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Economy News

Finance Minister Gigaba continues to oppose Denel Asia deal

By: Keith Campbell     26th May 2017 The National Treasury on Friday reaffirmed, in a press release, that Finance Minister Malusi Gigaba continues to oppose the proposed joint venture between the State-owned Denel defence industrial group and VR Laser Asia, intended to create a company called Denel Asia. The press release was issued... 

Patel moves to bolster Competition Act’s powers to fight economic concentration

By: Terence Creamer     26th May 2017 Economic Development Minister Ebrahim Patel has established an advisory panel to develop draft amendments to the Competition Act with a view to bolstering South Africa’s legislative capacity of to address “persistently high levels of economic concentration”. Patel announced the proposed... 

 Patel moves to bolster Competition Act’s powers to fight economic concentration
Photo by Duane Daws
Economic Development Minister Ebrahim Patel

Durban port takes delivery of Umbilo tug

By: Shirley le Guern     26th May 2017 “Made for Durban in Durban” is how Transnet National Ports Authority (TNPA) CEO Richard Vallihu described the Umbilo, the latest tug to be launched in Durban, on Friday. The sixth to roll off the South African Shipyards’ (SAS’s) production line, the Umbilo will be the first tug to be based at its... 

Durban port takes delivery of Umbilo tug

Outa welcomes new ‘State capture’ study

By: Sane Dhlamini     26th May 2017 The Organisation Undoing Tax Abuse (Outa) has welcomed the research undertaken by independent research organisation Public Affairs Research Institute (Pari) in collaboration with the South African Council of Churches (SACC), which exposes how State institutions have been “repurposed to serve the... 

Outa welcomes new ‘State capture’ study
South African President Jacob Zuma

DTI spends R42m on Hammanskraal industrial park security upgrades

By: Megan van Wyngaardt     26th May 2017 The Department of Trade and Industry has spent R42-million on security upgrades at the Babelegi industrial park, in Hammanskraal, which included the installation of invisible fencing, a control room, guard houses, swing gates and pedestrian gates, a new boom gate and high-mast lighting upgrades... 

Zuma says not opposed to inquiry into corruption allegations

By: Reuters     26th May 2017 South Africa's President Jacob Zuma said on Friday he was not opposed to setting up a commission of inquiry into corruption into his government after anti-graft report alleged he was influenced by the wealthy Gupta family in making government appointments. The former Public Protector, a... 

Zuma says not opposed to inquiry into corruption allegations
Photo by Duane Daws
President Jacob Zuma

New State capture report launched at Wits

By: News24Wire      26th May 2017 The need for drastic economic reform cannot justify the widespread looting of state coffers, while the current state capture networks active in South Africa pose a dire threat to the country's long-term future. These were some of the sentiments shared by a group of academics gathered at the Wits... 

New State capture report launched at Wits

$100-million loan for African infrastructure spending

By: Nadine James     26th May 2017 The Development Bank of Southern Africa (DBSA) and the Agence Française de Développement (AFD) in March signed a $100-million loan agreement aimed at furthering the DBSA’s infrastructure financing activity across Africa. This flexible credit line will focus on DBSA’s four strategic sectors:... 

Call for business to integrate enterprises into supply chains

     26th May 2017 Although both the public and private sector continue investing significant amounts in enterprise and supplier development, many of these efforts remain focused on small, medium-sized and microenterprises (SMME’s), says TSK Group FD Thuso Koboyatau. He states that, “In an environment such as South... 

Call for business to integrate enterprises into supply chains
Photo by Duane Daws
NEW FOCUS MAY SAVE CONSTRUCTION Qualifying small enterprise have been somewhat neglected, but could be key to addressing South Africa’s socioeconomic problems

Country’s science and technology budget remains stable

By: Keith Campbell     26th May 2017 The annual budget of the Department of Science and Technology (DST) remains stable, in real terms. “It’s in line with inflation,” DST Director General Dr Phil Mjwara told Engineering News Online at a recent press briefing. “It’s not declining, it’s not growing.” However, exchange rate volatility... 

Health council suggests professional autonomy

     26th May 2017 The Health Practitioners Council of South Africa (HPCSA) has noted concerns expressed by healthcare professionals in relation to global fee and similar arrangements by medical schemes. These concerns relate to the protection of patient rights and limitations on professional autonomy, to be able... 

Health council suggests professional autonomy
PROTECTING PATIENT RIGHTS The Health Professionals Council of South Africa urges healthcare professionals to defer from entering global fee arrangements or financial contracts

Innovative solutions necessary for healthcare in Africa

     26th May 2017 There was a definite urgency to focus on economic diversification, revitalisation of manufacturing, and harnessing of innovation to weather the economic storm forecast for the continent apparent among regional and global leaders in business, government and civil society who attended the World... 

New-look procurement rules punted as possible transformation game changer

By: David Oliveira     26th May 2017 Major reform of the Preferential Procurement Policy Framework Act (PPPFA) regulations, which came into effect last month, is expected to provide the legislative assistance to drive radical economic transformation in South Africa by providing greater opportunities for small, medium-sized and... 

New-look procurement rules punted as possible  transformation game changer

Work-based experience for graduate interns

By: Mia Breytenbach     26th May 2017 Technology ecosystem company Resolution Circle has welcomed 115 South African graduates to its graduate internship programme, which aims to develop them into high-quality, employable individuals that can excel in South Africa’s economy. Resolution Circle, an ‘idea-to-barcode’ ecosystem that... 

Work-based experience  for graduate interns
GAINING EXPERIENCE Resolution Circle’s internship will provide the 115 participants with practical skills in decision making and client services

SARB holds repo rate on inflation concerns

By: Reuters     25th May 2017 South Africa's central bank kept its benchmark repo rate steady at 7% on Thursday, as expected, citing concerns about the inflation outlook, even though it cut its growth forecasts. Governor Lesetja Kganyago said consumer inflation is now within the bank's target of between 3% and 6%, but the... 

GEPF assures its funds are not used to bail out troubled SAA

By: Natasha Odendaal     25th May 2017 The Government Employees Pension Fund (GEPF) on Thursday assured that it was not funding the recapitalisation of ailing national airliner South African Airways (SAA), nor had it been approached to contribute. Speculation emerged last week that the GEPF’s assets will be used, through its fund... 

South Africa's govt wants Sinopec to retain refinery capacity

By: Reuters     25th May 2017 South Africa is in talks with China's Sinopec over its take-over of Chevron Corp's Cape Town refinery and will look to ensure that production capacity was retained and enhanced, Economic Development Minister Ebrahim Patel said on Thursday. Sinopec will pay almost $1-billion for a 75% stake in... 

Competition Commission approves Denel buy of local aero-engine company

By: Keith Campbell     25th May 2017 South Africa’s Competition Commission has recommended that State-owned defence and aerospace group Denel be allowed to buy local aero-engine company Turbomeca Africa (TMA). The recommendation was given to the Competition Tribunal. The Commission announced this decision on Thursday.  

Political developments mar Massmart’s first-half performance

By: Megan van Wyngaardt     25th May 2017 Massmart CEO Guy Hayward on Thursday said the company expected to report “disappointing” results for the first half of the year, as any green shoots in the economy – the drought ending, a stronger rand, potentially lower interest rates, and improvements in the Reserve Bank’s leading indicators –... 

DTI to reveal list of incentive beneficiaries by end-July

By: Megan van Wyngaardt     25th May 2017 The Department of Trade and Industry (DTI) on Thursday said it would, following a request for information from a number of stakeholders, release a list of beneficiaries across its incentives programmes at the end of July. The list will be made available along with an incentive report that details... 

DTI to reveal list of incentive beneficiaries by end-July

Tiger Brands interim profits up as prices increase

By: Megan van Wyngaardt     25th May 2017 JSE-listed fast-moving consumer goods manufacturer Tiger Brands on Thursday reported a 10% increase in its operating income from continuing operations to R2.2-billion for the six months ended March 31, driven by higher pricing. Operating income in the domestic business grew by 15% to R2-billion,... 

High Court dismisses applications to have power interruptions declared unconstitutional

By: Megan van Wyngaardt     25th May 2017 The Pretoria High Court this week dismissed applications by AfriForum and other businesses to have Eskom’s scheduled electricity interruptions to defaulting municipalities declared unconstitutional, confirming the parastatal’s right to do so. “Astral, Bridgestone, AfriForum and Mediclinic had... 

High Court dismisses applications to have power interruptions declared unconstitutional

Brown to set up Eskom corruption probe headed by retired judge 

By: Terence Creamer     25th May 2017 Public Enterprises Minister Lynne Brown has announced that she will institute a “broad scope” investigation into allegations of corruption currently hanging over State-owned electricity producer Eskom. The terms of reference and form of the investigation were still to be finalised, but Brown... 

Brown to set up Eskom corruption probe headed by retired judge
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

AfriBusiness calls for abolishment of racially discriminatory procurement legislation

By: Megan van Wyngaardt     24th May 2017 AfriBusiness has launched an application against Finance Minister Malusi Gigaba to request the court to set the Preferential Procurement Policy Framework Act (PPPFA) regulations aside and declare it invalid. The business watchdog said on Wednesday that the PPPFA restrictions placed upon... 

Koeberg Unit 2 restarted after maintenance shutdown

By: Natasha Odendaal     24th May 2017 Koeberg nuclear power station’s Unit 2 has reconnected to State-owned power utility Eskom’s national electricity grid following a 36-day planned maintenance outage. The outage, dubbed Outage 222, as it is the twenty-second outage on Unit 2, has become the second shortest outage performed in the... 

Denel contradicts Gigaba’s reported stance on VR Laser Asia

By: African News Agency      24th May 2017 Denel on Wednesday contradicted reports that Finance Minister Malusi Gigaba had ordered the State-owned arms manufacturer to dissolve its controversial joint venture with VR Laser Asia, a company linked to the Gupta business empire, and withdraw its litigation against National Treasury for... 

IDC approves R218m loan for development of Free State natural gas project 

By: Terence Creamer     24th May 2017 South Africa’s State-owned Industrial Development Corporation (IDC) has approved R218-million in loan finance to support the further development of a natural gas resource in the Free State through the creation of a 107-km pipeline network and associated gas processing facilities. The funding,... 

IDC approves R218m loan for development of Free State natural gas project
Photo by Duane Daws
Renergen CEO Stefano Marani

AfriBusiness launches investigation into Transnet’s multiproduct pipeline 

By: Megan van Wyngaardt     24th May 2017 Nonprofit business rights watchdog AfriBusiness will launch an application against Transnet regarding the new multi-product pipeline’s (NMPP’s) completion and implementation. The NMPP, which entailed the building of a pipeline for the transportation of various fuels from Durban, in KwaZulu-Natal,... 

AMSA secures R4.5bn funding facility

By: Megan van Wyngaardt     24th May 2017 ArcelorMittal South Africa (AMSA) has secured a R4.5-billion revolving structured commodity trade finance facility, which will allow the steel manufacturer to finance its working capital as part of its balance sheet restructuring. CEO Wim de Klerk said in a statement that the company had... 

Adcorp posts significant loss owing to labour law changes

By: Megan van Wyngaardt     24th May 2017 Management consultancy company Adcorp’s shares fell as much as 8% on Wednesday morning to R10.80 a share, from Tuesday’s close of R11.74 a share, after it posted a headline loss a share of 27.9c for the year ended February 28. Its normalised earnings a share decreased by 76% year-on-year to... 

Adcorp posts significant loss owing to labour law changes

Maswanganyi vows bold State intervention to drive transformation

By: News24Wire      24th May 2017 Radical economic transformation was the theme of new Transport Minister Joe Maswanganyi's first budget and policy statement to the National Assembly. "Transport will play a leading role in radical economic transformation," Maswanganyi said on Tuesday. 

DTI refuses to release list of black industrialist scheme beneficiaries for fear they will be ‘harassed’ 

By: Terence Creamer     23rd May 2017 Trade and Industry Minister Dr Rob Davies showcased four recipients of government’s flagship Black Industrialist programme (BIP) during his Budget Vote on Tuesday, but astonishingly refused to release the names of all 46 recipients of the non-refundable government grants and concessional loans.... 

DTI refuses to release list of black industrialist scheme beneficiaries for fear they will be ‘harassed’
Photo by Duane Daws
Trade and Industry Minister Dr Rob Davies

ANC dismisses Zuma removal report as 'fabrication'

By: Reuters     23rd May 2017 South Africa's ruling African National Congress (ANC) dismissed a media report on Tuesday that President Jacob Zuma's removal would be discussed at a key party meeting this weekend as untrue. Opposition to Zuma inside the ANC and from opposition parties and civil society groups has swelled since... 

ANC dismisses Zuma removal report as 'fabrication'
Photo by Duane Daws
President Jacob Zuma

Gigaba punts financial sector reform

By: African News Agency      23rd May 2017 Finance Minister Malusi Gigaba on Tuesday said National Treasury would support parliamentary processes aimed at regulating the South African financial sector to make the industry inclusive. “The financial sector plays a critical role in our country, but this must be enhanced to achieve the... 

Solidarity, Hospersa worried about proposed bail-out plans for SAA

By: Megan van Wyngaardt     23rd May 2017 Trade union Solidarity is demanding answers about whether the Government Employees Pension Fund (GEPF) is considering recapitalising “sinking ship” South African Airways (SAA) through the Public Investment Corporation (PIC), as the union’s members have a direct interest in the proper management... 

Solidarity, Hospersa worried about proposed bail-out plans for SAA

Influx of job seekers to Gauteng threatens economic momentum

By: Megan van Wyngaardt     23rd May 2017 Although it has made “remarkable progress” in creating jobs over the mid-term, between May 2014 and November 2016, the Gauteng provincial government (GPG) still faced a rapid increase in the economically active population owing to migration, Premier David Makhura said in his Midterm Report on... 

Rand firms on rumours that ANC to discuss Zuma's removal

By: Reuters     23rd May 2017 South Africa's rand firmed more than 1.5 percent against the US dollar on Tuesday on rumours that the African National Congress (ANC) will discuss the removal of President Jacob Zuma at a major party meeting. An ANC spokesperson said the rumours were a "complete fabrication". 

Rand firms on rumours that ANC to discuss Zuma's removal
President Jacob Zuma
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