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Economy News

Tribunal grants interim relief order against Trudon, Telkom

By: Creamer Media Reporter      8th April 2010 The Competition Tribunal on Thursday granted Port Elizabeth-based Directory Solutions (DS) an interim relief order against Trudon and Telkom, forcing Telkom to accept DS’s customers without upfront payments. Trudon would also have to publish all subscriber entries provided by DS for the regions... 

Manufacturing production grows less than expected

By: Chanel de Bruyn     8th April 2010 South Africa’s manufacturing output rose by 2,7% year-on-year in February, and while below market expectations, this was still considered a positive move. Efficient Group economist Freddie Mitchell commented on Thursday that the figures were below the market expectations of 4,7%, but said this... 

Absa upgrades SA growth outlook, but warns on power

By: Terence Creamer     8th April 2010 South African investment bank Absa Capital announced an upgrade to its 2010 growth forecast for the South African economy on Thursday, from 3,1% to 3,3%, but also warned that South Africa's electricity shortages could constrain future mining and industrial investment and undermine future growth... 

SA should step up participation in global trade

By: Creamer Media Reporter      8th April 2010 With the global and local economy improving, South Africa had to ensure that it increased its participation in international trade, as this was critical for economic growth, the South African Chamber of Commerce and Industry (Sacci) said on Thursday. With the release of its business confidence... 

Strikes, high-profile murders don’t bode well for investor perception – Sacci

By: Chanel de Bruyn     7th April 2010 Not only did the recent local taxi and labour strikes, high-profile murders and “ill-conceived utterances” from political figures risk potentially deterring visitors from attending the 2010 FIFA World Cup, but this also did not bode well for investor perception, the South African Chamber of... 

CEO confidence improved in Q1, survey shows

By: Creamer Media Reporter      7th April 2010 The level of confidence among South African CEOs has again improved in the first quarter of this year, indicating that the local economic recovery was indeed under way. The latest Merchantec CEO Confidence Index recorded its third consecutive quarterly improvement in the first quarter of this... 

Davies says 75% of SA private sector not fully BEE compliant

By: Loni Prinsloo     6th April 2010 While some strides have been made in black ownership of South African companies, broad-based black economic empowerment (BBBEE) was still showing a "lacklustre" performance, especially in the areas of enterprise and skills development, said Trade and Industry Minister Rob Davies on Tuesday.... 

Sound organisation tools have been used 
to deliver World Cup, Treasury avers

By: Jacqueline Holman     2nd April 2010 South Africa has done exceptionally well in its preparations for the World Cup, despite there having initially been a lack of strategic thinking at some key implementing institutions, the National Treasury 2010 FIFA World Cup unit head Malcolm Simpson has said. 

SA power consumption up 8,5% in February

By: Creamer Media Reporter      1st April 2010 Electricity consumption in South Africa rose by 8,5% year-on-year in February, while electricity production increased by 9,1% year-on-year in February, Statistics South Africa (Stats SA) reported on Thursday. It added that electricity consumption for the three months ended February 2010 was up... 

SA would ‘cope' should World Bank fail to grant Eskom loan  

By: Terence Creamer     1st April 2010 South Africa remained "optimistic" that the World Bank would approve a $3,75-billion loan for State-owned power utility Eskom on April 8, 2010, Finance Minister Pravin Gordhan said on Thursday. However, he said that the country, which had hitherto refrained from accepting loans from the bank,... 

Revenue performance was phenomenal – Gordhan 

By: Sapa     1st April 2010 South Africa's revenue performance for the 2009/10 fiscal year was "phenomenal", Finance Minister Pravin Gordhan said on Thursday. "By midnight last night [Wednesday] Sars had collected R598,5-billion in revenue for the financial year 2009/10 - R8,1-billion more than the revised estimate... 

February trade deficit widens as imports rise

By: Reuters     31st March 2010 South Africa's trade deficit widened in February, data showed on Wednesday, reflecting a rise in imports as the economy recovers from last year's downturn. A deterioration in the trade balance from a near-balance in 2004 has contributed to South Africa's current account deficit, in turn weighing... 

Steel companies want access to collusion investigation documents

By: Loni Prinsloo     30th March 2010 South Africa's Competition Tribunal will on Thursday hold hearings to consider applications by Cape Gate and ArcelorMittal South Africa to make documents available, which the Competition Commission used in a collusion investigation. Scaw Metals, which applied for corporate leniency, and the... 

Ghana expects strong economic growth as oil sector expands

By: Loni Prinsloo     30th March 2010 Ghana's economic growth rate is likely to expand to 12% by 2012, underpinned by growth in the country's oil and gas sector, a government official said on Tuesday. Speaking at the JSE-hosted Frontier Advisory Africa seminar in Johannesburg, Ghana's minister counsellor Adotey Anum said that the... 

Design software targets students

By: Eleanor Seggie     26th March 2010 Software company PTC’s sub-Saharan distributor ProductONE aims to greater expose its solution Pro/ENGINEER Wildfire to entry-level users and learners throughout the educational system, says ProductONE MD Charles Anderson.  

Stainless steel body aligns programmes 
with South Africa’s new industrial strategy

By: Jacqueline Holman     26th March 2010 The Southern Africa Stainless Steel Development Association (Sassda) is adding value to the stainless steel industry by implementing a number of projects that will align with government’s Industrial Policy Action Plan (IPAP). 

Development agencies team up on municipal exchange programme

By: Jacqueline Holman     26th March 2010 South African development finance institution, the,Development Bank of Southern Africa (DBSA), in partnership with its French counterpart Agence Française de Développment (AFD) has sent 15 young professionals to France on a three-month exchange programme to learn international best practices in... 

Local M&A deals declined 42% in 2009 – E&Y

By: Creamer Media Reporter      24th March 2010 The value of South African merger and acquisition (M&A) deals declined by 42% in 2009 to R182-bilion, down from R312-billion in 2008, advisory firm Ernst & Young (E&Y) revealed on Wednesday. The firm noted South Africa had come close to “bucking the downward international trend”, but the failure... 

Fixing the exchange rate will be hard – Kganyago

By: Loni Prinsloo     23rd March 2010 A fixed exchange rate regime would not be a solution for South Africa, National Treasury director general Letsetja Kganyago said on Tuesday, pointing out that it would be hard to implement and that it would carry a range of economic costs. "Such a regime would require South Africa to give up its... 

SA may just break even on 2010 World Cup, research shows 

By: Jacqueline Holman     19th March 2010 South Africa could possibly break even on the expenditure of the 2010 FIFA World Cup, but only in a best-case scenario, estimates Human Sciences Research Council executive director of the Centre for Service Delivery research programme Dr Udesh Pillay. 

Eastern Cape incubator tackles quality control for SMEs

By: Eleanor Seggie     19th March 2010 Quality control in the products produced by small and medium-sized enterprises (SMEs) remains a challenge, but chemical technology incubator Chemin has various strategies in place to tackle this issue. 

Manufacturing business confidence jumps

By: Creamer Media Reporter      18th March 2010 While the recovery in the manufacturing sector remained “rather patchy”, the upturn in activity was spreading to more subsectors, Bureau for Economic Research (BER) economist Christelle Grobler said on Thursday. The BER’s latest manufacturing survey has indicated that business confidence in the... 

Value in building plans passed down 17,4%

By: Creamer Media Reporter      17th March 2010 The recovery in building plans passed would likely only gain traction towards the end of this year, Investec economist Kgotso Radira said on Wednesday, as Statistics South Africa (Stats SA) revealed that the value of building plans passed by larger municipalities at current prices had declined by... 

Competition Commission seeks fine for wheat-milling cartel 

By: Creamer Media Reporter      15th March 2010 The Competition Commission has referred its findings in a wheat-milling cartel investigation against Pioneer Foods, Foodcorp, Godrich Milling, Premier Foods and Tiger Brands to the Competition Tribunal for prosecution, it announced on Monday. The Commission noted that, during its investigation... 

African civil servants failing to deliver paid-for services  

By: Chanel de Bruyn     15th March 2010 “Quiet corruption” was pervasive and widespread across Africa, had a disproportionate impact on the poor and would have long-term consequences for the continent’s development, a new report released by the World Bank on Monday revealed. The bank’s ‘Africa Development Indicators 2010’ report... 

State should seize iron-ore initiative and move debate into developmental realm

By: Terence Creamer     12th March 2010 Without question, there is very little sympathy out there for ArcelorMittal South Africa in its fight to hold on to a favourable 25-year iron-ore arrangement with Sishen Iron Ore Company (SIOC). The main reason is that the benefits of the 2001 Iscor unbundling agreement - engineered primarily to... 

Trade activity back in positive territory

By: Creamer Media Reporter      10th March 2010 The Trade Activity Index (TAI) returned to positive territory in February, improving to 54 points, mainly as a result of improvements in the sales and new orders subindices, the South African Chamber of Commerce and Industry (Sacci) reported on Wednesday. After measuring 51 points in November,... 

Business confidence returns to precrisis level

By: Creamer Media Reporter      9th March 2010 While the 15-point climb in the Rand Merchant Bank (RMB)/Bureau for Economic Research (BER) quarterly Business Confidence Index (BCI) for the first quarter of 2010 was “heartening”, RMB chief economist Ettienne le Roux warned that the improvement remained patchy and “heavily leveraged” towards... 

IMF working on $100bn ‘green fund’ – Strauss-Kahn 

By: Chanel de Bruyn     8th March 2010 The International Monetary Fund (IMF) was “working on the idea of a green fund” to raise $100-billion a year by 2020 to mitigate the impacts of climate change on developing economies, IMF MD Dominique Strauss-Kahn told a conference in Kenya on Monday. He noted that climate change could “well be... 

Patel’s development plan ‘workable’ – economist  

By: Loni Prinsloo     5th March 2010 Investec economist Annabel Bishop has described Economic Development Minister Ebrahim Patel's proposal to use pension funds to promote development as "workable". This comes as Patel revealed that he was exploring ways of investing private and public retirement funds in development projects by... 

Tourism remains biggest potential for growth beyond 2010

By: Petronel Smit     5th March 2010 The Western Cape Department of Economic Development and Tourism reports that the biggest potential for economic growth in the province resides in the tourism industry, particularly through its Beyond the 90 Minutes campaign - which aims to get FIFA World Cup fans out into the region, but also... 

New framework for skills development

By: Eleanor Seggie     5th March 2010 The Paper Manufacturers Association of South Africa (Pamsa) is tackling the skills shortage in the paper industry through the implementation of its newly developed national research framework. 

Consumer Protection Act in sync with requirements of modern economy – National Consumer Forum

By: Dennis Ndaba     5th March 2010 This year is going to be a memorable year for most citizens of this country, National Consumer Forum chairperson Thamsanqa Bolani told the Swiss Chamber Southern Africa luncheon, last month. 

SA is an attractive investment destination − Zuma 

By: Chanel de Bruyn     4th March 2010 The prospects for South Africa’s economic recovery was promising, while the country remained an “excellent destination” for investment in all sectors, including the manufacturing and mining sectors, President Jacob Zuma told the British Parliament on Thursday. Zuma had undertaken his first State... 

Unions may bring forward power strikes 

By: Reuters     4th March 2010 South Africa's powerful trade union federation on Thursday threatened strikes before October over big electricity price rises and declined to say whether action could start before the soccer World Cup in June. "The last thing we want to do is disrupt the World Cup but our interest is bigger than... 

SA’s business confidence rises on positive economic developments

By: Chanel de Bruyn     3rd March 2010 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) responded to positive medium-term economic developments and rose to 83 points in February, rebounding by 1,8 points on the 81,2 recorded in January. The BCI had lost some momentum over the festive... 

Stringent conditions placed on SA bail-out beneficiaries

By: Jade Davenport     2nd March 2010 Those financially distressed companies that have received or are seeking State support have to comply with stringent conditions, covering everything from executive bonuses to limiting job cuts, Economic Development Minister Ebrahim Patel said on Tuesday. 

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