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Economy News

PRASA steps in as union calls for payment of Autopax employees’ salaries

By: Marleny Arnoldi     26th April 2018 The United National Transport Union (Untu) on Thursday demanded the South African government ensure that the employees of bus operator Autopax receive their salaries.  

Ramaphosa to meet labour ministry after minimum wage protests

By: Reuters     26th April 2018 South African President Cyril Ramaphosa will on Thursday meet officials from the labour ministry to discuss the planned introduction of a national minimum wage, a day after nationwide protests over the policy which he has championed. Several thousand union members marched in Johannesburg, Cape... 

Business Leadership SA dismisses merger talks with Black Business Council

By: African News Agency      26th April 2018 Business Leadership South Africa (BLSA) has dismissed reports that it is in talks about a merger with the Black Business Council (BBC).  BLSA is an independent association whose members include the leaders of some of South Africa’s biggest and most well-known organisations, and aims to create... 

Fuel prices could hit record levels in May - AA

By: News24Wire      26th April 2018 There is a strong likelihood of a fuel price hike to record levels in May, the Automobile Association (AA) said on Wednesday. It believes this is because the rand is currently weakening against the dollar and international petroleum prices are also rising. The AA also said the increase in toll... 

Fuel prices could hit record levels in May - AA

South Africa to host the Japan–Africa Public Private Economic Forum

By: Marleny Arnoldi     25th April 2018 South Africa will host the Japan–Africa Public Private Economic Forum at the Sandton Convention Centre from May 3 to 4.  

MTN commits to creating 1 000 jobs in support of the YES initiative

By: Creamer Media Reporter      25th April 2018 Telecommunications company MTN Group has committed to the creation of 1 000 jobs within the first year of the Youth Employment Service (YES) initiative. President Cyril Ramaphosa last month launched the initiative – a business-led collaboration with government and labour which aims to empower... 

Social partners to meet on boosting investment 

25th April 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about President Cyril Ramaphosa’s plans to secure higher levels of investment and the role business and labour are likely to play in the process. 

Social partners to meet on boosting investment
Social partners to meet on boosting investment

Global wind body sees South African market returning to ‘full health’ in 2018

By: Terence Creamer     25th April 2018 The Global Wind Energy Council (GWEC) expects the South African wind market to return to “full health” in the coming year, following more than two years of uncertainty. The council’s latest Global Wind Report, which deals with market developments for 2017, notes that the South African renewable... 

Global wind body sees South African market returning to ‘full health’ in 2018

Treasury announces panel of experts to review VAT zero-rated items

By: African News Agency      25th April 2018 Finance Minister Nhlanhla Nene announced that Stellenbosch University's Professor Ingrid Woolard will chair the nine-member independent panel of experts that will review the current list of Value-Added Tax (VAT) zero-rated items. Woolard is currently dean of Economic and Management Sciences at... 

Former Statistician-General Pali Lehohla honoured by University of KZN

By: African News Agency      24th April 2018 The University of KwaZulu-Natal (UKZN) has awarded Dr Pali Lehohla, former Statistician General and head of Statistics South Africa, with an honorary doctorate, the university said on Tuesday . The university made the award on Monday night in recognition of his unprecedented role in... 

South African Airways says it needs capital injection 'now' 

By: Reuters     24th April 2018 South African Airways (SAA) needs a new capital injection "now" to stay afloat and is in discussions with banks and the National Treasury for "an open credit line", its chief executive said on Tuesday. State-owned SAA, which has not generated a profit since 2011, is regularly cited by ratings... 

South African Airways says it needs capital injection 'now'

Rand recovers as traders see dip as chance to buy cheap

By: Reuters     24th April 2018 South Africa's rand on Tuesday recovered some of its losses from a rout in the previous session as traders bought the dip and the dollar rally marched on, causing the currency to break through key levels. At 0630 GMT the rand was 0.45 percent firmer at 12.2950 per dollar compared to an overnight... 

Cosatu won't join general strike on Wednesday, supports minimum wage

By: African News Agency      24th April 2018 The Congress of South African Trade Unions (Cosatu) on Tuesday distanced itself from a planned national strike against a proposed minimum wage and amendments to labour laws. Cosatu's rival, the South African Federation of Trade Unions (Saftu) said on Monday it would embark on a general strike on... 

 Cosatu won't join general strike on Wednesday, supports minimum wage

Ramaphosa arrives in Luanda ahead of the SADC Double Troika Summit

By: African News Agency      24th April 2018 South Africa President Cyril Ramaphosa arrived in Luanda, Angola, on Tuesday morning for the Extraordinary Summit of the Southern African Development Community (SADC) Double Troika which will consider the political and security environment in the SADC region, particularly the kingdom of Lesotho... 

 Ramaphosa arrives in Luanda ahead of the SADC Double Troika Summit
President Cyril Ramaphosa

Agreement opens way for R1.8bn oil services hub at Saldanha port

By: Terence Creamer     23rd April 2018 A private port terminal operator has been selected to build and operate South Africa’s first offshore supply base (OSSB) at the Port of Saldanha, in the Western Cape. The facility, which will involve investments of R1.8-billion over the coming five years, will provide services to offshore oil and... 

Agreement opens way for R1.8bn oil services hub at Saldanha port
Port of Saldanha

South African air traffic controller elected VP of global ATC representative body

By: Rebecca Campbell     23rd April 2018 Air Traffic and Navigation Services, the State-owned company that is responsible for South Africa’s air traffic management, announced on Sunday that its Area Radar Controller at OR Tambo International Airport (Johannesburg), Peter van Rooyen, had been elected Executive VP of the International... 

SAB, AB InBev on track with five-year public interest commitment investments

By: Marleny Arnoldi     23rd April 2018 South African Breweries (SAB), together with its parent company Anheuser-Busch InBev (AB InBev), has spent R209-million on Public Interest Commitments (PICs) in 2017, with investments in agriculture, enterprise development and societal benefits programmes in South Africa. With the merger of SAB... 

SAB, AB InBev on track with five-year public interest commitment investments

Bursary ‘deal breaker’ removed as precondition for gaining YES empowerment credit

By: Terence Creamer     23rd April 2018 The Department of Trade and Industry (DTI) has agreed to remove an onerous bursary target previously set as a precondition for any firm seeking to receive empowerment credit for their participation in the newly launched Youth Employment Service (YES) initiative. In an unusual step, the department... 

Bursary ‘deal breaker’ removed as precondition for gaining YES empowerment credit
Photo by Dylan Slater
President Cyril Ramaphosa, centre, with Gauteng Premier David Makhura and Busa president Jabu Mabuza at the launch of YES in March

South African pork industry could lose R1bn due to listeriosis outbreak – FNB economist

By: African News Agency      23rd April 2018 South Africa's pork industry and its value chain could suffer losses of up to R1-billion as the price of the meat continues to decline in a fallout from the recent outbreak of listeriosis, an FNB economist said on Monday. A variety of ready-to-eat processed meats, mainly made from pork, have been... 

Pinsent Masons appoints Sibanda as Jhb office head

By: Simone Liedtke     23rd April 2018 International law firm Pinsent Masons has appointed George Sibanda as head of the firm's Johannesburg office. Sibanda, who joined the firm when it launched its presence in Africa last year, is a highly skilled corporate specialist and has worked on numerous capital raisings, including on the... 

Pinsent Masons appoints Sibanda as Jhb office head
Newly-appointed Pinsent Mason Johannesburg office head George Sibanda

DTI invites public to comment on proposed amendments to BBBEE codes

By: Marleny Arnoldi     20th April 2018 The Department of Trade and Industry (DTI) is inviting the public to participate in a public commentary process on a proposed amendment to the Broad-Based Black Economic Empowerment (BBBEE) Codes of Good Practice on or before May 29.  

Molewa gazettes financial provisioning regulation amendments

By: Marleny Arnoldi     20th April 2018 Environmental Affairs Minister Dr Edna Molewa on Friday gazetted, for implementation, an amendment to the Financial Provisioning Regulations (FPR) for prospecting, exploration, mining or production operations.  

Molewa gazettes financial provisioning regulation amendments
Photo by Creamer Media
Environmental Affairs Minister Dr Edna Molewa

Call made for ‘broad coalition’ to reverse South Africa’s premature deindustrialisation 

By: Terence Creamer     20th April 2018 A new no-holds-barred study of South Africa’s economic transformation over the past two decades concludes that the country has not only deindustrialised prematurely, but has also failed to materially transform its economic structure to one that encourages inclusive growth and development. Titled... 

Call made for ‘broad coalition’ to reverse South Africa’s premature deindustrialisation

Minimum wage Bill now with Labour Dept

By: Thabi Madiba     20th April 2018 The National Minimum Wage Bill is now with the Department of Labour to be redrafted with public input agreed to by the Portfolio Committee on Labour. The committee’s acting chairperson Sharome van Schalkwyk said that the department will now take time to rework the Bill for submission again to the... 

Minimum wage Bill now with Labour Dept

Mondi acquires two KwaZulu-Natal plantations

By: Simone Liedtke     20th April 2018 JSE-listed pulp and paper producer Mondi has acquired the Draycott and Greytown timber plantations, in KwaZulu-Natal, from World Hardwood. The Competition Tribunal on Thursday approved the transaction, after the Competition Commission determined that it was unlikely to substantially prevent or... 

Sars introduces electronic reporting requirements for customs clients

By: African News Agency      20th April 2018 The South African Revenue Service (Sars) said on Friday it would at the weekend introduce a new electronic cargo reporting system to track the movement of cargo into and out of the country. Sars said the paperless system would bring an end to one of its last remaining paper-based processes and... 

Sars introduces electronic reporting requirements for customs clients

Independent board urges M&R shareholders to reject Aton offer

By: Simone Liedtke     20th April 2018 An independent board established by Murray & Roberts (M&R) to assess the proposal by German family-owned business Aton to acquire all shares in M&R at R15 a share, has again recommended that M&R shareholders reject the offer. In an announcement on Friday, the M&R independent board reiterated that... 

DTI opposed to temporary scrapping of EV duties, but open to EU tariff re-set 

By: Terence Creamer     20th April 2018 The Department of Trade and Industry (DTI) has confirmed that it is opposed to reducing protection on the import of electric vehicles (EVs) as a way of increasing domestic demand, arguing that automotive firms should, instead, use the duty offsets available to them through production rebate... 

DTI opposed to temporary scrapping of EV duties, but open to EU tariff re-set

Africa's last absolute monarch renames Swaziland as eSwatini

By: Reuters     20th April 2018 Swaziland's King Mswati III, Africa's last absolute monarch, said on Thursday he was officially renaming the country as the Kingdom of eSwatini. He announced the change to eSwatini, meaning "land of the Swazis", in the local Swati language at Golden Jubilee celebrations of the fifteeth... 

Cape institution uses space to train students and benefit country at same time

By: Rebecca Campbell     20th April 2018 Engineers and researchers at the French South African Institute of Technology at the Cape Peninsula University of Technology (CPUT) are in an advanced stage of developing the institution’s second nanosatellite, designated ZACube-2. “CPUT has used CubeSat programmes to encourage students to train... 

Future growth of African aviation to depend on cooperation

By: Rebecca Campbell     20th April 2018 Collaboration between aviation stakeholders, not least governments, in Africa is essential if the aviation sector is to realise its full potential and accelerate the development of the continent. So asserted International Air Transport Association (IATA) VP: Africa Raphael Kuuchi in his keynote... 

New Denel board faces tough turnaround task as financial pressure mounts

By: Rebecca Campbell     20th April 2018 Public Enterprises Minister Pravin Gordhan recently announced the completely new, high-powered, Board to turn-around beleaguered State-owned defence industrial group Denel. Technically, it is currently an interim Board, he explained, because it had not yet been approved by the Cabinet. He... 

Salga voices concern about impact of possible higher electricity tariffs on municipalities

By: Marleny Arnoldi     19th April 2018 During public hearings being held to enable the National Energy Regulator of South Africa (Nersa) to determine whether to allow power utility Eskom to recoup R66.6-billion under the Regulatory Clearing Account (RCA) mechanism, the South African Local Government Association (Salga) has expressed... 

Gauteng province to streamline approval process for projects to boost investment – MEC

By: African News Agency      19th April 2018 The Gauteng provincial government is working at streamlining the process of assessing the environmental impact of projects in order to speed up the approval process for businesses and encourage investment, its member of the executive council for economic development, environment, agriculture and... 

Competition Commission wins international award

By: Marleny Arnoldi     19th April 2018 The Competition Commission has won the Agency of the Year in Asia-Pacific, Middle East and Africa award at the eighth annual Global Competition Review (GCR) Awards held in Washington DC, in the US.  

BLSA throws weight behind Ramaphosa's R1.2trn investment drive 

By: News24Wire      19th April 2018 President Cyril Ramaphosa’s initiative to raise R1-trillion in new investments over five years could add 4 percentage points to the country’s foreign direct investment, Business Leadership South Africa (BLSA) said Thursday, as it welcomed the plan. "If we achieve these figures, I believe we can... 

 BLSA throws weight behind Ramaphosa's R1.2trn investment drive
Photo by Creamer Media
BLSA CEO Bonang Mohale

Ramaphosa says he'll use his private sector experience to grow SA economy 

By: News24Wire      19th April 2018 President Cyril Ramaphosa will approach the task of rebuilding South Africa's image as an attractive investment destination “with a private-sector lens”, he said in an interview with the Financial Times on Wednesday.  The president is in the UK where he is leading South Africa’s delegation to the... 

 Ramaphosa says he'll use his private sector experience to grow SA economy
President Cyril Ramaphosa

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