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Economy News

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

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

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

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... 

BLSA urges taking economic forecasts seriously
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... 

SAA says government exploring funding options

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. 

Incentives needed  to aid local energy tech
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... 

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

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. 

Energy uncertainty an  opportunity for private sector
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... 

Good agricultural sales expected post lockdown
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,... 

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

Zithabiseni Resort a workable quarantine site – Mpumalanga Tourism and Parks

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... 

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

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

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

Mpumalanga hospital closes after official tests positive for Covid-19

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... 

S&P Global rating downgrade disappointing – SA government

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. 

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

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... 

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

Productivity SA proposes economic recovery plan

By: Donna Slater     29th April 2020 Employment growth and productivity promotion agency Productivity SA has drawn up a document to potentially address economic shortcomings brought about by the spread of Covid-19 and economic disruptions resulting from the national lockdown. Productivity SA chairperson Professor Mthunzi Mdwaba... 

Covid-19 brings both challenges, opportunities for emerging markets

By: Marleny Arnoldi     29th April 2020 Three prominent topics arose during a webinar hosted by consultancy Deloitte on April 29 around how emerging markets are responding to Covid-19 during the pandemic, as well as planning for the consequential aftermath of the virus, namely debt management, deglobalisation and digitisation. Deloitte... 

Covid-19 brings both challenges, opportunities for emerging markets
Deloitte Africa emerging markets MD Dr Martyn Davies

Sacci again stresses caution as South Africa proceeds to reactivate its economy

By: Simone Liedtke     29th April 2020 Given the continued Covid-19 infection and rising mortality rates, the South African Chamber of Commerce and Industry (Sacci) has re-emphasised its view that it was critical to proceed in reactivating the economy, though with enhanced mitigation measures against the spread of the virus. The... 

Covid-19 underscores need for multidisciplinary approach to diseases in Africa

By: Tasneem Bulbulia     29th April 2020 The Covid-19 pandemic that has swept the globe has become an additional burden in Africa’s list of epidemics and noncommunicable diseases, highlighting the continent’s vulnerability to disease, and thereby reinforcing the need to focus on a multidisciplinary approach when countering outbreaks of... 

WEF launches blockchain supply chain toolkit

By: Schalk Burger     29th April 2020 The World Economic Forum (WEF) has launched a comprehensive toolkit to accelerate the use of responsible blockchain by leaders to tackle supply chain failures exposed by the Covid-19 pandemic. Resilience of supply chains depends on transparency and integrity, which can be improved through the... 

UIF tweaks online platform to be more informative

By: Marleny Arnoldi     29th April 2020 The Unemployment Insurance Fund (UIF) has tweaked its systems to ensure that more pertinent information is available on its online platform. Employers, employees and organised labour are now able to see which companies have been paid.  

Solar body calls for overhaul of distributed-generation rules in open letter to Ramaphosa 

By: Terence Creamer     29th April 2020 The South African Photovoltaic Industry Association (SAPVIA) has written to President Cyril Ramaphosa endorsing his call for the forging of a “new economy”, while also appealing for decisive policy and regulatory action to ensure that the country does not “return to the dark days of... 

Solar body calls for overhaul of distributed-generation rules in open letter to Ramaphosa
Wido Schnabel

Intellidex now expects 10.6% contraction in South Africa's GDP 

By: Simone Liedtke     29th April 2020 Financial consultancy Intellidex has revised its gross domestic product (GDP) outlook for South Africa for this year to a contraction of 10.6%, adding that about 1.7-million jobs could be lost owing to the Covid-19 pandemic and subsequent lockdown and phasing out of restrictions. In a webinar on... 

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