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Economy News

Number of black industrialists supported by DTI scheme rises to 62

By: Terence Creamer     12th September 2017 The Department of Trade and Industry (DTI) reports that the number of Black Industrialist Scheme (BIS) beneficiaries has increased to 62 and that the incentive is well on its way to meeting its target of supporting 100 black industrialists by the end of the current fiscal year. Trade and Industry... 

Furniture removal companies face price-fixing charges over e-toll levy 

By: Creamer Media Reporter      12th September 2017 Eleven furniture removal companies and the movers’ association to which they belong face prosecution by the Competition Tribunal for alleged price fixing, involving the e-tolls levy they charge customers who transport belongings on Gauteng highways.   The accused are Northern Provinces... 

Second international car shipping company faces prosecution by tribunal 

By: Creamer Media Reporter      12th September 2017 Norwegian car shipping company Hoegh Autoliners has been referred to the Competition Tribunal for prosecution on seven charges relating to alleged collusive tendering, price fixing and market division.   The charges stem from a probe into alleged widespread anticompetitive conduct in the market... 

South African watchdog discussed SARB mandate with Presidency – court papers

By: Reuters     12th September 2017 South Africa's anti-graft watchdog consulted the Presidency on a proposal to change the South African Reserve Bank's mandate to promote economic growth rather than currency and price stability, the bank said in court papers submitted this week. Public Protector Busisiwe Mkhwebane, whose job is to... 

South African employers set for modest hiring in Q4

By: Schalk Burger     12th September 2017 South African employers report modest hiring intentions for the fourth quarter of the year, with 10% of employers expecting to increase staffing levels, 5% forecasting a decrease and 84% anticipating no change, says workforce solutions multinational ManpowerGroup South Africa MD Lyndy van den... 

Congo govt's H1 mining revenues rise 9%, oil revenues up 140%

By: Reuters     12th September 2017 Democratic Republic of Congo collected $294.3-million in revenues from the mining sector in the first half of 2017, up 9% over the same period last year, the finance ministry said. The finance ministry also said in a quarterly report, seen by Reuters on Tuesday, that revenues collected from the... 

Free State micro-grid pilot offers new universal-access hope  

By: Terence Creamer     12th September 2017 State-owned electricity utility Eskom is piloting a micro-grid system in a rural Free State town that may offer a solution to electrifying other remote areas, where the cost of connection to the national grid is currently prohibitive, due to a number of factors such as difficult terrain. The... 

Free State micro-grid pilot offers new universal-access hope
Photo by Duane Daws
Thava Govender

Transnet says retrenchment reports are misleading and inaccurate

By: Terence Creamer     11th September 2017 State-owned freight logistics group Transnet has described as “misleading” and “inaccurate” reports that it has embarked on a retrenchment process. Some media reports have suggested that the utility may retrench up to 8 000 workers. However, in a statement Transnet said it was not contemplating... 

Transnet says retrenchment reports are misleading and inaccurate

Gigaba urges tax practitioners to help combat illicit financial flows

By: African News Agency      11th September 2017 Finance Minister Malusi Gigaba has on Monday, urged South African tax practitioners to assist government in combating corruption, money laundering and illicit financial flows which deprive taxpayers their deserved benefits. Gigaba said that the tax revenues collected kept South Africa running,... 

Gigaba announces MTBPS date, says Treasury will manage government debt

By: African News Agency      11th September 2017 Finance Minister Malusi Gigaba on Monday announced that he would deliver his inaugural Medium-Term Budget Policy Statement (MTBPS) next month on October 25. The MTBPS is a government report providing information on the country’s economic context, fiscal objectives, and spending priorities over a... 

Gigaba announces MTBPS date, says Treasury will manage government debt
Photo by Bloomberg
Finance Minister Malusi Gigaba

South Africa 'in danger' of missing 2017 growth target – Gigaba

By: Reuters     11th September 2017 South Africa is in danger of missing its 1.3% growth target in 2017 due to poor performance of major sectors of the economy that will likely restrain tax revenues, Finance Minister Malusi Gigaba said on Monday. Africa's most industrialised economy aims to collect just under R1.3-trillion... 

South Africa 'in danger' of missing 2017 growth target – Gigaba
Photo by Duane Daws
Finance Minister Malusi Gigaba

Atlantis Special Economic Zone designation application published for comment

By: African News Agency      11th September 2017 The City of Cape Town, the Western Cape government, and GreenCape on Sunday welcomed “with great excitement” the notice by Trade and Industry Minister Rob Davies to designate Atlantis, north of Cape Town, a Special Economic Zone (SEZ). Davies has published the intention to designate the Atlantis... 

Brown not satisfied with Eskom’s Trillian report, wants more details

By: African News Agency      8th September 2017 Public Enterprises Minister Lynne Brown’s office on Friday said she has studied the report provided to her by Eskom to clarify its relationship with Trillian, a Gupta-linked company, but wanted more information from the power utility. According to sources, Eskom’s report contained several gaps,... 

Brown not satisfied with Eskom’s Trillian report, wants more details
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Portfolio Committee raises concerns about small business department

By: Creamer Media Reporter      8th September 2017 The Department of Small Business Development has been chastised by the Portfolio Committee on Small Business Development for a lack of capacity and poor performance. Committee chairperson Ruth Bhengu on Friday said that the department had failed to “champion the development” of small,... 

Zuma launches first provincial InvestSA One Stop Shop

By: African News Agency      8th September 2017 President Jacob Zuma officiated over the official opening of the first provincial InvestSA One Stop Shop in the Western Cape on Friday. Speaking in Cape Town, Zuma described the launch as historic following the launch of the national One Stop Shop in Pretoria in March this year. 

Zuma launches first provincial InvestSA One Stop Shop

Eskom at a sustainability ‘tipping point’, business and labour warn

By: Terence Creamer     8th September 2017 Business and labour raised serious questions on Friday about the sustainability of State-owned electricity producer Eskom in light if its current governance failings, which were now undermining its financial health to the point where government could be force to assist the utility in meeting its... 

Eskom at a sustainability ‘tipping point’, business and labour warn
Photo by Duane Daws
Labour Minister Mildred Oliphant in conversation with Deputy President Cyril Ramaphosa at the Nedlac Summit

Company champions enterprise development in fledgling waste industry

By: Nadine James     8th September 2017 Skills and socioeconomic development company Bosch Ulwazi launched the first phase of its three-year Enterprise and Supplier Development (ESD) programme in KwaZulu-Natal, in July. The Petroleum and Waste Recycling programme will assist in developing five businesses that will offer products and... 

Company champions  enterprise development in fledgling waste industry
ENTERPRISE DEVELOPMENT The programme encompasses project and operations management, mentoring and skills development, as well as assistance with International Organisation of Standardisation accreditation

Denel ends controversial Asia joint venture

By: Keith Campbell     8th September 2017 South Africa's State-owned Denel defence industrial group has exited the Denel Asia joint venture (JV) company. This was announced on by Denel acting Group CEO Zwelakhe Ntshepe, addressing the recent media briefing about the company's financial results, at the group's head office in Centurion,... 

Gap in aviation safety regulation is under scrutiny

By: Keith Campbell     8th September 2017 The South African Civil Aviation Authority (SACAA) is planning to discuss and examine the status of what are known as Air Traffic Safety Electronic Personnel (Atsep) in South Africa. Atseps are the engineering technicians responsible for the maintenance, repair and overhaul of ground-based air... 

SA’s export strategy aims to boost capacity for value-added goods, services trade

By: David Oliveira     8th September 2017 South Africa's Department of Trade and Industry's (DTI's) Integrated National Export Strategy (INES) to help improve the global competitiveness of South African exporters and tap the export-led economic growth benefits that have flowed to other developing countries in recent decades. The strategy... 

SA’s export strategy aims to boost capacity for value-added goods, services trade

Partnerships remain key to social housing development

By: Natasha Odendaal     7th September 2017 With access to affordable housing a growing problem in South Africa, the Department of Human Settlements (DHS) on Thursday called on the private sector to partner with government to come up with solutions and to “play their part” in eliminating social housing challenges. Speaking at the ninth... 

South Africa's radical economic transformation policy could turn-off investors – Moody's

By: Reuters     7th September 2017 Ratings firm Moody's on Thursday warned that proposed plans by South Africa's government to implement "radical economic transformation" could turn away investors and rising poverty may curb Treasury's efforts to rein in fiscal deficits. Moody's said in a research report that plans for land... 

South African rand likely to weaken on expectations for rating cuts

By: Reuters     7th September 2017 South Africa's rand is forecast to be 7% weaker in 12 months on expectations credit agencies will cut the local- currency debt rating to "junk" status, ejecting it from crucial bond indexes, a Reuters poll found. The rand touched its strongest level in two-and-a-half months at 12.73 per dollar on... 

ARC Investments lists on JSE

By: Anine Kilian     7th September 2017 Investment company African Rainbow Capital (ARC) Investments on Thursday listed on the speciality finance sector on the main board of the JSE, with shares opening trade at R8.68 apiece. The listing reflects the progress of transformation in the financial services sector, said JSE Capital Markets... 

Manufacturing output down 1.4% y/y in July

By: Reuters     7th September 2017 South Africa's manufacturing output fell 1.4% year-on-year in July after contracting by a revised 2.2% in June, Statistics South Africa said on Thursday. Economists polled by Reuters had forecast manufacturing volumes would contract by 0.35% year-on-year in July. 

Mandate Paper 2018 to set tone for government spending – Radebe

By: Chanel de Bruyn     7th September 2017 Government will set a cap on the use of consultants, place limits on what it spends on litigation and penalise departments and State entities for bad governance by withholding transfers and guarantees as part of its plan to reprioritise funding to meet the goals of the National Development Plan... 

South African economy in for a long trek to recovery, ANC conference key

By: Natasha Odendaal     7th September 2017 South Africa’s economic outlook remains complicated by elevated political and policy uncertainty, with the stalled economy unlikely to recover in the short term and more likely to continue moving sideways, Nedbank senior economist Isaac Matshego said on Thursday. It will take some years before... 

South African economy in for a long trek to recovery, ANC conference key

Clover warns of up to 67% drop in FY17 HEPS

By: Creamer Media Reporter      7th September 2017 Diary products manufacturer Clover has warned that its headline earnings per share (HEPS) for the financial year ended June 30 are likely to decrease by between 65% and 67% year-on-year as a result of the prolonged drought and rand volatility that resulted in above-inflation input costs. The... 

Nedlac rejects union bias claims

By: Sane Dhlamini     7th September 2017 The National Economic Development and Labour Council (Nedlac) on Thursday rebuffed claims that it was biased when issuing Section 77 certificates to applying trade unions.  Section 77 certificates protect workers who take part in socioeconomic protests. 

Nedlac rejects union bias claims

Business confidence falls to multi-decade low, but South Africa could still bounce back

By: Natasha Odendaal     6th September 2017 The South African Chamber of Commerce and Industry’s (Sacci’s) latest Business Confidence Index (BCI) has dropped to its lowest level this year, marking the lowest level since the mid-1980s. However, the chamber believed that South Africa had the perseverance to recover. 

Business confidence falls to multi-decade low, but South Africa could still bounce back

Private equity increasing in Africa – report

By: Anine Kilian     6th September 2017 Private equity activity in Africa has increased significantly in the last 30 years, a report commissioned by global law firm Baker McKenzie and The Economist Corporate Network shows. The report, entitled ‘A growth engine: Trends and outcomes of private equity in Africa’, stipulates that the... 

National Treasury welcomes end of recession but says country not in clear yet

By: African News Agency      5th September 2017 National Treasury on Tuesday welcomed the news that the economy grew by 2.5% in the second quarter, technically signalling that South Africa was emerging from a recession, but said it was too soon to suggest a long-term upswing in the economy. “Although it is still too early to suggest a longer... 

ARC Investments' IPO oversubscribed

By: Reuters     5th September 2017 An initial public offering offer by South Africa's ARC Investments was oversubscribed, the company co-founded by mining tycoon Patrice Motsepe said on Tuesday, prompting it to offer more shares. ARC said last month it would sell shares worth R4-billion ($309-million) in an IPO that values the... 

Cabinet to review plan to merge State-owned telecoms firms

By: Reuters     5th September 2017 A plan to merge two of South Africa's state-owned telecom firms into a single broadband network company will be reviewed by the cabinet in December, a senior government official told lawmakers on Tuesday. The government hopes to combine the fibre network and high-speed bandwidth capacity of... 

Cabinet to review plan to merge State-owned telecoms firms

SA out of recession but growth far from NDP ambitions

By: African News Agency      5th September 2017 The South African economy is out of recession at the moment, owing to a gross domestic product (GDP) growth of 2.5% in the second quarter of 2017, StatsSA announced on Tuesday. “Let’s go straight into the numbers … the GDP quarter-on-quarter [growth rate] is 2.5%. I saw that analysts in the media... 

SA out of recession but growth far from NDP ambitions

South African private sector stagnates in August

By: Natasha Odendaal     5th September 2017 The South African private sector’s purchasing manager’s index (PMI) slipped below the neutral 50 point mark in August, indicating a broad stagnation in the business climate midway through the third quarter of this year, Standard Bank’s latest survey data shows. The Standard Bank PMI survey,... 

Zuma calls for full implementation of sustainable development goals

By: African News Agency      5th September 2017 President Jacob Zuma has called for the “full implementation” of the Sustainable Development Goals (SDGs) as a means to eradicate poverty. He made his remarks during the Dialogue of the Emerging Markets and Developing Countries on the margins of the 9th Brics Summit in Xiamen, China, on Monday.... 

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