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Economy News

Bicycle wholesalers, retailers face price-fixing charge 

By: Creamer Media Reporter      28th June 2010 The Competition Commission has requested the Competition Tribunal to levy an administrative penalty on 28 bicycle wholesalers and retailers that it believes had been involved in price-fixing activities during 2008. The firms were facing allegations that they colluded to set the wholesale and... 

Jobs must take centre stage in SA growth plans – Patel 

By: Chanel de Bruyn     25th June 2010 For South Africa to achieve results in growing the economy, existing packages could not simply be repackaged and jobs had to be at the centre of the country’s common goal, Economic Development Minister Ebrahim Patel said on Thursday. Patel and Trade and Industry Minister Rob Davies met with... 

Job creation should supplant wage increases in SA's income inequality battle 

By: Terence Creamer     25th June 2010 The current emphasis on wage increases to address South Africa's income inequality crisis is inappropriate and should urgently shift to a focus on economic inclusion for those six-million-plus citizens who are currently unemployed, a group of leading international economists argues. Speaking at... 

Zuma declares Africa ‘open for business’

By: Sapa     25th June 2010 South African President Jacob Zuma declared Africa "open for business" in an address to business leaders before the Group of 20 (G20) meeting in Toronto, Canada, on Thursday. Speaking at a lunch-time meeting, attended by Stephen Hayes, president and CEO of the Corporate Council on Africa and... 

Tribunal confirms R13m settlement in bitumen case

By: Chanel de Bruyn     23rd June 2010 The Competition Tribunal has confirmed a R13-million settlement agreement between petroleum products producer and marketer Masana Petroleum Solutions and the Competition Commission in relation to a bitumen and bituminous products price-fixing cartel. Following an application for leniency made by... 

SA to push for cure to economic imbalances at G20 - Gordhan   

By: Loni Prinsloo     23rd June 2010 South African Finance Minister Pravin Gordhan said on Wednesday that the world has been suffering from an economic imbalance for years, and that South Africa would be pushing for a cure at the Group of 20 (G20) summit in Canada this weekend. "The world has been suffering from an imbalance for... 

CPI slows further, door open for rate cut

By: Reuters     23rd June 2010 South Africa's consumer inflation slowed further to a new four-year low in May, leaving the door open for another interest rate cut in July. Statistics South Africa said on Wednesday headline inflation slowed to 4,6% year-on-year in May, bang in line with Reuters forecasts and the lowest reading... 

SA economy shed 79 000 formal jobs in Q1

By: Chanel de Bruyn     22nd June 2010 The number of people employed in the formal sector declined by 1%, or 79 000 employees, during the first quarter of this year, compared with the fourth quarter of 2009, Statistics South Africa’s (Stats SA’s) latest Quarterly Employment Statistics showed on Tuesday. Year-on-year, the number of... 

SA to continue creating jobs after World Cup – Zuma

By: Chanel de Bruyn     22nd June 2010 South Africa has “serious plans” to create new jobs after the 2010 FIFA World Cup, with government’s R800-billion infrastructure plans expected to assist in this, President Jacob Zuma said on Tuesday. Speaking at a Reuters newsmaker event in Sandton, he noted that the 2010 FIFA World Cup was a... 

China emerging as key African trade partner, report shows  

By: Terence Creamer     18th June 2010 Africa's total merchandise trade with non-African developing countries surged from $34-billion in 1995 to a material $283-billion in 2008, making this category of trading partner the continent's fastest growing, a new United Nations Conference on Trade and Development (Unctad) study shows. It... 

Manufacturing rebound loses momentum

By: Chanel de Bruyn     17th June 2010 The rebound in South Africa’s manufacturing industry has slowed, with few producers seeing improvements in the coming 12 months, a Bureau for Economic Research (BER) survey showed on Thursday. The BER said that the sector had lost some momentum during the second quarter of the year. 

Minister has no authority to dismiss SoE employees, DPE avers

By: Terence Creamer     15th June 2010 The Department of Public Enterprises (DPE) felt compelled on Tuesday to "to provide clarity" on Minister Barbara Hogan's statement to Parliament regarding the future of Siyabonga Gama at State-owned freight logistics group, Transnet. In a Parliamentary response, Hogan indicated that Transnet... 

Africa must launch tough economic reforms – Clinton  

By: Reuters     15th June 2010 African nations must stop seeking handouts and begin tough structural reforms, especially on trade, if they truly want to improve their economies, US Secretary of State Hillary Clinton on Monday. "Most of the work that needs to be done needs to be done in Africa," Clinton told a forum about US... 

Hopes that World Cup could kickstart SA economy  

By: Creamer Media Reporter      14th June 2010 Hopes were riding high that the 2010 FIFA World Cup could boost business confidence and kickstart the local economy, said debt counseling firm Consumer Assist. Economic indicators were not looking good, CEO Andre Snyman said, adding that new growth was necessary to stem a tide of jobless young... 

Inspectors undergoing training in legal aspects of health, safety

By: Petronel Smit     11th June 2010 Inspectors from the Department of Labour (DoL) are currently being trained in health and safety law to improve their competences from a legal perspective. 

Joburg academy receives millions for artisan training

By: Petronel Smit     11th June 2010 The five-year partnership agreement, to 2013, between social development body the Tiso Foundation and the Ikhaya Ioku Fundisa Techniskills Academy (IFTA) has seen R15,7-million allocated to the Artisan Development Programme for the training of learners in critical and scarce skills. 

World Bank expects Africa's recovery to continue, but debt crisis blurs outlook

By: Terence Creamer     9th June 2010 Economic growth in the sub-Saharan Africa region is expected to continue its gradual postcrisis recovery between 2010 and 2012, driven by rising commodity prices and stronger external demand, the World Bank's ‘Global Economic Prospects 2010' report, released on Thursday, states. But the report... 

Sacci says trade activity recovered in May

By: Creamer Media Reporter      9th June 2010 The South African Chamber of Commerce and Industry’s (Sacci’s) Trade Activity Index (TAI) recovered some of its April losses during May, moving up four points to 51. Fewer trading days in April had seen the TAI fall by nine points to 47, down from 56 in March.  

African economies should boost tax collection, cut reliance on aid 

By: Chanel de Bruyn     8th June 2010 African economies could, and had to, boost tax collections and reduce their reliance on aid, Jean-Philippe Stijns, an economist at the Development Centre of the Organisation for Economic Cooperation and Development said on Tuesday. Speaking on findings of the ‘African Economic Outlook 2010’... 

SA employers report cautiously optimistic hiring plans for Q3 – survey

By: Loni Prinsloo     8th June 2010 South Africa's employment outlook dropped slightly to a "cautiously optimistic" 7% for the third quarter compared with the second quarter, but employer hiring intentions still improved with five percentage points compared with the third quarter last year, stated ‘The Manpower Employment Survey'... 

Southern African economies likely to underperform relative to African peers 

By: Chanel de Bruyn     8th June 2010 African economies are rebounding strongly from the global economic crisis, with the continent’s gross domestic product (GDP) expected to expand by 4,5% this year and by 5,2% in 2011. However, some regions would expand at a slower rate, African Development Bank research divisional head Peter... 

Fall in Q2 business confidence reflects return to realism

By: Terence Creamer     8th June 2010 The RMB/BER Business Confidence index (BCI) fell by seven points to a level of 36 in the second quarter, having surged to 43 points during the first quarter of 2010. However, the compilers stressed that it would be wrong to interpret the decline in confidence as indicative of a prospective slump... 

New body aims to bridge divide between cost engineers, quantity surveyors

By: Jacqueline Holman     4th June 2010 Midrand-based cost management company Planning and Cost Engineering Services (PaCE) and quantity surveyors Bingelela Consulting Professionals have joined forces to open the first Southern African Project Controls Institute (SAPCI) chapter in Durban. 

Company seeks to offer soft landing for aspirant entrepreneurs

By: Petronel Smit     4th June 2010 New and existing entrepreneurs are being given the opportunity to improve and grow their businesses through a training and empowerment programme, launched this year. 

Business confidence falls, labour demands threaten recovery

By: Chanel de Bruyn     3rd June 2010 A 2,2 point decline in the May Business Confidence Index (BCI) had neutralised earlier gains, the South African Chamber of Commerce and Industry (Sacci) said on Thursday, while warning that the recent spate of labour demands would likely prolong the country’s path to economic recovery. The BCI... 

SA's growth to return to 4% by 2011

By: Sapa     2nd June 2010 The present positive outlook should see growth trends return to four percent by 2011, the Department of Trade and Industry (DTI) said on Wednesday. Acting deputy director general of the DTI, Sipho Zikode, told the four-day Competitiveness Week Summit held in Boksburg that in order to achieve... 

Steel surcharge receiving ‘priority attention', says commission

By: Terence Creamer     28th May 2010 South Africa's Competition Commission says it is giving "priority attention" to a letter written to it by Trade and Industry Minister Dr Rob Davies regarding the implementation, by ArcelorMittal South Africa (AMSA), of an "iron-ore" surcharge of R600-plus on every ton of steel sold domestically... 

Cachalia announces overhaul of Gauteng's underperforming agencies

By: Terence Creamer     28th May 2010 The Gauteng government has approved a far-reaching consolidation of its existing suite of provincial agencies, many of which are either underperforming, or have overlapping mandates, into three streamlined units - a move that could generate yearly savings of R100-million. In a frank Budget... 

Bridging the skills divide

By: Karishma Thakurdin     28th May 2010 The current global skills shortage, which is also a challenge for the project management industry, could have detrimental long-term consequences for this industry if a greater effort is not made to bridge the skills gap 

Training institute receives accreditation

28th May 2010 Business analysis and project management training organisation Faculty Training Institute (FTI) has been accredited by the Project Management Institute (PMI) as a registered education provider (REP) for its exam preparation workshop, diploma in Internet solution project management and a short... 

Esteq, Siemens install CAD software at KwaZulu-Natal college

By: Jacqueline Holman     28th May 2010 Local technology partner Esteq, with support from technology group Siemens, has formed a strategic partnership with the Coastal KwaZulu-Natal (KZN) College to install 50 Solid Edge and 50 NX core computer-aided design (CAD) software licences at the college this year, as well as provide training... 

Govt wants Merseta to be involved in push to scale up artisan training

By: Jacqueline Holman     28th May 2010 The South African government aims to combat the current artisan shortage by scaling up artisan training, with the assistance of the Manufacturing, Engineering and Related Services Sector Education and Training Authority (Merseta), Higher Education and Training Minister Dr Blade Nzimande said at... 

Ekurhuleni mayor confirms above-inflation tariffs hikes in 2010/11 budget 

By: Loni Prinsloo     27th May 2010 The Ekurhuleni Metropolitan Municipality announced tariff increases across the board when releasing its 2010/11 budget on Thursday. Electricity tariffs were set to increase by 28,9%, water by 15,5%, sewer rates by 18,8%, refuse removal by 15% and assessment rates by 8,5%. During a colourful... 

JP Morgan, Credit Suisse on track to meet May deadline - Eskom

By: Terence Creamer     27th May 2010 State-owned power utility Eskom reiterated on Thursday that JP Morgan and Credit Suisse - which have been appointed to advise the group on its funding options and the possible sale of an equity stake in Kusile, respectively - remained on schedule to submit their final recommendations by the end... 

Local debt levels remain too high – SARB economist

By: Creamer Media Reporter      26th May 2010 Local debt levels were still too high for South Africa to be able to “proudly confirm” that it was out of the woods in terms of the global economic recovery, South African Reserve Bank chief economist Dr Monde Mnyande said on Wednesday. In a copy of speech he delivered to a convention of the... 

SA's CPI at 4-year low on food inflation

By: Reuters     26th May 2010 South African consumer price inflation slowed more than expected to a four-year low in April as food price pressure eased, possibly boosting chances of another interest rate cut. Statistics South Africa said on Wednesday annual inflation slowed to 4,8% in April, compared with March's 5,1% and... 

Striking SA workers call sympathy stoppages 

By: Reuters     25th May 2010 Striking South African transport workers have called for possible sympathy stoppages, including at the national airline, and electricity workers also threatened to strike less than three weeks before the World Cup. The South African Transport and Allied Workers Union (Satawu), which represents... 

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