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Economy News

DTI invites public to comment on proposed amendments to BBBEE codes

By: Marleny Arnoldi     20th April 2018 The Department of Trade and Industry (DTI) is inviting the public to participate in a public commentary process on a proposed amendment to the Broad-Based Black Economic Empowerment (BBBEE) Codes of Good Practice on or before May 29.  

Molewa gazettes financial provisioning regulation amendments

By: Marleny Arnoldi     20th April 2018 Environmental Affairs Minister Dr Edna Molewa on Friday gazetted, for implementation, an amendment to the Financial Provisioning Regulations (FPR) for prospecting, exploration, mining or production operations.  

Molewa gazettes financial provisioning regulation amendments
Photo by Creamer Media
Environmental Affairs Minister Dr Edna Molewa

Call made for ‘broad coalition’ to reverse South Africa’s premature deindustrialisation

By: Terence Creamer     20th April 2018 A new no-holds-barred study of South Africa’s economic transformation over the past two decades concludes that the country has not only deindustrialised prematurely, but has also failed to materially transform its economic structure to one that encourages inclusive growth and development. Titled... 

Call made for ‘broad coalition’ to reverse South Africa’s premature deindustrialisation

Minimum wage Bill now with Labour Dept

By: Thabi Madiba     20th April 2018 The National Minimum Wage Bill is now with the Department of Labour to be redrafted with public input agreed to by the Portfolio Committee on Labour. The committee’s acting chairperson Sharome van Schalkwyk said that the department will now take time to rework the Bill for submission again to the... 

Minimum wage Bill now with Labour Dept

Mondi acquires two KwaZulu-Natal plantations

By: Simone Liedtke     20th April 2018 JSE-listed pulp and paper producer Mondi has acquired the Draycott and Greytown timber plantations, in KwaZulu-Natal, from World Hardwood. The Competition Tribunal on Thursday approved the transaction, after the Competition Commission determined that it was unlikely to substantially prevent or... 

Sars introduces electronic reporting requirements for customs clients

By: African News Agency      20th April 2018 The South African Revenue Service (Sars) said on Friday it would at the weekend introduce a new electronic cargo reporting system to track the movement of cargo into and out of the country. Sars said the paperless system would bring an end to one of its last remaining paper-based processes and... 

Sars introduces electronic reporting requirements for customs clients

Independent board urges M&R shareholders to reject Aton offer

By: Simone Liedtke     20th April 2018 An independent board established by Murray & Roberts (M&R) to assess the proposal by German family-owned business Aton to acquire all shares in M&R at R15 a share, has again recommended that M&R shareholders reject the offer. In an announcement on Friday, the M&R independent board reiterated that... 

DTI opposed to temporary scrapping of EV duties, but open to EU tariff re-set

By: Terence Creamer     20th April 2018 The Department of Trade and Industry (DTI) has confirmed that it is opposed to reducing protection on the import of electric vehicles (EVs) as a way of increasing domestic demand, arguing that automotive firms should, instead, use the duty offsets available to them through production rebate... 

DTI opposed to temporary scrapping of EV duties, but open to EU tariff re-set

Africa's last absolute monarch renames Swaziland as eSwatini

By: Reuters     20th April 2018 Swaziland's King Mswati III, Africa's last absolute monarch, said on Thursday he was officially renaming the country as the Kingdom of eSwatini. He announced the change to eSwatini, meaning "land of the Swazis", in the local Swati language at Golden Jubilee celebrations of the fifteeth... 

Cape institution uses space to train students and benefit country at same time

By: Rebecca Campbell     20th April 2018 Engineers and researchers at the French South African Institute of Technology at the Cape Peninsula University of Technology (CPUT) are in an advanced stage of developing the institution’s second nanosatellite, designated ZACube-2. “CPUT has used CubeSat programmes to encourage students to train... 

Future growth of African aviation to depend on cooperation

By: Rebecca Campbell     20th April 2018 Collaboration between aviation stakeholders, not least governments, in Africa is essential if the aviation sector is to realise its full potential and accelerate the development of the continent. So asserted International Air Transport Association (IATA) VP: Africa Raphael Kuuchi in his keynote... 

New Denel board faces tough turnaround task as financial pressure mounts

By: Rebecca Campbell     20th April 2018 Public Enterprises Minister Pravin Gordhan recently announced the completely new, high-powered, Board to turn-around beleaguered State-owned defence industrial group Denel. Technically, it is currently an interim Board, he explained, because it had not yet been approved by the Cabinet. He... 

Salga voices concern about impact of possible higher electricity tariffs on municipalities

By: Marleny Arnoldi     19th April 2018 During public hearings being held to enable the National Energy Regulator of South Africa (Nersa) to determine whether to allow power utility Eskom to recoup R66.6-billion under the Regulatory Clearing Account (RCA) mechanism, the South African Local Government Association (Salga) has expressed... 

Gauteng province to streamline approval process for projects to boost investment – MEC

By: African News Agency      19th April 2018 The Gauteng provincial government is working at streamlining the process of assessing the environmental impact of projects in order to speed up the approval process for businesses and encourage investment, its member of the executive council for economic development, environment, agriculture and... 

Competition Commission wins international award

By: Marleny Arnoldi     19th April 2018 The Competition Commission has won the Agency of the Year in Asia-Pacific, Middle East and Africa award at the eighth annual Global Competition Review (GCR) Awards held in Washington DC, in the US.  

BLSA throws weight behind Ramaphosa's R1.2trn investment drive

By: News24Wire      19th April 2018 President Cyril Ramaphosa’s initiative to raise R1-trillion in new investments over five years could add 4 percentage points to the country’s foreign direct investment, Business Leadership South Africa (BLSA) said Thursday, as it welcomed the plan. "If we achieve these figures, I believe we can... 

 BLSA throws weight behind Ramaphosa's R1.2trn investment drive
Photo by Creamer Media
BLSA CEO Bonang Mohale

Ramaphosa says he'll use his private sector experience to grow SA economy

By: News24Wire      19th April 2018 President Cyril Ramaphosa will approach the task of rebuilding South Africa's image as an attractive investment destination “with a private-sector lens”, he said in an interview with the Financial Times on Wednesday.  The president is in the UK where he is leading South Africa’s delegation to the... 

 Ramaphosa says he'll use his private sector experience to grow SA economy
President Cyril Ramaphosa

AfriForum to privately prosecute Malema for fraud and corruption

By: Sane Dhlamini     19th April 2018 Lobby group AfriForum on Thursday announced its intention to prosecute Economic Freedom Fighters (EFF) leader Julius Malema if the National Prosecuting Authority (NPA) did not reinstate the case against Malema for fraud and tender corruption in the On-Point Engineering matter. On-Point, in which... 

AfriForum to privately prosecute Malema for fraud and corruption
AfriForum's Kallie Kriel & Gerrie Nel

AfriForum to privately prosecute Julius Malema

By: News24Wire      19th April 2018 Lobby group AfriForum announced on Thursday that it intended to privately prosecute Economic Freedom Fighters (EFF) leader Julius Malema on charges of fraud and corruption. The announcement was made in Centurion on Thursday morning by AfriForum's private prosecution head, the so-called "Pit Bull"... 

AfriForum to privately prosecute Julius Malema
Photo by Reuters
EFF leader Julius Malema

Ramaphosa urges closer ties between South African businesses and other Commonwealth nations

By: Simone Liedtke     18th April 2018 South African President Cyril Ramaphosa has encouraged South African businesses to reach out to their Commonwealth counterparts across the globe to forge closer ties and create avenues for greater trade and investment. In an address in London, on Wednesday, he said that the Commonwealth Business... 

Rand recovery double-edged sword, land must be shared – Ramaphosa

By: Reuters     18th April 2018 President Cyril Ramaphosa said on Wednesday the rebound in the country's currency, the rand, had both positive and negative effects but wasn't quite complete. "It is a double-edged sword," Ramaphosa said in a interview with Bloomberg television. "It reflects the level of confidence that the world... 

Rand recovery double-edged sword, land must be shared – Ramaphosa
President Cyril Ramaphosa

UK, SA Trade Ministers hold talks in London

By: Rebecca Campbell     18th April 2018 South African Trade and Industry Minister Dr Rob Davies met with his British counterpart, International Trade Secretary Dr Liam Fox, on Tuesday on the margins of the Commonwealth Heads of Government Meeting in London, to discuss the bilateral trade relationship. They both expressed pleasure at... 

UK, SA Trade Ministers hold talks in London
UK Secretary of State for the Department of International Trade Dr Liam Fox and South African Minister of Trade and Industry Dr Rob Davies

Ramaphosa's plan to attract R1.2tr in investment marks potential new dawn

By: News24Wire      18th April 2018 President Cyril Ramaphosa’s plan to raise over R1-trillion in new foreign investment has been hailed by economists as the beginning of a “new dawn” for South Africa after years of low growth and policy uncertainty. On Monday, Ramaphosa announced that South Africa will later this year host a major... 

 Ramaphosa's plan to attract R1.2tr in investment marks potential new dawn
President Cyril Ramaphosa

Solidarity gives Brian Molefe Friday deadline to pay back the money

By: African News Agency      18th April 2018 Trade union Solidarity has given former Eskom chief executive Brian Molefe until Friday 11am to pay back the money he unlawfully received from the power utility as part of the R30-million pension payout granted to him. On Tuesday, Molefe lost his court bid to appeal a January high court judgement... 

 Solidarity gives Brian Molefe Friday deadline to pay back the money
Former Eskom CEO Brian Molefe

World Bank sees microgrids playing bigger role in Africa’s electrification as solar costs fall

By: Terence Creamer     18th April 2018 Changes in generation technologies, including the sharp fall in solar photovoltaic (PV) costs, means that the evolution of electricity systems in sub-Saharan Africa (SSA) will need to involve more than one national grid, a new World Bank report argues. “The path to universal electrification will... 

World Bank sees microgrids playing bigger role in Africa’s electrification as solar costs fall
Bank says microgrids have worked well in East and South Asia

Busa supports labour law amendments, but concerned about risks

By: Simone Liedtke     18th April 2018 Business Unity South Africa (Busa) has voiced its support for amendments to legislation to introduce provisions to enhance labour relations stability and the implementation of a National Minimum Wage (NMW). Busa warned, however, that the risks to employment and business, particularly smaller and... 

Nersa public hearings into Eskom’s RCA applications get under way 

     18th April 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the first round of public hearings held by the National Energy Regulator of South Africa to determine whether or not to grant Eskom’s applications to recover R66.6-billion in cost and sales variances. 

Nersa public hearings into Eskom’s RCA applications get under way
Nersa public hearings into Eskom’s RCA applications get under way

Ramaphosa scores R857m UK funding from Prime Minister May

By: News24Wire      18th April 2018 President Cyril Ramaphosa and British Prime Minister Theresa May agreed on a deal worth millions to help South Africa improve its business environment. Ramaphosa is in the UK on a working visit to London to attend the Commonwealth Heads of Government Meeting, which will take place on Thursday and... 

Ramaphosa scores R857m UK funding from Prime Minister May
President Cyril Ramaphosa & British Prime Minister Theresa May

Government cancels auditing contracts with KPMG and Nkonki Inc

By: News24Wire      17th April 2018 The Auditor General, Kimi Makwetu, on Tuesday announced his office’s decision to terminate, with immediate effect, the auditing contracts with KPMG and Nkonki Inc with the government.  The two beleaguered companies had been doing public sector audits on behalf of the Auditor General of South... 

 Government cancels auditing contracts with KPMG and Nkonki Inc
Auditor General Kimi Makwetu

IMF makes positive about-turn on SA growth outlook after January slash

By: News24Wire      17th April 2018 The International Monetary Fund (IMF) is upbeat about South Africa's Gross Domestic Product (GDP) growth in 2018, raising its forecast to 1.5% after cutting its prediction to 0.9% in January. The international lender released its World Economic Outlook report in Washington DC on Tuesday, ahead of... 

 IMF makes positive about-turn on SA growth outlook after January slash

African businesses grow despite difficult macro environment – PwC

By: Marleny Arnoldi     17th April 2018 Despite a challenging environment, with public debt approaching critical levels in some countries and concerns over excessive reliance on oil, African businesses are expanding.  

CMH achieves 17.2% y/y increase in FY18 headline earnings despite challenges

By: Marleny Arnoldi     17th April 2018 Investment holding company Combined Motor Holdings (CMH) on Tuesday reported a good set of results for the financial year ended February 28, despite ongoing challenges including a difficult economic, trading and political environment.  

SAA awarded 4-Star Skytrax ranking for 16th consecutive year

By: Marleny Arnoldi     17th April 2018 South African Airways (SAA) has maintained a 4-Star Skytrax ranking, in both business and economy class, for a sixteenth consecutive year.  

SAA awarded 4-Star Skytrax ranking for 16th consecutive year
South African Airways' A330-300 airbus

Everything a priority at PRASA except safe rail transport – Nzimande

By: African News Agency      17th April 2018 Transport Minister Blade Nzimande on Tuesday conceded to MPs that safe rail transport for the working class was low on the list of priorities for the Passenger Rail Agency of South Africa (PRASA), but vowed this would change. Briefing MPs on his department's annual performance plan, Nzimande said... 

Molefe loses court bid to appeal pay back pension ruling

By: News24Wire      17th April 2018 The North Gauteng High Court on Tuesday dismissed an application by former Eskom CEO Brian Molefe for leave to appeal a ruling that he pay back the part of his pension payout he already received. Judge Elias Matojane said based on the submission presented to the court "we are of the view that... 

Outa calls for Eskom turnaround before tariff hikes are granted

By: Kim Cloete     17th April 2018 Eskom should first implement a turnaround strategy before the National Energy Regulator of South Africa (Nersa) considers granting it a tariff hike, says the Organisation for Undoing Tax Abuse (Outa). “Eskom leadership must institute stringent measures to recoup the billions of rands siphoned out... 

DA calls for each sector to have its own minimum wage

By: News24Wire      17th April 2018 The DA has rejected the idea of a "blanket, universal" minimum wage, calling for each sector to have its own minimum wage instead. DA leader Mmusi Maimane, policy head Gwen Ngwenya and labour spokesperson Michael Bagraim briefed the media on the party's policy outcomes adopted at its seventh... 

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