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Economy News

Global FDI defies crisis to jump 17% in 2011

By: Reuters     25th January 2012 Global foreign direct investment flows jumped by 17% in 2011 despite worldwide economic turmoil and there is reason to be cautiously optimistic of another rise in 2012, a United Nations report said on Tuesday. Most of the increase was due to cross-border mergers and acquisitions. 

IMF slashes world growth outlook as eurozone weighs

By: Reuters     24th January 2012 The euro zone debt crisis is escalating and dragging down the world economy, the International Monetary Fund said on Tuesday, as it sharply cut its outlook for global growth and called for policies to restore confidence. The IMF chopped its 2012 forecast for global growth to 3.3% from 4% just... 

SA urged to act before EU carbon project window closes in Dec 

By: Terence Creamer     24th January 2012 Climate finance practitioners and regulators have urged South African developers of Clean Development Mechanism (CDM) projects to finalise their applications for registration of such projects with the United Nations during the first quarter of 2012, or face being excluded from the key European... 

Fewer companies went bankrupt in November – Stats SA 

By: Henry Lazenby     23rd January 2012 The total number of insolvencies for the first eleven months of 2011 decreased by 30.2% to 2 584, compared with 3 703 in the first eleven months of 2010, Statistics South Africa (StatsSA) reported on Monday. A year-on-year decrease of 17.3%, from 335 to 277, was estimated for November 2011. 

Nersa postpones power price hearings as it receives notice of policy review 

By: Terence Creamer     23rd January 2012 The National Energy Regulator of South Africa (Nersa) has decided to postpone public hearings, scheduled for February 3, into it multiyear price determination (MYPD) methodology. Full-time regulatory member for electricity Thembani Bukula told Engineering News Online on Monday that notice of the... 

SA jobs target ambitious, says SAIRR 

By: Sapa     23rd January 2012 South Africa aims to create five-million jobs by 2020 but has only created 624 000 in the last decade, according to a survey released on Monday. 

Heavyweight industry group issues carbon tax warning 

By: Terence Creamer     23rd January 2012 An industry lobby group comprising large mining groups and mineral processing companies is cautioning against the proposed introduction of a carbon tax in South Africa until South Africa has fully charted its abatement potential and the costs implications of implementing its renewable-energy... 

G20 pushes for extra steps from Europe on crisis

By: Reuters     23rd January 2012 Group of 20 nations agreed to push Europe to take extra steps to resolve the debt crisis on Friday as they inch toward a deal to boost the International Monetary Fund's firepower. Mexico Deputy Finance Minister Gerardo Rodriguez said talks between G20 officials in Mexico City on Thursday and... 

Senior management commit 36% of internal economic crimes in SA

By: Schalk Burger     20th January 2012 The prevalence of internal economic crimes committed by senior management in companies in South Africa has risen to 36% from 17% in 2009, reflecting these crimes’ requirements of sensitive information and sophisticated skills to perpetrate, says PricewaterhouseCoopers partner and head of forensic... 

Career guide to assist in creating jobs in plastics industry

By: Idéle Esterhuizen     20th January 2012 Industry association, Plastics South Africa’s (Plastics SA’s) training division plans to create an electronic career guide that will list the available skills and job opportunities in the local plastics industry. 

Intel’s investment arm turns its attention to African prospects

By: Schalk Burger     20th January 2012 The new optimism surrounding future economic prospects for Africa – home to six of the world’s ten fastest growing economies over the past decade – is becoming more and more palpable. 

Amid global uncertainty Africa needs to seize emerging opportunities

By: Henry Lazenby     19th January 2012 There is renewed and growing investor interest in Africa, which is poised to continue to grow, despite the turmoil being caused by the eurozone sovereign debt crisis and the US’s debt problems, delegates to the Africa Frontiers Forum heard on Thursday in Johannesburg. Forum organiser Frontier... 

Marcus questions above-inflation increases

By: Sapa     19th January 2012 SA Reserve Bank governor Gill Marcus on Thursday sounded a warning about above-inflation price increases for administered costs, such as electricity. "The case for further significant above-inflation increases is questionable," Marcus said in Pretoria. 

SARB leaves repo rate unchanged

By: Sapa     19th January 2012 The SA Reserve Bank has left the repo rate unchanged at 5.5 percent, governor Gill Marcus said on Thursday. The prime rate would stay at nine percent. 

TCTA again warns of funding shortfall for acid water projects 

By: Terence Creamer     19th January 2012 South Africa’s Trans-Caledon Tunnel Authority (TCTA) reports that it is making some progress in implementing emergency and near-term projects designed to deal with the problem of acid mine drainage (AMD) arising on the eastern, central and western basins of the Witwatersrand goldfields. But in a... 

PMI falls below key mark

By: Henry Lazenby     18th January 2012 The seasonally adjusted Kagiso Purchasing Managers Index (PMI) lost some ground in December, falling by 2.2 index points to below the key 50 mark, and currently stands at 49.4. The seasonally adjusted new sales orders index experienced a decline of 2.9 index points to 48.3. 

Minister Molewa unveils plan to deal with waste tyres  

By: Henry Lazenby     17th January 2012 A levy of R2.30/kg would be introduced on new tyres manufactured in or imported into South Africa from February 1 to pay for the collection and recycling of waste tyres, Water and Environmental Affairs Minister Edna Molewa announced in Pretoria on Tuesday. Over 200 000 t of tyres become waste... 

2012 seen as make or break year for economic recovery 

By: Natasha Odendaal     17th January 2012 The world economy was at a critical juncture with United Nation (UN) economists predicting that 2012 would be a critical year to either maintain slow economic recovery or slip back into a recession. Persistent high unemployment, the eurozone sovereign debt crisis and premature fiscal austerity... 

Concern voiced over AG findings

By: Sapa     17th January 2012 The findings of the Auditor General's annual government audit are "scandalous" and heads should roll, trade unions and the Democratic Alliance said on Tuesday. 

SA moves to create framework for industrial decentralisation  

By: Terence Creamer     16th January 2012 The South African government is hoping its new Special Economic Zones (SEZs) Bill and policy will create the framework for the development of new industrial nodes outside of the traditional industrial heartlands of Gauteng, Western Cape and KwaZulu-Natal, while improving the performance of the... 

AG unhappy with non-compliance

By: SA News     16th January 2012 Several government departments have come under fire in a report by Auditor-General Terrence Nombembe who found a series of irregularities, poor financial controls and reporting by departments. Nombembe today released details of audit findings for the 2010/2011 financial year and revealed that... 

Deputy Economic Development Minister resigns

16th January 2012 Deputy Economic Development Minister Enoch Godongwana has resigned with effect from Monday. Godongwana notified President Jacob Zuma in December of his decision to pursue personal interests and was asked to remain on board until mid-January, the Presidency said in a statement on Sunday. 

Mining roof bolt cartel hearing to continue next week

By: Idéle Esterhuizen     13th January 2012 The Competition Tribunal will on Monday continue its hearings into the mining roof bolt cartel uncovered in 2009. Manufacturers Dywidag-Systems International (DSI) and Videx Wire Products, the remaining respondents in the case, will present their defence next week.  

Actom, Savcio merger hearing postponed

By: Natasha Odendaal     13th January 2012 The Competition Tribunal has postponed a hearing into the merger of electrical equipment manufacturer Actom and electrical service, repair and import company Savcio to next month, to allow Transnet Rail Engineering (TRE) time to submit its view on the deal. Transnet is particularly concerned... 

Manufacturing output up 2.6% in November 

By: Henry Lazenby     12th January 2012 South Africa’s manufacturing output grew by 2.6% year-on-year in November, after a 1.2% year-on-year expansion in October, Statistics South Africa (Stats SA) reported on Thursday. The improvement was mainly attributable to the basic iron and steel, nonferrous metal products, metal products and... 

Colleges can play a key role in closing SA skills gap - Nzimande 

By: Natasha Odendaal     12th January 2012 An expanded further education and training (FET) college sector has a central role to play in increasing artisan numbers and other mid-level skills, Minister Blade Nzimande said on Thursday. Unveiling the Green Paper for Post-School Education and Training, the Higher Education and Training... 

Engineers should look at alternative financing for businesses in 2012

By: Creamer Media Reporter      12th January 2012 Increased economic and regulatory pressure on the banking sector had forced banks to pursue new income streams such as unsecured lending with higher margins, resulting in the likelihood that securing finance to back new projects and upgrade resources will be an even greater challenge for South... 

Over 200 000 Gauteng e-toll accounts registered 

By: Natasha Odendaal     11th January 2012 The South African National Roads Agency Limited (Sanral) has registered more than 200 000 account units for e-tolling on Gauteng Freeway Improvement Project (GFIP), which is set to go live next month. The agency said on Wednesday that 212 906 accounts have been opened since e-tag registration... 

Universities fail to produce enough graduates in business-oriented fields 

By: Henry Lazenby     10th January 2012 South African tertiary institutions are failing to produce enough graduates in business-oriented fields, staffing solutions company Adcorp said on Tuesday, releasing its December Employment Index. The report pointed to there currently being nearly 600 000 unemployed university graduates in South... 

Ecsa seeks to improve engineering graduate output 

By: Henry Lazenby     10th January 2012 Despite an improvement in the 2011 matric results, the Engineering Council of South Africa (Ecsa) has again warned that the country was not producing enough matriculants with the desired results in subjects required for admission to engineering programmes. Furthermore, Ecsa VP professor... 

December BCI up but still below 2010 levels

By: Natasha Odendaal     10th January 2012 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) has increased by 1.7 index points, from 97.4 in November to 99.1 in December. While this was the first increase since business confidence started its decline in April, it still falls 4.2 points below... 

IFC makes significant investment for Nigerian private schooling

By: Dimakatso Motau     16th December 2011 The International Finance Corporation (IFC), a member of the World Bank Group, is investing $5-million in the Funtaj International School to expand access to high-quality private education to hundreds of students in Nigeria. 

New welding school aims to produce skilled artisans 

By: Dimakatso Motau     16th December 2011 Construction group Aveng Grinaker-LTA has unveiled its first response to the National Development Plan's call for all sectors of society to mobilise around a national vision to create 11-million jobs by 2030 by investing in a new welding school, located at its Vanderbijlpark premises. The school... 

Guidance and mentorship significant for women engineers

By: Dimakatso Motau     16th December 2011 There is a need for women to be nurtured and provided with the necessary support structure to excel in the engineering field to make a significant contribution to industry. 

Skills training key to success of major projects

16th December 2011 When executed successfully, the skills legacy of a major project ensures the effective, ongoing operation and asset management of the completed project, says engineering, management and specialist technical services company Aurecon. 

Competition bodies weigh PIC’s plan to convert Afrisam debt to equity 

By: Terence Creamer     14th December 2011 South Africa’s Competition Tribunal has reserved judgment on a proposed merger involving the Public Investment Corporation (PIC) and cement producer Afrisam, after the Competition Commission proposed that the deal be approved with certain conditions. The conditions suggested were designed, the... 

SA employment outlook gloomy as European crisis weighs 

By: Natasha Odendaal     14th December 2011 Global market uncertainty continues to hamper South Africa’s employment growth, with initiatives that would otherwise have had positive influences on employment, such as international entrants to the country and government job creation schemes, not delivering anticipated outcomes. The quarterly... 


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