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Economy News

Ramaphosa to announce new BBBEE Advisory Council 

By: Thabi Madiba     30th May 2022 President Cyril Ramaphosa will this week announce the appointment of the new Broad-Based Black Economic Empowerment Advisory Council, which will help the country to expand the frontiers of BBBEE. The council, comprising government, business, labour and other stakeholders, was established to... 

The storm ain't over: logistics legal head warns of financial fallout from KZN floods

By: News24Wire      30th May 2022 Ongoing delays and congestion, as businesses scramble to meet their obligations to clients, mean the overall losses resulting from recent flooding in KwaZulu-Natal keep piling up.  Earlier this week, Transnet sent an internal memo to stakeholders in Durban's regional logistics sector advising... 

Durban Port

For the economy to recover, 'we must improve Eskom's performance' - ANC 

By: News24Wire      30th May 2022 The chairperson of the ANC's economic transformation committee, Mmamoloko Kubayi, says the party's policy conference will have to figure out how to help Eskom improve financially and operationally. The ANC will hold a policy conference in July. 

Forum says OR Tambo jet fuel shortage to be largely resolved by month-end

By: Schalk Burger     27th May 2022 The Jet Fuel Forum (JFF) has said the jet fuel shortage at OR Tambo International Airport should largely be resolved by the end of the month, as additional fuel will be made available to airlines whose suppliers are currently unable to fulfil their contractual obligations. On May 24, the JFF said... 

Investors should focus on climate opportunities instead of risks

By: Darren Parker     27th May 2022 There is significant tension not so much between the need for economic development and the need for climate action, but rather between the losses expected to be incurred as a result of climate inaction and the immense opportunities for growth that result from taking action, World Wide Fund for... 

Engineering centre for research into future air mobility launched in Brazil

By: Rebecca Campbell     27th May 2022 Brazil-based major international aerospace group Embraer has announced that it is partnering with two other Brazilian institutions to create an Engineering Research Centre (ERC) into the future of air mobility. The other two bodies are the Federal Government’s Aeronautical Technology Institute... 

More arrests expected in corruption case against Gama and other ex-Transnet officials   

By: News24Wire      27th May 2022 Former Transnet CEO, Siyabonga Gama, who is among the five people accused of R93-million fraud and corruption in a case relating to the procurement of 1 064 locomotives by the State-owned freight rail company, was released on R50 000 bail following his arrest on Friday. Gama is facing charges... 

Former Transnet CEO Siyabonga Gama
Photo by Creamer Media
Former Transnet CEO Siyabonga Gama

Weekend load-shedding to stay on Stage 2 for now, says Eskom

By: News24Wire      27th May 2022 Load-shedding will remain on Stage 2 during evening peak hours over the weekend, Eskom confirmed on Friday morning.  Spokesperson Sikonathi Mantshantsha said any changes would be announced in due course, but at the time of publication, "nothing [had] changed with the current guidance". Last week,... 

Electricity Pylons

Power sector’s gas demand ‘insufficient’ to act as anchor in South Africa 

By: Terence Creamer     27th May 2022 There is insufficient demand for gas in the power sector to “anchor” demand for the fuel in the broader South African energy sector, as gas will have only a limited peaking support role in a system transitioning from coal to renewables, analysis by Meridian Economics shows. Presented by... 

LNG storage
LNG storage

Commission says Computicket agrees to pay R11.3m fine

By: Schalk Burger     27th May 2022 The Competition Commission and ticketing services company Computicket have reached a settlement agreement in terms of which Computicket has agreed to pay a fine of R11.3-million to settle a second prosecution against it by the commission for alleged abuse of market dominance. The settlement... 

Study highlights potential export markets for South African, SADC products

By: Schalk Burger     27th May 2022 A study, undertaken as part of the European Union (EU) and Southern African Customs Union (SACU) Economic Partnership Agreement (EPA) on trade in goods, has highlighted specific opportunities for various industries to grow and/or diversify their exports and, in the process, help to offset some... 

Transnet welcomes sentence for diesel theft, tampering with essential infrastructure

By: Schalk Burger     27th May 2022 State-owned logistics and freight agency Transnet has welcomed the 20-year sentence handed down by the Harrismith Regional Court for a 42-year-old man found guilty of tampering with essential infrastructure and stealing diesel. He was arrested for stealing diesel from Transnet’s Multiproduct... 

South African terms of trade boon provides unique opportunity for the economy

By: Darren Parker     27th May 2022 South Africa is currently enjoying a terms of trade boon, with export prices outpacing import prices, market research firm Intellidex director and capital markets research head Peter Attard Montalto said on May 25. “It’s an unusual situation, driven by metals prices and helped by the fact that... 

Truck and fruit
South Africa is currently a net exporter of food

Former Transnet CEO Siyabonga Gama arrested

By: News24Wire      27th May 2022 Five former Transnet officials have been arrested by the Hawks and the National Prosecuting Authority's Investigating Directorate on Friday morning on charges of fraud, corruption and money laundering. News24 has established that two of the five include former Transnet CEO Siyabonga Gama and Eric... 

Former Transnet CEO Siyabonga Gama
Photo by Creamer Media
Former Transnet CEO Siyabonga Gama

Local construction sector continues to struggle 

By: Tracy Hancock     27th May 2022 The fragile South African construction sector is being further weakened by the continuing lack of implementation of the infrastructure delivery plan by government, as well as the demand for residential, retail and commercial buildings from the private sector, says diversified infrastructure and... 

THE GROOVE The construction of the 13-storey building for student accommodation is on schedule to be completed by the end of the year, despite inclement weather and ground conditions challenging its completion
Concor CEO Lucas Tseki talks to Engineering News about the state of South Africa’s construction sector

Enlit Africa is back

27th May 2022 Enlit Africa returns to Cape Town as a live conference and exhibition from June 7 to 9 this year, focusing on the current opportunities and challenges in the energy sector – from self-generation for municipalities and gas exploitation to renewable and energy storage solutions for the commercial... 

Company to exhibit at Enlit Africa in June

27th May 2022 With advanced submetering instrumentation and intelligent energy management solutions, industrial power and energy meter solution manufacturer Accuenergy is proud to be exhibiting at Africa's leading energy event, Enlit Africa 

Energy transition to be discussed at Enlit

27th May 2022 As South Africa experiences yet another period of load-shedding, the option of generating electricity for personal use is starting to look all the more attractive. 

Workable solutions to mitigate SA’s energy crisis

27th May 2022 South Africans have become accustomed to working and living with load-shedding over the past few years. Scheduled and unscheduled power outages have become a reality, with 1 130 hours of planned power cuts experienced in 2021 alone. Recently, the country was warned that the future of its... 

An image of a battery that stores energy from the solar PV
ENERGY STORAGE Solar photovoltaic equipment, such as battery prices, have increased owing to the pandemic

Water solutions for Makana Municipality

27th May 2022 Water service utility Amatola Water, Makana municipality and consulting engineering company Bosch Projects continue to work hard to solve the water shortages in Makhanda, formerly Grahamstown, in the Eastern Cape.  

Image of water waste treatment plant under construction
PROJECT UNDER WAY The James Kleynhans Water Treatment Works project is currently in its second phase

Treasury fills two top positions that were vacant for years

By: News24Wire      26th May 2022 Two top positions in the National Treasury, which have been vacant for several years, are to be filled, Cabinet announced on Thursday.  Minister in the Presidency Mondli Gungubele said Cabinet had approved the appointment of Shabeer Hamid Khan as Accountant General and Mendoe Ntswahlana as Chief... 

Govt mulls extending fuel levy intervention as major fuel hikes loom – Gungubele  

By: News24Wire      26th May 2022 Government is still deliberating whether to continue with its fuel price relief intervention introduced in March, as the latest data from the Central Energy Fund shows a marked increase expected for June. With the hopes that global energy prices would stabilise by the end of May, government... 

Petrol Pump

Barloworld to buy back 10% of its shares

By: Darren Parker     26th May 2022 JSE-listed industrial brand management company Barloworld has announced that it will buy back up to 10% of its issued ordinary share capital through a repurchase programme. The board said on May 26 that it was responsible for capital allocation and continuously monitored opportunities to enhance... 

South Africans face fuel price surge as levy concession ends

By: Bloomberg     26th May 2022 South Africans face record high gasoline prices in June as a subsidy to help motorists counter the impact of high crude costs exacerbated by Russia’s invasion of Ukraine comes to an end. With a weighting of almost 5% in South Africa’s inflation basket, the expected jump in pump costs is likely to... 

A petrol pump

Africa’s economic recovery will be costly – AfDB

By: Thabi Madiba     26th May 2022 Africa will need at least $432-billion to address the effects of Covid-19 on its economies and on the lives of Africans — resources it does not have. This was according to African Development Bank President Dr Akinwumi Adesina who spoke during the release of the 2022 African Economic Outlook... 

Image of AfDB president Dr Akinwumi Adesina
AfDB president Dr Akinwumi Adesina

Despite some challenges, most property market segments remain buoyant

By: Schalk Burger     26th May 2022 The different segments of the property market were experiencing different pressures, but all remained generally bouyant, with interest rates supportive of demand for property, said industry specialists during a webinar hosted by financial services firm Nedbank Private Wealth on May 25. The... 

Nersa to implement Operation Vulindlela recommendation to drop PPA as 100 MW registration requirement 

By: Terence Creamer     26th May 2022 The National Energy Regulator of South Africa (Nersa) has confirmed that it will implement the Operation Vulindlela recommendation that power purchase agreements (PPAs) should not be a requirement for registration of embedded generation projects below 100 MW. The regulator tells Engineering News... 

A large-scale solar farm

Expect to pay more for water and electricity in Ekurhuleni and Joburg

By: News24Wire      26th May 2022 Residents in the Johannesburg and Ekurhuleni municipalities are in for hefty tariff hikes for water and electricity. The two cities presented budget outlooks for the 2022-2023 financial year. 

Ten automatic fire sprinkler installers conclude settlement agreement with competition authorities

By: Schalk Burger     25th May 2022 Ten installers of automatic fire sprinklers, which were implicated in a cartel case currently being heard before the Competition Tribunal, have concluded separate settlement agreements after being afforded an opportunity by the tribunal to settle the matter with the Competition Commission. The... 

New report launch to kickstart conversations to build Africa

By: Natasha Odendaal     25th May 2022 Cement-maker PPC and the Gordon Institute of Business Science (GIBS) have published a new report to start discussions around the sustainable development of Africa. PPC commissioned GIBS to undertake various conversations and engagements, examining what should be the collective role of the... 

Mantashe to mining CEOs: Stop insulting the state

By: News24Wire      25th May 2022 Minister of Mineral Resources and Energy, Gwede Mantashe, has warned that a growing tendency by mining executives to "insult the state" is detrimental to the resources sector. "We have observed a growing temptation to insult the state by strong and powerful mining executives. 

Minister of Mineral Resources and Energy Gwede Mantashe
Minister of Mineral Resources and Energy Gwede Mantashe

Bam to step down as Deloitte Africa CEO

By: Marleny Arnoldi     25th May 2022 Lwazi Bam will step down as CEO of consultancy Deloitte Africa on May 31, after serving in the position for ten years. He will be succeeded by former chairperson Ruwayda Redfearn. 

Tiger Brands warns of more price rises as cost pressures build

By: Reuters     25th May 2022 Tiger Brands will intensify efforts to reduce costs and minimise price rises but significant increases are inevitable, South Africa's largest food producer said on Wednesday as it reported a decline in profit. Consumer goods makers around the world are raising prices to offset soaring energy,... 

Acumen raises Series B investment to boost My Smart City job creation

By: Schalk Burger     25th May 2022 Asset and resource management company Acumen Software has secured a Series B investment that will be used to build out further services for citizens on the My Smart City platform, including a private sector solution that aims to boost job creation across the country. The investment made by... 

South African-German consortium to research catalysts needed to produce green jet fuel  

By: Terence Creamer     25th May 2022 South African energy and chemicals group Sasol has teamed up with Helmholtz-Zentrum Berlin (HZB) to lead a consortium of German and South African partners that will research and optimise the catalysts required to produce sustainable aviation fuel (SAF) on a commercial scale through... 

Sasol's head office
Photo by Creamer Media
CARE-O-SENE consortium announced at a function hosted at Sasol’s Sandton head office this week

By leveraging three resource advantages Mpumalanga can be global just transition ‘flagship’ 

By: Terence Creamer     24th May 2022 Eskom CEO André de Ruyter has highlighted three key resource advantages that he argues could transform the coal province of Mpumalanga into a global “flagship” of the just energy transition. In an address to the Mpumalanga Energy Summit, De Ruyter argued that the province’s skilled human... 

Eskom will begin its just energy transition efforts in earnest at the Komati power station
Eskom will begin its just energy transition efforts in earnest at the Komati power station

Ramaphosa, German Chancellor discuss situation in Ukraine 

By: Marleny Arnoldi     24th May 2022 President Cyril Ramaphosa has reiterated South Africa’s official stance on Russia’s invasion of Ukraine, emphasising that engagement, dialogue and negotiation are key to resolving the conflict. In turn, German Chancellor Olaf Scholz affirmed Germany’s harsher approach, with numerous sanctions... 

German Chancellor Olaf Scholz and President Cyril Ramaphosa during an official visit
President Cyril Ramaphosa and German Chancellor Olaf Scholz share outcome of bilateral, international discussions
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