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Macro and Micro News

Struggle activist Andrew Mlangeni dies

By: Sashnee Moodley     22nd July 2020 Anti-apartheid struggle icon and the last surviving Rivonia trialist Andrew Mlangeni has died at age 95. Mlangeni was admitted to hospital on Tuesday evening with abdominal pains. 

April economic activity suffered record collapse, worse than global financial crisis - Reserve Bank data

By: News24Wire      22nd July 2020 South Africa's GDP contraction could be the worst on record – outdoing that of the global financial crisis of 2008, according to Investec chief economist Annabel Bishop. In a note on the latest business cycle indicators issued by the Reserve Bank on Tuesday, Bishop highlighted that the... 

April economic activity suffered record collapse, worse than global financial crisis - Reserve Bank data

Bid documentation for 2 000 MW of emergency power by ‘end July, early August’ 

By: Terence Creamer     21st July 2020 Bid documentation for the procurement of 2 000 MW of “emergency” power to address an immediate supply shortfall that is making South Africa vulnerable to ongoing load-shedding will be released to the market by the end of July or early August at the latest, Minister Mmamoloko Kubayi-Ngubane told... 

Bid documentation for 2 000 MW of emergency power by ‘end July, early August’
Tourism Minister Mamaloko Kubayi-Ngubane delivered the Budget Vote address on behalf of Mineral Resources and Energy Minister Gwede Mantashe, who has been hospitalised for Covid-19

AfDB says $400m loan for LNG project in line with Moz country strategy

By: Terence Creamer     21st July 2020 African Development Bank (AfDB) is the latest financial institution to confirm funding for the $20-billion Mozambique Liquefied Natural Gas (LNG) project, which is being developed by a Total-led consortium in northern Mozambique. In a statement, the development finance institution announced that... 

Creecy moves ahead with plan to declare coal and gold towns as renewables zones 

By: Terence Creamer     21st July 2020 Environment, Forestry and Fisheries Minister Barbara Creecy has called for public comment on government’s intention to add three more Renewable Energy Development Zones (REDZs) to the eight that have already been proclaimed for the purpose. Renewable-energy projects located within the boundaries... 

Creecy moves ahead with plan to declare coal and gold towns as renewables zones

Mboweni says he has no plan to use emergency powers to fund SAA 

By: African News Agency      21st July 2020 Finance Minister Tito Mboweni has said in court papers that he has taken no decision to use emergency powers to avail money from the National Reserves Fund to South African Airways to bankroll its business rescue plan. Mboweni, in an affidavit submitted in response to an urgent court application... 

 Mboweni says he has no plan to use emergency powers to fund SAA

Run-of-river hydropower partnership extended to Burundi projects

By: Terence Creamer     21st July 2020 Africa-focused independent power producer Tembo Power has announced that its strategic partnership with WK Construction has been extended to the 7.5 MW Dama and 12 MW Siguvyaye run-of-river hydropower projects located in the south-west region of Burundi. WK Construction is already the preferred... 

Run-of-river hydropower partnership extended to Burundi projects
The Kaptis project site in Kenya

DBSA confirms financing of $120m for giant Mozambique LNG project

By: Terence Creamer     21st July 2020 South Africa’s State-owned Development Bank of Southern Africa (DBSA) has confirmed financing of $120-million for the $20-billion-plus liquefied natural gas (LNG) project being developed by a Total-led consortium in northern Mozambique. On July 17, Total announced the signing of a $14.9-billion... 

DBSA confirms financing of $120m for giant Mozambique LNG project

Nxesi, Mantashe admitted to hospital after testing positive for Covid-19

By: Tasneem Bulbulia     21st July 2020 Employment and Labour Minister Thulas Nxesi and Mineral Resources and Energy Minister Gwede Mantashe have both been admitted to hospital after having tested positive for Covid-19. Both Ministers tested positive about a week ago. Mantashe's wife Nolwandle has also tested positive for Covid-19 and... 

Nxesi, Mantashe admitted to hospital after testing positive for Covid-19
Mineral Resources and Energy Minister Gwede Mantashe

Mboweni wants DA to provide 'evidence' for SAA bailout allegations

By: News24Wire      20th July 2020 Finance Minister Tito Mboweni has hit back at claims by the Democratic Alliance (DA) that National Treasury plans to extend a bailout to help fund the business rescue process of flag carrier South African Airways (SAA). This after the main opposition party announced on Friday that it had filed an... 

Mboweni wants DA to provide 'evidence' for SAA bailout allegations
Finance Minister Tito Mboweni

TIPS Paper: A case for water and sanitation in South Africa’s post-lockdown economic recovery stimulus package

By: Creamer Media Reporter      17th July 2020 In this working paper, research organisation Trade & Industrial Policy Strategies discusses the need for South Africa to deal with the country's water and sanitation challenges while stimulating the economy. As South Africa responds to Covid-19 and aims to stimulate the economy and job creation... 

DA files urgent court application to interdict govt bailout for SAA 

By: News24Wire      17th July 2020 The Democratic Alliance said on Friday it had filed an urgent interdict application at the Pretoria division of the high court to stop the bailout of South African Airways. Finance Minister Tito Mboweni and Public Enterprises Minister Pravin Gordhan have committed the government to making... 

 DA files urgent court application to interdict govt bailout for SAA

Standard Bank signs $485m financing deal for mega Mozambique gas project 

By: Terence Creamer     17th July 2020 South African banking group Standard Bank confirmed on July 17 that it would contribute $485-million (over R8-billion) in debt finance to the $20-billion Mozambique Liquefied Natural Gas (LNG) project, being developed by a Total-led consortium in northern Mozambique. Standard Bank oil and gas... 

Standard Bank signs $485m financing deal for mega Mozambique gas project

Lockdown: The rejected R1.135bn taxi relief fund is 'safe' in govt coffers, says Mbalula

By: News24Wire      17th July 2020 The R1.135-billion government relief fund rejected by the taxi industry is "safe" in government coffers. Transport Minister Fikile Mbalula told the nation that the rejected funds were with his department and that there were no plans to send them back to National Treasury. 

Lockdown: The rejected R1.135bn taxi relief fund is 'safe' in govt coffers, says Mbalula
Transport Minister Fikile Mbalula

Mantashe agrees to creation of engagement forum with renewables stakeholders 

By: Terence Creamer     16th July 2020 Mineral Resources and Energy Minister Gwede Mantashe met with renewable-energy stakeholders on Thursday in an effort to build trust, improve communication and reduce obstacles to the roll-out of renewable energy in South Africa. The virtual meeting proceeded despite the fact that the Minister had... 

Mantashe agrees to creation of engagement forum with renewables stakeholders
Photo by Creamer Media's Donna Slater
Mineral Resources and Energy Minister Gwede Mantashe

Global mayors put social, climate wellbeing at the forefront of crises recovery

By: Marleny Arnoldi     16th July 2020 Mayors representing the Global Mayors Covid-19 Recovery Task Force held a press conference on July 15 to release a detailed agenda that outlines specific measures and principles that are necessary for a sustainable and equitable recovery that addresses the immediate pandemic, as well as ensures... 

South Africa extends its longest slump since 1945

By: Bloomberg     16th July 2020 The South African economy extended its longest downward cycle since 1945 as restrictions to curb the spread of the coronavirus weighed on output and are set to hurt household finances even more. The economy entered the 80th month of a weakening cycle in July, according to data in the Reserve... 

South Africa extends its longest slump since 1945

Move Eskom debt to State balance sheet, says ex-Goldman head 

By: Bloomberg     16th July 2020 South Africa can fix the balance sheet of its loss-making power utility by transferring its guaranteed debt to the government’s balance sheet, according to the former chief executive officer of Goldman Sachs Group Inc. in sub-Saharan Africa. Seen as the biggest risk to the nation’s economy, Eskom... 

Move Eskom debt to State balance sheet, says ex-Goldman head

Load-shedding returns 

16th July 2020 Creamer Media's Chanel de Bruyn speaks to Creamer Media Editor Terence Creamer about the return of load-shedding, what Eskom is doing to address the situation and how South Africa can move beyond the cycle of power disruptions. 

Load-shedding returns
Load-shedding returns

Virtual event to showcase opportunities arising from mega Moz gas projects 

By: Terence Creamer     16th July 2020 A virtual event is being planned for early August to expose South African companies to the opportunities that are likely to arise directly from the mega-scale liquefied natural gas (LNG) projects that are starting to take shape in northern Mozambique, as well as various associated projects,... 

Virtual event to showcase opportunities arising from mega Moz gas projects

Gordhan, Mboweni commit in letter to obtain funding for SAA

By: News24Wire      16th July 2020 In a letter sent to the business rescue practitioners of South African Airways (SAA) late on Wednesday evening, Minister of Public Enterprises Pravin Gordhan and Finance Minister Tito Mboweni have committed to obtain funding for the State-owned airline's short, medium and long-term requirements.... 

Gordhan, Mboweni commit in letter to obtain funding for SAA
Public Enterprises Minister Pravin Gordhan

Technical experts from Germany flown in to assist Eskom, help German businesses in SA

By: News24Wire      16th July 2020 A team of German technical experts is expected to touch down in South Africa on Thursday to provide essential services to local German businesses and local entities, such as embattled Eskom.  This agreement is the result of close cooperation between International Relations and Cooperation... 

Technical experts from Germany flown in to assist Eskom, help German businesses in SA

South Africa a ‘ticking time bomb’, says Master Builders' John Matthews

By: Simone Liedtke     15th July 2020 South Africa is a “ticking time bomb” as the entire economy has gridlocked owing to the Covid-19 pandemic, which Master Builders South Africa president John Matthews laments presents a huge challenge. The construction and built environment industry is not expected to survive should the provision... 

South Africa's failure to lower debt could trigger downgrade - Fitch 

By: Reuters     15th July 2020 A failure by South Africa to lower public debt risks triggering credit downgrades deeper into subinvestment, Fitch said on Wednesday. Debt in Africa's most industrialized economy is set to breach 80% of gross domestic product next year as the government borrows more to bring the coronavirus... 

Medium-term M&A forecast looks brighter, says Baker McKenzie

By: Marleny Arnoldi     15th July 2020 Law firm Baker McKenzie says merger and acquisition (M&A) activity decreased across Africa in the first half of this year in terms of volume and value, with some exceptions in Nigeria. Going forward, dark clouds also remain over the M&A market on the continent in the short term, with economic... 

B4SA economic recovery plan calls for R3.4tr

By: Marleny Arnoldi     15th July 2020 Business Leadership South Africa (BLSA) has extended its unwavering support to Business for South Africa (B4SA), after B4SA last week presented its economic recovery strategy document to council members of the BLSA. BLSA and B4SA discussed how best to implement the proposed strategies in... 

Suggestion that SA can spend its way out of low growth is misguided – Mboweni

By: African News Agency      15th July 2020 The suggestion that increased government spending is a solution to South Africa's persistently low economic growth is inconsistent with existing empirical evidence, Finance Minister Tito Mboweni has said. In a column published in the Business Day newspaper, Mboweni said the argument also ignores... 

 Suggestion that SA can spend its way out of low growth is misguided – Mboweni
Finance Minister Tito Mboweni

Inflation falls to lowest level in nearly 16 years

By: News24Wire      15th July 2020 Annual consumer inflation for May eased to 2.1%, the lowest reading recorded since September 2004. By comparison, inflation in April registered at 3% according to Stats SA. "If we are correct, this print will register as the lowest year-on-year change since September 2004," FNB economists said in... 

 Inflation falls to lowest level in nearly 16 years

South Africa's Mantashe tests positive for Covid

By: News24Wire      15th July 2020 The Minister of Mineral Resources and Energy, Gwede Mantashe, and his wife, Nolwandle Mantashe, have tested positive for Covid-19. According to a statement by the Presidency, Mantashe and his wife received their test results earlier on Tuesday.  

South Africa's Mantashe tests positive for Covid
Mineral Resources and Energy Minster Gwede Mantashe

World economy post Covid-19 to see greater focus on resilience, sustainability

By: Schalk Burger     14th July 2020 The world economy will post the Covid-19 pandemic see significant changes to its structure in order to improve its resilience and sustainability, with a much more pronounced focus on environmental, societal and good governance metrics in public and private projects to help businesses, economies... 

Pilots trying to squeeze SAA dry, says government ahead of crucial creditors vote

By: News24Wire      14th July 2020 The Department of Public Enterprises (DPE) has accused the South African Airways Pilots Association (SAAPA) of trying "to squeeze the last resources out" of South African Airways ahead of a crucial vote by creditors of the airline on a proposed business rescue plan, scheduled for Tuesday. A vote... 

Pilots trying to squeeze SAA dry, says government ahead of crucial creditors vote

TIPS Tracker: The economy and the pandemic

By: Creamer Media Reporter      13th July 2020 Trade and Industrial Policy Strategies' (TIPS's) 'Tracker: The economy and the pandemic' highlights important trends in the Covid-19 pandemic in South Africa and how they affect the economy. Daily growth in reported new cases has exceeded 7% a day in Gauteng, KwaZulu-Natal and the North West, and... 

Samsung South Africa launches new equity equivalent investment programme initiatives

By: Simone Liedtke     13th July 2020 Samsung South Africa has announced its Equity Equivalent Investment Programme (EEIP) plans, which are aimed at empowering previously disadvantaged South Africans, with a focus on women and youth in the information and communications technology (ICT) sector. The programme initiatives are set to... 

Private sector investment, confidence ‘the only way’ out of Covid-19 crisis, says BLSA’s Mavuso

By: Simone Liedtke     13th July 2020 Driving private sector investment and confidence has been touted as “the only way” out of the Covid-19 crisis, following the release of Business for South Africa’s (B4SA’s) proposals for an accelerated economic recovery for South Africa. Along with these “bold fightback measures”, Business... 

Ramaphosa announces ban on sale of alcohol, nationwide curfew returns

By: African News Agency      12th July 2020 As South Africa heads towards a peak in coronavirus (Covid-19) infections, President Cyril Ramaphosa has announced that the sale of alcohol across the country will be suspended and a nationwide curfew will be re-instituted.  “As we head towards the peak of infections, it is vital that we do not... 

Ramaphosa announces ban on sale of alcohol, nationwide curfew returns

Infrastructure at core of business’ R3.4-trillion economic recovery proposal  

By: Terence Creamer     10th July 2020 Business for South Africa released an economic recovery strategy paper on July 10 that includes a list of 12 priority initiatives, many infrastructure-related, which the formation argues could bolster gross domestic product by R1-trillion, create up to 1.5-million jobs and increase yearly tax... 

Infrastructure at core of business’ R3.4-trillion economic recovery proposal
B4SA paper says green-economy investments should be accelerated as part of infrastructure-led recovery

Tribunal confirms three more consent agreements related to excessive pricing

By: Simone Liedtke     10th July 2020 The Competition Tribunal has confirmed three more consent agreements relating to Covid-19 excessive pricing complaints. The Competition Commission had concluded the consent agreements with the three firms after receiving and investigating complaints from the public. 

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