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Macro and Micro News

Court orders former Eskom boss Brian Molefe to pay back R10 million to pension fund

By: News24Wire Updated 7 hours ago Brian Molefe, the former CEO of Eskom, has been directed to pay back just under R10-million, plus interest, to the power utility's pension fund. This follows a drawn-out legal process that dates back to 2018, when the same court set aside all Molefe's pension payouts. But the former Eskom boss... →

Accenture welcomes 19 SME entrepreneurs for supplier development programme

By: Schalk Burger 6th July 2022 Professional services multinational Accenture brought 19 small business entrepreneurs into its fourth two-year enterprise supplier development (ESD) programme, which focuses on developing the skills of entrepreneurial businesses to increase the economic participation and growth of black-owned... →

Automakers ramping up investments into upstream nickel, cobalt

By: Darren Parker 6th July 2022 Market research firm Fitch Solutions Country Risk and Industry Research (Fitch Solutions) says automakers are increasing their upstream investments and supply contracts to secure enough battery metals, such as lithium, cobalt and battery-grade nickel, to drive forward their respective electric... →

Trucks block South African road to Mozambique as fuel costs surge

By: Bloomberg 6th July 2022 Protesters in a city in South Africa’s north east blocked roads including a highway linking the country to Mozambique with trucks Wednesday morning as they demonstrated against fuel prices rising to a new record. The road between Mbombela, 350 km east of Johannesburg, and White River has been... →

Godongwana welcomes Mogajane, Kekana to GEPF board

By: Schalk Burger 6th July 2022 Finance Minister Enoch Godongwana has welcomed the election of Dondo Mogajane as Government Employees Pension Fund (GEPF) chairperson and that of Eddie Kekana as deputy chairperson. Godongwana convened the first sitting of the new GEPF board of trustees on July 4. →

SAHHA Conference announces keynote speaker – Aurizon’s John Woods

By: Simone Liedtke 6th July 2022 The South African Heavy Haul Association (SAHHA) Conference will feature a keynote presentation by rail transport company Aurizon planning and scheduling head John Woods. Woods, who is based in Australia, will share Aurizon’s case study, titled ‘Integrated Rail Planning & Scheduling... →

NPC calls for declaration of ‘energy emergency’ to facilitate rapid building of generation and storage over 24 months

By: Terence Creamer 6th July 2022 The National Planning Commission (NPC) has called for the declaration of an ‘energy emergency’ to override any red tape currently preventing the construction of new electricity capacity, as well as to make it possible to build 10 000 MW of new generation and 5 000 MW of new storage capacity over... →

Just Transition Framework means South Africa can ‘proceed apace’ with $8.5bn partnership

By: Terence Creamer 5th July 2022 President Cyril Ramaphosa says the publication of the Just Transition Framework will enable South Africa to “proceed apace with harnessing the benefits” of the Just Energy Transition Partnership concluded with the US, the UK, Germany, France and the European Union in late 2021. The partnership... →

President Cyril Ramaphosa

EY opens nominations for Southern Africa World Entrepreneur Award

By: Schalk Burger 5th July 2022 Consulting, assurance, tax and transaction services company EY has called for nominations for entrepreneurial South Africans and those from other African countries to enter the World Entrepreneur Award Southern Africa programme, which is in its twenty-fifth year. Winners are provided with an... →

Drakenstein municipality explores IPP procurement to combat load-shedding

By: Terence Creamer 5th July 2022 The Drakenstein municipality in the Western Cape – encompassing Paarl, Wellington, Mbekweni, Gouda, Saron, Hermon and Simondium – reports that it is exploring the procurement of electricity from independent power producers (IPPs) to mitigate the negative impact of ongoing load-shedding by Eskom.... →

Unions sign 7% Eskom wage offer

By: News24Wire 5th July 2022 The National Union of Metalworkers of South Africa (Numsa) and the National Union of Mineworkers (NUM) have accepted Eskom's one-year 7% wage deal have signed an agreement to this effect. This comes after a several-week deadlock in wage talks at the Central Bargaining Forum, which triggered... →

Treasury says Pension Funds Act changes encourage infrastructure investment

By: Terence Creamer 5th July 2022 The National Treasury has published amendments to Regulation 28 of the Pension Funds Act that encourages infrastructure investments by retirement funds, while still leaving the final investment decision to fund trustees. The amendments will take effect on January 3, 2023. →

South African business activity expands at faster pace in June – PMI

By: Reuters 5th July 2022 South African private sector activity expanded at a faster rate in June, helped by growth in demand and employment, a survey showed on Tuesday. The S&P Global South Africa Purchasing Managers' Index (PMI) rose to 52.5 in June from 50.7 in May, posting its highest reading in just over a year.... →

Zimbabwe to introduce gold coins as local currency tumbles

By: Reuters 5th July 2022 Zimbabwe's central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency. The central bank governor John Mangudya said in a statement on Monday that the coins will be available for sale from July 25... →

Eskom crisis: ANC NEC hears calls for state of emergency, moving power utility to energy dept

By: News24Wire 5th July 2022 The African National Congress's national executive committee heard wide-ranging and spirited calls for intervention in response to the Eskom energy crisis, which ranged from the declaration of a state of emergency to immediately moving Eskom from the Department of Public Enterprises to the... →

UK sets up a ‘Critical Minerals Intelligence Centre’

By: Rebecca Campbell 4th July 2022 The UK government announced on Monday that it has established a Critical Minerals Intelligence Centre (CMIC), under the British Geological Survey (BGS), and based in Nottingham in England. The purpose of the CMIC is to gather data and undertake analysis of the supply, demand and market dynamics... →

Policy uncertainty worsens; Eskom largest threat to the economy

By: Schalk Burger 4th July 2022 The North West University (NWU) Business School’s Policy Uncertainty Index (PUI) increased to 60.9 during the second quarter, from 59.7 in the first quarter, and remains well in negative territory. This is the highest level recorded since the inception of the PUI in 2016. →

Eskom rejects Tshwane's debt repayment plan

By: News24Wire 4th July 2022 Eskom has rejected the City of Tshwane Municipality's offer to enter into payment settlement arrangements for R878-million owed to the power utility. Tshwane failed to pay Eskom a total amount of R908-million, which was due and payable by 17 June 2022. The municipality only made a payment of... →

Load-shedding back for eThekwini in coming weeks

By: News24Wire 4th July 2022 Durban residents will experience load-shedding in coming weeks, this after eThekwini Metro's electricity infrastructure was so heavily compromised during the April floods that the City could not produce enough power to load shed. In a joint statement released on Monday, Eskom and the City of... →

Resilient South African businesses recovered from Covid fast, M&G says

By: Bloomberg 4th July 2022 The South African unit of M&G, the UK fund manager overseeing more than $390-billion in assets, sees opportunities in investing in the nation’s industrial and financial companies as earnings growth may surprise. Some of these companies have recovered faster from Covid than many in the market... →

Deloitte to boost sustainability, climate capabilities in Africa to support clients' ESG

By: Schalk Burger 4th July 2022 Audit, assurance and risk advisory consultancy Deloitte will invest in its sustainability and climate capabilities in terms of talent and its take-to-market solution offerings to support its clients along their environmental, social and governance (ESG) journeys and as part of its continued... →

Fuel prices to surge to new record, as general levy relief is trimmed to 75c/l

By: Terence Creamer 4th July 2022 As feared, Mineral Resources and Energy Minister Gwede Mantashe has announced big fuel price increases for implementation on July 6. Despite calls ahead of the announcement for the temporary reduction in the general fuel levy to be sustained at 150 c/l, Mantashe confirmed that the reprieve would... →

South Africa's worst-ever bout of load-shedding

By: Creamer Media Reporter 1st July 2022 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about South Africa's worst-ever bout of load-shedding and what has led to Eskom having to resort to implementing Stage 6 load-shedding for several days; how other stakeholders have responded to this situation; and... →

South Africa's worst-ever bout of load-shedding

Police have opened two cases of intimidation related to Eskom protests

By: News24Wire 1st July 2022 Police say they have opened two cases of intimidation related to the unlawful strikes at Eskom, which the power utility has blamed for Stage 6 load-shedding. "One was registered at Belfast Police Station while the other was registered at Hendrina Police Station. Both matters are still under... →

Absa PMI’s June decline masks demand, activity deterioration

By: Schalk Burger 1st July 2022 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) declined to 52.2 index points in June from 54.8 in May; however, the headline PMI masks a worrying deterioration in demand and activity during the month. The business activity index signalled a contraction in output for a third... →

A R193bn South African fixed-income manager plans startup fund

By: Bloomberg 1st July 2022 Futuregrowth Asset Management, a South African fixed-income money manager with R193-billion of assets, is raising a fund to invest in startups with a strong developmental impact. The company aims to raise as much as 600 million rand for the Futuregrowth High Growth Development Equity Fund -- a... →

Cesa challenges Sanral’s decision to cancel tender

1st July 2022 Industry body Consulting Engineers South Africa (Cesa) is challenging the decision by the South African National Roads Agency Limited (Sanral) board to cancel critical infrastructure tenders worth R17.5-billion on the basis that the adjudication process was flawed owing to the involvement of... →

TENDER DEBACLE Cesa is challenging Sanral’s decision to cancel 17.5-billion in tenders

Mbalula promises e-toll solution 'for sure' this time

By: News24Wire 30th June 2022 Minister of Transport Fikile Mbalula says that a solution to e-tolls will be announced in October, this time "for sure". Mbalula has been promising an announcement on e-tolls since he took office in May 2019 with several deadlines come and gone. Speaking at a press briefing in Pretoria on... →

Minister of Transport Fikile Mbalula

R3.4bn in UIF TERS monies returned, Phase 2 of Follow the Money project to start in July

By: Schalk Burger 30th June 2022 Unemployment Insurance Fund (UIF) commissioner Teboho Maruping says R3.4-billion has been voluntarily returned to it by employers that irregularly benefitted from the Covid-19 Temporary Employer-Employee Relief Scheme (TERS). The first phase of the UIF's Follow the Money project determined that... →

Eskom: NUM, Numsa deal with divisions, allege 'fake news' as members reject 7% increase

By: News24Wire 30th June 2022 After a week of protests at Eskom operations that no one has claimed responsibility for plunged the country into Stage 6 load-shedding, two unions are now dealing with members who are pushing for an outright rejection of a new wage offer. The National Union of Metalworkers of South Africa, the... →

Kganyago says half-point South Africa rate hike possible in July

By: Bloomberg 29th June 2022 Traders tempered expectations for the largest South African increase in borrowing costs in almost two decades after the head of the nation’s central bank said it may consider raising interest rates by only half a percentage point in July. Annual inflation that surged above the Reserve Bank’s... →

Amid load-shedding pain, more than 50% of Soweto residents are illegally connected to grid – Eskom

By: News24Wire 29th June 2022 As Soweto residents marched to the office of Johannesburg Mayor Mpho Phalatse last week to demand a more sustainable and consistent electricity supply, they did so against the backdrop of an area plagued by illegal connections and residents who can't or won't pay for power. Eskom says 50% of... →

Opinion: Existing regulatory framework provides good backbone for development of South Africa’s green hydrogen sector

29th June 2022 In this article, Bowmans South Africa’s head of public law and regulatory, Claire Tucker, looks at regulation and incentives for the hydrogen economy. She concludes that, while incentives for developing the sector have not yet been finalised, the existing regulatory framework for these industrial... →

Claire Tucker

South African food inflation rose sharply in May

By: Rebecca Campbell 29th June 2022 Food inflation in South Africa rose sharply in May, in both year-on-year (y-o-y) and month-on-month (m-o-m) terms, the Bureau for Food and Agricultural Policy (BFAP) has reported in its latest Food Inflation Brief. In y-o-y terms, food and non-alcoholic beverage prices last month were up 7.6%. In... →

South Africa imported record volumes of steel in 2021, new report shows

By: Terence Creamer 29th June 2022 At close to 1.7-million tonnes, South Africa imported record volumes of primary steel in 2021, constituting about one-third of all steel used in the country, a new Steel Report published by the South African Iron and Steel Institute (SAISI) confirms. The report, which is the inaugural edition of... →

Consumer confidence plummets to record low

By: News24Wire 29th June 2022 South Africa’s consumer confidence plunged to its lowest level in over three decades in the second quarter of 2022, barring the sharp drop during the height of Covid-19. The economic ramifications of Russia’s war in Ukraine, soaring petrol prices, escalating inflation, high interest rates and the... →

Eskom employees start returning to work amid speculation of a higher wage offer

By: News24Wire 29th June 2022 As reports and speculation about Eskom's new wage offer to unions were in full swing, the power utility confirmed that employees were returning to work at various stations and other operations on Wednesday morning. After a week of protest disruptions due to a wage negotiation deadlock, Minister... →

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