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Economy News

South African seafarers given reprieve after 'white list' jobs scare – for now

By: News24Wire 28th May 2019 Thousands of South African seafarers who faced being axed from the International Maritime Organistion's (IMO's) "white list", can breathe easy again after the organisation agreed to shelve changes to the list for the next two years. This means the 5 000 South African-trained seafarers and South... →

Transnet became 'captive client' after selling off comms network, inquiry hears

By: News24Wire 28th May 2019 Transnet should never have sold off its vital fibre communications network to an external service provider in 2007, the state capture commission has heard. The commission of inquiry has been investigating allegations of state capture, corruption and fraud since August 2018. Subscribe to Fin24’s... →

IEA urges support for research into small modular reactors

By: Terence Creamer 28th May 2019 The International Energy Agency (IEA) says countries intending to retain nuclear power as an option in their clean-energy transitions should support innovative new reactor designs with lower capital costs and shorter lead times, such as small modular reactors (SMRs). The recommendation is made in... →

These are the balls Ramaphosa will have to juggle ahead of Cabinet announcement

By: News24Wire 27th May 2019 While President Cyril Ramaphosa is officially the man charge at the Union Buildings, there won't be any time for him to bask in any glory. His first major task is the announcement of his deputy president and the rest of his Cabinet. Ramaphosa is walking a tightrope as he balances the need to... →

President Cyril Ramaphosa

Carbon Tax Act signed into law, effective from June 1

By: News24Wire 27th May 2019 President Cyril Ramaphosa has signed the Carbon Tax Act into law and it will come into effect on June 1, the National Treasury said on Sunday. The Act was gazetted on May 23, together with the Customs and Excise Amendment Act, the Treasury said in a statement. "Climate change represents one of... →

President Cyril Ramaphosa

S&P keeps South Africa in 'junk' status, sees post-election reforms

By: Reuters 26th May 2019 S&P Global Ratings kept South Africa’s foreign- and local-currency credit ratings in “junk” territory with a stable outlook late on Friday, saying the new government was expected to focus on reforms to revive the economy. Newly elected President Cyril Ramaphosa has pledged to rekindle growth by... →

'Let us forge a compact for growth and economic opportunities'

By: Reuters 26th May 2019 Trade unionist-turned-businessman Cyril Ramaphosa was sworn in as South Africa’s president on Saturday, vowing to create jobs and tackle deep-rooted corruption that has strangled economic growth. Ramaphosa, who becomes the country’s fourth democratically elected president since the end of... →

President Cyril Ramaphosa

New strategy, new structure for the CSIR

By: Rebecca Campbell 24th May 2019 Council for Scientific and Industrial Research (CSIR) CEO Dr Thulani Dlamini announced on Friday both a new strategy and a radical restructuring of South Africa's world-renowned science council. The aim of the new strategy and structure is to strengthen the industrial research activities of the... →

CSIR chairperson Professor Thokozani Majozi and CEO Dr Thulani Dlamini

Public Protector finds Gordhan guilty of 'improper conduct'

By: News24Wire 24th May 2019 Public Protector Busisiwe Mkhwebane has found Public Enterprises Minister Pravin Gordhan guilty of "improper conduct" over his approval of then-deputy South African Revenue Services Commissioner Ivan Pillay's early retirement and payout. Mkhwebane made the announcement at a media briefing on... →

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Public Enterprises Minister Pravin Gordhan

Davies sees rising unilateralism as trade war escalates

By: African News Agency 24th May 2019 South Africa, like the rest of the global economy, will continue to be collateral damage in the escalating trade war between China and the US, Trade and Industry Minister Dr Rob Davies has said, predicting a worrying rise in unilateral actions by individual states. Davies cast doubt on the World... →

Theresa May announces resignation

By: News24Wire 24th May 2019 Theresa May will resign as British Prime Minister on June 7. Speaking in front of 10 Downing Street, May said she had done everything she could to convince MPs to back her deal for Brexit, but without success. She said it was a matter of "deep regret" that she could not deliver Brexit. May said... →

Photo by Bloomberg
British Prime Minister Theresa May

Amended Act a ‘second revolution’ for competition law in South Africa

By: Terence Creamer 24th May 2019 The Competition Amendment Act, which was signed into law by President Cyril Ramaphosa in February, represents a “second revolution” for competition law in South Africa and will require practitioners to enter territory that is unchartered globally, Justice David Unterhalter argues. Speaking during... →

Nicola Theron, Norman Manoim, Liberty Mncube and Justice David Unterhalter

Growth in SA construction sector expected

24th May 2019 Since the highs last experienced just before the 2010 Soccer World Cup, the construction sector in South Africa and on the continent has yet to see an industry boom. South Africa experienced a technical recession in the first and second quarters of this year. Coupled with 2018’s economic... →

NETWORKING OPPORTUNITY The construction expo provides unique opportunities for the industry with 9 500 construction professionals from over 45 countries coming together to do business

Construction companies urged to streamline businesses

24th May 2019 With South Africa’s construction sector under growing pressure as a result of slow government infrastructure spending and a tightening economy, construction companies should be looking at ways to streamline their business processes, improve cash flow management and tighten risk management,... →

ANDREW SKUDDER Challenges faced by the industry are compounded by the fact that many construction groups have not digitised operations such as cost-consulting

Embattled sector necessitates cost containment measures – AfriSam

By: Simone Liedtke 24th May 2019 With the South African construction industry remaining under pressure and in a state of accelerated decline, the need to contain costs continues and correct specification of construction materials remains critical. Construction materials company AfriSam construction materials executive Avi Bhoora... →

Photo by Creamer Media's Dylan Slater
AVI BHOORA AfriSam remains hopeful that the country’s embattled construction industry is at the end of the downward cycle

Denel announces last phase of offset programme for Malaysia

By: Rebecca Campbell 24th May 2019 South Africa’s State-owned defence industrial group Denel has announced that it has launched its tenth and last offset project for Malaysia, being provided in return for the South East Asian country’s order for armoured vehicle gun turrets and integrated weapons systems for armoured fighting... →

Reserve Bank again keeps repo rate unchanged at 6.75%

By: News24Wire 23rd May 2019 The South African Reserve Bank's monetary policy committee has again decided to keep the repo rate unchanged at 6.75%, a decision widely expected by analysts. The central bank's governor Lesetja Kganyago made the announcement at a media briefing in Pretoria on Thursday afternoon. The repo rate... →

Photo by Bloomberg
SARB governor Lesetja Kganyago

Cosatu wants Gordhan's department scrapped

By: Bloomberg 23rd May 2019 South Africa’s biggest labor-union group wants state companies to be managed by various ministries and wants the Department of Public Enterprises scrapped when President Cyril Ramaphosa announces his new executive. Such a step would do away with the department currently led by Public Enterprises... →

South Africa’s fiscal crisis, price volatility among top energy risks for this year

By: Kim Cloete 23rd May 2019 The South African National Energy Association (Sanea) has outlined its nine top energy risks for 2019, with price volatility and uncertainty, and South Africa’s fiscal crisis, among the top risks at both the country and industry level. The issue of price volatility and uncertainty was significant... →

Massmart warns on profit, names Walmart executive as new CEO

By: Reuters 23rd May 2019 South African retailer Massmart on Thursday warned of lower headline earnings per share for the first half of the year and said that Walmart executive Mitchell Slape would become its new CEO. Massmart, in which Walmart has a majority stake, said headline earnings per share for the six-months... →

Photo by Reuters
Massmart CEO Mitchell Slape

PRASA places three executives on special leave

By: Simone Liedtke 22nd May 2019 The Passenger Rail Agency of South Africa (PRASA) has placed the company’s chief strategy offer Dr Sipho Sithole; its legal, risk and compliance head Martha Ngoye and its group CEO Tiro Holele on special leave. The decision follows ongoing investigations into allegations of improper, irregular,... →

Nersa to host workshop to clarify licensing process for small-scale power plants

By: Terence Creamer 22nd May 2019 The National Energy Regulator of South Africa (Nersa) says it will, in due course, host a stakeholder workshop in order to provide clarity on the processes it will follows, as well as information it requires, in order to register or licence small-scale embedded generators (SSEGs). In a statement... →

Eskom keeps investors in the dark as debt speculation mounts

By: Bloomberg 22nd May 2019 As speculation swirls about plans to deal with Eskom Holdings’ crippling debt load, one group of stakeholders hasn’t been consulted – owners of the company’s R243-billion of bonds. South Africa’s State-owned power utility is groaning under almost R500-billion of bond and loan debt, according to... →

April consumer price inflation stays in target range

By: News24Wire 22nd May 2019 Annual headline consumer price inflation for April has moderated to 4.4% Stats SA announced on Wednesday morning, a figure in line with the expectations of economists. This is within the target range of between 3% and 6% set by the SA Reserve Bank, and slightly down from CPI of 4.5% in March. On... →

Transnet, CMI Emtateni terminate controversial R4.2bn Durban port expansion contract

By: African News Agency 22nd May 2019 State-owned freight and rail company, Transnet said on Tuesday that its contractor, CMI Emtateni Joint Venture, has terminated its R4.2-billion contract for a megaproject to create deeper berths at the Durban Container Terminal (DCT). This comes after Transnet in November last year stopped all... →

Sasol to accelerate $2bn asset disposal plan as capex on US project leaps by another $1.3bn

By: Terence Creamer 22nd May 2019 Energy and chemicals group Sasol, which announced another large increase in the capital cost of its Lake Charles Chemicals Project (LCCP) being built in the US, will accelerate its $2-billion noncore asset disposal programme and will used the proceeds to deleverage its balance sheet. Joint... →

Photo by Creamer Media
Joint presidents and CEOs Bongani Nqwababa and Stephen Cornell

BBBEE Commission says most broad-based schemes failing ‘ownership test’

By: Terence Creamer 21st May 2019 The regulatory body overseeing the implementation of South Africa’s broad-based black economic empowerment (BBBEE) legislation has dismissed suggestions that changes have been made to the rules governing the treatment of trusts and other broad-based structures under the ownership element of the... →

South Africa will welcome new 'balanced' Cabinet – Ramaphosa

By: News24Wire 21st May 2019 President Cyril Ramaphosa says he believes the country will welcome his new Cabinet when he announces it within the next week. Ramaphosa, Deputy President David Mabuza, and other ANC officials attended the governing party's first Parliamentary caucus sitting on Tuesday since the May 8 elections. →

Trade tensions put global economic growth on a 'subpar' setting

By: Bloomberg 21st May 2019 Trade tensions have derailed the global economy, plunging it onto a low-growth track that’s clouded by risks, according to the OECD’s latest outlook. The report sticks to the gloomy tone long held by the Paris-based organization, which has warned that trade disruptions could ricochet throughout... →

SARB to keep repo rate unchanged and monitor inflation – economists

By: African News Agency 21st May 2019 The South African Reserve Bank (SARB) is likely to keep the repurchase (repo) rate unchanged at 6.75% on Thursday while retaining a cautious policy stance given upside risks to the inflation outlook, economists have said. In March, the SARB's monetary policy committee (MPC) unanimously decided to... →

Zimbabwe to subsidise public transport as inflation jumps

By: Bloomberg 21st May 2019 Zimbabwe will subsidise public transport and cut fuel duties by more than half as it tries to ease the impact of rampant inflation on its poorest citizens, according to Finance Secretary George Guvamatanga. The support will cost about $8-million a month, Guvamatanga said by phone on Monday. “A... →

Ramaphosa unveils first step in Cabinet cleanup

By: Bloomberg 21st May 2019 President Cyril Ramaphosa took his first step toward revamping his Cabinet after May 8 elections, removing Environment Minister Nomvula Mokonyane, who’d been accused of taking bribes during a judicial probe. Ramaphosa has made the fight against graft a top priority since taking office 15 months... →

Mboweni bemoans 'madness' of Eskom debt

By: Bloomberg 21st May 2019 South Africa’s embattled State power utility must prioritise collecting the money it is owed by municipalities as a first step toward becoming financially sustainable, Finance Minister Tito Mboweni said. Eskom Holdings has reported that municipalities owed it R17-billion in arrears for power... →

Photo by Creamer Media's Dylan Slater
Finance Minister Tito Mboweni

Zimbabwe got loan from Afreximbank using platinum collateral

By: Bloomberg 21st May 2019 Zimbabwe secured a $500-million loan from the African Export-Import Bank to try and stabilize its currency market by offering platinum production as collateral, a person familiar with the details of the agreement said. The Reserve Bank of Zimbabwe on Saturday announced on Twitter that the money... →

Mboweni poised to retain post

By: Bloomberg 20th May 2019 Finance Minister Tito Mboweni is likely to hold on to his job for at least another year, as President Cyril Ramaphosa moves to re-assure investors and ratings companies that the economy is in good hands, according to two people familiar with the Cabinet selection process. The former central bank... →

Nigeria's economic growth slows in Q1 as oil sector shrinks

By: Reuters 20th May 2019 Growth in Nigeria's fragile economy slowed to 2.01% in the first quarter as the country's dominant oil sector shrank, the National Bureau of Statistics said on Monday. The annual pace dropped from the previous quarter's 2.38%, when activity was likely to have been boosted by state spending in the... →

Load-shedding’s impact on first-quarter GDP ‘more muted’ than thought – Intellidex

By: Simone Liedtke 17th May 2019 Based off high-frequency data, the impact of record load-shedding during the first quarter of this year is “more muted than previous estimates would suggest”, financial consultant Intellidex said on Friday. The company explained that it could account for about R300-million per stage per day so... →

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