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Economy News

New organisation set up to bolster public participation

By: Petronel Smit     29th October 2010 The significant need to promote the value of public participation and advance the practice in Southern Africa could be answered through the registration of a Southern Africa Affiliation of the International Association for Public Participation (IAP2). 

Mentoring seen as vital to bridging gap created by South Africa’s dearth of engineers

By: Mary-Anne O’Donnell     29th October 2010 The Engineering Council of South Africa (ECSA) says that the country has about half the engineers it needs to meet its development potential.  

Public worker compensation set to grow to R367bn in 2013/14

By: Terence Creamer     27th October 2010 Compensation for government employees is set to rise at an average yearly pace of 6,3% between 2010/11 and 2013/14, with the wage bill for 2010/11 fiscal period having been revised upwards by 9% to R305,6-billion, from R294,4-billion – a period that was characterised by a protracted public-sector... 

R811bn infrastructure promise tempered by delivery shortcomings

By: Terence Creamer     27th October 2010 South Africa's spending on all public infrastructure – including power, transport, water, health and education – is forecast to be R811,2-billion between now and March 31, 2014, with expenditure by State-owned enterprises (SoEs), such as Eskom and Transnet, accounting for some R428-billion of... 

Economic outlook improving, but jobs still a concern

By: Chanel de Bruyn     27th October 2010 While South Africa's gross domestic product (GDP) growth was expected to moderate in the second half of this year, after having accelerated to an annualised rate of 3,9% in the first six months, the economy was still expected to grow by 3% in 2010. Economic growth in the second half of the year... 

SA to step up forex purchases to weaken rand, relaxes controls 

By: Terence Creamer     27th October 2010 Fiscal and monetary measures will be used by the South African authorities to deal with the resurgent rand, Finance Minister Pravin Gordhan confirmed in the Medium-Term Budget Policy Statement (MTBPS), released on Wednesday. Since the start of 2010, the National Treasury and that South African... 

SA seeks to cut unemployment to 15% with new growth plan 

By: Mariaan Webb     26th October 2010 South Africa's 'new growth path' will place employment at the centre of government economic policies, Cabinet said on Tuesday, announcing a target of creating five-million jobs in the next ten years. The target would aim to reduce the unemployment rate from 25% to 15% by 2020. 

Commission refers and settles polymers collusion

By: Natasha Odendaal     22nd October 2010 The South African Competition Commission has referred, in August 2010, its complaints of excessive pricing of polypropylene and propylene in the domestic South African market against Sasol Chemical Industries (SCI) and of price fixing in respect of polypropylene, against SCI and polyethylene... 

Sustainable farming partnership begins to take shape on farm near Bronkhorstspruit

By: Petronel Smit     22nd October 2010 The Mphiwe Siyalima farming project was officially launched at the end of September, as a result of a successful collaboration between government, strategic partners and a young man with a farming diploma and a significant amount of passion and enthusiasm. 

SA’s maths and science potential not being realised, study finds

By: Mary-Anne O’Donnell     22nd October 2010 About 40% of the potential of the South African schooling system to produce university entrance passes in mathematics and science is being wasted, states a major new study of the performance of the South African schooling system 

PhDs at the forefront of R&D

22nd October 2010 The term tetramisation may not mean much to the average individual, but synthetic fuels and chemicals producer Sasol believes that its advances in this field may soon improve the quality of many everyday items used by people all over the world, owing to innovative research and development... 

Young Cape welder to represent South Africa 
at London event 

By: Mary-Anne O’Donnell     22nd October 2010 The Southern African Institute of Welding (SAIW) has named Chris van Zijl, from the Western Cape, as the country’s ‘2010 Young Welder of the Year’.

Van Zijl, who won the carbon steel category, will represent South Africa in London next year at the World Skills competition. 

Electricity plan clings to pragmatism over aspiration

By: Terence Creamer     22nd October 2010 The draft second integrated resource plan, or IRP2010, is unlikely to receive universal acclaim and even its drafters will acknowledge that errs far more on the side of pragmatism than on perfection. There will certainly be deep unhappiness in some quarters with the fact that a decision on... 

Profit turnaround for strategic 
equity partnership

22nd October 2010 Rheinmetall Denel Munition (RDM), a strategic equity partnership (SEP) between State-owned defence and technology company Denel and Germany’s Rheinmetall Waffe Munition (RWM), has successfully managed a profit of R89-million before interest and tax, with
R53-million cash on hand after major... 

SA’s multifactor productivity growth slowed in 2009

By: Mary-Anne O’Donnell     22nd October 2010 A decline in the average annual growth rate in multifactor productivity (MFD) was reflected in the performance of almost all main economy sectors in 2009. 

Gordhan wary on growth, wage hikes  

By: Reuters     21st October 2010 South Africa's economy may expand slightly faster this year than was forecast in February, but mid-term growth rates look set to fall short of government aspirations, Finance Minister Pravin Gordhan said. In a written response to questions in parliament, Gordhan also said recent above-inflation... 

Sexwale says double-dip recession will be ‘detrimental’ to SA economy  

By: Loni Prinsloo     15th October 2010 Human Settlements Minister Tokyo Sexwale on Friday called for a strong partnership between government, labour, business and civil society to grow the South African economy, saying that a second recession would be "detrimental". Speaking at the yearly meeting of the South African Chamber of... 

Limited reserves constrains rand intervention options - Manuel  

By: Terence Creamer     15th October 2010 While the South African government could send signals in the upcoming mini-Budget of possible new moves to weaken the rand, Minister in The Presidency Trevor Manuel has warned that the absence of sufficient reserves will be a material constraint to meaningful intervention - the Medium Term Budget... 

Decision to delay implementation of Consumer Protection Act welcomed 

By: Petronel Smit     15th October 2010 The Department of Trade and Industry (DTI) announced on September 23, 2010, that the effective date of the Consumer Protection Act (CPA) (of 2008) and the Companies Act (of 2008) would be deferred to March 31, 2011, becoming effective on April 1, 2011. 

Partnerships identified as 
key in the upliftment of 
poor communities

By: Mary-Anne O’Donnell     15th October 2010 Public-private partnerships (PPP) have been highlighted as critical in the fight against poverty, improving infrastructure and providing basic services to people in poor, rural areas. 

Apprenticeship programme in place for tooling industry

By: Eleanor Seggie     15th October 2010 The National Tooling Initiative Programme (NTIP) will embark on a new competency-based apprenticeship programme with 450 students, in 2011, reports Gauteng Tooling Initiative CEO Henk Snyman. 

Manuel slams rich countries for reneging on reform commitments  

By: Terence Creamer     14th October 2010 A leading South African government official has strongly criticised the serial reneging on commitments made by developed country leaders on everything from development aid through to the reform of key economic multilateral institutions. Speaking at the Mandela Institute's 'Globalisation and... 

World Cup helps SA score points abroad, reputation study shows  

By: Loni Prinsloo     13th October 2010 The latest study by the Reputation Institute in South Africa has shown that as far as reputations of countries go, South Africa had moved into a better neighbourhood following the 2010 FIFA World Cup. Speaking at the release of the study on Wednesday, the institute's MD Dominik Heil said that... 

Trade activity picked up in September, outlook mixed

By: Creamer Media Reporter      12th October 2010 The latest trade activity index (TAI), compiled by the South African Chamber of Commerce and Industry (Sacci), rose to 51 points in September from 45 points in August. However, the September TAI remained one point below the level recorded in September 2009. 

Zuma meets directors-general on service delivery

By: Sapa     12th October 2010 President Jacob Zuma has expressed his satisfaction at progress made in changing the way the public service works to improve service delivery. Zuma met with a task team representing directors general of government departments in Cape Town on Tuesday. He first met the DGs and their deputies in... 

State firm review to cover some 300 entities

By: Terence Creamer     12th October 2010 A Presidential review committee, established by President Jacob Zuma in May to offer guidance on how some 300 State-owned enterprises (SoEs) and agencies could contribute to government's ‘developmental State' mandate, has been given until September 2011 to conclude its work. Minister in the... 

Bolstering network infrastructure core to Gauteng's new 'growth path' 

By: Terence Creamer     11th October 2010 The Gauteng government's newly released growth and employment strategy will seek to lower the cost and ease of doing business in a province still regarded as South Africa's economic powerhouse, contributing 35% of national gross domestic product. Special emphasis would be given to network... 

Nominees sought for new Companies Tribunal

8th October 2010 A Companies Tribunal will be established to adjudicate any application made to it in terms of the new Companies Act (of 2008) and assist in the resolution of disputes and perform any other function assigned to it in terms of the Act. 

Stellenbosch University, US business school collaborate on leadership development programme

By: Petronel Smit     8th October 2010 The Stanford Center for Professional Development (SCPD) and the University of Stellenbosch Executive Development (USB-ED) have partnered to launch the Innovative Futures Programme in October, designed to give emerging South African leaders tools to build the country’s capacity in business,... 

Concern about labour environment leads to surge in demand for legal training

By: Dennis Ndaba     8th October 2010 South African management training company AstroTech says there has been a surge in enquiries from companies for employee training in labour law and in emotional intelligence.
 

South African engineers leave for five-month 
training course in Japan

By: Mary-Anne O’Donnell     8th October 2010 Three electrical engineers, from State-owned power utility Eskom, who are this year’s recipients of the Hitachi-Department of Science and Technology Scholarship Programme for South African Engineers, have left for Japan as part of a five-month training programme. 

SA’s ‘greatest entrepreneurs’ share insight with the next generation

By: Petronel Smit     8th October 2010 Prospective entrepreneurs are being given the opportunity to receive insight and advice from 22 of the most successful and dynamic business visionaries to have built empires in and beyond South Africa, in a new publication. 

Generation plan in itself inadequate to galvanise power investments

By: Terence Creamer     8th October 2010 Much attention is being given to the second version of the integrated resources plan, or IRP 2010, which government still insists will be promulgated during November, despite delays to the public release of the document and despite the promise of further consultation. Such attention is natural... 

Survey shows big shift in sentiment towards China’s prospects

By: Petronel Smit     8th October 2010 Sentiment over the Chinese economy has experienced the most significant positive swing since mid-2009, changing from significantly bearish to bullish in just one month. 

World Bank attributes Africa's post-crisis resilience to good policy choices

By: Terence Creamer     6th October 2010 The World Bank believes the rapid return to growth of African economies following the financial and economic crises of 2008 and 2009, is indicative of sound policy choices made by African leaders, which were absent during previous downturns. It, therefore, continued to forecast that the... 

IMF says sharp slowdown unlikely, trims 2011 sub-Saharan Africa forecast

By: Chanel de Bruyn     6th October 2010 Despite the global recovery remaining fragile and unemployment rates high, the International Monetary Fund (IMF) on Wednesday said that the probability of a sharp global economic slowdown seemed low. In its latest ‘World Economic Outlook’ report, the IMF forecasts the global economy to expand by... 

CIDB, Nedbank join forces to assist emerging contractors

By: Chanel de Bruyn     1st October 2010 The Construction Industry Development Board (CIDB) and the Small Business Services division of banking group Nedbank on Friday agreed to collaborate on assisting small and medium-sized enterprises (SMEs) in the contractor sector. The two parties signed a memorandum of understanding to work... 

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