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Economy News

I can start State capture inquiry as soon as Zuma gives me terms of reference – Judge Zondo

By: News24Wire      Updated 3 hours ago Deputy Chief Justice Raymond Zondo, who will chair the commission of inquiry into allegations of State capture, says he is ready to get going, but still needs to receive the terms of reference from President Jacob Zuma. During a press briefing in Midrand on Tuesday, Justice Zondo told reporters... 

Nersa to host hearings into R66.6bn Eskom claw-back applications in May

By: Terence Creamer     Updated 3 hours ago The National Energy Regulator of South Africa (Nersa) will hold public hearings across all of South Africa’s nine provinces between May 7 and May 25 to consider three revenue claw-back applications, collectively valued at R66.6-billion, submitted by cash-strapped power utility Eskom. The... 

Nersa to host hearings into R66.6bn Eskom claw-back applications in May

CompCom suspends advisory opinion services pending outcome of court case

By: Megan van Wyngaardt     Updated 4 hours ago The Competition Commission has suspended its advisory opinion services pending the finalisation of the case against Hosken Consolidated Investments (HCI). This follows a Competition Appeal Court (CAC) judgment ruling against the regulator on the matter. In August last year, HCI request the... 

Tech revolution will see 'serious winners and losers', warns Davies

By: African News Agency      Updated 4 hours ago There will be "serious winners and losers" as a result of the Fourth Industrial Revolution and South Africa needs to be properly prepared and positioned to reap the benefits, or be saddled with the negative consequences. This was according to Trade and Industry Minister Dr Rob Davies who said... 

Urgent need to recycle, reuse natural resources – report

By: Natasha Odendaal     Updated 4 hours ago A new global circularity metric unveiled in Davos, Switzerland, has revealed an urgent need to use the world’s resources more efficiently and create policies and economic infrastructure that encourages the recycling and reuse of natural resources. The Circle Economy’s first ‘Circularity Gap’... 

MEIBC changes welcome, but should take employer into consideration

By: Megan van Wyngaardt     Updated 5 hours ago Although the Metal and Engineering Industries Bargaining Council (MEIBC) main agreement negotiation process, that took place from June to August last year, was riddled with technical issues and procedural hurdles, the extension to all nonparty employers and employees falling within the scope of... 

Mminele receives Germany's highest tribute

By: African News Agency      Updated 5 hours ago South African Reserve Bank Deputy Governor Daniel Mminele has been bestowed the Great Order of Merit by German President Frank-Walter Steinmeier for his work in furthering German-South African relations. German Ambassador Martin Schäfer is to hand over Germany's highest tribute to Mminele on... 

Mminele receives Germany's highest tribute
Photo by Bloomberg
Reserve Bank Deputy Governor Daniel Mminele

Brown hints Transnet board could be 'rotated'

By: African News Agency      Updated 5 hours ago Public Enterprises Minister Lynne Brown on Tuesday suggested board members of Transnet, South Africa's State-owned freight and logistics company, could be "rotated" should they not guard the integrity of the entity. Brown was speaking in a meeting of Parliament's standing committee on public... 

Brown hints Transnet board could be 'rotated'
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

MPs threaten Transnet board, executives with jail for no show at Parliament

By: African News Agency      Updated 7 hours ago MPs on Tuesday read board members and executives of South Africa's State-owned freight and logistics company, Transnet, the riot act for failing to show up at a meeting of Parliament's standing committee on public accounts last year. The board members and executives failed to show up at the... 

MPs threaten Transnet board, executives with jail for no show at Parliament

Fractured, complex world presents growth opportunities for South Africa

By: African News Agency      Updated 7 hours ago The fractured state of the world is an opportunity for South Africa to exploit if it can show a compelling growth story. This is according to Economic Development Minister Ebrahim Patel, who is in Davos for the World Economic Forum (WEF), as part of the South African delegation looking to... 

Fractured, complex world presents growth opportunities for South Africa
Photo by Duane Daws
Economic Development Minister Ebrahim Patel

Deputy Chief Justice Zondo to hold briefing on State capture inquiry

By: News24Wire      23rd January 2018 Deputy Chief Justice Raymond Zondo is expected to reveal further details of the commission of inquiry into allegations of State capture at a briefing in Midrand on Tuesday as the State takes steps against some of the people implicated in the claims. On January 9 this year President Jacob Zuma... 

Deputy Chief Justice Zondo to hold briefing on State capture inquiry

Suspended Eskom CFO resigns

By: African News Agency      23rd January 2018 Suspended Eskom chief financial officer (CFO), Anoj Singh, resigned on Monday, South Africa's power utility said. "Eskom has today [on Monday] received, through Mr Anoj Singh’s attorneys, a formal letter of resignation by Mr Singh from his position as the Chief Financial Officer, in line with the... 

Suspended Eskom CFO resigns
Photo by Duane Daws
Former Eskom CFO Anoj Singh

IMF cuts South Africa's growth forecast for next two years

By: Reuters     22nd January 2018 The International Monetary Fund cut South Africa's economic growth forecast for the next two years on Monday, citing rising political uncertainty that has dented investor confidence. The IMF said in its World Economic Outlook that more subdued growth prospects were projected in South Africa,... 

IMF cuts South Africa's growth forecast for next two years

Wine industry sees positives despite expected R700m shortfall

By: Megan van Wyngaardt     22nd January 2018 The smaller wine grape harvest anticipated by industry body Vinpro for this year is expected to result in a R700-million shortfall at farm gate, at a time when production costs have doubled in the past decade and the minimum wage for farm workers is set to increase by 17% in May. However, despite... 

Wine industry sees positives despite expected R700m shortfall

Stenprop appoints broker to assist with London listing

By: Megan van Wyngaardt     22nd January 2018 To assist in implementing its proposed LSE listing, JSE-listed Stenprop has appointed Numis Securities to act as its broker. Numis Securities will be acting as financial adviser on the proposed move from the Bermuda Stock Exchange to the SFS of the LSE. 

World’s richest 1% held 82% of global wealth in 2017 – Oxfam

By: Anine Kilian     22nd January 2018 Eighty two per cent of the wealth generated in 2017 went to the richest 1% of the global population, while the 3.7-billion people who make up the poorest half of the world saw no increase in their wealth. A new report, entitled ‘Reward Work, No Wealth’, released by charity organisation Oxfam, on... 

Industry confident Eskom board changes will help save utility

By: Megan van Wyngaardt     22nd January 2018 The appointment of a new Eskom board with “credibility, business acumen and experience” has given South African businesses hope that the embattled State-owned entity (SOE) can be salvaged, with a number of organisations lauding Deputy President Cyril Ramaphosa for taking a step in the right... 

Industry confident Eskom board changes will help save utility

New Eskom board will provide 'comfort' to markets – Phasiwe

By: News24Wire      22nd January 2018 The newly appointed Eskom board will provide the reassurance markets have been seeking around issues of corporate governance at the power utility, said spokesperson Khulu Phasiwe. Speaking to Fin24 by phone on Monday, Phasiwe explained Eskom and Treasury would be approaching financial... 

Ramaphosa and SA delegation depart for WEF in Davos, Switzerland

By: African News Agency      22nd January 2018 Deputy President Cyril Ramaphosa and his delegation departed from Johannesburg on Sunday evening to participate at the World Economic Forum (WEF) annual meeting in Davos, Switzerland, the presidency said. The WEF meeting in Davos-Klosters is scheduled for January 23 to 26, under the theme... 

 Ramaphosa and SA delegation depart for WEF in Davos, Switzerland
Deputy President Cyril Ramaphosa

South Africa names Jabu Mabuza as Eskom chair in board shake-up

By: Reuters     20th January 2018   South Africa’s Deputy President Cyril Ramaphosa has appointed a new board at state-owned power utility Eskom and named Telkom’s chairman Jabu Mabuza as its new chairman, the country’s presidency said on Saturday. 

South Africa names Jabu Mabuza as Eskom chair in board shake-up
Photo by Duane Daws
Jabu Mabuza

Coca-Cola increases recycling efforts to contribute to waste-free world

By: Megan van Wyngaardt     19th January 2018 To battle the increasing number of plastic items on landfills and in the world’s oceans, beverage giant Coco-Cola plans to take one can or bottle “back”, for every bottle or can sold globally, by 2030. “We are fundamentally reshaping our approach to packaging, with a global goal to help collect... 

Coca-Cola increases recycling efforts to contribute to waste-free world

Concerns raised over lack of policy framework for competition law changes 

By: Terence Creamer     19th January 2018 Concern has been expressed about the absence of a comprehensive competition policy framework to help guide proposed amendments to competition legislation and facilitate greater alignment with other government policies and programmes, such as the Industrial Policy Action Plan. In December,... 

Concerns raised over lack of policy framework for competition law changes
Wits Faculty of Commerce, Law and Management Dean Imraan Valodia, CCRED director Simon Roberts, Genesis Analytics’ James Hodge, DTI’s Garth Strachan, Advocate Michelle le Roux and the Competition Commission’s Liberty Mncube on proposed changes to the South Africa’s Competition Act and the lack of an overarching policy framework. Camera Work: Nicholas Boyd. Editing: Christo Greyling. Recorded: 19.1.2018

Domestic IPOs by African issuers increase for a second year

By: Creamer Media Reporter      19th January 2018 While 2017 registered fewer domestic listings in Africa, the capital raised in domestic listings by African issuers increased by 19.5% year-on-year to $1.4-billion, the second consecutive year of growth. The latest research by global law firm Baker McKenzie shows that there were seven domestic... 

PPC reschedules DRC cement plant debt

By: Megan van Wyngaardt     19th January 2018 Construction materials provider PPC has further improved its liquidity position by finalising a capital repayment moratorium with funders of the group’s Democratic Republic of Congo (DRC) operation, limiting PPC’s capital requirements to only interest payments from January this year to January... 

Sawis warns wine grape crop may be smallest since 2005

By: Megan van Wyngaardt     19th January 2018 Continuing drought and low water supplies in the Western Cape may lead to South Africa’s smallest wine grape harvest since 2005, when 1.15-million tonnes were harvested owing to drought and diseases in some production areas. Industry body South African Wine Industry Information and Systems... 

Sawis warns wine grape crop may be smallest since 2005

Former Land Bank CEO convicted of fraud

By: African News Agency      19th January 2018 The specialised commercial crimes court in Pretoria has convicted former Land Bank CEO Philemon Radichaba Mohlahlane and three others of defrauding the bank of at least R6 million in a case dating back to 2012. The Directorate for Priority Crime Investigation, commonly known as the Hawks, said... 

IDC assessing 21 applications under R1.5bn downstream steel incentive

By: Terence Creamer     19th January 2018 The Industrial Development Corporation (IDC) is currently assessing 21 potential transactions, worth a combined R437-million, arising from applications for support under a R1.5-billion industrial financing scheme set up in 2017 to support manufacturers of value-added steel products. The... 

IDC assessing 21 applications under R1.5bn downstream steel incentive

South Africa's rand near 2-1/2 year high, stocks ease

By: Reuters     19th January 2018 South Africa's rand scaled a fresh 2-1/2 year high against a broadly fragile dollar on Friday before easing after the central bank held interest rates steady on Thursday. At 0715 GMT, the rand was 0.1 percent weaker at 12.145 to the dollar after earlier hitting 12.0725, its best level since June... 

South Africa's rand near 2-1/2 year high, stocks ease

Governments need to respond nimbly to tech advances, says WEF founder

By: African News Agency      19th January 2018 Governments and world leaders need to be nimble and adaptable when it comes to the governance of technological advances in order to fully harness its potential to solve critical global challenges. This is according to Professor Klaus Schwab, the founder and executive chairperson of the World... 

Reserve Bank Governor Kganyago's election as IMFC chair welcomed

By: African News Agency      19th January 2018 Finance Minister Malusi Gigaba on Thursday announced that South African Reserve Bank (SARB) Governor Lesetja Kganyago was selected as chairperson of the International Monetary and Financial Committee (IMFC). Kganyago, who is also South Africa's Alternate Governor on the International Monetary... 

UK reaffirms commitment to promote trade and investment with Africa

By: Keith Campbell     19th January 2018 The British government has again given the assurance that it desires a mutually beneficial and thriving trade relationship between the UK and Africa once the country has left the European Union (EU). This was affirmed by Trade Policy Minister (equivalent to Deputy Minister in South Africa) Greg... 

Hose company effects transformation, achieves results

By: Tasneem Bulbulia     19th January 2018 Industrial hose and allied products provider Chick Henderson is propagating and successfully executing transformation, and is reaping the benefits of implementing these ideals. Established in 1968, Chick Henderson will celebrate its fiftieth anniversary during the year. Chick Henderson Benrose... 

Hose company effects  transformation, achieves results
EXPANSION Chick Henderson’s move to a new distribution centre this year will allow the company to streamline its provision of industrial hose and allied products

Winds of change have landed, bringing economic growth – BLSA CEO

By: Megan van Wyngaardt     18th January 2018 Business in South Africa has not been this hopeful about the future of the country in years, Business Leadership CEO Bonang Mohale said at a pre-World Economic Forum (WEF) briefing on Thursday. He highlighted that while the country was below investment grade, the recent African National Congress... 

South Africa holds rates as inflation risks offset rand strength

By: Reuters     18th January 2018 South Africa's central bank kept its benchmark repo rate unchanged at 6.75% on Thursday, saying that risks to inflation were still on the upside despite a recent strengthening of the rand currency. The majority of analysts polled by Reuters last week had predicted the repo rate would stay on... 

South Africa holds rates as inflation risks offset rand strength
Photo by Reuters
Reserve Bank governor Lesetja Kganyago

Africa’s industrialisation needs to be more focused, unrushed – panel

By: Natasha Odendaal     18th January 2018 While there is some momentum in industrialisation efforts across Africa, a panel of industry participants have cautioned against a knee-jerk reaction that could fragment or overwhelm capacities on the continent. Industrialisation on the continent has historically lagged that of the rest of the... 

What Ramaphosa’s election means for business 

     18th January 2018 Creamer Media’s Samantha Herbst talks to Engineering News editor Terence Creamer about the new African National Congress president’s hopes to reignite economic growth. 

What Ramaphosa’s election means for business
What Ramaphosa’s election means for business

Inclusive growth represents a $7tn opportunity – Mastercard

By: Natasha Odendaal     18th January 2018 The ingredients that allow for inclusive growth to take place are already lined up, but it will be up to the private sector, governments and civil society to start the dialogue and determine the degree of intention to take growth to the next level. The pursuit of inclusive growth needed to be... 

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