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Economy News

Steel production likely to stagnate or decline this year, says Roskill

By: Simone Liedtke 5th May 2020 Steel production in developed economies is likely to either stagnate, or decline completely, as the Covid-19 pandemic continues to influence and impact on the global economy, consultancy Roskill steel alloys principal consultant Erik Sardain said on May 5. Speaking in a webinar, he explained... →

Comair files for business rescue

By: Rebecca Campbell 5th May 2020 South African private-sector airline group Comair announced on May 5 that it was going into business rescue. This was to protect the company’s interests and those of its stakeholders. Comair operated the British Airways in South Africa and Kulula low cost carrier brands. This was a consequence of... →

Africa50 aids Covid-19 fight in three phases

By: Marleny Arnoldi 5th May 2020 Infrastructure investment platform Africa50 has granted $300 000 to the Africa Centres for Disease Control and Prevention (Africa CDC) for it to buy test kits and other medical equipment, as well as to mobilise frontline responders. Africa50 also provided $500 000 to fund other targeted... →

Mboweni calls for Covid-19 support for companies across race lines

By: African News Agency 5th May 2020 Finance minister Tito Mboweni on Tuesday said companies affected by the Covid-19 crisis should receive support regardless of the race of their owners and hinted he was challenging minister of tourism Mmamoloko Kubayi-Ngubane on the matter. "Race is a very vexing question," Mboweni told a meeting... →

Photo by WEF
Finance Minister Tito Mboweni

BJC calls for more transparency regarding govt’s Covid economic measures

By: Thabi Madiba 5th May 2020 Voluntary civil society coalition organisation Budget Justice Coalition on Tuesday called for greater transparency regarding government’s economic measures put in place to deal with the coronavirus pandemic, saying some measures were punitive and inadequate. The BJC alleged government’s economic... →

New index ranks physical-interaction aspect of Covid-19 transmission risk across occupations

By: Terence Creamer 5th May 2020 A new index has been created to provide an empirical basis for ranking the physical-interaction dimension of the Covid-19 transmission risk for various occupations in South Africa – a tool that could help guide policymakers in evaluating which sectors place workers at a higher or lower risk of... →

SA takes joint first place in 2019 open budget survey

By: African News Agency 5th May 2020 South Africa has once again come joint first with New Zealand in the 2019 Open Budget Index conducted by the International Budget Partnership through an Open Budget Survey. The win is in recognition of the country’s commitment to a transparent budget process. This is a repeat of the result from... →

Tribunal dismisses price fixing, tender collusion case against Bloemfontein companies

By: Tasneem Bulbulia 4th May 2020 The Competition Tribunal has dismissed a case of alleged price fixing and collusive tendering against five Bloemfontein-based companies accused of colluding on a Free State Treasury tender to supply and deliver office stationery to provincial government departments in 2014. Catha Silkscreen... →

Maitland appointed administrator for Green Outcomes Fund

By: Marleny Arnoldi 4th May 2020 The recently launched Green Outcomes Fund has appointed global corporate services firm Maitland as its corporate trustee and trust administrator. The R488-million fund was launched in April by the National Treasury’s Jobs Fund and nonprofit organisation GreenCape to help grow “green” small,... →

South Africans expect Covid-19 impact to worsen – GlobalData

By: Tasneem Bulbulia 4th May 2020 Consumer uncertainty is one of the greatest barriers facing the travel industry, and 70% of South African respondents in a recent survey by data analytics and consulting company GlobalData say they are still extremely concerned about the impact of Covid-19. In addition, 74% believe that... →

Redefine expects full-year results to show a ‘tale of two halves’

By: Simone Liedtke 4th May 2020 With the Covid-19 virus and related uncertainty continuing to weigh on businesses, real estate investment trust (Reit) Redefine Properties has announced a 32% fall in its distributable income per share for the six months ended February 29, to 33.46c from 49.19c in the prior comparable period.... →

Redefine Properties' management discusses their results and what can be expected in the year ahead during a webinar on May 4. Video: Creamer Media's Kutlwano Matlala. Editing: Creamer Media's Nicholas Boyd.

Ministers, President not doing whatever they want on cigarette matter, says Ramaphosa as he calls for patience, trust

By: Thabi Madiba 4th May 2020 President Cyril Ramaphosa has addressed the controversy surrounding the cigarette ban, assuring South Africans that government was making every effort to advance the right to life and dignity. He also applauded citizens for adhering to the lockdown provision, saying the measures had proven to be... →

President Cyril Ramaphosa

Stats SA finds people more concerned about economic impact of Covid-19

By: Marleny Arnoldi 4th May 2020 A survey conducted by Statistics South Africa (Stats SA) has found that 93.2% of respondents are very concerned or extremely concerned about the possible economic collapse of the country owing to the Covid-19 pandemic. This while 60.1% of respondents are very concerned or extremely concerned... →

BLSA urges taking economic forecasts seriously

By: Marleny Arnoldi 4th May 2020 Business organisation Business Leadership South Africa CEO Busi Mavuso in a weekly newsletter says big and small businesses alike are facing a serious calamity as a result of the Covid-19 crisis. She says she is disturbed by comments made by Trade and Industry Minister Ebrahim Patel, as quoted... →

Photo by Creamer Media's Donna Slater
Business Leadership South Africa CEO Busi Mavuso

African free trade deal launch unlikely this year - AfCFTA Sec Gen

By: Reuters 4th May 2020 A blockbuster African trade deal is unlikely to be implemented before early next year, an official said on Friday, after the disruption caused by the new coronavirus made the current July 1 deadline unworkable. Wamkele Mene, Secretary-General of the African Continental Free Trade Area, told... →

SAA says government exploring funding options

By: Bloomberg 4th May 2020 South African Airways’ (SAA's) administrators extended a deadline for workers to agree to severance packages after Minister for Public Enterprises Pravin Gordhan said he needs time to explore funding options for the bankrupt state-owned carrier. The business-rescue team led by Les Matuson and... →

Covid-19 exit strategy depends on getting vaccine to whole world

By: Bloomberg 4th May 2020 Coming up with a vaccine to halt Covid-19 in a matter of months isn’t the only colossal challenge. The next big test: getting billions of doses to every corner of the world at a time when countries increasingly are putting their own interests first. A variety of financing tools are under... →

Incentives needed to aid local energy tech

By: Mamaili Mamaila 1st May 2020 While there is an increased focus on local content across several South African industries, government could do more in terms of incentivising local manufacturing, says energy solutions company i-G3n co-founder and director Sydney Phakathi. →

NO FUSS WHATSOEVER i-G3n offers standard solutions that it can also tailor to suit the specific needs of every client

Pandemic highlights role of digital readiness in mitigating supply-chain risks

By: Schalk Burger 1st May 2020 Covid-19 is disrupting economic and social life, but it is occurring in a time of rapid digitalisation, which, in turn, is helping governments, businesses and consumers in their decision-making to respond and adapt to the situation. However, differences in digital readiness hamper the ability of... →

Energy uncertainty an opportunity for private sector

By: Theresa Bhowan 1st May 2020 Owing to power generation and energy supply uncertainty in South Africa, renewable-energy solutions provider Economic Development Solutions (EDS) believes that this creates opportunities for private-sector participation in energy supply. →

Photo by Bloomberg
RENEWED AND ENERGISED There are obstacles hampering the growth of the renewable-energy sector

Good agricultural sales expected post lockdown

By: Darren Parker 1st May 2020 The outbreak of Covid-19 and the consequent initial 21-day national lockdown in South Africa, which has since been extended by two weeks, caused a slowdown in sales for almost every sector in South Africa, including the agricultural sector. Despite the lull, Pratley marketing director Eldon... →

DON’T BLOW A GASKET The new room temperature vulcanising silicone gasket maker compound is temperature resistant from -50 ºC to 300 ºC for short periods

Government provides detail on economic measures in response to Covid-19

By: Simone Liedtke 30th April 2020 The Covid-19 pandemic has led to a severe global economic crisis, the extent and duration of which is still uncertain. With South Africa’s economic models not being well-suited to assess a global pandemic, and with conditions changing rapidly, the South African government has lamented that the... →

Renewables to be only energy growth source in 2020 as markets experience ‘biggest shock since Second World War’

By: Terence Creamer 30th April 2020 Renewables will be the only energy source to experience growth in 2020, as Covid-19 lockdowns trigger a plunge in demand for all other energy sources amid what the International Energy Agency (IEA) is describing as the “biggest energy market shock since the Second World War”. A new IEA report,... →

IEA executive director Fatih Birol

Zithabiseni Resort a workable quarantine site – Mpumalanga Tourism and Parks

By: Yvonne Silaule 30th April 2020 The Mpumalanga Tourism and Parks Agency (MTPA) on Thursday assured that the Zithabiseni Resort and Conference Centre (ZRCC) is a feasible quarantine site for Covid-19 patients. MTPA spokesperson Kholofelo Nkambule revealed that there were 115 people quarantined at the site: 20 of those are... →

Resgen continues engagement on mine funding package for Boikarabelo mine

By: Simone Liedtke 30th April 2020 Emerging ASX- and JSE-listed energy company Resource Generation (Resgen) is securing the required regulatory approvals and translating the Mine Funding Package arrangement into a further amendment to the facility agreement for its Boikarabelo coal mine, in South Africa. Boikarabelo's resources... →

Lockdown demands CIPC must rescind delay of business rescue filing – law firm

By: Tasneem Bulbulia 30th April 2020 The national coronavirus-related lockdown has put many companies into financial distress, but recent notices from the Companies and Intellectual Property Commission (CIPC) are delaying the business rescue process and, in fact, fall to be set aside on review, says law firm Knowles Husain Lindsay.... →

Tips webinar hopes that Phase 3 holds more promise for economic recovery

By: Marleny Arnoldi 30th April 2020 Research institute Trade and Industry Policy Strategies (Tips) says the main topic of discussion at the moment in South Africa is how medical issues are balanced with economic issues, considering the Covid-19 pandemic and the Phase 4 Level the country is entering. Among the flaws that Tips... →

Photo by Creamer Media's Donna Slater
Trade and Industry Policy Strategies chairperson Saul Levin

Momentum warns against ending life insurance, tapping into retirement savings during Covid-19 crisis

By: Donna Slater 30th April 2020 The impact on people’s lives and finances from the spread of Covid-19 is putting strain on conventional long-term savings and life insurance policies, with many having been laid off, paid only a portion of their usual salaries or temporarily being absent from work without pay. This is resulting... →

Blessing Utete

Coronavirus causes logistics and supply chain nightmares for industry

By: Simone Liedtke 30th April 2020 A 10.6% decline in March alone for total freight volumes is considered the most significant monthly decline that the company has on record, which goes back to January 2008, vehicle tracking company Ctrack has found. For the year to March, however, there was a reduction of 7.1% in total freight... →

S&P downgrades South Africa’s sovereign rating, but outlook now stable

By: Simone Liedtke 30th April 2020 Government has acknowledged S&P’s decision to lower South Africa’s long-term foreign and local currency debt ratings further into non-investment grade, to BB- and BB, respectively. While the government is “disappointed” by the decision to downgrade the country’s sovereign rating “at a time when... →

Patel offers insight into Level 4 balancing act as South Africans smart over irrational restrictions

By: Terence Creamer 30th April 2020 Amid growing opposition to some of the restrictions to be imposed as part of South Africa’s Level 4 Covid-19 lockdown, which begins on May 1, Trade, Industry and Competition Minister Ebrahim Patel has sought to outline the philosophy underpinning the country’s evolving approach to working during... →

Trade, Industry and Competition Minister Ebrahim Patel on the philosophy behind South Africa’s Level 4 lockdown, which begins on May 1, and the implications for manufacturing and construction. Recorded:29.04.2020. Source: GCIS. Editing: Nicholas Boyd.

Eskom shuts power plant after warning ash dam may collapse

By: Bloomberg 30th April 2020 Eskom Holdings, South Africa’s State-owned electricity utility, said it has temporarily closed its Camden power plant because the dam where it stores the ash from burning coal could burst and endanger local residents. The 1,600-megawatt power plant will be closed for up to three months after a... →

Mpumalanga hospital closes after official tests positive for Covid-19

By: Yvonne Silaule 30th April 2020 Mpumalanga MEC Sasekani Manzini has temporarily closed down the Mapulaneng Hospital in Bushbuckridge, in Mpumalanga after a hospital official tested positive for the novel coronavirus (Covid-19). Manzini visited the facility on Wednesday and coordinated with management and organised labour on the... →

S&P Global rating downgrade disappointing – SA government

By: African News Agency 30th April 2020 South Africa's government said it was disappointed by S&P Global's decision to lower its long term foreign and local currency debt ratings further into non-investment grade to ‘BB-’ and ‘BB’ respectively due to Covid-19 related pressures. In its review published late on Wednesday, the ratings... →

Cigarettes, liquor still won't be for sale on Level 4

By: News24Wire 29th April 2020 Come Friday, cigarettes will still not be allowed to be sold at level four of lockdown. The u-turn comes after government received over 2 000 submissions from the public opposing the sale of tobacco products, Minister of Cooperative Governance and Traditional Affairs Nkosazna Dlamini-Zuma said. →

Level 4 lockdown: Once-off allowance granted for movement between provinces

By: News24Wire 29th April 2020 People will be given a once-off allowance to move between provinces under level 4 of the lockdown, Minister of Cooperative Governance and Traditional Affairs Nkosazana Dlamini-Zuma announced on Wednesday. "There will be a once-off allowance for people to move from the provinces they are in, to... →

Cogta Minister Nkosazana Dlamini-Zuma

PPE supplier agrees to pay R6m fine, R5m Solidarity Fund contribution

By: Marleny Arnoldi 29th April 2020 The Competition Tribunal is reviewing a consent agreement referred to it by the Competition Commission against a distributor of face masks and personal protective equipment (PPE) that it said had implemented excessive price inflation. In terms of the consent agreement, Matus agreed to pay an... →

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