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Economy News

Aveng Strabag Joint Venture to appeal ruling on calling of Mtentu bridge bonds 

By: Terence Creamer     22nd March 2019 The Aveng Strabag Joint Venture (ASJV) reported on Friday that it would appeal the dismissal of an urgent application, lodged by the ASJV in February, seeking to prevent the South African National Roads Agency Limited (Sanral) from making a call on the bonds relating to the Mtentu bridge... 

Dube TradePort set for R18bn expansion

By: Nadine James     22nd March 2019 The R18-billion expansion of one of two of KwaZulu-Natal’s special economic zones (SEZs), the Dube TradePort, is set to create hundreds of jobs as the province gears for yet another round of development for its Durban Aerotropolis precinct, KwaZulu-Natal Economic Development, Tourism and... 

Intervention needed to protect South Africa’s infrastructure projects 

By: Nadine James     22nd March 2019 Urgent intervention is needed to protect infrastructure projects, investor confidence and the safety of professionals in the built environment, Association of South African Quantity Surveyors (ASAQS) member Yunus Bayat said on Friday, in response to reports of widespread “construction mafia” and... 

Intervention needed to protect South Africa’s infrastructure projects

Black Management Forum questions 'lack of transparency' in appointing new Sars commissioner

By: News24Wire      22nd March 2019 The Black Management Forum (BMF) has said that it is concerned with what it deems to be a 'rushed and guarded' recruitment process in appointing a new commissioner for the South African Revenue Service (Sars). Last week Finance Minister Tito Mboweni reappointed Mark Kingon as the acting head of... 

 Black Management Forum questions 'lack of transparency' in appointing new Sars commissioner
Photo by Bloomberg
Acting Sars Commissioner Mark Kingon

'Signs are encouraging' load-shedding will be reduced – Eskom

By: News24Wire      22nd March 2019 Eskom will implement Stage 2 load-shedding on Friday, as strain on the national grid improves and “signs are encouraging” that there will be reduced rotational power cuts as available generating capacity improves, according to Eskom spokesperson Andrew Etzinger. Stage 2 will be implemented... 

 'Signs are encouraging' load-shedding will be reduced – Eskom
Photo by Creamer Media
Eskom Spokesperson Andrew Etzinger

Company positive in flat construction market

By: Mamaili Mamaila     22nd March 2019 Despite there being no capital expenditure on projects in the construction sector, construction equipment supplier SANY GM Barry Owen says the company sees good opportunity to grow the SANY brand in a rather stagnant market. 

Company positive in  flat construction market
BARRY OWEN Over-capacitated construction sector under extreme pressure owing to oversupply

Bobcat positive ahead of elections

By: Mamaili Mamaila     22nd March 2019 While the fragmentation occurring in the mining and construction industries – where major contracts are being awarded to smaller empowered startups without major track records or even assets – is cause for concern, meaningful change is likely to emerge after the national election in May. 

Bobcat positive ahead  of elections
EARTHFORCE Bobcat aims to meet the requirement for quality, lower-cost machines

Iata stresses priorities for growth of global air cargo sector

By: Rebecca Campbell     22nd March 2019 The International Air Transport Association (IATA) has identified three priorities that must be implemented to meet the growing global demand for air freight and to maximise the socio-economic benefits of aviation, and has called on governments and the air cargo industry to focus on these... 

Japan focusing attention on Indian Ocean rim countries for mutual benefit

By: Rebecca Campbell     22nd March 2019 Japanese international strategy was today focusing on the rim of the Indian Ocean, highlighted Keio University Faculty of Law Professor Yuichi Hosoya in a recent address to the South African Institute of International Affairs at its headquarters on the University of the Witwatersrand campus in... 

French Foreign Affairs Minister visits local construction academy

By: Schalk Burger     22nd March 2019 The French Minister for Europe and Foreign Affairs Jean-Yves Le Drian visited construction materials and infrastructure components multinational Saint-Gobain Construction Training Academy, in Germiston, Ekurhuleni, earlier this month to inspect its work and its youth development partnership. The... 

French Foreign Affairs Minister visits local construction academy
PRACTICAL TRAINING SESSION The youths are trained to install drywall and ceiling installation, as well as insulation or sound-proofing systems

Denel seeking contingency funding as it outlines turnaround strategy

By: Rebecca Campbell     22nd March 2019 State-owned South African defence industrial group Denel is preparing an application for funding from the R13-billion contingency reserve announced by Finance Minister Tito Mboweni in his 2019/2020 Budget speech. “We know that [the] Government is cognisant of the fact that Denel is in need of... 

Ceta to present five-year SMME strategy at summit

By: Marleny Arnoldi     20th March 2019 The Construction Education and Training Authority (Ceta) will present its five-year strategy for progressing small, medium-sized and microenterprises (SMMEs) in the built environment sector at the Ceta SMME Summit later this month. The summit will highlight the current SMME landscape in the... 

South Africa's FDI inflows reach five-year high in 2018

By: Reuters     20th March 2019 South Africa's foreign direct investment (FDI) inflows rose to a five-year high of R70.7-billion in 2018 from R26.8-billion the prior year, the central bank said on Wednesday, despite outflows in the final quarter of last year. The 2018 FDI inflows were the highest since 2013, when the country... 

SARB likely to hold rates on March 28

By: Reuters     20th March 2019 The South African Reserve Bank (SARB) is expected to leave interest rates unchanged next week, and with a weak currency threatening to stoke inflation, it probably won't cut rates this year, a Reuters poll showed on Wednesday. Inflation in Africa's most industrialized economy is currently below... 

Accounting institute to investigate Jooste, La Grange in Steinhoff saga

By: African News Agency      20th March 2019 The South African Institute of Chartered Accountants (SAICA) on Tuesday, said that it would investigate two of its members implicated in 'alleged improper conduct' related to the Steinhoff accounting fraud saga. In heated discussions on the matter among various parliamentary committees on... 

Eskom says will continue with rotating powercuts

By: African News Agency      20th March 2019 Eskom said on Wednesday it would press on with rotating blackouts, suppressing 2 000 MW of demand at a given time until 9 am, before doubling that to 4 000 MW till 11 pm to avoid tripping the entire national grid. "This is due to a shortage of capacity. Eskom’s maintenance teams are working round... 

 Eskom says will continue with rotating powercuts

Eskom provides update on electricity crisis 

20th March 2019 Public Enterprises Minister Pravin Gordhan and Eskom chairperson Jabu Mabuza on Tuesday held a media briefing to discuss the current electricity crisis. Engineering News Editor Terence Creamer joins Creamer Media's Chanel de Bruyn in studio to discuss the highlights of the media briefing, as well... 

Eskom provides update on electricity crisis
Eskom provides update on electricity crisis.

Financial markets driven by politics, rather than economic fundamentals – Peregrine

By: Marleny Arnoldi     19th March 2019 The world is in an era of populism and nationalism, marked by the rapid rise of politicians echoing the message of a “selfish” State, effectively making the geopolitical landscape a treacherous one, says Peregrine Treasury Solutions. Corporate treasury manager Bianca Botes noted in a release... 

NUM says Ramaphosa assured union no jobs would be lost in Eskom unbundling

By: Marleny Arnoldi     19th March 2019 The National Union of Mineworkers (NUM) on Tuesday confirmed that it had met with President Cyril Ramaphosa, Public Enterprises Minister Pravin Gordhan and Energy Minister Jeff Radebe this week. The union noted, however, that it still needed to consult with its members employed at Eskom, on the... 

Greenpeace opposes Eskom’s application to postpone air quality legislation compliance

By: Simone Liedtke     19th March 2019 Nonprofit organisation Greenpeace Africa on Tuesday reaffirmed its opposition to State-owned Eskom’s application for further postponements and/or suspensions from air quality legislation. The organisation explained that, in the interests of realising the Constitutional right to a healthy... 

Greenpeace opposes Eskom’s application to postpone air quality legislation compliance
Photo by Creamer Media's Dylan Slater
Greenpeace global air pollution unit lead analyst Lauri Myllyvirta

Eskom to seek special procurement dispensation to help it address ‘crisis’ 

By: Terence Creamer     19th March 2019 Crisis-ridden power utility Eskom is approaching the Auditor-General and the National Treasury to seek approval for a special procurement dispensation that will allow it to accelerate the purchase of critical goods and services required to address ongoing breakdowns of its coal fleet. The... 

Eskom to seek special procurement dispensation to help it address ‘crisis’
Public Enterprises Minister Pravin Gordhan and Eskom chairperson Jabu Mabuza

Eskom, government plans for Stage 5 and Stage 6 load-shedding to stave off national blackouts  

By: News24Wire      19th March 2019 Eskom and government have started planning for Stage 5 and Stage 6 load-shedding, according to officials who say that there is a race against time to ensure that a national blackout and grid collapse does not happen.  Stage 5 and Stage 6 load shedding imply shedding 5 000 MW and 6 000 MW... 

 Eskom, government plans for Stage 5 and Stage 6 load-shedding to stave off national blackouts

We only have ourselves to blame – Eskom COO 

By: News24Wire      19th March 2019 Eskom only has itself to blame for the lapse of a contract for early detection of maintenance failures, according to Eskom chief operations officer (COO) Jan Oberholzer. There are currently seven generating units which have broken down due to boiler tube leaks as Eskom struggles to maintain its... 

 We only have ourselves to blame – Eskom COO

South Africa police probe into Steinhoff fraud at advanced stage

By: Bloomberg     19th March 2019 An investigation into an alleged fraudulent transaction by Steinhoff International Holdings is at an advanced stage, South Africa’s Serious Commercial Crime Investigation unit said in a presentation to be delivered to lawmakers in Cape Town on Tuesday. The emergence of new details into the probe... 

Eskom sets aside R50bn over 5 years for maintenance

By: News24Wire      19th March 2019 Eskom has set aside R50-billion over the next five years for maintenance as ageing infrastructure is unable to keep up with electricity demand, according to the power utility’s CEO Phakamani Hadebe. Hadebe said Eskom had been using its maintenance spend previously on generation alone but will now... 

 Eskom sets aside R50bn over 5 years for maintenance
Photo by Creamer Media's Dylan Slater
Eskom CEO Phakamani Hadebe

Eskom needs 'crisis reaction' – Mabuza

By: News24Wire      19th March 2019 Eskom chairperson Jabu Mabuza says the operational side of Eskom requires “crisis reaction” as well as time and speed to fix the current load-shedding situation. He was briefing the media on Tuesday, along with Minister of Pubic Enterprises Pravin Gordhan as the country entered the fifth... 

 Eskom needs 'crisis reaction' – Mabuza
Photo by Creamer Media
Eskom Chairperson Jabu Mabuza

'No magic formula to solve power crisis' – Gordhan

By: News24Wire      19th March 2019 There is no magic formula to solve the current load-shedding crisis and the Minister of Public Enterprises Pravin Gordhan is unable to say when the rotational blackouts will be over. Gordhan was briefing the media on Tuesday, along with senior Eskom officials as the country entered its fifth... 

 'No magic formula to solve power crisis' – Gordhan
Photo by Creamer Media
Public Enterprises Minister Pravin Gordhan

Gordhan, Mabuza to shed light on SA’s power crisis

By: News24Wire      19th March 2019 Minister of Public Enterprises Pravin Gordhan and the chairperson of the Eskom Board, Jabu Mabuza, will hold a media briefing to give an update on electricity supply problems on Tuesday morning in Johannesburg.  South Africans have faced five consecutive days of load-shedding, including power... 

 Gordhan, Mabuza to shed light on SA’s power crisis
Photo by Creamer Media's Dylan Slater
Eskom board chairperson Jabu Mabuza

Water supply, economic activity under threat as Eskom struggles to supply power

By: African News Agency      19th March 2019 South Africa's State-owned electricity company Eskom continued implementing rolling blackouts on Tuesday as its crippled generating units struggled to supply enough power in a crisis likely to further hurt the ailing economy. In its latest statement Eskom said it was implementing "stage 2"... 

Water supply, economic activity under threat as Eskom struggles to supply power

Mandatory, compulsory programmes launched in response to systemic challenges facing govt departments

By: Simone Liedtke     18th March 2019 In direct response to the systemic challenges facing government departments, the National School of Government’s (NSG’s) mandatory and compulsory programmes were launched on Monday, in Pretoria. The launch follows President Cyril Ramaphosa’s statement during his State of Nation Address last... 

Eskom's 'perfect storm' and how the power utility is managing the crisis 

By: News24Wire      18th March 2019 South Africa has been oscillating between Stage 2 and Stage 4 load shedding since Friday, cutting up to 4 000 MW from the national grid per day. The rolling blackouts are expected to continue until Wednesday, with demand expected to taper off towards the end of the week, as Thursday is a public... 

 Eskom's 'perfect storm' and how the power utility is managing the crisis

FNB/BER Building Confidence Index declines to near 8-year low

By: Tasneem Bulbulia     18th March 2019 The First National Bank (FNB)/Bureau for Economic Research (BER) Building Confidence Index dropped to 25 in the first quarter of this year, from 32 in the fourth quarter of 2018. This 7-point decrease resulted in the index nearly reaching an eight-year low. 

Public-Private Growth Initiative identifies 18 ‘priority projects’ to unlock growth 

By: Terence Creamer     18th March 2019 The Public-Private Growth Initiative (PPGI), an evolving sector-based collaboration between government and business, has earmarked 18 projects across various sectors of the South African economy for priority implementation in the coming months. Minister in the Presidency Dr Nkosazana Dlamini-Zuma... 

Public-Private Growth Initiative identifies 18 ‘priority projects’ to unlock growth
Minister in The Presidency Dr Nkosazana Dlamini-Zuma speaks, while Dr Johan van Zyl, Mpumi Mpofu and Roelf Meyer listen

Looming SA 'expat tax' is ultimately fair – Citadel

By: African News Agency      18th March 2019 Changes to South Africa's Income Tax Act which will from March 2020 see expatriates taxed locally for income from foreign employment exceeding R1-million is ultimately fair given their continued ties in the country, financial services group Citadel said on Monday. The National Treasury held a... 

 Looming SA 'expat tax' is ultimately fair – Citadel

Channelling Thatcher, South Africa’s President takes on its unions

By: Bloomberg     18th March 2019 In 1987, an anti-apartheid firebrand named Cyril Ramaphosa led South Africa’s biggest-ever mining strike. Some 300 000 miners – from a union Ramaphosa himself had founded – walked off the job, protesting pay and working conditions. The mining company “used fascist methods to destroy workers’... 

Eskom to implement 'Stage 4' load-shedding from 09:00 to 23:00

By: African News Agency      18th March 2019 Eskom said on Monday it would commence Stage 4 rotational load shedding from 09:00 to 23:00 and continue into Tuesday due to a shortage of capacity.   Stage 4 load-shedding requires the state-owned utility, which supplies 95% of South Africa's electricity, to rotationally take 4 000 MW of demand... 

Eskom to implement 'Stage 4' load-shedding from 09:00 to 23:00

'Stage 4 load-shedding is unacceptable, disruptive to economy' – Gordhan

By: News24Wire      18th March 2019 Minister of Public Enterprises Pravin Gordhan has said that his department and National Treasury will assist embattled power utility Eskom to fast-track the procurement of "essential goods and services" required to urgently repair generating units at local stations. South Africans suffered two... 

'Stage 4 load-shedding is unacceptable, disruptive to economy' – Gordhan
Photo by Bloomberg
Public Enterprises Minister Pravin Gordhan
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