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Economy News

Sygnia shares start trading on A2X

By: Simone Liedtke     13th September 2018 Investment management company Sygnia’s shares began trading on South African stock exchange A2X on Thursday, with the company becoming the eleventh issuer to secondary list on the exchange. Sygnia, which is based in South Africa, retains its primary listing on the JSE. 

Easing of water restrictions will restore international investor confidence in Cape Town

By: News24Wire      13th September 2018 The easing of the stringent water restrictions will restore international confidence in Cape Town as a destination for tourism and investment, say business leaders. But it will take hard work getting the message out there. Tim Harris, CEO of Wesgro, the agency that promotes tourism, trade and... 

Easing of water restrictions will restore international investor confidence in Cape Town

Union to approach High Court to allow all members to strike in solidarity with Sasol employees

By: Marleny Arnoldi     12th September 2018 Trade union Solidarity will approach the High Court in Johannesburg on Thursday for the right of its 180 000 members to go on strike in solidarity with Sasol employees, who have been on strike since earlier this month. This follows after the National Economic Development and Labour Council... 

Don't 'discriminate' against chicken, committee hears on VAT hike

By: African News Agency      12th September 2018 Submissions on the Value-Added Tax (VAT) Panel's report to Parliament on Wednesday ranged from pleas to exempt chicken as a protein staple to imposing a special value added tax of up to 20 percent on luxury goods. The latter came from the Congress of South African Trade Unions (Cosatu), who said... 

Don't 'discriminate' against chicken, committee hears on VAT hike

Business confidence at its worst this year, marred by uncertainty

By: News24Wire      12th September 2018 Business confidence in South Africa has declined by 4.2 index points - measuring 90.5 in August compared to 94.7 in July 2018 - the lowest level this year. The South African Chamber of Commerce and Industry (Sacci) released its Business Confidence Index on Wednesday. The BCI does not reflect... 

 Business confidence at its worst this year, marred by uncertainty

DST draft White Paper changes science, technology and innovation focus

By: Rebecca Campbell     12th September 2018 The Department of Science and Technology’s (DST’s) recently released draft White Paper on Science, Technology and Innovation (STI) contained a number of policy shifts in comparison with its predecessor, the 1996 White Paper on Science and Technology. These are intended to allow STI to fulfil its... 

Business confidence falls amid uncertainty

By: Marleny Arnoldi     12th September 2018 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) declined by 4.2 index points in August to 90.5, compared with 94.7 in July. The BCI, nevertheless, remained 0.9 index point above the level of 89.6 recorded in August 2017.  

Nene to deliver mini budget on October 24 in tough economic environment

By: News24Wire      12th September 2018 Finance Minister Nhlanhla Nene will present 2018's mini budget on October 24, Parliament announced on Wednesday.  The medium-term budget policy statement, delivered in late October about four months before the main Budget the following February - includes adjusted estimates of how much government... 

Nene to deliver mini budget on October 24 in tough economic environment
Finance Minister Nhlanhla Nene

Parliament to debate recession, fuel price hikes

By: News24Wire      12th September 2018 Parliament will debate record fuel prices and ideas for economic revival on Wednesday afternoon.  Last week Stats SA announced that SA had slipped into a technical recession - defined as two successive quarters of negative economic growth - for the first time since 2009.  

 Parliament to debate recession, fuel price hikes

State capture inquiry postponed 'until further notice'

By: News24Wire      11th September 2018 The judicial commission of inquiry into state capture has been postponed until further notice, it announced on Tuesday. The hearings were expected to resume on Wednesday with the testimony of former minister of public enterprises Barbara Hogan. The commission's chair, Deputy Chief Justice Raymond... 

Failure not an option at DCT berth deepening project, says TNPA

By: Shirley le Guern     11th September 2018 Transnet’s R7-billion megaproject to create deeper berths at the Durban Container Terminal (DCT) Pier 2’s North Quay will create some disruption and require close collaboration. However, given that this is the first project to be funded by the Brazil, Russia, India, China and South Africa's New... 

Failure not an option at DCT berth deepening project, says TNPA

South Africa to set up a 'sovereign innovation fund'

By: Rebecca Campbell     11th September 2018 The Department of Science and Technology (DST), in its recently released draft White Paper on Science, Technology and Innovation (STI), stated that a “sovereign innovation fund” is to be created. “There is a need for increased commercialisation funding,” said section 6.2 of the draft White Paper.... 

South African business confidence slips in Q3 – survey

By: Reuters     11th September 2018 South African business confidence fell marginally in the third quarter, a survey showed on Tuesday, after the economy slipped into recession and hopes faded for a revival under President Cyril Ramaphosa. The Rand Merchant Bank (RMB) business confidence index compiled by the Bureau for Economic... 

South African business confidence slips in Q3 – survey

Serialong Trust acquires 25.1% stake in Gra-Tech

By: Simone Liedtke     11th September 2018 Entrepreneur and Business Leadership South Africa CEO Bonang Mohale and Afrika Tikkun Capital have acquired a 25.1% interest in industrial chemical cleaning business Gra-Tech. Mohale described the investment as a “vote of confidence in South Africa’s heavy industrial sector” and adds that it is... 

Transnet Engineering appoints acting chief officer for advanced manufacturing

By: Simone Liedtke     11th September 2018 Transnet Engineering has appointed Thoba Majoka acting chief officer for advanced manufacturing, effective September 10. Majoka is currently the divisional executive for maintenance and services at Transnet Engineering, where he is responsible for the overall strategic direction of this... 

Rand gains limited by negative emerging market sentiment

By: News24Wire      11th September 2018 The rand, which has been strengthening since Thursday last week, may break through the R15/$ barrier on Tuesday, but any gains will be limited by emerging market weakness, according to analysts.  The local currency opened trade at R15.19 to the greenback and was changing hands 0.96% stronger at... 

 Rand gains limited by negative emerging market sentiment

Conservative hiring intentions by employers anticipated in the last quarter - survey

By: Marleny Arnoldi     11th September 2018 South African employers expect conservative hiring intentions, across all industries nationally, for the fourth quarter, the ManPowerGroup Employment Outlook Survey (MEOS) has found. Fourteen per cent of employers expect to increase staffing levels, 8% forecast a decrease and 78% anticipate no... 

Afrox achieves double-digit HEPS growth amid subdued economic environment 

By: Simone Liedtke     10th September 2018 Despite low economic growth in the six months to June 30, JSE-listed African Oxygen (Afrox) achieved double-digit growth in its headline earnings per share (HEPS) to 104c, representing an increase of 11.5% from the HEPS of 93.3c recorded for the six months to June 30, 2017. Referring to the... 

Afrox achieves double-digit HEPS growth amid subdued economic environment
African Oxygen (Afrox) MD Schalk Venter speaks to Engineering News Online about the company’s interim results, and upcoming investment plans. Video & Editing: Darlene Creamer

South African M&A activity declined in H1 – Baker McKenzie

By: Marleny Arnoldi     10th September 2018 Analysis by law firm Baker McKenzie of Thomson Reuters’ data finds that merger and acquisition activity in South Africa declined, in terms of the volume and value of domestic and cross-border deals, in the first half of this year. Transactions fell by 44% and volume and value fell by 52%,... 

Solidarity CE writes open letter to Sasol directors amid ongoing strike

By: Marleny Arnoldi     10th September 2018 Solidarity CE Dr Dirk Hermann has written an open letter to two Sasol directors, on the eve of the union’s lawsuit to seek approval for a Section 77 application at the High Court, which will enable all the union’s members nationwide to strike along with those members employed at Sasol, who have... 

Solidarity CE writes open letter to Sasol directors amid ongoing strike
Solidarity CE Dr Dirk Hermann

High-level meeting planned to set innovation agenda as new draft White Paper launched

By: Rebecca Campbell     10th September 2018 The Presidency is to lead a Science, Technology and Innovation (STI) “Plenary meeting” involving major sectors of South African government and society, Science and Technology Minister (Ms) MT Kubayi-Ngubane told the media on Monday. No date for the meeting was given. “South Africa needs to set... 

High-level meeting planned to set innovation agenda as new draft White Paper launched
Photo by Dylan Slater
Science and Technology Minister Mmamoloko Kubayi-Ngubane

South Africa may miss tax take target, says finance minister

By: Reuters     10th September 2018 South Africa's tax take could well be lower than forecast this year, with a downturn in the economy exacerbating problems at the tax revenue service, Finance Minister Nhlanhla Nene said on Monday. The country entered recession in the second quarter for the first time since 2009. 

Tongaat Hulett appoints interim CEO

By: Simone Liedtke     7th September 2018 Sydney Mtsambiwa has been appointed as the interim CEO of JSE-listed agriculture and agroprocessing group Tongaat Hulett, with effect from November 1, following the retirement of long-serving CEO Peter Staude. Mtsambiwa will serve as the interim CEO until the board has finalised the appointment... 

Fearmongering over recession won't do any good – Madonsela

By: News24Wire      7th September 2018 Choose hope over fear and leadership over victimhood, former Public Protector Thuli Madonsela urged South Africans on Friday.  Fearmongering over the recession would not do the country any good, she added.  

 Fearmongering over recession won't do any good – Madonsela
Photo by Creamer Media
Former Public Protector Thuli Madonsela

Tribunal confirms Omnia’s R30m penalty in 2003 Nutri-Flow complaint

By: Marleny Arnoldi     7th September 2018 The Competition Tribunal has confirmed the settlement agreement between Omnia Fertilizer and the Competition Commission, in which the Omnia Holdings subsidiary agreed to an administrative penalty of R30-million. The agreement stemmed from a 2003 complaint lodged by small fertilizer blender and... 

Expropriation without compensation could 'trigger classical banking crisis' – Nedbank

By: African News Agency      7th September 2018 Expropriating property without compensation could "trigger a classical banking crisis", Nedbank chief executive Mike Brown told MPs on Friday. Brown was participating in the last round of public hearings by a parliamentary committee probing whether section 25 of the Constitution needs to be... 

 Expropriation without compensation could 'trigger classical banking crisis' – Nedbank

Why a policy expert says S Africa's current phase of chaos is 'normal'

By: News24Wire      7th September 2018 South Africa is currently in a period of chaos – a normal phase to go through after years of neglect, corruption and weak leadership. This is the view of policy specialist Theo Venter of the North West University School of Business and Governance. He was one of the speakers at the Momentum... 

Why a policy expert says S Africa's current phase of chaos is 'normal'

Aveng expects to wrap up noncore disposals by June 2019

By: Terence Creamer     7th September 2018 Embattled construction group Aveng expects to finalise the disposal of all noncore businesses by June 2019. Following a strategic review, the JSE-listed company identified Aveng Trident Steel, Aveng Grinaker-LTA, Aveng Manufacturing, as well as certain properties and other assets, for sale. 

Aveng expects to wrap up noncore disposals by June 2019

SA is not actually in a recession – economist

By: News24Wire      7th September 2018 South Africa is not in a recession, despite the latest gross domestic product (GDP) figures released by Statistics South Africa, economist Roelof Botha said on Thursday. South Africa slipped into what is generally considered a technical recession - defined as two successive quarters of negative... 

 SA is not actually in a recession – economist

Optimism for new markets as SA businesses complete mission to Peru

By: African News Agency      7th September 2018 South African businesses have completed a five-day mission to Peru organised and funded by the department of Trade and Industry (dti) to help them seek a market in the South American country.  Kama Industries managing director Grand Rousseau said he viewed the mission as a success, with two of... 

Optimism for new markets as SA businesses complete mission to Peru

South Africa's Automotive Masterplan 

7th September 2018 Government and the automotive industry are said to be close to reaching consensus on the South African Automotive Masterplan. Irma Venter tells us more. 

South Africa's Automotive Masterplan
South Africa's Automotive Masterplan

South Africa’s logistics ranked third among upper-middle-income countries

By: Simone Liedtke     6th September 2018 The 2018 World Bank Logistics Performance Index (LPI) ranks South Africa as the third most competitive market behind Thailand and China in terms of logistics performance among upper-middle-income economies ranking. Brand South Africa on Thursday welcomed the results of the LPI, which also sees... 

Coal-transition support should aid workers and communities, not Eskom – report

By: Terence Creamer     6th September 2018 A new report into South Africa’s coal sector argues that any subsidies set aside for the country’s “inevitable” transition away from coal in electricity production should be tailored to protect workers, their dependants and communities, rather than Eskom, or the coal sector as a whole. Published... 

Coal-transition support should aid workers and communities, not Eskom – report

IPP designed to facilitate private sector investment – Radebe

By: African News Agency      6th September 2018 Energy minister Jeff Radebe on Thursday said the independent power producer (IPP) programme had been designed to enlist the private sector to develop an impressive renewable energy generation network in the country.  "On the renewable sector, the independent power producer programme, as it is... 

 IPP designed to facilitate private sector investment – Radebe
Energy Minister Jeff Radebe

SA launches new probe into Water Ministry contract with Germany's SAP

By: Reuters     6th September 2018 South African President Cyril Ramaphosa authorised a new investigation into a water ministry contract with German software firm SAP on Thursday, citing allegations that public money was spent unlawfully. The investigation by South Africa's Special Investigating Unit (SIU) comes after the... 

SA launches new probe into Water Ministry contract with Germany's SAP

Ramaphosa calls for consolidation between SA companies and continent

By: African News Agency      6th September 2018 President Cyril Ramaphosa has called on South African companies to work in partnership, consolidate South African interests on the African continent and to collaborate with China on projects in line with the country's development and integration objectives. Ramaphosa made the call on Thursday... 

 Ramaphosa calls for consolidation between SA companies and continent
President Cyril Ramaphosa

China says African countries don't think cooperation adds to debt

By: Reuters     6th September 2018 African leaders attending this week's summit with China don't think that cooperation between the continent and Beijing has added to their debt burden, the Chinese government's top diplomat said on Thursday. Chinese President Xi Jinping pledged $60-billion to African nations at Monday's opening of... 

China says African countries don't think cooperation adds to debt
President Cyril Ramaphosa and Chinese President Xi Jinping

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