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Economy News

Eskom confirms another full day of load shedding

By: News24Wire      6th December 2018 It looks increasingly likely that load shedding will continue all week, after Eskom on Thursday said its maintenance crews were still struggling to repair broken power generating units.  Stage 2 load shedding will take place between 09:00 and 22:00 on Thursday. Stage 2 allows for up to 2000... 

Agribusiness outlook remains cautious as lack of rainfall issue looms

By: Simone Liedtke     5th December 2018 The agriculture sector’s optimistic outlook at the start of the 2018/19 production season has changed, says Agbiz agribusiness research head Wandile Sihlobo. Despite the season having started with farmers aiming to lift the summer grain and oilseed planting activity by 5% from the previous season... 

Agribusiness outlook remains cautious as lack of rainfall issue looms
Photo by Simone Liedtke
Agbiz agribusiness research head Wandile Sihlobo

Springs-based fuel cell SEZ approved  

By: Nadine James     5th December 2018 The special economic zone (SEZ) for fuel cell development, proposed for development by the Gauteng Industrial Development Zone initiative and Impala Platinum (Implats), has been approved, Implats fuel cell coordinator Fahmida Smith told attendees at the International Partnership for Hydrogen and... 

Eskom signals components of turnaround plan 

By: Creamer Media Reporter      5th December 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about signals from Eskom as to some components of its turnaround plan and how this is likely to impact on consumers. 

Eskom signals components of turnaround plan
Eskom signals components of turnaround plan

Private sector contracts at slower pace in Nov – Standard Bank PMI

By: Reuters     5th December 2018 South African private sector activity shrank again in November, albeit at a slower pace than the previous month, as firms cut inventories to their lowest level in more than four years, a survey showed on Wednesday. The Purchasing Managers' Index (PMI), compiled by IHS Markit, rose to 48.2 in... 

Eskom to implement rolling power cuts

By: African News Agency      5th December 2018 State power utility Eskom said on Wednesday it would implement rotational powercuts from 9 am to 10 pm as a result of a shortage of capacity due to a number of generating units still being out of service due to breakdowns. "Our maintenance teams continue to work hard to bring the units back to... 

Eskom to implement rolling power cuts

Mpumalanga remains under strain as water pollution continues

By: Simone Liedtke     4th December 2018 Residents of Mpumalanga remain concerned about sewage spillages and wastewater challenges. The South African Human Rights Commission (SAHRC) has received complaints about alleged sewage spillages and/or the inadequate treatment of wastewater. 

South Africa emerges from recession as farming, manufacturing jump 

By: Reuters     4th December 2018 Farms and factories dragged South Africa out of its first recession in almost a decade, data showed on Tuesday, as the economy grew by more than expected in the third quarter. The positive data is a boost for President Cyril Ramaphosa, who has pledged to re-start growth after a decade of... 

South Africa emerges from recession as farming, manufacturing jump

Two South African entrepreneurs shortlisted for Africa Prize for Engineering Innovation

By: Simone Liedtke     4th December 2018 Pelebox Smart Lockers and the Hybrid Five-Axis Machine Tool are two South African innovations that have been shortlisted for the Royal Academy for Engineering’s (RAE’s) Africa Prize for Engineering Innovation, accelerated by the Cape Innovation and Technology Initiative (CiTi).   

Two South African entrepreneurs shortlisted for Africa Prize for Engineering Innovation
Pelebox Smart Locker system developer Neo Hutiri

Agbiz, IDC Agribusiness Confidence Index falls to lowest level in nearly a decade

By: Simone Liedtke     4th December 2018 While some subindices showed an increase from the third quarter, the Agbiz and Industrial Development Corporation’s Agribusiness Confidence Index weakened to 42 in the last quarter of the year, reflecting despondency in the sector. Subsequent to a decline from 54 to 48 points in the third quarter... 

SA out of recession with 2.2% GDP growth 

By: News24Wire      4th December 2018 The South African economy has officially exited the recession after reporting 2.2% Gross Domestic Product (GDP) growth for the third quarter of the year, Statistics South Africa announced on Tuesday morning at a briefing in Pretoria.  South Africa slipped into a technical recession during the... 

 SA out of recession with 2.2% GDP growth

Joburg most popular African city for fifth consecutive year – Mastercard survey

By: African News Agency      4th December 2018 Johannesburg has emerged as the most popular destination city in Africa for the fifth consecutive year, according to the annual Mastercard Global Destination Cities Index released on Tuesday.  The City of Gold, as Johannesburg is affectionately known, attracted 4.05-million international... 

Eskom implements Stage 2 load shedding

By: African News Agency      4th December 2018 Eskom on Tuesday said it was implementing load shedding across South Africa as it seeks to manage an electricity shortfall. "As a result of a shortage of capacity due to a number of generating units still out of service due to breakdowns, Eskom will be implementing Stage 2 rotational load... 

Eskom implements Stage 2 load shedding

AfDB, fund provide $200m in joint financing to support Nigeria electrification project

By: Simone Liedtke     3rd December 2018 The African Development Bank’s (AfDB’s) board of directors has approved a $150-million sovereign loan to the Nigerian government to finance the Nigeria Electrification Project (NEP). The financing will support rural electrification efforts in Nigeria by facilitating private sector development and... 

African renewables IPP to list on Mauritian Stock Exchange

By: Simone Liedtke     3rd December 2018 Independent power producer (IPP) Africa Clean Energy Solutions (Aces) will list on the Mauritian Stock Exchange on December 14. The company will issue up to 600 000 new shares prior to the initial listing date. 

South Africa faces more power cuts, raising Ramaphosa reform risk

By: Reuters     3rd December 2018 South Africa faces more power cuts, electricity utility Eskom warned on Monday as it sought to prevent the collapse of its power grid in a test for President Cyril Ramaphosa's reforms. Eskom implemented a fifth day of controlled power cuts on Monday, putting more strain on an economy already... 

South Africa faces more power cuts, raising Ramaphosa reform risk

Absa PMI rises for first time in three months 

By: Marleny Arnoldi     3rd December 2018 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) rose to 49.5 index points in November from 42.4 in October – the first increase after three consecutive decreases. The improvement was mainly owing to four of the five main subcomponents rising.  

Eskom starts stage 2 load shedding

By: News24Wire      3rd December 2018 Eskom on Monday morning commenced with stage 2 load shedding, saying the rotational power cuts would likely continue until 22:00. This after it had on Sunday warned of a full day of load shedding on Monday, saying a number of power generating units were still out of service. 

Eskom starts stage 2 load shedding

Charts show South Africa's recession may be over

By: Bloomberg     3rd December 2018 South Africa is likely to emerge from its first recession in almost a decade as monthly indicators for the third quarter signal a modest rebound. Recoveries in manufacturing and trade are expected to drive growth momentum in Africa’s most industrialised economy. Statistics South Africa will on... 

Mboweni prioritizes regaining South Africa investment grade

By: Bloomberg     3rd December 2018 South Africa’s government is prioritizing regaining an investment grade rating on its debt as part of its plans to revive a stagnant economy, Finance Minister Tito Mboweni said. Moody’s Investors Service is the only one of the three major credit-rating companies that still assesses South Africa’s... 

Mboweni prioritizes regaining South Africa investment grade
Finance Minister Tito Mboweni

Rand firms as US-China trade truce revives risk appetite

By: Reuters     3rd December 2018 South Africa's rand firmed against the dollar in early trade on Monday as investor demand for riskier assets rose after China and the US agreed to a ceasefire in their trade war that has shaken global markets. At 0605 GMT, the rand traded at 13.7600 per dollar, 0.65% firmer than its New York... 

Rand firms as US-China trade truce revives risk appetite

Trade deficit widens to R5.55bn in October

By: Reuters     30th November 2018 South Africa's trade deficit widened to R5.55-billion in October from a revised R3.83-billion deficit in September, official data showed on Friday. Exports rose by 8.5% on a month-on-month basis to R122.32-billion in October, while imports edged 9.7% higher to R127.87-billion, the South African... 

Swifambo loses SCA bid to retain R3.5bn 'tall trains' PRASA tender

By: News24Wire      30th November 2018 Controversial locomotive supplier Swifambo Rail Leasing has lost a Supreme Court of Appeal challenge to a High Court order that stripped it of a R3.5-billion tender with the Passenger Rail Agency of South Africa (PRASA). Last year, Judge J Francis in the South Gauteng High Court in Johannesburg... 

100 MW CSP project, developed by black-owned IPP, enters commercial operation  

By: Terence Creamer     30th November 2018 A new 100 MW concentrated solar power (CSP) plant, developed by black-owned independent power producer (IPP) Emvelo, officially entered into commercial operation this week, providing Eskom with a new dispatchable generation option at a time of severe supply-side constraints. Located in Upington,... 

100 MW CSP project, developed by black-owned IPP, enters commercial operation
The Ilanga CSP1 plant

Cape Town households shoulder a bigger share of water restrictions so economy and business can recover

By: News24Wire      30th November 2018 Cape Town households will shoulder a bigger share of the new water restrictions to make more water available for the region’s economic drivers of agriculture, industry and tourism. This reflects a major shift in the way the region’s water is allocated, with agriculture getting a bigger share than... 

Ramaphosa to officiate at Atlantis SEZ opening on December 6

By: Marleny Arnoldi     30th November 2018 President Cyril Ramaphosa will on December 6 officiate the opening of the Atlantis special economic zone (SEZ), in the Western Cape. The launch of the 124.5 ha zone is designated for the establishment of a green technologies hub for the province.  

'Gigaba lied to Parliament over SAA financials', commission hears

By: African News Agency      30th November 2018 While director-general at the department of public enterprises, former Eskom CEO Tshediso Matona, tried to persuade South African Airways to support the now defunct The New Age (TNA) newspaper after the national carrier's bid adjudication committee turned it down, former SAA board chairperson... 

Circular economy presents opportunities for Africa

By: Jessica Oosthuizen     30th November 2018 The circular economy, as a reformative system, presents significant opportunities for Africa to deliver on more inclusive economic growth, which includes job opportunities and the positive environmental practices that are in dire need for sustainable growth, says waste management company... 

Circular economy presents opportunities for Africa
Photo by Creamer Media
GROWING SECTOR The waste picker sector is growing and plays a key role in South Africa’s recycling strategy

Regulatory, payment efficiencies needed to support SME jobs

By: Schalk Burger     30th November 2018 The efficiency of securing regulatory compliance and the speed at which small and medium-sized enterprises (SMEs) are paid by private companies and public organisations are some of the biggest concerns for small businesses. Small Business Institute chairperson Bernard Swanepoel highlights  the... 

Interim results confirm the bad state of Eskom’s financial health 

29th November 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about Eskom’s interim financial results and the utility’s plans to turn its financial position around. 

Interim results confirm the bad state of Eskom’s financial health
Interim results confirm the bad state of Eskom’s financial health

Rand likely to remain volatile, says deputy SARB governor 

By: News24Wire      29th November 2018 Exchange rate forecasts for the rand remain widely dispersed, deputy governor of the SA Reserve Bank (SARB) Daniel Mminele said on Wednesday. It is likely that the rand, along with other emerging market (EM) currencies, will remain volatile, he said at the Bloomberg FX'18 event in Johannesburg. 

 Rand likely to remain volatile, says deputy SARB governor
Photo by Bloomberg
SARB deputy governor Daniel Mminele

Another Eskom equity injection mooted amid R15bn loss warning   

By: Terence Creamer     28th November 2018 South Africa’s debt-laden electricity utility Eskom is in discussions with government about yet another equity injection, as well as various possible “debt-relief” options, as part of a turnaround plan, which chairperson Jabu Mabuza insists needs to be implemented immediately if the company is to... 

Another Eskom equity injection mooted amid R15bn loss warning
Eskom chairperson Jabu Mabuza on the utility's dire financial position and the board's proposed turnaround plan. Camera Work & Editing: Nicholas Boyd. 28.11.18

'Debt-driven' Eskom not ruling out load shedding for remainder of year

By: News24Wire      28th November 2018 Weak financial ratios, reduced generation performance and low coal stock levels have again raised the spectre of load shedding for power utility Eskom. Announcing the interim financial results for the six months ended September 30, CEO Phakamani Hadebe warned that although liquidity had improved,... 

 'Debt-driven' Eskom not ruling out load shedding for remainder of year

AA predicts massive drop in petrol price in December 

By: News24Wire      28th November 2018 Motorists can expect a R1.85 reduction per litre in the price of petrol, with diesel coming down by an estimated R1.40, and illuminating paraffin dropping by R1.28, the Automobile Association (AA) predicted on Wednesday. The association was commenting on unaudited month-end fuel price data... 

 AA predicts massive drop in petrol price in December

Department of Energy to review how it costs basic fuel price 

By: News24Wire      28th November 2018 The department of energy has invited public comments on how it calculates the underlying prices of fuel, diesel and illuminating paraffin, known as the Basic Fuel Price (BFP). This is the price of fuel before taxes, transport, and other costs are added.  

 Department of Energy to review how it costs basic fuel price

Parly committee adopts Eskom inquiry report, recommends top executives testify before Zondo

By: News24Wire      28th November 2018 Parliament’s portfolio committee on public enterprises has adopted its final report into allegations of State capture at Eskom and Transnet, which recommends that some of power utility's former board chairs and top executives be requested to appear before the ongoing judicial commission of... 

Parly committee adopts Eskom inquiry report, recommends top executives testify before Zondo

Ramatlhodi to testify at Zondo commission of inquiry

By: News24Wire      28th November 2018 Former Mineral Resources Minister Ngoako Ramatlhodi will be the fourth minister who served under former president Jacob Zuma to appear before the Zondo commission of inquiry into state capture on Wednesday. News24 understands Ramatlhodi and his former adviser and spokesperson advocate Mahlodi... 

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