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Economy News

Poultry group seeks to suspend US import quota

By: Reuters     21st August 2018 The South African Poultry Association (SAPA) has filed a legal action to force the government to suspend a quota that excluded imports of US poultry from South Africa's anti-dumping tariff, a senior official with the association said on Tuesday. The decision by SAPA was a response to the Trump... 

No land grabs allowed – ANC assures AgriSA

By: Sashnee Moodley     21st August 2018 Agricultural industry association AgriSA said on Tuesday that it welcomed the African National Congress’s (ANC’s) policy commitments regarding agrarian reform and agricultural property with respect to the ongoing debate on the expropriation of land without compensation. AgriSA and representatives... 

No land grabs allowed – ANC assures AgriSA
AgriSA executive director Omri van Zyl

Survey finds healthcare workers are uninformed about NHI scheme

By: Anine Kilian     21st August 2018 Nearly half of healthcare workers surveyed by the Solidarity Research Institute (SRI) have said they are not well informed about the proposed National Health Insurance (NHI) scheme. Unpacking key findings of its ‘Healthcare Workers’ Knowledge, Insight and Opinion on the Proposed NHI’ report, in... 

SA looking to Equatorial-Guinea, South-Sudan and Algeria for oil

By: African News Agency      21st August 2018 South Africa is looking to Algeria, Equatorial-Guinea and South Sudan for crude oil sources closer to home as the country experiences its highest fuel prices in history, Energy Minister Jeff Radebe said on Tuesday. "We are looking very aggressively to other countries, Equatorial Guinea, Algeria,... 

 SA looking to Equatorial-Guinea, South-Sudan and Algeria for oil
Energy Minister Jeff Radebe

NHI will negatively impact on South Africa’s healthcare systems – Solidarity

By: Anine Kilian     21st August 2018 Trade union Solidarity believes the power of medical services in South Africa will be negatively impacted if government decides to centralise the healthcare system through the National Health Insurance (NHI) Bill. Speaking at a Healthcare Crisis Summit organised by Solidarity, in Pretoria, on... 

AgriSA meeting with the ANC "successful"

By: News24Wire      21st August 2018 AgriSA president Dan Kriek met President Cyril Ramaphosa in Cape Town on Tuesday, while the organisation's CEO, Omri van Zyl, held talks with Deputy President David Mabuza in Johannesburg. The meetings were part of two separate consultation processes: Kriek met Ramaphosa as part of the... 

AgriSA meeting with the ANC
AgriSA President Dan Kriek

Set up special tribunal for officials abusing tender system – State capture inquiry witness

By: News24Wire      21st August 2018 The government's procurement system is intentionally not followed in at least 50% of all tenders, chief procurement officer Willie Mathebula told the commission of inquiry into allegations of State capture on Tuesday. Mathebula has proposed a special tribunal to deal with those who transgress and... 

Set up special tribunal for officials abusing tender system – State capture inquiry witness

Study initiated to assess conversion of Kelvin power station from coal to gas

By: Terence Creamer     21st August 2018 A $1.3-million feasibility study has been initiated into the prospect of converting the coal-fired Kelvin power station, east of Johannesburg, into a 450 MW to 600 MW gas-fired power station. The study will also assess the potential for developing the Kelvin site into a gas distribution hub for... 

Study initiated to assess conversion of Kelvin power station from coal to gas
The Kelvin power station

Treasury slams excess cash on NSFAS books

By: News24Wire      21st August 2018 The National Student Financial Aid Scheme (NSFAS) had R153.8-million more cash left than projected at the end of the 2017/18 financial year, it has emerged. Speaking to Parliament's Standing Committee on Appropriations on Tuesday, Treasury’s deputy director general Dr Mampho Modise explained that... 

 Treasury slams excess cash on NSFAS books

EESE welcomes imminent BBBEE scheme listings

By: Simone Liedtke     21st August 2018 Equity Express Securities Exchange (EESE) on Tuesday welcomed the planned listings of the MultiChoice and Media24 broad-based black economic empowerment (BBBEE) schemes, Phuthuma Nathi and Welkom Yizani, in October. These listings will include Phuthuma Nathi Investments, Phuthuma Nathi... 

EESE welcomes imminent BBBEE scheme listings
Equity Express Securities Exchange (EESE) CEO Anthony Wilmot

Sanral bears brunt of lack of government clarity on e-tolls

By: News24Wire      21st August 2018 The South African National Roads Agency (Sanral) has collected R5.6-billion less in e-toll fees than budgeted mostly because there is no clarity from government about the future of the system, Parliament has heard. Briefing the Standing Committee on Appropriations on Tuesday, Treasury’s deputy... 

 Sanral bears brunt of lack of government clarity on e-tolls

Proudly South African launches online shopping site in boost for Buy Local campaign

By: Marleny Arnoldi     21st August 2018 Proudly South African (Proudly SA) and RSA Made on Tuesday launched an online shopping site, www.rsamade.co.za, which sells only locally made items. The site forms part of Proudly SA’s Buy Local advocacy campaign, and looks to grow Proudly SA’s members’ share of the burgeoning market that is... 

Fear rules Sars, Nugent inquiry hears

By: News24Wire      21st August 2018 A climate of fear has engulfed the South African Revenue Service (Sars) to the point that some staff members are afraid to come forward to give evidence to the Nugent Commission, which is probing tax administration and governance issues at the revenue service. This revelation came out at the... 

 Fear rules Sars, Nugent inquiry hears

Land Bank says land expropriation could trigger default

By: Reuters     21st August 2018 South Africa's State-owned Land Bank said on Monday a plan to allow the State to seize land without compensation could trigger defaults that could cost the government R41-billion rand if the bank's rights as a creditor are not protected. Land Bank is a specialist bank providing financial services... 

 Land Bank says land expropriation could trigger default

Amendment of Constitution will accelerate land reform – Ramaphosa

By: News24Wire      21st August 2018 President Cyril Ramaphosa has said that the interpretation of section 25 of the Constitution which relates to land expropriation must be made explicitly clear to enable the speeding up of land reform processes. Giving the keynote address at the African Farmers' Association of South Africa's... 

Amendment of Constitution will accelerate land reform – Ramaphosa
President Cyril Ramaphosa

Mint Directors Conference to reach South African shores in 2020

By: Simone Liedtke     20th August 2018 The biennial Mint Directors Conference (MDC) will return to South African shores in 2020, says South African Reserve Bank (SARB) subsidiary, the South African (SA) Mint. The event, which is expected to attract more than 300 guests, will be held in both Cape Town and Pretoria, in April 2020. 

Mint Directors Conference to reach South African shores in 2020
The baton was passed on to the South African Mint by the Korea Minting and Security Printing & ID Card Operating Corporation (Komsco), which hosted the conference this year in Seoul

Transnet results eclipsed by irregular expenditure, qualified audit and State capture

By: Terence Creamer     20th August 2018 A surge in irregular expenditure to over R8-billion triggered a qualification of Transnet’s 2018 financial results, all but eclipsing an otherwise strong financial and operational performance by the State-owned group. The irregular expenditure related primarily to procurement undertaken by... 

Transnet results eclipsed by irregular expenditure, qualified audit and State capture

Finance ministers fired by Zuma to testify at State capture inquiry

By: News24Wire      20th August 2018 Two of the finance ministers who Jacob Zuma fired during his time as South Africa's president are expected to testify at the State capture commission of inquiry. Head of legal services, Paul Pretorius SC, told the commission that current Public Enterprises Minister Pravin Gordhan and current... 

Finance ministers fired by Zuma to testify at State capture inquiry
Finance Minister Nhlanhla Nene

M&R announces new appointments for underground mining platform

By: Simone Liedtke     20th August 2018 Mike da Costa was appointed CEO of Murray & Robert’s (M&R’s) global underground mining platform, effective August 1, mining contracting company M&R Cementation reported on Monday. The M&R underground mining platform covers six continents and its service offering spans the project value chain... 

Zondo appeals to South Africans to bring evidence on State capture

By: African News Agency      20th August 2018 The chairperson of the commission of inquiry probing allegations of corruption and State capture, Deputy Chief Justice Raymond Zondo on Monday appealed to South Africans to come forward with any information and evidence they think might help the commission in its investigation. Zondo opened the... 

 Zondo appeals to South Africans to bring evidence on State capture
Photo by Reuters
Deputy Chief Justice Raymond Zondo

ANC, AgriSA to meet over expropriation, economy

By: News24Wire      20th August 2018 The ANC and AgriSA, the country’s largest representative body of commercial farmers, will meet on Tuesday to discuss the heated issue of expropriation without compensation. This follows months of uncertainty in the agricultural sector and the broader economy after the ANC’s initial decision to... 

State capture inquiry gets underway in Johannesburg

By: African News Agency      20th August 2018 The judicial commission of inquiry into alleged capture of the South African State and its entities, referred to as ''State capture'', is set to begin on Monday in Johannesburg. At the centre of the hearings are the fugitive Gupta family, who have since left the country as allegations of... 

State capture inquiry gets underway in Johannesburg
Deputy Chief Justice Raymond Zondo

Get your house in order, MPs tell Transnet

By: Reuters     17th August 2018 Parliament's watchdog on public account on Friday said it had instructed the Transnet board and management to curb graft at the State-owned company. "The Standing Committee on Public Accounts (Scopa) has told the Transnet Board and management to stop the looting because the business is able to... 

BBBEE Commission to host first Women Empowerment Conference

By: Simone Liedtke     17th August 2018 The Broad-Based Black Economic Empowerment (BBBEE) Commission will host its first Women Empowerment Conference, in Pretoria, on August 24. The conference, held under the theme ‘Advancing Women Economic Empowerment through the BBBEE Act’, will be addressed by Trade and Industry Minister Dr Rob... 

Leftists rattle rand with plan to nationalise South Africa's SARB

By: Reuters     17th August 2018 Opposition firebrand Julius Malema introduced a bill to nationalise South Africa's central bank, raising pressure on the ruling ANC to go through with a plan it shelved this year and rattling markets wary of threats to the institution's independence. The rand fell more than 1 percent overnight... 

Biofuels unviable alternative in South Africa – expert

By: Paige Müller     17th August 2018 Owing to biofuels being too expensive to manufacture, University of the Witwatersrand (Wits) Business School Energy Leadership Centre director Dr Rod Crompton says this makes them a commercially unviable energy source. He tells Engineering News that, despite the fact that global renewable-energy... 

Biofuels unviable alternative  in South Africa – expert
Photo by Creamer Media
ENERGY LEADERSHIP CENTRE The University of the Witwatersrand launched the Energy Leadership Centre to equip Africa’s energy industry for future technological advancements

Wave of innovation for infrastructure development

By: Donald Makhafola     17th August 2018 With business spend in Africa predicted to grow from $2.6-trillion in 2015 to $3.5-trillion by 2025, wholly black-owned construction group Concor Construction believes that this trend will redefine urban areas and cities, triggering the need for rapid infrastructure development and services.... 

Wave of innovation for  infrastructure development
COLLABORATION Concor Construction wants to work with governments and municipalities to meet their mandates for infrastructure delivery

Investors looking for viable infrastructure projects in Africa

By: Donald Makhafola     17th August 2018 There is investor appetite for well-structured infrastructure projects on the continent, but investors need clarity from governments on regulations and the various projects earmarked for development, says specialist banking company Investec Bank head of power and infrastructure finance... 

Investors looking for  viable infrastructure  projects in Africa
INVESTING IN INFRASTRUCTURE Investec Bank is considering investment in renewable energy, water desalination and treatment projects, transportation infrastructure and speciality buildings

Ramaphosa launches commission of inquiry into PIC

By: African News Agency      16th August 2018 President Cyril Ramaphosa will appoint a commission of inquiry to investigate the scandal-plagued Public Investment Corporation (PIC), it was announced on Thursday afternoon. The PIC invests government pensions and handles assets worth about R1.928-trillion. It is one of the biggest known funds... 

SA Express airline cleared to fly again

By: Rebecca Campbell     16th August 2018 Small, State-owned South African airline SA Express confirmed on Thursday that it would restart its operations on August 23. This announcement followed a statement by Public Enterprises Minister Pravin Gordhan to Parliament’s Portfolio Committee on Public Enterprises on Wednesday that the carrier... 

SA Express airline cleared to fly again
Photo by SA Express
A Bombardier CRJ700 of SA Express

Hawks investigate cases related to Gupta-loot worth more than R40bn

By: News24Wire      16th August 2018 The Hawks are investigating cases related to the Guptas' state capture project that involves more than R40 billion which has been plundered from state coffers. Lieutenant General Godfrey Lebeya presented the Hawks' progress in several cases of state capture to the Portfolio Committee on Police on... 

Parliament considers tougher anti-smoking Bill

By: Reuters     16th August 2018 A Bill that would toughen anti-smoking legislation in South Africa has been submitted to Parliament for review by lawmakers, a health ministry spokesman said on Wednesday, as a campaign against the proposed changes intensifies. The Control of Tobacco Products and Electronic Delivery Systems Bill... 

Transnet signals intention to suspend CEO Gama

By: African News Agency      16th August 2018 The Transnet board has served notice on CEO Siyabonga Gama and two other top senior officials that it intends to place them on precautionary suspension. Chief procurement officer Thamsanqa Jiyana and supply chain manager Lindiwe Mdletshe also received letters on Wednesday. 

Transnet signals intention to suspend CEO Gama
Photo by Creamer Media
Transnet CEO Siyabonga Gama

ANC chairperson wants state to seize land from those with over 12 000 ha

By: Reuters     15th August 2018 National Chairperson of the African National Congress (ANC) Gwede Mantashe gestures at the end of the 54th National Conference of the ruling ANC at the Nasrec Expo Centre in Johannesburg, South Africa, December 21, 2017. REUTERS/Siphiwe Sibeko JOHANNESBURG (Reuters) - The chairman of South... 

Rand slumps as Moody's says fiscal consolidation slows

By: Reuters     15th August 2018 The rand slumped on Wednesday as ratings agency Moody's warned that the pace of fiscal consolidation in Africa's most industrialised economy had slowed. Moody's is the only one of the "big three" ratings agencies which still has South Africa's sovereign rating in investment grade, so any hint... 

Gordhan announces whistleblower hotline to boost fight against corruption

By: News24Wire      15th August 2018 Stabilising State-owned enterprises could take six months or longer, depending on the extent of corruption, said Public Enterprises Minister Pravin Gordhan. The minister on Wednesday briefed the portfolio committee on public enterprises on the progress made in addressing governance challenges at... 

Gordhan announces whistleblower hotline to boost fight against corruption
Photo by Dylan Slater
Public Enterprises Minister Pravin Gordhan

SA Express flights to take off next week – Gordhan

By: News24Wire      15th August 2018 Grounded SA Express will be ready to take off next week, said Public Enterprises Minister Pravin Gordhan. He was briefing the portfolio committee on public enterprises in Parliament on Wednesday, on the progress made in addressing governance challenges at various state-owned enterprises. Speaking... 

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