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Economy News

Even essential industries have suffered reduced demand

By: Marleny Arnoldi 24th April 2020 Leading up to the phased reopening of the economy that South Africa will undertake from May 1, research institute Trade and Industrial Policy Strategies (Tips) says data on the overall economic impacts of the Covid-19 pandemic is not yet available, but the economy will undoubtedly suffer owing to... →

South Africa entitled to $4.2bn in IMF support to tackle Covid-19 - Mboweni

By: Terence Creamer 24th April 2020 Finance Minister Tito Mboweni confirmed on Friday that a revised Budget Bill would be tabled in Parliament shortly to address changes to the fiscal framework that had arisen as a result of government’s response to the Covid-19 pandemic, including the R500-billion economic and social relief... →

Finance Minister Tito Mboweni

Specialist firms boasts 90% success rate against SA competitors

By: Darren Parker 24th April 2020 Specialist labour and construction law firm Allardyce & Partners prides itself of a success rate exceeding 90% in matters, many of which are against some of the largest competitors in the South African legal fraternity. The law firm was established by Allardyce & Partners founding partner Leigh... →

CSIR partners with YES to provide technology job opportunities for young people

By: Rebecca Campbell 24th April 2020 The Council for Scientific and Industrial Research (CSIR) has signed an agreement with the Youth Employment Service (YES) to provide young people with technical skills and applicable work opportunities. The arrangement is formally designated a Sponsored Host Placement Agreement. Under its terms,... →

Govt urged to plan ‘for the long haul’ post-Covid-19

By: Simone Liedtke 24th April 2020 Without an effective reconstruction of South Africa’s growth path and distribution, the country will face “years of debt distress”, University of Witwatersrand (Wits) adjunct professor Michael Sachs says. In a webinar on April 24, hosted by the Centre for Development and Enterprise (CDE), the... →

Hardware store ordered to refund buyers after excessive mark-up on gloves

By: Marleny Arnoldi 24th April 2020 The Competition Tribunal has ordered a Gauteng hardware store to refund customers following an overcharge of surgical gloves during the Covid-19 lockdown period. The store, Main Hardware, must also reduce its mark-up on surgical gloves to 10% during the remainder of the pandemic period and six... →

Gold likely to rise as global Covid-19 restrictions start to ease

By: Donna Slater 24th April 2020 Financial services company INTL FCStone Europe, the Middle East, Africa and Asia market analysis head Rhona O’Connell says the majority of precious metals have moved into uncertain territory, with future trends difficult to predict as Covid-19 disrupts international buying and selling markets.... →

Manufacturing Circle extends application deadline for sector-wide Covid-19 campaign

By: Simone Liedtke 24th April 2020 The deadline for responses to the Manufacturing Circle’s sector-wide Covid-19 Protocols Readiness Assessment has been extended to April 26, at 10:00. The campaign was launched to solicit commitment and compliance in access control to operations, screening and temperature testing, as well as... →

SAA thanked for its repatriation flights to Germany

By: Rebecca Campbell 24th April 2020 The German Ambassador to South Africa has thanked South African Airways for the airline’s role in repatriating 5 600 European citizens who had been caught in South Africa by the national lockdown and travel ban, imposed to counter the Covid-19 pandemic. The German and other European Union... →

Sacci commends phased economy reopening approach

By: Marleny Arnoldi 24th April 2020 The South African Chamber of Commerce and Industry (Sacci) has welcomed government's approach in finding a balance between a continuous mitigation against the Covid-19 pandemic, and the need to look at and consider a phased, risk-adjusted programme of re-entry into the economy. Sacci CEO Alan... →

SAA business rescue practitioners say SAA must be wound down or liquidated

By: Rebecca Campbell 24th April 2020 The joint business rescue practitioners for financially-embattled State-owned national flag carrier South African Airways (SAA), Leslie Matuson and Siviwe Dongwana, have released a “Notice to all Affected Persons”, dated April 23, regarding the situation of the airline. This followed the decision... →

Land Bank confirms default it has been trying to avoid

By: News24Wire 24th April 2020 The Land Bank has failed to stave off financial ruin after defaulting on debt that was due on Thursday. The default has now triggered cross default on certain other bonds – a clause that puts a borrower in default if they fail to honour their other debt obligations. "On 23 April 2020, the Land... →

SAA left with choice between wind-down or liquidation, say business rescue practitioners

By: African News Agency 24th April 2020 The business rescue practitioners (BRPs) appointed to implement a rescue plan for national carrier South African Airways (SAA) have announced on Thursday that without further government funding they will not be able to comply with their mandate and that their only options would be to either wind... →

LPG could plug backup energy gap

By: Cameron Mackay 24th April 2020 Research conducted by strategy agency Birguid shows that liquified petroleum gas (LPG) suppliers can approach State-owned power utility Eskom, as well as other independent power producers, to offer LPG supply as a backup energy source instead of diesel or petrol. Birguid researcher Patience... →

GAS RISING LPG imports are expected to increase, as current suppliers will not be able to cope with the expected increase in industrial and domestic end-user demand

LNG market sees increased clean energy demand

24th April 2020 Global demand for liquefied natural gas (LNG) increased by 12.5% to 359-million tonnes last year, which is a significant increase that bolsters LNG’s growing role in the transition to a lower carbon energy system. This is according to a LNG outlook report that was published by natural gas and... →

AN EVOLVING MARKET New spot-trading mechanisms and a wider variety of indices used for long-term contracts point towards LNG becoming an increasingly flexible commodity

Covid-19 to forever change the face of offices, says Business Exchange

By: Tasneem Bulbulia 24th April 2020 Covid-19 and the South African lockdown have forced companies across the board to embrace strategies that allow their employees to continue working, but from home. And while this has been a relief for many, who no longer have to face the daily traffic grind and can work in their pyjamas if they... →

Association improves technicians training

By: Cameron Mackay 24th April 2020 The Liquefied Petroleum Gas (LPG) Safety Association of South Africa has been investing in improving its LPG technicians’ installation training through collaboration with the Department of Employment and Labour (DEL) as one of its mandates for the LPG sector. “This will enable us to ensure that... →

NIRVAN BRIJLAL The industry is well regulated, with many safety standards in place

Opportune time for LPG growth

By: Cameron Mackay 24th April 2020 The local liquified petroleum gas (LPG) market is an underdeveloped industry and has significant growth potential, largely owing to its use as an energy source, says the Liquefied Petroleum Gas (LPG) Safety Association of South Africa acting MD Nirvan Brijlal. Moreover, he highlights the... →

POTENTIAL UNLOCKED LPG’s versatility in domestic, commercial and industrial applications, and impending supply capacity improvements, are significant factors signalling the potential for growth for the industry

Govt will ease some restrictions from May 1

By: News24Wire 23rd April 2020 President Cyril Ramaphosa has announced a five-level “risk-adjusted strategy” where the country will slowly ease lockdown restrictions starting 1 May. From 1 May, there will be some activity allowed, subject to extreme caution. Some businesses will be allowed to resume under specific conditions.... →

President Cyril Ramaphosa

Barloworld expects operating environment to remain weak, volatile

By: Simone Liedtke 23rd April 2020 Industrial conglomerate Barloworld on April 23 said it expects the operating environment to remain “weak and volatile” in the near term, with significantly lower activity levels in its automotive division. The statement follows in the wake of the latest consensus macroeconomic forecasts that... →

Lockdown having significant impact on informal sector

By: Tasneem Bulbulia 23rd April 2020 The Covid-19 pandemic and subsequent lockdown has had a major impact on the informal economy and its participants, and while some measures are being taken to mitigate this, more needs to be done. This was indicated by speakers on April 23 during an Institute for Poverty, Land and Agrarian... →

Concrete Manufacturers Association joins growing calls for govt to lift South Africa’s lockdown

By: Simone Liedtke 23rd April 2020 The Concrete Manufacturers Association (CMA) has added its voice to growing calls from professional bodies in the construction industry for the nationwide lockdown – in response to Covid-19 – to come to an end in order to prevent “economic catastrophe” and large-scale job losses. CMA GM Henry... →

Concrete Manufacturers Association GM Henry Cockcroft

Indluplace withdraws guidance for 2020 financial year

By: Simone Liedtke 23rd April 2020 JSE-listed residential real estate investment trust Indluplace says its tenants have “reacted positively” to the reality that the extended lockdown in South Africa has brought. Considering that families are now required to stay in their units for extended periods of time, the company on April 23... →

Solidarity Fund raises R2.6bn

By: Sane Dhlamini 23rd April 2020 Government’s pro bono organisation, the Solidarity Fund on Thursday expressed gratitude to all those who have so far donated to the fund, which has received R2.6-billion in pledges to respond to the novel coronavirus pandemic. The mandate of fund is to mobilise and coordinate financial and... →

Solidarity Fund focuses efforts on supply of healthcare equipment, food parcels

By: Marleny Arnoldi 23rd April 2020 The Solidarity Fund has received pledges totalling R2.6-billion up to April 23, with R1.1-billion designated for healthcare-related efforts. The Solidarity Fund is a special purpose vehicle set up on March 23 to help government and civil society fund South Africa’s response to the Covid-19... →

Long-term growth thinking, planning critical now for banks and public sector

By: Marleny Arnoldi 23rd April 2020 University of Stellenbosch Business School (USB) says South Africa will not see a sharp and quick economic bounce back that many are hoping for, but will rather see a 12- to 24-month gradual recovery with the added complexity of managing a rebuild and growth plan that, in turn, spans up to eight... →

Labour dept making good progress on Covid-19 TERS payments

By: Tasneem Bulbulia 23rd April 2020 The Department of Employment and Labour has ramped up its payment of Covid-19 Temporary Employer/Employee Relief Scheme (TERS), as well as normal benefits, to ensure workers are not inconvenienced during the lockdown. On April 22, the Unemployment Insurance Fund disbursed R92-million, taking the... →

Manufacturing Circle calls for sector-wide participation in Covid-19 protocols compliance campaign

By: Simone Liedtke 23rd April 2020 The Manufacturing Circle is calling on small, medium-sized and microenterprises and larger manufacturing firms, to participate in a sector-wide campaign to assess the sector’s readiness to re-enter the economy by ensuring each has “well thought out” compliance plans to implement Covid-19 health,... →

Treasury provides more clarity on additional tax relief measures

By: Simone Liedtke 23rd April 2020 In line with President Cyril Ramaphosa’s address to the nation on April 21, Finance Minister Tito Mboweni has provided more detail on the second set of tax measures aimed at assisting individuals and businesses through the pandemic. The statement from the National Treasury states that it... →

Total acquires Tullow’s Uganda Lake Albert project interest for $575m

By: Simone Liedtke 23rd April 2020 Petroleum refiner Total and multinational oil and gas company Tullow have entered into an agreement through which Total will buy Tullow’s entire interests in the Uganda Lake Albert development project, including the East African crude oil pipeline. Under the terms of the deal, Total will acquire... →

Corruption Watch calls for tighter measures to reduce corruption amid lockdown

By: Thabi Madiba 23rd April 2020 Nonprofit organisation Corruption Watch has welcomed President Cyril Ramaphosa’s R500-billion economic and social support package, however, it is urging government to implement measures to reduce opportunities for corruption during the fight against the coronavirus pandemic. Ramaphosa revealed... →

Corruption Watch director David Lewis

IMF approves funding for DRC as Covid-19 shocks economy

By: Sane Dhlamini 23rd April 2020 The Democratic Republic of Congo will receive $363.27-million from the International Monetary Fund for urgent balancing of payment needs, as the country’s short-term economic outlook deteriorates during the coronavirus pandemic. The IMF approved the fund disbursement under the Rapid Credit... →

Mkhize calls for more testing in Nelson Mandela Bay

By: Yvonne Silaule 23rd April 2020 Health Minister Dr Zweli Mkhize says more tests need to be conducted in Nelson Mandela Bay, in the Eastern Cape, owing to a mismatch between the number of Covid-19 deaths and positive cases in the area. He said it was concerning that out of 167 people, 1 000 contacts were identified. →

Health Minister Zweli Mkhize

South Africa’s Covid-19 death toll rises to 65

By: African News Agency 23rd April 2020 The death toll from the coronavirus pandemic in South Africa has increased to 65, according to figures released by Health Minister Zweli Mkhize on Wednesday. “Today, we regrettably report seven more Covid-19 related deaths. Five of them occurred in the Western Cape and two in KwaZulu-Natal. This... →

Health Minister Zweli Mkhize

Ramaphosa’s ‘new economy’ vision gains support from business

By: Terence Creamer 22nd April 2020 Organised business and individual business leaders have expressed strong support for President’s Cyril Ramaphosa’s vision for using the Covid-19 recovery effort to “forge a new economy in a new global reality”, underpinned by a new social compact between business, labour, community and... →

South Africa could use new social cohesion to turn its primary agricultural production competitive advantages to account

Chamber calls for support for small businesses

By: Tasneem Bulbulia 22nd April 2020 Small businesses need the nation to mobilise behind them more than ever before, is the word from nonprofit membership organisation, National Small Business Chamber (NSBC) founder and CEO Mike Anderson. The role that small businesses play in job creation, poverty alleviation, service delivery and... →

UCT sets up dedicated Covid-19 emergency fund

By: Marleny Arnoldi 22nd April 2020 The University of Cape Town (UCT) has set up a Coronavirus Disease 2019 emergency fund to assist in the fight against the virus and its impact on the UCT community. The university has urged members of the UCT community to rally behind the fight against the pandemic by making contributions to... →

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