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Macro and Micro News

PwC estimates South Africa's economy will grow by 2.5% this year

By: Schalk Burger     11th August 2021 Advisory multinational PwC expects the South African economy to grow by 2.5% this year, while the direct impact and lasting effect of the unrest in July could reduce gross domestic product (GDP) growth by 0.8 percentage points this year.  The R38.9-billion fiscal support package announced on July... 

DTIC opens R3.75bn relief package for businesses affected by civil unrest

By: Donna Slater     11th August 2021 Eligible businesses can now apply for loans under the R3.75-billion economic recovery support package, announced by Trade, Industry and Competition Minister Ebrahim Patel a fortnight ago to assist businesses that were impacted by the mid-July civil unrest in KwaZulu-Natal and Gauteng. The DTIC... 

Fitch sees new South African Finance Minister forging fiscal policy pact

By: Bloomberg     6th August 2021 New South African Finance Minister Enoch Godongwana’s heavyweight status within the ruling party could help to build alliances for the fiscal policies championed by the National Treasury, according to Fitch Ratings analyst Jan Friederich. Godongwana, a former labor unionist and close political... 

Cesa asks the engineering industry to unite for the good of the economy

By: Marleny Arnoldi     6th August 2021 Consulting Engineers South Africa (Cesa) says the consulting engineering industry is still working in silos too often, which the same industry often chastises government for doing. CEO Chris Campbell says that organisations including Cesa, the Engineering Council of South Africa, the South... 

South Africa's low growth a 'critical challenge', says new Finance Minister  

By: Reuters     6th August 2021 South Africa's new Finance Minister Enoch Godongwana said on Friday the country's low growth and high unemployment present a major challenge showing the need for structural reforms. President Cyril Ramaphosa on Thursday appointed Godongwana as finance minister in a Cabinet reshuffle, replacing... 

An image of Enoch Godongwana, South Africa's new Finance Minister
Photo by Creamer Media
Finance Minister Enoch Godongwana

Petrochem giant uses tech for greener fuel

By: Halima Frost     6th August 2021 In April JSE-listed synthetic fuels and chemicals company Sasol announced it will work alongside a consortium comprising multinational chemical company Linde, renewable energy company Enertrag and investment company Navitas Holdings to bid in concept for the production of sustainable aviation... 

An image of a Sasol Chemicals plant
COOL COLAB The collaboration between Sasol and the LEN Consortium will see greener jet fuel and chemicals being produced using Sasol's Fischer-Tropsch technology

Enoch Godongwana appointed Finance Minister; water, human settlements Ministries to be split

By: Chanel de Bruyn     5th August 2021 In a long-awaited Cabinet reshuffle, President Cyril Ramaphosa on August 5 announced the appointment of Enoch Godongwana as Finance Minister. This follows the resignation of Tito Mboweni. 

An image of Enoch Godongwana, South Africa's new Finance Minister
Photo by Creamer Media
Enoch Godongwana

Business seeks to nudge localisation debate beyond import substitution 

By: Terence Creamer     4th August 2021 Business is aiming to progress ongoing negotiations on the use of local-content regulations to revive manufacturing in South Africa beyond calls for blanket import substitution by identifying specific products or sectors where the country has the competitive advantages in place to increase... 

A photo of a worker welding

South African factory activity shrinks on unrest, Covid-19 restrictions - PMI

By: Reuters     4th August 2021 South African private sector activity fell at its fastest rate in ten months in July as output tumbled in the wake of civil unrest in some parts of the country and tighter coronavirus lockdown restrictions, a survey showed on Wednesday. IHS Markit's Purchasing Managers' Index (PMI) fell to 46.1... 

Sub-Saharan Africa growth opportunity at risk without right policy - S&P

By: Reuters     4th August 2021 Sub-Saharan Africa's labour force is set to more than double by 2050, boosting economic growth, but a lack of jobs, sound economic policy and investment in education might jeopardise its chance to catch up with developed countries, S&P Global Ratings said on Wednesday. The region is going to be... 

From a coal-to-gas conversion to a microgrid factory, Eskom builds Komati’s just energy transaction case 

By: Terence Creamer     3rd August 2021 State-owned electricity utility Eskom is hoping to transform the workshops at the Komati power station – identified as the flagship site for the piloting of a broader ‘just energy transition’ programme that couples decarbonisation with social upliftment – into a factory capable of manufacturing... 

Photograph of the Komati power station
A file photo of the Komati power station, which has generated electricity since 1961

IMF nations approve record $650bn to aid virus fight

By: Bloomberg     3rd August 2021 The International Monetary Fund approved the biggest resource injection in its history, with $650-billion meant to help nations deal with mounting debt and the fallout from the Covid-19 pandemic. The creation of the reserve assets – known as special drawing rights – is the first since the... 

An image of the International Monetary Fund's logo

Other procurement plans not affected by RMIPPPP deadline delay to end Sept – DMRE  

By: Terence Creamer     2nd August 2021 The deadline for projects selected as preferred bids under the Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP) to reach commercial close has been extended to September 30, from an initial deadline of the end of July. However, the Department of Mineral Resources and... 

Photo of Minister Gwede Mantashe
Photo by Creamer Media Chief Photographer Donna Slater
Minister Gwede Mantashe announced the initial end-July commercial-close deadline on March 18

Govt releases land for restitution claims 

By: Thabi Madiba     2nd August 2021 Public Works and Infrastructure Minister Patricia de Lille has approved the release of various parcels of land in the North West, Western Cape and Mpumalanga provinces for three claimant communities. Government opened the land restitution claims process in 1994 to allow families and communities... 

Image of land

Ramaphosa sees big green economy opportunity in ‘bold’ climate commitment  

By: Terence Creamer     30th July 2021 President Cyril Ramaphosa says it is time for South Africa to “grasp the nettle” and embark on a “transformative path” towards a climate-resilient society both to fulfil its moral obligations in the face of an intensifying crisis, but also to seize the economic and job opportunities that are... 

Photo of President Cyril Ramaphosa
President Cyril Ramaphosa

Govt's R38.9bn relief package  

29th July 2021 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the R38.9-billion relief packaged unveiled by Finance Minister Tito Mboweni to support businesses affected by the recent riots in KwaZulu-Natal and Gauteng, as well as to support poor citizens and vulnerable... 

Image of Terence Creamer
Govt's R38.9bn relief package

Stakeholders target 1m vaccinations every 3 days 

By: Thabi Madiba     29th July 2021 Business for South Africa (B4SA) on Thursday lauded its partnership with the Department of Health citing the integrated programme to administer vaccines equitably and efficiently ahead of a possible fourth wave of the Covid-19 pandemic. Stakeholders working together have secured doses to achieve... 

Stakeholders target 1m vaccinations every 3 days

South African banks count cost of replacing ATMs looted during unrest

By: Reuters     29th July 2021 South African banks said on Thursday that replacing 1 400 automatic teller machines (ATMs) vandalised and looted during recent violent unrest could take about two months. As much as R20-million could have been taken, "however that is a rough estimate," according to Bongiwe Kunene, managing... 

Capitec Bank

Meat import associations call for perishables to be moved to inland cold storage facilities

By: Schalk Burger     29th July 2021 The South African Meat Processors Association (Sampa) and the South African Association of Meat Importers and Exporters (AMIE SA) have called for an action plan to ensure imported perishable food containers are re-routed to inland cold storage facilities, as KwaZulu-Natal facilities have been... 

UIF allocates R5.3bn for TERS unrest benefit – Nxesi

By: Donna Slater     28th July 2021 The Unemployment Insurance Fund (UIF) has set aside R5.3-billion for the new Temporary Employer/Employee Relief Scheme (TERS) benefit to help employees and employers negatively impacted by the civil unrest in KwaZulu-Natal and parts of Gauteng in mid-July, Employment and Labour Minister Thulas... 

Numsa rejects Seifsa’s wage offer

By: Marleny Arnoldi     28th July 2021 The National Union of Metalworkers of South Africa (Numsa) has declared a deadlock in wage negotiations with the Steel Federation of Southern Africa (Seifsa). Seifsa and labour unions Numsa, Solidarity and Uasa on July 28 continued with negotiations over the proposed 4.4% wage increase offer. 

Tax from ‘resilient’ mining sector underpins R38.9bn post-riot relief package  

By: Terence Creamer     28th July 2021 Tax revenues from South Africa’s high-flying mining industry have provided the financial underpin for a new R38.9-billion relief package unveiled by Finance Minister Tito Mboweni on Wednesday to support businesses devastated by recent looting and property destruction and to provide ongoing relief... 

Photo of Finance Minister Tito Mboweni
Finance Minister Tito Mboweni

SAPVIA calls for clarity on local content requirements

By: Creamer Media Reporter      28th July 2021 The South African Photovoltaic Industry Association (SAPVIA) is calling for immediate clarity from the Department of Trade, Industry and Competition (DTIC) about its approach to localisation, specifically in the South African solar photovoltaic (PV) sector. The DTIC and the National Treasury have... 

An image of solar PV panels being installed

Biden revives Trump's Africa business initiative; focus on energy, health

By: Reuters     28th July 2021 The Biden administration on Tuesday announced a new push to expand business ties between US companies and Africa, with a focus on clean energy, health, agribusiness and transportation infrastructure on the continent. US industry executives welcomed the interest, but said dollar flows will lag... 

S&P not planning immediate rating actions as a result of civil unrest

By: Donna Slater     27th July 2021 Ratings agency Standard & Poors (S&P) Global Ratings does not expect to take any immediate rating actions in the wake of the mid-July civil unrest that affected KwaZulu-Natal and parts of Gauteng. The unrest, which included widespread looting, violence, vandalism, loss and damage of stock, left... 

Public wage offer becomes done deal with majority of unions on board  

By: News24Wire      27th July 2021 Ending months of adversarial public sector wage talks, a majority of civil servant labour unions have now accepted government's latest offer.  The SA Government News Agency reports that the agreement has now been signed by the South African Democratic Teachers' Union, the National Professional... 

Public Service and Administration Minister Senzo Mchunu
Public Service and Administration Minister Senzo Mchunu

Creecy calls on rich countries to dramatically raise climate finance pledges from $100bn ‘floor’ 

By: Terence Creamer     27th July 2021 Forestry, Fisheries and the Environment Minister Barbara Creecy has called on the developed countries to ensure access to long-term, predictable and affordable climate finance for developing countries. Creecy participated in a July Climate Ministerial meeting hosted in London, in the UK, this... 

Photo of Forestry, Fisheries and the Environment Minister Barbara Creecy
Photo by Creamer Media's Donna Slater
Forestry, Fisheries and the Environment Minister Barbara Creecy

BioNTech project aims to expand malaria vaccine production capacity in Africa

By: Thabi Madiba     27th July 2021 German biotech company BioNTech has announced a project aimed at creating a highly efficacious vaccine to help eradicate malaria, while expanding vaccine production capacity across Africa. BioNTech will develop a first-generation mRNA vaccine using a known antigen, the CSP protein, the clinical... 

BioNTech project aims to expand malaria vaccine production capacity in Africa

Adopting a 1.5°C pathway could accelerate universal energy access in Africa  

By: Terence Creamer     27th July 2021 Africa has a narrow window of opportunity to use its natural resource advantages and relatively low carbon emissions to attract the finance it needs to both accelerate a renewables-based energy transition that is supportive of a sub-1.5°C climate outcome and ensure universal energy access. This... 

Image of sun rising behind wind turbines

KZN govt to support companies that want to rebuild businesses destroyed during unrest

By: Yvonne Silaule     26th July 2021 The KwaZulu-Natal government has committed itself to supporting businesses in rebuilding the premises that were destroyed during the civil unrest earlier this week. Premier Sihle Zikalala at the weekend addressed the media about the economic recovery efforts in the province. 

Busa welcomes easing of restrictions, others caution of damage already done

By: Donna Slater     26th July 2021 President Cyril Ramaphosa’s July 25 address to the nation and the lifting of Covid-19 restrictions from adjusted Alert Level 4, to adjusted Alert Level 3, has been welcomed by Business Unity South Africa (Busa), while the South African Liquor Brandowners Association (Salba) has expressed concern... 

South Africa lifts some coronavirus restrictions after cases drop

By: Reuters     26th July 2021 South Africa on Sunday lifted restrictions on the sale of alcohol on weekdays and the movement of people between provinces as President Cyril Ramaphosa said a third wave of the coronavirus may have peaked. Africa's most industrialised country, which accounts for over a third of total Covid-19... 

South African President Cyril Ramaphosa
President Cyril Ramaphosa

Initiative launched for corporates to 'adopt' riot-affected SMMEs

By: Schalk Burger     23rd July 2021 Women-owned local technology company One Linkage has launched the #RiseUpSA Campaign, which aims to enable corporates to connect with and "adopt" small, medium-sized and microenterprises (SMMEs) that need support following last week's riots and looting. Corporate South Africa is invited to help... 

Insurers advise on claims related to civil unrest

By: Donna Slater     23rd July 2021 Following the looting that took place during the civil unrest of mid-July in KwaZulu-Natal and Gauteng, insurance experts advise that claimants ensure they have proof of damage or loss or destruction of stock, to ensure they are able to submit claims within the 30-day threshold. During a webinar... 

South Africa on track to vaccinate 420 000 people a day by mid-September

By: Marleny Arnoldi     23rd July 2021 Business for South Africa (B4SA) says the 230 000 daily vaccination rate is testament to what business and government can achieve if they work together. B4SA steering committee chairperson Martin Kingston on July 23 presented an update of the private sector’s contribution to the vaccination... 

Venture capital industry survey highlights, tackles pivotal issues

By: Simone Liedtke     23rd July 2021 In 2020, in spite of the ripple effect the Covid-19 pandemic created throughout the global economy, the venture capital (VC) and private equity industry in South Africa surged forward, with 74 South African early-stage fund managers having invested more than R1.3-billion into 122 entities through... 

More municipalities procuring their own power  

23rd July 2021 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the increasing number of big cities and medium-sized municipalities that are looking to either build or procure new electricity capacity. 

Image of Terence Creamer
More municipalities procuring their own power
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