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Economy News

No tax revolt coming in South Africa – Gigaba 

By: African News Agency      31st October 2017 Finance Minister Malusi Gigaba says that he does not foresee a “tax revolt” among South African citizens who are fed up with corruption and government’s poor spending habits. “We will revolt against those who revolt against paying taxes,” he said during a question and answer session at a business... 

South Africa's unemployment rate steady at 27.7% 

By: Reuters     31st October 2017 South Africa's unemployment rate was steady at 27.7% in the third quarter as employment gains in finance and services were offset by job losses in manufacturing, construction and agriculture, the statistics office said on Tuesday. In its quarterly labour force survey, Statistics South Africa said... 

South Africa's unemployment rate steady at 27.7%

MTN files its plea against Turkcell’s Iran litigation drive

By: Natasha Odendaal     31st October 2017 Telecommunications giant MTN this week filed a Statement of Defence plea as its protracted legal battle with Turkish mobile operator Turkcell rages on over a 2004 telecommunications operating licence bid in Iran. The Turkish rival has brought several international and local claims against MTN for... 

PIC head says needs bigger role in governance of State firms

By: Reuters     31st October 2017 South Africa's Public Investment Corporation (PIC) needs to play a bigger role in improving governance in State-owned companies, its chief executive officer Daniel Matjila said on Tuesday. The PIC, which manages government employees' pension money, is the biggest investor in State-owned firms'... 

Transnet looking abroad for growth as it again pares back South Africa capex 

By: Terence Creamer     30th October 2017 State-owned freight logistics group Transnet continues to pare back its investment portfolio in the South African, which is expected to grow by less than 1% in 2017. The group, which operates rail, port and pipelines businesses, expects to invest R229.2-billion over the coming seven years,... 

Transnet looking abroad for growth as it again pares back South Africa capex
Transnet CEO Siyabonga Gama outlines how the utility is dealing with ongoing allegations of State Capture and corruption. Recorded: 30.10.2017. Camera Work & Editing: Nicholas Boyd

Moody's says South Africa budget credit negative; SARB flags growth fears

By: Reuters     30th October 2017 Ratings agency Moody's said on Monday the budget statement presented by South African Finance Minister Malusi Gigaba last week was credit negative, while a central bank official raised concerns over economic growth. Gigaba shocked markets on October 25 by flagging sharply weaker growth... 

IMF says rising debt, political risk dim sub-Saharan Africa's economic outlook

By: Reuters     30th October 2017 Economic growth is expected to rise to 3.4% in sub-Saharan Africa next year from 2.6% in 2017, the IMF said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth. Nigeria and South Africa are the biggest economies in Africa south... 

DTI developing IP policy

By: Anine Kilian     27th October 2017 The Department of Trade and Industry (DTI) is, in partnership with other Ministries that participate in the inter-Ministerial committee on intellectual property (IP), developing an intellectual property (IP) policy aimed at achieving policy coherence in government and at realising South Africa’s... 

DTI developing IP policy

South Africa to unveil stimulus package before ANC conference - Gigaba 

By: Reuters     27th October 2017 South Africa will unveil a stimulus package focusing on tourism and manufacturing to turn around the economy, Finance Minister Malusi Gigaba said on Friday, following a budget speech this week that raised the risk of credit downgrades. In a speech to investors, Gigaba said Treasury would not wait... 

South Africa to unveil stimulus package before ANC conference - Gigaba
Photo by Reuters
Finance Minister Malusi Gigaba

South Africa's budget woes raise stakes for Nov 24 rating reviews

By: Reuters     27th October 2017 South Africa's dire budget forecasts have raised the stakes ahead of S&P Global's and Moody's Nov. 24 credit rating reviews of the junk grade-threatened country. Both firms have reviews on the same day. If either cut their 'local debt' ratings, the government's $125-billion stock of... 

ANC and alliance partners want urgent inquiry into ‘State capture’ 

By: African News Agency      27th October 2017 The African National Congress (ANC) and its Tripartite Alliance partners have agreed on the need for an urgent Judicial Commission of Inquiry into “State capture”. The statement issued on Friday by alliance partners ANC, the South African Communist Party (SACP), Congress of South African Trade... 

ANC and alliance partners want urgent inquiry into ‘State capture’

Sasol mitigates material matters issues in 2017

     27th October 2017 To mitigate material matters that could substantially affect its ability to create value in the short, medium or long term, as a result of not being able to execute its strategy and the impact thereof on its ability to stay competitive, petrochemicals giant Sasol has outlined a five-step process... 

Sasol mitigates material matters issues in 2017
MANAGING MATTERS Sasol reviews and monitors material matters through stakeholder inclusiveness always keeping a sustainability context in mind

Continued volatility impacts on energy and chemicals company

     27th October 2017 Continued volatility in the macroeconomic environment, particularly the stronger rand and low oil price, has adversely impacted energy and chemicals company Sasol’s financial performance, says Sasol CFO Paul Victor. 

Continued volatility  impacts on energy and  chemicals company
Photo by Bloomberg
RECORD PRODUCTION Sasol showed great resilience and character through delivering record production volumes at Secunda Synfuels

Initiatives aim to reduce carbon footprint and production costs

By: Simone Liedtke     27th October 2017 Current initiatives in the global synthetic fuels (synfuels) industry are focussing on using coal feedstock more efficiently to reduce operational and capital costs of production, states chemicals process engineering company Holland and Hausberger CEO Dr Brendon Hausberger. 

Initiatives aim to  reduce carbon footprint and production costs
GENERAL PUBLIC PERCEPTION The general public perception is that coal is a dirty and undesirable environment-costly option

UCT’s business school to participate in UN programme research council

By: Mia Breytenbach     27th October 2017 The University of Cape Town’s (UCT’s) Graduate School of Business (GSB) has been named as one of nine leading universities to be part of a partnership with the United Nations Development Programme (UNDP) to develop a research agenda that will better leverage private investment to finance the... 

Local stainless steel industry remains optimistic

By: Robyn Wilkinson     27th October 2017 While South African demand for stainless steel is under severe pressure, the potential for growth once the local economy improves is strong and distributors are starting to position themselves strategically to take advantage of this, says stainless steel producer Columbus Stainless CEO Lucien... 

Local stainless steel  industry remains optimistic
CAUTIOUS OPTIMISM The global stainless steel market had a strong run early this year, on the back of substantial chromium and nickel price increases at the end of last year, which continued into 2017

Family-owned businesses outperform peers, report shows

By: Mia Breytenbach     27th October 2017 Family-owned companies have outperformed broader equity markets in every region and sector, according to the Credit Suisse Research Institute’s (CSRI’s) ‘The CS Family 1000’ report, which reviews the investment case for family-owned companies. The financial performance of family-owned companies... 

The Fourth Industrial Revolution is upon us and SA industry must adapt

By: Keith Campbell     27th October 2017 The Fourth Industrial Revolution, or Industry 4.0, is now underway. And there is no way that South African industry can avoid or escape it. Industry 4.0 embraces mobile connectivity, artificial intelligence, “big data”, the Internet of Things (IoT), next-generation robotics, additive... 

The Fourth Industrial Revolution is upon us and SA industry must adapt

Steel company raises the bar in Africa with new technologies

By: Robyn Wilkinson     27th October 2017 Taking a long-term view that predicts significant growth in demand for stainless steel products in Africa in the next few years, steel supplier and processing company Allied Steelrode has invested in advanced processing technologies that will cement its position as a market-leader in product... 

South African aerospace and defence company extends aircraft training with new fighter jets

By: Dylan Slater     27th October 2017 Aerospace and defence company Paramount Group has acquired four dual-seat Mirage F1 fighter aircraft to enhance its existing pilot training capability.  

South African aerospace and defence company extends aircraft training with new fighter jets
MIRAGE F1 Paramount Group bought four Mirage F1 fighter jets from the French Government to assist in pilot training

Conference aims to strengthen cross-border relations

By: Nadine James     27th October 2017 The prospects for wind power within and beyond the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) will be discussed at this year’s Windaba conference and exhibition, exploring opportunities outside South Africa’s borders, and consider ways of establishing cross-border... 

Conference aims to strengthen cross-border relations
ANSWERS IN THE WIND The Windaba programme has been designed to be relevant regardless of whether the mid-term outlook is good or uncertain

Wind training facility increases course offering

By: Nadine James     27th October 2017 Accredited wind energy training facility the South African Renewable Energy Technology Centre (SARETEC) has become a Global Wind Organisation- (GWO-) certified training facility, and can now offer the GWO Basic Safety Training (BST) and Basic Technical Training (BTT) qualifications to wind... 

Wind training  facility increases course offering
NAIM RASSOOL The formal wind turbine service technician qualification programme is offered every six months

South Africa on a growth strike as politics weighs

By: Irma Venter     27th October 2017 Economist Mike Schussler says South Africa’s economic growth rate will not see a “major improvement beyond 2%, 2.5% for the foreseeable future”. “I think growth next year, not even depending on who is the president, will be better than this year, but it is not going to shoot out the lights,” he... 

Credit default index offers visibility of pressures faced by consumer segments

By: Schalk Burger     27th October 2017 Consumer credit multinational Experian South Africa’s local consumer default index is a highly accurate tool to assess the economic pressures on different segments of the population, says Experian South Africa MD Simon Russell. The index functions as a business and policy formulation tool, and... 

Credit default index offers  visibility of pressures faced  by consumer segments
SIMON RUSSELL The index is based on more than one-billion points of data and is one of the most detailed views available in an emerging market

We are facing tough times, says Gigaba

By: African News Agency      26th October 2017 South African Finance Minister Malusi Gigaba conceded on Thursday that the country was facing tougher times ahead as its economic growth outlook was bleak. Briefing Parliament’s standing committees on finance and appropriations following his maiden medium-term budget policy statement, Gigaba... 

We are facing tough times, says Gigaba
Photo by Reuters
Finance Minister Malusi Gigaba

Brown appoints executives at Denel, Safcol and Alexkor

By: Creamer Media Reporter      26th October 2017 Public Enterprises Minister Lynne Brown has appointed Zwelakhe Ntshepe group CEO of Denel. He joined Denel 21 years ago and most recently served as acting group CEO. 

Brown appoints executives at Denel, Safcol and Alexkor
Photo by Duane Daws
Zwelakhe Ntshepe

Political path to trump S.Africa's near-term economic woes – S&P's

By: Reuters     26th October 2017 The direction of South African politics will probably trump near-term macroeconomic performance, particularly for the country's still-investment grade local currency credit rating, S&P's Global said on Thursday. A downgrade to South Africa's local currency debt by either S&P or Moody's would push... 

Political path to trump S.Africa's near-term economic woes – S&P's

Highlights from the Medium-Term Budget Policy Statement 

     26th October 2017 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the fiscal and economic challenges set out by Finance Minister Malusi Gigaba in his maiden Medium-Term Budget Policy address. 

Highlights from the Medium-Term Budget Policy Statement
Highlights from the Medium-Term Budget Policy Statement

Fin Min’s mid-term budget speech boosts investor confidence – Govt

By: African News Agency      26th October 2017 A leading United States investor has announced plans to invest over $1-billion (R14.1-billion) in South Africa over the next few months. This follows after Finance Minister Malusi Gigaba tabled what was according to a statement, a difficult medium-term budget in Parliament on Wednesday. According... 

Fin Min’s mid-term budget speech boosts investor confidence – Govt
Photo by Bloomberg
Finance Minister Malusi Gigaba

Software giant SAP comes clean on dubious practices in South Africa

By: African News Agency      26th October 2017 Software giant SAP on Thursday said it had voluntarily disclosed its breach of the US Foreign Corrupt Practices Act in relation to allegations its South African operation paid kickbacks to a Gupta-linked company. In a statement on its website, SAP said it has initiated disciplinary procedures... 

Software giant SAP comes clean on dubious practices in South Africa

Outa lays corruption charges against former PRASA board members over Swifambo contract

By: Anine Kilian     26th October 2017 The Organisation Undoing Tax Abuse (Outa) has laid criminal charges of corruption and fraud against former board members of the Passenger Rail Agency of South Africa (PRASA) over its “too tall” locomotive contract. PRASA awarded a contract to local company Swifambo in March 2013 for the purchase... 

Gigaba’s maiden MTBPS receives mixed reviews

By: Sane Dhlamini     26th October 2017 Finance Minister Malusi Gigaba’s maiden Medium-Term Budget Policy Statement (MTBPS) has received mixed reactions, with many organisations calling out its lack of attention to detail. Gigaba MTBPS was delayed by Economic Freedom Fighters MPs who objected to him delivering the budget on the basis... 

Gigaba’s maiden MTBPS receives mixed reviews
Photo by Reuters
Finance Minister Malusi Gigaba

COMMENT: Eskom is indeed an ‘enormous risk’ 

By: Terence Creamer     26th October 2017 While there are very few positives to draw from Finance Minister Malusi Gigaba’s maiden Medium-Term Budget Policy Statement (MTBPS), his acknowledgement that Eskom poses an “enormous risk” to the entire economy is one. “Eskom exposes government to an enormous risk because of the size of its... 

COMMENT: Eskom is indeed an ‘enormous risk’

Gigaba says difficult to predict rating agencies' reaction to budget 

By: Reuters     26th October 2017 South African Finance Minister Malusi Gigaba said on Thursday it was difficult to predict how rating agencies would react to his maiden medium-term budget, which flagged weaker growth expectations and rising government debt. After Gigaba outlined government spending plans for the next three years... 

Gigaba says difficult to predict rating agencies' reaction to budget
Photo by Bloomberg
Finance Minister Malusi Gigaba

South Africa to upgrade ports of entry to boost regional trade, says Gigaba

By: African News Agency      25th October 2017 South African Finance Minister Malusi Gigaba on Wednesday said government was planning to upgrade the country’s key ports of entry in a bid to improve regional trade and curb slow economic growth. Gigaba said that there were many opportunities across the Sub-Saharan African region that South... 

South Africa to upgrade ports of entry to boost regional trade, says Gigaba

Major cost pressure on higher education

By: African News Agency      25th October 2017 Despite South Africa’s ruling party, the African National Congress, earlier this year vowing that free higher education could become a reality as early as 2018, Wednesday’s medium-term budget policy statement (MTBPS) revealed glaring gaps in funding for the country’s students. According to the... 

Major cost pressure on higher education

No detail on NHI funding

By: News24Wire      25th October 2017 The 2017 mini budget did not give any indication on how government intends to fund the much mooted National Health Insurance (NHI) scheme, despite it being identified as one of the priority spending areas over the next three years. Finance Minister Malusi Gigaba did not mention it once in his... 

No detail on NHI funding

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