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Economy News

Cyril Ramaphosa wins ANC leadership vote

By: News24Wire      19th December 2017 Cyril Ramaphosa has been elected the new leader of the ruling African National Congress (ANC), defeating Nkosazana Dlamini-Zuma, after a series of tense sessions at the party's conference. The ANC announced on Monday that Ramaphosa had defeated President Jacob Zuma’s preferred candidate... 

Ramaphosa defeats Dlamini-Zuma for ANC presidency

By: African News Agency      18th December 2017 Cyril Ramaphosa defeated Nkosazana Dlamini-Zuma to be elected president of the ruling African National Congress (ANC) at the party’s elective conference in Johannesburg on Monday. Ramaphosa, the ANC deputy president, received 2 440 votes against Dlamini-Zuma’s 2 261. 

Ramaphosa defeats Dlamini-Zuma for ANC presidency
Photo by Duane Daws
Newly elected African National Congress President Cyril Ramaphosa

ArcelorMittal, Competition Commission reach payment agreement

By: Megan van Wyngaardt     18th December 2017 Local steel manufacturer ArcelorMittal South Africa (AMSA) has reached an agreement with the Competition Commission to divide its 2017 payment into three separate tranches of R100-million each. In 2016, the parties reached a settlement agreement after AMSA admitted to being involved in the long... 

AIDC, Nissan South Africa receives international training accrediation

By: Megan van Wyngaardt     18th December 2017 The Institute of the Motor Industry (IMI) on Monday reported that the Automotive Industry Development Centre (AIDC), in partnership with Nissan South Africa, has successfully met the training criteria to become an IMI-approved international centre in South Africa. After successfully completing a... 

Container trade shows 10% yearly growth

By: Megan van Wyngaardt     18th December 2017 The total local import and export container trade market experienced consistent 10% year-on-year growth during the third quarter, a similar result as in previous quarters, container shipping company Maersk Line Southern Africa reports. “On face value, [this] is remarkable growth. The main... 

Eskom disappointed by Nersa allowance 

By: Megan van Wyngaardt     18th December 2017 State-owned power provider Eskom on Monday said it was “disappointed” with the National Energy Regulator of South Africa (Nersa) only allowing a 5.23% tarriff increase. The parastatal said in a statement that this only allowed revenue of R190.348-billion for the 2018/19 financial year. 

Eskom disappointed by Nersa allowance

South Africa ranks low on global knowledge index 

By: Megan van Wyngaardt     18th December 2017 South Africa has scored 42 points on The Knowledge Project’s first Global Knowledge 100-point Index, against a world average of 47. The index identifies knowledge as an integral part of human life, affecting its social, economic and cultural aspects, as well as an engine for comprehensive and... 

South Africa ranks low on global knowledge index

Sars to collect sugar tax from April

By: Natasha Odendaal     15th December 2017 The South African Revenue Service (Sars) will start collecting the sugary beverages levy (SBL) from April 1. The levy is fixed at 2.1c/g for a sugar content exceeding the levy-free threshold of 4 g per 100 ml. 

Wiese resigns as Steinhoff chairperson in wake of accounting scandal

By: Reuters     15th December 2017 South African tycoon Christo Wiese resigned on Thursday as chairperson of Steinhoff, the latest setback for the retail group in the throes of an accounting scandal. Once a must-have for investors who backed its reinvention from small furniture outfit into a retail empire, Steinhoff has seen its... 

Balancing rules, safety and certification will be key to drone industry success

By: Dylan Slater     15th December 2017 The regulations and laws governing access to South African air space for remotely piloted aircraft systems (RPAS) are sound and among the “best in the world”, according to Edenvale-based commercial drone operator Visual Air Productions director Stephen Verheul.  

Balancing rules, safety and certification will be key to drone industry success

Demand for ICT skills outstripping supply, survey shows

By: Schalk Burger     15th December 2017 Delays in information and communication technology (ICT) policy implementation, as well as a lack of improvement in basic education and current, coordinated data, are reducing the potential economic contribution of the ICT sector, according to the University of the Witwatersrand-based... 

Demand for ICT skills outstripping supply, survey shows
ADRIAN SCHOFIELD South Africa is lagging its peers in Africa to unlock the value of technology for economic growth and social development

Successful solar PV project exemplified for SA uptake

By: Tasneem Bulbulia     15th December 2017 The “tremendous” success of the Robben Island solar photovoltaic (PV) microgrid project lends itself to “fantastic” replication potential, as it serves as a model example for retrofitting existing energy systems with solar and batteries to significantly reduce fossil fuel consumption and... 

Standard Bank SA appoints ex-Treasury DG Lungisa Fuzile as CEO

By: News24Wire      14th December 2017 Standard Bank South Africa on Thursday announced the appointment of Lungisa Fuzile as its new CEO with effect from January 15, 2018. The former director general of the National Treasury will replace Sim Tshabalala, who as recently as September 2017 took over as sole CEO at the bank. Before this,... 

Standard Bank SA appoints ex-Treasury DG Lungisa Fuzile as CEO
Photo by Bloomberg
Former Treasury DG Lungisa Fuzile

M&A markets remain resilient despite geopolitical risks

By: Megan van Wyngaardt     14th December 2017 Despite the growth in global geopolitical risks, merger and acquisition (M&A) markets continued to prove highly resilient, with a 19% year-on-year increase recorded in the number of deals valued at between $1-billion and $5-billion, international law firm Allen & Overy’s (A&O’s) latest M&A... 

South Africa's current account deficit narrows, FDI and trade surplus climb

By: Reuters     14th December 2017 South Africa's current account deficit narrowed slightly to 2.3% of GDP in the third quarter and foreign direct investment in Africa's most industrialised economy grew, as did the trade surplus, the central bank said on Thursday, After contracting in the last quarter of 2016 and the first of this... 

PPC ends merger talks with LafargeHolcim; proposes top-up BEE transaction

By: Schalk Burger     14th December 2017 Cement producer PPC’s shares fell by nearly 20% in early morning trade on the JSE on Thursday, after announcing that it has ended merger talks with LafargeHolcim and that it is considering a new black economic empowerment (BEE) transaction. The independent board set up by PPC to evaluate bids... 

PPC ends merger talks with LafargeHolcim; proposes top-up BEE transaction

GEPF, PIC insist on joining board committee investigating Steinhoff

By: Megan van Wyngaardt     13th December 2017 The Government Employees Pension Fund (GEPF) and the Public Investment Corporation (PIC) insist that they form part of the board committee investigating Steinhoff International. Steinhoff last week announced that its CEO Markus Jooste has stepped down amid allegations of financial irregularities. 

ICT service provider Ayo to list on JSE

By: Schalk Burger     13th December 2017 Ayo Technology Solutions will list on the main board of the JSE on December 21. The company provides information and communications technology (ICT) services to the healthcare industry, as well as information systems for hospitals, pharmacies and laboratories. 

Zuma 'lost on all fronts' – Outa

By: News24Wire      13th December 2017 Civil rights body the Organisation Undoing Tax Abuse (Outa) has welcomed Wednesday’s judgment in the North Gauteng High Court in Pretoria which found that President Jacob Zuma must fulfil the remedial actions of former Public Protector Thuli Madonsela’s 2016 State of Capture report. The court... 

 Zuma 'lost on all fronts' – Outa
President Jacob Zuma

Size of new mall developments increasing despite saturation being at 88% – MSCI

By: Schalk Burger     13th December 2017 The average size of shopping centres has steadily increased since the 1990s, with centres slated for completion between this year and 2020 being significantly larger than those developed during the 1990s and 2000s, a study by Morgan Stanley Capital International (MSCI) Real Estate South Africa on... 

Trade remains constrained, but employment numbers expected to rise

By: Megan van Wyngaardt     13th December 2017 The South African Chamber of Commerce and Industry’s (Sacci’s) latest Trade Activity Index (TAI) remained in negative territory during November, declining by one index point to 45. This, the chamber noted, was as a result of important elements of trade contracting during the month, except for new... 

Court rejects Zuma's bid to review State capture report

By: African News Agency      13th December 2017 The High Court in Pretoria on Wednesday ruled that Chief Justice Mogoeng Mogoeng will select the judge to preside over the State capture commission of inquiry ordered by former public protector Thuli Madonsela. "The President [Jacob Zuma] is directed to appoint a commission of inquiry within 30... 

Court rejects Zuma's bid to review State capture report

South African defence industry group beleaguered by financial woes

By: Keith Campbell     13th December 2017 Trade union Solidarity on Wednesday reported that State-owned defence industrial group Denel might not be able to pay its staff their salaries for December. It did so in a press release, following a meeting with Denel management, and expressed its “shock and concern” at the situation. The union... 

South African defence industry group beleaguered by financial woes
Photo by Keith Campbell/Creamer Media
Some Denel products on display: in the very front, a portable launch system for the Ingwe anti-tank missile, followed by the Ingwe missile itself; behind them a Badger Infantry Fighting Vehicle and in the rear, a Casspir mine protected vehicle. Just visible between the Badger and the Casspir is a Seeker 400 unmanned aerial vehicle

Decreasing employment in South Africa a sign of ‘deeply troubled economy’ – Seifsa

By: African News Agency      13th December 2017 The Steel and Engineering Industries Federation of Southern Africa (Seifsa) said on Tuesday that South Africa’s employment statistics showed signs of a “deeply troubled economy” and was a serious cause for concern. This comes after Statistics South Africa released its Quarterly Employment... 

Sars concerned about falling tax compliance 

By: Reuters     12th December 2017 The South African revenue service (Sars) is concerned about falling tax compliance as some tax payers have stopped paying their taxes over unhappiness with the government, the agency said on Tuesday. Finance Minister Malusi Gigaba shocked markets in October when he said tax revenue for the... 

Sars concerned about falling tax compliance

Court action to stop PRASA 'conspiracy'

By: News24Wire      12th December 2017 The Passenger Rail Agency of South Africa (PRASA) has missed a deadline to respond to demands by the UniteBehind coalition. Legal action will now be taken against the agency responsible for Metrorail, GroundUp reports. 

October manufacturing output up 2.2% y/y

By: Reuters     12th December 2017 South Africa's manufacturing output rose 2.2% year-on-year in October, beating market expectations, after falling by a revised 1.7% in September, Statistics South Africa said on Tuesday. Economists polled by Reuters had forecast manufacturing volumes would rise by 0.75% year-on-year in October. 

October manufacturing output up 2.2% y/y

DTI to probe Steinhoff compliance with companies law

By: African News Agency      12th December 2017 South Africa’s trade and industry department said on Tuesday it would launch an investigation into the alleged governance failures and financial irregularities at retailer Steinhoff, to determine any non-compliance with the Companies Act and Regulations. “The Department of Trade and Industry and... 

Heartland-to-heartland linkages sought in China-driven industrial superproject

By: Schalk Burger     12th December 2017 The China-driven superproject, the Belt and Road Initiative (BRI), which is a conceptual redevelopment of the ancient global tradeways of the Silk Road, aims to link the heartlands of countries by land, sea and air routes, said Renmin University School of International Studies Professor Wang... 

Mahlobo: Corruption is corruption 

By: News24Wire      12th December 2017 The African National Congress's (ANC's) subcommittee on peace and stability said corruption was a "cancer" and it would be one of the issues discussed at the party's upcoming national elective conference. Subcommittee member and Minister of Energy David Mahlobo said on Monday that the party was... 

Mahlobo: Corruption is corruption
Minster of Energy David Mahlobo

Steinhoff continues trade, appoints subcommittee

By: News24Wire      11th December 2017 Disgraced retail international holding company Steinhoff has established a board subcommittee to bolster independent governance following the resignation of CEO Markus Jooste over accounting irregularities which are being investigated. In a note to shareholders issued on Monday morning, the group... 

SAPVIA launches ‘bold’ 5-point plan for solar industrialisation

By: Mia Breytenbach     8th December 2017 The South African Photovoltaic Industry Association (SAPVIA) has announced a “bold” five-point plan for the solar photovoltaic (PV) industry to drive industrialisation, create jobs, and contribute to economic growth. Speaking at the Energy Indaba held at Gallagher Estate in Midrand, on Friday,... 

SAPVIA launches ‘bold’ 5-point plan for solar industrialisation

Zuma to appeal important judgment on NPA  

By: Thabi Madiba     8th December 2017 The Presidency said on Friday that it noted the judgment by the High Court which ruled that National Director of Public Prosecutions (NDPP) Shaun Abrahams who heads the National Prosecuting Authority (NPA) must vacate his office. The judgment was handed down in the application seeking an order... 

Zuma to appeal important judgment on NPA
Photo by Govt
South Africa's President Jacob Zuma

Ramaphosa must appoint new NPA head as court rules Abrahams must vacate office

By: News24Wire      8th December 2017 Deputy President Cyril Ramaphosa has two months to appoint a new head of the National Prosecuting Authority (NPA) after the High Court in Pretoria declared the post vacant. In an unexpected turn, Judge Dunstan Mlambo has ruled that Advocate Shaun Abrahams, the National Director of Public... 

Ramaphosa must appoint new NPA head as court rules Abrahams must vacate office
Photo by Reuters
Cyril Ramaphosa & Jacob Zuma

NPA boss Shaun Abrahams must vacate his job, judge rules

By: News24Wire      8th December 2017 The High Court in Pretoria has ruled that Advocate Shaun Abrahams, the national director of public prosecutions (NDPP), must vacate his seat. Judge Dunstan Mlambo further ruled it would not be just for the former prosecutions boss Mxolisi Nxasana to be reinstated and that due to his pending... 

NPA boss Shaun Abrahams must vacate his job, judge rules
Photo by Reuters
NDPP Shaun Abrahams

Brown to reveal new Eskom board late on Friday

By: News24Wire      8th December 2017 Public Enterprises Minister Lynne Brown will reveal Eskom's new board on Friday. Brown's spokesperson Colin Cruywagen said that the long-awaited announcement would be made by end of business on Friday. 

 Brown to reveal new Eskom board late on Friday
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Steinhoff shares bounce off 14-year low in volatile trade

By: Reuters     8th December 2017 Steinhoff shares plunged another 50 percent on Friday, before recovering as traders booked profits on short positions taken out after the South African retailer disclosed accounting irregularities earlier this week. More than $12 billion has been wiped off the market value of the owner of... 

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