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Macro and Micro News
Astral Foods secures emergency water arrangement for Mpumalanga facility 
By: Simone Liedtke 24th June 2019 Poultry producer Astral Foods has recently, with the assistance of a number of national government departments, secured an emergency arrangement with the Lekwa municipality as an interim measure to stave off the water crisis affecting its Goldi poultry processing facility in Standerton,... →
Libstar increases its competitiveness with new par-baked goods offering
By: Simone Liedtke 24th June 2019 Food and beverage producer Libstar Group has further increased its competitiveness by expanding its facilities to meet client requirements by converting a section of the group’s Amaro Foods facility, in Epping, into a par-bake facility. →
US official outlines conditions for enticing more US firms to Africa
By: Terence Creamer 21st June 2019 US Assistant Secretary of State for African Affairs Tibor Nagy believes there is a window of opportunity for South Africa to attract direct investment from American firms that are currently seeking outlets for billions of dollars in capital, accumulated as a result of strong economic conditions... →
GVK to pay R6m fine in settlement with competition authorities
By: Simone Liedtke 21st June 2019 The Competition Tribunal has ordered local construction firm GVK Siyazama Building to pay an administrative penalty of just over R6-million after the firm admitted to collusive tendering in three construction projects in the Western Cape. The firm’s admission and its agreement to pay the fine,... →
SARB likely to cut rates at next meeting – economist
By: News24Wire 21st June 2019 The South African Reserve Bank will likely cut the repo rate by about 25 basis points at its Monetary Policy Committee meeting in July and then keep rates flat for a while, Nicky Weimar, senior economist at Nedbank, said on Wednesday. In her view, such a rate cut might lead to some consumer... →
R230bn in Eskom funding confirmed 
21st June 2019 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the confirmation by President Cyril Ramaphosa that Eskom will receive R230-billion in funding from government over a ten-year period. →
Eskom welcomes Trillian judgment, calls on more firms to come forward
By: News24Wire 21st June 2019 Eskom has welcomed a high court judgement ordering Trillian to pay back the R595-million it earned in an "unlawful and invalid" contract. The Gupta-linked advisory firm was ordered by the High Court in Pretoria on Tuesday to pay back the money after the utility in March 2018 launched a bid to set... →
We need detail, and we need it soon, business says in SoNA response
By: Terence Creamer 21st June 2019 Business Unity South Africa (Busa) has lamented the absence of “real implementation plans” from President Cyril Ramaphosa’s June State of the Nation Address (SoNA) and has urged him to work with business to table a clear implementation plan, with timeframes and milestones, to address South... →
Busa president Sipho Pityana
Ramaphosa confirms R230bn support for Eskom to be front-loaded
By: Terence Creamer 20th June 2019 President Cyril Ramaphosa announced on Thursday that the R230-billion in fiscal support being directed to debt-laden power utility Eskom over the coming ten years would be structured in a way that ensures a significant portion is provided in the early years. A Special Appropriation Bill would be... →
Nigeria to consider its industries in Africa free trade zone decision
By: Reuters 20th June 2019 Nigeria will consider the interests of its industries in deciding whether to sign up to a $3-trillion Africa free-trade agreement, President Muhammadu Buhari said in a meeting with local manufacturers on Wednesday. The African Continental Free Trade Agreement (AfCFTA) encompasses 1.2-billion... →
Naamsa Automotive Conference to boast two themes this year
By: Simone Liedtke 20th June 2019 This year’s iteration of the Naamsa Automotive Conference will feature two themes that will be linked under the overall slogan of ‘Reimagining the future together’. The first theme, ‘Embracing innovation as an indispensable catalyst for prosperity and sustainable growth’, will interrogate how... →
TCTA moves ahead with R12.3bn second phase of Mokolo-Crocodile water scheme
By: Terence Creamer 19th June 2019 Trans-Caledon Tunnel Authority (TCTA) announced on Wednesday that it had commenced with the implementation of the Mokolo-Crocodile Water Augmentation Project Phase 2A (MCWAP-2A) project, which is strongly associated with minerals and energy projects in the Limpopo province and is, thus, facing... →
Indian Ocean Rim economies urged to increase trade with each other
By: Shirley le Guern 18th June 2019 It is time to re-energise the Indian Ocean Rim Association (Iora), created by Nelson Mandela in 1997, and transform it into an active body that unlocks tangible business opportunities and helps negotiate the removal of disruptive nontariff barriers between the 22 member States. This was the... →
Cosatu argues for worker representation on PIC board
By: News24Wire 18th June 2019 South Africa's largest trade union federation the congress of South African Trade Unions has argued for worker representation on the board of State-run asset manager the Public Investment Corporation, saying this would help keep looting in check and increase workers' trust. Matthew Parks, the... →
South Africa finds a credit rating, once lost, is hard to regain
By: Bloomberg 18th June 2019 Lesetja Kganyago, then the top official at South Africa’s National Treasury, was taking a break at Sugarloaf Mountain in Rio de Janeiro between two G20 meetings in November 2008 when he got the bad news. Barely three years after his country had managed to get its highest-ever investment-grade... →
Reserve Bank governor Lesetja Kganyago
SA govt urges developing countries to respond to anti-globalisation initiatives
By: African News Agency 18th June 2019 The South African government on Monday, urged the 22 countries that belong to the Indian Ocean Rim Association to discuss how to respond to the anti-globalisation initiatives that were arising from powerful countries in the world. Sipho Zikode, deputy director-general of special economic zones at... →
Good news for SA motorists! Huge 91c fuel price drop – AA
By: News24Wire 14th June 2019 Retreating oil prices have painted a rosier picture for South African fuel users than has been the case for much of 2019. This is according to the Automobile Association which was commenting on unaudited mid-month fuel price data released by the Central Energy Fund. At this stage of the month,... →
Hydrogen offers pathway for lowering hard-to-abate carbon emissions – IEA
By: Terence Creamer 14th June 2019 Hydrogen and hydrogen-based fuels could help facilitate the decarbonisation of a range of sectors where the pathway for achieving meaningful emission reductions is currently uncertain or difficult, a new global study argues. Released by the International Energy Agency (IEA) at a meeting of G20... →
Kganyago says model shows room for rate cuts
By: Bloomberg 14th June 2019 The South African Reserve Bank’s forecasting model suggests there might be room for interest-rate cuts in the next year or two, given how weak the economy is, Governor Lesetja Kganyago said. While the central bank can play a role to help economic growth, decisions should be supported by other... →
Reserve Bank governor Lesetja Kganyago
Collaboration seen as key to unlocking South Africa’s industrial potential
By: Simone Liedtke 14th June 2019 The revival of South Africa’s flagging manufacturing sector is core to President Cyril Ramaphosa’s broader economic recovery plan. The importance attributed to manufacturing can be seen in the President’s decision to appoint the experienced Ebrahim Patel to lead the newly restructured Trade and... →
ACSA appoints new acting CFO
By: Simone Liedtke 13th June 2019 Lindani Mukhufwani has been appointed acting CFO of Airports Company South Africa, effective June 13. She succeeds Dirk Kunz, who has been acting CFO since January 2017. →
Low business confidence to remain for foreseeable time – survey
By: Marleny Arnoldi 13th June 2019 The Rand Merchant Bank (RMB)/Bureau for Economic Research (BER) Business Confidence Index (BCI) flatlined at a “worryingly” low 28 in the second quarter of the year. The BER on Thursday stated that seven out of every ten respondents had remained unsatisfied with current business conditions... →
Rescue practitioners seek another extension for Group Five plan
By: Terence Creamer 13th June 2019 Group Five’s joint business rescue practitioners reported on Thursday that they would be approaching creditors to seek approval for yet another extension to the June 28 deadline for the publication of a business rescue plan. Initially a deadline of April 16 was set in line with a legal... →
Pioneering 1 MW wave-energy pilot project being built in Hermanus
By: Terence Creamer 13th June 2019 A South African wave-energy start-up is building a pioneering 1 MW pilot project, based on its patented homegrown design, which will supply clean electricity to a large-scale Hermanus abalone farm, in the Western Cape. Mean Sea Level (MSL) is developing the first-of-its-kind project with equity... →
Construction of 1 MW wave-energy pilot project under way in Hermanus
CDI Growth Fund opens for new round of applications
By: Simone Liedtke 12th June 2019 A new application round has opened for the R12.8-million Craft & Design Institute (CDI) Growth Fund. The CDI Growth Fund, which is managed by CDI Capital, is a grant fund specifically for growing South African small businesses who need a cash injection to scale up further and create jobs. →
SARB independence threats are 'hand grenade with the pin out' for South Africa's credibility – analyst
By: News24Wire 12th June 2019 The idea of government reviewing inflation targeting in South Africa's low-growth environment, as well as political threats against the independence of the South African Reserve Bank (SARB), amount to "a credibility hand grenade with the pin out". This is the view of Peter Attard Montalto, head... →
Ramaphosa, Mabuza receive report on land reform and agriculture from advisory panel
By: African News Agency 12th June 2019 President Cyril Ramaphosa and Deputy President David Mabuza on Tuesday received the report of the Presidential Advisory Panel on Land Reform and Agriculture. The task of the panel, which was appointed in September 2018 to support the work of the Inter-Ministerial Committee (IMC) on land reform... →
President Cyril Ramaphosa
Treasury moves to improve cost containment at municipal level
By: Marleny Arnoldi 11th June 2019 The National Treasury has gazetted cost containment regulations that are aimed at ensuring efficient, effective and economic use of municipal resources. The new regulations will take effect on July 1. →
Manufacturing sector remains resilient, output up 4.6% y/y in April
By: Marleny Arnoldi 11th June 2019 Despite the encouraging improvement in manufacturing output in April, Steel and Engineering Industries Federation of Southern Africa economist Marique Kruger says there are still concerns about constraints, including exchange rate volatility and rising costs, facing the sector. Statistics South... →
Steel and Engineering Industries Federation of Southern Africa economist Marique Kruger
Ramaphosa praises ILO's social justice approach
By: African News Agency 11th June 2019 President Cyril Ramaphosa on Monday commended the contribution of the International Labour Organisation for the contribution and impact it has made to work and the lives of workers in its 100 years of existence. Ramaphosa said that the ILO played a pivotal role during South Africa’s struggle for... →
Renergen dual listing to provide benefit of Australian research, understanding
By: Simone Liedtke 10th June 2019 Emerging liquid helium and liquid natural gas (LNG) producer Renergen’s recent listing on the ASX will benefit the company by giving it access to Australian research and industry understanding, CEO Stefano Marani tells Engineering News Online. Renergen, which is also listed on the JSE’s AltX,... →
BLSA appalled by threats to SARB independence
By: Thabi Madiba 10th June 2019 Business Leadership South Africa on Monday said it condemned what it called “deliberate attempts” to undermine the South African Reserve Bank’s legitimacy and called out the African National Congress for threatening to collapse the country’s economy. BLSA said in a statement that the ANC seemed... →
SA SME Fund aims to set up South Africa’s first university technology fund by August
By: Terence Creamer 10th June 2019 The SA SME Fund, created in 2016 by big business to support entrepreneurs and help established small firms expand, is planning to set up a R150-million university technology fund to support the commercialisation of intellectual property developed at South Africa’s tertiary institutions. The... →
Busa CEO Tanya Cohen steps down
By: African News Agency 10th June 2019 Tanya Cohen is stepping down as chief executive of Business Unity South Africa after two-and-a-half years at the helm, the apex business organisation announced on Monday. Busa said that after careful consideration and in consultation with the board, Cohen has been granted permission to take leave... →
Outgoing Busa CEO Tanya Cohen
SA's shrinking economy credit negative for govt, banks – Moody's
By: News24Wire 10th June 2019 Global rating agency Moody's says the contraction of South Africa's GDP in the first quarter is credit negative for SA's government and the country's banks. Last week Stats SA announced the economy shrank by 3.2% in the first three months of the year, the biggest drop a decade. →
Trade wars a drag on global economy, says Patel
By: African News Agency 10th June 2019 Trade and Industry Minister Ebrahim Patel said on Monday that heightened uncertainty from growing trade tensions was also placing a drag on an already fragile global economy. This as Patel returned from Japan where he attended the two-day G20 Joint Trade and Digital Economy Ministers and the G20... →
Steinhoff, Tongaat woes raise South African auditor scrutiny
By: Bloomberg 10th June 2019 Steinhoff International’s financial scandal and sugar maker Tongaat Hulett’s admission it may need to restate results is spurring South African auditors to weigh tougher measures for the profession. While auditors are expected to reassure the public that the financial statements they have signed... →
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