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Economy News

More must be done for youth development, job creation – Mabuza

By: Anine Kilian     22nd June 2018 The Human Resource Development Council (HRDC) should be able to contribute meaningfully in answering why South Africa’s unemployment rate remains stubbornly high, at 27.7%, Deputy President David Mabuza said on Friday.   Addressing delegates at the twentieth HRDC meeting, in Johannesburg, he... 

IDC denies politically connected elite has ‘hijacked’ black industrialist scheme

By: Terence Creamer     22nd June 2018 South Africa’s Industrial Development Corporation (IDC) has defended the integrity of the credit approval processes for its flagship Black Industrialist Programme and has given the assurance that the scheme has not been captured by individuals with connections to the governing African National... 

IDC denies politically connected elite has ‘hijacked’ black industrialist scheme
Photo by Creamer Media
Economic Development Minister Ebrahim Patel has promised that the IDC will release the names of beneficiaries

Restructuring Eskom top of South Africa's agenda – Nene

By: Reuters     22nd June 2018 Restructuring State-run power firm Eskom is "on top of the agenda" for South Africa, Finance Minister Nhlanhla Nene said on Friday, though he said recent outages likely had very little impact on the economy. Africa's most industrialised economy suffered power outages earlier in June because of... 

Restructuring Eskom top of South Africa's agenda – Nene
Photo by Creamer Media
Finance Minister Nhlanhla Nene

New-look IPP bid documents will need to strike delicate balance

By: Terence Creamer     22nd June 2018 The new bid documentation being prepared by the Department of Energy (DoE) for future independent power producer (IPP) procurement rounds will have to strike a delicate balance between sustaining investor interest and responding to society’s demand for increased socioeconomic benefits. In fact,... 

New-look IPP bid documents will need to strike delicate balance
Allen & Overy partner Jason van der Poel

Africa needs to attract foreign investment to achieve development, advises China

By: Rebecca Campbell     22nd June 2018 "Foreign investment can be a very practical, convenient and viable way for industrialisation," stressed Ambassador Zhou Yuxiao, Beijing's emissary to the Forum on China-Africa Cooperation (FOCAC), at the recent Africa Institute of South Africa-Human Sciences Research Council/Embassy of the... 

Asian giant supports African industrialisation – ambassador

By: Rebecca Campbell     22nd June 2018 Industrialisation is necessary for Africa to achieve sustainable development. "Only by realising sustainable development could Africa escape foreign interference." These points were made by Chinese Ambassador to South Africa Lin Songtian at the recent Africa Institute of South Africa-Human... 

Most airlines see profit rise, but share prices fall, in first quarter

By: Rebecca Campbell     22nd June 2018 The profitability of the global airline industry improved during the first quarter of this year (1Q18) in comparison to the first quarter of 2017 (1Q17), the International Air Transport Association (IATA) has reported. The prime driver of this improvement was a turnaround by European airlines. On... 

Siemens boss outlines how China’s BRI will benefit 70% of global population

By: Zandile Mavuso     22nd June 2018 Earlier this month, multidisciplinary cooperation Siemens held its first Belt & Road International Summit in Beijing, China, themed Create, Connect and Collaborate, during which it advocated for a digital ecosystem to foster future-oriented infrastructure development globally in what it referred... 

Import duty causes fallout for stainless steel fastener suppliers

By: Tasneem Bulbulia     22nd June 2018 Stainless steel nuts, bolts and fasteners supplier Fastenright has been forced to increase the selling prices of its stainless steel fasteners, a detrimental consequence of the International Trade Administration Commission of South Africa’s (Itac’s) changing import duties, Fastenright MD Rainer... 

Import duty causes fallout for stainless steel fastener suppliers
IMPORT BUSINESS Fastenright imports its stainless steel fasteners from approved suppliers, mainly the Far East, specifically China and Taiwan; and Europe

IEC encourages the youth to register to vote in the 2019 elections

By: Simone Liedtke     21st June 2018 The Electoral Commission of South Africa (IEC) aims to increase the voter’s roll by about one-million to at least 27-million people before the 2019 national elections take place. National elections are expected to be held at some stage between May and August next year. 

IEC encourages the youth to register to vote in the 2019 elections
Photo by Dylan Slater
IEC CEO Sy Mamabolo

Gama cites need for digital change to ensure greater economic growth

By: Simone Liedtke     21st June 2018 With an unemployment rate of about 27% in South Africa, State-owned Transnet CEO Siyabonga Gama highlights the need for creating, on an urgent basis, more job absorption strategies. This vision, he explained at the Vision 2030 Summit, in Johannesburg, on Thursday, will involve employing more of... 

Gama cites need for digital change to ensure greater economic growth
Photo by Dylan Slater
Transnet CEO Siyabonga Gama

New era for healthcare as Motsoaledi abolishes co-payments

By: News24Wire      21st June 2018 The abolishment of co-payments is one of the proposals of the Medical Schemes Amendment bill, announced by Health Minister Aaron Motsoaledi. Motsoaledi was speaking at a briefing on the medical schemes amendment bill and National Health Insurance bill in Pretoria on Thursday. 

 New era for healthcare as Motsoaledi abolishes co-payments
Health Minister Aaron Motsoaledi

Govt to deploy support teams to assist distressed municipalities – Nel

By: Simone Liedtke     21st June 2018 Government is working to ensure that all distressed and dysfunctional municipalities have access to a district support team by December this year, says Cooperative Governance and Traditional Affairs Deputy Minister Andries Nel. Speaking at the Vision 2030 Summit, in Johannesburg, on Wednesday, he... 

Govt to deploy support teams to assist distressed municipalities – Nel
Photo by Simone Liedtke
Cooperative Governance and Traditional Affairs Deputy Minister Andries Nel

Current account deficit widens in Q1 as exports slump

By: Reuters     21st June 2018 South Africa's current account deficit widened more than expected in the first quarter to register its largest shortfall in two years as the trade balance swung to a deficit after a steep decline in exports, the central bank said on Thursday. Investor sentiment in South Africa picked up after... 

NGOs rate South Africa’s transition to a green economy at five out of ten

By: Nadine James     21st June 2018 Nongovernmental organisations (NGOs) on Thursday released the findings of new research, which describes South Africa’s transition to a low-carbon, sustainable and inclusive future as “stuck in first gear”, with ambitious policies but slow implementation. The ‘South Africa Green Economy... 

Rio-Carb commissions academic research into the future of South Africa’s mining sector

By: Nadine James     21st June 2018 Chromium carbide (CrC) wear solutions provider Rio-Carb MD Martin Maine has identified a gap in the mining sector in the form of a lack of local beneficiation in the second-tier supply chain in the South African mining industry, and has commissioned academic research to establish how the country... 

Rio-Carb commissions academic research into the future of South Africa’s mining sector
Rio-Carb MD Martin Maine

Takeover panel clears way for M&R to move on Aveng tie-up amid ongoing ATON opposition

By: Terence Creamer     21st June 2018 Murray & Roberts (M&R) announced on Thursday that it would proceed to further develop a potential tie-up with Aveng after the Takeover Regulation Panel (TRP) sanctioned the outcome of an earlier shareholder vote, which approved a resolution stating that the proposed Aveng deal was not designed to... 

Takeover panel clears way for M&R to move on Aveng tie-up amid ongoing ATON opposition

Avocado 'green gold' ripe and ready for South Africa's farmers

By: Reuters     21st June 2018 Whether you like to squash it onto your toast in the morning, millennial-style, eat it to cut your cholesterol with healthy unsaturated oil, or moisturise your face with it - if you live in the West, you're probably rarely far from an avocado. And that is very good news for South Africa's... 

Eskom wage negotiations enter final day

By: African News Agency      21st June 2018 Wage negotiations between Eskom and trade unions will on Thursday enter the final day after workers rejected the 4.7% wage offer from the embattled power utility. Trade unions on Wednesday said they presented a consolidated wage proposal to Eskom as talks resumed for a second day this week after... 

Eskom wage negotiations enter final day

Motsoaledi to unveil crucial health bills

By: News24Wire      21st June 2018 Universal health care may become a reality as Health Minister Aaron Motsoaledi gears up to present two bills to the public on Thursday. The Medical Schemes Amendment Bill and the National Health Insurance Bill have the purpose of ushering in a set of health-financing reforms that aim to provide... 

Motsoaledi to unveil crucial health bills
Health Minister Aaron Motsoaledi

Cost competitiveness key for a thriving energy sector

By: Anine Kilian     20th June 2018 The number of power projects across Africa and South Africa has grown in the last few years and has given rise to many opportunities, but also challenges, Trade and Industrial Policy Strategies executive director Saul Levin said on Wednesday. Speaking at the Manufacturing Indaba, in Sandton, he... 

There is hope for South Africa’s manufacturing sector – October

By: Anine Kilian     20th June 2018 South Africa has the potential to revive, remould and expand its manufacturing sector through partnerships between industry and government, Department of Trade and Industry deputy director general Lionel October said on Wednesday. Addressing delegates at the Manufacturing Indaba, in Sandton, he... 

There is hope for South Africa’s manufacturing sector – October
Photo by Creamer Media
DTI deputy director general Lionel October

Binding constraints affecting South Africa’s growth – Matona

By: Simone Liedtke     20th June 2018 There are binding constraints, including policy uncertainty, a regulatory environment that is not conducive to investment, and no sustained long-term partnerships between government and the industry, that are limiting South Africa’s growth potential, says National Planning Commission (NPC)... 

Education, NDP execution crucial in reaching development goals – Mohale

By: Simone Liedtke     20th June 2018 Out of the 400 South African companies listed on the JSE, only 212 have reported on their black economic empowerment (BEE) activities in the last two years, Business Leadership South Africa CEO Bonang Mohale said on Wednesday. National statistics, he highlighted during an address at the Vision... 

Education, NDP execution crucial in reaching development goals – Mohale
BLSA CEO Bonang Mohale

Momentum in local procurement can bolster South African SMME growth

By: Schalk Burger     20th June 2018 While small, medium-sized and microenterprises (SMMEs) in South Africa do not contribute the equivalent proportion to employment or gross domestic product as those in developed countries, there are various initiatives that are helping to draw SMMEs into the formal sector and into larger supply... 

SMEs invited to apply for grant funding

By: Nadine James     20th June 2018 A new application round has opened for the R12.8-million Growth Fund to boost small and medium-sized enterprise (SME) growth and job creation. The Growth Fund is a grant fund specifically aimed at growing South African SMEs that need a cash injection to scale up their businesses and create jobs.   

S&P's doesn't see downside risks to South Africa's sovereign rating

By: Reuters     20th June 2018 S&P's Global Ratings does not see downside risks to South Africa's sovereign credit rating, its Africa regional manager said on Wednesday. "A stable outlook at this point signals to you the risks are not stacked on the downside (or) medium term ... unless obviously the situation would worsen... 

Mining charter, illegal mining, FDI in the spotlight  

20th June 2018 Mining Weekly editor Martin Creamer unpacks the news around the mining charter, illegal mining and FDI in the junior miners fund. 

Mining charter, illegal mining, FDI in the spotlight
Mining charter, illegal mining, FDI in the spotlight

Trust in South African government dips, businesses most trusted - survey

By: News24Wire      20th June 2018 South Africans do not place much trust in their government. This is according to a new global survey that has placed the country at the bottom of a list of 28 countries that were surveyed. The 2018 Edelman Trust Barometer report measured the public's trust across four sectors – government,... 

South Africa's GDP growth expected to hit 1.7% in 2018

By: Reuters     20th June 2018 South Africa's economy is expected to recover from a poor start this year, rescued by stronger growth in the rest of the world, a Reuters poll found on Wednesday. South African gross domestic product shrank 2.2% in the first quarter, led by a slowdown in agriculture and mining, after expanding... 

South Africa's GDP growth expected to hit 1.7% in 2018

Trade unions to respond to Eskom's 4.7% wage offer increase

By: African News Agency      20th June 2018 Trade unions involved in wage negotiations with Eskom will give a joint response to the power utility's revised 4.7 percent wage offer when the talks resume for the second day on Wednesday morning. In a joint statement, the National Union of Mineworkers, the National Union of Metalworkers of... 

 Trade unions to respond to Eskom's 4.7% wage offer increase

Trade unions to debate Eskom's 4.7% wage offer increase

By: News24Wire      20th June 2018 All recognised trade unions at Eskom met with South Africa's power utility on Tuesday to restart wage talks and would debate the new offer, the unions said. In a joint statement, the National Union of Mineworkers, the National Union of Metalworkers of South Africa, and Solidarity said they met... 

 Trade unions to debate Eskom's 4.7% wage offer increase

Inaugural Factory of the Year competition to include future-proofing benchmark

By: Terence Creamer     19th June 2018 Global management consulting firm AT Kearney has officially launched the South African version of its internationally recognised ‘Factory of the Year’ competition and is urging domestic manufacturers to enter ahead of the August 20 deadline for submissions. AT Kearney partner and Africa MD Theo... 

Inaugural Factory of the Year competition to include future-proofing benchmark
AT Kearney partner and Africa MD Theo Sibiya

Eskom wage talks off to a bad start – union

By: News24Wire      19th June 2018 Talks between Eskom and unions got off to a bad start on Tuesday, with the power producer reneging on its earlier agreement to include "high-powered" members in its delegation, a union spokesperson said. "The talks started this morning, but we are not happy with Eskom’s failure to honour its... 

 Eskom wage talks off to a bad start – union

South Africa ahead of renewable energy curve – adviser

By: Simone Liedtke     19th June 2018 Despite the South African renewables market being in its infancy in comparison to well-established markets, South Africa is ahead of the curve, says owner’s engineer and lender’s technical adviser K2 Management. This, K2 Management South Africa country director Hebren James explains, is owing to... 

South Africa ahead of renewable energy curve – adviser

Saica to start disciplinary proceedings against former Eskom CFO Anoj Singh

By: News24Wire      19th June 2018 The South African Institute of Chartered Accountants (Saica) announced on Tuesday it will start disciplinary proceedings against former Eskom CFO Anoj Singh. This follows a period of investigation and the professional body's decision to issue charges of misconduct against the chartered accountant. 

Saica to start disciplinary proceedings against former Eskom CFO Anoj Singh
Photo by Creamer Media
Former Eskom CFO Anoj Singh

Civil engineering sector concludes three-year wage deal

By: Anine Kilian     19th June 2018 The Bargaining Council for the Civil Engineering Industry (BCCEI) on Tuesday announced the signing between all parties in the civil engineering sector of a three-year settlement agreement regarding wages and conditions of employment. The parties agreed to a 7.5% wage increase across the board for... 

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