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Economy News

President Ramaphosa jetting off to China for State visit and multilateral summit

By: Rebecca Campbell     31st August 2018 South African President Cyril Ramaphosa departs for Beijing on Friday for both a State visit to China and to co-Chair the 2018 Forum on China-Africa Cooperation (FOCAC), which will take place immediately afterwards. The State visit will take place on September 2 and FOCAC will be held on... 

South Africa's trade balance swings to deficit in July

By: Reuters     31st August 2018 South Africa's trade balance swung to a deficit of R4.66-billion ($317-million) in July from a revised R11.89-billion surplus in June, data from the revenue agency showed on Friday. Exports fell by 2.7% on a month-on-month basis to R107.07-billion in July, while imports increased by 13.8% to... 

Long-serving Qhena to step down as IDC CEO on Dec 31

By: Marleny Arnoldi     31st August 2018 The Industrial Development Corporation (IDC) has started the search for a new CEO, following Geoffrey Qhena’s resignation. Qhena has agreed to stay on until December 31, to ensure a smooth transition.  

Long-serving Qhena to step down as IDC CEO on Dec 31
Photo by Dylan Slater
IDC CEO Geoffrey Qhena

More than 2 000 leaders to attend WEF's summer meeting in Tianjin

By: African News Agency      31st August 2018 More than 2 000 leaders from government, business, science and civil society from around the world will join the World Economic Forum’s (WEF's) annual meeting of the new champions in Tianjin, China, in September.  The meeting, taking place on September 18 to 20, will see 111 countries represented... 

More than 2 000 leaders to attend WEF's summer meeting in Tianjin

Emerging markets including SA feel the pressure as Turkish lira, Argentina's peso tumble

By: African News Agency      31st August 2018 The crisis in Turkey, which saw the lira currency tumble over five percent on Thursday, and a similar fall in Argentina's peso are having a negative knock-on impact on emerging markets, an economist said on Friday. The lira's sharp retreat followed a report that Turkey's central bank's deputy... 

 Emerging markets including SA feel the pressure as Turkish lira, Argentina's peso tumble

CSIR Aeronautics attracting international clients as SA budgets fall

By: Rebecca Campbell     31st August 2018 The Council for Scientific and Industrial Research (CSIR) Aeronautics Systems Competency has created an innovation team to address both emerging opportunities and problems in the global aerospace environment. (“Innovation team” is a description, not a title.) This amounts to the creation of a new... 

CSIR Aeronautics attracting international clients as SA budgets fall

Politics hamper African airlines’ growth potential

By: Jessica Oosthuizen     31st August 2018 The African airline sector has significant potential for growth, but it is not growing sufficiently because of various issues, such as stringent regulatory frameworks, says flag carrier airline Air Mauritius Southern Africa and Latin America regional GM Carla da Silva. Government policies in... 

Politics hamper African airlines’ growth potential
CARLA DA SILVA Better and more communication is needed in terms of the benefits of aviation and the role that it plays in stimulating gross domestic product and job creation

Spotlight on CTC and potential legal inconsistencies

By: Jessica Oosthuizen     31st August 2018 The Cape Town Convention (CTC) on International Interests in Mobile Equipment is receiving a lot of attention from the legal industry in terms of how South Africa has incorporated it and how certain remedies provided for therein are enforced in the aviation industry, says global law firm Norton... 

Spotlight on CTC and potential legal inconsistencies
COMPLIANCY CHECK An aviation working group is evaluating whether South Africa implements and complies with the rights and remedies provided for in the Cape Town Convention

M&R upbeat on prospects for mining unit amid commodity cycle ‘upturn’

By: Terence Creamer     30th August 2018 Engineering and construction group Murray & Roberts (M&R) is upbeat about prospects for its strong-performing underground mining unit, which was the biggest contributor to the group’s 2018 financial performance, as well as to the growth in the JSE-listed company’s R30-billion order book. The... 

M&R upbeat on prospects for mining unit amid commodity cycle ‘upturn’
M&R Cementation aiming to become leading mechanised mining operator in Africa

IMF supports South African land reform provided it's 'rules based'

By: Reuters     30th August 2018 The International Monetary Fund (IMF) gave its full backing to South Africa's land reform plan on Thursday, as long as the highly contentious process is transparent and based on the constitution. The Fund's senior resident representative in South Africa Montfort Mlachila told Reuters that the... 

IMF supports South African land reform provided it's 'rules based'

What’s in the draft IRP? 

30th August 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the contents of the draft Integrated Resources Plan, which was released this week; what comments are likely to be received; and what process will be followed once the public comment period ends. 

What’s in the draft IRP?
What’s in the draft IRP?

Eskom, unions settle on salary adjustments

By: Marleny Arnoldi     30th August 2018 State-owned power utility Eskom has reached a three-year wage agreement with trade unions the National Union of Mineworkers (NUM), the National Union of Metalworkers of South Africa (Numsa) and Solidarity. In terms of the agreement, Eskom’s bargaining unit permanent employees will receive salary... 

Eskom, unions settle on salary adjustments

Poor governance, corruption led to a number of shortfalls at SA Express- MPs heard

By: African News Agency      29th August 2018 Lack of leadership capacity and poor governance due to lack of focus over the years has led to a number of procurement shortfalls and poor performance culture at the embattled regional airline South African Express, Parliament's portfolio committee on public enterprises heard on Wednesday.... 

SABS business stable following Ministerial intervention

By: Simone Liedtke     29th August 2018 After having been placed under administration by Trade and Industry Minister Dr Rob Davies in July, the South African Bureau of Standards (SABS) has been stabilised. The co-administrators – SABS COO Jodi Scholtz, SABS technical infrastructure chief director Dr Tshenge Demana and acting CEO Garth... 

Busa calls for preservation of ‘yellow card’ regime in Competition Amendment Bill

By: Simone Liedtke     29th August 2018 Business Unity South Africa (Busa) economic and trade policy director Olivier Serrao has called for the preservation of the “yellow card” regime in the Competition Amendment Bill. The current version of the Bill does away with the “yellow card” regime, which is currently in place through the... 

Adcock Ingram’s HEPS rise 25.5%, despite economic, consumer headwinds

By: Simone Liedtke     29th August 2018 JSE-listed Adcock Ingram reported headline earnings per share (HEPS) from continuing operations of 387.7c for the year ended June 30, representing a year-on-year increase of 25.5%. Headline earnings for the period were R644.7-million, up from R513.7-million in the prior financial year. 

Sars shortfall to blame for VAT hike – Treasury 

By: News24Wire      29th August 2018 Treasury would not have needed to increase value added tax by one percentage point to 15% in April if not for the revenue shortfall at the South African Revenue Services (Sars), deputy director general at National Treasury Ismail Momoniat told the Nugent Commission of Inquiry on Wednesday.... 

Sars shortfall to blame for VAT hike – Treasury

Ring-fence Eskom’s ‘bad bank’ generation assets, says energy expert  

By: Terence Creamer     29th August 2018 A leading electricity expert is warning that there is little or no prospect that Eskom can trade itself out of its current financial difficulties and that restructuring – including a vertical separation of its cash-guzzling generation assets from its transmission, system operator and distribution... 

Ring-fence Eskom’s ‘bad bank’ generation assets, says energy expert
University of Cape Town Graduate School of Business’ Professor Anton Eberhard outlines a ‘pragmatic’ restructuring plan for Eskom. Camera Work: Nicholas Boyd. Editing: Christo Greyling. Recorded: 28.8.2018

South Africa launches electronic trading platform for government bonds

By: Reuters     29th August 2018 The Johannesburg Stock Exchange (JSE) and the London Stock Exchange launched the country's first electronic government bond trading platform, offering an alternative to traditional fixed-income trading via telephone or chat services. The new system offers public price transparency equivalent to... 

Denel is getting itself back on an even keel, but needs further government guarantees

By: Rebecca Campbell     29th August 2018 State-owned defence industrial group Denel’s acting Group CEO Michael Kgobe assured the Parliamentary Portfolio Committee on Public Enterprises on Wednesday that the new Denel Board was carrying out comprehensive actions against corruption and dubious transactions, as well as to reinforce... 

Denel is getting itself back on an even keel, but needs further government guarantees

Eskom needs to be 'rightsized' – Mabuza

By: Kim Cloete     28th August 2018 Eskom chairperson Jabu Mabuza says the utility is up to 33% overstaffed at all levels and may need to be "rightsized" in time. “We don't know whether we will downsize but we are determined to rightsize. We will do that within the confines of the Labour Relations Act. We can’t tell people here how... 

Eskom to sue Trillian; warns some dismissed Eskom employees still have their tentacles in the utility

By: Kim Cloete     28th August 2018 Eskom CEO Phakamani Hadebe says Eskom will continue to tighten the screws on implicated former and current employees and suppliers who have drained the utility of its resources and plunged it into debt. He told Parliament on Tuesday that Eskom would also sue Gupta-linked Trillian later this year... 

Manufacturers continue to invest, despite tough market conditions

By: Simone Liedtke     28th August 2018 With tough economic conditions continuing to impact on manufacturers, the Manufacturing Circle Investment Tracker (MCIT) index for the second quarter of 2018 saw a marginal decrease from 59 index points to 58. Despite this marginal decrease, Manufacturing Circle (MC) executive Philippa Rodseth... 

Eskom gives up debt to equity conversion plan – Mabuza

By: African News Agency      28th August 2018 Eskom has shelved plans to ask the Public Investment Corporation (PIC) to convert some of its debt to equity, Eskom chairperson Jabu Mabuza told MPs on Tuesday. "We are not asking anybody to convert debt," he told a joint meeting of the portfolio committees on energy and public enterprises 

 Eskom gives up debt to equity conversion plan – Mabuza
Photo by Dylan Slater
Eskom chairperson Jabu Mabuza

Eskom to sue Trillian to recover R600-million

By: African News Agency      28th August 2018 Eskom will sue Trillian later this year to recover R600-million from the firm linked to the infamous Gupta family, the utility's CEO Phakamani Radebe told MPs on Tuesday. "In December we will be going to court to face up to Trillion to demand our R600-million," Radebe told a joint sitting of... 

 Eskom to sue Trillian to recover R600-million

De Beers, UN Women to support women micro-entrepreneurs in South Africa

By: Simone Liedtke     28th August 2018 Diamond miner De Beers and the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) in South Africa have launched a capacity-building programme, which aims to support 500 women micro-entrepreneurs in the Blouberg and Musina communities, near De Beers’ Venetia diamond... 

Cashbuild expansion strategy places retailer in good position to reap rewards

By: Simone Liedtke     28th August 2018 Despite demanding trading conditions, South African retailer Cashbuild on Tuesday announced that it has, for the first time, exceeded the R10-billion group revenue mark. Cashbuild CE Werner de Jager attributed the 5% year-on-year growth in group revenue largely to the 42 new stores that were... 

Gupta revealed 'top secret' Denel matter – Mentor

By: African News Agency      28th August 2018 Ajay Gupta revealed top secret information regarding state-owned arms manufacturer Denel during a meeting at the family's Saxonwold compound, former African National Congress (ANC) parliamentarian Vytjie Mentor testified at the state capture commission of inquiry on Tuesday. This was a meeting... 

Britain supports South African land reform – PM May 

By: Reuters     28th August 2018 Britain supports South Africa's land reform programme provided it is carried out legally, Prime Minister Theresa May said in Cape Town on Tuesday, adding that she would discuss the issue with President Cyril Ramaphosa. "The UK has for some time now supported land reform. Land reform that is... 

Britain supports South African land reform – PM May
Photo by Reuters
British Prime Minister Theresa May

Solar body raises concern over procurement gap, as lobby group slams inclusion of IPP coal

By: Terence Creamer     28th August 2018 The South Africa Photovoltaic Industry Association (SAPVIA) has added its voice to concerns being expressed over the three-year gap outlined in the draft Integrated Resource Plan (IRP 2018) during which no allocations have been made for new renewable-energy capacity additions. In a statement,... 

Solar body raises concern over procurement gap, as lobby group slams inclusion of IPP coal

Agricultural organisations commit to developing national strategy

By: Simone Liedtke     27th August 2018 The presidents of the African Farmers Association of South Africa (Afasa), the National African Farmers Union of South Africa (Nafu SA), Agri SA and the Transvaal Agricultural Union of South Africa (Tau-SA), as members of the Agri Sector Unity Forum (Asuf), on Monday declared their intent to work... 

Agricultural organisations commit to developing national strategy

Wind body praises IRP, but wants clarity on three-year gap in new additions

By: Terence Creamer     27th August 2018 The South African Wind Energy Association (SAWEA) has praised the emphasis placed in the draft Integrated Resource Plan (IRP 2018) on integrating the least-cost generation solutions of wind, solar photovoltaic (PV) and gas into the South African electricity mix between 2018 and 2030. However, the... 

Wind body praises IRP, but wants clarity on three-year gap in new additions

Treasury has hard choices to make, says VAT panel chair

By: News24Wire      27th August 2018 The value added tax (VAT) panel made an input to the process to decide on zero-rated items and it will be up to National Treasury to make the hard choices, according to chair of the VAT panel Professor Ingrid Woolard. The VAT panel will present its report to the Standing Committee on Finance on... 

 Treasury has hard choices to make, says VAT panel chair

Sars to re-establish Large Business Unit, Illicit Economy Team

By: Simone Liedtke     27th August 2018 The South African Revenue Service (Sars) will be re-establishing the Large Business Unit and the Illicit Economy Team. The decision, which was made by Sars acting commissioner Mark Kingon and the Sars executive committee, was based on the “pivotal role that these units play in enabling Sars to... 

President Ramaphosa to host UK Prime Minister May 

By: African News Agency      27th August 2018 President Cyril Ramaphosa will on Tuesday host British Prime Minister Theresa May on a working visit to South Africa.  "The working visit follows bilateral meetings between President Ramaphosa and Prime Minister May during the Commonwealth Heads of Government Meeting (CHOGM) in London from 19 to... 

 President Ramaphosa to host UK Prime Minister May
President Cyril Ramaphosa & British Prime Minister Theresa May

Graskop Gorge Lift Centre to boost Mpumalanga tourism

By: Simone Liedtke     24th August 2018 Tourism Minister Derek Hanekom on Friday officially opened the Graskop Gorge Lift Centre, which features a viewing lift that travels 51 m down the face of the Graskop Gorge, located along the Panorama route, in Mpumalanga. The Panorama route is a popular tourist destination in the province,... 

Graskop Gorge Lift Centre to boost Mpumalanga tourism

Integrated Resource Plan to be released on Monday, Radebe confirms

By: African News Agency      24th August 2018 The release of the updated Integrated Resource Plan (IRP) will go ahead on Monday, Energy Minister Jeff Radebe has confirmed. Radebe tweeted on Friday that the long-awaited energy update was under discussion at the National Economic Development and Labour Council (Nedlac) but would be posted on... 

Integrated Resource Plan to be released on Monday, Radebe confirms
Energy Minister Jeff Radebe

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