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Economy News

Transnet board cannot revoke its responsibility – Brown

By: Megan van Wyngaardt     20th February 2018 Public Enterprises Minister Lynne Brown on Tuesday instructed State-owned Transnet to report alleged irregularities identified in an investigative report by law firm Werksmans Attorneys on the R54-billion procurement of 1 064 locomotives in 2014 to law enforcement authorities. The parastatal last... 

Ramaphosa's plan for SOEs

By: News24Wire      20th February 2018 President Cyril Ramaphosa has revealed more details of how he plans to fix State-owned enterprises (SOEs), and he will be considering proposals by Members of Parliament (MPs). He was addressing the National Assembly on Tuesday, in a reply to the debate on the State of the Nation Address (Sona). 

 Ramaphosa's plan for SOEs
President Cyril Ramaphosa

Lifestyle audits on government politicians, public servants set to start - Ramaphosa

By: African News Agency      20th February 2018 Tests on whether the lifestyles of politicians and public officials in South Africa match their incomes are set to become the norm, President Cyril Ramaphosa said on Tuesday, starting with himself and members of his cabinet. "If there ever has been anything that many South Africans would like to... 

 Lifestyle audits on government politicians, public servants set to start - Ramaphosa
President Cyril Ramaphosa with MPs

Tough trading environment put Transpaco under pressure in H1

By: Megan van Wyngaardt     20th February 2018 JSE-listed plastics and packaging group Transpaco reported a 4.7% fall in operating profit to R78.5-million in the six months to December 31. While in line with expectations, the company said its performance remained under pressure from a continued challenging economic environment, leading to a... 

Imperial Holdings delves into unbundling plans, reports solid H1 results

By: Megan van Wyngaardt     20th February 2018 Imperial Holdings' plans for unbundling its Imperial Logistics and Motus entities, and listing them separately, are still in the works but are dependent on a number of internal and external factors, CEO Mark Lamberti said on Tuesday. The company last year said work was in progress to determine... 

Imperial Holdings delves into unbundling plans, reports solid H1 results
Photo by Duane Daws
CEO Mark Lamberti

Fireblade executive terminal at OR Tambo airport is now handling international flights

By: Rebecca Campbell     20th February 2018 The Fireblade Aviation Fixed-Base Operations (FBO) terminal at Johannesburg’s OR Tambo International Airport handled its first international flight last week, the company reported on Tuesday. A FBO is a private air terminal, to cater for VIP and VVIP passengers, flying into, out of and within a... 

Ramaphosa calls for new social compact

By: African News Agency      20th February 2018 President Cyril Ramaphosa on Tuesday called for national unity and a new social compact to revive the economy and ease the plight of South Africa's poor majority. "One thing that we will unite on is advancing the interests of our people," Ramaphosa said in his reply to the debate on his maiden... 

Ramaphosa calls for new social compact
Photo by Reuters
President Cyril Ramaphosa

AfDB expresses strong support for new Eskom leadership

By: Terence Creamer     20th February 2018 The African Development Bank (AfDB), which has extended loan facilities worth a collective R20-billion to South Africa’s power utility Eskom, expressed confidence on Tuesday that the new leadership at the cash-strapped State-owned company would restore the group’s governance and creditworthiness.... 

AfDB expresses strong support for new Eskom leadership
Photo by Duane Daws
AfDB VP for power, energy, green growth and climate change Amadou Hott

Gordhan, Jonas said to be part of Ramaphosa's new Cabinet plan

By: News24Wire      20th February 2018 Former ministers banished to the political wilderness under Jacob Zuma’s presidency are set to make a comeback as President Cyril Ramaphosa prepares to revive the stagnant economy. The African National Congress’s (ANC's) top-six officials, including President Cyril Ramaphosa, will meet on Friday... 

 Gordhan, Jonas said to be part of Ramaphosa's new Cabinet plan
Photo by Reuters
Mcebisi Jonas & Pravin Gordhan

Ramaphosa should shift to green energy – Greenpeace

By: News24Wire      20th February 2018 Environmental organisation Greenpeace is demanding newly-elected President Cyril Ramaphosa takes urgent action on energy policy in South Africa. Ramaphosa delivered his maiden State of the Nation Address (SoNA) on Friday, when he highlighted economic growth and combating corruption. 

Seifsa worried about potential impact of proposed US steel import tariff increases

By: Megan van Wyngaardt     20th February 2018 The Steel and Engineering Industries Federation of Southern Africa (Seifsa) has warned that the difficulties facing the local steel industry would continue to worsen in the year ahead if the US Department of Commerce's recommendation for a tariff of at least 53% on all steel imports from 12... 

Investors watching closely as Ramaphosa considers Cabinet line-up

By: Reuters     20th February 2018 President Cyril Ramaphosa said on Tuesday his early morning walks gave him time to think about his cabinet amid growing speculation about its composition and the future of the finance minister. In his state of nation address on Friday, Ramaphosa strongly hinted at a cabinet shake-up when he said... 

Investors watching closely as Ramaphosa considers Cabinet line-up
President Cyril Ramaphosa

Fiscal consolidation the buzzword for Gigaba's maiden Budget 2018?

By: African News Agency      20th February 2018 South African economists have set their sights on fiscal consolidation and avoiding a credit ratings downgrade as Finance Minister Malusi Gigaba scrambles to close the R50-billion deficit when he delivers his maiden Budget Speech on Wednesday. In his 2017 Medium Term Budget Policy Statement... 

Fiscal consolidation the buzzword for Gigaba's maiden Budget 2018?
Photo by Bloomberg
Finance Minister Malusi Gigaba

Eskom board called on to prove utility not trading recklessly

By: Terence Creamer     19th February 2018 The Institute for Accountability in Southern Africa has written to Eskom chairperson Jabu Mabuza requesting a detailed written explanation as to why the current board believes the State-owned utility can be rescued from its current financial distress, cautioning that Eskom may currently be... 

Eskom board called on to prove utility not trading recklessly
Accountability Now director advocate Paul Hoffman

Liberty Two Degrees posts maiden full-year results

By: Dylan Slater     19th February 2018 South Africa-focused real estate investment trust (Reit) Liberty Two Degrees (L2D) on Monday posted a distribution of 59.22c a unit in its maiden full-year results.  

SA Mint new coin releases include Mandela-focused Celebrating South Africa series

By: Schalk Burger     19th February 2018 South African Reserve Bank subsidiary, the South African Mint, has announced new collectables product ranges that will appear in the global coin market this year, including the ‘Celebrating South Africa’ series, which will commemorate the life of former President, distinguished Statesman and... 

Tribunal approves Barnes Southern Palace's acquisition of Scaw

By: Simone Liedtke     19th February 2018 The Competition Tribunal has conditionally approved the transaction, in terms of which holding company Barnes Southern Palace plans to acquire Scaw South Africa from the Industrial Development Corporation (IDC). To address information sharing concerns, the transaction was approved subject to a... 

Commission recommends tribunal approve Southern Palace Group's Genrec buy

By: Simone Liedtke     19th February 2018 The Competition Commission has recommended to the Competition Tribunal that Southern Palace Group's (SPG's) proposed acquisition of steel fabrication and manufacturing business Genrec Engineering, from construction and engineering company Murray and Roberts, be approved without conditions. SPG,... 

Cryptocurrencies speculative, but blockchain can bring positive disruption – S&P’s

By: Schalk Burger     19th February 2018 Global ratings agency Standard and Poor’s (S&P’s) currently views cryptocurrencies as speculative instruments that will have an “insignificant effect on global financial stability if its value were to collapse”, but that blockchain – a shared digital transaction ledger – presents an opportunity... 

Sars welcomes tax administration inquiry

By: African News Agency      19th February 2018 The South African Revenue Service (Sars) on Monday welcomed President Cyril Ramaphosa's pledge to launch a Commission of Inquiry into tax administration and governance at Sars. During his maiden State of the Nation Address (Sona) on Friday, Ramaphosa said he would shortly appoint a Commission of... 

Sars welcomes tax administration inquiry

Solidarity calls for suspension of Denel top brass following 'shocking financial mismanagement'

By: African News Agency      19th February 2018 Trade union Solidarity has asked Public Enterprises Minister Lynne Brown to urgently suspend Denel's top officials to prevent hundreds of possible job losses. In the run-up to Denel’s board meeting on February 22, at which the group’s management would submit its proposed restructuring plan to the... 

Banking Association 'ready to respond' to Ramaphosa’s SoNA call

By: News24Wire      19th February 2018 The Banking Association of South Africa have said they are ready to respond to President Cyril Ramaphosa’s call in the State of the Nation Address, to work with other stakeholders towards the recovery of the economy and country. Managing Director of BASA, Cas Coovadia, said the association joined... 

Jobs summit announced as Ramaphosa delivers message of ‘hope and renewal’

By: Terence Creamer     16th February 2018 President Cyril Ramaphosa, who sought to align his nascent presidency as closely as possible with that of President Nelson Mandela in his inaugural State of the Nation (SoNa) address on Friday night, announced that a jobs summit would be convened in the coming months to allow social partners to... 

Jobs summit announced as Ramaphosa delivers message of ‘hope and renewal’
President Cyril Ramaphosa

Werksmans questions Transnet's statement about 1 064 locomotive procurement report

By: Simone Liedtke     16th February 2018 Law firm Werksmans Attorneys on Friday said it was surprised at State-owned Transnet board's attempt to absolve anyone of wrongdoing when its report into alleged fraud related to the procurement of 1 064 locomotives, had concluded that, not only should Transnet institute appropriate disciplinary... 

Media companies fined for price-fixing

By: Simone Liedtke     16th February 2018 Two print media companies have concluded consent agreements with the Competition Commission and agreed to pay fines amounting to millions of rands after admitting to participating in price fixing and the fixing of trading conditions in contravention of the Competition Act. The two separate... 

CDC launches inaugural supplier development day

By: Simone Liedtke     16th February 2018 The Coega Development Corporation (CDC) will hold its inaugural Supplier Development Day at the Vulindlela Accommodation and Conference Centre (VACC), in Coega, in the Eastern Cape, on February 22. The event seeks to facilitate access to information for small, medium-sized and microenterprises... 

Eyes on Gigaba amid talk of Cabinet reshuffle before budget

By: Reuters     16th February 2018 South Africa's Treasury is set to present its 2018 budget to parliament on Wednesday but market focus is on whether new President Cyril Ramaphosa will reshuffle the cabinet before then and replace Finance Minister Malusi Gigaba. Ramaphosa was sworn in as head of state on Thursday after his... 

Eyes on Gigaba amid talk of Cabinet reshuffle before budget
Photo by Bloomberg
Finance Minister Malusi Gigaba

GE Power expects to build a renewables ‘ecosystem’ in South Africa as electricity mix transitions

By: Terence Creamer     16th February 2018 The global head of GE Power says the group anticipates that South Africa’s future electricity mix will incorporate higher contributions from wind and solar and that its South African unit, which currently has a strong coal focus, will “pivot and adjust” its skills and localisation strategies... 

GE Power expects to build a renewables ‘ecosystem’ in South Africa as electricity mix transitions
GE Power president and CEO Russell Stokes

Rand flirts with R11.50/$ as markets await possible Cabinet reshuffle

By: News24Wire      16th February 2018 Rand gains on the election of a new South African president have run their course, say analysts, as markets await a possible Cabinet reshuffle this weekend. The rand, which opened at R11.62 to the dollar on Friday, strengthened to R11.56/$ during the course of the morning. However, analysts... 

 Rand flirts with R11.50/$ as markets await possible Cabinet reshuffle

Ramaphosa carries weight of economic expectations on shoulders

By: African News Agency      16th February 2018 South Africa’s brand new President Cyril Ramaphosa is riding on a wave of goodwill across the political divide as the country looks to him to steer the recovery of an ailing economy widely attributed to his predecessor Jacob Zuma. But failure by Ramaphosa to quickly get the economy back on track... 

Ramaphosa carries weight of economic expectations on shoulders
President Cyril Ramaphosa

Davies assures DTI will weather budget constraints

By: Megan van Wyngaardt     16th February 2018 While the South African fiscus will face a tough Budget – to be tabled by Finance Minister Malusi Gigaba next week – Trade and Industry Minister Dr Rob Davies said his department would rise to the challenge and “work with whatever resources we get”. Speaking to Engineering News Online on the... 

Eskom's Matshela Koko submits letter of resignation

By: News24Wire      16th February 2018 Controversial top Eskom executive Matshela Koko submitted his resignation on Friday, but did not admit to any guilt.   This came out at his second disciplinary hearing, currently taking place in Sandton. 

Eskom's Matshela Koko submits letter of resignation
Photo by Duane Daws
Eskom Executive Matshela Koko

Ramaphosa set to outline priorities in key speech

By: Reuters     16th February 2018 President Cyril Ramaphosa is expected to give more details about how he plans to tackle corruption and boost economic growth on Friday, when he delivers his first state of the nation address. Ramaphosa was sworn in as head of state on Thursday after his scandal-plagued predecessor, Jacob Zuma,... 

Ramaphosa set to outline priorities in key speech
President Cyril Ramaphosa

Public Protector report on ABSA bailout set aside

By: News24Wire      16th February 2018 The Public Protector's Bankorp-CIEX report, where ABSA was ordered to pay R1.125-billion, was set aside on Friday by the Pretoria High Court. The case had seen Public Protector Busisiwe Mkhwebane and the South African Reserve Bank (SARB) face off in court. 

 Public Protector report on ABSA bailout set aside
Photo by Reuters
Public Protector Busisiwe Mkhwebane

'All systems go' for Sona, MPs hear

By: News24Wire      16th February 2018 Preparations for a State of the Nation Address (Sona), to be given by incoming president Cyril Ramaphosa, is on track for Friday evening. Ramaphosa was elected President at a sitting in the National Assembly on Thursday. 

 'All systems go' for Sona, MPs hear

Innovation and blockchain tech high on agenda at energy event

     16th February 2018 Leading figures within the African energy scene will convene at the tenth Africa Energy Indaba (AEI), including at the World Energy Council's (WEC’s) annual Africa meeting, to discuss the importance of innovation and regional integration at a time when the energy sector is undergoing a major... 

Innovation and blockchain tech high on agenda  at energy event
Photo by Duane Daws
CHRISTOPH FREI Achieving a robust energy future in a context of the triple transition requires different approaches guided by innovative policies

Event to add value to African energy sector

By: Simone Liedtke     16th February 2018 To bolster the socioeconomic development of the African energy sector, Africa Energy Indaba (AEI) chairperson Brian Statham says thinking within the sector needs to be expanded. 

Event to add value to African energy sector
BRIAN STATHAM Diversity energy sources provide an opportunity to interconnect energy systems

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