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Economy News

SARB launches commemorative Mandela notes, R5 coin for circulation

By: Marleny Arnoldi     13th July 2018 The South African Reserve Bank (SARB) on Friday hosted a commemorative occasion at Freedom Park, in Pretoria, to introduce a series of banknotes and a R5 circulation coin, in honour of what would have been former President Nelson Mandela’s one-hundredth birthday this year.  

Putin to take part in Brics summit in South Africa – Kremlin

By: Reuters     13th July 2018 Russian President Vladimir Putin plans to visit South Africa for a summit of BRICS countries on July 26 and 27, Kremlin foreign policy aide Yuri Ushakov said on Friday. The BRICS group of emerging economies comprises Brazil, Russia, India, China and South Africa. 

One arrested as Eskom stolen cables worth R5m discovered in Johannesburg

By: Reuters     13th July 2018 An investigation team from Eskom recovered stolen Eskom infrastructure worth R5-million, the power utility said on Friday. One person was arrested when the team and members of the SA Police Service made the discovery of the infrastructure, which included aluminium and copper cables, in... 

Action needed to integrate UAVs into civil air space in South Africa – Denel

By: Rebecca Campbell     13th July 2018 Unmanned aerial vehicle (UAV) manufacturer Denel Dynamics (which also produces missiles and space technology) has called for a national programme to integrate UAVs (popularly called drones) into the country’s civilian controlled air space. Controlled air space is air space in which all air... 

Action needed to integrate UAVs into civil air space in South Africa – Denel
Photo by Duane Daws/Creamer Media
A Denel Dynamics Seeker military UAV (with a Casspir mine-protected vehicle in the background)

BBBEE certification company punished for lack of verification quality control

By: Schalk Burger     13th July 2018 The Broad-Based Black Economic Empowerment (BBBEE) Commission has found that empowerment certification company BEE Matrix South Africa issued certificates between 2015 and 2017 that did not comply with verification procedures. The commission said in a statement on Friday that BEE Matrix SA has... 

Designation status a cabling industry boon

By: Paige Müller     13th July 2018 Providing the cable industry with designation status has helped the industry to grow despite a myriad of local manufacturing barriers, says the Association of Electrical Cable Manufacturers of South Africa (AECMSA). The Department of Trade and Industry’s (DTI’s) revised Preferential Procurement... 

Designation status a cabling industry boon
MANUFACTURING NIGHTMARE The unique local cable manufacturing challenges make cable production in South Africa particularly costly and time-consuming

Travel between SA and Spain boosted by renewed air link

By: Rebecca Campbell     13th July 2018 The reintroduction of direct flights between Johannesburg and Madrid by Spanish flag-carrier airline Iberia in August 2016 has resulted in a significant boost in travel between South Africa and Spain. This was reported by Airports Company South Africa Assistant General Manager (Client and... 

Solid demand forecast for turboprop aircraft amid growth in regional routes

By: Rebecca Campbell     13th July 2018 Regional turboprop airliner manufacturer ATR has released its 20-year (2018 to 2037) forecast for global demand for turboprop airliners. It estimates the market at 3 020 aircraft, worth more than $80-billion. “The key driver for this positive outlook is traffic growth in regional connectivity,”... 

M&A advisory firm aims to use SA as gateway to African market

By: Nadine James     13th July 2018 Washington DC-headquartered mergers and acquisition advisory firm Taylor Advisory announced last week that it was entering the African market through South Africa with the appointment of Francois Baird as its Africa co-chairperson and Riaan Rademan as its South Africa co-chairperson. This is... 

M&A advisory firm aims to use SA as gateway to African market
FRANCOIS BAIRD Taylor Advisory's ability to deliver the best results, instead of simply brokering a deal, is specifically vital for Africa-based companies

UK continues to push development of small and modular reactors

By: Rebecca Campbell     13th July 2018 The UK Government has reaffirmed its commitment, including research and development (R&D) funding, to the development of small and modular nuclear reactors. It has done so in the Nuclear Sector Deal, developed by Britain’s Nuclear Industry Council in cooperation with the Government, and published... 

Wind energy industry warned of tough road ahead

By: Kim Cloete     12th July 2018 A leading economist has warned the wind energy industry that it will need to become even more competitive and lower the price of wind power in a stagnant and increasingly challenging South African energy sector.   “Our power sector is bankrupt. Whether we like it or not, this will impact the wind... 

Wind energy industry warned of tough road ahead

Property sector must do more on transformation – PSCC

By: Schalk Burger     12th July 2018 The South African property sector is making reasonable efforts towards transformation, but it needs to pick up the pace, says the Property Sector Charter Council (PSCC). The PSCC this week released the results of its ‘2016-2017 State of Transformation Report’, which sampled institutional... 

South African M&A activity declines in H1

By: Marleny Arnoldi     12th July 2018 Merger and acquisition (M&A) transactions in South Africa declined in terms of both volume and value of domestic and cross-border deals, according to analysis by law firm Baker McKenzie.  

Saudi Arabia pledges to invest R133bn in South African energy sector

By: News24Wire      12th July 2018 President Cyril Ramaphosa’s ambitious plan to attract $100-billion to kick start the country’s struggling economy got a major boost on Thursday, when Saudi Arabia committed to invest $10-billion (about R133-billion) in the country. This is expected to be invested in the energy and power creation... 

Saudi Arabia pledges to invest R133bn in South African energy sector
President Cyril Ramaphosa and Saudi Arabian Minister of African Affairs Mahomed bin Adullah Al-Kattan

Accountability, ethical remuneration needed to boost corporate governance – PwC

By: Marleny Arnoldi     12th July 2018 Rules on executive bonuses and incentives need to be tightened to boost corporate governance, professional services firm PricewaterhouseCoopers’ (PwC’s) ‘Executive Directors: Practices and Remuneration Trends’ report has found.  

SA Express on route to full re-certification by Civil Aviation Authority

By: Rebecca Campbell     12th July 2018 State-owned regional airline SA Express announced on Thursday that its certification as an aircraft maintenance organisation (AMO) had been reinstated by the South African Civil Aviation Authority (Sacaa) on June 22. “Since then SA Express has undergone a stringent and rigorous process to meet... 

SA Express on route to full re-certification by Civil Aviation Authority
Photo by SA Express
A Bombardier CRJ 700 of SA Express, before the airline was grounded

SAA CEO gives assurances on plans to secure the airline’s future 

12th July 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Senior Deputy Editor Rebecca Campbell about assurances given by South African Airways CEO Vuyani Jarana to trade union Solidarity and the general public about plans to secure the airline’s future. 

SAA CEO gives assurances on plans to secure the airline’s future
SAA CEO gives assurances on plans to secure the airline’s future

Ramaphosa embarks on Eskom overhaul

By: Reuters     12th July 2018 A month after Cyril Ramaphosa took the helm of South Africa's ruling African National Congress (ANC) in December, he called an urgent meeting with then-President Jacob Zuma and senior ministers to save state power firm Eskom. Ramaphosa understood sweeping changes were needed at the struggling... 

Ramaphosa embarks on Eskom overhaul
President Cyril Ramaphosa

Nigeria's President Buhari says will soon sign up to African free-trade agreement

By: Reuters     12th July 2018 Nigeria's President Muhammadu Buhari said on Wednesday the country will sign up soon to a $3-trillion African free-trade agreement. Nigeria is one of Africa's two largest economies, the other being South Africa. Buhari's government had refused to join a continental free-trade zone established in... 

Nigeria's President Buhari says will soon sign up to African free-trade agreement
Photo by Reuters
Nigerian President Muhammadu Buhari

Home Affairs to automate births, marriages and deaths certification system

By: Nadine James     11th July 2018 Home Affairs Minister Malusi Gigaba on Wednesday announced a significant system upgrade aimed at facilitating the automation of the births, marriages and deaths (BMD) certification system. The BMD automation process forms part of the Department of Home Affairs’ (DHA’s) flagship R2.2-billion... 

Home Affairs to automate births, marriages and deaths certification system
Photo by Nadine James
Home Affairs director-general Mkuseli Apleni, Minister Malusi Gigaba and deputy director-general Thulani Mavuso

Jarana confirms aim of strategic partnership for SAA

By: Rebecca Campbell     11th July 2018 South African Airways (SAA) CEO Vuyani Jarana confirmed on Wednesday that a Strategic Equity Partner (SEP) would be sought for the airline. He was addressing the Southern African Transport Conference in Pretoria. "The government has pronounced, last year already, that there would be private... 

Jarana confirms aim of strategic partnership for SAA

Criticise us, but give us a chance, SAA CEO implores South Africans

By: News24Wire      11th July 2018 It is very important that South Africans give the new board and management at South African Airways (SAA) the opportunity to turn the national airline around financially, CEO Vuyani Jarana told Fin24 on Wednesday. "South Africans must support the airline. I can only shape its future, since I was... 

 Criticise us, but give us a chance, SAA CEO implores South Africans
SAA CEO Vuyani Jarana

Rand Refinery, South African Mint introduce 1 oz silver Krugerrand

By: Creamer Media Reporter      11th July 2018 Prestige Bullion, a joint venture between Rand Refinery and the South African Mint, will, from August 1, sell 1 oz silver bullion Krugerrands. The silver Krugerrand will be produced in unlimited mintage, dependent on market appetite and linked to the daily price of silver. 

Rand Refinery, South African Mint introduce 1 oz silver Krugerrand
The 1 oz silver Krugerrand

Eskom wage talks: Unions want meeting with Nene, Gordhan

By: News24Wire      11th July 2018 Having reached a “sensitive stage” in the wage negotiation process, unions representing Eskom workers have asked to meet with Finance Minister Nhlanhla Nene and Public Enterprises Minister Pravin Gordhan to resolve the matter. This is according to a statement issued by the National Union of... 

Eskom wage talks: Unions want meeting with Nene, Gordhan
Photo by Reuters
Finance Minister Nhlanhla Nene

SADC Committee of Ministers of Finance meets in South Africa

By: African News Agency      11th July 2018 The Southern African Development Community (SADC) Committee of Ministers of Finance and Investment will meet today in Johannesburg to discuss areas of cooperation and improving regional financial coordination.  The Ministers will be joined by the central bank governors from the region.  

Voluntary PET recycling volumes to grow to 70% within four years

By: Simone Liedtke     10th July 2018 Polyethylene terephthalate (PET) recycling company Petco expects voluntary PET recycling volumes in South Africa to grow to 70% within the next three to four years, Petco chairperson Dr Casper Durandt said on Tuesday. South African bottlers, who are voluntary members of Petco, are increasingly... 

Voluntary PET recycling volumes to grow to 70% within four years
Photo by Dylan Slater
(Left to Right) Petco CEO Cheri Scholtz, CSIR principal researcher Dr Suzan Oelofse, Petco chairperson Dr Casper Durandt

Solidarity trade union reports SAA assurances about its future plans, including privatisation

By: Rebecca Campbell     10th July 2018 In a letter to trade union Solidarity, and released by the union at a media briefing on Tuesday, South African Airways (SAA) CEO Vuyani Jarana has given a number of assurances about the plans for the future of the beleaguered State-own national flag carrier. The letter followed a meeting between... 

Solidarity trade union reports SAA assurances about its future plans, including privatisation

Eskom and IPP deal to create more than 60 000 jobs

By: African News Agency      10th July 2018 More than 60 000 jobs are expected to be created during the 27 new renewable energy plant projects being rolled out under the independent power producers (IPP) programme, valued at some R56-billion. According to a statement issued on behalf of Workforce Staffing, a temporary employment service... 

Eskom and IPP deal to create more than 60 000 jobs

Eskom wage negotiations continue

By: African News Agency      10th July 2018 Wage negotiations between power utility Eskom and unions resumed on Tuesday in Johannesburg. National Union of Mineworkers (Num) spokesperson Livhuwani Mammburu told television news channel eNCA that unions have given Eskom two options of a one year deal or a three year one. Eskom on Friday... 

 Eskom wage negotiations continue

Index points to cautious business confidence 

By: Simone Liedtke     10th July 2018 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) declined to 93.7 index points in June, compared with 94 index points in May. The BCI for June was also lower than the 94.9 index points registered in June 2017. 

Index points to cautious business confidence 

Eskom welcomes apology and R902m from McKinsey

By: News24Wire      10th July 2018 Eskom on Monday welcomed McKinsey's apology to South Africans and confirmed it received R902-million from the global consultancy firm. Eskom Group Chief Executive Phakamani Hadebe said the payment goes a long way towards the utility's quest to address the issues of lost funds and regaining trust.... 

Eskom welcomes apology and R902m from McKinsey
Photo by Dylan Slater
Eskom Grop CEO Phakamani Hadebe

US to initiate ‘exploratory talks’ on post-Agoa model at Washington forum

By: Terence Creamer     9th July 2018 United States Trade Representative (USTR) Robert Lighthizer will use this week’s African Growth and Opportunities Act (Agoa) Forum in Washington DC to initiate “exploratory talks” with African governments on a possible trade model that could be implemented when the unilateral programme expires in... 

US to initiate ‘exploratory talks’ on post-Agoa model at Washington forum
Photo by Bloomberg
US Trade Representative Robert Lighthizer

You can’t have your cake and eat it, Sanral’s Macozoma warns govt, South Africans 

By: Irma Venter     9th July 2018 South Africa is in critical need of a funding model for its road infrastructure. “The situation with toll in this country now is that, number one, people are anti-toll, and now we can’t toll anything,” said South African National Roads Agency Limited (Sanral) CEO Skhumbuzo Macozoma on Monday at... 

You can’t have your cake and eat it, Sanral’s Macozoma warns govt, South Africans
Photo by Creamer Media
Sanral CEO Skhumbuzo Macozoma

McKinsey overhauls South African office after graft scandal 

By: Reuters     9th July 2018 McKinsey has made sweeping changes to its South Africa business to try to rebuild its reputation following an ill-fated deal with friends of scandal-plagued former President Jacob Zuma. Kevin Sneader, who started as McKinsey's global managing partner last week, announced on Monday that the firm... 

McKinsey overhauls South African office after graft scandal

Post Office strike halts payment to grant beneficiaries

By: News24Wire      9th July 2018 Thousands of workers at the South African Post Office (Sapo) and Telkom downed tools on July 6 to demand higher wages. They are affiliated to three unions - the Communication Workers', Customs and Democratic Postal and Communications unions, GroundUp reported. The workers are demanding a 12%... 

Post Office strike halts payment to grant beneficiaries

Digital content incubator launched at Tshimologong precinct 

By: Schalk Burger     9th July 2018 An incubation hub for digital audio-visual content opened on Monday in the Tshimologong Digital Innovation Precinct, in Braamfontein, Johannesburg, through the support of the French development institution Agence Française de Développement (AFD) and the French Institute of South Africa (IFAS). A... 

Digital content incubator launched at Tshimologong precinct
Tshimologong Digital Innovation Precinct CEO Lesley Williams

M&R to assess impact of ATON’s acquisition of a 25% stake in Aveng

By: Schalk Burger     6th July 2018 JSE-listed Murray & Roberts (M&R) will assess the impact of ATON’s acquisition of a 25.42% interest in JSE-listed Aveng. M&R, which is subject to a buyout offer by ATON, has launched a bid to acquire Aveng. M&R shareholders last month voted in favour of the company's independent board further... 

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