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Economy News

ICT group aims to establish jobs platform through internships, training

25th January 2013 Enterprise applications company EOH’s Job Creation Initiative aims to promote internship and training programmes in partnership with its customers, business partners and government to create jobs, says EOH CEO Asher Bohbot. “There are five-million unemployed people in South Africa and the youth... 

Imported skills could be crucial for renewables success

25th January 2013 Renewable-energy programmes will only be possible if South Africa can import the skills necessary to develop these new industries and speedily grant the required permits, says recruitment agency Landelahni Recruitment Group CEO Sandra Burmeister. The government signed contracts in November last... 

Maths, science teachers must be nurtured and properly remunerated 

By: Schalk Burger     25th January 2013 Teachers who teach scarce-skills subjects, including mathematics, science and English, must be encouraged and supported by government and industry to improve the supply of these critical scarce skills, says University of Pretoria acting vice principal of Teaching and Learning Professor Johann... 

Astrapak appoints Lapan as group FD

By: Creamer Media Reporter      24th January 2013 Plastic packaging company Astrapak has appointed acting CFO Gene Lapan as group FD, effective immediately. The company also announced the resignations – with immediate effect – of nonexecutive directors Khumo Portia Shongwe and Thabiso Henry Moleme Mashugane from the board.  

Fedusa seeks inclusion in Nzimande’s varsity transformation committee

By: Idéle Esterhuizen     24th January 2013 The Federation of Unions of South Africa (Fedusa) has requested Higher Education and Training Minister Blade Nzimande to include the federation in his department’s newly launched Ministerial Oversight Committee on the Transformation of South African Universities. The Minister on Wednesday... 

Poor policy, legislation dampening IDZ programme success

By: Idéle Esterhuizen     24th January 2013 The inadequate design and delivery of effective enabling policy instruments was hampering the incentives for South Africa’s industrial development zone (IDZ) programme, East London Industrial Development Zone (ELIDZ) CEO Simphiwe Kondlo said. He indicated in a statement on Thursday that there... 

SA winning ‘currency war by default’ 

By: Terence Creamer     24th January 2013 Notwithstanding the efforts of a number of major economic powers, notably the US and Japan, to weaken their currencies, South Africa was winning the “currency war by default”, a leading South African economist observed on Thursday. Addressing the outlook for the South African economy in 2013,... 

Zuma punts SA at Davos

By: Sapa     24th January 2013 No one can say they are uncertain about the direction that South Africa is taking, President Jacob Zuma said in Switzerland on Wednesday. "Together as business, government, labour and the community sector, we must tackle our three fierce enemies -- poverty, unemployment and inequality," he told... 

EMEA corporates to limit spending in 2013 – Fitch

By: Idéle Esterhuizen     24th January 2013 Amid persistently challenging market conditions, corporate issuers from Europe, the Middle East and Africa would limit spending on expansionary capital expenditure (capex), dividends, as well as mergers and acquisitions in 2013, credit ratings agency Fitch said. To further limit cash erosion and... 

IMF lowers SA’s 2013 growth outlook, forecasts ‘gradual’ global upturn

By: Terence Creamer     23rd January 2013 The International Monetary Fund (IMF) has lowered its 2013 growth forecast for South Africa to 2.8% in its January World Economic Outlook (WEO) Update, having projected growth of 3% in October. The institution calculates that Africa’s largest economy grew by only 2.3% in 2012, as opposed to the... 

Nzimande establishes committee to boost varsity transformation  

By: Idéle Esterhuizen     23rd January 2013 To tackle the up-to-now slow transformation in South Africa’s tertiary sector, Higher Education Minister Dr Blade Nzimande on Wednesday announced that his department had established a Ministerial Oversight Committee on the Transformation of South African Universities. He told a media briefing, in... 

Ethos raises $800m for investment in SA businesses

23rd January 2013 Ethos Private Equity has raised $800-million in its latest fund for investment in medium to large businesses in South Africa. The private equity firm on Wednesday revealed that its Fund VI exceeded fundraising expectations, despite challenging global financial markets. 

Infrastructure, education, health sectors to attract private equity in 2013

23rd January 2013 Companies in the infrastructure, healthcare and education industries in South Africa are likely to attract deal interest from private equity houses in 2013, the South African Venture Capital & Private Equity Association (Savca) said on Wednesday. Savca CEO Erika van der Merwe pointed out that... 

Global employers do little to foster innovation among workers – survey

By: Natalie Greve     22nd January 2013 While members of the ‘Millennial’ generation valued innovation in an employer, only 26% of those surveyed in the recent Deloitte Touche Tohmatsu Millennial Survey believed the leaders of their current organisation encouraged practices that fostered innovation. 

Global labour markets worsening, unemployment to exceed 202m in 2013

By: Natalie Greve     22nd January 2013 Some 197-million people worldwide did not have a job in 2012 following a deceleration in global growth and a year-on-year increase in unemployment levels in the fifth year after the start of the 2007/8 global financial crisis, according to a report by the International Labour Organisation (ILO).... 

Glencore, Xstrata merger given SA nod with jobs condition

By: Terence Creamer     22nd January 2013 South Africa’s Competition Tribunal has approved the implementation of the $33-billion merger between Glencore and Xstrata, subject to a condition limiting post-merger retrenchments. The merger was notified to competition authorities in multiple jurisdictions after it was unveiled last year,... 

Zuma to attend WEF yearly forum in Davos

By: Creamer Media Reporter      22nd January 2013 President Jacob Zuma, who travelled to Davos-Klosters, Switzerland, on Monday to attend the World Economic Forum (WEF) yearly meeting, will use South Africa’s attendance to call for the world's top economies and businesses to invest in South Africa’s and Africa’s infrastructural projects for the... 

Risks in emerging Europe recede as eurozone outlook stabilises

By: Natalie Greve     21st January 2013 Signs of stabilisation in the eurozone were reducing the risks facing emerging Europe and leading to cautious optimism that the worst of the transition region’s problems may be over, the European Bank for Construction and Development (EBRD) said in a report on Monday. 

ECC to consider inputs on farmworkers' wages

By: SANews, SA government news service     21st January 2013 The Employment Conditions Commission (ECC) will on Thursday meet to consider inputs collected from the nationwide public hearings on farmworkers' wages. The Department of Labour on Monday said the inputs would be used to set a new minimum wage determination for farmworkers. The department's... 

Union federation wants Defence Minister to intervene in Denel Aviation retrenchments

By: Keith Campbell     21st January 2013 The Federation of Unions of South Africa (Fedusa) sent a letter to the country’s Minister of Defence, Nosiviwe Noluthando Mapisa-Nqakula, seeking a meeting to urgently discuss the looming retrenchment of the 538 employees of Denel Aviation’s Denel Personnel Solutions/Aero Manpower Group... 

Treasury invites budget suggestions

By: Natalie Greve     21st January 2013 National Treasury and Finance Minister Pravin Gordhan on Monday invited South Africans to submit suggestions on the allocation of the national budget. 

IMF in loan talks with Tunisia

By: Reuters     21st January 2013 The International Monetary Fund (IMF) has begun negotiations with Tunisia on a loan programme and is reviewing budget measures in Egypt before it moves forward with talks on a crucial $4.8-billion funding deal, a senior IMF official said on Friday. 

Union strike not impacting SAA, Prasa operations - spokespersons

By: Natasha Odendaal     18th January 2013 State-owned enterprises South African Airways (SAA) and the Passenger Rail Agency of South Africa (Prasa) on Friday said that strike action by emerging union, the National Transport Movement (NTM), had not affected their operations and business continued as usual. A “handful” of individuals were... 

Varsity developing digital language technologies for all SA's languages

18th January 2013 The North-West University has established a resource management agency (RMA) to manage reusable digital text and speech resources for all the country’s official languages. The language resources are used in automated telephone information systems, global positioning systems, spelling and grammar... 

South Africa could use IT outsourcing to create jobs

By: Schalk Burger     18th January 2013 There is a significant opportunity for South Africa to develop information technology (IT) outsourcing services to generate jobs for its youth in cities, says IT consultancy Zensar global CEO Dr Ganesh Natarajan. “Zensar is an Indian IT firm with global footprint and we employ more than 7 200... 

Germany’s social market economy model balances rights, duties 

By: Schalk Burger     18th January 2013 The success of a social-economic model, which strives to ensure that labour and business remain in balance, has proved effective in Germany, but requires freedom, responsible participants and social justice as its core values, says Federal German Parliament member Michael Glos. Glos was a master... 

Asia to drive global growth to 3.3% in 2013 – Absa

By: Natalie Greve     17th January 2013 The uneven recovery in global economic growth seen in the second half of 2012 was likely to continue into 2013, resulting in only a modest pickup of 3.3% in gross domestic product (GDP) growth for the year, Absa Asset Management Private Clients general manager Craig Pheiffer said on Wednesday. 

AfDB to invest $24m in East African Development Bank

By: Natalie Greve     17th January 2013 The African Development Bank on Thursday announced an equity investment of $24-million in the East African Development Bank (EADB) to strengthen its balance sheet and contribute to the improvement of its international credit rating. 

Governance, accountability key to post-2015 development goals

By: Natasha Odendaal     16th January 2013 Despite the significant advances made by the Millennium Development Goals (MDGs) initiative since its inception in 2000, much is still needed to build on the momentum created by the project and ensure sustainable development in emerging regions. The United Nations has embarked on eleven global... 

Use of bargaining councils declining

By: Sapa     16th January 2013 The use of bargaining councils to negotiate wages is decreasing in South Africa, the SA Institute of Race Relations (SAIRR) said on Wednesday. A survey by the SAIRR found that the number of workers and employers who used bargaining councils to negotiate wages declined from 9.6% in the second... 

PMI falls for fourth consecutive month, pressured by employment issues

By: Idéle Esterhuizen     16th January 2013 For the fourth consecutive month, the seasonally adjusted Kagiso Purchasing Managers Index (PMI) has contracted; losing 2.1 points in December to 47.4, as challenging employment conditions in South Africa persisted. The PMI approached the key 50-point mark in November, when it stood at 49.5. 

World Bank urges developing countries to safeguard economic growth

By: Natalie Greve     16th January 2013 Developing countries should focus on raising the growth potential of their economies, while strengthening buffers to deal with risks from the eurozone and fiscal policy in the US, the World Bank warned in a report released on Wednesday. 

Denel Aviation retrenchments apparently unavoidable – Solidarity

By: Keith Campbell     15th January 2013 South African trade union Solidarity admitted on Tuesday that the retrenchment of all the employees of Denel Aviation’s Denel Personnel Solutions/Aero Manpower Group (DPS/AMG) now appeared to be inescapable. This followed from the first retrenchment meeting between unions representing the... 

Denel Aviation maintenance retrenchments confirmed 

By: Keith Campbell     15th January 2013 Denel Aviation has confirmed that it will start to retrench the entire workforce of its Denel Personnel Solutions/Aero Manpower Group (DPS/AMG) with effect from the end of March. This is because the South African Air Force (SAAF) will not be renewing its current contract with DPS/AMG, which... 

IFC outlines steps for expanding developing-country jobs 

By: Terence Creamer     14th January 2013 Jobs in developing countries can be created at a faster pace than is currently the case if four key obstacles to private-sector job creation are addressed, a new study by the World Bank’s International Finance Corporation (IFC) shows. It estimates that 200-million people are unemployed globally... 

Fitch downgrades unlikely to reverse in 2013

By: Natasha Odendaal     14th January 2013 Fitch Ratings on Monday said downgrades for the Europe, Middle East and Africa (EMEA) region were expected to outnumber upgrades this year – despite many corporate companies’ austerity measures and cautious financial strategies. Last year, the EMEA region recorded 47 downgrades, a significant... 

SAA strike called off, airline says no disruption to schedule 

By: Natalie Greve     11th January 2013 Strike action by members of labour union the National Transport Movement (NTM), had no impact on South African Airways’ (SAA’s) schedule and was called off by lunchtime on Friday, the airline told Engineering News Online. 

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