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Economy News

South Africa needs to prepare in case of ‘hard’ Brexit – NWU economist  

By: Marleny Arnoldi     11th December 2018 North West University economist Professor Raymond Parsons says a “hard” Brexit is likely in March 2019 and that the UK may well crash out of the European Union (EU) without a withdrawal agreement. He laments that, with the decision by the UK government to delay the Parliamentary vote on the... 

Commission recommends tribunal approve Robor’s acquisition of Macsteel MT&P business, with conditions

By: Tasneem Bulbulia     11th December 2018 The Competition Commission has recommended to the Competition Tribunal that it approve Robor’s proposed acquisition of Macsteel’s tubes and pipes business (MT&P), but with conditions. The commission found that the proposed transaction is unlikely to result in a substantial prevention or lessening... 

Bigen awarded Level 1 BBBEE rating

By: Simone Liedtke     11th December 2018 Solutions-focused infrastructure development group Bigen has been rated a Level 1-compliant company in terms of the Broad-Based Black Economic Empowerment (BBBEE) Act Codes of Good Practice. Rated by Mpower Ratings, Bigen has achieved an increase in black ownership from 31% to 51%, 14% of which... 

Bigen awarded Level 1 BBBEE rating

No more 'grand plans', fix what you have, Ramaphosa tells municipal delegates  

By: African News Agency      11th December 2018 President Cyril Ramaphosa on Tuesday told representatives of local government to stop producing “grand plans for new projects” when existing infrastructure was lying in disrepair. Addressing the South African Local Government Agency (Salga) national member’s assembly at the Inkosi Albert Luthuli... 

No more 'grand plans', fix what you have, Ramaphosa tells municipal delegates
President Cyril Ramaphosa

SA employment down 0.2 pct in Q3 – statistics agency

By: African News Agency      11th December 2018 Employment in South Africa's formal non-agricultural sector fell by 0.2 percent or 16 000 jobs to 9.733-million in the third quarter compared with the previous three months, the national statistics agency said on Tuesday. The number however reflects a 0.2 percent or 17 000 increase over the same... 

 SA employment down 0.2 pct in Q3 – statistics agency

National Treasury introduces Bill to govern conduct of financial institutions

By: African News Agency      11th December 2018 The National Treasury on Tuesday announced the publication of a bill that aims to strengthen the regulation of how the financial services industry treats consumers. The Conduct of Financial Institutions (COFI) Bill is a follow up to the Financial Sector Regulation (FSR) Act of 2017, which... 

South Africa's manufacturing output jumps, boosting rand 

By: Reuters     11th December 2018 South Africa's manufacturing output rose more than expected in October to its highest level since June 2016, data showed on Tuesday, lifting the rand as the economy showed further signs of recovering from recession. Africa's most industrialised economy slipped into recession after contractions in... 

South Africa's manufacturing output jumps, boosting rand

No load shedding scheduled for Tuesday but risk remains high, says Eskom

By: African News Agency      11th December 2018 Power utility Eskom said on Tuesday that it will not implement Stage 1 rotational load shedding from 9am as usual, but warned that the electricity system remains tight and the risk of load shedding still remained high should power station units fail to return as planned. Eskom had said on Monday... 

No load shedding scheduled for Tuesday but risk remains high, says Eskom

Mashaba seeks to reignite entrepreneurship, address infrastructure challenges 

By: Marleny Arnoldi     10th December 2018 Johannesburg Mayor Herman Mashaba on Monday said the mayoral committee has approved another 100 buildings to be released for private sector development, as part of the metro’s inner city development programme. Following this, national government will give its stamp of approval and the... 

Mashaba seeks to reignite entrepreneurship, address infrastructure challenges
Johannesburg Mayor Herman Mashaba discusses city shortfalls. Video and editing: Nicholas Boyd

Bloodhound supersonic car project halted

By: Tasneem Bulbulia     10th December 2018 Project Bloodhound, the initiative to break the land-speed world record, has been halted, owing to a lack of funds, BBC News and other media reported at the weekend. Engineering News in October reported that Bloodhound Programme, the UK company behind the project, had entered into administration,... 

Egypt aims to kickstart African trade as it takes AU chair

By: Reuters     10th December 2018 Egypt is promoting itself as a linchpin for intra-African trade and a model of economic reform as it prepares to chair the African Union in 2019. The country hosted a high-level business forum on Saturday and Sunday in the Red Sea resort of Sharm el-Sheikh that will be followed by an... 

South Africa's key economic, political risk events in 2019  

By: Bloomberg     10th December 2018 In 2018, South Africa got a new president, two new finance ministers and slumped into a recession. Next year may be even more bumpy. Here’s a look at the key economic and political risk factors to watch out for in 2019: 

Eskom says no load shedding scheduled for Monday, but risk remains high 

By: African News Agency      10th December 2018 Power utility Eskom said on Monday that it will not implement Stage 1 rotational load shedding from 9am as usual, but warned that the electricity system remains tight and the risk of load shedding still remained high should power station units fail to return as planned. The troubled power utility... 

Eskom says no load shedding scheduled for Monday, but risk remains high

National minimum wage of R20 an hour to take effect on Jan 1

By: African News Agency      7th December 2018 The national minimum wage will kick in on January 1, meaning no South African worker will earn less than R20 an hour in the new year, President Cyril Ramaphosa announced on Friday. "We are here to declare that from 1 January 2019 the national minimum wage shall be introduced. No worker in South... 

National minimum wage of R20 an hour to take effect on Jan 1
President Cyril Ramaphosa

Comments received for proposals to reform key interests rate

By: Tasneem Bulbulia     7th December 2018 The South African Reserve Bank’s (SARB’s) initial assessment of the comments received on the proposals for the reform of key interest rate benchmarks used in South Africa is that there is broad-based in-principle support for the recommended reforms. This follows after the SARB in August embarked... 

Radebe denies allegations of corruption regarding his Necsa actions

By: Rebecca Campbell     7th December 2018 Energy Minister Jeff Radebe has emphatically denied imputations that his dismissal of the previous board of the South African Nuclear Energy Corporation (Necsa) was motivated by a desire for personal enrichment. These allegations were "complete balderdash" he told a media briefing held in... 

Previous Necsa board inept, defiant – Radebe  

By: Rebecca Campbell     7th December 2018 Energy Minister Jeff Radebe has made most serious allegations against the previous and recently dismissed board of the State-owned South African Nuclear Energy Corporation (Necsa). He was briefing the media, in Pretoria, on Friday. He accused the previous board members of failing to properly and... 

Previous Necsa board inept, defiant – Radebe
Photo by Bloomberg
Energy Minister Jeff Radebe

South Africa axes state nuclear firm Necsa's board

By: Reuters     7th December 2018 South African Energy Minister Jeff Radebe said on Friday that the government had replaced the entire board of directors of State-run nuclear firm Necsa and suspended its chief executive over problems with how it was governed. The previous Necsa board included prominent backers of plans to expand... 

South Africa axes state nuclear firm Necsa's board
Energy Minister Jeff Radebe

Eskom implements Stage 1 load shedding

By: African News Agency      7th December 2018 State power utility Eskom said on Friday it would again effect rotational powercuts to reduce demand and avoid a collapse of the grid, but that this would be on a lower scale than in recent days. "Eskom will be implementing Stage 1 rotational load shedding from 09:00 and this is likely to... 

Eskom implements Stage 1 load shedding

Corruption charges laid against acting Sars boss Mark Kingon

By: News24Wire      7th December 2018 Corruption charges have been filed against acting South African Revenue Service (Sars) commissioner Mark Kingon by an unknown and obscure organisation named the Anti-Poverty Forum (APF). The charge was laid by APF's director Phapano Phasha on Tuesday at the Brooklyn police station. News24 is in... 

Corruption charges laid against acting Sars boss Mark Kingon

Sugar dumping remains a crisis for industry  

By: Paige Müller     7th December 2018 While national government has shown a willingness to protect the sugar industry against corrosive trade-dumping practices, nonprofit anti-dumping organisation FairPlay founder Francois Baird emphasises that government’s ineffective administrative processes have made its previous attempts at... 

Sugar dumping remains a crisis  for industry
Anti-dumping organisation FairPlay’s Lebogang Chaka discusses the impact of sugar dumping on the local industry. Camerawork and Editing: Nicholas Boyd

Measures in place to boost the Western Cape economy

By: Thabi Madiba     7th December 2018 The Western Cape economy remains relatively stable despite challenges affecting consumer spending, says Western Cape Economic Opportunities Minister Beverley Schäfer. “The province has recorded good gains in employment, and continues to record the lowest expanded unemployment rate in the country.” 

Measures in place to boost the Western Cape economy
Beverley Schäfer Growth in the Western Cape economy slowed down over the past years because of the drought that impacted on some of the province’s key sectors such as agriculture and tourism

Local sugar industry struggles to stay afloat

By: Paige Müller     7th December 2018 The survival and sustainability of the labour intensive sugar industry is under severe threat owing to the flood of sugar imports and the resultant inability by industry bodies to recover costs, according to South African Sugar Association executive director Trix Trikam. “The local sugar industry... 

Local sugar industry  struggles to stay afloat
UNBALANCED TRADE The world sugar market is distorted by producer country incentives, resulting in production that is surplus to demand

Partnership for land tenure rights mutually beneficial

By: Paige Müller     7th December 2018 Sugar producer Illovo Sugar Africa has been partnering nongovernmental organizations, governments and global donors to transform the landscape of tenure rights in its operating countries, says Illovo Sugar Africa Group MD Gavin Dalgleish. “Africa has the highest proportion of agricultural land... 

Partnership for land tenure rights mutually beneficial
Photo by Bloomberg
WOMEN IN SUGAR More than 65% of those who have benefited from the Illovo Maragra plantation partnership to date have been women

Iata urges African States to cooperate with it to develop regional aviation

By: Rebecca Campbell     7th December 2018 The International Air Transport Association (IATA) has highlighted the benefits to Africa brought by cooperation between it and the Governments across the continent. The aim was to facilitate air connectivity across Africa that was efficient, safe and sustainable. In turn, this would ensure the... 

3D printing surging globally and South Africa is making its mark

By: Rebecca Campbell     7th December 2018 The global take-off of Additive Manufacturing (AM, popularly called 3D printing), it is now apparent, took place some six years ago. "2012 was a turning point in AM, globally," consultancy Wohlers Associates President Terry Wohlers tells "Engineering News". "The technology really gained... 

3D printing surging globally and South Africa is making its mark

Artisan training moving to high technology

By: Schalk Burger     7th December 2018 Artisans are receiving training on cyberphysical systems, which are hallmarks of modern industrial systems and are becoming commonplace in industry to prepare for employment in Industry 4.0 companies, says industry training college Colliery Training College (CTC) MD Johan Venter. For example,... 

China’s BRI translating its influence into trade, development and cultural engagements with global South

By: Schalk Burger     7th December 2018 The Belt and Road Initiative (BRI), which is an infrastructure development and integration initiative championed and mainly funded by China, has emerged as a conduit for translating China's growing influence into trade, development and cultural engagements and partnership with the global South.... 

Ramaphosa launches Atlantis SEZ 

By: Kim Cloete     6th December 2018 President Cyril Ramaphosa has officially launched the Atlantis Special Economic Zone (SEZ) in the Western Cape, with the goal of making it "a launching pad for economic growth" in the region. “A combined R1.8-billion is expected to be invested in the SEZ by 2022. In the short to medium-term, the... 

Progress made with establishing Nkomazi SEZ

By: Marleny Arnoldi     6th December 2018 Cabinet earlier this week ratified a decision by Trade and Industry Minister Dr Rob Davies to designate the Nkomazi Special Economic Zone (SEZ) and to grant an SEZ licence to the Mpumalanga provincial government’s Department of Economic Development and Tourism. The Nkomazi SEZ will be positioned... 

Sacci BCI increases slightly to 96.1 in November

By: Marleny Arnoldi     6th December 2018 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) for November measured 96.1, which is an increase of 0.3 index points compared with October. “The upward momentum of the BCI since September appears to have flattened and it is the second time this... 

The $3bn map – scientists pool oceans of data to plot Earth's final frontier

By: Reuters     6th December 2018 For experts in the field of ocean mapping it is no small irony that we know more about the surfaces of the Moon and Mars than we do about our planet's sea floor. "Can you imagine operating on the land without a map, or doing anything without a map?" asked Larry Mayer, director of the US-based... 

South Africa should not be over-reliant on renewable energy for its future electricity needs 

By: Rebecca Campbell     6th December 2018 The proposal of the country’s Integrated Resource Plan (IRP) 2018 that wind, solar and gas generation account for a combined total of 42% of South Africa’s total installed electricity capacity by 2030 was most unwise, AFRA-NEST Regional Coordinator Dr Anthonie Cilliers has warned. (AFRA stands... 

South Africa should not be over-reliant on renewable energy for its future electricity needs
Photo by Duane Daws/Creamer Media
Jeffreys Bay wind farm

Nchocho appointed to replace Qhena as head of IDC

By: Marleny Arnoldi     6th December 2018 Cabinet on Wednesday approved the appointment of Tshokolo (TP) Nchocho as Industrial Development Corporation (IDC) CEO on a five-year contract, effective early in 2019. Nchocho has multiple Masters degrees and more than 28 years’ experience in development finance and banking, including 13 years... 

Nchocho appointed to replace Qhena as head of IDC
Newly appointed IDC CEO TP Nchocho

Nuclear regulator confirms receipt of 25 000 comments on Thyspunt, Duynefontyn applications 

By: Terence Creamer     6th December 2018 The National Nuclear Regulator (NNR) reports that is has received over 25 000 comments from affected parties and the general public in response to two nuclear installation site licence (NISL) applications received from Eskom on March 2016. The applications are for the Thyspunt site, in the... 

Nuclear regulator confirms receipt of 25 000 comments on Thyspunt, Duynefontyn applications
Koeberg in the Western Cape is South Africa's only nuclear power stations

Business confidence edges up slightly as momentum flattens – Sacci

By: African News Agency      6th December 2018 Business conference among South African companies edged up just slightly in November, with the momentum seen since September slowing, a survey showed on Thursday. The South African Chamber of Commerce and Industry's  (Sacci) business confidence index (BCI) for November 2018 measured 96.1, up just... 

Business confidence edges up slightly as momentum flattens – Sacci

Ramaphosa to announce effective date for national minimum wage in Kliptown 

By: African News Agency      6th December 2018 President Cyril Ramaphosa will on Friday proclaim the effective date for the recently approved national minimum wage, his office said. Consensus on the minimum wage was reached by stakeholders under the auspices of the National Economic Development and Labour Council (Nedlac) and has been set at... 

Ramaphosa to announce effective date for national minimum wage in Kliptown
President Cyril Ramaphosa

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