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Economy News

SAA board says another shareholder injection needed to see through turnaround plan

By: Terence Creamer 7th June 2019 The board at embattled national carrier South African Airways confirmed on Friday that further direct government support would be required to help it over overcome its current liquidity crisis, as well as to enable it to complete the implementation of its long-term turnaround strategy. At a... →

SARB feud left 'deep tear' in SA's credibility, and rand will bear the brunt – analyst

By: News24Wire 7th June 2019 President Cyril Ramaphosa should be very concerned that his own reassurances regarding the South African Reserve Bank mandate was met with apparent skepticism by the currency markets, political analyst Daniel Silke said on Friday. "What is really troubling for Ramaphosa today - other than the... →

DBSA sees Ghana as key to building Africa’s prosperity

By: Tasneem Bulbulia 7th June 2019 The Development Bank of Southern Africa has identified Ghana as a key investment node, owing to its economic growth potential and its strategic location for trade within Africa, as well as with Europe and North America. Ghana is the second fastest growing economy on the continent, driven largely... →

Trade war uncertainty is 'enemy' of global growth, Gurria says

By: Bloomberg 7th June 2019 Trade tensions have cost the world close to 1 percentage point in terms of growth, according to Angel Gurria, secretary-general of the Organization for Economic Cooperation and Development. “It’s gotten very bad,” Gurria said in an interview with Bloomberg Television’s Kathleen Hays in Fukuoka,... →

SAA announces new acting CEO

By: News24Wire 7th June 2019 South African Airways announced on Friday that it has appointed Zuks Ramasia as its acting CEO while it looks for a permanent replacement. Ramasia was previously general manager: operations. A briefing was held to provide an update on the state of the national carrier following the resignation of... →

Rand continues to tumble on central bank worries

By: Reuters 7th June 2019 South Africa's rand fell again early on Friday, reaching a new 2019 low as assurances by the ruling African National Congress about the independence of the central bank did little to ease nerves about economic policy. At 0640 GMT, the rand was 0.63% weaker at 15.0900 per dollar, bring losses... →

Ramaphosa weighs in on debate over independence, mandate of SARB

By: African News Agency 7th June 2019 President Cyril Ramaphosa has moved in to quell the public spats by government and the ruling party's officials over the mandate and ownership of the South African Reserve Bank (SARB), saying that government's policy on the independence and role of the central bank has not changed. This comes as... →

CSIR's new strategy aims to tap into private-sector prospects

By: Rebecca Campbell 7th June 2019 Council for Scientific and Industrial Research (CSIR) CEO Dr Thulani Dlamini has announced both a new strategy and a radical restructuring of South Africa's world-renowned science council. The aim of the new strategy and structure was to strengthen the industrial research activities of the... →

Concrete knowledge crucial to produce sustainable concrete structures

By: Cameron Mackay 7th June 2019 In the context of the struggling South African construction industry, owing to a lack of investment in infrastructure projects, extended and institutionalised knowledge about improving the durability of concrete structures is crucial to the competitiveness of the South African concrete industry,... →

VITAL PRECEDENCE Building is built on precedence. One doesn’t change concrete technology quickly, it takes a long time for new technology to be implemented

‘Unintended consequences’ killing industry – MTMA

By: Tracy Hancock 7th June 2019 There is no improvement in demand from the South African manufacturing sector for machine tool imports, says Machine Tool Merchants’ Association (MTMA) chairperson Paul Savides, adding that government’s local content drive has been unsuccessful in increasing local manufacturing. He told... →

The Concrete Institute highlights composite road benefits

By: Cameron Mackay 7th June 2019 The benefits of concrete for roads can be exploited by the South African roads industry, says South African concrete education and skills organisation The Concrete Institute MD Bryan Perrie. While concrete is generally more expensive in terms of initial costs, it does offer reduced life-cycle... →

BRYAN PERRIE South African roads are predominantly asphalt, and The Concrete Institute has been trying to make inroads for the use of concrete for roads

Suspended RSR CEO resigns

By: Simone Liedtke 6th June 2019 Railway Safety Regulator CEO Nkululeko Poya has resigned. The embattled CEO’s resignation comes after he was placed on suspension in November 2017. →

Eskom may be ‘too big to support’, S&P warns

By: Terence Creamer 6th June 2019 S&P Global Ratings has warned that, while South Africa’s State-owned electricity utility Eskom is currently considered too big to fail, it may well also be “too big to support”, owing to the costs associated with stabilising the group’s finances. Speaking during a webcast on Thursday, sovereign... →

Nissan set to create more than 1 000 jobs

By: Simone Liedtke 6th June 2019 Local production of the next-generation Nissan Navara is expected to create an estimated 1 200 new jobs in the automotive sector. Manufacturing is expected to begin in 2020 at Nissan’s Rosslyn-based facility, where output is expected to grow by more than 50%. →

President Cyril Ramaphosa pictured in a Nissan Navara

Ramaphosa's silence on SARB not an indictment on his leadership – Motlanthe

By: News24Wire 6th June 2019 President Cyril Ramaphosa's silence on contradicting statements made by senior party leaders on the possible expansion of the mandate of the South African Reserve Bank is not an indictment on his leadership, former president Kgalema Motlanthe said on Thursday. Motlanthe was speaking to... →

Former President Kgalema Motlanthe

Saica points to CFOs lack of competencies for municipalities financial woes

By: African News Agency 6th June 2019 The South African Institute of Chartered Accountants (Saica) has pointed to a lack of appropriate competencies by chief financial officers as one of the reasons for continued poor financial management of South African municipalities. This as the National Treasury minimum competency levels... →

Risk of South African economy hitting recession in 2019 high, says Moody's

By: News24Wire 6th June 2019 The odds that the South African economy could experience a technical recession in 2019 are high, according to Moody's. The ratings agency released its latest Global Macro Outlook on Thursday. The quarterly Global Macro Outlook presents its latest growth forecasts and assesses the impact of the... →

Lagarde says trade risks becoming reality as global growth slows

By: Bloomberg 6th June 2019 Fears that rising trade tensions might undermine global growth are becoming a reality, contributing to a widespread slowdown in the world economy, according to International Monetary Fund (IMF) MD Christine Lagarde. “This fragility that we had identified and the precariousness of the recovery is... →

IMF MD Christine Lagarde

South African current account deficit widens in Q1

By: Reuters 6th June 2019 South Africa's current account deficit widened to 2.9% of gross domestic product (GDP) in the first quarter of 2019, from a 2.2% shortfall in the fourth quarter of the previous year, central bank data showed on Thursday. The quarterly deficit came in slightly below the 3.05% of GDP forecast by... →

Ramaphosa meets State firm chiefs after resignations

By: Reuters 6th June 2019 President Cyril Ramaphosa held talks on Wednesday with executives of key state companies, including power utility Eskom and South African Airways, to discuss challenges they face, his office said. The meeting follows resignations of Eskom and SAA chief executives, moves that investors said could... →

President Cyril Ramaphosa

Dickon Hall Foods underpins Libstar’s strategy to mitigate tough customer landscape

6th June 2019 Food and Beverage company Libstar Group’s Dickon Hall Foods facility will allow the company to not just increase its customer relationship advantage but also allow it to develop additional channels. Simone Liedtke tells us more. →

Dickon Hall Foods underpins Libstar’s strategy to mitigate tough customer landscape.

Southern Palace-led consortium named preferred bidder for R2.5bn Tambo Springs container terminal

By: Terence Creamer 5th June 2019 State-owned freight logistics utility Transnet has named a consortium led by black-empowerment group Southern Palace as the preferred bidder for a 20-year concession to build and operate a new R2.5-billion inland container terminal in southern Gauteng. The public–private partnership, dubbed the... →

Commemorative coin series launched to celebrate South Africa’s 25 years of democracy

By: Simone Liedtke 5th June 2019 In partnership with the South African Reserve Bank (SARB), the South African Mint on Wednesday launched a series of six new commemorative circulation coins as part of its ‘SA25 – Celebrating South Africa’ coin series. The new circulation coins, which were unveiled by SARB governor Lesetja... →

South African Mint Tumi Tsehlo speaks about the new commemorative coin series as part of the 'SA25 - Celebrating South Africa' coin series at the launch event. Video & Editing: Creamer Media's Nicholas Boyd

Kganyago ropes in Constitution to defend Sarb mandate from detractors

By: News24Wire 5th June 2019 South African Reserve Bank Governor Lesetja Kganyago on Wednesday defended the central bank from those who are calling for its mandate to be expanded by throwing the Constitution into the fold. Ace Magashule, secretary general of the African National Congress, said on Tuesday that the ruling... →

Photo by Bloomberg
Reserve Bank governor Lesetja Kganyago

Reserve Bank 'noise' will shake up markets, but have little real impact – economists

By: News24Wire 5th June 2019 The confusion created by the African National Congress's conflicting remarks about expanding the mandate of the South African Reserve Bank was unlikely to frighten investors much more than they already have been, said economist Sifiso Skenjana. He said that determining the mandate of the Reserve... →

PPF calls on President Ramaphosa to convene summit of SA black executives

By: African News Agency 5th June 2019 The Progressive Professionals Forum on Wednesday called on President Cyril Ramaphosa to convene a South African black executives summit which will dissect the state of corporate governance and management of State-owned enterprises. The call comes after the resignations of two black executives,... →

President Cyril Ramaphosa

Free Market Foundation seeks to ascertain financial condition of State-owned airlines

By: Rebecca Campbell 5th June 2019 The Free Market Foundation (FMF) announced on Wednesday that it is seeking information on the financial situations of both State-owned airlines, South African Airways (SAA) and SA Express (SAX), by means of Promotion of Access to Information Act applications. This follows the resignation of SAA... →

Photo by Duane Daws/Creamer Media
An Airbus A330 of SAA

Business confidence marginally lower in May

By: Creamer Media Reporter 5th June 2019 The South African Chamber of Commerce and Industry's (Sacci’s) Business Confidence Index (BCI) declined to 93 in May, from 93.7 in April. It was also one index point lower than the 94 recorded in May 2018. →

Battle over SARB's role spooks rand

By: Bloomberg 5th June 2019 A fight is brewing over South Africa’s central bank and Governor Lesetja Kganyago is ready for it, flanked by his finance minister and the head of the ruling party’s economic policy. The rand whipsawed Wednesday amid confusion over whether the African National Congress is pushing to change the... →

South Africa's private sector contracts in May as firms await reforms – PMI

By: Reuters 5th June 2019 South African private sector activity returned to contraction in May as new orders fell and exports retreated for a fourth month, a survey showed on Wednesday, another sign of weak demand in a troubled economy. IHS Markit's Purchasing Managers' Index (PMI) slipped to 49.3 in May from 50.3 in... →

World Bank cuts global outlook as trade tumbles to decade low

By: Bloomberg 5th June 2019 The World Bank cut its 2019 global growth forecast, citing a slowdown in trade growth to the weakest since the financial crisis a decade ago and a drop in global investment. The bank forecast that the world economy will expand 2.6% this year, compared with a projection of 2.9% it made in January... →

‘Black public’ offer for shares in Barloworld property spin-off oversubscribed

By: Terence Creamer 5th June 2019 Industrial group Barloworld reports that the public-offer component of its Khula Sizwe Property Holdings empowerment transaction was oversubscribed, with over 50 000 applications received and the R164-million funding target met. The offer, which was open to black investors only, closed on May 31.... →

Unions threaten strike over SAA CEO's resignation

By: African News Agency 5th June 2019 The National Union of Metalworkers of South Africa and the South African Cabin Crew Association have said their members' jobs and the future of struggling national carrier SAA are at stake after the resignation of CEO Vuyani Jarana, threatening a possible strike if he is not reinstated. Jarana... →

Mantashe on fuel prices: SA could have a reprieve in July

By: News24Wire 5th June 2019 There could be a reprieve from fuel price hikes in July, Minister of Mineral Resources and energy Gwede Mantashe has said. Recent fuel price hikes are due to "local and international factors" including the carbon tax levy, effective from June 1, 2019. However, he said, "Going forward, the... →

Mineral Resources Minister Gwede Mantashe

ANC says ten sectors to be prioritised under ‘re-imagined industrial strategy’

By: Terence Creamer 4th June 2019 The African National Congress (ANC) has unveiled what it describes as a “re-imagined industrial strategy” as part of a broader five-year programme of action agreed at the party’s three-day lekgotla, which concluded in Gauteng on Tuesday. In a statement released following the gathering, the ANC... →

ANC declares unemployment a national emergency, vows to reduce it by 13% in 5 years

By: African News Agency 4th June 2019 The African National Congress said on Tuesday that it was gearing for a re-imagined industrial strategy to help government deal with high unemployment and inequality in the country. ANC secretary general, Ace Magashule said unemployment and inequality remained some of the principal challenges... →

ANC secretary general Ace Magashule & spokesperson Pule Mabe

ANC says agreed to expand central bank mandate

By: Reuters 4th June 2019 South Africa's governing African National Congress Secretary General, Ace Magashule, said on Tuesday that a meeting of the party's executive had agreed to expand the mandate of the central bank. The rand extended losses after Magashule's comments, as investors are nervous about any changes that... →

ANC secretary general Ace Magashule

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Aviation Building Coal Energy Environment Flow Freight Gas Industrial Manufacturing Pipelines Platinum Ports Renewable Energy Resources Solar Steel Storage System Systems transport Water Sustainable Automotive Business Components Construction Engineering Export Indaba ... more

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