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Economy News

Absa PMI dips further on weaker demand, power cuts

By: Reuters     1st April 2019 The seasonally adjusted Absa Purchasing Managers' Index fell for a third consecutive month in March, hurt by a dip in business activity due to power cuts and lower new sales orders, a survey showed on Monday. The index, which gauges manufacturing activity in Africa's most industrialised economy,... 

Small Business Institute to host indaba with a focus on job creation 

By: Marleny Arnoldi     1st April 2019 The Small Business Institute (SBI) will hold its first of two small business indabas at the Bryanston Country Club, on April 11, where three major South African political parties will debate their manifestos. The indaba will be held under the theme “Creating jobs against all odds”, with the... 

Small Business Institute to host indaba with a focus on job creation
Photo by Creamer Media
Small Business Institute executive director Bernard Swanepoel

Denel to end manufacture of parts for Airbus A400M aircraft

By: Rebecca Campbell     1st April 2019 South African State-owned defence industrial group Denel announced over the weekend that it had reached a mutual understanding with Europe-based major aerospace and defence group Airbus to cease Denel’s manufacture of components for the Airbus A400M military airlifter aircraft, “subject to... 

Denel to end manufacture of parts for Airbus A400M aircraft
Photo by Airbus
An A400M takes off from an unpaved airstrip

SA business welcomes Moody's reprieve, urges govt to effect economic reforms

By: African News Agency      1st April 2019 Business Unity South Africa (Busa) has urged the government to effect urgent economic reforms after Moody's Investors Service deferred a review of the country's Baa3 rating which had been expected on Friday. This means South Africa stays one notch above sub-investment grade with a stable outlook... 

SA business welcomes Moody's reprieve, urges govt to effect economic reforms

Load-shedding: We will know more by next week – Cabinet 

By: News24Wire      29th March 2019 Eskom and government will soon know more about what must be done to stabilise the grid, Cabinet said in a statement on Friday. It said that following a briefing by deputy president David Mabuza on developments at Eskom and electricity constraints, the Technical Review Panel – appointed by the... 

Load-shedding: We will know more by next week – Cabinet

SA investment grade rating on the line with Moody's review

By: African News Agency      29th March 2019 South Africa awaited a credit review from Moody’s on Friday which could see it lose its remaining investment grade standing with the three main rating agencies. Sovereign credit ratings are an assessment of the risk a country carries, and affect the premium at which it can borrow money on local... 

SA investment grade rating on the line with Moody's review

Brace for another massive fuel price hike – AA

By: News24Wire      29th March 2019 Motorists should brace for another massive fuel price hike next week, the Automobile Association (AA) warned on Friday. Given the latest data from the Central Energy Fund (CEF), the AA expects petrol to increase by a total of R1.28 a litre, diesel by 77 cents a litre, and illuminating paraffin by... 

 Brace for another massive fuel price hike – AA

We will rebuild Sars and public trust – Kieswetter 

By: News24Wire      29th March 2019 New South African Revenue Service (Sars) boss Edward Kieswetter has vowed to restore public trust in the revenue service following several knocks to the organisation's integrity and a staff exodus, among other things. "We are going to start work immediately...it's a daunting task. I am confident... 

 We will rebuild Sars and public trust – Kieswetter
Photo by Creamer Media's Dylan Slater
Incoming Sars Commissioner Edward Kieswetter

Black Business Council pledges to support new Sars boss Edward Kieswetter

By: African News Agency      29th March 2019 The Black Business Council (BBC) on Friday congratulated Edward Kieswetter on his appointment as Commissioner of the South African Revenue Service (Sars). BBC president Sandile Zungu said Kieswetter was embarking on a challenging journey. 

Black Business Council pledges to support new Sars boss Edward Kieswetter
Photo by Creamer Media's Dylan Slater
Incoming Sars Commissioner Edward Kieswetter

Big business pledges further support for job, enterprise creation 

29th March 2019 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about various initiatives that are under way in support of President Cyril Ramaphosa’s plans to increase investment and create jobs and enterprises. 

Big business pledges further support for job, enterprise creation
Big business pledges further support for job, enterprise creation

Economy impacts negatively on harbour infrastructure and dredging

By: Mamaili Mamaila     29th March 2019 The economic situation and reduced demand for port facilities have led to a general reduction in investment in harbour infrastructure and dredging, says global law firm Norton Rose Fulbright transport head Malcolm Hartwell.  

Economy impacts negatively  on harbour infrastructure and dredging
MALCOLM HARTWELL Severe pressure on global shipping and trade markets has resulted in a significant decline in the commodity exports that South Africa relies on so heavily and in imported manufactured goods

Enablers to expedite port infrastructure investment

By: Mamaili Mamaila     29th March 2019 While investment in local ports is increasing, even more investment is required in harbour infrastructure, says global engineering company Aurecon Group capital projects principal Johan de la Rey. 

Enablers to expedite port  infrastructure investment
PORT INFRASTRUCTURE MASTERPLAN Execution-ready projects need to be prioritised to ensure that funds are not relocated to other, non-port priorities

Trade and Industry committee attends to industry challenges

29th March 2019 Parliament’s Portfolio Committee on Trade and Industry is well aware that the South African sugar industry is experiencing various challenges as it has been engaging the industry for over a year to alleviate the plight of local sugarcane farmers. Portfolio Committee on Trade and Industry... 

Trade and Industry  committee attends to  industry challenges
Photo by Creamer Media
LONG-TERM SOLUTIONS The committee acknowledges that factors such as bio-fuels and cogeneration may require legislative changes

Industry asks government to intervene in crisis

By: Khutso Maphatsoe     29th March 2019 The sugar industry has called on government to act immediately to prevent the industry’s collapse, as the industry has lost R1.3-billion in only one season since the implementation of the sugar tax in April last year. South African Canegrowers’ Association chairperson Graeme Stainbank says... 

Industry asks government  to intervene in crisis
GRAEME STAINBANK The South African Canegrowers’ Association believes that government should acknowledge the damage that a sugar tax has had on the economy and the sugar industry

Commitment to transform rural communities

29th March 2019 Sugar producer llovo Sugar South Africa (Illovo SA) is firmly committed to transformation and building sustainable enterprises, especially in rural communities where it operates, says Illovo Sugar SA MD Mamongae Mahlare. “In the 2017 financial year, Illovo SA’s total economic impact on the local... 

Commitment to transform  rural communities
Photo by Creamer Media
SHARING THE SWEETNESS Illovo Sugar South Africa makes an economic impact working with small retailers who sell its products within South Africa

Kilombero Sugar Company relinquishes land to create forest reserve

29th March 2019 Following the declaration to establish the Magombera Nature Forest Reserve sugar company Kilombero on whose land part of the reserve has been established, extends its appreciation to the government of Tanzania and the many other stakeholders involved in this successful outcome. The Magombera... 

Kilombero Sugar Company relinquishes land to  create forest reserve
Photo by Creamer Media
PRESERVING NATURE Local communities, representatives of the Tanzania government and the TFCG decided that the Magombera Forest be declared a nature forest reserve

Japan urges Africa to ‘own’ its own development

By: Rebecca Campbell     29th March 2019 Japan was convinced that Africa should have ownership of its own development and that the private sector was essential for the continent’s economic progress. These views would be embodied in the latest (seventh) iteration of the Tokyo International Conference on African Development (Ticad 7), to... 

Egypt seeking to increase trade and investment ties with South Africa

By: Rebecca Campbell     29th March 2019 Egyptian Ambassador to South Africa Sherif Eissa has called for more bilateral trade and investment between his country, as well as closer political cooperation. He was addressing the recent South African Chamber of Commerce and Industry (SACCI) and Federation of Egyptian Industries (FEI) Trade... 

Japanese capital equipment group remains confident about South Africa’s prospects

By: Rebecca Campbell     29th March 2019 The Japanese head office of the global capital equipment manufacturer Komatsu has recently approved the investment of R300-million by its South Africa-based subsidiary, Komatsu Africa Holdings (KAfH), in a re-manufacturing plant at KAfH’s new complex in Sunnyrock, Germiston (Ekurhuleni), just... 

SA entering a very scary socioeconomic corner 

By: Rebecca Campbell     29th March 2019 Despite the concerns of Finance Minister Tito Mboweni, South Africa’s 2019 budget saw a real-terms increase in Government spending. Gross national debt will increase to about 60% in the financial year (FY) 2023/2024 – a proportion that, apparently, excludes debt guarantees and other “contingent... 

Transnet launches continent’s first dredging school

29th March 2019 The Transnet Maritime School of Excellence (MSoE) has launched the continent’s first Dredging School to develop and enhance the competencies of new and already employed dredging personnel. 

Transnet launches continent’s first dredging school
ILEMBE The Dredging School is a result of the supplier development plan related to the acquisition of the new 5500 m3 Trailing Suction Hopper Dredger, Ilembe, for TNPA

Big business aims to ‘scale up’ ten black firms to R500m-plus enterprises in five years  

By: Terence Creamer     28th March 2019 Big business in South Africa unveiled a new initiative on Thursday aimed at deliberately accelerating, over the coming five years, the expansion of ten established black-owned companies into “substantial” enterprises with yearly revenues of more than R500-million. Discovery CEO Adrian Gore... 

Big business aims to ‘scale up’ ten black firms to R500m-plus enterprises in five years
Discovery CEO Adrian Gore and President Cyril Ramaphosa speak about the CEO Circle's plan to accelerate the growth of ten established black-owned companies into enterprises with yearly revenues of more than R500-million. Camera Work & Editing: Darlene Creamer. Recorded: 28.3.2019

Mboweni: Sanral must reverse 'very bad' decision on e-toll debt 

By: News24Wire      28th March 2019 Finance Minister Tito Mboweni says he is "very unhappy" with the South African National Road Agency (Sanral) board's decision to temporarily suspend summonses to recover e-toll debt and that it must be reversed "immediately". The minister was speaking at a briefing on Thursday where Treasury... 

 Mboweni: Sanral must reverse 'very bad' decision on e-toll debt
Finance Minister Tito Mboweni

SARB keeps repo rate at 6.75% 

By: News24Wire      28th March 2019 The South African Reserve Bank's monetary policy committee has kept the repo rate unchanged at 6.75% in a unanimous decision The announcement was made by the central bank's governor Lesetja Kganyago at a media briefing in Pretoria on Thursday afternoon.  

SARB keeps repo rate at 6.75%

April fuel price increase to impact workers 

By: African News Agency      28th March 2019 The expected sharp increase of about R1,35/litre in fuel price is likely to see workers struggle financially in April, trade union Uasa said on Thursday.  The fuel price in South Africa is already around R14.62 per litre, meaning basic commodities and transport are becoming expensive. 

 April fuel price increase to impact workers

Rand softens ahead of SARB rate decision

By: African News Agency      28th March 2019 The rand weakened against the dollar on Thursday morning ahead of the South African Reserve Bank (SARB) rate decision later in the day. At lunchtime on Thursday, the rand was trading at R14,69/$1, up 0.61 percent. 

 Rand softens ahead of SARB rate decision

Radebe refutes allegations on South Sudan refinery 

By: African News Agency      28th March 2019 Energy Minister Jeff Radebe said on Thursday his plans for potential South African involvement in an oil venture in South Sudan were above board and aimed at securing access to cheaper crude oil and curbing the local fuel price. "As government we would want to get to a situation in which the... 

 Radebe refutes allegations on South Sudan refinery
Energy Minister Jeff Radebe

New Sars boss 'will bring much needed stability' 

By: News24Wire      28th March 2019 New South African Revenue Service (Sars) boss Edward Kieswetter has been welcomed by financial services bodies and others, who say that while he will have his work cut out for him, Kieswetter is the right man "to bring policy certainty to the organisation". Kieswetter, a former group chief... 

 New Sars boss 'will bring much needed stability'

Netpreneur prize officially open to African entrepreneurs

By: African News Agency      28th March 2019 Organisers have opened the application process for the Africa Netpreneur Prize Initiative (ANPI) for entrepreneurs on the continent. Alibaba Group executive chairman Jack Ma created the prize after making his first trip to Africa in 2017 and being inspired by the entrepreneurial potential of the... 

Edward Kieswetter appointed as new Sars Commissioner

By: Simone Liedtke     28th March 2019 Edward Kieswetter has been appointed as the Commissioner for the South African Revenue Services (Sars) for a term of five years, starting on May 1. The process for the appointment of the Sars Commissioner was guided by the recommendations of the Commission of Inquiry into Tax Administration and... 

Edward Kieswetter appointed as new Sars Commissioner

Sanral to suspend process of pursuing e-toll debt 

By: Simone Liedtke     27th March 2019 The South African National Roads Agency Limited (Sanral) will, with immediate effect, suspend the process of pursuing e-toll debt. The Sanral board passed the urgent resolution on Tuesday, which resolved that given the initiative led by President Cyril Ramaphosa to address the e-tolls payment... 

Load-shedding cost billions – City of Cape Town

By: African News Agency      27th March 2019 The recent bout of load-shedding, which badly affected small businesses, is estimated to have cost billions of rands, the City of Cape Town said on Wednesday. In a statement the City said sentiment was unanimously shared across the sector that load-shedding has been crippling small businesses as... 

 Load-shedding cost billions – City of Cape Town

High Court dismisses bid by coal transporters to interdict renewables projects

By: Terence Creamer     26th March 2019 A court application to have 20-year power purchase agreements (PPAs) signed between Eskom and 26 independent power producers (IPPs) in 2018 declare null and void has been dismissed with costs. The legal challenge was initiated last year by the Coal Transporters Forum (CTF), a voluntary... 

High Court dismisses bid by coal transporters to interdict renewables projects

PIC suspends acting CEO

By: Marleny Arnoldi     26th March 2019 Public Investment Corporation (PIC) acting CEO Matsepo More has been placed on precautionary suspension with immediate effect. Executive head of properties Vuyani Hako will stand in for More.  

Radebe willing to use his legislative powers to unlock short-term private power projects  

By: Terence Creamer     26th March 2019 Energy Minister Jeff Radebe signalled his willingness on Tuesday to use his legislative powers to facilitate the introduction of private electricity supply alternatives that could reduce the threat of load-shedding by Eskom in the short- to medium-term. Addressing the DLO Africa Power Roundtable... 

Radebe willing to use his legislative powers to unlock short-term private power projects
Energy Minister Jeff Radebe

Davies on Eskom: Smoke out anyone guilty of corruption

By: News24Wire      26th March 2019 It is "obvious" that load-shedding will have a dampening effect on the South African economy, the full extent of which will only be known in time, Trade and Industry Minister Rob Davies has said. The minister was speaking on government's role in South Africa's economic recovery at an event hosted... 

 Davies on Eskom: Smoke out anyone guilty of corruption
Photo by Creamer Media
Trade & Industry Minister Rob Davies

Environmental plan for South African segment of SKA radio telescope gazetted

By: Rebecca Campbell     26th March 2019 The Integrated Environmental Management Plan (IEMP) for the Phase 1 of the Square Kilometre Array mid-frequency array (SKA1_MID) was gazetted by Environmental Affairs Minister Nomvula Mokonyane on Friday, the South African Radio Astronomy Observatory (Sarao) announced on Monday. The SKA is an... 

Environmental plan for South African segment of SKA radio telescope gazetted
Photo by Sarao
An artist’s impression of the core of the South African segment of the SKA
 

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