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Economy News

Afghan situation raises global risk concerns, IRMSA warns

By: Tasneem Bulbulia     23rd August 2021 The Taliban’s rapid takeover of Afghanistan has raised global risk antennae on several fronts and South Africa would do well to follow proceedings closely and with deep concern, professional risk management body the Institute of Risk Management South Africa (IRMSA) says. “While indications of... 

Sahpra launches microsite with information on vaccine safety, adverse events

By: Schalk Burger     20th August 2021 The South African Health Products Regulatory Authority (Sahpra) on August 20 demonstrated a micro-website, detailing information about the safety of the two Covid-19 vaccines used in South Africa, as well as the reported adverse events following immunisation (AEFI), to the media. The microsite... 

Massmart sells non-core food assets to Shoprite for R1.36bn

By: Reuters     20th August 2021 South African retailer Massmart said on Friday it is selling its noncore food assets to peer Shoprite Holdings for R1.36-billion as it focuses on high-returning businesses. The retailer, majority-owned by Walmart, is in the middle of a turnaround plan that has moved beyond just shutting... 

Development, governance key to resolving Mozambique insurgency

By: Schalk Burger     20th August 2021 The insurgency in the northern Mozambican province of Cabo Delgado is rooted in poverty, unemployment, underdevelopment, poor government and governance, and porous borders contributing to human trafficking, drug smuggling and poaching. While a regional multinational force has been deployed, the... 

Opportunities for entrepreneurship abound, but challenges persist – Busa

By: Simone Liedtke     20th August 2021 Over the course of the past few decades, entrepreneurship has acquired an increasingly negative connotation, which Business Unity South Africa (Busa) Small-, Medium- and Microenterprises task team chairperson John Dludlu said has only been further exacerbated by the Covid-19 pandemic. During the... 

Economic recovery support interventions aim to mitigate unrest impact for businesses  

By: Tasneem Bulbulia     20th August 2021 The R3.75-billion economic recovery support package announced by Trade, Industry and Competition Minister Ebrahim Patel, represents a united front from entities for the restoration of businesses that were adversely affected during the violent looting and unrests that took place in KwaZulu-Natal... 

An image of police officers walking past property damaged in the July 2021 unrest in South Africa

DMRE confirms 102 solar and wind bids as renewables procurement resumes  

By: Terence Creamer     20th August 2021 The Independent Power Producer Office (IPPO) has released the project names and technologies bid in response to Bid Window 5 (BW5) of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), the bid deadline for which was August 16. The list released shows that 63 solar... 

A photo of a utility scale solar farm

South African food inflation continued its upward trend in July

By: Rebecca Campbell     20th August 2021 Food inflation in South Africa increased again last month, the Bureau for Food and Agricultural Policy (BFAP) has reported in its Food Inflation Brief-July 2021. The increase was both in month-on-month and year-on-year terms. There has been a trend of increasing food inflation in the country... 

Sanral board's term extended beyond August 31

By: Creamer Media Reporter      20th August 2021 Transport Minister Fikile Mbalula has extended the term of the South African National Roads Agency Limited (Sanral) board beyond August 31, until a new board is appointed. The Department of Transport is recruiting a new board and says the process will be concluded soon. 

Bidcorp records R73m damages from recent riots

By: Reuters     20th August 2021 South Africa's Bid Corporation (Bidcorp) has taken a hit of about R73-million from recent riots that damaged its inventory, infrastructure and vehicles, the food service company said on Friday. Several businesses, especially in the provinces of KwaZulu-Natal and Gauteng, bore the brunt of last... 

Private sector participation at SA ports  

20th August 2021   Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about Transnet's plans to potentially introduce private sector participation at the ports of Durban and Ngqura and whether this may eventually extend to other ports and Transnet units. 

Image of Terence Creamer
Private sector participation at SA ports

Patience Nombeko Mbava appointed FFC chairperson 

By: Thabi Madiba     20th August 2021 Dr Patience Nombeko Mbava will serve a five-year term as the new Financial and Fiscal Commission chairperson, following her appointment by President Cyril Ramaphosa. The FFC is an independent, permanent and statutory institution that makes recommendations to Parliament, provincial legislatures,... 

US moves to secure critical minerals for EV supply chain

By: Darren Parker     20th August 2021 Modern civilisation was built on fossil fuels, with the invention and commercialisation of the internal combustion engine during the 1800s setting the stage for petroleum-based vehicles to be dominant worldwide for the next 150 years. Various oil majors continue to produce huge volumes of oil and... 

Image of Engineering News and Mining Weekly magazine cover

Repower, repurpose plans under way for utility

By: Cameron Mackay     20th August 2021 State-owned power utility Eskom is progressing with plans to repower and repurpose some of its coal power stations, build greenfield power plants with cleaner technologies and invest in necessary grid infrastructure to support these plans. Repowering and repurposing the Komati power station, in... 

Image of the rock statue outside of Eskom's Megawatt Park
Photo by Creamer Media's Donna Slater
A JUST ENERGY TRANSITION Eskom is undertaking modelling work to determine the pace of the utility’s transition to use more renewable energy sources to meet decarbonisation targets

Court decision could increase electricity prices, revenue

By: Cameron Mackay     20th August 2021 National Energy Regulator of South Africa (Nersa) is appealing a High Court application that State-owned power utility Eskom brought against Nersa last year, which states that Nersa exceeded its boundaries regarding the determination on tariff adjustments requested by Eskom. Energy sector law... 

Image of LNP Attorneys CEO Nikita Lalla
NIKITA LALLA Eskom’s argument is that Nersa had gone beyond its statutory or regulatory regime, and the information it was allowed to consider in determining tariff increases

Legislative guidance needed to unlock renewable- energy-storage benefits

By: Cameron Mackay     20th August 2021 The use of renewable energy, such as solar photovoltaic, and exploring energy storage technologies, are integral to balancing the local energy mix in South Africa, including in the domestic and commercial sectors of the country. However, government needs to provide more guidance in terms of... 

Image of a solar energy system roof mounting installed by Valsa Energy
AFFORDABLE ENERGY The reduction in the cost of solar generation technologies will make energy storage more viable locally

South Africa proposes mandatory contributions to welfare fund 

By: Bloomberg     19th August 2021 South Africa should impose compulsory levies on companies and workers to create and capitalize a public social welfare fund, the Department of Social Development proposed. All employers and workers should contribute as much as 12% of their earnings to set up a fund that could provide... 

Regional insurgency, internal unrest highlights importance of a strong, well-resourced defence industry

By: Schalk Burger     19th August 2021 The role the South African National Defence Force (SANDF) has played and plays in ensuring the internal and external security of South Africa has again highlighted the importance and necessity of having a strong Department of Defence (DoD) and a strong defence industry, South African Aerospace,... 

WEF New Champions chapter launched in South Africa

By: Donna Slater     19th August 2021 The World Economic Forum’s (WEF’s) New Champions chapter in South Africa was launched on August 19 by Risk Insights – a WEF New Champions member and New Champions Award for Excellence in Agile Governance 2020 winner – and its strategic partners, Imperial Logistics and Instinctif Partners. The... 

South Africa to open up Covid-19 vaccinations to 18-35 year olds from Friday

By: Reuters     19th August 2021 South Africa will open up Covid-19 vaccinations to those aged between 18 and 35 years old from Friday, the government said in a statement, as it tries to ramp up its immunisation drive. The country has recorded the most coronavirus infections and deaths on the African continent, but it has so far... 

Gauteng ‘day-zero drought’ is South Africa’s biggest near-term climate risk, IPCC scientist warns 

By: Terence Creamer     19th August 2021 A leading South African climate scientist believes a ‘Gauteng day-zero drought’ represents the biggest near-term climate change risk faced by the country, which is poised to become hotter and drier as average global temperatures rise. Francois Engelbrecht, who is a distinguished professor of... 

An image of a drought stricken landscape

Transnet’s vaccine train to start operations

By: Simone Liedtke     19th August 2021 State-owned Transnet, through its corporate social investment (CSI) arm, will be starting operation of a vaccination train, named Transvaco, in support of government efforts to reach herd immunity against the Covid-19 pandemic. Modelled on the Phelophepa health trains, which have been providing... 

Pic/Image of Transnet's Vaccine Train - The Transvaco.
Transnet's Vaccine Train - The Transvaco.

Commission tells Tribunal it agrees with proposed amended Burger King merger conditions

By: Schalk Burger     18th August 2021 Competition Commission chief legal counsel Bukhosibakhe Majenge, during a hearing held by the Competition Tribunal and led by tribunal chairperson Mondo Mazwai, on August 18, said the commission endorses the proposed acquisition of Burger King South Africa by private equity fund ECP Africa Fund... 

Township economy development programme spearheaded by Treasury forges ahead

By: Marleny Arnoldi     18th August 2021 The National Treasury, together with its implementation partner the Sustainable Livelihoods Foundation (SLF), has completed the first phase of its Metro Township Economic Development (TED) programme. The TED programme is a component of the Cities Support Programme (CSP), which is funded by the... 

Derby optimistic port terminal operators will partner with Transnet at Durban and Ngqura  

By: Terence Creamer     18th August 2021 Transnet CEO Portia Derby says the State-owned freight logistics utility has had initial engagements with some international terminal operators and shipping companies regarding the potential to form partnerships to improve the performance of its container terminals at the ports of Durban and... 

Photo of Transnet CEO Portia Derby
Transnet CEO Portia Derby outlines the group's masterplan for the Port of Durban during a Toyota Wessels Institute for Manufacturing Studies webinar. Editing: Nicholas Boyd. Recorded: 18.8.2021

Investec launches Global Sustainable Equity Fund, local replica on the horizon

By: Simone Liedtke     18th August 2021 Development finance institution Investec’s Global Sustainable Equity (GSE) Fund prioritises investment into companies doing good, with the aim of helping investors do well. Through the fund, investors are able to invest in companies that it believes “can provide attractive investment returns over... 

Pic/Image of nvestec Wealth & Investment fund manager Barry Shamley.
Investec Wealth & Investment fund manager Barry Shamley.

Slowing South Africa Inflation may put off start of rate hikes

By: Bloomberg     18th August 2021 South Africa’s inflation rate fell to the lowest level in three months in July, giving the central bank more leeway to delay raising interest rates. The monetary policy committee turned less hawkish on policy normalization at its meeting last month and warned that deadly riots in the eastern... 

Two new FSCA deputy commissioners appointed

By: Schalk Burger     18th August 2021 Finance Minister Enoch Godongwana has appointed Farzana Badat and Katherine Gibson as deputy commissioners of the Financial Sector Conduct Authority (FSCA) for a period of five years. Badat is currently based in Switzerland where she is working as a senior policy adviser at the International... 

Covid-19 impacting informal, lower paying jobs the most – UCT analysis

By: Schalk Burger     18th August 2021 Using data from the National Income Dynamic Study’s Coronavirus rapid mobile surveys (NIDS-CRAM), the the University of Cape Town (UCT) Liberty Institute of Strategic Marketing has examined the impact on jobs and income across the economic spectrum. Perhaps the biggest impact has been felt by... 

De Ruyter outlines green reindustrialisation vision for South Africa 

By: Terence Creamer     18th August 2021 Eskom CEO Andre de Ruyter has outlined the case for leveraging South Africa’s transition to green energy to reverse the country’s “vicious cycle of deindustrialisation and unemployment” and to trigger a “virtuous cycle of local demand for local goods to create investment and jobs”. Delivering the... 

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

Commission calls for comments on competitor collaboration for economic recovery

By: Schalk Burger     17th August 2021 The Competition Commission has issued draft guidelines on collaboration between competitors on localisation initiatives for public comment. "In response to the economic consequences of the Covid-19 pandemic, government developed the Economic Reconstruction and Recovery Plan (ERRP), which maps out... 

Sugarcane industry’s R84m loss from riots threatens thousands of rural jobs

By: Schalk Burger     17th August 2021 Industry body the South African Canegrowers Association (SA Canegrowers) is concerned about the impact of the recent unrest that swept through parts of KwaZulu-Natal and Gauteng, on the sugar industry, with mills in KwaZulu-Natal having rejected 135 222 t of damaged cane valued at more than... 

Nersa signals intent to treat sub-100 MW registration as ‘administrative’ process 

By: Terence Creamer     17th August 2021 The National Energy Regulator of South Africa (Nersa) is still analysing the implications that a recent amendment to Schedule 2 of the Electricity Regulation Act, exempting grid-tied generation facilities below 100 MW from licensing, will have on its processes, rules and guidelines. However,... 

Photo showing rooftop solar

JP Morgan launches R340m DTIC-approved equity equivalent investment programme 

By: Simone Liedtke     17th August 2021 Financial services multinational JP Morgan has launched the very first Department of Trade, Industry and Commerce- (DTIC-) approved equity equivalent investment programme (EEIP), which forms part of government’s broad-based black economic empowerment framework. The EEIP, funded by a R340-million... 

An image of Trade, Industry and Competition Minister Ebrahim Patel
Photo by Creamer Media's Donna Slater
Trade, Industry and Competition Minister Ebrahim Patel

Global council warns of massive losses for South Africa amid UK travel restrictions

By: Simone Liedtke     17th August 2021 According to research conducted by the World Travel & Tourism Council (WTTC), the South African economy could face massive losses of more than R181-million for every week that it remains on the UK’s “red list” for travel. All UK travellers, regardless of their vaccine status, travelling to... 

Pic of silhouettes in airport.

Symposium to forge necessary partnerships for township revitalisation – Treasury

By: Simone Liedtke     17th August 2021 The National Treasury and the Department of Small Business Development are jointly convening a Metro Township Economic Development (TED) Symposium on August 18 and 19. The Metro TED Symposium will focus on forging the necessary public, private, civil society and donor partnerships around... 

Fuel prices may dip in September if oil downtrend continues

By: News24Wire      17th August 2021 The latest calculations by the Central Energy Fund show that – at the current levels of the dollar/rand rate and oil prices – diesel prices may be cut slightly in September, while petrol could be hiked. According to the Automobile Association, the petrol price could increase by around 4c a litre,... 

Fuel pumps
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