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Economy News

Nepad advocates centralised bankable project information hub

By: Natasha Odendaal     Updated 7 hours ago The New Partnership for Africa's Development (Nepad) Infrastructure Project Preparation Facility (IPPF) is suggesting that a one-stop shop initiative – comprising a project hub and a help desk – be established to promote bankable projects in Africa, with the aim of increasing the accessibility of... 

UP researchers join fight against avian flu

By: Natasha Odendaal     25th July 2017 With four South African farms having been hit by the current bird flu outbreak, University of Pretoria (UP) researchers have joined the poultry industry and the Department of Agriculture, Forestry and Fisheries (DAFF) to contain the highly pathogenic avian influenza, or H5N8 variant of bird flu.... 

FNB, DTI pledge to make finance, incentive access easier for black industrialists

By: Natasha Odendaal     25th July 2017 As the Department of Trade and Industry (DTI) marks some successes with its Black Industrialists Programme, the department and financial institution First National Bank (FNB) have inked a deal that will pave the way for improved access to finance for black industrialists. A collaborative pledge,... 

FNB, DTI pledge to make finance, incentive access easier for black industrialists
Photo by Duane Daws
Trade and Industry Minister Dr Rob Davies

SAA asked for R10bn injection – Treasury

By: Reuters     25th July 2017 South Africa's troubled state-run airline South African Airways asked the Treasury for a R10-billion ($770-million) bail-out in March, Finance Minister Malusi Gigaba said in a written reply to parliamentary questions. Gigaba did not say if the request for R10-billion would be granted. The... 

SAA asked for R10bn injection – Treasury

Calls for more investment in science infrastructure in Africa

By: Creamer Media Reporter      25th July 2017 Researcher Professor Kelly Chibale has called for a deep commitment to investing in world-class infrastructure and skills for scientists to succeed on the continent. The founder and director of Africa’s only integrated drug discovery and development centre, H3D, at the University of Cape Town... 

Political uncertainty leads to drop in M&A deals in Africa in Q2

By: Natasha Odendaal     25th July 2017 Inbound merger and acquisition (M&A) deals in Africa plunged 48% from 33 in the second quarter of 2016, and 45% from 31 in the first quarter of this year, to just 17 in the second quarter of this year. The total deal value for inbound deals decreased to $780-million – an 83% year-on-year and an... 

South Africa’s ‘accelerating’ SOE-guarantee exposure a risk to debt sustainability

By: Terence Creamer     24th July 2017 Rising contingent liabilities in State-owned enterprises (SOEs), together with the recent ratings downgrades pose the main risks to South Africa’s debt sustainability, the Organisation for Economic Cooperation and Development (OECD) cautions in its fifth and latest economic survey of the country.... 

South Africa’s ‘accelerating’ SOE-guarantee exposure a risk to debt sustainability
Photo by Duane Daws
OECD secretary-general Angel Gurría and South Africa's Finance Minister Malusi Gigaba

IMF maintains world economic growth forecast

By: Natasha Odendaal     24th July 2017 The International Monetary Fund (IMF) on Monday maintained its global growth forecast at 3.5% for 2017 and 3.6% for 2018. Its latest World Economic Outlook update, published on Monday, shows economic activity in both advanced economies and emerging and developing economies accelerating this year... 

Public Protector to investigate Brian Molefe over R30m ‘golden handshake’

By: African News Agency      24th July 2017 Public Protector Advocate Busisiwe Mkhwebane has agreed to investigate disgraced former Eskom CEO Brian Molefe, for the R30 million “golden handshake” he received was awarded by the beleaguered power utility. Democratic Alliance (DA) MP Natasha Mazzone on Monday said her party requested the... 

CSP engineering specialist optimistic of technology’s inclusion in new IRP

By: Terence Creamer     24th July 2017 Global engineering and technology group SENER, which is active in three concentrated solar power (CSP) projects in South Africa, is optimistic that South Africa’s updated Integrated Resources Plan (IRP) will include an allocation for CSP, despite the technology’s exclusion from the draft Base... 

CSP engineering specialist optimistic of technology’s inclusion in new IRP
SENER regional MD Siyabonga Mbanjwa

With drought threatening food security, farmers turn to drip irrigation 

By: Anine Kilian     21st July 2017 With the recent drought in Southern Africa compounding the unpredictable impact of climate change on food production, local farmers are converting to drip irrigation in an attempt to conserve water, using less to produce more, according to Crookes Brother’s Limited (CBL) MD Guy Clarke. During a... 

With drought threatening food security, farmers turn to drip irrigation

FNB economists welcome interest rates cut

By: African News Agency      21st July 2017 Economists on Friday welcomed the decreased interest rates, saying that it would have a positive impact on many sectors of the economy, including agriculture, investment, and franchising. This comes after the South African Reserve Bank (Sarb) announced on Thursday, that the Monetary Policy... 

FNB economists welcome interest rates cut

South Africa makes surprise recovery in 2017 reputation index

By: Terence Creamer     21st July 2017 Despite ongoing political turmoil and an increase in policy uncertainty, South Africa made a surprise recovery in the 2017 edition of a global reputation study, rising four places to 45 out of 71 countries measured. Unveiling the results of the latest Country RepTrak study, which has been... 

South Africa makes surprise recovery in 2017 reputation index

SA committed to increasing trade with Zambia, says DTI minister

By: African News Agency      21st July 2017 South Africa was committed to increasing trade and addressing the trade imbalance with Zambia. This was according to South Africa’s Minister of Trade and Industry, Dr Rob Davies, ahead of a two-day Outward Trade and Investment Mission to Lusaka, Zambia, from 24-25 July. 

SA committed to increasing trade with Zambia, says DTI minister
Trade and Industry Minister Dr Rob Davies

Exhibition facilitates industrial growth in KZN

By: Robyn Wilkinson     21st July 2017 This year’s KwaZulu-Natal Industrial Technology Exhibition (Kite) will provide businesses in the province with an ideal access route to the key resources required to ramp up their operations in line with government’s extensive and ongoing investment in new manufacturing endeavours. 

Exhibition facilitates industrial growth in KZN
Photo by Bloomberg
GROWING ECONOMIC HUB Government investment in the Port of Durban will support trade stemming from the ramp-up of manufacturing activites in KZN

Futureproof solutions ensure green living

By: Robyn Wilkinson     21st July 2017 Demonstrating its capability for creative thinking, engineering and project management consultancy Royal HaskoningDHV South Africa has overcome bulk services shortages and ensured the preservation of the natural environment along KwaZulu-Natal’s north coast through the sustainable design of the... 

Illegal mining threatens infrastructure development in KwaZulu-Natal

By: Robyn Wilkinson     21st July 2017 Failure to adequately regulate illegal sand mining in KwaZulu-Natal is increasingly becoming a threat to the mining and construction sectors in the region, says Aggregate and Sand Producers Association of Southern Africa (Aspasa) director Nico Pienaar. 

Illegal mining threatens infrastructure development in KwaZulu-Natal
NICO PIENAAR Aspasa is taking steps to ensure a well-run and compliant aggregate and sand producing industry in KwaZulu-Natal

Joburg Property Company showcases city’s heritage

By: David Oliveira     21st July 2017 In a R60-million renovation project, the former post office on Rissik street is being restored to its former glory as one of Johannesburg’s stand-out heritage sites. During a media tour hosted by the Johannesburg Property Company (JPC) last month, Johannesburg-based Paradigm Architects principal... 

Joburg Property Company showcases city’s heritage
JOBURG CLASSIC GETS FACELIFT The post office in Rissik street, which was built in 1897, is currently undergoing a R60-million renovation

May unveils British initiatives aimed at reducing Africa’s reliance on aid

By: Keith Campbell     21st July 2017 British Prime Minister Theresa May used the recent G20 Summit in Hamburg, Germany, to announce a series of new British initiatives intended to reduce the reliance of African countries on aid and increase their long-term stability and prosperity. This was in line with a theme for the summit... 

Sugar industry to make the most of yield recovery

By: Robyn Wilkinson     21st July 2017 As KwaZulu-Natal’s sugar cane growers start to recover from the effects of the drought, the South African Canegrowers’ Association (SA Canegrowers) is urging the industry to remain resilient and look for opportunities to diversify their operations. 

Sugar industry to make the most of yield recovery
BOUNCING BACK The SA Canegrowers board of directors is optimistic about the 2017/18 season, with improved rainfall set to improve production levels

CompComm invites public to comment on information exchange guidelines

By: Anine Kilian     20th July 2017 The Competition Commission is inviting the public to comment on draft guidelines regarding the exchange of information between competing companies. The guidelines are aimed at identifying what constitutes a permissible and impermissible exchange of information under the Competition Act, as well... 

Reserve Bank cuts repo rate, denies political pressure

By: Reuters     20th July 2017 South Africa's central bank unexpectedly cut its benchmark lending rate for the first time in five years on Thursday, citing weak growth and easing inflation, and denied any pressure from recent political attacks against its mandate. South Africa's main anti-graft watchdog recommended last month... 

Reserve Bank cuts repo rate, denies political pressure
Photo by Reuters
Lesetja Kganyago

Eskom ‘galloping’ towards financial distress, says Num 

By: African News Agency      20th July 2017 The National Union of Mineworkers (Num) on Thursday said Eskom was heading for financial distress despite the power utility’s assurances this week that it was on firm financial footing. Eskom released its 2016/17 financial results on Wednesday in which it said earnings before interest, taxes,... 

Eskom ‘galloping’ towards financial distress, says Num

Eskom’s reputational platform is burning 

By: Terence Creamer     20th July 2017 Arguably one of the most telling statements made at this week’s Eskom results presentation was the public assurance given by interim CEO Johnny Dladla that “no decision would, in future, be taken outside the executive committee meetings. “Whatever decision is taken, it will be a decision that is... 

Eskom’s reputational platform is burning
Second Take: Eskom’s reputational platform is burning

Africa's major central banks embarking on policy easing cycle ride

By: Reuters     20th July 2017 Africa's major central banks are entering an easing cycle as they try to stimulate growth after months of drought, austerity drives and confidence issues across the continent, a Reuters poll found on Thursday. Much of southern and eastern Africa is still recovering after an El Niño-related... 

State capture casts long shadow over Eskom’s results  

By: Terence Creamer     19th July 2017 South Africa’s worst kept corporate secret was confirmed on Wednesday, when Eskom reported a sharp fall in after-tax profits to R888-million in 2017, from over R5-billion in the previous financial year. However, the results were overshadowed by serious allegations of corruption and... 

State capture casts long shadow over Eskom’s results
Interim Eskom CEO Johnny Dladla on his first 21 days and his main priorities for the embattled utility. Camera Work & Editing: Darlene Creamer. Recorded: 19.7.2017

Brown acknowledges cost competitiveness of renewables as she calls for deal that goes ‘beyond price’ 

By: Terence Creamer     18th July 2017 Public Enterprises Minister Lynne Brown, who in June criticised the high cost of renewable energy, offered a tacit acknowledgement on Tuesday of the growing competitiveness of solar and wind, while calling for a long-term deal with the renewable-energy sector to avoid job losses in the energy... 

Brown acknowledges cost competitiveness of renewables as she calls for deal that goes ‘beyond price’

I will vote with my conscience – Gordhan  

By: Sashnee Moodley     18th July 2017 Former Finance Minister Pravin Gordhan said on Tuesday that he will be voting with his conscience during a vote of no confidence against President Jacob Zuma on August 8. Speaking to media at the Conference for the Future of South Africa, organised by civil society organisations Save South Africa... 

I will vote with my conscience – Gordhan
Pravin Gordhan discusses corruption, Mandela Day & civil society.

Temporary mobile transformer helps Loeriesfontein connect to the grid

By: Samantha Herbst     18th July 2017 The Northern Cape-based Loeriesfontein Wind Farm has been making use of a mobile transformer to allow for an early connection to the grid for the commissioning of the turbines – a temporary solution until the wind farm can connect to the Helios substation, which is the permanent grid connection.... 

Temporary mobile transformer helps Loeriesfontein connect to the grid

Civil society unites to combat State capture  

By: Sane Dhlamini     18th July 2017 Representatives from over 130 civil society organisations gathered on Tuesday at the Conference for the Future of South Africa, in Johannesburg, to publicly unite South Africa against corruption, State capture and the abuse of power by President Jacob Zuma’s government. The conference, organised... 

Civil society unites to combat State capture
Sipho Pityana discusses the Conference for the Future of SA. (Camera & editing: Nicholas Boyd)

EOH's shares fall 10% over graft allegations

By: Reuters     18th July 2017 Shares in South Africa's largest technology group EOH Holdings fell nearly 10% to more than two-year lows on Tuesday after allegations of corruption, which the firm has denied. An opinion piece in Business Report newspaper on Monday accused EOH of being involved in corruption based on a report by... 

Airbus DS test flies its new UAV in South Africa

By: Keith Campbell     18th July 2017 South Africa’s Overberg Test Range was the site of the first flight of the Airbus Defence and Space (Airbus DS) Sagitta jet-powered unmanned air vehicle (UAV) demonstrator, the European company announced on Tuesday. The aircraft, a flying-wing design, flew autonomously over the test range (which... 

Airbus DS test flies its new UAV in South Africa
Photo by Airbus DS
The Sagitta UAV in flight at Overberg

‘Gigaba stifling good governance’ – Popo Molefe 

By: African News Agency      18th July 2017 Passenger Rail Agency of South Africa (PRASA) board chairperson Popo Molefe on Tuesday accused Finance Minister Malusi Gigaba of withholding a National Treasury nominee to his board and stifling corporate governance at the state enterprise. Molefe, who was reinstated as board chairman following a... 

‘Gigaba stifling good governance’ – Popo Molefe

Zuma should step aside – Gordhan

By: News24Wire      18th July 2017 President Jacob Zuma should step aside and allow someone to lead the country and reset the course to fulfil the kind of aspirations that Nelson Mandela and his generation had for South Africa, former finance minister Pravin Gordhan said on Tuesday. Gordhan told talk show host Eusebius McKaiser in... 

Zuma should step aside – Gordhan
Photo by Reuters
Former Finance Minister Pravin Gordhan

SAA will publish outcomes of its internal report into its losses – board

By: Keith Campbell     18th July 2017 The board of directors of State-owned national flag carrier South African Airways (SAA) issued an assurance on Monday that “it does not condone nor will it cover up any acts of impropriety at SAA”. This followed the publication of a series of stories in the media about the airline, which the... 

SAA will publish outcomes of its internal report into its losses – board
Photo by Duane Daws/Creamer Media
An Airbus A340-600 of SAA

Competition Commission launches inquiry into public transport sector

By: Anine Kilian     17th July 2017 The Competition Commission has launched a market inquiry into the public passenger transport sector following numerous complaints relating to public transport in the country.    The ‘Public Passenger Transport Market Inquiry’ was recently published in the Government Gazette and the commission is... 

Outa lays treason charges against Muthambi 

By: African News Agency      17th July 2017 The Organisation Undoing Tax Abuse (Outa) on Monday announced it had laid treason charges against former Communications Minister Faith Muthambi. Based on information contained in the #GuptaEmails showing Muthambi had purportedly sent confidential cabinet documents, including a Presidential... 

Outa lays treason charges against Muthambi
Former Communications Minister Faith Muthambi
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