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Economy News

World’s largest museum dedicated to African art opens in Cape Town this week

By: Kim Cloete     18th September 2017 The world’s largest museum dedicated to contemporary art from Africa and its diaspora has been unveiled at the V&A Waterfront in Cape Town, and will officially open its doors to the public on Friday. The Zeitz Museum of Contemporary Art Africa (Zeitz MOCAA) is the V&A Waterfront’s R500-million... 

Despite NDP ambitions, South Africa weighed down by corruption, State capture

By: Natasha Odendaal     15th September 2017 It has been five years since the adoption of the National Development Plan (NDP), with a second commission having been appointed to drive its implementation, aimed at guiding South Africa’s economic and developmental future. However, the two goals most core to the NDP’s ambitions – reducing... 

TFTA negotiations to conclude by end 2017

By: Schalk Burger     15th September 2017 Facilitated by the Tripartite Free Trade Area (TFTA), market-access negotiations between the Southern African Customs Union (Sacu) and the East African Community (EAC) will conclude by the end of 2017, enabling the regions to benefit from intra-regional trade as soon as possible. The primary aim... 

TFTA negotiations to conclude by end 2017
South Africa Trade and Industry Minister Rob Davies, Ugandan Minister Amelia Anne Kyambadde, Deputy Ministers, and senior officials after the 11th bilateral TFTA meeting

Nelson Mandela Bay chamber says 19.9% power hike would be ‘crippling’

By: Terence Creamer     15th September 2017 The Nelson Mandela Bay Business Chamber has expressed extreme disappointment with Eskom’s application for a 19.9% tariff increase from April 1, 2018, warning that such a hike would be “crippling” to business and the economy. Should the increase be approved it could translate to a 27.5% municipal... 

Nelson Mandela Bay chamber says 19.9% power hike would be ‘crippling’

A new, more internally focused approach should be taken to revive investment status

By: Natasha Odendaal     15th September 2017 With South Africa’s recent ratings downgrades sparking a short-term action plan to claw back its investment grade, it would be more prudent for the country to focus on establishing a stable, healthy, societal base able to leverage regained ratings levels, according to Makhaya Advisory South... 

South Africa’s collective bargaining system on a knife-edge

By: Terence Creamer     15th September 2017 South Africa’s centralised collective bargaining system is at a critical “turning point”, with the sustainability of the current model being widely questioned in light of growing opposition to the extension of wage settlements to non-parties to the negotiations. Steel and Engineering Industries... 

South Africa’s collective bargaining system on a knife-edge

Two pilots are safer than one – aviation expert 

By: Keith Campbell     15th September 2017 Proposals that airlines could move single-pilot operation, in place of the current system of pilot and co-pilot (more formally, Captain and First Officer), in order to reduce costs, are most ill-advised, affirmed Comair crew resource management specialist Michael Bowyer (himself a pilot) on... 

Two pilots are safer than one – aviation expert
Photo by Airbus
Airliners should always have a pilot and co-pilot: two unidentified Airbus test pilots on the flight deck of an A320

KPMG South Africa shakes out top management over Gupta scandal

By: Reuters     15th September 2017 Global auditor KPMG cleared out its South African leadership on Friday after damning findings from an internal investigation into work done for the Guptas, businessmen friends of President Jacob Zuma accused of improperly influencing government contracts. KPMG's investigation did not identify any... 

New study points to 90% renewables mix being least cost by 2050 

By: Terence Creamer     15th September 2017 New analysis conducted using updated cost assumptions for solar photovoltaic (PV), onshore wind and batteries shows that the share of renewable energy in an electricity mix that would also be the least cost for South Africa could grow to above 90% by 2050. Such a portfolio, the study indicates,... 

New study points to 90% renewables mix being least cost by 2050
Photo by Duane Daws
Enertrag corporate business development head Dr Tobias Bischof-Niemz

CoJ to implement new town planning and land use scheme

By: Schalk Burger     15th September 2017 The City of Johannesburg (CoJ) on Friday said it was developing a new Land Use Scheme to replace the current version, which had been in use since 1970. Members of the public have until October 13 to submit their comments on the draft scheme when the 60-day public consultation period comes to an end. 

Artisan training to benefit welders

By: Nica Schreuder     15th September 2017 By developing local skills and paying attention to quality and on-time delivery, Secunda-based fabrication company Hydra-Arc says it is possible to be successful and competitive in this challenging industry. "The demand for skills development is massive in South Africa, therefore, fully fledged... 

Artisan training  to benefit welders
IN ACTION Hydra-Arc’s Mshiniwami artisan academy is training 400 welders and 300 boilermakers this year

Certification upholds international standards

     15th September 2017 The Southern African Institute of Welding (SAIW) Welding Fabricator Certification Scheme, known as ISO 3834, is operated by independent company SAIW Certification, which is authorised by the International Institute of Welding (IIW) as South Africa’s Authorised National Body for Company... 

Equipment manufacturer inaugurates new facility

By: Mia Breytenbach     15th September 2017 Heavy-equipment manufacturer Caterpillar has officially inaugurated its new parts distribution facility, near Johannesburg, in Gauteng. The 60 000 m2 facility consolidates two smaller parts-distribution sites – Linbro Park and Isando – and offers several advantages, including the ability to work... 

Equipment manufacturer inaugurates new facility
SHEER ADVANTAGE The 60 000 m2 facility allows for the ability to work more efficiently while increasing capacity to provide unmatched parts availability for customers across Africa

Future of Denel’s aero engine and manned aircraft businesses clarified

By: Keith Campbell     15th September 2017 South African defence industrial group Denel has a clear plan for the future of Turbomeca Africa (TMA), which it is in the process of buying off Safran Helicopter Engines (Safran HE), part of France’s Safran S/A aeroengines group. Hitherto, TMA (originally established in 2002) was a joint venture... 

New retail development to open in Walvis Bay

By: Mia Breytenbach     15th September 2017 The new R500-million Dunes Mall in Walvis Bay, Namibia, is in the final stages of completion, with its doors set to open next month. The mall is developed by South African property developer and investor Atterbury, in partnership with local developers Tradehold. 

New retail development  to open in Walvis Bay
SIZING UP The new 27 500 m2 Dunes Mall in Walvis Bay, will be the largest in the area and the second largest in Namibia

South African munitions company to make major investments

By: Keith Campbell     15th September 2017 Rheinmetall Denel Munition (RDM) will invest R550-million over the next three years to modernise its production facilities to the latest standards, introduce state-of-the-art processes and to increase its capacity, company CEO Norbert Schulze tells “Engineering News”. “We will likely recruit... 

The six major economies reaffirm their commitment to free trade

By: Keith Campbell     15th September 2017 Leaders of six of the world’s ten biggest economies have reaffirmed their support for free trade, at two high level meetings held in Asia recently. The countries concerned are Brazil, China, India, Japan, Russia and the UK. In terms of gross domestic product (GDP) measured in purchasing power... 

Welding key in driving economic growth

By: Nica Schreuder     15th September 2017 Welding has been dubbed the “miracle career” by Johannesburg-based training institute, the Southern African Institute of Welding (SAIW), owing to the number of opportunities associated with it. Manufacturing is essential for economic growth and with welding forming a significant part of... 

Welding key in driving economic growth
QCTO IN ACTION A trainee practising his gas-tungsten arc skills in the Southern African Institute of Welding welding school

Unctad report calls for ‘new New Deal’ policy to address inequalities

By: Ilan Solomons     14th September 2017 The global economy remains unbalanced in ways that are not only exclusionary, but also destabilising, posing substantial dangers for global peace and stability, according to the United Nations Conference on Trade and Development’s (Unctad’s) 2017 Trade and Development report titled ‘Beyond... 

Unctad report calls for ‘new New Deal’ policy to address inequalities
Photo by Duane Daws
Unctad senior economist Dr Diana Barrowclough

Frustration as Nersa postpones closed hearing into wind body’s Eskom complaint

By: Terence Creamer     14th September 2017 The South African Wind Energy Association (SAWEA) has expressed frustration over a decision by the National Energy Regulator of South Africa (Nersa) to postpone a hearing into its 11-month-old complaint into the refusal of Eskom to sign agreements to buy electricity from independent power... 

Frustration as Nersa postpones closed hearing into wind body’s Eskom complaint

Treasury denies report it plans to sack head of $150bn State pension fund

By: Reuters     14th September 2017 The National Treasury on Thursday denied a newspaper report that it was about to fire the head of the State-owned Public Investment Corporation and said the report was baseless. Citing unnamed sources, The Star said the chief executive of Africa's biggest pension fund, Dan Matjila, would be... 

Complexities of CFTA leave completion date undecided, but much progress has been made

By: Natasha Odendaal     14th September 2017 The sheer scale and complexities involved in negotiating a single rule book for the trade of goods and services on a continent that is home to 54 countries at different levels of development and expertise leaves much uncertainty as to whether the singular agreement will be concluded and signed by... 

Improving manufacturing value-add key to a more equal society

By: Natasha Odendaal     14th September 2017 The revival and expansion of the manufacturing sector could play a critical role in South Africa’s challenging battle against deepening levels of inequality. High levels of manufacturing value add (MVA) can unlock opportunities for employment and greater equality in a country that suffers high... 

Improving manufacturing value-add key to a more equal society
Photo by Duane Daws
Dr Martyn Davies

We won't scrap e-tolls - Sanral

By: News24Wire      14th September 2017 Scrapping e-tolls is not on the table, Sanral said on Wednesday. This came after there was confusion whether the South African National Roads Agency (Sanral) would abandon Gauteng's e-toll scheme, after The Citizen reported on Tuesday that the road agency had acknowledged that the project is a... 

We won't scrap e-tolls - Sanral

Capitalworks launches $300m sub-Saharan Africa investment company

     14th September 2017 Independent alternative asset manager Capitalworks Group has launched Africa Capitalworks, an investment company that will deploy permanent equity capital in midmarket companies in strategically selected sectors across sub-Saharan Africa, but excluding South Africa. Africa Capitalworks aims to... 

Q2 current account deficit widens to 2.4% of GDP

By: Reuters     14th September 2017 South Africa's current account deficit widened to 2.4% of GDP in the second quarter, despite an improved trade surplus, as a larger shortfall on the services, income and current transfer payments weighed, the central bank said on Thursday. The overall first quarter deficit was 2% and economists... 

Stakeholders to push back at upcoming hearings into Eskom’s 2018 hike 

By: Terence Creamer     14th September 2017 The National Energy Regulator of South Africa (Nersa) has outlined the process it will be following to assess Eskom’s request for a 19.9% tariff increase for the 2018/19 financial year, setting a deadline of October 13 for the submission of written comments. Nersa has approved Eskom’s request to... 

Stakeholders to push back at upcoming hearings into Eskom’s 2018 hike

Zuma, DA to battle in SCA over spy tapes saga

By: News24Wire      14th September 2017 President Jacob Zuma will on Thursday face yet another legal hurdle in the Supreme Court of Appeal (SCA) as he seeks leave to appeal the decision by the North Gauteng High Court in Pretoria on the spy tapes saga. In 2016, a full bench of judges overturned the National Prosecuting Authority's... 

Commission refers case of division of markets against Beefcor, CFP to tribunal

By: Creamer Media Reporter      13th September 2017 The Competition Commission has referred a division of markets case against Beefcor and Cape Fruit Processors (CFP) to the Competition Tribunal for prosecution. It is alleged that the two companies had agreed not to compete with each other in the processing of wet peels and citrus peel pulp, which... 

DTI shifts focus to localisation 

     13th September 2017 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the Department of Trade and Industry's lack of resources to further expand its incentive programmes and its decision to shift its focus to other instruments, such as localisation. 

DTI shifts focus to localisation
DTI shifts focus to localisation

South Africa misses tax revenue forecast in Q1 – Gigaba

By: Reuters     13th September 2017 South Africa's revenue service collected R13.1-billion ($999-million) less tax than forecast in the first quarter of the financial year, Finance Minister Malusi Gigaba told lawmakers on Wednesday. "We are currently assessing the implications of this for the fiscal framework," Gigaba said. The... 

70% of SA execs unhappy with business conditions – index

By: News24Wire      13th September 2017 Business confidence has made a marginal recovery, having dropped 11 points in the second quarter from 40 to 29, it is up six points to 35 for the third quarter of the year. According to the RMB/BER Business Confidence Index released on Wednesday, confidence levels are still low at 35. More than 1... 

Treasury to give SAA R10bn in special appropriation

By: African News Agency      13th September 2017 National Treasury has agreed to give South African Airways a special appropriation of R10-billion by the end of September, director general Dondo Mogajane told MPs on Wednesday. “It will be for R10-billion, we have decided, because that will cover everything,” he said during a briefing on the... 

Treasury to give SAA R10bn in special appropriation

Billing crisis will not sink Johannesburg finances – Mayor Mashaba

By: African News Agency      13th September 2017 The City of Johannesburg said on Wednesday said it has stopped disconnections of services aimed at enforcing payments of outstanding accounts because of thousands of billing disputes, but it assured residents that it remained “financially sustainable and resilient”. Some customers are complaining... 

Billing crisis will not sink Johannesburg finances – Mayor Mashaba
Johannesburg Mayor Herman Mashaba

Mogajane confirms Myeni’s contract at SAA has been extended

By: African News Agency      13th September 2017 The contract of South African Airways chairperson Dudu Myeni has been extended until the company’s annual general meeting, set down for early November, director general of finance Dondo Mogajane confirmed on Wednesday. Mogajane told Parliament’s standing committee on finance Myeni’s term was due... 

Mogajane confirms Myeni’s contract at SAA has been extended
Photo by Duane Daws
SAA Chairperson Dudu Myeni

Eskom inquiry reference book published

By: Creamer Media Reporter      13th September 2017 Professor Anton Eberhard and Catrina Godinho have published ‘The Eskom Inquiry Reference Book' as an aid to the upcoming Parliamentary inquiry into so-called State capture at the power utility. The inquiry by the Portfolio Committee on Public Enterprises is due to kick off later this month. It... 

Eskom inquiry reference book published

Pressure on South Africa's central bank a key credit risk – Moody's

By: Reuters     13th September 2017 Moody's on Wednesday warned that the gradual erosion of South Africa's institutional framework and recent pressure on the central bank to change its price and inflation targeting mandate were key risks to the country's credit rating. Zuzana Brixiova, a senior analyst for the ratings agency, also... 

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