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Economy News

Saftu, Outa call for independent judicial inquiry at Sars

By: Sane Dhlamini     8th November 2017 The South African Federation of Trade Unions (Saftu) and the Organisation Undoing Tax Abuse (Outa) on Wednesday called for Finance Minister Malusi Gigaba to appoint an independent judicial inquiry into tax administration and governance at the South African Revenue Service (Sars). This follows... 

Gordhan says new South African Revenue Service probe may be case of obfuscation

By: African News Agency      8th November 2017 Former finance minister Pravin Gordhan on Tuesday said the inquiry into tax collection and governance at the South African Revenue Service (Sars) announced by his successor Malusi Gigaba risked obfuscating rather than resolving problems at the entity. “It could be a case of delaying dealing with... 

Gordhan says new South African Revenue Service probe may be case of obfuscation
Photo by Duane Daws
Former Finance Minister Pravin Gordhan

Cidb concerned over 140 000 construction job losses

By: Megan van Wyngaardt     7th November 2017 Construction Industry Development Board (cidb) monitoring and evaluation project manager Ntando Skosana on Tuesday described the loss of 140 000 jobs in the local construction industry between the first and third quarters of this year as “disheartening”. The construction industry is an important... 

Cidb concerned over 140 000 construction job losses

Gold Brands buys 50% stake in Ed’s Diner

By: Megan van Wyngaardt     7th November 2017 South African franchising company Gold Brands (GBI) will acquire 50% of the rights, trademarks and intellectual property of burger restaurant chain Ed's Diner from owner Vasilis Lazaridis. Gold Brands and Lazaridis will operate the restaurant chain in a joint venture, which will own the exclusive... 

South Africa only in phase one of political instability

By: Natasha Odendaal     7th November 2017 South Africa has only entered the first phase of the political uncertainty that is expected to persist until at least the 2019 national elections, says University of Witwatersrand School of Governance political analyst Professor Susan Booysen. The country, already settled into a period of “high... 

South Africa only in phase one of political instability

New SAA leadership team promises to take airline ‘back from the brink’ 

By: Terence Creamer     7th November 2017 Finance Minister Malusi Gigaba has promised that there will be a clear delineation of the roles between the shareholder, the board and the CEO at embattled national carrier South African Airways (SAA), following the constitution of the new board on November 3 and the appointment of Vuyani Jarana... 

New SAA leadership team promises to take airline ‘back from the brink’
Finance Minister Malusi Gigaba on how the R10-billion capital injection will be paid to SAA. Camera Work: Duane Daws. Editing: Lionel da Silva.

Zuma agrees to set up Sars inquiry – Gigaba

By: News24Wire      7th November 2017 Finance Minister Malusi Gigaba has asked President Jacob Zuma to set up an urgent judicial inquiry into tax administration and governance at the South African Revenue Services (Sars) Gigaba, speaking after a media briefing about plans for South African Airways on Tuesday, said Zuma had agreed to... 

 Zuma agrees to set up Sars inquiry – Gigaba
Photo by Bloomberg
Finance Minister Malusi Gigaba

Transnet, Wits launch support centre for local SMMEs

By: Anine Kilian     6th November 2017 In partnership with the University of the Witwatersrand (Wits), State-owned rail utility Transnet on Monday launched the R62-million Matlafatšo Centre, which aims to assist aspiring entrepreneurs and small, medium-sized and microenterprises (SMMEs) to explore and test their products before... 

Parliament wants report clearing Sars number two

By: African News Agency      6th November 2017 Parliament’s standing committee on finance on Monday said it had sent official letters to South African Revenue Service (Sars) commissioner Tom Moyane and Finance Minister Malusi Gigaba asking for a copy of a disciplinary inquiry report which cleared a senior Sars official. Jonas Makwakwa, widely... 

Parliament wants report clearing Sars number two

Standard Bank PMI continues contraction in October

By: Natasha Odendaal     3rd November 2017 The South African private sector’s purchasing manager’s index (PMI) remained below the neutral 50-point mark in October, indicating further deterioration in the business climate, Standard Bank’s latest survey shows. Despite a marginal uptick to 49.6 in October from a reading of 48.5 in September,... 

Trillian whistleblower says Eskom’s Singh paid R30.6m for no reason

By: African News Agency      3rd November 2017 A whistleblower on Friday told the parliamentary inquiry into Eskom the power utility settled a fraudulent invoice from Trillian for R30.6-million. Former Trillian Management Consulting (TMC) chief executive Bianca Goodson said she found her signature on a cover letter to the invoice that was... 

US energy research body aims to increase African impact with focus on energy poverty

By: Terence Creamer     3rd November 2017 Leading US public interest energy and environmental research organisation the Electric Power Research Institute (EPRI) is aiming to increase its relevance and impact in Africa by integrating the problem of energy poverty into its portfolio of research activities. Senior regional manager Barry... 

US energy research body aims to increase African impact with focus on energy poverty
EPRI senior regional manager Barry MacColl

South Africa not considering IMF bailout for now – Treasury official

By: Reuters     3rd November 2017 South Africa is not considering an International Monetary Fund (IMF) bailout at this stage, a senior Treasury official said on Friday, as the country struggles with weak growth, low tax receipts and rising debt. "Financial markets can behave in very unpredictable ways so all options are on the... 

South Africa not considering IMF bailout for now – Treasury official

Eskom hike not justifiable, sustainable – Busa

By: Natasha Odendaal     3rd November 2017 State-owned power utility Eskom’s bid for above-inflation tariff increases was not justifiable nor sustainable in the current climate, Business Unity South Africa (Busa) said on Friday. The pursuit of higher revenues without first examining its business model will just add further strain to an... 

Treasury says PIC will not invest in national airline

By: Reuters     3rd November 2017 South Africa has not yet identified a potential equity partner for troubled national airline SAA and the State pension fund manager PIC will not invest either, National Treasury said in a response to questions to Parliament on Friday. The Public Investment Corporation, one of the continent's... 

Treasury says PIC will not invest in national airline

Newly inaugurated PV microgrid to supply almost 50% of Robben Island’s electricity

By: Mia Breytenbach     3rd November 2017 Robben Island, a World Heritage Site has gone green with the installation of a R25-million solar energy, lithium-ion battery storage microgrid that will supply almost half of the island’s yearly electricity requirement. The Department of Tourism, together with the appointed engineering,... 

Newly inaugurated PV microgrid to supply almost 50% of Robben Island’s electricity
Photo by Duane Daws
LEON VILJOEN This system makes it the ideal solution, not only for the environment, but also from a business perspective

Intelligent algorithm company 4Sight lists on AltX

By: Schalk Burger     3rd November 2017 The first pure technology company to list on the JSE’s AltX in 18 years, decision support technology group 4Sight, has artificial intelligence (AI), machine learning (ML), Internet of Things (IoT) and big data technology capabilities, which are reshaping business and individual lives worldwide,... 

Intelligent algorithm company 4Sight lists on AltX
ALTX-LISTING 4Sight directors Antonie Van Rensburg, Gary Lauryssen, Jacques Hattingh and Conal Lewer-Allen at the listing ceremony at the JSE, in Sandton

Reforms, business models key to unlocking private sector investment for climate change – IFC

By: Natasha Odendaal     2nd November 2017 Smart policy reforms and innovative business models can unlock the trillions of dollars in private investment that is needed to ensure Africa meets its climate targets as agreed to in the landmark Paris Agreement. The private sector, boasting innovation, the financing and resources, is considered... 

South Africa headed for potential downgrade

By: Anine Kilian     2nd November 2017 Ratings agencies could potentially downgrade the country to below investment status sometime this month, predicts global asset management firm Argon Asset Manager economist Thabi Leoka. Addressing delegates at the SBi Small and Medium-sized Enterprise Indaba in Johannesburg, on Thursday, Leoka... 

Political environment stifling investment, radical economic growth needed – Phosa

By: Anine Kilian     2nd November 2017 South Africa’s current unstable political environment has a massive influence on the economy, African National Congress presidential candidate Mathews Phosa said on Thursday. Speaking at the SBi Small and Medium-sized Enterprise (SME) Indaba, in Johannesburg, he stated that the country’s... 

Political environment stifling investment, radical economic growth needed – Phosa
Photo by Duane Daws
Mathews Phosa

Report outlines vision for a million South African ‘climate jobs’

By: Terence Creamer     2nd November 2017 A new report has been released in an effort to mobilise South Africans behind the vision of creating a million ‘climate jobs’ as part of the country’s response to the threat posed by climate change. Published by the Alternative Information and Development Centre, the 60-page report has been... 

Report outlines vision for a million South African ‘climate jobs’

Cabinet approves minimum wage bill

By: News24Wire      2nd November 2017 Cabinet approved the National Minimum Wage Bill during its fortnightly meeting on November 1. The draft legislation will now be referred to Parliament for further deliberation, after which President Jacob Zuma will be required to officially sign it into law. In February this year representatives... 

 Cabinet approves minimum wage bill

Transnet seeks to navigate State Capture allegations, economic storms 

     2nd November 2017 Creamer Media’s Samantha Herbst talks to Engineering News editor Terence Creamer about Transnet’s new 4.0 strategy and how it intends to deal with State Capture allegations. 

Transnet seeks to navigate State Capture allegations, economic storms
Transnet seeks to navigate State Capture allegations, economic storms

WEF Global Gender Gap report sees South Africa slip four places

By: African News Agency      2nd November 2017 The World Economic Forum’s (WEF) latest Global Gender Gap report shows that South Africa has dropped to nineteenth place out of 144 countries measured. According to a statement from WEF, this year painted a bleak picture of gender equality globally. WEF said that for the first time since... 

Treasury grilled on R74bn deviation procurement

By: News24Wire      2nd November 2017 Treasury's Director General Dondo Mogajane was grilled by members of SCOPA on Wednesday on how it was possible for state entities and institutions to have been allowed to deviate from required procurement processes to the tune of a total of R74-billion in 2016/17. While the public procurement... 

SAA’s failure to settle its debt would have resulted in default – Ramaphosa

By: African News Agency      2nd November 2017 Deputy President Cyril Ramaphosa said the South African Airways (SAA) bailout was a crucial decision made by government because failure to settle debts would have resulted in SAA defaulting on its debts. Ramaphosa was answering questions in the National Council of Provinces. 

Seifsa ‘cautiously optimistic’ following improved PMI

By: Creamer Media Reporter      1st November 2017 The Steel and Engineering Industries Federation of Southern Africa (Seifsa) is “cautiously optimistic” about the sector’s performance, in light of data released by the Absa Purchasing Managers' Index (PMI),  which indicates an improvement in activity in the manufacturing sector. This was the... 

SAB invests millions in black-owned SMMEs 

By: Anine Kilian     1st November 2017 Multinational beverage and brewing company Anheuser-Busch (AB) InBev subsidiary South African Breweries (SAB) has invested more than R200-million into creating an inclusive supply chain which incorporates black-owned and black women-owned small, medium-sized and microenterprises (SMMEs) through... 

SAB invests millions in black-owned SMMEs
SAB President Ricardo Tadeu talks to Engineering News online about SAB's entrepreneurship programmes. Video and Video editing: Darlene Creamer 1.11.2017

State irregular expenditure at R45.6bn – Auditor General 

By: News24Wire      1st November 2017 Despite "intensified contestations" by some state entities, Auditor General Kimi Makwetu on Wednesday released the financial report for the country’s national and provincial departments, as well as government entities for the 2016/17 financial year. The audit report reflects progress made since... 

 State irregular expenditure at R45.6bn – Auditor General
Auditor General Kimi Makwetu

We should avoid radical rhetoric and policies on land – AgriSA

By: News24Wire      1st November 2017 AgriSA believes progress is being made in the land reform debate in South Africa and that the country should steer away from radical rhetoric and policies. These were the views of Dan Kriek, the president of AgriSA during the launch of its national land audit on Tuesday. 

We should avoid radical rhetoric and policies on land – AgriSA

Zwane must be probed on State capture and Gupta relations – DA 

By: News24Wire      1st November 2017 There are enough grounds to establish an ad hoc committee of inquiry into Mineral Resources Minister Mosebenzi Zwane’s relationship with the Gupta family and allegations of State capture, said James Lorimer from the Democratic Alliance (DA). Speaking to journalists after a meeting of the... 

 Zwane must be probed on State capture and Gupta relations – DA
Photo by Duane Daws
Mineral Resources Minister Mosebenzi Zwane

Heavy increase in irregular expenditure in South Africa, now pegged above R45bn, says AG 

By: African News Agency      1st November 2017 Irregular expenditure by government departments and State-owned entities has ballooned by over 50% in 2016/2017 when compared to the previous financial year, topping R45-billion, Auditor-General Kimi Makwetu revealed on Tuesday. “Irregular expenditure has increased by 55% since the previous year... 

Heavy increase in irregular expenditure in South Africa, now pegged above R45bn, says AG
Auditor-General Kimi Makwetu

Absa PMI rises to 47.8 in October

By: Reuters     1st November 2017 South Africa's seasonally adjusted Absa Purchasing Managers' Index (PMI) rose to its best level in five months helped by an increase in new sales orders, a survey showed on Wednesday. The index, which is compiled by the Bureau for Economic Research and gauges manufacturing activity in Africa's... 

New Eastern Cape business centre to boost township economy

By: African News Agency      1st November 2017 Local emerging businesses and aspiring business people from the Veeplaas community in the Eastern Cape have been granted an opportunity to boost the local township economy following the opening of a local Business Centre by the Nelson Mandela Bay municipality. Nelson Mandela Bay Mayor Athol... 

Zuma will establish inquiry into State capture if instructed by the court

By: News24Wire      1st November 2017 President Jacob Zuma has placed on "record" that he will establish a commission of inquiry into State capture within a month if ordered by a court. It comes as Zuma is seeking an order by the North Gauteng High Court in Pretoria to have former Public Protector Thuli Madonsela's remedial actions,... 

Zuma will establish inquiry into State capture if instructed by the court
Photo by Reuters
President Jacob Zuma

Tribunal confirms R4.35m settlement with Godrich Flour Mills

By: Anine Kilian     31st October 2017 The Competition Tribunal has confirmed a settlement agreement with Godrich Flour Mills for price fixing in the market for milled white maize products. Godrich has agreed to pay R4.35-million for participating in a cartel that colluded with other maize milling firms to fix the price of milled... 

Sub-Saharan Africa sets another record for number of business reforms

By: Natasha Odendaal     31st October 2017 Sub-Saharan African countries have set a new record, for the second consecutive year, for the number of business reforms undertaken during 2016/17, a new World Bank report shows. The ‘Doing Business 2018: Reforming to Create Jobs’ report, now in its fifteenth year, reported that 83 business... 

Sub-Saharan Africa sets another record for number of business reforms

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