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Economy News

Salga, UJ economic research centre join forces for public interest research push

By: Megan van Wyngaardt     28th March 2017 The University of Johannesburg’s (UJ’s) Public and Environmental Economics Research Centre (PEERC) and the South African Local Government Association (Salga) on Tuesday launched a new partnership to contribute to improving policymaking at local government level. PEERC was established this year... 

Gordhan says still Finance Minister despite talk of sacking

By: Reuters     28th March 2017 Finance Minister Pravin Gordhan flew back to South Africa on Tuesday, obeying an abrupt recall from President Jacob Zuma, and said he was still the Finance Minister when asked about reports that he was about to be sacked. The rand, which trimmed its losses to 1% against the dollar following his... 

Gordhan says still Finance Minister despite talk of sacking
Photo by Reuters
Finance Minister Pravin Gordhan

TPT awarded multipurpose terminal depot licences

By: Natasha Odendaal     28th March 2017 The South African Revenue Service has granted Transnet Port Terminals (TPT) new depot licences for all its multipurpose terminals (MPTs) for the packing and unpacking of containers for all commodities, including agri, mineral and mining bulk products. This enables State-owned TPT to efficiently... 

Moyane says complaints about Sars damaging the economy

By: African News Agency      28th March 2017 South African Revenue Service commissioner Tom Moyane told MPs on Tuesday that attacks on the organisation were damaging the South African economy as it had led to lower levels of tax compliance. “Those who launch unwarranted attacks on Sars should know that they are impacting negatively on our... 

Moyane says complaints about Sars damaging the economy
Photo by Duane Daws
Sars commissioner Tom Moyane

Business warns of downgrade threat amid Gordhan uncertainty

By: Natasha Odendaal     28th March 2017 The Chamber of Mines (CoM) is the latest business entity to express concern that President Jacob Zuma’s unexpected decision to cut short an international investor roadshow led by Finance Minister Pravin Gordhan will leave investors unsettled and raise the possibility of a downgrade. Media reports... 

Business warns of downgrade threat amid Gordhan uncertainty
Photo by Duane Daws
Pravin Gordhan

Minister moves to calm land reform fears

By: News24Wire      28th March 2017 Minister of Rural Development and Land Reform Gugile Nkwinti has said the country needs clarity on the ruling party's current stance on land, and that the ANC is still guided by the provisions in the Constitution. Nkwinti held a media briefing in Parliament on Tuesday to update the country on a... 

Zuma court move in Gupta matter fails

By: News24Wire      28th March 2017 President Jacob Zuma’s legal representatives declined to join proceedings in the matter between Finance Minister Pravin Gordhan and Gupta-owned Oakbay Investments. On Monday Zuma entered the case, which involves 14 companies owned by the Guptas, National Treasury, the Reserve Bank governor, the... 

Zuma court move in Gupta matter fails

ANC leaders approve Gordhan's removal – ANN7

By: Reuters     28th March 2017 The top six of South Africa's ruling African National Congress (ANC) party have approved the removal of Finance Minister Pravin Gordhan, ANN7 television reported on Tuesday, citing sources. ANC Secretary-General Gwede Mantashe, one of the ANC's top six, told Reuters he could not comment on the... 

ANC leaders approve Gordhan's removal – ANN7
Photo by Reuters
Finance Minister Pravin Gordhan

Gordhan returns, says 'let's wait and see' on sacking

By: Reuters     28th March 2017 Finance Minister Pravin Gordhan flew back into South Africa on Tuesday, obeying an abrupt recall from President Jacob Zuma, and said "let's wait and see" when asked about reports that he was about to be sacked. The rand fell sharply after Zuma ordered Gordhan's immediate return from a trip to... 

Gordhan returns, says 'let's wait and see' on sacking
Photo by Duane Daws
Pravin Gordhan

Rand, government bonds tumble as political risks weigh

By: Reuters     28th March 2017 South Africa's rand and government bonds extended losses early on Tuesday after President Jacob Zuma asked Finance Minister Pravin Gordhan to return early from an investor roadshow, triggering speculation of an imminent cabinet reshuffle. At 0645 GMT, the rand traded at 12.9950 per dollar, 2%... 

Rand, government bonds tumble as political risks weigh

BLSA calls for cool heads after Gordhan’s mid-roadshow return

By: Natasha Odendaal     28th March 2017 Business Leadership South Africa (BLSA) has cautioned on the consequences of the ill-advised, “unexpected and unexplained” request by President Jacob Zuma for Finance Minister Pravin Gordhan to return to South Africa midway through an international investor roadshow to the UK and the US. The... 

BLSA calls for cool heads after Gordhan’s mid-roadshow return
Photo by Duane Daws
President Jacob Zuma and Finance Minister Pravin Gordhan

Gordhan to return from London ahead of Gupta court case

By: Reuters     28th March 2017 Finance Minister Gordhan ordered home from London ahead of Gupta court case is set to return to South Africa early on Tuesday after being ordered home from London by President Jacob Zuma, hours before a court hearing over the closure of accounts belonging to friends of the president. Zuma's order... 

Gordhan to return from London ahead of Gupta court case
Photo by Duane Daws
Finance Minister Pravin Gordhan

SAA losses climb to R4.5bn 

By: African News Agency      27th March 2017 The losses of the already cash-strapped South African Airways (SAA) has rapidly increased to R4.5-billion, documents submitted to Parliament’s standing committee on Finance revealed. “This new figure of R4.5-billion is significantly higher than the R3.5-billion revealed ten days ago and the... 

Outrage over Zuma's order to Gordhan, Jonas 

By: News24Wire      27th March 2017 President Jacob Zuma's instruction to Finance Minister Pravin Gordhan and his deputy Mcebisi Jonas to immediately return home from an investor roadshow in the UK and US has raised eyebrows among the opposition and civil society. "The instruction to cancel the international investor roadshow... 

Outrage over Zuma's order to Gordhan, Jonas
Finance Minister Pravin Gordhan

Gordhan flying back to SA tonight – Treasury

By: News24Wire      27th March 2017 Finance Minister Pravin Gordhan will comply with President Jacob Zuma’s order and return to South Africa on Monday evening. That is according to Treasury spokesperson Yolisa Tyantsi, who told Fin24 on Monday that arrangements were being made to fly him back to South Africa later on Monday evening. 

Gordhan flying back to SA tonight – Treasury
Photo by Duane Daws
Finance Minister Pravin Gordhan

Patel says construction fund will be ‘open to public scrutiny’

By: Terence Creamer     27th March 2017 Economic Development Minister Ebrahim Patel has pledged that all transactions pursued under the R1.5-billion Tirisano Fund – which is to be capitalised by the seven the construction companies that recently signed up to the Voluntary Rebuilding Programme (VRP) – will be “be open to public... 

Patel says construction fund will be ‘open to public scrutiny’
Photo by Duane Daws
Economic Development Minister Ebrahim Patel

Zuma orders Gordhan home from UK talks with investors

By: African News Agency      27th March 2017 President Jacob Zuma on Monday ordered Finance Minister Pravin Gordhan and Deputy Finance Minister Mcebisi Jonas to abandon talks with foreign investors in the UK and US and return home, prompting the rand to fall amid fears of a Cabinet reshuffle. “President Jacob Zuma has instructed the... 

Zuma orders Gordhan home from UK talks with investors
Photo by Reuters
Finance Minister Pravin Gordhan and Deputy Mcebisi Jonas

New public procurement legislation to take effect this week

By: Natasha Odendaal     27th March 2017 With the revised legislation governing public procurement processes coming into effect this week, stakeholders are expecting the impact of the radical economic transformation within public procurement processes to become clear in due course. Government repealed and replaced its Preferential... 

AVK grows local manufacturing footprint with Gunric acquisition

By: Creamer Media Reporter      27th March 2017 Valves and related solutions manufacturer AVK Holding Southern Africa has bolstered its manufacturing footprint and product offering after acquiring a 100% interest in Gunric Valves, including all brand assets and intellectual property (IP) for an undisclosed amount. The deal would provide AVK... 

Zuma recalls Gordhan from international roadshow, rand falls

By: Reuters     27th March 2017 President Jacob Zuma ordered Finance Minister Pravin Gordhan to return from an investor roadshow to Britain and the US on Monday because he "did not give permission for the trip", a government source said. Appointed in late 2015 after a predecessor's sudden sacking, Gordhan was in London for the... 

Zuma recalls Gordhan from international roadshow, rand falls
Photo by Duane Daws
Finance Minister Pravin Gordhan

DA to ask public protector to investigate Eskom acting CEO’s R1bn deals to stepdaughter 

By: African News Agency      27th March 2017 The Democratic Alliance will ask Public Protector Busisiwe Mkhwebane to launch an investigation into Eskom acting CEO Matshela Koko for allegedly awarding tenders worth R1-billion to Impulse International, a company of which his stepdaughter is a director, the party said on Sunday. “Impulse... 

DA to ask public protector to investigate Eskom acting CEO’s R1bn deals to stepdaughter
Photo by Duane Daws
Eskom acting CEO Matshela Koko

Tribunal finds pipe manufacturers guilty of collusion

By: Megan van Wyngaardt     27th March 2017 The Competition Tribunal has found Dawn Consolidated Holdings (DCH), through its subsidiary DPI Plastics, and Sangio Pipes guilty of colluding to divide markets in South Africa between 2007 and 2012. The Competition Commission referred the collusion case against the two manufacturers of regular... 

South Africa's maize output seen rising 84% in 2017 

By: Reuters     24th March 2017 South African farmers are expected to harvest 84% more maize this season compared with last season as yields were boosted by increased rains, a Reuters survey of five traders and market analysts showed on Friday. The government's Crop Estimates Committee (CEC), which will provide its second... 

South Africa's maize output seen rising 84% in 2017

Economic transformation imperative for South Africa – Davies

By: Anine Kilian     24th March 2017 Trade and Industry Minister Dr Rob Davies on Friday highlighted what needed to be done to pursue radical economic transformation as an imperative for the advancement of more inclusive economic growth in South Africa. He said fundamental change was necessary in the structure, systems, institutions... 

BBBEE Commission committed to resolving noncompliance

By: Anine Kilian     24th March 2017 The Broad-Based Black Economic Empowerment (BBBEE) Commission, a member of the Department of Trade and Industry, has spent the past year assessing compliance problems and has resolved to investigate companies that are involved with fronting and noncompliance with the BBBEE legislation. The... 

Transnet offers voluntary severance packages to staff

By: Megan van Wyngaardt     24th March 2017 Transnet on Friday confirmed that it is offering voluntary severance packages (VSPs) to its management and bargaining unit employees to streamline its business and ensure the group’s long-term sustainability. The parastatal cited subdued global economic growth, including a weak economic outlook... 

Transnet offers voluntary severance packages to staff

Competition Commission extends fresh produce market agent raid to Cape Town, Durban 

By: Megan van Wyngaardt     24th March 2017 The Competition Commission on Friday extended its search and seizure operation targeting fresh produce market agents, to premises in Cape Town and Durban. This followed its raid, on Thursday, of the premises of nine fresh produce market agents suspected of involvement in alleged cartel and... 

Gordhan on getting South Africa’s growth, transformation dynamic right 

By: Terence Creamer     24th March 2017 Finance Minister Pravin Gordhan has again responded to questions about whether his ‘inclusive growth’ narrative is at odds with the ‘radical economic transformation’ vision being espoused by President Jacob Zuma. Addressing businesspeople at a function hosted by Deloitte in Johannesburg on... 

Gordhan on getting South Africa’s growth, transformation dynamic right
Photo by Duane Daws
Finance Minister Pravin Gordhan

Denel heads to court to dispel doubts over legality of Denel Asia JV

By: Natasha Odendaal     24th March 2017 Denel has taken to the High Court of South Africa in Gauteng to clear up doubts over the legal standing of Denel Asia, a joint venture (JV) with VR Laser Asia. The State-owned defence group on Friday applied to the High Court in Pretoria for an order declaring that it obtained approval to form... 

Denel heads to court to dispel doubts over legality of Denel Asia JV
Photo by Duane Daws
Denel acting CEO Zwelakhe Ntshepe

Authorities help to curb counterfeit car part imports

By: Marleny Arnoldi     24th March 2017 The South African Police Service (SAPS), the Department of Trade and Industry (DTI) and the South African Revenue Service’s Customs offices are committed to reducing the number of imported counterfeit spare parts for motor vehicles, says law firm Spoor & Fisher. 

Authorities help to curb  counterfeit car part imports
PAUL RAMARA Counterfeit components coould be tracked through market investigation by checking car part agents that import goods from Asia, the Middle East

Denel signs dockyard agreement with German shipbuilding group

By: Keith Campbell     24th March 2017 South Africa’s State-owned defence industrial group Denel has signed a Memorandum of Understanding (MoU) with German shipbuilder ThyssenKrupp Marine Systems (TKMS). This agreement will allow Denel’s Maritime Division to take responsibility for the maintenance of, and upgrades to, the South... 

Nuclear advocate contests ‘unrealistic’ renewables scenarios

By: Keith Campbell     24th March 2017 Australian-founded and -based, globally-active, non-governmental organisation Bright New World argues that nuclear energy has a key role to play in ensuring both economic development and environmental sustainability. “Our goal is a stable climate, human development and a rich nature,” explains... 

Eskom, NamPower sign five-year supply deal

By: Megan van Wyngaardt     23rd March 2017 Eskom on Thursday signed a five-year firm electricity sales agreement with Namibia’s national electricity utility NamPower, providing energy security to the neighbouring country and facilitating economic development and growth. Eskom interim CEO Matshela Koko noted at the signing, held alongside... 

Higher Education Minister extends skills strategy to reach goals

By: Megan van Wyngaardt     23rd March 2017 Four years after its 2013 conference, the National Skills Authority is still implementing recommendations aimed at improving the mandate it is tasked with, enhancing national skills development, including the systemic study of the implementation of the third National Skills Development Strategy,... 

Higher Education Minister extends skills strategy to reach goals
Photo by Duane Daws
Higher Education Minister Blade Nzimande

Rehabilitation school proposed for road traffic offenders

By: News24Wire      23rd March 2017 Those found guilty of breaking road rules by a court of law will have to complete a mandatory rehabilitation programme under the new proposed demerit system, Parliament has heard. The Administrative Adjudication of Road Traffic Offences Amendment Bill will establish rehabilitation centres around... 

Competition Commission raids fresh produce market agents 

By: Megan van Wyngaardt     23rd March 2017 The Competition Commission on Thursday morning conducted a search and seizure operation at the premises of nine fresh produce market agents suspected of involvement in alleged cartel and price-fixing conduct in contravention of the Competition Act. The operation formed part of an investigation... 

Competition Commission raids fresh produce market agents

Uncertainty over regulatory clearing account having an impact on Eskom 

     23rd March 2017 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the implications for Eskom of the uncertainties surrounding the Regulatory Clearing Account. 

Uncertainty over regulatory clearing account having an impact on Eskom
Uncertainties emerge over Eskom’s ability to claw-back expenses under the RCA.
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