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Economy News

Inflation hits 5.9% for third time in five months, with big hikes in fuel and food

By: News24Wire      18th May 2022 Annual consumer price inflation remained unchanged at 5.9% in April 2022, Statistics SA reported on Wednesday. This is the third time in five months that the rate hit 5.9% - which is close to the Reserve Bank’s upper target rate for inflation of 6%. Consumer inflation last breached 6% in 2017.... 

Land Bank's 2-year lending drought to farmers to end by September, Parliament hears

By: News24Wire      18th May 2022 The Land Bank on Tuesday told Parliament that it would resolve the default on its debt by the end of September, ending a period of two years in which it has not been able to lend to farmers. The "liability solution" – which is the offer it will make to institutions that still hold its listed... 

South African farmland

Ramaphosa tables fourth part of Zondo report, Parliament to start working on published parts   

By: News24Wire      18th May 2022 President Cyril Ramaphosa tabled the fourth part of the State Capture Inquiry's report with Parliament on Tuesday - and, in a turnaround from the African National Congress's previous stance, affected committees will deal with the published parts of the report. "Parliament confirms receipt of Part... 

President Cyril Ramaphosa
President Cyril Ramaphosa

Eskom compiling ‘consolidated proposal’ for ending load-shedding crisis 

By: Terence Creamer     17th May 2022 Eskom CEO André de Ruyter has revealed that the utility is compiling a “consolidated proposal” on how to end the ongoing electricity crisis, including how to introduce much-needed new generation capacity in the shortest possible time. The State-owned utility estimates the current shortfall to be... 

Eskom CEO André de Ruyter
Photo by Creamer Media Chief Photographer Donna Slater
Eskom CEO André de Ruyter

Small-scale farming collaborative gains momentum

By: Donna Slater     17th May 2022 The rethinking of food systems for South Africa needs to start with individual food producers on the ground and expand from there – as laid out in a project called “Towards recalibrating food systems during and beyond the Covid-19 pandemic”, which started in October 2020. Funded by the World... 

NUM shocked at decision to place Ubank under curatorship

By: Tasneem Bulbulia     17th May 2022 Trade union the National Union of Mineworkers (NUM) says it is “shocked and surprised” by Reserve Bank governor Lesetja Kganyago’s decision to place Ubank under curatorship. The union says this happened despite the Ubank’s board having committed on the night of May 16 that it would raise the... 

My Smart City adds leisure, services and insights functions

By: Schalk Burger     17th May 2022 Citizen public service platform My Smart City has launched the In the City feature, which provides local leisure offerings, performance insights and value-added services for city residents to connect to a city and to boost citizen activity, positively affecting the economy, says software... 

Forum established to support informal economy

By: Schalk Burger     17th May 2022 The Informal Economy Development Forum (IEDF) is a new body that has been set up to drive growth within the sector, support informal economy workers and function as the conduit between government, corporate South Africa and the informal economy. The IEDF’s key objectives are to improve the... 

Stage 3 load-shedding planned for Tuesday night, for now

By: News24Wire      17th May 2022 South Africa is still currently on track for Stage 3 load-shedding between 17:00 and 22:00 on Tuesday as a lack of capacity has left the country with evening power cuts for the rest of the week. Eskom had initially said there would Stage 3 load-shedding on Monday night as well, but had to... 

Electricity pylons

IPP Office head says stakeholder alignment key to regular, investment-promoting procurement rhythm 

By: Terence Creamer     17th May 2022 The head of South Africa’s Independent Power Producer (IPP) Office believes that improved stakeholder management and alignment are key to overcoming delays to the introduction of urgently required new electricity capacity and to creating the predictable “procurement rhythm” required to attract... 

IPP Office head Bernard Magoro
IPP Office head Bernard Magoro

UK announces new international aid strategy

By: Rebecca Campbell     16th May 2022 The UK unveiled its new International Development Strategy on Monday. The country has revamped this strategy because of the significant changes in global politics, with the re-emergence of Great Power confrontation (as against mere competition) and the concomitant increase in the risk of major... 

Input into draft National Labour Migration Policy, Employment Services Bill requested

By: Donna Slater     16th May 2022 The Mpumalanga Department of Employment and Labour is inviting stakeholders to make inputs at a May 19 workshop on the draft National Labour Migration Policy (NLMP) and the Employment Services (ES) Bill, following their February 28 release. The workshop – to be held at 10.00 at the MacBest... 

SARB takes control of small lender Ubank

By: Reuters     16th May 2022 South Africa's central bank said on Monday it had placed Ubank, a small South African lender primarily offering financial services to families of gold and platinum miners, under a curatorship with immediate effect. South African Reserve Bank Governor Lesetja Kganyago said in the last two years... 

Emissions reduction tech at Kusile contributes to move to Stage 4 load-shedding  

By: Darren Parker     16th May 2022 State-owned utility Eskom was forced to implement Stage 4 load-shedding on the evening of May 16 after Unit 2 at the Kusile power station tripped, Eskom spokesperson Sikonathi Mantshantsha said. The tripped Kusile unit removed 720 MW of generating capacity from the already constrained grid. 

Kusile
Kusile

Load-shedding escalated to Stage 4 on Monday  

By: News24Wire      16th May 2022 Load-shedding will be escalated to Stage 4 on Monday afternoon, Eskom announced. This is owing to a unit at Kusile power station tripping earlier on Monday, taking 720MW of generating capacity with it, Eskom spokesperson Sikonathi Mantshantsha said.  "While this unit has since returned to... 

Electricity pylons

Eskom doesn't expect any unlawful strikes as wage saga kicks into gear

By: News24Wire      16th May 2022 Eskom does not anticipate any unlawful strikes or disruptions at its operations while a wage dispute with unions is being dealt with, according to its CEO, André de Ruyter.  De Ruyter was briefing reporters on Monday morning about the jump to Stage 3 load-shedding for Monday and Tuesday evening.... 

Eskom CEO André de Ruyter
Photo by Donna Slater
Eskom CEO André de Ruyter

Creecy issues call for air quality appeals panel nominees

By: Darren Parker     13th May 2022 Forestry, Fisheries and the Environment Minister Barbara Creecy has initiated the process to appoint an expert panel in terms of Section 3 of the National Environment Management Act, to advise her on appeals related to air quality matters currently under consideration. The Department of Forestry,... 

Forestry, Fisheries and the Environment Minister Barbara Creecy
Forestry, Fisheries and the Environment Minister Barbara Creecy

Motlanthe says corruption has been a long time coming

By: Marleny Arnoldi     13th May 2022 Former President Kgalema Motlanthe said the African National Congress (ANC) is in need of an overhaul to reinstate trust between itself and society. In conversation with policy analysis company Centre for Development and Enterprise (CDE), he raised concerns about the way the governing party had... 

Godongwana says work under way to unblock R54bn embedded generation pipeline  

By: Terence Creamer     13th May 2022 Finance Minister Enoch Godongwana reports that work is under way with the private sector to unblock the remaining obstacles to investment of about R54-billion in embedded generation projects. Speaking during a presentation of Operation Vulindlela’s first quarter progress report, Godongwana said... 

Finance Minister Enoch Godongwana
Finance Minister Enoch Godongwana

Newly rebranded DFI launches in Kenya

By: Darren Parker     13th May 2022 The newly rebranded UK government’s development finance institution (DFI) British International Investment (BII) was launched on May 12 at the British High Commissioner’s residence in Nairobi, Kenya – one of the DFI’s most important markets. The event was attended by BII CEO Nick O’Donohoe and... 

PIC welcomes appointment of Standard Bank’s new chairperson

By: Darren Parker     13th May 2022 The Public Investment Corporation (PIC) has welcomed the appointment of the new Standard Bank Group chairperson Nonkululeko Nyembezi, who will take office on June 1. Nyembezi’s appointment as a female black chairperson of a major commercial bank is a significant milestone in terms of... 

SARS inches closer to strike as PSA puts tax body on notice  

By: News24Wire      13th May 2022 The Public Servants' Association has put the South African Revenue Service on notice that it intends to go on strike after it reached a deadlock with the tax body during wage negotiations. If the deadlock at the Commission for Conciliation Mediation and Arbitration is not broken ahead of time,... 

SARS Commissioner Edward Kieswetter
SARS Commissioner Edward Kieswetter

Emerging markets feeling the brunt of Ukraine war, Chinese lockdown

By: Marleny Arnoldi     13th May 2022 Were it not for Russia’s invasion of Ukraine in February, China’s slowdown in economic activity would have been the key economic story of this year, says industry insight firm Fitch Solutions. The Ukraine war remains fast-moving, in terms of the situation on the ground and market implications.  

Relaxation of PFMA rules empowers Eskom to engage directly with OEMs, maintenance suppliers

By: Terence Creamer     13th May 2022 State-owned utility Eskom says the National Treasury’s relaxation of some procurement and supply chain management rules and processes contained in the Public Finance Management Act (PFMA) will assist it in speeding up critical and urgent procurement. The amendment, which is outlined in an... 

Eskom CEO André de Ruyter
Photo by Creamer Media's Donna Slater
Eskom CEO André de Ruyter

Stage 2 load-shedding on Friday night as over 16 000 MW lost to breakdowns

By: News24Wire      13th May 2022 Stage 2 load-shedding will be implemented for the fifth time this week, running from 17:00 to 22:00 on Friday, Eskom said in a statement. Several generating units are expected to return to service starting on Friday afternoon and through the weekend, however. "Eskom will continue to closely... 

Electricity Pylons

York’s Escarpment operations impacted by Numsa strike  

By: Tasneem Bulbulia     13th May 2022 JSE-listed York Timber says some employees of the company, affiliated with union the National Union of Metalworkers of South Africa (Numsa), embarked on a strike at York’s Escarpment operations on April 25. The strike notice contained only one matter of mutual interest relating to job grading,... 

Tongaat Hulett suspends Zimbabwe sugar cane pre-payments over lending freeze

By: Reuters     13th May 2022 South African sugar producer Tongaat Hulett's Zimbabwean subsidiaries have suspended advance payments for cane deliveries after the Harare authorities told banks to stop lending, the company said on Thursday, exposing farmers to possible cash flow problems. Tongaat Hulett's two Zimbabwe... 

SARB to hike repo rate by 50 basis points on May 19 for first time since 2016

By: Reuters     13th May 2022 South Africa's Reserve Bank is set to make its first 50 basis point hike to its repo rate in more than six years next week, taking it to 4.75%, to prevent potential second-round effects from higher consumer prices, a Reuters poll forecast on Friday. Despite a cost of living crisis expected to... 

Project launched to fast-track energy, water transition

By: Halima Frost     13th May 2022 The South African Industry Adaption (SAIA) project was launched last month to accelerate South African industry’s energy and water transition to a decarbonised, green and inclusive economy, as well as a vibrant job market. SAIA is a collaboration between the governments of South Africa and... 

A photo of Lee-Hendor Ruiters speaking at teh launch of the The South African Industry Adaption (SAIA) project which was launched last month to accelerate South African industry’s energy and water transition a collaboration between the governments of South Africa and Flanders, in Belgium, and the United Nations Industrial Development Corporation
LEE-HENDOR RUITERSThe South African Industry Adaption (SAIA) project was launched last month to accelerate South African industry’s energy and water transition

South Africa sets plans to cash in on revived national carrier

By: Bloomberg     12th May 2022 South Africa’s government has retained special voting rights in the country’s national carrier even after selling a majority stake, and will be given R3-billion in preference shares that can be redeemed through future cashflow. That means the state stands to benefit should new owner, the Takatso... 

KZN Treasury approves flood relief fund for rural businesses, informal traders

By: Yvonne Silaule     12th May 2022 The KwaZulu-Natal Treasury has approved the reprioritisation of R67.5-million in funding to the province’s Department of Economic Development, Tourism and Environmental Affairs to provide relief for township and rural businesses, as well as informal traders affected by the recent floods. Premier... 

DBSA, IDC and NEF team up to mobilise finance for just transition to low-carbon economy 

By: Terence Creamer     12th May 2022 The CEOs of three leading South African development finance institutions (DFIs) have established a collaborative platform, known as the DFI CEOs Forum, that aims to support the financing of the country’s just transition to a low-carbon economy and climate resilient society by 2050. Led by... 

Workers installing solar panels

Takatso welcomes Treasury’s support for SAA deal

By: Schalk Burger     12th May 2022 The Takatso Consortium on May 12 said it welcomed Finance Minister Enoch Godongwana’s public support for its acquisition of a 51% interest in South African Airways (SAA), signalling a firm commitment from government to conclude the transaction. Takatso would inject R3-billion into the airline... 

PwC study shows African governments focusing on expanding the tax net

By: Schalk Burger     12th May 2022 Within Africa, governments continue to focus on expanding the tax net by improving revenue collection through efficient compliance systems and procedures. Assurance, tax and advisory services company PwC Africa has observed that revenue authorities also continue to take a keen interest in... 

DA wants State of Disaster declared on Eskom  

By: Sane Dhlamini     12th May 2022 Democratic Alliance Shadow Minister of Public Enterprises Ghaleb Cachalia on Thursday called for a State of Disaster to be declared on power utility Eskom following a heavy run of load-shedding this year. The DA has also written to Presidency Director-General Phindile Baleni requesting a State of... 

Image of DA Shadow Minister of Public Enterprises Ghaleb Cachalia
DA Shadow Minister of Public Enterprises Ghaleb Cachalia

Eskom says power cuts to resume on Thursday

By: Reuters     12th May 2022 Power utility Eskom will again implement rotational power cuts from 117:00 to 22:00 on Thursday, as it struggles with breakdowns at its generating units. Eskom said in a statement the outages will be under Stage 2, which requires up to 2 000 MW to be cut from the national grid. 

Eskom power lines

Eskom sets August 2024 target date for return of damaged Medupi 4 

By: Terence Creamer     12th May 2022 Electricity utility Eskom has set a target date of August 2024 for the return to service of Medupi Unit 4, the generator of which was “catastrophically” damaged during an explosion on August 8, 2021. Acting generation MD Rhulani Mathebula, who has stepped into the role following the resignation... 

Eskom acting generation MD Rhulani Mathebula
Photo by Creamer Media Chief Photographer Donna Slater
Eskom acting generation MD Rhulani Mathebula
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