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Economy News

M&R hopes to convince ATON of commercial merits of Aveng tie-up

By: Terence Creamer     18th May 2018 Murray & Roberts (M&R) CEO Henry Laas says he will make every effort to convince its largest shareholder ATON – the German family-owned business, which owns 39% of the company and which has made a firm offer to acquire majority control of the South African engineering and construction group – of... 

Energy sector to contribute $25bn to SA’s $100bn investment target 

18th May 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about Energy Minister Jeff Radebe’s belief that the energy sector can contribute $25-billion of the $100-billion investment target set by President Cyril Ramaphosa. 

Energy sector to contribute $25bn to SA’s $100bn investment target
Energy sector to contribute $25bn to SA’s $100bn investment target

Africa’s air traffic liberalisation journey continues, after 30 difficult years

By: Rebecca Campbell     18th May 2018 In November 1988, the Ministers responsible for civil aviation in 40 African countries agreed a declaration on a new African air transport policy. This was immediately designated the Yamoussoukro Declaration, after the city in which it was adopted (the capital of Ivory Coast). Among other things,... 

Africa’s air traffic liberalisation journey continues, after 30 difficult years

Ninety-five years of lighting up South Africa

18th May 2018 For the past 95 years, State-owned power utility Eskom, has been at the forefront of contributing positively towards fighting the country’s socioeconomic challenges through the Eskom Development Foundation. The foundation, a nonprofit organisation solely funded by Eskom, has launched many... 

Ninety-five years of lighting up South Africa
PROVIDING POWER Eskom has been supplying South Africa with electricity for 95 years

UK airline to launch direct Durban–London air link

By: Rebecca Campbell     18th May 2018 The Dube TradePort Special Economic Zone has announced that the UK’s flag carrier airline, British Airways (BA), is to introduce a direct route between London’s Heathrow Airport and Durban’s King Shaka International Airport. The new service will commence on October 29. (King Shaka is located... 

New research group to bridge skills gap at Eskom

18th May 2018 Applied Thermo Fluid Process Modelling Research Unit (ATProM), a new research group, is building on an existing collaboration between State-owned power utility Eskom and the University of Cape Town (UCT) to provide engineers with up-to-date research and students with real-world experience while... 

New research group  to bridge skills gap  at Eskom
Photo by Creamer Media
HANDS ON Engineering students will get real world experience while helping tackle challenges Eskom faces

Plans in place to redeem utility

18th May 2018 In its presentation to Parliament last month, State-owned power utility Eskom mentioned that it would be dealing with a number of issues within the utility relating to governance, ethics and accountability as well as improving liquidity to ensure financial sustainability. Presented on April 18,... 

Plans in place to redeem utility
Photo by Creamer Media
REVIVING ESKOM The new board Eskom will focus on multiple aspects to bring it to financial sustainability

Science enhancement initiative expands to EC

18th May 2018 State owned power utility Eskom has signed an agreement with the Technology Research Activity Centre South Africa (TRAC SA) to increase the coverage of the Eskom Science Enhancement Initiative support programme, TRAC 2. In partnership with the Eastern Cape Department of Education, Eskom signed... 

Deloitte reports global shift from business to social enterprises

By: Marleny Arnoldi     17th May 2018 Professional services firm Deloitte’s Human Capital Trends 2018 report titled ‘Rise of the Social Enterprise’ showcases a profound shift facing business leaders globally. This shift reflects the growing importance of social capital in shaping an organisation’s purpose, guiding its relationships... 

Zuma's presidency was a total disaster – Trevor Manuel

By: News24Wire      17th May 2018 The presidency of Jacob Zuma was a total disaster for South Africa, former finance minister Trevor Manuel said on Wednesday night. "I make no apologies for sharing my view that the presidency of Jacob Zuma was a total disaster for South Africa," said Manuel. Manuel delivered the keynote address... 

Zuma's presidency was a total disaster – Trevor Manuel
Photo by Creamer Media
Former Finance Minister Trevor Manuel

Technical construction used to change historical building to modern art museum 

17th May 2018 The Zeitz Museum of Contemporary Art Africa, built inside of the old grain silo at the V&A Waterfront, in Cape Town, required specialist concretes and technical formwork to realise the vision of the architect Thomas Heatherwick. Schalk Burger has the details. Also making headlines, South African... 

Technical construction used to change historical building to modern art museum
Technical construction used to change historical building to modern art museum

Santova achieves 13.5% organic profit growth in line with strategic focus

By: Schalk Burger     16th May 2018 JSE-listed logistics company Santova grew its profit by 13.5% to R71.3-million for the financial year ended February 28, from R62.8-million in 2017, with the performance of the group having been “purely organic,” the company said on Wednesday. This is the result of a strategic choice focused... 

MPs to summon ministers on R13.8bn owed to Eskom by municipalities

By: African News Agency      16th May 2018 Members of Parliament (MPs) on Wednesday resolved to summon the inter-ministerial task team looking into municipalities which owe State-owned power utility Eskom close to R14-billion in debt to Parliament. At a meeting of Parliament's standing committee on public accounts (Scopa), Eskom board... 

 MPs to summon ministers on R13.8bn owed to Eskom by municipalities

Radebe sees energy contributing $25bn to South Africa’s $100bn investment target

By: Terence Creamer     16th May 2018 Energy Minister Jeff Radebe says one-quarter, or $25-billion, of South Africa's newly announced five-year investment target of $100-billion could be met through investments in new energy projects, including a possible new greenfield crude oil refinery and a gas pipeline linking South Africa to... 

Radebe sees energy contributing $25bn to South Africa’s $100bn investment target
Photo by Dylan Slater
Energy Minister Jeff Radebe

Mohammed Mahomedy appointed interim CFO at Transnet

By: Creamer Media Reporter      16th May 2018 Mohammed Mahomedy has been appointed as Transnet’s interim CFO, effective May 15. He is a chartered accountant and, over his 12 years of service at Transnet, has led key strategic portfolios within finance. Before being appointed interim CFO, he was GM Finance at Transnet Group Capital. He also... 

Strong results confirm Capprec’s asset value, growth prospects

By: Schalk Burger     16th May 2018 The strong full year financial results of JSE-listed financial technology (fintech) special-purpose acquisition company Capital Appreciation (Capprec) confirm the value of the assets it acquired over the past few years and promises strong organic growth, said Capprec joint-CEO Bradley Sacks on... 

Trade activity weakens in April, businesses under pressure – Sacci

By: Marleny Arnoldi     16th May 2018 Trade conditions weakened in April, with the South African Chamber of Commerce and Industry (Sacci) Trade Conditions Survey’s Trade Activity Index (TAI) measuring 39, down from 43 in March.  

SAA briefing to Parliament cancelled after political parties clash

By: African News Agency      16th May 2018 A briefing by South African Airways (SAA) to Parliament's finance committee was called off on Wednesday after MPs from the ruling African National Congress (ANC) and the Democratic Alliance (DA) clashed on whether the meeting should be closed to the public. Acting finance committee chairperson... 

 SAA briefing to Parliament cancelled after political parties clash

South Africa issues $2bn bonds in global markets – National Treasury

By: African News Agency      16th May 2018 South Africa on Tuesday successfully placed $2 billion in notes maturing in 2030 and 2048 in the international capital markets, the National Treasury said on Wednesday. The Treasury said the total issuance consisted of $1.4 billion on the 12-year tranche and $600-million on the 30-year paper. The... 

Gordhan outlines his plan for the ‘recapture’ of South Africa’s SoCs

16th May 2018 The full text of Public Enterprises Minister Pravin Gordhan’s Budget Vote speech to Parliament on May 15. In it, the Minister warns that it has become evident that several State-owned companies (SOCs) will not be able to trade and borrow their way out of their financial difficulties and that some... 

Gordhan outlines his plan for the ‘recapture’ of South Africa’s SoCs
Public Enterprises Minister Pravin Gordhan

South Africa views African integration as potential trade-war bulwark

By: Terence Creamer     15th May 2018 Trade and Industry Minister Dr Rob Davies reports that South Africa will be prioritising an acceleration of market integration across Africa as part of efforts to mitigate the risks associated with the prospect of trade wars, as well as what he describes as a growing disregard for the... 

South Africa views African integration as potential trade-war bulwark

Government ready to do business with the private property sector – Nxesi

By: Simone Liedtke     15th May 2018 The government is ready to do business with the private property sector to bring certainty to the market, says Public Works Minister Thulas Nxesi. Delivering his Budget Vote in Parliament, on Tuesday, the Minister said market certainty would be based on market-related pricing, improved value and... 

Government faces strike action over protracted wage talks

By: News24Wire      15th May 2018 The Public Servants Association (PSA) will start balloting its members in favour of a strike as the union grows increasingly frustrated with protracted government wage negotiations. “The employer has plunged the public service into total collapse, and the PSA has strongly warned against this... 

Government faces strike action over protracted wage talks

Union welcomes departure of Denel Group CEO

By: Rebecca Campbell     15th May 2018 The Solidarity trade union on Tuesday welcomed the resignation of Denel Group CEO Zwelakhe Ntshepe that same day. It also expressed its support for recently appointed board chairperson (Ms) Monhla Hlahla, complimenting her for the changes she has already made at the State-owned defence industrial... 

Union welcomes departure of Denel Group CEO
Photo by Duane Daws/Creamer Media
Zwelakhe Ntshepe

Denel Group CEO resigns

By: Rebecca Campbell     15th May 2018 State-owned defence industrial group Denel announced on Tuesday that its Group CEO, Zwelakhe Ntshepe, had resigned. The resignation was also with effect from Tuesday. He had been appointed Group CEO only six months ago, following two years in which he had been acting in that capacity. Ntshepe... 

Denel Group CEO resigns
Photo by Duane Daws/Creamer Media
Michael Kgobe

Business, Cogta agree on cooperation plan for municipalities

By: Thabi Madiba     15th May 2018 Business Unity South Africa (Busa) and the Department of Cooperative Governance and Traditional Affairs (Cogta) have agreed to cooperate in setting up a structured process aimed at resolving some of the key challenges facing many of South Africa’s dysfunctional municipalities, particularly in the... 

Business, Cogta agree on cooperation plan for municipalities

Unemployment rate steady at 26.7% in Q1

By: Reuters     15th May 2018 South Africa's unemployment rate was unchanged at 26.7% of the labour force in the first quarter of 2018 compared with the last quarter of 2017, the statistics office said on Tuesday. In its quarterly labour force survey which polls households, Statistics South Africa said there were six-million... 

Unemployment rate steady at 26.7% in Q1

Popo Molefe to lead new interim board at Transnet

By: Simone Liedtke     15th May 2018 Public Enterprises Minister Pravin Gordhan has appointed a new interim board for State-owned Transnet, pending a full appointment, in consultation with Cabinet. The interim board will be led by Popo Molefe as chairperson and includes directors Louis Zeuner, Ramasela Ganda, Ursula Fikelepi, Edward... 

Ramaphosa off to Geneva to assume co-chair of ILO global commission

By: African News Agency      15th May 2018 President Cyril Ramaphosa will on Tuesday assume the position of Co-Chair of the Global Commission on the Future of Work of the International Labour Organisation (ILO) in Geneva, Switzerland. The South African president, who left for Geneva on Monday, will attend the working dinner, to consider... 

 Ramaphosa off to Geneva to assume co-chair of ILO global commission
President Cyril Ramaphosa

Some inroads made after ten years of the Industrial Policy Action Plan - Davies

By: Kim Cloete     15th May 2018 Ramping up production in the automotive sector, resuscitating the ailing tooling industry and boosting the clothing, textiles, leather and footwear industries are among successes the government has listed in its review of ten years of the Industrial Policy Action Plan (Ipap). Despite a... 

Some inroads made after ten years of the Industrial Policy Action Plan - Davies

Government releases its tenth Industrial Policy Action Plan 

By: Kim Cloete     15th May 2018 The government has released its Industrial Policy Action Plan (Ipap) 2018, with a sharp focus on deepening industrial development, speeding up radical economic transformation and increasing the ability to produce higher value-added products. Trade and Industry Minister Dr Rob Davies said it was... 

Government releases its tenth Industrial Policy Action Plan
Photo by Creamer Media
Trade and Industry Minister Dr Rob Davies

Eskom wants 3% on top of any tariff hike for three years to claw back R66bn-plus 

By: Terence Creamer     14th May 2018 State-owned electricity utility Eskom has proposed a five-year phasing-in period to recoup R66-billion-plus in cost and revenue variances contained in three separate Regulatory Clearing Account (RCA) applications. The applications are being adjudicated simultaneously by the National Energy... 

Eskom wants 3% on top of any tariff hike for three years to claw back R66bn-plus
Photo by Dylan Slater
Eskom acting CFO Calib Cassim

Social compact an ‘essential foundation’ for overcoming poverty, inequality in South Africa 

By: Terence Creamer     14th May 2018 A new World Bank report describes President Cyril Ramaphosa’s plan for crafting a new social compact with business, labour and civil society as an “essential foundation” for overcoming the country’s legacy of racial exclusion, which remained the main cause of chronic poverty and worsening... 

Social compact an ‘essential foundation’ for overcoming poverty, inequality in South Africa

Commission invites participation in public passenger transport market inquiry

By: Marleny Arnoldi     14th May 2018 The Competition Commission will, from June to August, hold public hearings as part of its inquiry into the public passenger transport market and is inviting market participants, the public and other interested groups to take part.  

Ramaphosa appoints Mabuza as Russia envoy

By: News24Wire      14th May 2018 President Cyril Ramaphosa has appointed Deputy President David Mabuza as his special envoy to Russia, according to a statement from the Presidency. The move appears to set a point of departure on South Africa’s role in the BRICS group of emerging economies which include Brazil, Russia, India and... 

 Ramaphosa appoints Mabuza as Russia envoy
President Cyril Ramaphosa & Deputy President David Mabuza

Durban port truck booking system could become compulsory by April 2019

By: Shirley le Guern     11th May 2018 The Durban port may have a compulsory truck booking system in place by April 2019, Transnet Port Terminals (TPT) CE Nozipho Sithole tells Engineering News Online. In an interview on the sidelines of the Transport Forum Special Interest Group, in Durban, this week, she was adamant that TPT had... 

Aton files merger application with competition authorities

By: Simone Liedtke     11th May 2018 German family-owned business Aton says it has received further interest from shareholders for its offer to acquire the majority of Murray and Roberts (M&R) shares at R15 apiece. As of April 17, Aton held a beneficial interest of 39.9% in M&R. 

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