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Economy News

Eskom is said to base executive revamp on consultant work

By: Bloomberg     Updated 5 hours ago Eskom is proposing executive job cuts and a reorganisation of management units in an effort to improve the South African utility’s financial position, according to a document seen by Bloomberg. Eskom, which produces about 90% of the nation’s electricity, hired Boston Consulting Group earlier... 

Vusi Khanyile appointed WWF-SA chairperson

By: Simone Liedtke     16th November 2018 Former Thebe Investment Corporation chairperson Vusumzi (Vusi) Khanyile has been elected the new chairperson of World Wide Fund-South Africa’s (WWF-SA) board of directors at the nongovernmental organisation’s fiftieth annual general meeting. He takes over from Valli Moosa, who has chaired the... 

Vusi Khanyile appointed WWF-SA chairperson
Newly-elected World Wide Fund-South Africa’s (WWF-SA) chairperson Vusi Khanyile

Upcoming protest not the first amid talks of transition away from coal – SAWEA

By: Simone Liedtke     16th November 2018 The South African Wind Energy Association (SAWEA) has defended the industry’s job creation potential. This comes ahead of a peaceful march by the National Union of Mineworkers (NUM), which is planned for November 17, to protest potential job losses in the coal-fired power generation sector as a... 

Treasury announces progress on national health insurance bill  

By: African News Agency      16th November 2018 The South African National Treasury on Friday announced it made “substantial” progress on the national health insurance (NHI) Bill consultation in key areas and have reached agreement on most of the major issues. “We have made substantial progress on key areas and have reached agreement on most... 

Treasury announces progress on national health insurance bill

All not lost, despite trust deficit between govt, private sector

By: Simone Liedtke     16th November 2018 The current trust deficit between government and the private sector is not just based on the private sector’s belief that nothing can or will be done, but rather on the lack of correctly identifying opportunities when trying to bridge the gap. This sentiment, shared by panellists during a... 

All not lost, despite trust deficit between govt, private sector

Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns 

By: Terence Creamer     16th November 2018 South Africa’s power utility Eskom reports that it has received approval for the National Treasury from the “urgent procurement” of four-million tons of emergency coal to help address serious stock shortfalls at several of its 15 coal-fired power stations. More than 1.1-million tons have already... 

Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns
Photo by Dylan Slater
Eskom CEO Phakamani Hadebe

Regulator approves restart of NTP’s isotope production facility 

By: Marleny Arnoldi     16th November 2018 NTP Radioisotopes on Friday confirmed that the National Nuclear Regulator (NNR) had given it the go-ahead to resume production of essential medical radioisotopes at its Pelindaba facility. NTP, which is a subsidiary of State-owned South African Nuclear Energy Corporation (Necsa), will start with... 

Regulator approves restart of NTP’s isotope production facility

Treasury report finds Koko meddled to help Tegeta

By: African News Agency      16th November 2018 Former Eskom CEO Matshela Koko obstructed coal testing that would have compromised the contract Tegeta Exploration cinched with the power utility, according to a forensic report released by National Treasury on Friday. The report by Fundudzi Forensic Investigation Services details how Eskom... 

 Treasury report finds Koko meddled to help Tegeta
Photo by Creamer Media
Former Eskom CEO Matshela Koko

Malusi Gigaba named in bombshell Treasury report on rot at Eskom, Transnet 

By: News24Wire      16th November 2018 National Treasury has released a bombshell report of more than 600 pages detailing the extent of rot at Transnet and Eskom over the last six years – and says Malusi Gigaba compromised the procurement process of controversial new Chinese locomotives. The report, compiled after a forensic... 

Malusi Gigaba named in bombshell Treasury report on rot at Eskom, Transnet
Photo by Bloomberg
Former Home Affairs Minister Malusi Gigaba

Aerospace technology could help uplift Africa in many sectors, Airbus claims

By: Rebecca Campbell     16th November 2018 Giant Europe-based aerospace group Airbus has affirmed that aerospace technologies can play a key role in dealing with many of the socioeconomic challenges confronting Africa. It did so in a report, which it called a White Paper, that was released at the end of last month. at a special event in... 

New pan-African trade bloc holds much promise for SA business

By: Rebecca Campbell     16th November 2018 From March 17 to March 21 this year, African Heads of State and Government held an Extraordinary Summit in Kigali, Rwanda. This was the 10th Extraordinary Summit of the African Union (AU) Assembly and the last day saw the signature of the agreement to establish the African Continental Free Trade... 

New pan-African trade bloc holds much promise for SA business

Industry body supports economic recovery plan

By: Jessica Oosthuizen     16th November 2018 Industry body Consulting Engineers South Africa (Cesa) welcomes government’s focus on infrastructure development in support of economic recovery and job creation, as illustrated in Finance Minister Tito Mboweni’s Medium-Term Budget Policy Statement (MTBPS) last month, says Cesa CEO Chris... 

Industry body supports economic recovery plan
CHRIS CAMPBELL We are in a position, as the private sector, to partner with government to develop and build infrastructure to a level that supports good service delivery

Project to have major economic impact

By: Jessica Oosthuizen     16th November 2018 The Motherwell Passenger Rail Corridor (MPRC), one of the Passenger Rail Agency of South Africa’s (PRASA’s) largest rail projects, will have a major economic impact, with significant benefits, says multidisciplinary engineering and architecture company GIBB railway engineering associate Nico... 

Project to  have major economic impact
MOTHERWELL PASSENGER RAIL CORRIDOR The construction of the railway line and associated infrastructure is scheduled to start in 2022/23

Common understanding required between govt, small business to respond to challenges – Zulu

By: Simone Liedtke     15th November 2018 With the Fourth Industrial Revolution (4IR) fast approaching, Small Business Development Minister Lindiwe Zulu on Thursday said a common understanding was needed among all people in South Africa in order to respond to the challenges and possibilities that it presents. This, she told delegates... 

Common understanding required between govt, small business to respond to challenges – Zulu
Photo by Dylan Slater
Small Business Development Minister Lindiwe Zulu

Own revenue generation enables Gauteng to extend budget allocation by R1.9bn  

By: Marleny Arnoldi     15th November 2018 Finance MEC Barbara Creecy has increased the Gauteng Provincial Government’s budget by R1.9-billion to R123.2-billion, compared with the R121.4-billion budget that was announced in March. Presenting the Adjustment Budget and Medium Term Budget Policy Statement in the Gauteng Legislature, on... 

‘Massive’ fuel price drop on the cards for December – AA

By: News24Wire      15th November 2018 The Automobile Association (AA) announced on Thursday that, based on current data, motorists could expect ‘massive drops’ in the prices of petrol and diesel for December.  The association is predicting a drop of R1.54 per litre for petrol, with diesel dropping by 92 cents and illuminating... 

 ‘Massive’ fuel price drop on the cards for December – AA

Committee gives green light for Constitutional amendment on land reform 

By: African News Agency      15th November 2018 The ruling African National Congress (ANC) on Thursday, dismissed accusations by opposition parties that the process which led to the adoption of a draft report by members of Parliament (MPs) on Thursday in favour of changing the Constitution to explicitly provide for land expropriation without... 

Committee gives green light for Constitutional amendment on land reform

Malusi Gigaba resigns as MP 

By: News24Wire      15th November 2018 Malusi Gigaba has resigned as a Member of Parliament, saying it was his honour and privilege to serve as a MP for the African National Congress (ANC). The Office of the Speaker and ANC Chief Whip Jackson Mthembu confirmed Gigaba's resignation on Thursday, effective from Tuesday, November 13. "It... 

Malusi Gigaba resigns as MP
Photo by Reuters
Former Home Affairs Minister Malusi Gigaba

SA municipalities expect budget deficit of R4.7bn in 2018/19 – Treasury 

By: African News Agency      15th November 2018 The revenue for South African municipalities is expected to rise to R431.5-billion in 2019/20 and R462.5-billion in 2020/21 from a budgeted R404.6-billion for 2018/19, the National Treasury said on Thursday. In a statement on the medium term revenue and expenditure framework for municipalities,... 

SA municipalities expect budget deficit of R4.7bn in 2018/19 – Treasury

China lending to sub-Saharan Africa can support growth, but brings risks – Moody's

By: African News Agency      15th November 2018 China’s increased lending to governments in sub-Saharan Africa has the potential to support economic growth, but also amplifies credit risks for countries with high debt, ratings agency Moody’s has said. “Unless African investment financed by Chinese loans generates substantial economic gains... 

Nzimande in, Gigaba out, but home affairs questions get bumped in the House

By: News24Wire      15th November 2018 Acting Minister of Home Affairs Blade Nzimande may have been present during the oral question session in Parliament on Wednesday, but answers to key questions in this portfolio were not. Former Home Affairs Minister Malusi Gigaba, now an ordinary MP, was also absent. Gigaba resigned this week... 

Nzimande in, Gigaba out, but home affairs questions get bumped in the House
Acting Home Affairs Minister Blade Nzimande

Eskom highlights risk of further debt accumulation as it gears up to defend big hikes 

By: Terence Creamer     14th November 2018 Debt-laden electricity utility Eskom is preparing for yet another bruising encounter with consumers in the coming months, during which it will seek to justify it latest R762-billion, three-year revenue application. If successful with its fourth multiyear price determination (MYPD4) application,... 

Eskom highlights risk of further debt accumulation as it gears up to defend big hikes

Need for regulatory, payment efficiencies highlighted during SME Indaba

By: Schalk Burger     14th November 2018 The efficiency of securing regulatory compliance and the speed at which small and medium-sized enterprises (SMEs) are paid by private companies and public organisations were on Wednesday cited as some of the biggest concerns for small businesses. Speaking at the Small Business Institute (SBI) SME... 

Land issue is a festering sore – Ramaphosa 

By: News24Wire      14th November 2018 Whenever President Cyril Ramaphosa travels abroad and hosts a media conference, he now inevitably faces questions around land reform without expropriation. His stock answer? That without comprehensive land reform, South Africa's hard-won stability may come undone. While Wednesday was no... 

 Land issue is a festering sore – Ramaphosa
President Cyril Ramaphosa & European Parliament President Antonio Tajani

Investment pledges will add about R338bn to South Africa’s economic growth – PwC 

By: Tasneem Bulbulia     14th November 2018 The proposed investment pledges announced during the Presidential Investment Summit in October could add about R338-billion to South Africa’s gross domestic profit (GDP) between 2019 and 2024, says PwC. President Cyril Ramaphosa stated at the conference that “nearly R290-billion” had been pledged... 

South Africa's land expropriation unnerves investors – World Bank executive

By: Reuters     14th November 2018 Plans by South Africa's ruling African National Congress (ANC) to change the constitution to allow the expropriation of land without compensation have unnerved investors, a senior World Bank group executive said on Wednesday. President Cyril Ramaphosa's party has made the acceleration of land... 

South Africa's land expropriation unnerves investors – World Bank executive

Quality of life for Africans low in Gauteng – survey

By: Sashnee Moodley     14th November 2018 The African population in Gauteng has a quality of life index score that is below the provincial average and is not catching up with white South Africans, who are seeing larger gains in measured quality of life. This is according to the fifth edition of the Gauteng City Region Observatory (GCRO)... 

Quality of life for Africans low in Gauteng – survey
Gauteng Premier David Makhura

Gigaba resigns as Home Affairs Minister

By: Reuters     13th November 2018 Home Affairs Minister Malusi Gigaba has resigned, the Presidency said on Tuesday, following calls from opposition parties to stand down in recent weeks over a High Court ruling which found he lied under oath. Gigaba, who was finance minister between March 2017 and February 2018, has denied any... 

Flexibility to take on ‘unprecedented importance’ as renewables rise 

By: Terence Creamer     13th November 2018 The International Energy Agency (IEA) says that higher shares of variable renewable energy in electricity systems will require a “step change” in the requirement for flexibility, which is the capability to balance electricity supply and demand at all times so as to keep the lights burning. The... 

Flexibility to take on ‘unprecedented importance’ as renewables rise

Strong relationship bodes well for boosting India/South Africa trade and investment

By: Rebecca Campbell     13th November 2018 South Africa and India already have a solid framework for strong relations, not least in the areas of trade and investment, Indian High Commissioner to South Africa (Ms) Ruchira Kamboj tells Engineering News Online. "India and South Africa are old friends and historical partners," she highlights.... 

Don’t change the Constitution for land reform – CDE

By: Sashnee Moodley     13th November 2018 Changing the Constitution to accelerate land reform is unnecessary and threatens property rights for no good reason, says the Centre for Development and Enterprise (CDE) in its latest report ‘Agriculture, Land Reform and Jobs: Can South Africa make this work?’. The CDE said that while it opposed... 

Don’t change the Constitution for land reform – CDE

Court papers show Transnet executives 'colluded fraudulently'

By: News24Wire      13th November 2018 Court papers filed by Transnet to recover R189-million in inflated payments from Gupta-linked Regiments Capital have revealed collusion by senior executives of the State-owned firm, in allowing the transaction. Former Transnet CEO Siyabonga Gama, ex-chief financial officer Anoj Singh, Robert... 

 Court papers show Transnet executives 'colluded fraudulently'

Torre receives buyout offer from consortium

By: Simone Liedtke     12th November 2018 JSE-listed industrial group Torre Industries on Monday said a consortium has expressed a firm intention to make an offer to acquire 100% of the total issued ordinary share capital in Torre. The consortium comprises Main Street 1641, a special purpose vehicle established by Ethos Mid-Market Fund,... 

Ramaphosa heading to France, Belgium

By: African News Agency      12th November 2018 President Cyril Ramaphosa will this week lead a South African delegation on a working visit to the European Union (EU), International Relations Minister Lindiwe Sisulu said on Monday. "President Ramaphosa will from 14 to 15 November 2018 lead a South African delegation on a working visit to the... 

Ramaphosa heading to France, Belgium
President Cyril Ramaphosa

'It actually shocked me' that Zuma wanted Gama as Transnet CEO – Hogan 

By: News24Wire      12th November 2018 Former public enterprises minister Barbara Hogan told the judicial commission of inquiry into allegations of State capture on Monday that former president Jacob Zuma wanted Siyabonga Gama as the Group CEO of Transnet, despite him facing allegations of misconduct. "It actually shocked me," Hogan... 

'It actually shocked me' that Zuma wanted Gama as Transnet CEO – Hogan
Photo by Creamer Media
Former Public Enterprises Minister Barbara Hogan

South Africa needs an ‘explicit’ digital industrial policy 

By: Terence Creamer     12th November 2018 Trade and Industry Minister Dr Rob Davies is warning that unless South Africa develops and “explicit digital industrial policy” there is no guarantee that the potential benefits of the so-called Fourth Industrial Revolution will outweigh the disadvantages. South Africa has had an official... 

South Africa needs an ‘explicit’ digital industrial policy
Photo by Creamer Media
Trade and Industry Minister Dr Rob Davies

Mindworx, Rainmaker join forces to accelerate African businesses’ digital transformation

By: Simone Liedtke     12th November 2018 Business services consultancy Mindworx and UK-based digital and business transformation specialist Rainmaker Solutions have joined forces to accelerate the transformation of African businesses for the digital age. The partnership combines global innovation with local expertise and provides... 

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