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Economy News

Sasol shareholders approve new R21bn BEE structure

By: Megan van Wyngaardt     17th November 2017 Sasol Khanyisa, a R21-billion broad-based black economic empowerment (BBBEE) ownership structure, has been granted formal approval by Sasol shareholders. “We are delighted with this outcome as it marks a significant milestone in Sasol’s transformation journey. Sasol Khanyisa will be implemented... 

Eskom’s business model is ‘no longer fit for purpose’

By: Terence Creamer     17th November 2017 Organised business made an impassioned plea this week for government to urgently review Eskom’s business model, which it said was “no longer fit for purpose”. In a presentation to the National Energy Regulator of South Africa, business also warned that, in the absence of a holistic view within... 

Eskom’s business model is ‘no longer fit for purpose’
Photo by Duane Daws
Busa VP Martin Kingston

Joburg’s anticorruption unit clamps down on corruption amounting to R16.2bn

By: Natasha Odendaal     17th November 2017 Corruption amounting to R16.2-billion across 2 469 cases, now under investigation, has been uncovered over the past year by the City of Johannesburg’s anticorruption crackdown. Since inception, the Group Forensic and Investigations Department had implemented measures to clamp down on fraud and... 

Joburg’s anticorruption unit clamps down on corruption amounting to R16.2bn
Johannesburg Mayor Herman Mashaba

SA lacking global competitiveness

By: Marleny Arnoldi     17th November 2017 Local legislation, including stringent policy frameworks, continues to prove cumbersome for the South African construction sector, particularly owing to the necessity to conduct socioeconomic- and environmental-impact assessments, as well as obtain approval from the respective government... 

SA lacking global competitiveness
SOCIOECONOMIC BENEFITS Authorities would do well to accelerate the pace of affordable housing delivery, such as Reconstruction and Development Programme housing

SAB entrepreneurship for employment initiative welcomed

     17th November 2017 Business Unity South Africa (Busa) has welcomed South African Breweries (SAB’s) entrepreneurship campaign aimed at enabling South African entrepreneurs to create 10 000 jobs by 2021. 

SAB entrepreneurship for employment initiative welcomed
SAB PROGRAMME The SAB entrepreneurial programme, which provides a package of support, was launched in September

Maintenance programmes crucial for mine cost management

By: Robyn Wilkinson     17th November 2017 In challenging economic times, mining companies are looking to ‘sweat’ their assets, and a key cost management strategy in this endeavour is the implementation of sustainable cost management programmes with structured and proactive maintenance programmes, says mining, materials handling and... 

Maintenance  programmes crucial for mine cost management
UPGRADE AND IMPROVE TAKRAF Africa’s redesign of a bucket-wheel reclaimer features three bolted segments that enable maintenance to be carried out only on the worn parts of the bucket wheel

Construction company awarded R10m residential development contract

By: Simone Liedtke     17th November 2017 Construction company Motheo Infrastructure Contractors will use equipment – such as motor graders, 30 t excavators, compaction equipment and tipper trucks – to the value of about R10-million for its infrastructure contract at the South Hills integrated residential development in Johannesburg,... 

Construction company awarded R10m residential development contract
ARCHIE RUTHERFORD The South Hills project will have a positive impact on the local community

Industry suffers when large companies close down

By: Marleny Arnoldi     17th November 2017 From a global consulting engineers’ perspective, construction industries globally suffer the consequences when large construction companies close down.  

Industry suffers when large companies close down
CHRIS CAMPBELL CESA encourages its consulting engineering member firms to be more involved in business groups that lobby for more political certainty

African models boost construction development

By: Marleny Arnoldi     17th November 2017 Owing to various African countries’ having secured sovereign funding for construction projects that are being planned or in the process of implementation, these countries have the potential to promote rapid gross domestic product (GDP) growth, says consultancy firm WSP.  

African models boost construction development
VISHAAL LUTCHMAN There is a lot more awareness around projects, and legislation, and people are more vocal about the impacts of development projects on their circumstances

Landmark projects help Esor to improve performance in tough market

By: Dylan Slater     17th November 2017 Despite challenging market conditions and a deteriorating market environment for the six months ended August 31, JSE-listed civils and construction group Esor recorded a “significant improvement” in its finances, with profit before tax of R3.1-million, compared with a loss recorded in February.... 

Investment in infrastructure only way to realise integrated Africa dream

By: Schalk Burger     17th November 2017 The inaugural African Roundtable on Infrastructure Governance conference, hosted by the Development Bank of Southern Africa (DBSA) and co-sponsored by the World Bank, saw robust debate among members about the most effective way to overcome infrastructure development bottlenecks and leverage... 

Chubb to sell all its shares in South African business to empowerment consortium

By: Megan van Wyngaardt     16th November 2017 US-owned security company Chubb will sell 100% of its South African business to a black economic empowerment consortium led by Kilimanjaro Capital. The entity will then be rebranded. The move follows the passing of the Private Security Industry Regulation Amendment Bill, which proposes that... 

Gold Brands to mitigate tough economic conditions with unique concepts

By: Megan van Wyngaardt     16th November 2017 While South African franchiser Gold Brands’ revenue for the six months ended August 31 fell 72.6% to R27.6-million year-on-year, owing to losses experienced from store closures incurred by lease expiries, the company’s gross profit margin increased from 30.9% to 47.3%, thanks to a more aligned... 

Small, larger business must join hands to grow economy

By: Megan van Wyngaardt     16th November 2017 South Africa needs more “capitalists with soul” to drive the economy and to allow small business to become more prominent in smaller communities and townships. This was the overall message at the fourth National Small and Medium-Sized and Microenterprise Policy Colloquium, held in Tembisa, on... 

BLSA urges ANC to hold smooth elective conference

By: African News Agency      16th November 2017 Business Leadership South Africa (BLSA) on Thursday urged the ruling African National Congress (ANC) to ensure that it holds a smooth elective conference and respect its outcomes next month, for the sake of the country's prosperity. The ANC will hold its 54th National Conference on 16-20... 

BLSA urges ANC to hold smooth elective conference

Gauteng Dept of Health secures large adjustment in medium-term provincial budget

By: Natasha Odendaal     16th November 2017 The Gauteng Department of Health on Thursday secured the bulk of the adjustments delivered in the Medium-Term Budget Policy Statement and the Adjustment Budget. The total budget of the provincial government increased from R108-billion to R112-billion, with the Department of Health among the... 

Gauteng Dept of Health secures large adjustment in medium-term provincial budget

Ramaphosa urges law enforcement to probe State capture without delay

By: African News Agency      16th November 2017 Deputy President Cyril Ramaphosa on Thursday said South Africa's law enforcement agencies should waste no time in investigating mounting allegations of state capture at the country's parastatals. "The agencies need to pursue all these allegations with equal vigour... it is something the public as... 

Ramaphosa urges law enforcement to probe State capture without delay
Deputy President Cyril Ramaphosa

Standard Bank, ICBC launch programme to spur growth through tourism

By: Anine Kilian     15th November 2017 To further cement trade ties, boost investment flows and encourage tourism between South Africa and China, Standard Bank and the Industrial and Commercial Bank of China (ICBC) have launched the I Go South Africa loyalty programme in partnership with South African Tourism. This initiative, which... 

Shell, AfriForum, TKAG to discuss Karoo fracking

By: Megan van Wyngaardt     15th November 2017 Shell South Africa country chairperson Hloniphizwe Mtolo will meet with civil rights and environmental protection organisations AfriForum and Treasure the Karoo Action Group (TKAG) to discuss environmental, legal and economic concerns over fracking. The groups received an official commitment from... 

Go Life in bid to acquire Brittan Healthcare

By: Megan van Wyngaardt     15th November 2017 AltX-listed Go Life International intends to acquire 100% of the shares and claims in medical device company Brittan Healthcare for R10-million. “Brittan healthcare offers an instant market in the whole of Southern Africa through its own range of products and services and, going forward, through... 

McKinsey not sure who to refund for Eskom fiasco, partner tells parliamentary probe

By: African News Agency      15th November 2017 Global consultancy firm McKinsey stood ready to repay the money it earned from a flawed Eskom deal but did not know where to direct the R1-billion refund, senior partner Dave Fine told the parliamentary inquiry into allegations of state capture at the power utility. “McKinsey does not want... 

McKinsey not sure who to refund for Eskom fiasco, partner tells parliamentary probe
Parliamentary inquiry

Study urges Eskom to accelerate station decommissioning, curtail Kusile to shore up solvency

By: Terence Creamer     15th November 2017 A new study argues that cash-strapped Eskom could make immediate costs savings of up to R17-billion and boost its liquidity, without undermining security of supply, by accelerating the decommissioning of three of its older coal-fired power stations and by halting construction of units 5 and 6 at... 

Study urges Eskom to accelerate station decommissioning, curtail Kusile to shore up solvency
Meridian MD Dr Grové Steyn

Trade conditions remain constrained in October

By: Natasha Odendaal     15th November 2017 The latest South Africa Chamber of Commerce and Industry (Sacci) Trade Conditions Survey shows that trade conditions remain constrained, with the October Trade Activity Index (TAI) still in negative territory at 46. The survey recorded a two-point month-on-month decline and a five-point... 

Economic instability ‘new normal’ in South Africa, can-do attitude persists amid crime wave

By: Megan van Wyngaardt     15th November 2017 Seventy-two per cent of business executives confirmed that turbulence in the local economy over the past six months has affected business operations and decisions, Grant Thornton’s International Business Report (IBR) for the third quarter shows. Referring to economic instability as the “new... 

Economic instability ‘new normal’ in South Africa, can-do attitude persists amid crime wave

South African govt can’t keep track of multiple probes into State rail

By: African News Agency      14th November 2017 There were so many investigations by different service providers into corruption at the Passenger Rail Agency of South Africa (PRASA) that government could not keep track, Transport MInister Joe Maswanganyi told MPs on Tuesday. “There are so many investigations there, some we don’t even know what... 

Unemployment biggest culprit in South Africa’s inequality

By: Megan van Wyngaardt     14th November 2017 Unemployment, and not low formal sector wages, is the biggest cause of inequality in South Africa, economist Mike Schussler argued at a presentation of trade union Uasa’s sixteenth ‘South African Employment Report’, in Johannesburg, on Tuesday. Noting that no other country among the 100 biggest... 

Brown blocked Koko’s suspension, witness tells Eskom probe

By: African News Agency      14th November 2017 Public Enterprises Minister Lynne Brown took instructions from the Gupta brothers and ordered the Eskom board not to suspend Matshela Koko as CEO of the power utility, a witness on Tuesday told the parliamentary inquiry into the company. Khulani Qoma, the now suspended spokesperson for the Eskom... 

Brown blocked Koko’s suspension, witness tells Eskom probe
Photo by Duane Daws
Public Enterprises Minster Lynne Brown

Business expresses concern over Michael Sachs’ resignation

By: Thabi Madiba     14th November 2017 Business Leadership South Africa (BLSA) on Tuesday said it was concerned with the resignation of head of the National Treasury's Budget Office Michael Sachs. Treasury said on Monday that Sachs would not be leaving the department immediately to ensure a proper handover to another senior official... 

Business expresses concern over Michael Sachs’ resignation
Photo by Duane
BLSA CEO Bonang Mohale

South Africa graft watchdog must meet court deadline – SARB

By: Reuters     14th November 2017 South Africa's anti-graft watchdog must meet a high court deadline in a case about the central bank's mandate to avoid creating market instability, the bank said on Monday. Market stability is politically sensitive in South Africa because ratings agencies downgraded the country's debt in April... 

IEA lists South Africa as possible hub for production of ‘green’ hydrogen-rich chemicals, fuels

By: Terence Creamer     14th November 2017 A new International Energy Agency (IEA) report lists South Africa, together with a handful of other territories, as having the potential to tap its abundant solar and wind resources to produce “green” hydrogen-rich chemicals and fuels, such as ammonia and methanol. The insight paper, titled... 

IEA lists South Africa as possible hub for production of ‘green’ hydrogen-rich chemicals, fuels

Ramaphosa proposes a New Deal for South Africa

By: News24Wire      14th November 2017 Deputy President Cyril Ramaphosa on Monday evening said there must be an uncompromising rejection of corruption, patronage, cronyism and wastage. "To those with vested interests in ineffective governance, deliberate misgovernance, hidden deals, the concentration of economic control and unfair... 

Ramaphosa proposes a New Deal for South Africa
Deputy President Cyril Ramaphosa

Eskom admits liquidity is ‘not at desired levels’

By: Terence Creamer     13th November 2017 State-owned electricity producer Eskom acknowledged on Monday that its liquidity levels were “not at the desired levels” and indicated that securing the balance of its funding requirement for the current financial year would depend on addressing pressing governance and leadership issues.... 

Eskom admits liquidity is ‘not at desired levels’
Photo by Duane Daws
Eskom interim CEO Sean Maritz

Corruption Watch says banking heads must roll over Gupta scandal

By: Megan van Wyngaardt     13th November 2017 Transparency International (TI) and Corruption Watch – TI’s chapter in South Africa – have called for a firm approach to be taken to any banks involved in the country’s Gupta scandal. This follows a recent statement in the UK Parliament that has generated widespread speculation that a major... 

BCCEI strengthens negotiation skills through training

By: Megan van Wyngaardt     13th November 2017 To ease local wage negotiations in its industry, the Bargaining Council for the Civil Engineering Industry (BCCEI) has embarked on building strong negotiations through training. As part of this process, members of the National Negotiating Forum (NNF) have been undergoing training courses to... 

Treasury turmoil sends rand to one-year low

By: Reuters     13th November 2017 South Africa's rand tumbled more than 1% and the risk premium on government bonds soared on Monday over news of a top Treasury official resignation, financial woes at the sole power utility and political jostling in the ruling party. A report by a presidential commission that government raise... 

South African commercial aviation activity consolidates modest recovery

By: Keith Campbell     13th November 2017 The Commercial Aviation Association of South Africa (Caasa) reported on Monday that its Aviation Activity Index (Caai) for the third quarter of this year had “consolidated its modest recovery from a disappointing first quarter”. The Caai is a composite index created to provide an indicator of... 

South African commercial aviation activity consolidates modest recovery
Photo by Duane Daws/Creamer Media
Taxi way at OR Tambo International Airport

South African trade set to improve over next two years

By: Megan van Wyngaardt     13th November 2017 Depending on political and economic conditions in the country in the next two years, South Africa’s deal activity is expected to improve, as global economic and political risks ease and positive macroeconomic deal drivers arise, the ‘Global Transactions Forecast’ issued by Baker McKenzie has... 

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