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Economy News

Location a key discussion point as Saudi Aramco mulls South African refinery investment

By: Terence Creamer     18th January 2019 “Location, location, location,” South Africa’s Minister Jeff Radebe quipped on Friday after a meeting with his Saudi counterpart, Khalid Al-Falih, where it was agreed that Saudi Aramco and the Central Energy Fund (CEF) would jointly study a plan for a new oil refinery and petrochemical investment... 

Radebe insists IRP to be approved soon, amid Nedlac uncertainty 

By: Terence Creamer     18th January 2019 Energy Minister Jeff Radebe has reiterated that Cabinet could soon approve the long-awaited update to South Africa’s Integrated Resource Plan (IRP) for electricity, despite persistent suggestions that National Economic Development and Labour Council (Nedlac) sign-off of the document is still... 

Radebe insists IRP to be approved soon, amid Nedlac uncertainty

President signs into law three 2018 tax Bills

By: Tasneem Bulbulia     18th January 2019 President Cyril Ramaphosa has signed into law three 2018 tax Bills that give legislative effect to the tax proposals announced by former Finance Minister Malusi Gigaba in his yearly National Budget Speech on February 21, 2018, the National Treasury announced in a statement on Friday. These are... 

Policy uncertainty index remains in negative territory – NWU

By: Tasneem Bulbulia     18th January 2019 The North West University (NWU) Business Schools’ Policy Uncertainty Index (PUI) remained in negative territory in the fourth quarter of 2018. The business school noted that the country’s economy had moved out of recessionary territory, but that economic recovery was slow and patchy. 

Eskom faces coal supply shortfall, long term contracts coming to an end – manager

By: African News Agency      18th January 2019 State-owned electricity utility Eskom is grappling with a coal supply shortfall at several power stations with long term contracts coming to an end, a senior company executive has said. South Africa is also experiencing lack of new mining investments in large scale coal mines and execution of... 

Eskom faces coal supply shortfall, long term contracts coming to an end – manager

No pleasantries as KZN consumers challenge Eskom’s proposed tariff increase

By: African News Agency      18th January 2019 Instead of granting increases to Eskom’s “fat cats”, the state-owned energy supplier should be told to reclaim money stolen through corruption, representatives from the National Energy Regulator of South Africa (Nersa) were told on Thursday. “We propose a radical shift in how electricity is... 

South Africa’s electricity sector 

18th January 2019 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about Eskom’s latest tariff applications, its debt burden and what South Africa needs to ensure the future sustainability of its electricity supply. 

South Africa’s electricity sector
South Africa’s electricity sector

New board has important issues to consider regarding Necsa

By: Rebecca Campbell     18th January 2019 Major decisions are going to have to be taken about the future of the South African Nuclear Energy Corporation (Necsa), new Necsa Board Chairperson Dr Rob Adam has old “Engineering News”. A totally new Board for the corporation was announced by the Government on December 6, the new Board’s term... 

African entities urged to be proactive in growing the continent's economies  

By: Tasneem Bulbulia     17th January 2019 Africa is sitting on the financial periphery and the onus is on entities on the continent to take proactive measures to grow countries’ economies and drive market reforms, Deloitte Africa Emerging Markets MD Dr Martyn Davies said on Thursday. Speaking at the Deloitte Africa in 2019 Outlook... 

African entities urged to be proactive in growing the continent's economies
Deloitte Africa Emerging Markets MD Dr Martyn Davies outlines the strategy African entities should take this year to bolster economies on the continent. Video and editing: Nicholas Boyd.

SARB holds rate as CPI outlook improves 

By: Reuters     17th January 2019 South Africa's central bank kept its benchmark repo rate unchanged as expected at 6.75% on Thursday, saying it had taken note of an improvement in the near-term inflation outlook. Governor Lesetja Kganyago said a significant drop in international oil prices and a less depreciated rand exchange... 

SARB holds rate as CPI outlook improves

Tulisa cleared of cable price-fixing charges

By: Marleny Arnoldi     17th January 2019 The Competition Tribunal has dismissed a case of price fixing against power cable manufacturer Tulisa, after finding that there was insufficient evidence to show the company had been part of a cartel that had allegedly sought to fix the price of power cables from 2001 to 2010. At the time of... 

Transnet to pursue ‘just and equitable’ settlements with rail OEMs awarded ‘unlawful’ contracts 

By: Terence Creamer     17th January 2019 Having determined the procurement of 1 064 diesel and electric locomotives to be “irregular and unlawful”, Transnet has communicated its intention to review contracts awarded to four original equipment manufacturers (OEMs) in 2015. The State-owned freight logistics group has also indicated that... 

Transnet to pursue ‘just and equitable’ settlements with rail OEMs awarded ‘unlawful’ contracts
Photo by Dylan Slater
Transnet chairperson Dr Popo Molefe

Agrizzi shows inquiry video of Bosasa bosses counting money for ACSA tender bribe

By: African News Agency      17th January 2019 Former Bosasa chief operating officer Angelo Agrizzi on Thursday showed the commission probing state capture a video in which businessman Gavin Watson counted money allegedly used to pay a bribe to secure a R14 million a month contract from the Airports Company of South Africa (ACSA). Continuing... 

Popo Molefe says new board found 'horror show' at Transnet

By: News24Wire      17th January 2019 State-owned freight rail company Transnet has issued summons to former top executives it says are implicated in financial mismanagement with a view of recouping some of the squandered money. Popo Molefe, chair of the Transnet board, said on Thursday morning at a media briefing that civil claims... 

Popo Molefe says new board found 'horror show' at Transnet
Photo by Dylan Slater
Transnet board chairperson Popo Molefe

SARB expected to keep rates steady after November hike

By: African News Agency      17th January 2019 South Africa's central bank is likely to keep its benchmark repo rate unchanged on Thursday after raising it by 25 basis points last November to stem inflation central bank expected to keep rates steady after November hikepressures.central bank expected to keep rates steady after November hike... 

SARB expected to keep rates steady after November hike

Transnet issues summons to top former execs

By: News24Wire      17th January 2019 Transnet says it has issued summons to former top executives implicated in financial mismanagement with a view of recouping some of the squandered money.  Popo Molefe, chair of the Transnet board, was on Thursday giving the media an update on the operational status of the State-owned freight rail... 

Transnet issues summons to top former execs

Team SA to demonstrate country’s ‘stronger footing’ at this year’s WEF  

By: Tasneem Bulbulia     16th January 2019 Team South Africa will be taking a unified approach to this year’s edition of the World Economic Forum (WEF) and will convey the message that the country is on a stronger footing than it was last year, President Cyril Ramaphosa said during a pre-WEF breakfast, in Rosebank, on Wednesday. The... 

Team SA to demonstrate country’s ‘stronger footing’ at this year’s WEF
Photo by Creamer Media
President Cyril Ramaphosa

Corruption, weak governance hinders sub-Saharan Africa’s economic growth – IMF

By: Marleny Arnoldi     16th January 2019 Countries in sub-Saharan Africa could strengthen their economic performance by improving governance and reducing corruption, a working paper published by the International Monetary Fund (IMF) has found. The paper, titled ‘A Governance Dividend for Sub-Saharan Africa?’ stated that countries in... 

Optimum, Koornfontein preliminary business rescue plan to be submitted for creditor approval next week 

By: Marleny Arnoldi     16th January 2019 Legal adviser Bouwer van Niekerk expects to have a preliminary business rescue plan for Optimum Coal Mine and Koornfontein Mine submitted for creditor approval by the end of next week, he confirmed to Mining Weekly Online on Wednesday. The mines’ business rescue practitioners (BRPs) have been... 

Optimum, Koornfontein preliminary business rescue plan to be submitted for creditor approval next week

Brexit pushes UK to brink as government fights to survive

By: Bloomberg     16th January 2019 The UK stands at its most dangerous crossroads in decades after Parliament emphatically rejected Theresa May’s Brexit deal and left her facing an uncomfortable vote to oust her government. The humiliating defeat on Tuesday evening, the biggest for any government in modern history, leaves May’s... 

Key African central banks to hold rates on inflation, oil prices

By: Bloomberg     16th January 2019 Africa’s key central banks are expected to hold benchmark interest rates at their first meetings of the year – albeit for different reasons. While the drop in oil prices could give South African and Kenyan policy makers room to hold off on further rate increases, currency pressures could keep the... 

Ramaphosa says Eskom challenges are being addressed

By: African News Agency      16th January 2019 President Cyril Ramaphosa on Wednesday said that government was taking necessary steps to address challenges faced by Eskom as it remained an albatross around the country's neck. Ramaphosa was speaking at a breakfast meeting with TeamSA.  

 Ramaphosa says Eskom challenges are being addressed
President Cyril Ramaphosa

ANC will not tamper with central bank's independence – Ramaphosa

By: Reuters     16th January 2019 South Africa's ruling African National Congress has no intention to tinker with the independence of the Reserve Bank, President Cyril Ramaphosa said on Wednesday, after the party said the central bank should broaden its focus to boost employment and economic growth. "There is no intention... 

ANC will not tamper with central bank's independence – Ramaphosa
President Cyril Ramaphosa

SAA appoints former prosecution chief to its group executive 

By: Rebecca Campbell     15th January 2019 Embattled State-owned flag-carrier South African Airways (SAA) announced on Tuesday that Advocate Vusi Pikoli had been appointed as the airline’s Chief Risk and Compliance Officer. He will take up the post on February 1. Pikoli is currently an advisor to the Minister of State Security. He was,... 

AA predicts another fuel price drop for February

By: News24Wire      15th January 2019 The Automobile Association (AA) said on Tuesday that the fuel price would likely fall in February, based on unaudited mid-month fuel price data released by the Central Energy Fund. The AA said the projected drop in the price of petrol, diesel and illuminating paraffin was due to international oil... 

 AA predicts another fuel price drop for February

'Find it in your heart, Eskom' – public's pleas on 'unbearable' tariff hikes  

By: News24Wire      15th January 2019 Granting power utility Eskom the 15% annual tariff hike it has asked for will only add pressure to already struggling households, the National Energy Regulator of South Africa (Nersa) heard on the second day of public hearings.  The energy regulator, which sets prices and tariffs for Eskom,... 

'Find it in your heart, Eskom' – public's pleas on 'unbearable' tariff hikes

Goldman models risk of 1 000 basis point Eskom blowout for South Africa  

By: Reuters     15th January 2019 Investment bank Goldman Sachs said South Africa's rand could tumble 3.5% if State-run power utility Eskom suffers a major sell-off in its bonds, but it could also jump 4.5% if the firm's troubles improve. Goldman's analysts said an Eskom risk gauge used by the bank was now close to its most... 

Goldman models risk of 1 000 basis point Eskom blowout for South Africa

Organisations criticise ‘untransparent’ and ‘inefficient’ Eskom

By: Kim Cloete     14th January 2019 The Organisation Undoing Tax Abuse (Outa) has suggested that Eskom should be granted an electricity tariff increase of only 5% over the next three years and pushed for a radical overhaul of the utility. “We recommend a consumer price index tariff increase of 5% a year for the multiyear price... 

Salga warns of the dangers of raising electricity tariffs

By: Kim Cloete     14th January 2019 The South African Local Government Association (Salga) has rejected Eskom’s appeal for a 15% tariff increase over the next three years, saying the utility is "out of touch with reality". “There is already too much burden hanging over South African customers. We can’t expect them to pay,” Salga... 

Nersa begins public hearings on Eskom tariffs

By: African News Agency      14th January 2019 The National Energy Regulator of South Africa (Nersa) on Monday began public hearings on Eskom's application to increase electricity tariffs annually by 15 percent for the next three years. The hearings on the multi-year price determination (MYPD4) kicked off in Cape Town, with heated objection... 

Nersa begins public hearings on Eskom tariffs

Agri-hub seen as key post-mining-economy jobs driver in west Gauteng  

By: Terence Creamer     14th January 2019 An ambitious plan to develop Gauteng’s West Rand into an agri-industrial hub, primarily producing high-value crops for domestic and export markets, is starting to take shape and is expected to be officially launched during the first quarter of 2019. The initiative has been branded ‘Bokamoso Ba... 

Agri-hub seen as key post-mining-economy jobs driver in west Gauteng
Photo by Sibanye-Stillwater
The programme is part of bigger plan to build a sustainable post-mining economy in the West Rand

Home Affairs Committee proposes cell phone ban for DoH staff   

By: Sane Dhlamini     14th January 2019 Portfolio Committee on Home Affairs chairperson Hlomani Chauke on Monday called on the Department of Home Affairs (DoH) to consider an outright ban on cell phone usage by front line staff during working hours at all branches. This follows numerous complaints made to the committee from members of... 

Home Affairs Committee proposes cell phone ban for DoH staff

We must apologise to South Africans for 'avoidable' challenges – Eskom CEO 

By: News24Wire      14th January 2019 Eskom's 15% tariff increase for the next three years may seem steep, but Eskom has run into challenges which it cannot solve alone, CEO Phakamani Hadebe said. The executive made opening remarks at the National Energy Regulator of South Africa's (Nersa) nationwide public hearings, which kicked off... 

 We must apologise to South Africans for 'avoidable' challenges – Eskom CEO
Photo by Dylan Slater
Eskom CEO Phakamani Hadebe

ANC puts jobs, growth at heart of 2019 election campaign

By: Reuters     13th January 2019 President Cyril Ramaphosa vowed to create more jobs, boost economic growth and address racial inequalities at a rally on Saturday to launch the ruling party's parliamentary election campaign. The vote, expected in May, will be a test of whether Ramaphosa has been able to reverse a decline in... 

ANC says central bank should broaden economic focus

By: Reuters     13th January 2019 South Africa's ruling party said on Saturday the central bank should broaden its focus to include boosting employment and economic growth, a move that will worry investors already concerned about the direction of economic policy. The African National Congress (ANC), which has governed South... 

ANC says central bank should broaden economic focus
President Cyril Ramaphosa

OECD, Sars, Treasury sign MoC for taxation collaboration

By: Simone Liedtke     11th January 2019 The Organisation for Economic Cooperation and Development (OECD), the South African Revenue Service (Sars) and the National Treasury on Friday signed a memorandum of cooperation (MoC), in which all parties agreed to continue working together in the area of taxation. The MoC is in place until... 

SA Express airline hopes to break even by FY-end – spokesperson

By: Reuters     11th January 2019 State-run South African airline SA Express, which has seen several executives suspended over graft allegations, hopes to break even by the end of the financial year, its spokesman said in a radio interview on Friday. He was speaking ahead of the relaunch of the airline's flights from Cape Town to... 

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