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Economy News

AMSA reports rise in Q3 sales and output

By: Terence Creamer     1st November 2018 Steel producer ArcelorMittal South Africa (AMSA) has reported increased production and sales for the quarter ended September 30, 2018. The JSE-listed company told shareholders on Thursday that liquid steel production increased by 4.8% to 59 000 t, mainly as a result of higher output from its... 

Russian rail group aims to develop newly acquired Boksburg factory into global narrow-gauge hub

By: Terence Creamer     31st October 2018 Leading Russian rail engineering group Transmashholding (TMH) confirmed on Wednesday that it, together with its South African partner Mjisa, had completed the acquisition of a 45 000 m2 rail manufacturing facility in Gauteng, South Africa. Black empowerment company Mjisa, which is led by Mafika... 

Russian rail group aims to develop newly acquired Boksburg factory into global narrow-gauge hub
Mjisa Investments director Sam Bhembe, TMH International CEO Martin Vaujour and TMH Africa CEO Jerome Boyet

Sell SAA, it won't fly – economist 

By: News24Wire      31st October 2018 South African Airways (SAA) is a "vanity project" that the economy cannot afford and it should be sold, members of Parliament (MPs) have heard. The standing and select committees on finance on Wednesday heard submissions from the public on the mini budget. The mismanagement of loss-making... 

Sell SAA, it won't fly – economist

Global governments improve business climate through reforms  

By: Marleny Arnoldi     31st October 2018 The Word Bank Group’s ‘Doing Business 2019: Training for Reform’ report finds that governments around the world have set a new record in bureaucracy busting efforts for the domestic private sector, implementing 314 business reforms over the past year. This number of reforms this year has... 

New Eskom report warns of possible generation gaps in coming five years  

By: Terence Creamer     31st October 2018 Eskom’s newly released Medium-Term System Adequacy Outlook (MTSAO) report highlights several risks to South Africa’s electricity supply for the period 2018 to 2023 and indicates that additional capacity will be required during the period to restore generation adequacy should the energy... 

New Eskom report warns of possible generation gaps in coming five years

Fuel price outlook: 'Petrol price down, but diesel goes up for November' – AA

By: News24Wire      31st October 2018 Fuel prices have moderated during October, with the prospect of some relief for petrol users, although users of diesel will have to cough up more, this is according to the Automobile Association (AA), which was commenting on unaudited month-end fuel price data released by the Central Energy Fund.... 

Fuel price outlook: 'Petrol price down, but diesel goes up for November' – AA

Transnet suspends former supply chain officer for misconduct

By: African News Agency      31st October 2018 Transnet said on Wednesday that it has suspended its former group supply chain officer, Edward Thomas, pending investigations into various serious allegations of misconduct involving a number of contracts. Transnet said that Thomas, currently group general manager for finance, was informed on... 

Ramaphosa concludes Germany visit as G20 wraps up

By: African News Agency      31st October 2018 President Cyril Ramaphosa has concluded a successful working visit to the Federal Republic of Germany where he attended the G20 Investment Summit, the Presidency said on Wednesday. "The visit reinforced cooperation between the governments of South Africa and Germany on bilateral and global issues... 

Ramaphosa concludes Germany visit as G20 wraps up
G20 Summit Heads of State

Businesses need increased awareness when managing risks – Dlamini

By: Simone Liedtke     30th October 2018 Given the fact that the world is marked by volatility, uncertainty, complexity and increasing ambiguity, retail property group Massmart chairperson Kuseni Dlamini on Tuesday suggested that businesses need to be “that much more aware and vigilant in terms of managing risks in the most appropriate... 

Businesses need increased awareness when managing risks – Dlamini
Photo by Dylan Slater
Massmart chairperson Kuseni Dlamini

'I was there when Cabinet approved nuclear programme' – Ramaphosa 

By: News24Wire      30th October 2018 President Cyril Ramaphosa has said he was in the Cabinet meeting where the decision was taken to issue a request for proposals for the nuclear build programme in 2015. This is according to a written reply from the president in response to a question from Democratic Alliance MP David Maynier – who... 

 'I was there when Cabinet approved nuclear programme' – Ramaphosa
President Cyril Ramaphosa

Merkel looks to Africa to cement a legacy shaped by migration 

By: Reuters     30th October 2018 German Chancellor Angela Merkel hosted African leaders on Tuesday, pledging a new development fund to tackle underdevelopment on the continent that has helped to spur mass migration, shaping the later years of her long premiership. Merkel announced on Monday she would retire from politics by... 

Merkel looks to Africa to cement a legacy shaped by migration
Rwandan President Paul Kagame, German Chancellor Angela Merkel & President Cyril Ramaphosa

S&P's says concerned about South Africa's fiscal consolidation, land reform

By: Reuters     30th October 2018 South Africa's sovereign rating risked being downgraded due to concerns about the postponement of fiscal consolidation and lack of clarity around land expropriation, a senior S&P's Global Ratings analyst said on Tuesday. Recession-hit South Africa last week unveiled a bleak budget that saw wider... 

Unemployment rate rises to 27.5% in Q3  

By: Marleny Arnoldi     30th October 2018 The official unemployment rate increased to 27.5% during the third quarter, compared with 27.2% in the second quarter. This translates to 6.2-million unemployed people in South Africa. The unemployment rate was 26.7% in the first quarter of the year, according to Statistics South Africa’s (Stats... 

Unemployment rate rises to 27.5% in Q3

Ramaphosa to woo investment at G20

By: African News Agency      30th October 2018 President Cyril Ramaphosa will on Tuesday engage with heads of State and government and leaders of the global private sector as part of his participation in the G20 Compact with Africa Conference and the G20 Investment Summit, the Presidency said. "This follows President Ramaphosa’s successful... 

 Ramaphosa to woo investment at G20
President Cyril Ramaphosa and Heads of State of countries which are part of the G20 Compact with Africa

South Africa spends too much time on populism, Kganyago says

By: Bloomberg     30th October 2018 South Africa spends too much time debating populist issues such as the proposed nationalisation of the central bank, instead of focusing on steps to boost the economy, Reserve Bank Governor Lesetja Kganyago said. “We have spent too much of the year indulging in populism instead of making... 

South Africa spends too much time on populism, Kganyago says
Photo by Reuters
Reserve Bank governor Lesetja Kganyago

DA to tackle Eskom's 'monopoly' via new bill

By: News24Wire      29th October 2018 Introducing competition in the energy sector will keep electricity prices down, according to the Democratic Alliance (DA). DA leader Mmusi Maimane on Monday announced plans at a briefing to address "Eskom's monopoly" in the energy sector, through the introduction of a private member's bill known... 

 DA to tackle Eskom's 'monopoly' via new bill

Gordhan says anti-graft efforts face 'dangerous fightback'

By: Reuters     29th October 2018 Public Enterprises Minister Pravin Gordhan said on Sunday that efforts to clean up corruption in state-owned companies (SOCs) faced "dangerous" resistance which threatened the country's sovereignty. Gordhan, a former finance minister, has been tasked by President Cyril Ramaphosa with cleaning up... 

Rail industry plagued by theft, vandalism

By: Simone Liedtke     26th October 2018 Train collisions accounted for the highest number of safety incidents in the rail sector during 2017/18, the Railway Safety Regulator’s (RSR’s) annual ‘State of Safety’ report, shows. Other prominent incidents included fires, platform train interchange incidents, people being struck by trains and... 

Ramaphosa declares end to 'investment strike' and unveils R290bn in commitments  

By: Terence Creamer     26th October 2018 President Cyril Ramaphosa declared an end to South Africa's proverbial 'investment strike', when he unveiled firm investment commitments of R290-billion across a diverse range of sectors, from mining and energy to infrastructure and manufacturing, at a well attended and vibrant investment... 

Ramaphosa declares end to 'investment strike' and unveils R290bn in commitments
President Cyril Ramaphosa

Hanekom working "very closely" with Gigaba on visa regime to renew tourism industry

By: African News Agency      26th October 2018 Tourism minister Derek Hanekom said on Friday that he was working "very closely together" with home affairs minister Malusi Gigaba to rectify South Africa's visa regime in a bid to attract more travelers into the country and boost investment and tourism. Last month, Gigaba announced that South... 

Hanekom working
Tourism Minister Derek Hanekom

SA revenue projections credit negative – Moody's 

By: African News Agency      26th October 2018 Ratings agency Moody’s, which still rates South Africa at investment grade after peers Fitch and S&P Global cut it to 'junk', says the revenue projections in the medium term budget policy statement delivered by Finance Minister Tito Mboweni this week are credit negative. Mboweni told parliament... 

 SA revenue projections credit negative – Moody's

Investment Conference: Hundreds of billions of rands already pledged

By: News24Wire      26th October 2018 Several companies made major investment announcements during President Cyril Ramaphosa's Investment Conference, which called to rally investors to plough money into the country’s ailing economy. These include Sappi (R7.7-billion), Mondi SA (R8-billion), Rain (R1-billion), Mara (R1.5-billion),... 

 Investment Conference: Hundreds of billions of rands already pledged
President Cyril Ramaphosa

South Africa committed to protecting property rights – Ramaphosa

By: Reuters     26th October 2018 President Cyril Ramaphosa used an investment summit on Friday to reassure investors that his government was committed to protecting property rights as it pursues plans to accelerate the pace of land redistribution. "We are committed as government to pursuing a comprehensive approach to land and... 

South Africa committed to protecting property rights – Ramaphosa
President Cyril Ramaphosa

Ramaphosa seeks new investment pledges as economy struggles

By: Reuters     26th October 2018 President Cyril Ramaphosa will seek billions of dollars of new spending pledges from foreign investors and local firms at an investment summit on Friday, as he seeks to haul the economy out of recession before next year's election. The former union leader wants $100-billion of new investments... 

Ramaphosa seeks new investment pledges as economy struggles
President Cyril Ramaphosa

Study examines impact of strikes on South African economy

26th October 2018 Amid continued protest action at chemical and petrochemicals heavyweight Sasol, university-led research foundation the Mandela Initiative has released conclusions on its research into the topic of local strikes and labour unrest. Sasol employees and members of trade union Solidarity have been on... 

Study examines impact of strikes on South African economy
Photo by Bloomberg
PROLONGED INDUSTRIAL ACTION Sasol employees and members of trade union Solidarity have been on a go-slow since September of this year

Manufacturer supplies stainless steel diesel field stoves to SANDF

26th October 2018 Manufacturer and exporter Desert Wolf plays an instrumental role in project teamster, which is the new South African National Defence Force (SANDF) project to upgrade the complete field kitchen facilities for the defence force and is currently supplying it with a range of stainless steel diesel... 

Manufacturer supplies stainless steel diesel field stoves to SANDF
EXCELLENT RESISTANCE Desert Wolf supply mobile field cooking units made from stainless steel

ICT company continues to deliver on growth plans in H1

By: Simone Liedtke     25th October 2018 Information and communications technology (ICT) provider Allied Electronics (Altron) continued to deliver on its growth plans and reduce its debt, and completed the divestment of noncore assets in the six months to August 31. During a conference call on Thursday, the JSE-listed company noted that... 

ICT company continues to deliver on growth plans in H1
Altron group CE Mteto Nyati

MTBPS highlights 

25th October 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the main issues discussed by Finance Minister Tito Mboweni during his maiden Medium-Term Budget Policy Statement speech on Wednesday. 

MTBPS highlights
MTBPS highlights

Mboweni doubts SAA will find equity partner in current state 

By: Reuters     25th October 2018 Finance Minister Tito Mboweni said on Thursday that he doubted that the government would find an investor to take an equity stake in struggling State-run South African Airways (SAA) in its current financial state. "I doubt you are going to find an equity partner who will come into SAA in this... 

Mboweni calls for swift action on debt to avoid needing IMF assistance 

By: Reuters     25th October 2018 Finance Minister Tito Mboweni said on Thursday South Africa had to act swiftly on its debt levels to avoid having to turn to the International Monetary Fund for help, a day after his bleak medium-term budget speech rattled markets. Mboweni predicted wider budget deficits and cut growth forecasts... 

Mboweni calls for swift action on debt to avoid needing IMF assistance
Photo by Reuters
Finance Minister Tito Mboweni

Rand not taking the bait on Mboweni's budget

By: African News Agency      25th October 2018 The medium-term budget seems to have done little to allay business and consumer fears as the rand was not convinced on Thursday by reforms announced by government. Finance minister Tito Mboweni on Wednesday delivered the medium-term budget policy statement (MTBPS) outlining that government was... 

Rand not taking the bait on Mboweni's budget
Finance Minister Tito Mboweni

Mind the debt trap, Mboweni warns 

By: African News Agency      25th October 2018 Finance Minister Tito Mboweni on Thursday warned that reprioritising spending was the only way for South Africa to avoid falling into a debt trap and losing autonomy over its finances. Mboweni told a joint sitting of Parliament's standing and select committees on finance and appropriations the... 

 Mind the debt trap, Mboweni warns
Finance Minister Tito Mboweni

Ramaphosa to attend G20 investment summit in Germany – Cabinet

By: African News Agency      25th October 2018 President Cyril Ramaphosa will travel to Germany next week for the G20 Investment Summit after receiving an invite from German Chancellor Angela Merkel, government said on Thursday. In a statement on Wednesday's fortnightly cabinet meeting, government said the summit will involve a meeting of... 

 Ramaphosa to attend G20 investment summit in Germany – Cabinet
President Cyril Ramaphosa

Siemens launches distributed energy system as solution to Africa’s energy transition

By: Simone Liedtke     25th October 2018 German electronics manufacturer Siemens on Wednesday launched, at its headquarters in Midrand, its end-to-end distributed energy system (DES) as a solution to assist the African continent in its energy transition. The DES provides for the targeted use of renewable energy, combined heating and... 

Siemens launches distributed energy system as solution to Africa’s energy transition
Photo by Dylan Slater
Siemens HQ and its solar car park in Midrand, Johannesburg

Danone Southern Africa joins Polystyrene Association of South Africa

By: Simone Liedtke     25th October 2018 Danone Southern Africa (Danone SA) has become the latest producer of high-impact polystyrene (HIPS) to join the Polystyrene Association of South Africa, which represents the entire value chain of polystyrene packaging manufacturers, collectors and recyclers. According to the association’s CE Adri... 

Danone Southern Africa joins Polystyrene Association of South Africa
Danone SA MD Hendrik Born

Tourism trend changes present opportunities

By: Tasneem Bulbulia     24th October 2018 Growing South Africa’s tourism industry will depend on an understanding of, and the industry’s reaction to, changing trends in the global tourism industry. Speakers at the South Africa-Italy summit, on Wednesday, pointed out that tourist destination preferences were changing and that there was an... 

Mboweni throws NHI R500m lifeline

By: African News Agency      24th October 2018 Finance Minister Tito Mboweni said on Wednesday that government would be reprioritising R546-million within the National Health Insurance (NHI) indirect grant to address the critical shortage of medical professionals and to procure beds and linen for public healthcare facilities. The NHI is... 

Mboweni throws NHI R500m lifeline
Finance Minister Tito Mboweni

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