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Economy News

I will try to protect Treasury from political meddling – Mboweni 

By: African News Agency      24th October 2018 Finance Minister Tito Mboweni on Wednesday said he would strive to protect the National Treasury from political interference but conceded that he would be naive to think he could succeed. "I thought one thing I am going to try to do is provide political protection to National Treasury or to the... 

Govt commits support for clothing, textiles sector and emerging farmers  

By: Marleny Arnoldi     24th October 2018 The National Treasury has, over the medium term, placed incentives for agriculture, land reform, manufacturing and research and development among its priorities for expenditure reprioritisation. The Clothing and Textile Competitiveness Programme has helped sector exports grow from R7.1-billion in... 

Govt commits support for clothing, textiles sector and emerging farmers

SAA allocated R5bn for debt relief

By: Marleny Arnoldi     24th October 2018 State-owned South African Airways (SAA) will receive R5-billion through a special appropriation Bill to settle debt redeeming between now and March 2019. The Medium Term Budget Policy Statement (MTBPS), which was released by the National Treasury on Wednesday, stated that the funds would help to... 

SAA allocated R5bn for debt relief

Employment Tax Initiative extended to February 2029

By: Marleny Arnoldi     24th October 2018 The National Treasury has given the go-ahead for an extension of the Employment Tax Initiative (ETI) to February 2029. The sunset date would have been February 29, 2019. 

Move to tackle VAT refund backlog lops billions off revenue forecast 

By: Marleny Arnoldi     24th October 2018 The National Treasury has lowered its revenue collection forecast for 2018/19 by R27.4-billion, largely as a result of belated moves by South African Revenue Service (Sars) to address a major backlog value-added tax (VAT) refunds. The issue of delayed repayments has been a major bone of... 

Move to tackle VAT refund backlog lops billions off revenue forecast

Mboweni suggests need to downsize Cabinet, says public wage bill is 'unsustainable' 

By: Marleny Arnoldi     24th October 2018 Finance Minister Tito Mboweni on Wednesday said the public service wage bill, which accounts for 36% of government spending, is unsustainable. The public sector wage bill should be closer to 30% of government spending, he added during his maiden Medium Term Budget Policy Statement speech. 

Mboweni suggests need to downsize Cabinet, says public wage bill is 'unsustainable'

Mboweni calls for ‘open-minded’ approach to reconfiguration of State firms 

By: Terence Creamer     24th October 2018 Finance Minister Tito Mboweni has called for a reconfiguration of South Africa’s debt-laden State-owned companies (SoCs) and has appealed to stakeholders to adopt an open-mind with regard to the form such restructuring could take, particularly in the cases of Eskom and South African Airways... 

Mboweni calls for ‘open-minded’ approach to reconfiguration of State firms

Government allocates R2.9bn for Post Office

By: Marleny Arnoldi     24th October 2018 The South African Post Office (Sapo) will receive R2.9-billion over the next three years to reduce its debt levels, the National Treasury revealed on Wednesday. Sapo has faced financial difficulties and liquidity problems since 2007. Daily Maverick in May reported that Sapo owed many of its... 

Government allocates R2.9bn for Post Office

Infrastructure at heart of reprioritised, stimulus-aligned expenditure plan 

By: Terence Creamer     24th October 2018 Finance Minister Tito Mboweni has confirmed that expenditure worth R32.4-billion will be reprioritised over the coming three years in line with government’s recently released Economic Stimulus and Recovery Plan. The figure appeared to fall short of the R50-billion reprioritisation target outlined... 

Infrastructure at heart of reprioritised, stimulus-aligned expenditure plan
Finance Minister Tito Mboweni

South Africa welcomes product exclusion for some steel, aluminium products from Section 232 duties

By: Simone Liedtke     24th October 2018 Following an announcement that the US Department of Commerce has granted product exemptions for certain aluminium and steel products, Trade and Industry Minister Dr Rob Davies on Wednesday welcomed the positive developments as a step towards normalising trade relations between South Africa and... 

Consumer Price Inflation stays 4.9%

By: African News Agency      24th October 2018 The Consumer Price Inflation remained at 4.9% in September 2018, unchanged from August 2018, Statistics SA said Wednesday morning. "The consumer price index increased by 0.5% month-on-month in September 2018. Annual inflation for food and non-alcoholic beverages increased to 3.9% in September... 

Consumer Price Inflation stays 4.9%

Long4Life posts first-half profit, but no dividend

By: Reuters     24th October 2018 South African investment firm Long4Life swung into a trading profit in the half-year to end August, it said on Wednesday, as asset acquisitions became effective, lifting group sales. The firm, owned by Brian Joffe, one of South Africa's most respected dealmakers, has acquired among other brands... 

Mashaba calls for more partnerships during South Africa–Italy Summit

By: Tasneem Bulbulia     24th October 2018 Johannesburg mayor Herman Mashaba has called for more partnerships and better collaboration between South Africa and Italy, as part of efforts to grow the economy. Speaking at the South Africa–Italy Summit/Indaba, he pointed out that the two countries had good trade relations, but encouraged... 

Sars did not implement R200m IT restructuring model, inquiry hears

By: African News Agency      24th October 2018 The R200-million information technology (IT) modernisation model that was developed by a consultancy firm hired by suspended South African Revenue Services (Sars) commissioner Tom Moyane to revive and restructure the revenue service's IT was never implemented, the Nugent Commission of Inquiry... 

Nersa unveils adjudication schedule for Eskom’s 15% hike application

By: Terence Creamer     23rd October 2018 The National Energy Regulator of South African (Nersa) has unveiled its adjudication timetable for Eskom’s fourth multiyear price determination (MYPD4) revenue application, which will include public hearings in all nine provinces between January 14 and February 1, 2019. The regulator has also... 

Nersa unveils adjudication schedule for Eskom’s 15% hike application

AfDB reports another year of sustained indicators

By: Simone Liedtke     23rd October 2018 Ahead of its maiden African Investment Forum (AIF) in November, the African Development Bank (AfDB) has reported another year of sustained indicators for 2017, underlined by a Triple A rating by all three major agencies and sharply increased earnings. The bank noted in a statement released on... 

Solidarity Movement to serve court papers on Sasol on Thursday

By: Simone Liedtke     23rd October 2018 On Thursday, thousands of Solidarity Movement members will serve court papers on integrated energy and chemicals company Sasol at its head office in Sandton. The serving of the court documents comes in the wake of a dispute between Sasol and Solidarity over the exclusion of white employees from... 

'We'll appoint an NDPP who'll be slippery to clutches of State capture' – Ramaphosa

By: News24Wire      23rd October 2018 President Cyril Ramaphosa has promised that South Africa will have a National Director of Public Prosecutions (NDPP) who is "slippery" to potential capturers of the State. The president was speaking at the Heads of Mission Conference at the Department of International Relations in Pretoria on... 

'We'll appoint an NDPP who'll be slippery to clutches of State capture' – Ramaphosa
President Cyril Ramaphosa

Resilient S Africa emerging from potentially destructive period – Ramaphosa 

By: African News Agency      23rd October 2018 President Cyril Ramaphosa said on Tuesday his government was leading a South Africa emerging from a very difficult past, characterised by massive corruption and the erosion of confidence in key state institutions. "It is important that we should not overlook the challenges that we have, emerging... 

Resilient S Africa emerging from potentially destructive period – Ramaphosa
President Cyril Ramaphosa

Energy storage seen as an enabler for grid modernisation in realising IRP 2030 vision 

By: Marleny Arnoldi     23rd October 2018 The advent of technologies such as energy storage, small-scale embedded generation and smart grid solutions are set to fundamentally change South Africa’s electricity landscape, outgoing Eskom generation group executive Thava Govender said during an opening address at the SA Energy Storage... 

Energy storage seen as an enabler for grid modernisation in realising IRP 2030 vision
Photo by Dylan Slater
Eskom generation group executive Thava Govender

Treasury-led initiative offers free financial education to communities

By: African News Agency      23rd October 2018 The National Treasury and related financial organisations have undertaken what they called a successful campaign to financially educate South African communities. The pilot initiative "Money Smart Week South Africa" went live in the communities of Mamelodi, Tembisa, Alexandra and Soweto from... 

Treasury-led initiative offers free financial education to communities

Global trade and development trends impact on South Africa, present opportunities

By: Tasneem Bulbulia     22nd October 2018 The recently released United Nations Conference on Trade and Development (Unctad) Trade and Development Report for 2018, entitled ‘Power, Platforms and the Free Trade Delusion’, outlines a number of lessons that South African can learn, and also presents opportunities for the country to... 

Eskom gearing up for big grid-scale battery storage roll-out  

By: Terence Creamer     22nd October 2018 State-owned electricity utility Eskom is preparing to roll-out battery energy storage systems (BESS) across multiple sites as part of a replacement plan for the 100 MW Kiwano concentrated solar power (CSP) project initially approved as part of the $3.75-billion World Bank loan extended to the... 

Eskom gearing up for big grid-scale battery storage roll-out
Photo by Creamer Media
Eskom has been testing battery storage solutions at its research facility in Rosherville for the past few years

Mboweni walks budget tightrope to fix ailing economy

By: Reuters     22nd October 2018 South Africa's new finance minister will target spending on agriculture, infrastructure and job creation projects in his inaugural budget speech on Wednesday in a bid to haul the economy out of a recession. With the government facing a ballooning debt, stubbornly high unemployment, struggling... 

This year marks new turning point for South African economy – economist 

By: Simone Liedtke     22nd October 2018 Despite South Africa having experienced subpar economic growth in the last decade, financial services firm Citibank economist Gina Schoeman believes this year has marked a new turning point for the country. While the country's gross domestic product (GDP) growth is expected to be only 0.8% this... 

This year marks new turning point for South African economy – economist
Citibank economist Gina Schoeman discusses the current state of South Africa's economy. Video and editing: Nicholas Boyd.

DBSA awarded funding to create R2bn climate finance facility 

By: African News Agency      22nd October 2018 The Development Bank of Southern Africa (DBSA) announced on Monday that it has been awarded funding of R795-million to establish a R2-billion Climate Finance Facility (CFF) focusing on infrastructure projects and businesses that mitigate or adapt to climate change.  The DBSA received funding from... 

DBSA awarded funding to create R2bn climate finance facility
Photo by Creamer Media
DBSA CEO Patrick Dlamini

Transnet confirms Gama fired with full pay for six months

By: African News Agency      22nd October 2018 Transnet on Monday confirmed that Siyabonga Gama has been fired as the freight rail operator's chief executive officer and said it was in line with a government drive to turn around State-owned entities.  Transnet said it informed Gama of its decision on Sunday and Monday would be his last... 

 Transnet confirms Gama fired with full pay for six months
Photo by Creamer Media
Former Transnet CEO Siyabonga Gama

Transnet removes Gama as CEO

By: Reuters     22nd October 2018 The board of directors of South African state-owned logistics firm Transnet said it had removed Chief Executive Siyabonga Gama, who has been accused of misconduct in a multimillion-dollar deal. Transnet, which operates nearly three-quarters of the African rail network, the bulk of which is in... 

Transnet removes Gama as CEO
Photo by Creamer Media
Siyabonga Gama

Data underpins urban growth in South Africa

By: Simone Liedtke     19th October 2018 The use of census data, and modern cloud-based software, as a tool in urban growth modelling is a sustainable route for long-term urban planning, Council for Scientific and Industrial Research (CSIR) senior researcher Quintin van Heerden said on Friday. In this regard, he told delegates at a CSIR... 

ExecuJet to offer customers new experience with super versatile jet

By: Simone Liedtke     19th October 2018 Luxury aviation company ExecuJet will, on October 25, officially launch and welcome the Pilatus PC-24 to its fleet at the company’s private terminal at Cape Town International Airport. The aircraft, which was developed by Swiss original-equipment manufacturer Pilatus, is the first of its type... 

ExecuJet to offer customers new experience with super versatile jet

Revived SARS illicit economy unit already eyeing 58 cases, says Kingon

By: News24Wire      19th October 2018 The soon-to-be reopened South African Revenue Service (SARS) unit probing the illicit economy has already identified 58 cases for investigation, the tax agency's Acting Commissioner Mark Kingon told the Nugent Commission of Inquiry on Friday.  The unit was one of several shut down under the... 

 Revived SARS illicit economy unit already eyeing 58 cases, says Kingon

Clash over Trump tariffs heats up with barrage of WTO litigation

By: Reuters     19th October 2018 Disputes over US tariffs and retaliatory moves by other states have sparked 12 requests for adjudication at the World Trade Organization, signalling an escalation in global trade tensions. The agenda for an Oct. 29 meeting of the WTO's dispute settlement body on Friday confirmed the legal moves,... 

Flirting with populism? Ask Venezuela how that went – SARB head Kganyago

By: News24Wire      19th October 2018 South African Reserve Bank (SARB) Governor Lesetja Kganyago has warned leaders that a wave of populism sweeping a number of global economies was a sign that leaders should be more responsible and accountable.  Speaking at the Association of Black Securities and Investment Professionals conference... 

 Flirting with populism? Ask Venezuela how that went – SARB head Kganyago
Photo by Reuters
SARB Governor Lesetja Kganyago

Nhlanhla Nene resigns as MP 

By: News24Wire      19th October 2018 After falling on his sword as minister of finance, Nhlanhla Nene has also resigned as an MP, the African National Congress (ANC) confirmed on Friday. ANC chief whip Jackson Mthembu's office received Nene's resignation letter on Friday. This follows Nene's testimony before the commission of... 

Nhlanhla Nene resigns as MP
Former Finance Minister Nhlanhla Nene

New Mpumalanga mall set to spur growth in the area

By: Tasneem Bulbulia     19th October 2018 The R240-million Thulamahashe Mall, in Mpumalanga, a new development between partners Nthwese Developments and Twin City, is set to open on October 25, and is expected to create an economic upswing in the rural area, says Nthwese Developments MD Seabelo Theledi. The development has a gross... 

New Mpumalanga mall set to spur growth in the area
Artwork of the R240-million Thulamahashe Mall, in Mpumalanga, a new development between partners Nthwese Developments and Twin City

Sub-Saharan Africa's big economies yet to recover

By: Reuters     19th October 2018 Sub-Saharan Africa's economic recovery will progress slowly into next year, as the continent's biggest drivers struggle to move into higher gear despite a healthier global economy, a Reuters poll found on Friday. Commodity prices have improved and the global economy is in good shape, but Nigeria... 

Economic growth the missing key to South Africa's investment drive – Jacko Maree

By: African News Agency      19th October 2018 Special envoy on investment Jacko Maree on Thursday said that the missing key to South Africa's investment drive was economic growth and confidence in the socio-political and socioeconomic environment of the country.  In April, President Cyril Ramaphosa appointed Maree and four other special... 

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