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Economy News

Load-shedding cost billions – City of Cape Town

By: African News Agency 27th March 2019 The recent bout of load-shedding, which badly affected small businesses, is estimated to have cost billions of rands, the City of Cape Town said on Wednesday. In a statement the City said sentiment was unanimously shared across the sector that load-shedding has been crippling small businesses as... →

High Court dismisses bid by coal transporters to interdict renewables projects

By: Terence Creamer 26th March 2019 A court application to have 20-year power purchase agreements (PPAs) signed between Eskom and 26 independent power producers (IPPs) in 2018 declare null and void has been dismissed with costs. The legal challenge was initiated last year by the Coal Transporters Forum (CTF), a voluntary... →

PIC suspends acting CEO

By: Marleny Arnoldi 26th March 2019 Public Investment Corporation (PIC) acting CEO Matsepo More has been placed on precautionary suspension with immediate effect. Executive head of properties Vuyani Hako will stand in for More. →

Radebe willing to use his legislative powers to unlock short-term private power projects

By: Terence Creamer 26th March 2019 Energy Minister Jeff Radebe signalled his willingness on Tuesday to use his legislative powers to facilitate the introduction of private electricity supply alternatives that could reduce the threat of load-shedding by Eskom in the short- to medium-term. Addressing the DLO Africa Power Roundtable... →

Energy Minister Jeff Radebe

Davies on Eskom: Smoke out anyone guilty of corruption

By: News24Wire 26th March 2019 It is "obvious" that load-shedding will have a dampening effect on the South African economy, the full extent of which will only be known in time, Trade and Industry Minister Rob Davies has said. The minister was speaking on government's role in South Africa's economic recovery at an event hosted... →

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Trade & Industry Minister Rob Davies

Environmental plan for South African segment of SKA radio telescope gazetted

By: Rebecca Campbell 26th March 2019 The Integrated Environmental Management Plan (IEMP) for the Phase 1 of the Square Kilometre Array mid-frequency array (SKA1_MID) was gazetted by Environmental Affairs Minister Nomvula Mokonyane on Friday, the South African Radio Astronomy Observatory (Sarao) announced on Monday. The SKA is an... →

Photo by Sarao
An artist’s impression of the core of the South African segment of the SKA

SA needs to spend R1-trillion to grow power capacity by 2030 – Radebe

By: News24Wire 26th March 2019 South Africa will need to spend more than R1-trillion in the next 11 years to grow the country's energy production capacity, according to Minister of Energy Jeff Radebe. Radebe was speaking at the DLO Africa Power Roundtable on Tuesday in Johannesburg. The roundtable brings together government... →

Energy Minister Jeff Radebe

Trust in SA institutions on the rise but still relatively low - survey

By: African News Agency 26th March 2019 Trust in South African institutions has risen, with nongovernmental organisations in the lead while the government remains at the bottom, a survey has shown. The Edelman Trust Barometer, which has been conducted since 2001, shows that South Africa experienced one of the biggest changes on the... →

DA mayors to ask minister permission to bypass Eskom

By: African News Agency 26th March 2019 Democratic Alliance (DA) mayors will petition Energy Minister Jeff Radebe under Section 34 of the Electricity Regulation Act for permission to procure electricity directly from independent power producers (IPPs), DA leader Mmusi Maimane said on Tuesday. Maimane said it would allow councils run by... →

Mining body says 90 000 jobs at risk from electricity price hikes

By: News24Wire 26th March 2019 The Minerals Council South Africa has said that as many as 90 000 jobs in the country's mining sector could be at risk "solely as a result" of recent electricity tariff increases. "Given the mining sector’s dependency ratio of 10 people supported by each mining job, the potential socio-economic... →

Photo by Creamer Media's Dylan Slater
Minerals Council South Africa CEO Roger Baxter

Rothschild's Kingston to help South Africa State firm rescue

By: Bloomberg 26th March 2019 Martin Kingston, who on April 1 steps down as chief executive officer of Rothschild & Co’s South African unit after 13 years, wants to help revive the country’s beleaguered state-owned companies. Kingston, 61, will shift to executive chairman of the investment bank’s unit, and plans to wind down... →

Economists split on South Africa avoiding Moody's negative cut

By: Bloomberg 26th March 2019 South Africa may just be able to cling onto the stable outlook of its sole investment-grade rating this week, helping it stay clear of a forced selloff of billions of rand of its debt. Economists are divided on what Moody’s Investors Service will do when it potentially makes an announcement on... →

Botswana promoted as attractive investment destination

By: Tasneem Bulbulia 25th March 2019 Botswana holds a number of opportunities for prospective investors, owing to its various inherent characteristics and incentives, and companies are encouraged to capitalise on these. This was the key message at the Botswana Investment and Trade Centre’s (BITC’s) Doing Business in Botswana... →

Photo by Creamer Media's Dylan Slater
Consul general of Botswana to South Africa Lesedi Thema

Numsa members embark on strike at BMW’s Rosslyn plant

By: Simone Liedtke 25th March 2019 The National Union of Metalworkers of South Africa (Numsa) on Monday claimed that BMW South Africa had unilaterally changed the terms of service for contract workers. As a result, Numsa members have embarked on a strike at BMW’s Rosslyn plant, in Pretoria. →

90 000 gold and platinum jobs at risk as Eskom hikes loom

By: Terence Creamer 25th March 2019 The Minerals Council South Africa is ringing alarm bells over the threat posed to employment and production in the gold and platinum sectors as a result of recently approved electricity tariff increases, including the 13.8% hike to be implemented from April 1. In addition, the council is warning... →

EOH Microsoft licence partnership woes deepen

By: Schalk Burger 25th March 2019 JSE-listed information technology services company EOH announced in a statement on Monday that it had, on March 12, received a 30-day notice period from software multinational Microsoft Ireland of its intention to terminate the Partner Network Agreement with a number of EOH group companies, and... →

Sacci, SBI urge govt to do more to resolve Eskom’s troubles

By: Simone Liedtke 25th March 2019 The recent round of rolling blackouts plaguing South Africa, and uncertainty about the longer-term power supply situation in South Africa are having a devastating impact on business, says South African Chamber of Commerce and Industry (Sacci) CEO Alan Mukoki. Although Eskom does not expect to... →

M&R acquires another US-based firm

By: Simone Liedtke 25th March 2019 JSE-listed engineering and construction group Murray & Roberts’ (M&R’s) Cementation Americas, which forms part of the M&R Underground Mining platform, has acquired 100% of Terra Nova Technologies (TNT) for $38-million. The acquisition will be funded from a revolving and term loan credit facility,... →

Group Five subsidiary companies to continue operating as going concerns – BRPs

By: Simone Liedtke 25th March 2019 The joint business rescue practitioners (BRPs) for Group Five and Group Five Construction on Monday confirmed that subsidiary companies of these entities would continue to operate as going concerns, as they do not fall directly into business rescue proceedings. This is also the case for Group... →

Transnet in talks with Kenya for deal to operate Lamu port

By: Bloomberg 25th March 2019 Kenya is in talks with Transnet of South Africa to operate a seaport that the East African nation is developing to partly use for planned exports of oil. The state-owned South African logistics company is leading a group of companies that are pitching to provide the equipment for the initial... →

Progressive Professionals Forum wants SIU probe into Steinhoff

By: African News Agency 25th March 2019 The Progressive Professionals Forum (PPF) has called for South Africa's Special Investigating Unit to probe troubled global retailer Steinhoff International in light of new revelations of corruption. An investigative report by audit firm PricewaterhouseCoopers (PwC) found that a small group of... →

Rand slides as global recession fears hit emerging markets

By: Reuters 25th March 2019 South Africa's rand retreated against the dollar early on Monday, weakening alongside other emerging market currencies on fears of a slowdown in global economic growth. At 0630 GMT the rand was 0.1% weaker at 14.5050 per dollar compared to a close of 14.9000 on Friday in New York. →

Mboweni questions need to hold onto State assets

By: Bloomberg 25th March 2019 Finance Minister Tito Mboweni said a discussion must begin on whether the government needs to retain control of all the assets it owns given the poor state of the national finances. Mboweni has asked Public Enterprises Minister Pravin Gordhan for a list of noncore State assets and has been... →

Photo by Reuters
Finance Minister Tito Mboweni

No load shedding anticipated for the coming week, says Eskom

By: African News Agency 25th March 2019 No load shedding is anticipated for the coming week due to the electricity system gradually improving, Eskom said on Sunday night. "The improvement in plant performance, together with replenished diesel and water reserves over the last few days, as well as the increase of imports from... →

Aveng Strabag Joint Venture to appeal ruling on calling of Mtentu bridge bonds

By: Terence Creamer 22nd March 2019 The Aveng Strabag Joint Venture (ASJV) reported on Friday that it would appeal the dismissal of an urgent application, lodged by the ASJV in February, seeking to prevent the South African National Roads Agency Limited (Sanral) from making a call on the bonds relating to the Mtentu bridge... →

Dube TradePort set for R18bn expansion

By: Nadine James 22nd March 2019 The R18-billion expansion of one of two of KwaZulu-Natal’s special economic zones (SEZs), the Dube TradePort, is set to create hundreds of jobs as the province gears for yet another round of development for its Durban Aerotropolis precinct, KwaZulu-Natal Economic Development, Tourism and... →

Intervention needed to protect South Africa’s infrastructure projects

By: Nadine James 22nd March 2019 Urgent intervention is needed to protect infrastructure projects, investor confidence and the safety of professionals in the built environment, Association of South African Quantity Surveyors (ASAQS) member Yunus Bayat said on Friday, in response to reports of widespread “construction mafia” and... →

Black Management Forum questions 'lack of transparency' in appointing new Sars commissioner

By: News24Wire 22nd March 2019 The Black Management Forum (BMF) has said that it is concerned with what it deems to be a 'rushed and guarded' recruitment process in appointing a new commissioner for the South African Revenue Service (Sars). Last week Finance Minister Tito Mboweni reappointed Mark Kingon as the acting head of... →

Photo by Bloomberg
Acting Sars Commissioner Mark Kingon

'Signs are encouraging' load-shedding will be reduced – Eskom

By: News24Wire 22nd March 2019 Eskom will implement Stage 2 load-shedding on Friday, as strain on the national grid improves and “signs are encouraging” that there will be reduced rotational power cuts as available generating capacity improves, according to Eskom spokesperson Andrew Etzinger. Stage 2 will be implemented... →

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Eskom Spokesperson Andrew Etzinger

Company positive in flat construction market

By: Mamaili Mamaila 22nd March 2019 Despite there being no capital expenditure on projects in the construction sector, construction equipment supplier SANY GM Barry Owen says the company sees good opportunity to grow the SANY brand in a rather stagnant market. →

BARRY OWEN Over-capacitated construction sector under extreme pressure owing to oversupply

Bobcat positive ahead of elections

By: Mamaili Mamaila 22nd March 2019 While the fragmentation occurring in the mining and construction industries – where major contracts are being awarded to smaller empowered startups without major track records or even assets – is cause for concern, meaningful change is likely to emerge after the national election in May. →

EARTHFORCE Bobcat aims to meet the requirement for quality, lower-cost machines

Iata stresses priorities for growth of global air cargo sector

By: Rebecca Campbell 22nd March 2019 The International Air Transport Association (IATA) has identified three priorities that must be implemented to meet the growing global demand for air freight and to maximise the socio-economic benefits of aviation, and has called on governments and the air cargo industry to focus on these... →

Japan focusing attention on Indian Ocean rim countries for mutual benefit

By: Rebecca Campbell 22nd March 2019 Japanese international strategy was today focusing on the rim of the Indian Ocean, highlighted Keio University Faculty of Law Professor Yuichi Hosoya in a recent address to the South African Institute of International Affairs at its headquarters on the University of the Witwatersrand campus in... →

Construction industry expected to grow over next three years

By: Mamaili Mamaila 22nd March 2019 Despite there being a slowdown in projects for the past few years in the construction industry, power generation equipment developer Himoinsa Southern Africa business development director Matthew Bell says the company expects positive growth over the next 12 to 36 months. →

BESPOKE DESIGNS Himoinsa is investing significantly in its generator and lighting tower designs for specific local requirements

French Foreign Affairs Minister visits local construction academy

By: Schalk Burger 22nd March 2019 The French Minister for Europe and Foreign Affairs Jean-Yves Le Drian visited construction materials and infrastructure components multinational Saint-Gobain Construction Training Academy, in Germiston, Ekurhuleni, earlier this month to inspect its work and its youth development partnership. The... →

PRACTICAL TRAINING SESSION The youths are trained to install drywall and ceiling installation, as well as insulation or sound-proofing systems

Denel seeking contingency funding as it outlines turnaround strategy

By: Rebecca Campbell 22nd March 2019 State-owned South African defence industrial group Denel is preparing an application for funding from the R13-billion contingency reserve announced by Finance Minister Tito Mboweni in his 2019/2020 Budget speech. “We know that [the] Government is cognisant of the fact that Denel is in need of... →

Ceta to present five-year SMME strategy at summit

By: Marleny Arnoldi 20th March 2019 The Construction Education and Training Authority (Ceta) will present its five-year strategy for progressing small, medium-sized and microenterprises (SMMEs) in the built environment sector at the Ceta SMME Summit later this month. The summit will highlight the current SMME landscape in the... →

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