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Economy News

Moody's says South Africa recession shock credit negative

By: Reuters     6th September 2018 Ratings agency Moody's said on Thursday that the South African economy's slide into recession in the second quarter would exacerbate the fiscal and monetary challenges the country faces, calling weaker-than-expected economic data "credit negative". Data showed on Tuesday that the South African... 

Fuel-price intervention will have ‘no impact on fiscus’

By: Terence Creamer     6th September 2018 Cabinet insisted on Thursday that Energy Minister Jeff Radebe’s intervention to hold fuel prices steady in September – rather than to allow for the August under-recovery to be passed on to motorists as usual – would have no impact on the fiscus. In a statement released following its Wednesday... 

Fuel-price intervention will have ‘no impact on fiscus’

Measures to support economic growth in the pipeline – Cabinet

By: African News Agency      6th September 2018 A stimulus package to boost the South African economy will be announced "within a short period of time", Communications Minister Nomvula Mokonyane said on Thursday. Briefing the media on Wednesday's fortnightly cabinet meeting, Mokonyane said a host of measures would be taken in an attempt to... 

Measures to support economic growth in the pipeline – Cabinet
Communications minister Nomvula Mokonyane

Sars moves to suspend head of legal Refiloe Mokoena

By: News24Wire      6th September 2018 The South African Revenue Service (Sars) has served its head of legal Refiloe Mokoena with a notice of intention to suspend her from her position, News24 has learnt. News24 understands this is in relation with Mokoena's involvement in unlawful R420-million worth of VAT refunds claimed by Gupta... 

Sars moves to suspend head of legal Refiloe Mokoena

Ramaphosa says South Africa to recover from recession soon

By: Reuters     6th September 2018 South Africa will soon recover from recession, President Cyril Ramaphosa said on Thursday in his first reaction to news that undermines his effort to revive the economy and attract investment after a decade of stagnation. Ramaphosa staked his reputation on economic revival when he took over in... 

Ramaphosa says South Africa to recover from recession soon
President Cyril Ramaphosa

ANC worries over elections as SA enters recession

By: News24Wire      6th September 2018 The chairperson of the African National Congress's (ANC's) subcommittee on economic transformation Enoch Godongwana has admitted that the ruling party is worried about going into the 2019 national elections while the country's reeling from an economic recession. He made the comments to... 

ANC worries over elections as SA enters recession

Telkom, universities partner to develop national Fourth Industrial Revolution agenda

By: Marleny Arnoldi     5th September 2018 Telecommunications giant Telkom and the universities of the Witwatersrand (Wits), Johannesburg (UJ) and Fort Hare on Wednesday launched SA4IR, which is a national response to the Fourth Industrial Revolution. The partnership between the company and the universities seeks to build an inclusive... 

Transport committee says rail safety regulator should prioritise signalling challenges

By: African News Agency      5th September 2018 The Portfolio Committee on Transport has on Wednesday called on the Rail Safety Regulator (RSR) to prioritise signalling in its programmes. The call comes after more than 100 people were injured on Tuesday after a collision between two passenger Metrorail trains at the Eloff extension in Selby,... 

ANC calls for immediate stimulus package as economy dips into recession

By: News24Wire      5th September 2018 The African National Congress (ANC) has called for ‘aggressiveness’ in implementing an economic recovery package after Stats SA announced on Tuesday that South Africa had slipped into its first technical recession since 2009.  In a statement on Wednesday, the party’s subcommittee on economic... 

 ANC calls for immediate stimulus package as economy dips into recession

Affordability of energy must be prioritised – Radebe

By: African News Agency      5th September 2018 South Africa's Energy Minister Jeff Radebe has urged the prioritisation of energy affordability in order to attract investment. During his keynote address at the Africa oil and power conference held at the Cape Town International Convention Centre he said it was imperative in order to create jobs. 

 Affordability of energy must be prioritised – Radebe
Energy Minister Jeff Radebe

South Africa’s rating under threat as economy enters recession

By: Marleny Arnoldi     5th September 2018 South Africa’s slide into a technical recession in the second quarter is a timely warning and reminder for the country to get its economy in order, failing which it will lose its only investment grade rating, says Business Unity South Africa CEO Tanya Cohen. Moody’s Investors Service said in... 

South Africa’s rating under threat as economy enters recession

Standard Bank PMI falls to 29-month low in August

By: Marleny Arnoldi     5th September 2018 Operating conditions in South Africa’s private sector economy deteriorated for the second straight month in August, as business activity and input purchasing decreased in line with an accelerated drop in new orders, says Standard Bank in its Purchasing Managers’ Index (PMI) for August.... 

Standard Bank PMI falls to 29-month low in August

R1bn 'lost' to cash-in-transit robbers in 8 years – Hawks

By: News24Wire      5th September 2018 More than R1-billion has been "lost" as a result of cash-in-transit robberies in the eight years between 2008 and 2016, according to the Directorate for Priority Crime Investigation (DPCI). The DPCI, or the Hawks as they are more commonly known, granted a Public Access to Information Application... 

At China-Africa summit, officials dismiss debt criticism

By: News24Wire      5th September 2018 Chinese and African officials have rejected criticism of Beijing's development projects on the continent as they ended a summit that included a $60-billion pledge for more aid to the continent. President Xi Jinping hosted leaders from across Africa  amid questions whether his country's Belt and... 

At China-Africa summit, officials dismiss debt criticism
Chinese President Xi Jinping

Metals, engineering collective agreement to be submitted for gazetting

By: Simone Liedtke     4th September 2018 Parties to the Metals and Engineering Industries Bargaining Council (MEIBC) have voted in favour of the extension of the three-year agreement reached in the metals and engineering sector in 2017. Steel and Engineering Industries Federation of Southern Africa (Seifsa) operations director Lucio... 

African rail industry urged to adopt concepts of Fourth Industrial Revolution

By: Nadine James     4th September 2018 The African rail industry must adopt the concepts and develop the technologies of the Fourth Industrial Revolution to facilitate, and realise, the industrialisation aspirations of the continent, delegates attending a South African Heavy Haul Association (SAHHA) technical workshop, on Tuesday,... 

Serious questions being asked about decision to cap fuel price increase

By: Terence Creamer     4th September 2018 Questions are being asked about Energy Minister Jeff Radebe’s decision to approve an “urgent temporary fuel price intervention” leaving prices unchanged for September, apart from a 4.9c/l increase in the retail margin for petrol to accommodate wage increases for forecourt staff. Ahead of the... 

Serious questions being asked about decision to cap fuel price increase

Mantashe pleased with mining contribution to GDP

By: African News Agency      4th September 2018 The mining and quarrying sector contribution to the gross domestic product (GDP) bode well for the sector and indicated a commodity boom may be imminent, Mineral Resources Minister, Gwede Mantashe, said on Tuesday. Statistics South Africa said on Tuesday that mining and quarrying industry... 

Mantashe pleased with mining contribution to GDP
Photo by Creamer Media
Mineral Resources Minister Gwede Mantashe

Water dept transfers R30m to Rand Water for War on Leaks programme

By: Simone Liedtke     4th September 2018 The Department of Water and Sanitation (DWS) has transferred R30-million to Rand Water for the War on Leaks (WoL) programme. The DWS noted in a statement on Tuesday that the money will assist Rand Water, as the implementing agent, to effect stipend payments to trainees. 

South Africa in recession for first time since 2009; rand slumps

By: Reuters     4th September 2018 South Africa entered recession in the second quarter for the first time since 2009, data showed on Tuesday, in a stinging blow to President Cyril Ramaphosa's efforts to revive the economy after a decade of stagnation. Statistics South Africa said the economy contracted by 0.7% quarter-on-quarter,... 

South Africa in recession for first time since 2009; rand slumps

Fairvest maintains solid results for FY18

By: Simone Liedtke     4th September 2018 South African real estate investment trust Fairvest Property on Tuesday announced solid results for the year ended June 30, with annual distributions increasing by just over 9.9% to 20.15c a share. Fairvest continues to deliver sector-beating growth in distributions, while advancing the portfolio... 

South Africa in technical recession as second quarter GDP falls

By: News24Wire      4th September 2018 South Africa has officially entered a technical recession, after Stats SA announced on Tuesday that the country's real gross domestic product (GDP) had decreased by 0.7% in the second quarter of the year. This follows a GDP contraction of 2.2% in the first quarter. A technical recession is two... 

South Africa in technical recession as second quarter GDP falls

Exclusion of new nuclear power capacity not deliberate – Radebe

By: African News Agency      4th September 2018 The decision to shelve plans to build new nuclear power plants was not based on principle but price and reduced electricity demand, Energy Minister Jeff Radebe said on Tuesday.  "We have not deliberately left nuclear out but it is not in the plan due to lower demand and lower cost of other... 

 Exclusion of new nuclear power capacity not deliberate – Radebe
Energy Minister Jeff Radebe

Unions call for full investigation into explosion at Rheinmetall Denel Munition plant

By: Rebecca Campbell     4th September 2018 Rheinmetall Denel Munition (RDM) has confirmed that the fatal explosion which rocked its Somerset West plant, in the Western Cape, on Monday took place in the propellant operations building. “During operations an explosion occurred and destroyed the entire building and the immediate surrounding... 

SABS gears up to restart partial testing in response to industry frustration

By: Terence Creamer     4th September 2018 The South African Bureau of Standards (SABS), which was placed under administration by Trade and Industry Minister Dr Rob Davies earlier this year, intends lifting its two-year moratorium on the partial testing of product conformance, also referred to as customer specific requirement testing. The... 

SABS gears up to restart partial testing in response to industry frustration
Photo by Creamer Media
SABS acting CEO Garth Strachan

Eight killed in blast at South African munitions depot

By: Reuters     3rd September 2018 At least eight people were killed in an explosion at a South African munitions depot in Somerset West, near Cape Town, but the cause of the incident was still unknown, a fire and rescue official said on Monday. The blast occurred at Rheinmetall Denel Munition (RDM) depot, a joint venture between... 

Sasol launches contingency plan in light of Solidarity strike over share scheme

By: Simone Liedtke     3rd September 2018 Petrochemicals company Sasol on Monday said it had activated contingency measures to minimise potential disruption to its operations, in light of trade union Solidarity’s plans to strike. Currently, parts of Sasol’s Secunda and Sasolburg operations are undergoing planned maintenance shutdowns,... 

Inequality, poverty worsening as broader unemployment rate rises – Uasa

By: Marleny Arnoldi     3rd September 2018 Despite South Africa’s past goals and targets to find solutions to its unemployment crisis, such as the government’s plan to halve unemployment by 2014, the unemployment rate is not declining at all. Instead the number of unemployed people has increased from 6-million to 9.6-million between... 

Gordhan: Fuel prices will rock SOEs

By: News24Wire      3rd September 2018 Public Enterprises Minister Pravin Gordhan has told Parliament that most of the companies in his portfolio will be rocked by the latest fuel price hikes, with exposure to these hikes racking up millions in extra costs.  In a reply sent to Members of Parliament last week, Gordhan said an increase... 

 Gordhan: Fuel prices will rock SOEs
Public Enterprises Minister Pravin Gordhan

China not Africa's new colonial power – Ramaphosa

By: African News Agency      3rd September 2018 South African President Cyril Ramaphosa used his address at the opening ceremony of the Forum on China–Africa Cooperation (FOCAC) in Beijing on Monday to rebut claims that China was becoming Africa's new colonial power. "In the values that it promotes, in the manner that it operates and in the... 

 China not Africa's new colonial power – Ramaphosa
Chinese President Xi Jinping & President Cyril Ramaphosa

Bidvest lifts FY18 HEPS despite volatile market

By: Simone Liedtke     3rd September 2018 JSE-listed services, trading and distribution company Bidvest on Monday declared a final dividend of 301c a share, bringing the total dividend for the financial year ended June 30 to 556c, amid a volatile market, which the company said was characterised by weak economic growth and consumer spend,... 

Absa PMI falls to 13-month low in August

By: Reuters     3rd September 2018 South Africa's seasonally adjusted Absa Purchasing Managers' Index (PMI) fell to a 13-month low in August driven by large declines in new sales and business activity, a survey showed on Monday. The index, which is compiled by the Bureau for Economic Research and gauges manufacturing activity in... 

Absa PMI falls to 13-month low in August

Public Protector to probe Metrorail in Western Cape

By: African News Agency      3rd September 2018 The Public Protector has agreed to investigate struggling Metrorail in the Western Cape, where the service has been hit with multiple problems that have seen the numbers of commuters drop by nearly half. Frequent delays and inadequate space on commuter trains have been made worse by the recent... 

China's Xi says no strings attached to funds for Africa

By: Reuters     3rd September 2018 Chinese funds are not for "vanity projects" in Africa but are to build infrastructure that can remove development bottlenecks, Chinese President Xi Jinping said on Monday, telling Chinese firms they also had to respect local people and the environment. Xi said at a business forum before the start... 

China's Xi says no strings attached to funds for Africa
President Cyril Ramaphosa & Chinese President Xi Jinping

New tech, automation to change but also create jobs

By: Schalk Burger     31st August 2018 New technologies, including advanced computing systems and the automation of various job activities, will change about 30% of activities in about 60% of occupations, and will require new skills across most industries, management consulting multinational McKinsey Global Institute global economic... 

Armscor report to aid in DLS’ employment equity strategy

By: Marleny Arnoldi     31st August 2018 State-owned defence industrial group Denel has welcomed the report by the Armaments Corporation of South Africa (Armscor) on the Denel Land Systems (DLS) division’s employment equity compliance status on the flagship Hoefyster project. The Hoefyster employment equity compliance assessment... 

NBF appoints acting CEO

By: Marleny Arnoldi     31st August 2018 New Partnership for Africa’s Development Business Foundation (NBF) Africa infrastructure desk programme manager Peter Varndell will assume the role of acting CEO of the organisation, following Lynette Chen’s resignation in June. NBF rail project manager Kudzanayi Bangure has assumed the role of... 

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