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Economy News

Nuclear energy vital in building sustainable economy 

By: Melissa Zisengwe     11th May 2018 The adoption and implementation of nuclear energy would help the country reach its energy targets and build a sustainable economy, says independent economic risk consultant Rob Jeffrey. “South Africa’s prioritisation of economic growth should include adopting an effective and efficient energy... 

Innovation, relevance, succession planning key to industry survival

By: Jessica Oosthuizen     11th May 2018 The local concrete industry must continuously move forward to remain relevant in a competitive market amid a developing economy where alternative construction materials and practices are gaining popularity, says cement producer PPC technical information services specialist Hanlie Turner. “Three... 

Innovation, relevance, succession planning key to industry survival
HANLIE TURNER A succession plan on paper is not enough to guarantee a safe future

Agriculture industry grows despite challenges 

By: Paige Müller     11th May 2018 Despite policy uncertainty and drought having impacted on the South African agriculture industry, Agricultural Business Chamber (Agbiz) agricultural economist Wandile Sihlobo says the industry outlook is fairly optimistic in the near term. Sihlobo met with Engineering News to discuss the state of... 

Agriculture industry grows despite challenges
Agricultural Business Chamber discusses the state of the agricultural economy in South Africa. Camerawork and editing: Darlene Creamer.

Cancer, heart disease leading causes of deaths, SA claims stats show

By: Schalk Burger     11th May 2018 Cancer and heart disease constituted 44% of death and disability claims paid by insurance provider Liberty in 2017, says Liberty Risk Product Development head Henk Meintjies. Cancer remains the leading cause for claims at 24.3%, followed by cardiac and cardiovascular conditions at 19.8% of all... 

First use of drone for inspection in Namibia

By: Tasneem Bulbulia     11th May 2018 Rope access specialist Skyriders has used a drone to undertake inspection for an undisclosed mining company on its operation in Namibia, marking it the company’s first use of a drone in this regard for an African country outside of South Africa. Skyriders marketing manager Mike Zinn informs... 

First use of drone for inspection in Namibia
DRONE ZONE As part of its turnkey solution, Skyriders used the Elios drone to conduct a general visual inspection for a client in Namibia

Backlog in application process stifling drone industry in South Africa

By: Erin Steenhoff-Snethlage     11th May 2018 The lack of urgency in processing commercial drone operating licences and the registering of drones is stifling the drone industry in South Africa, says Cape Town-based drone pilot training school UAV Industries director Ken Venn, who is also a board member of Commercial Unmanned Aircraft... 

R11.6bn in fines and merger conditions secured since 2010, Patel reports

By: Terence Creamer     10th May 2018 Economic Development Minister Ebrahim Patel reports that R11.6-billion has been mobilised as a result of cartel settlements and conditions placed on firms that have pursued mergers and acquisitions in South Africa since 2010, with commitments worth a further R11-bilion have been secured in... 

R11.6bn in fines and merger conditions secured since 2010, Patel reports
Photo by Creamer Media
Economic Development Minister Ebrahim Patel

Importance of vocational education underscored at summit

By: Nadine James     10th May 2018 South Africa should focus on developing and implementing post-school education and training (PSET) programmes that create the quickest pathways to employment for the country’s youth, attendees at the third Human Resource Development Council (HRDC) were told. Private investment group Yellowwoods... 

Importance of vocational education underscored at summit

NCS Resins faces R29m competition fine

By: Marleny Arnoldi     10th May 2018 Unsaturated polyester resin manufacturer NCS Resins has agreed to pay a R29.7-million fine for alleged price-fixing and market division.  

Radebe links IRP certainty to Ramaphosa’s $100bn investment drive

By: Terence Creamer     10th May 2018 The long awaited update to South Africa’s Integrated Resource Plan (IRP) will be presented to Cabinet for its approval on August 15, Energy Minister Jeff Radebe confirmed on Thursday, adding that the document would provide much-needed certainty for investors in the electricity sector. The... 

Radebe links IRP certainty to Ramaphosa’s $100bn investment drive
Photo by Dylan Slater
Energy Minister Jeff Radebe

Weak mining, manufacturing data put pressure on South Africa recovery

By: Reuters     10th May 2018 South Africa's mining and manufacturing industries contracted in March as policy uncertainty and lukewarm demand weighed on output, threatening to reverse a fragile economic rebound. Mining production in March suffered its sharpest fall in two years and industrial output dropped, Statistics South... 

FujiFilm unveils innovation centre to get closer to clients 

10th May 2018 Fujifilm has opened its new, more compact innovation centre, in Johannesburg, in an effort to get closer to its customers. Natasha Odendaal tells us more. 

FujiFilm unveils innovation centre to get closer to clients
FujiFilm unveils innovation centre to get closer to clients

South Africa urged to invest in early childhood development

By: Nadine James     10th May 2018 South Africa needs to increase its investment in early childhood development and ensuring quality training for educators at the basic education and foundation phase levels, specifically in maths and science, as well as increase the number of technical vocational education and training (TVET) and... 

South Africa urged to invest in early childhood development
Deputy President David Mabuza

Treasury invites proposals for list of zero-rated items after VAT kicks in

By: African News Agency      10th May 2018 The National Treasury on Thursday invited proposals on items on which no tax should be levied, to mitigate the impact of a recent increase in value added tax on poor and low-income households. In his budget in February, former finance minister Malusi Gigaba said VAT would go up by a%age point to... 

South Africa to continue lobbying US for exemption on steel, aluminium tariffs

By: African News Agency      10th May 2018 South Africa will continue talks with the United States in a bid to get concessions on import tariffs on aluminium and steel, Communications Minister Nomvula Mokonyane said on Thursday. Briefing journalists on the outcomes of Wednesday's fortnightly cabinet meeting, Mokonyane said government was... 

Economic mobility in developing countries has stalled for the last 30 years – World Bank

By: Anine Kilian     9th May 2018 Economic mobility has been impeded in developing countries over the last 30 years, says the World Bank in its ‘Fair Progress? Economic Mobility across Generations Around the World’ report, released on Wednesday. The report, which tracks economic mobility between parents and their children through... 

Stats SA to roll out digital data collection solution, starts preparation for 2021 census

By: Simone Liedtke     9th May 2018 Statistics South Africa (Stats SA) continues to focus on its mandate of providing credible statistics to guide South Africa’s push for a better life for its citizens. Priorities for Stats SA include maintaining basis statistics which, according to Minister in the Presidency for Planning,... 

Irregular expenditure at water department rockets to R6.4bn 

By: African News Agency      9th May 2018 The office of South Africa’s auditor-general on Wednesday told parliament that irregular expenditure at the department of water and sanitation had rocketed to R6.4-billion. The AG’s office said that the irregular expenditure at the department was significantly high around 2014/15 and 2016/17... 

Irregular expenditure at water department rockets to R6.4bn

Business confidence index remains above 95, despite m/m decline in April

By: Marleny Arnoldi     9th May 2018 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) declined by 1.6 index points month-on-month to 96 in April.  

AfDB officially launches Africa Investment Forum

By: Anine Kilian     8th May 2018 The African Development Bank (AfDB) on Tuesday launched its Africa Investment Forum (AIF), which will seek to attract investment and public–private partnerships aimed at transformative development on the continent. “The AfDB is championing the AIF as a platform to actively engage the private... 

More banks needed in SA, including State-owned bank – Ramaphosa 

By: African News Agency      8th May 2018 President Cyril Ramaphosa on Tuesday expressed support for a legislative amendment to create a State-owned bank and breaking the monopoly of the big four commercial banks in South Africa.  "We need to move away from the monopoly of just four banks in our country and create more banks so there is... 

 More banks needed in SA, including State-owned bank – Ramaphosa
President Cyril Ramaphosa

No established policy to privatise SA ports of entry – home affairs minister

By: African News Agency      8th May 2018 Home affairs minister Malusi Gigaba on Tuesday told members of parliament that there was no approval policy that has been established regarding the privatisation of sections of national ports of entry. “If the minister had granted permission, the minister would have followed legal prescripts... 

 No established policy to privatise SA ports of entry – home affairs minister
Home Affairs Minister Malusi Gigaba

Social injustice is S Africa’s biggest challenge – Thuli Madonsela

By: Sane Dhlamini     8th May 2018 Former Public Protector Thuli Madonsela on Tuesday gave the keynote address at the 11th Trialogue Business in Society Conference in Johannesburg, where she said that the biggest challenge facing South Africa and the world was social injustice. The conference aims to promote thought leadership,... 

Social injustice is S Africa’s biggest challenge – Thuli Madonsela
Photo by Creamer Media
Advocate Thuli Madonsela

Union urges Parliament to debate SAA

By: Rebecca Campbell     8th May 2018 Trade union Solidarity on Tuesday petitioned Parliament to hold a debate in the House of Assembly on the State-owned flag-carrier airline, South African Airways (SAA). The union also urged the Government to support Solidarity’s application to place the airline under business rescue and to stop... 

Union urges Parliament to debate SAA

SAA requires R5bn bailout to stay afloat – treasury official 

By: Reuters     8th May 2018 State carrier SAA requires a R5-billion cash injection in the current financial year to help it meet its financial obligations, a senior treasury official said on Tuesday. National Treasury director-general Dondo Mogajane told parliament the cash injection could however not come from government,... 

SAA requires R5bn bailout to stay afloat – treasury official

Union wage demands puts South Africa's spending cuts at risk – Nene

By: Reuters     8th May 2018 South Africa will struggle to stick to a promise to cut spending if the government fails to agree inflation-linked wage increase with civil service trade unions, Finance Minister Nhlanhla Nene said on Tuesday. Plans to reduce government spending in Africa's most industrialised economy helped it... 

IMF warns of rising African debt despite faster economic growth

By: Reuters     8th May 2018 Sub-Saharan African nations are at growing risk of debt distress because of heavy borrowing and gaping deficits, despite an overall uptick in economic growth, the International Monetary Fund (IMF) warned on Tuesday. The sober assessment comes as African countries continue to tap international... 

IMF warns of rising African debt despite faster economic growth

Direct Durban-London air link to be launched by UK carrier

By: Rebecca Campbell     8th May 2018 The Dube TradePort Special Economic Zone announced on Tuesday 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... 

Direct Durban-London air link to be launched by UK carrier
Photo by Dube TradePort
An aerial view of King Shaka International Airport

South African farmers take AB InBev to competition watchdog

By: Reuters     7th May 2018 Farmers in South Africa have filed a complaint with the country's competition watchdog about Anheuser-Busch InBev's decision to change its pricing formula for buying malt barley, a key ingredient in beer making. The farmers lobby group Grain South Africa believes AB InBev, the world's biggest... 

NWK to sell Opti Agri as focus shifts to core business

By: Schalk Burger     7th May 2018 4AX-listed agricultural company NWK will sell its animal feed business Opti Agri to Country Bird Holdings for R290-million. This is in line with NWK’s revised business strategy with an emphasis on greater customer focus around the core business. 

South Africa urged to consider CSP-PV blend to lower cost of dispatchable solar generation 

By: Terence Creamer     7th May 2018 International technology and infrastructure group Abengoa, which has developed a portfolio of three concentrated solar power (CSP) projects in South Africa, believes blending CSP with solar photovoltaic (PV) technology is the logical next step for lowering CSP costs, while also producing... 

South Africa urged to consider CSP-PV blend to lower cost of dispatchable solar generation
The 100 MW XiNa Solar One parabolic-trough CSP power station in the Northern Cape

FNB to roll out biometric banking transaction points in South African townships

By: Schalk Burger     7th May 2018 Financial services firm First National Bank (FNB) will roll out 50 self-service kiosks that use fingerprint biometrics to verify a user’s identity in South African townships over the next six months, FNB Points of Presence CEO Lee-Anne van Zyl said on Monday. The “TouchPoint” is a self-service... 

FNB to roll out biometric banking transaction points in South African townships
The FNB TouchPoint reads a user's thumbprint to identify the user

South Africa, Kenya commit to resolve outstanding bilateral issues ahead of Mombassa trade talks

By: African News Agency      7th May 2018 South Africa and Kenya have committed to resolve outstanding bilateral issues in preparation for the upcoming 6th session of the joint trade committee (JTC) to be held in Mombasa, Kenya in September, the trade and industry department (dti) said on Sunday. The commitment was agreed between dti... 

South Africa, Kenya commit to resolve outstanding bilateral issues ahead of Mombassa trade talks

DA to table motion of no confidence in Premier Makhura

By: News24Wire      7th May 2018 The Democratic Alliance (DA) says it will table a motion of no confidence in Premier David Makhura in the Gauteng provincial legislature later this month. DA Gauteng provincial leader John Moodey said on Sunday that the party will table the motion on May 15. The party blamed Makhura for the 144... 

DA to table motion of no confidence in Premier Makhura
Gauteng Premier David Makhura

Black-owned energy group disputes notion that renewables programme is anti-transformation

By: Terence Creamer     4th May 2018 Black-owned and managed independent power producer (IPP) Pele Green Energy (PGE), which is an active owner and partner in wind and solar projects with a combined capacity of 900 MW, does not agree with prevailing arguments that South Africa’s IPP programmes are failing to deliver on South... 

Black-owned energy group disputes notion that renewables programme is anti-transformation
Pele Green Energy MD Gqi Raoleka

Economist predicts growth for African countries

By: Marleny Arnoldi     4th May 2018 The tide has turned for many African countries in terms of growth, says Citibank Africa economist David Cowan.  

South African NPO suing Indian IT multinational for intellectual property theft

By: Marleny Arnoldi     4th May 2018 One of India’s largest multinational companies, information technology firm Wipro, is being taken to court for allegedly appropriating the intellectual property (IP) of a small South African nonprofit organisation.  

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