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Economy News

Ramaphosa strengthens hold over South Africa’s ruling party

By: Bloomberg 31st August 2020 President Cyril Ramaphosa gained the upper hand in a power struggle in the nation’s deeply divided ruling party after surviving a bid to force him out of office, clearing the way for him to overhaul his cabinet. The ouster attempt was made during a three-day meeting of the African National... →

Mavuso stresses need to clamp down on indebtedness, corruption once and for all

By: Marleny Arnoldi 31st August 2020 Business Leadership South Africa CEO Busi Mavuso says corruption is accelerating South Africa’s indebtedness and will continue to counter any economic revival efforts if it is not stopped. She points out in her latest weekly newsletter that the in-your-face nature of personal protective... →

Photo by Creamer Media's Donna Slater
Business Leadership South Africa CEO Busi

More transparency needed in SOE appointments – IoDSA

By: Sane Dhlamini 31st August 2020 The Institute of Directors in Southern Africa has called for more public transparency around board appointments in State-owned enterprises following the recent appointment of African National Congress Youth League leader Magasela Mzobe as Umgeni Water interim board chairperson. Minister of Human... →

Minister of Human Settlements, Water and Sanitation, Lindiwe Sisulu

Ramaphosa considers Cabinet changes in bid to drive reforms

By: Bloomberg 30th August 2020 President Cyril Ramaphosa is considering making changes to his cabinet after he meets the ruling party’s leadership this weekend, people familiar with the deliberations said. The meeting could be a showdown between the president and his rivals within the African National Congress, the people... →

Redefine bids farewell to long-time COO David Rice

By: Simone Liedtke 28th August 2020 JSE-listed real estate investment trust (Reit) Redefine Properties will be bidding farewell to its long-time COO David Rice on August 31. Rice will be retiring from a career of more than 30 years in the property industry but will still remain on-hand on a month-to-month basis to assist in... →

Citizens can collect smart IDs, passports at participating banks

By: Yvonne Silaule 28th August 2020 Citizens who had applied for their smart identification (ID) cards or passports at certain banks before the lockdown was implemented in March, will now be able to collect those documents from the banks on Mondays, Wednesdays and Fridays, the Department of Home Affairs (DHA) has announced. During... →

Bleak outlook for South Africa’s unemployment rate − Schussler

By: Tasneem Bulbulia 28th August 2020 The Covid-19 pandemic and the months of lockdown have had an immense negative impact on economies worldwide, with entire industries forced to close their doors, affecting millions of workers who either lost their income for weeks on end or lost their jobs altogether, economist Mike Schussler... →

Fin find to conduct SMME survey to gauge Covid-19 impact

By: Tasneem Bulbulia 28th August 2020 Fin find, which provides online access to finance solutions for small, medium-sized and microenterprises (SMMEs), has partnered with industry organisation Business Leadership South Africa (BLSA), government and other stakeholders to conduct a comprehensive study on the impact of the Covid-19... →

OR Tambo International Airport expects passenger numbers to significantly increase next month

By: Rebecca Campbell 28th August 2020 OR Tambo International Airport (OR Tambo) will probably handle more than 210 000 passengers next month. That is the estimate of the airport’s management. The currently operating airlines have booked more than 2 500 take-off and landing slots at the airport (which is owned and operated by the... →

SA small business turnover up 9 pct after govt eases Covid-19 restrictions

By: African News Agency 28th August 2020 The further relaxation of Covid-19 restrictions by South Africa's government to allow more economic activity to resume after a nationwide lockdown has led to a nine percent improvement in turnover among small and medium enterprises, a survey released on Friday showed. small business financial... →

Technology company launches tailored Industrial IoT solution for TSF insights

By: Simone Liedtke 28th August 2020 Global Industrial Internet of Things (IIoT) and cloud technology company sensemetrics Inc is transforming sensor data into real-time business intelligence by launching a tailored IIoT solution that gives mining companies and their insurers real-time, end-to-end tailings storage facilities (TSF)... →

South Africa says no extra money available for next three years

By: Bloomberg 28th August 2020 South Africa’s National Treasury says there are no additional resources available for government departments in the next three years. Any additional allocations will have to be funded from reductions in other programs, either within the department’s budget, or from another department’s budget,... →

B4SA notes announcement of resumption of UIF TERS benefit payments

By: Tasneem Bulbulia 28th August 2020 Member organisation Business for South Africa (B4SA) has noted the announcement by the Unemployment Insurance Fund (UIF) that Temporary Employer/Employee Relief Scheme (TERS) benefits are to resume following the halting of payments owing to investigations into system integrity problems. “The move... →

Coal to remain relevant despite growing shift to renewable energy, says consultancy

By: Simone Liedtke 28th August 2020 The use of coal is enabling the energy transition, owing to its provision of a basis for the economy to develop, drive wealth and enable economic progress, which then, in turn, creates and enables the funds for stronger and further investment into renewable energy, says Boston Consulting Group MD... →

Boston Consulting Group MD and partner Tycho Möncks gives Engineering News and Mining Weekly some insight into how coal is enabling the energy transition. Video: Recorded via Zoom. Editing: Creamer Media's Darlene Creamer.

DTIC to launch Export Barriers Monitoring Mechanism

By: Simone Liedtke 28th August 2020 The Department of Trade, Industry and Competition (DTIC) will launch the Export Barriers Monitoring Mechanism (EBMM) on August 31. The EBMM will be a single channel for companies to report and receive assistance in resolving export barriers, the department said in a statement on August 28. →

Support, mentoring key in driving transformation

By: Simone Liedtke 28th August 2020 Women will need to support and mentor other women in the construction industry as part of reshaping the mindset that the industry is male-dominated, says building materials company AfriSam mineral resource manager Niraksha Singh. “This is necessary, considering that legacy issues and societal... →

AfriSam’s Niraksha Singh discusses how mentoring and support are key in driving transformation.

Deliberate action required to encourage transformation

By: Simone Liedtke 28th August 2020 Deliberate action in pursuit of transformation will continue to play a huge role in attracting more women to the local construction sector, says diversified infrastructure and services construction company Concor Construction business development and stakeholder engagement executive Fezeka... →

Concor Construction’s Fezeka Nompumza discusses women transformation in the construction industry, and what needs to be done to encourage this.

Redflank launches BeyondCOVID initiative to build business resilience

By: Tasneem Bulbulia 27th August 2020 Specialist management company Redflank on August 27 launched the BeyondCOVID initiative, which aims to help businesses in the country "embrace solidarity and survive the impact of Covid-19", by shaping their responses to challenges and opportunities presented by the pandemic and setting them up... →

BeyondCOVID cofounder Lings Naidoo outlines the initiative and how people can contribute.

Massmart ups cost-saving target as loss widens

By: Reuters 27th August 2020 South African retailer Massmart Holdings Ltd has raised its three-year cost saving target to R1.9-billion as it seeks to halt expense growth, improve margins and exit loss-making stores, its chief executive said on Thursday. A turnaround plan announced earlier this year by the company,... →

AfDB re-elects Akinwumi Adesina as president

By: Reuters 27th August 2020 The African Development Bank (AfDB) said on Thursday its board had re-elected Akinwumi Adesina for a second five-year term as AfDB president. The Abidjan-based bank conducted the vote to reappoint Adesina during its annual meeting on Thursday, which is being held via video link. →

M&R holds on to shrinking South African unit amid hopes of infrastructure-led recovery

By: Terence Creamer 27th August 2020 JSE-listed engineering and construction group Murray & Roberts (M&R) is “holding on” to its South African-aligned business unit that focuses on power, industrial and water despite the fact that its contribution to the group’s R54.2-billion order book has slumped to less than one percent, or only... →

M&R CEO Henry Laas

Scania partners with Limpopo Economic Development Agency to develop R15m workshop

By: Simone Liedtke 27th August 2020 In line with Scania’s global purpose to drive the shift towards a sustainable transport system for business and society at large, Scania South Africa has partnered with the Limpopo Economic Development Agency (LEDA) and the Thulamela municipality to develop the R15-million Scania Thohoyandou... →

Sappi announces two new senior appointments

By: Simone Liedtke 27th August 2020 Paper and pulp manufacturer Sappi Southern Africa has announced two new senior appointments in the form of Duane Roothman as Sappi Forests VP and Mark Barnardo as Roothman’s successor as Sappi Forests GM. Roothman takes over the position from Dr Terry Stanger, who retires on August 31 after 27... →

M&R pursuing open-pit services acquisition as it seeks ‘step-change’ growth in mining

By: Terence Creamer 27th August 2020 Engineering and construction group Murray & Roberts (M&R) is considering acquisition targets in the open-pit mining services sector, where it is aiming to expand the presence of its mining platform, which has hitherto had an underground mining focus. CEO Henry Laas says that, although the... →

Ford donates 240 engines to support skills development, training in technical schools

By: Simone Liedtke 27th August 2020 Ford Motor Company of Southern Africa (FMCSA) has launched a far-reaching engine donation programme to support skills development and training at technical high schools across the country. As part of the programme, the vehicle manufacturer is donating 240 engines, valued at R7.8-million, as part... →

Minerals Council says morality must be put at forefront of recovery, growth

By: Marleny Arnoldi 27th August 2020 The Minerals Council South Africa has implored President Cyril Ramaphosa and law enforcement authorities to act urgently against those within government, business and other citizens who have looted public funds, incluing those intended to alleviate the impact of Covid-19. This plea by the... →

Minerals Council CEO Roger Baxter

Opinion: Small businesses need a miracle rescue

27th August 2020 In this opinion piece, Sukuma Relief Fund adviser Dr Thami Mazwai writes about the need to rescue South Africa's small businesses. Small businesses, the backbone of the South African economy, need a miracle if they are to survive and keep hundreds of thousands of people in employment. Hammered by... →

Dr Thami Mazwai

Unions blast DPE and SAA over severance package uncertainty and lack of salaries

By: Rebecca Campbell 27th August 2020 Two trade unions, the National Union of Metalworkers of South Africa (Numsa) and the South African Cabin Crew Association (Sacca), have fiercely attacked the Department of Public Enterprises (DPE) and the management of financially-beleaguered State-owned national flag carrier South African... →

France donates R1.8m worth of medical equipment to South Africa

By: Sane Dhlamini 27th August 2020 The French government has donated R1.8-million worth of medical material and personal protective equipment to South Africa, which will be distributed to hospitals in the Northern Cape, North West, Limpopo and Mpumalanga. The donation comes at the request of the South African government as part of... →

Nzimande condemns students who submit false information to obtain NSFAS funding

By: Yvonne Silaule 26th August 2020 The National Student Financial Aid Scheme (NSFAS) has removed 5 000 students from its list of beneficiaries. Higher Education, Science and Innovation Minister Dr Blade Nzimande on August 26 said the 5 000 students were provided with funding support, but had provided inaccurate information for the... →

Treasury goes live with info on State Covid-19 procurement contracts

By: Marleny Arnoldi 26th August 2020 The Presidency on August 26 confirmed that all Covid-19-related government expenditure has been published online. The Office of the Chief Procurement Officer has published a full list of all companies who have been awarded contracts by government for the supply of goods and services relating to... →

UIF lifts delay of Covid TERS benefit payments

By: Tasneem Bulbulia 26th August 2020 The Unemployment Insurance Fund (UIF) has resumed payment of Covid-19 Temporary Employer/Employee Relief Scheme (TERS) benefits after a 24-hour delay which was necessitated by the need to address some control deficiencies in the Covid TERS online payment system. This is the usual step where, if... →

ICA notes slow progress in Business Interruption claims process ahead of court case

By: Tasneem Bulbulia 26th August 2020 There has been slow progress on the Covid-19 Business Interruption claims process ahead of the September 1 court case, specialist loss adjustment firm Insurance Claims Africa (ICA) noted during a webinar on August 26. The company is representing more than 700 clients in the tourism and... →

Fuel price feeds inflation spike as SA consumers take another hit

By: African News Agency 26th August 2020 Statistics South Africa, a governmental organisation, reported on Wednesday a spike of 3.2% in the consumer price index, which was higher than June’s 2.2%. The increase in CPI, a financial instrument used to measure inflation, was reportedly driven by a hike in fuel prices which came as the... →

DTIC, Wesgro to host virtual wine mission to South Korea

By: Creamer Media Reporter 26th August 2020 To enhance bilateral trade and investment ties, the Department of Trade, Industry and Competition (DTIC) will, in collaboration with trade promotion agency Wesgro, host a virtual wine mission to South Korea. The event, to be held on August 27, will showcase ten wineries from the Western Cape region. →

Projects developed in renewables zones, gas and grid corridors ‘not exempt’ from environmental processes

By: Terence Creamer 26th August 2020 The Department of Environment, Forestry and Fisheries (DEFF) has dismissed suggestions that renewable-energy projects developed within the designated Renewable Energy Development Zones (REDZs), including the three new zones being proposed, will be exempt from all environmental authorisation... →

South African business, labour leaders hammer out recovery plan

By: Bloomberg 26th August 2020 South African business, labour union and government leaders have given themselves ten days to agree on a recovery plan before presenting it to President Cyril Ramaphosa, people familiar with the situation said. A select group of leaders met under the auspices of the National Economic Development... →

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