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Economy News

Saice embarks on long-term expansion strategy

By: Cameron Mackay     21st June 2019 Civil engineering voluntary association and learning institution, the South African Institution of Civil Engineering (Saice) has initiated a long-term expansion strategy to cater to the needs of its members according to their specific member segment, such as segments for students, graduates or... 

Ramaphosa confirms R230bn support for Eskom to be front-loaded

By: Terence Creamer     20th June 2019 President Cyril Ramaphosa announced on Thursday that the R230-billion in fiscal support being directed to debt-laden power utility Eskom over the coming ten years would be structured in a way that ensures a significant portion is provided in the early years. A Special Appropriation Bill would be... 

Ramaphosa confirms R230bn support for Eskom to be front-loaded
President Cyril Ramaphosa

Social enterprise here to stay, says Deloitte

By: Marleny Arnoldi     20th June 2019 Intensifying economic, social and political disruption are forcing organisations to move beyond mission statements and social impact programmes, to putting people at the centre of their business strategies and learning to lead the social enterprise. “To bring meaning back into the workplace and... 

Nigeria to consider its industries in Africa free trade zone decision

By: Reuters     20th June 2019 Nigeria will consider the interests of its industries in deciding whether to sign up to a $3-trillion Africa free-trade agreement, President Muhammadu Buhari said in a meeting with local manufacturers on Wednesday. The African Continental Free Trade Agreement (AfCFTA) encompasses 1.2-billion... 

Naamsa Automotive Conference to boast two themes this year

By: Simone Liedtke     20th June 2019 This year’s iteration of the Naamsa Automotive Conference will feature two themes that will be linked under the overall slogan of ‘Reimagining the future together’. The first theme, ‘Embracing innovation as an indispensable catalyst for prosperity and sustainable growth’, will interrogate how... 

Afrimat Construction Index shows marginal improvement year-on-year

By: Simone Liedtke     20th June 2019 JSE-listed Afrimat’s Construction Index (ACI) for the first quarter broadly followed the same “disappointing trend” evident in overall economic activity during the quarter, with gross domestic product (GDP) having contracted by more than 3% quarter-on-quarter. Economist Dr Roelof Botha, who... 

Afrimat Construction Index shows marginal improvement year-on-year
Photo by Creamer Media's Dylan Slater
Afrimat CEO Andries van Heerden

Five things to watch out for in Ramaphosa’s State of the Nation speech

By: Bloomberg     20th June 2019 South African President Cyril Ramaphosa on Thursday delivers his first state-of-the-nation speech since the ruling party extended its quarter-century grip on power in last month’s election. His address to Parliament in Cape Town is scheduled to begin at 19:00. Here are five key things to watch... 

Five things to watch out for in Ramaphosa’s State of the Nation speech

TCTA moves ahead with R12.3bn second phase of Mokolo-Crocodile water scheme 

By: Terence Creamer     19th June 2019 Trans-Caledon Tunnel Authority (TCTA) announced on Wednesday that it had commenced with the implementation of the Mokolo-Crocodile Water Augmentation Project Phase 2A (MCWAP-2A) project, which is strongly associated with minerals and energy projects in the Limpopo province and is, thus, facing... 

Transnet signs R8.5bn rail deal with UMK 

By: Marleny Arnoldi     19th June 2019 State-owned freight utility Transnet and manganese producer United Manganese of Kalahari on Wednesday “renewed their business vows” by signing an R8.5-billion contract to move two-million to three-million tonnes a year of manganese by rail to six South African exports channels. Transnet... 

Transnet signs R8.5bn rail deal with UMK
Photo by Creamer Media's Marleny Arnoldi
UMK CEO Victor Radko and Transnet commercial sales and marketing group executive Mike Fanucchi

South Africa urged to do more to develop its human capital base

By: Tasneem Bulbulia     19th June 2019   It is important for countries, and especially South Africa, to revisit how they build their human capital base. 

Eskom appoints Nxumalo as new head of generation 

By: Terence Creamer     19th June 2019 State-owned power utility Eskom has announced that Bheki Nxumalo has been appointed as its group executive for generation as from July 1 2019. Nxumalo takes over the role permanently from Andrew Etzinger, who has been acting in the position for the past nine months. 

Eskom appoints Nxumalo as new head of generation
Bheki Nxumalo

SAA says possible strike by pilots could hurt airline's business 

By: African News Agency      19th June 2019 South African Airways has said that the industrial action threatened by aggrieved pilots could hurt the embattled airline's business.  This as the South African Airways Pilots’ Association on Monday questioned the interim SAA chief executive Zukisa Ramasia's competency to run the State-owned... 

SAA says possible strike by pilots could hurt airline's business
Photo by Reuters
SAA interim CEO Zukisa Ramasia

Govt explores new approach to industrial policy implementation

By: Nadine James     18th June 2019 The government – led by the Presidency – is rethinking how industrial policy is conceptualised and implemented as a key element in revitalising the economy. This emerged during a recent debate organised by trade research organisation Trade & Industrial Policy Strategies (TIPS) on the role of... 

Ramaphosa to announce more support for Eskom 

By: Reuters     18th June 2019 President Cyril Ramaphosa will announce more measures to support cash-strapped power utility Eskom, his office said on Tuesday, without providing details. "It is expected that the President will announce further measures to support Eskom's efforts at recovery and financial and operational... 

Ramaphosa to announce more support for Eskom

High Court orders Trillian to pay back Eskom R595m 

By: News24Wire      18th June 2019 Trillian Capital Partners has been ordered to pay back Eskom almost R595-million by the High Court in Pretoria. The ruling was handed down on Tuesday. Approached for comment, Eskom said it would need to refer to its legal team for more information. The court ruled that payments from the... 

 High Court orders Trillian to pay back Eskom R595m

State capture inquiry hears about 'Myeni's person' at SAA

By: News24Wire      18th June 2019 The judicial commission of inquiry into State capture on Tuesday heard from a former South African Airways executive about how she was advised by then board chairperson Dudu Myeni to interact with her "personal advisor". The airline's former chief financial officer Phumeza Nhantsi, a chartered... 

 State capture inquiry hears about 'Myeni's person' at SAA

SAA defends interim CEO, warns against strikes 

By: News24Wire      18th June 2019 The board of South African Airways has backed its new interim CEO Zukisa Ramasia after the South African Airways Pilots Association criticised her appointment and threatened to go on strike.  Ramasia was appointed as the flag carrier's interim head earlier this month after Vuyani Jarana stepped... 

 SAA defends interim CEO, warns against strikes
Photo by Reuters
SAA interim CEO Zukisa Ramasia

Indian Ocean Rim economies urged to increase trade with each other

By: Shirley le Guern     18th June 2019 It is time to re-energise the Indian Ocean Rim Association (Iora), created by Nelson Mandela in 1997, and transform it into an active body that unlocks tangible business opportunities and helps negotiate the removal of disruptive nontariff barriers between the 22 member States. This was the... 

Cosatu argues for worker representation on PIC board

By: News24Wire      18th June 2019 South Africa's largest trade union federation the congress of South African Trade Unions has argued for worker representation on the board of State-run asset manager the Public Investment Corporation, saying this would help keep looting in check and increase workers' trust. Matthew Parks, the... 

 Cosatu argues for worker representation on PIC board

SBI launches scorecard to measure South Africa’s business performance  

By: Tasneem Bulbulia     18th June 2019 The Small Business Institute (SBI) is launching a new scorecard, the SBI Index Tracker, to measure South Africa’s performance relative to other countries in terms of the ease of doing business and other metrics. The SBI Index Tracker measures South Africa’s business environment across the... 

South Africa finds a credit rating, once lost, is hard to regain 

By: Bloomberg     18th June 2019 Lesetja Kganyago, then the top official at South Africa’s National Treasury, was taking a break at Sugarloaf Mountain in Rio de Janeiro between two G20 meetings in November 2008 when he got the bad news. Barely three years after his country had managed to get its highest-ever investment-grade... 

South Africa finds a credit rating, once lost, is hard to regain
Photo by Bloomberg
Reserve Bank governor Lesetja Kganyago

State capture inquiry: Pressure mounts on Jacob Zuma to testify

By: News24Wire      18th June 2019 The Zondo commission of inquiry has informed former president Jacob Zuma's lawyers that it urgently needs him to indicate whether he agrees to testify, BusinessLive reported. Pressure has been mounting on Zuma to answer to allegations witnesses made against him at the commission. In September... 

SA govt urges developing countries to respond to anti-globalisation initiatives

By: African News Agency      18th June 2019 The South African government on Monday, urged the 22 countries that belong to the Indian Ocean Rim Association to discuss how to respond to the anti-globalisation initiatives that were arising from powerful countries in the world. Sipho Zikode, deputy director-general of special economic zones at... 

SA govt urges developing countries to respond to anti-globalisation initiatives
President Cyril Ramaphosa

Salga appoints new president

By: Tasneem Bulbulia     14th June 2019 The South African Local Government Association’s (Salga's) National Executive Committee has appointed Councillor Thembisile Nkadimeng as president of the association.  She succeeds former Salga president Parks Tau, who has been appointed Deputy Cooperative Governance and Traditional Affairs... 

Salga appoints new president
Thembisile Nkadimeng

Reviving South Africa’s economy requires active involvement by all citizens – Neasa

By: Tasneem Bulbulia     14th June 2019 National Employers’ Association of South Africa (Neasa) CE Gerhard Papenfus has called on all South Africans to create the environment they envision, instead of waiting on government to ensure a conducive climate for greater economic growth. Papenfus says it is possible that the ideal environment... 

South African Express says that it is turning itself around

By: Rebecca Campbell     14th June 2019 South African State-owned regional airline SA Express (SAX) affirmed on Friday that it was making substantial progress in its turnaround programme. It has also been taking action against employees found to have been engaged in wrongdoing. All those employees who have been charged with offences,... 

South African Express says that it is turning itself around
A CRJ-700 of SA Express

Good news for SA motorists! Huge 91c fuel price drop – AA 

By: News24Wire      14th June 2019 Retreating oil prices have painted a rosier picture for South African fuel users than has been the case for much of 2019.  This is according to the Automobile Association which was commenting on unaudited mid-month fuel price data released by the Central Energy Fund. At this stage of the month,... 

Good news for SA motorists! Huge 91c fuel price drop – AA

Unions agree to give SAA one week to deal with their demands on Jarana

By: African News Agency      14th June 2019 Workers unions at the South African Airways said on Friday the State-owned airline has requested one week to deal with their demands of reinstating Vuyani Jarana as group chief executive and a complete overhaul of the board. This as the National Union of Metalworkers of South Africa and the South... 

Unions agree to give SAA one week to deal with their demands on Jarana
Photo by Creamer Media
Former SAA CEO Vuyani Jarana

Hydrogen offers pathway for lowering hard-to-abate carbon emissions – IEA 

By: Terence Creamer     14th June 2019 Hydrogen and hydrogen-based fuels could help facilitate the decarbonisation of a range of sectors where the pathway for achieving meaningful emission reductions is currently uncertain or difficult, a new global study argues. Released by the International Energy Agency (IEA) at a meeting of G20... 

Hydrogen offers pathway for lowering hard-to-abate carbon emissions – IEA

Kganyago says model shows room for rate cuts 

By: Bloomberg     14th June 2019 The South African Reserve Bank’s forecasting model suggests there might be room for interest-rate cuts in the next year or two, given how weak the economy is, Governor Lesetja Kganyago said. While the central bank can play a role to help economic growth, decisions should be supported by other... 

Kganyago says model shows room for rate cuts
Photo by Bloomberg
Reserve Bank governor Lesetja Kganyago

DTI forges ahead with product standardisation task

By: Mamaili Mamaila     14th June 2019 Following Mining Charter III’s call to the Department of Trade and Industry (DTI) to develop a “Standardised Coding and Product Identification System in the Mining Supply Chain” whereby products can be identified using a unique name and code, the department has established a multistakeholder... 

DTI forges ahead with product standardisation task
INDUSTRY GROWTH The DTI looks forward to exchanging lessons and experiences to unpack challenges and identify solutions for growth across the manufacturing sector

Brazilian VP says Brics should focus on economics, not politics

By: Rebecca Campbell     14th June 2019 In comments made in Beijing on May 24, which appear not to have been much, if at all, reported outside his home country, Brazilian Vice President Hamilton Mourão called on the Brazil, Russia, India, China, South Africa (Brics) alignment to switch away from political issues and focus instead on... 

Collaboration seen as key to unlocking South Africa’s industrial potential

By: Simone Liedtke     14th June 2019 The revival of South Africa’s flagging manufacturing sector is core to President Cyril Ramaphosa’s broader economic recovery plan. The importance attributed to manufacturing can be seen in the President’s decision to appoint the experienced Ebrahim Patel to lead the newly restructured Trade and... 

Collaboration seen as key to unlocking South Africa’s industrial potential

South Africans urged to remain mindful of the bigger picture amid economic downturn

By: Simone Liedtke     13th June 2019 Even though South Africa is considered “a country of deficits”, Efficient Group chief economist Dawie Roodt on Thursday encouraged South African businesses and private persons to continue monitoring the country’s economic situation. An economy, he said, was “a gradual process” and would not come... 

South Africans urged to remain mindful of the bigger picture amid economic downturn
Photo by Creamer Media's Dylan Slater
Efficient Group chief economist Dawie Roodt

ACSA appoints new acting CFO

By: Simone Liedtke     13th June 2019 Lindani Mukhufwani has been appointed acting CFO of Airports Company South Africa, effective June 13. She succeeds Dirk Kunz, who has been acting CFO since January 2017. 

Dubai chamber to host global business forum on Africa in November

By: Tasneem Bulbulia     13th June 2019 The Dubai Chamber of Commerce and Industry (Dubai Chamber) will host the fifth edition of the Global Business Forum (GBF) on Africa on November 18 and 19, in Dubai. Organised under the theme “Scale Up Africa”, GBF on Africa 2019 will bring together African and United Arab Emirates (UAE)... 

Dubai chamber to host global business forum on Africa in November
Hamad Buamim

Low business confidence to remain for foreseeable time – survey

By: Marleny Arnoldi     13th June 2019 The Rand Merchant Bank (RMB)/Bureau for Economic Research (BER) Business Confidence Index (BCI) flatlined at a “worryingly” low 28 in the second quarter of the year. The BER on Thursday stated that seven out of every ten respondents had remained unsatisfied with current business conditions... 

 

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