2012 BCI is six index points below... 

Acsa consortium awarded R70bn Brazil airport contract

By: Henry Lazenby     8th February 2012 Airports Company South Africa (Acsa), together with Brazilian joint venture partner Invepar, won a R70-billion ($9.2-billion) concession to overhaul and operate the busiest and most valuable of three Brazilian airports, Guarulhos, in São Paulo. “Acsa is pleased with the outcome of the... 

Zuma speech should boost investor confidence, support SMEs

By: Natasha Odendaal     8th February 2012 Enterprise support, especially for small and medium-sized businesses (SME's), could be a key theme of President Jacob Zuma’s State of the Nation address in Parliament tomorrow, organised business said on Wednesday. Business Unity South Africa (Busa) said it hoped the President would seek to... 

Transnet unit raises price, supply concerns at Actom-Savcio hearings

By: Natasha Odendaal     7th February 2012 The Competition Commission told a Competition Tribunal hearing on Tuesday that it stood by its initial conditions on the proposed merger of electrical equipment manufacturer Actom and electrical service, repair and import company Savcio. The hearings were postponed last month to allow Transnet... 

IFC partners with ABC Holdings to support SMEs

By: Natasha Odendaal     6th February 2012 The International Finance Corporation (IFC) on Monday launched an advisory services programme to complement a $13.5-million investment in three banks under Botswana-listed ABC Holdings. The Africa Micro Small and Medium Enterprises (AMSME) programme, along with the investment, would help banks... 

SA, Cuba sign loan agreement 

By: Sapa     3rd February 2012 South Africa on Friday formalised a R350-million economic aid agreement with Cuba. At a ceremony in Pretoria, Trade and Industry Minister Rob Davies and Cuba's ambassador to South Africa, Angela Villa, signed a document that both said was aimed at stimulating trade between the two countries. 

Commission’s cement data restrictions questioned

3rd February 2012 Construction development company Business & Marketing Intelligence (BMI) Building Strategy Research Unit principal consultant Dr Llewellyn Lewis has called on the Competition Commission to reverse its decision to prohibit the centralised publication of cement use statistics. 

Shortage of materials engineers hobbling South Africa

3rd February 2012 The shortage of technical engineering and technology skills, specifically materials engineers and concrete technologists, is threatening the future economic growth of South Africa, says Cement and Concrete Institute (C&CI) MD Bryan Perrie. 

Expo seeks to tap Brics-Africa trade potential

By: Dimakatso Motau     3rd February 2012 The vast and largely untapped potential of trade between the Brazil, Russia, India, China and South Africa (Brics) bloc and the rest of Africa will be the focus of the newly-launched Brics Africa Export Import Forum (Baeif), which will run concurrently at the Southern African International Trade... 

Mobile commerce may make mobile operators, banks competitors

3rd February 2012 The growth of mobile payments, or mobile commerce, can lead to a situation where mobile operators, banks and credit providers compete with each other, says business research company Informa Telecoms & Media senior analyst Shailendra Pandey. 

Sasol teams up with BrightSource Energy on utility-scale SA solar study 

By: Terence Creamer     2nd February 2012 The clean energy unit of JSE-listed Sasol, which is best known for the conversion of coal and gas into fuels and chemicals, is moving ahead with a front-end engineering and design (FEED) study for a utility-scale solar power plant in South Africa using a solution provided by BrightSource Energy,... 

Gauteng to build 79 new schools, refurbish existing ones

By: Henry Lazenby     2nd February 2012 The Gauteng Department of Education (GDE) is seeking expressions of interest from building contractors for the construction of 79 new schools and the refurbishment of 12 Phase 1 schools and 285 existing schools in the province. The GDE admitted to having its “fair share” of the national schools... 

 

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