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Economy News

Manufacturing recovery hopes dampened as Absa PMI declines further 

By: Marleny Arnoldi     2nd July 2018 The seasonally adjusted Absa Purchasing Managers’ Index (PMI), compiled by the Bureau for Economic Research, fell further below the neutral 50-point mark in June, shedding 1.9 points to 47.9 points. This compares with 49.8 points in May and is the lowest level since March, when the PMI measured... 

ATON’s mandatory offer undervalues company, M&R reiterates in circular

By: Terence Creamer     2nd July 2018 The board of engineering and construction group Murray & Roberts (M&R) has again guided shareholders not to accept ATON’s mandatory offer of R17 a share, which it argues undervalues M&R’s strategic platforms and business prospects. The board made the statement in a circular response to ATON’s... 

ATON’s mandatory offer undervalues company, M&R reiterates in circular

Sars kicks off tax season with charter outlining taxpayers' rights

By: News24Wire      2nd July 2018 The South African Revenue Service (Sars) is taking steps to improve the service delivered to taxpayers with the release of the Service Charter which outlines taxpayers’ rights and responsibilities as well as service standards they can expect from the agency. Acting Sars commissioner Mark Kingon... 

 Sars kicks off tax season with charter outlining taxpayers' rights

Ramaphosa tells AU summit 'money lost to corruption could finance improved lives'

By: African News Agency      2nd July 2018 The African Union (AU) Summit currently underway in the Mauritanian capital Nouakchott is focusing on four broad thematic areas - the fight against corruption, institutional reform of the AU, consolidating the Africa Continental Free Trade Area, and Peace and Security as introduced by former... 

 Ramaphosa tells AU summit 'money lost to corruption could finance improved lives'
President Cyril Ramaphosa

Restoring the credibility of Sars critical – Nene

By: African News Agency      2nd July 2018 As the annual tax filing season opened, Finance Minister Nhlanhla Nene on Monday said government was deeply committed to stabilising the South African Revenue Service (Sars) to a credible operation and making sure it met collection targets. "There can be no mission more important than stabilising... 

 Restoring the credibility of Sars critical – Nene
Photo by Bloomberg
Finance Minister Nhlanhla Nene

South Africa signs free trade agreement with AU 

By: African News Agency      2nd July 2018 South Africa has signed the African Continental Free Trade Area agreement with the African Union. Trade and Industry Minister Rob Davies confirmed Sunday’s signing of the 250-pages document in a video put out by the department of Trade and Industry (dti) on Twitter. 

South Africa signs free trade agreement with AU
President Cyril Ramaphosa signs the African Continental Free Trade Area Agreement

Hudaco delivers sound H1 results amid tough trading conditions

By: Simone Liedtke     29th June 2018 With the positive sentiment and economic growth expectations stemming from recent political changes in South Africa, Hudaco Industries continued to deliver sound results in the six months to May 31. Characteristic of this trading environment, however, is the “Ramaphoria” phase, Hudaco CE Graham... 

Hudaco delivers sound H1 results amid tough trading conditions
Photo by Dylan Slater
Hudaco CE Graham Dunford

FDI in South Africa declining 

By: Anine Kilian     29th June 2018 South Africa needs to improve its governance and regulatory transparency to attract more foreign direct investment (FDI), says AT Kearney global business policy council chairperson Paul Laudicina. In a briefing on Friday, he noted that South Africa’s share of regional foreign direct investment... 

Offshore property investment a big opportunity for South African Reits

By: Nadine James     29th June 2018 The global sell-off in emerging markets, an intractably weak domestic economy, an oversupply of business space and a focus on the quality of earnings are all set to be major drivers of South Africa’s real estate investment trust (Reit) sector in the second half of this year, the SA Reit... 

Radebe says labour cannot be 'left behind' in energy transition 

By: Terence Creamer     29th June 2018 Energy Minister Jeff Radebe urged business to support government in ensuring that South Africa’s energy transition is a “just” one for labour, especially those operating in the coal-mining sector. In an engagement on Friday with business leaders in Johannesburg, following a meeting of the energy... 

Radebe says labour cannot be 'left behind' in energy transition
Photo by Dylan Slater
Energy Minister Jeff Radebe

Airbus to support Côte d’Ivoire’s aerospace industry development

By: Rebecca Campbell     29th June 2018 Global aerospace major Airbus has signed a Memorandum of Understanding (MoU) with the Government of the Côte d’Ivoire (Ivory Coast) to create a cooperation framework which, in turn, will facilitate the development of the West African country’s aerospace industry. The Côte d’Ivoire Government has... 

South Africa urged to improve energy efficiency

By: Rebecca Campbell     29th June 2018 A report commissioned by the Department of Science and Technology (DST) and compiled by the Academy of Science of South Africa (ASSAf) has called for energy efficiency to be given “the priority it deserves” in future versions of the country’s Integrated Resource Plan (IRP). The report is entitled... 

Opportunity for smaller exporters amid global ecommerce trend

By: Schalk Burger     29th June 2018 The growth of e-commerce and changing retail industry trends provide entrepreneurs and small businesses with new opportunities to sell their products and services to international markets, says courier multinational FedEx Express Southern Africa operations VP Mike Higley. According to the PayPal... 

Davies dissolves SABS board after ‘unpersuasive’ representations

By: Creamer Media Reporter      28th June 2018 Trade and Industry Minister Dr Rob Davies announced on Thursday that he had dissolved the South African Bureau of Standards (SABS) board with immediate effect, owing to its failure to exercise its fiduciary duties in terms of the Standards Act and the Public Finance Management Act. The... 

Davies dissolves SABS board after ‘unpersuasive’ representations
Photo by Creamer Media
Trade and Industry Minister Rob Davies

Sephaku optimises capacity utilisation despite subdued trading environment

By: Simone Liedtke     28th June 2018 Despite a subdued trading environment, owing to intensifying competition in the ready-mix concrete segment, building materials company Sephaku Holdings has optimised its overall capacity utilisation in terms of production and transport, while further reducing its debt in the financial year ended... 

Sephaku optimises capacity utilisation despite subdued trading environment

First Youth Employment Service community hub launched in Gauteng

By: Marleny Arnoldi     28th June 2018 Government’s business-led employment initiative, the Youth Employment Service (YES), on Thursday launched its first community hub, in Tembisa, Gauteng. YES aims to establish 100 hubs, which are smart infrastructure solutions that aim to address youth unemployment challenges by bringing... 

First Youth Employment Service community hub launched in Gauteng

Meyburgh to retire as Stefanutti CEO in May 2019

By: Simone Liedtke     28th June 2018 JSE-listed Stefanutti Stocks on Thursday announced several leadership changes, including the retirement of CEO Willie Meyburgh on May 31, 2019. Russell Crawford, currently MD of the company's construction and mining business unit, has been appointed CEO-designate, and will report to Meyburgh from... 

Eskom raises wage offer to unions – Numsa

By: Reuters     28th June 2018 South Africa's State power utility Eskom has raised its wage increase offer for this year to 6.2% from 4.7% previously, the National Union of Metalworkers of South Africa (Numsa) said on Thursday. Numsa said in a statement that three unions negotiating with Eskom were demanding a 9% increase in... 

Eskom raises wage offer to unions – Numsa

Renewed air link boosts traffic between South Africa and Spain

By: Rebecca Campbell     28th June 2018 The reintroduction of direct flights between Johannesburg and Madrid by Spanish flag-carrier airline Iberia in August 2016 has resulted in a significant boost in travel between South Africa and Spain. This was reported by Airports Company South Africa assistant general manager (client and... 

Renewed air link boosts traffic between South Africa and Spain
Photo by Airbus
A computer-generated image of an Airbus A330-200 in Iberia livery

Entrepreneurial spirit, collaboration, education needed to advance Fourth Industrial Revolution – WEF chairperson  

By: Nadine James     28th June 2018 South Africa must create ecosystems that foster entrepreneurial activity and multistakeholder collaboration, while furthering innovation and education in the science, technology, engineering and mathematics (Stem) fields, if it is going to benefit from opportunities that result from the Fourth... 

Entrepreneurial spirit, collaboration, education needed to advance Fourth Industrial Revolution – WEF chairperson
Photo by Dylan Slater
World Economic Forum executive chairperson Professor Klaus Schwab

Petrol price still on course to breach record R16/litre: Fuel hikes 'could've been far higher' – AA

By: News24Wire      28th June 2018 South Africans have been thrown a lifeline by declining oil prices in June, reports the Automobile Association (AA). Commenting on unaudited month-end fuel price data released by the Central Energy Fund (CEF). The AA says that without oil's decline, the fuel price hike for July would have been... 

Petrol price still on course to breach record R16/litre: Fuel hikes 'could've been far higher' – AA

Rogue unit allegations hogwash, former Sars enforcement head tells inquiry

By: News24Wire      28th June 2018 The former head of South African Revenue Service (Sars) enforcement Gene Ravele told the commission of inquiry into affairs at the tax agency that allegations over the so-called ‘rogue unit’ are nothing but hogwash. During an interview after his testimony, Ravele stated that the unit was... 

 Rogue unit allegations hogwash, former Sars enforcement head tells inquiry

Government vows to go after State capture loot

By: African News Agency      28th June 2018 South African Finance Minister Nhlanhla Nene said on Thursday that government was working with international institutions to trace and recover all the monies that were stolen from the country's coffers through "State capture". "Perhaps at times we underestimate the damage that State capture did.... 

Government vows to go after State capture loot
Photo by Bloomberg
Finance Minister Nhlanhla Nene

Ramaphosa to participate in World Economic Forum roundtable

By: African News Agency      28th June 2018 President Cyril Ramaphosa was due on Thursday to participate in a roundtable of the World Economic Forum (WEF) with South Africa to shape an inclusive and sustainable agenda for economic growth and address the triple challenge of poverty, inequality and unemployment, his office said. The... 

Ramaphosa to participate in World Economic Forum roundtable
President Cyril Ramaphosa

EOH names specialised solutions company Nextec as restructuring takes shape

By: Schalk Burger     27th June 2018 JSE-listed EOH has revealed the name of its new specialised solutions company as Nextec, while its information and communication technology (ICT) business will continue to operate under the EOH brand, the company said in a statement on Wednesday. This follows after the group, in March, announced... 

Zambian Parliament recommends private investment in State firms

By: Reuters     27th June 2018 Zambia must consider seeking equity partners to recapitalise its State-owned firms, a Parliamentary committee recommended on Tuesday. Zambia transferred the shares of 29 of its 33 State-owned companies in 2015 from the ministry of finance to the government's investment arm, the Industrial... 

New insurance Act to come into effect in July – Treasury

By: African News Agency      27th June 2018 The Insurance Act of 2017 will commence on July 1, National Treasury said on Tuesday. "The Insurance Act establishes a legal framework for the prudential regulation and supervision of insurers and insurance groups in terms of the Twin Peaks framework," Treasury said in a statement. 

 New insurance Act to come into effect in July – Treasury

Mercedes-Benz to invest R10bn in East London plant expansion

By: Simone Liedtke     26th June 2018 Automotive manufacturer Mercedes-Benz Cars will invest €600-million, or about R10-billion, to expand its South African subsidiary Mercedes-Benz South Africa’s (MBSA’s) manufacturing plant, in East London, and equip it for the future. The investment will be used to build a new paint shop and a new... 

Mercedes-Benz to invest R10bn in East London plant expansion
Photo by Simone Liedtke
Cyril Ramaphosa, Nhlanhla Nene and Markus Schäfer

South Africa to align energy plans with SADC gas master plan

By: Terence Creamer     26th June 2018 Energy Minister Jeff Radebe has promised greater alignment between South Africa’s energy plans, included the new Integrated Resource Plan (IRP) for electricity, with a regional gas master plan, which is currently under development within the the 16-country Southern African Development Community... 

South Africa to align energy plans with SADC gas master plan
Photo by Dylan Slater
Energy Minister Jeff Radebe

Land, mining uncertainty threatens South Africa growth – Moody's

By: Reuters     26th June 2018 South Africa's economic growth prospects will be limited by weak business confidence while uncertainty around land and mining reforms remain a concern for investors, ratings agency Moody's in research report on Tuesday. "Uncertainty over how this (land reform) will be achieved continues to limit... 

Land, mining uncertainty threatens South Africa growth – Moody's

Gordhan among first to testify at commission of inquiry into Sars

By: African News Agency      26th June 2018 Public Enterprises Minister Pravin Gordhan will be one of the first witnesses when the commission of inquiry into administration and governance at the South African Revenue Service (Sars) begins its public hearings on Tuesday. The commission was set up by President Cyril Ramaphosa in May after he... 

Gordhan among first to testify at commission of inquiry into Sars
Photo by Reuters
Public Enterprises Minister Pravin Gordhan

South African sugar industry to march over influx of imports

By: African News Agency      26th June 2018 Hundreds of sugar cane farmers from KwaZulu-Natal and Mpumalanga provinces will on Tuesday march to the Department of Trade and Industry in Tshwane demanding that a tariff on sugar be reinstated to protect the domestic industry from cheap imports.  The South African Sugar Association (SASA) said... 

Afreximbank signs $1bn programme to promote South Africa-Africa trade

By: African News Agency      26th June 2018 The African Export-Import Bank (Afreximbank) and the Export Credit Insurance Corporation of South Africa (ECIC) on Monday, signed a memorandum of understanding for a $1-billion financing programme to promote and expand trade and investments between South Africa and the rest of Africa. Under the... 

Ramaphosa is 'very pro business' says Presidential investment envoy

By: African News Agency      26th June 2018 President Cyril Ramaphosa is “very pro business, very pro capital” and recognises the importance of this in attracting local and international investment, according to businesswoman Phumzile Langeni. Langeni, who is the executive chairperson of Afropulse, is part of the Presidential Special Envoy... 

Ramaphosa is 'very pro business' says Presidential investment envoy
Photo by Creamer Media
President Cyril Ramaphosa

Starting Eskom wage talks at 0% may have been 'tactically wrong' - Jabu Mabuza 

By: African News Agency      25th June 2018 Eskom Chairperson Jabu Mabuza on Monday said it may have been “tactically wrong” to start wage negotiations with unions representing employees at the power utility at zero per cent. “When you deal with the issues of wages, I think we could have handled this issue better as Eskom. It was perhaps... 

 Starting Eskom wage talks at 0% may have been 'tactically wrong' - Jabu Mabuza
Photo by Creamer Media
Eskom chairperson Jabu Mabuza

Local business must lead on investment, says Jabu Mabuza

By: African News Agency      25th June 2018 Jabu Mabuza, the chair of Eskom and Business Leadership South Africa (BLSA), said on Monday that local businesses needed to affirm their confidence in the country’s economy for international investment to take hold. “Foreign direct investment will only come about at the back of local investment,”... 

 Local business must lead on investment, says Jabu Mabuza
Eskom & BLSA chairperson Jabu Mabuza

Govt eyes staff cuts, hiring caps after wage deal

By: Reuters     22nd June 2018 Government is considering layoffs and early retirement packages for staff in the public sector to avoid breaking its pledge to cut spending after unions clinched above-inflation wage increases, the Treasury said on Friday. Under a deal reached in May, the government will raise salaries of public... 

Govt eyes staff cuts, hiring caps after wage deal

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