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Economy News

DA wants probe into Deloitte over Steinhoff role

By: African News Agency      8th December 2017 South Africa's main opposition Democratic Alliance (DA) said on Friday it had requested an investigation into Deloitte, the auditors of retail group Steinhoff, after accounting irregularities were uncovered. "The resignation of Markus Jooste, Chief Executive Officer of Steinhoff International... 

Battling threat of sugar tax, excessive imports and low price

By: Victor Moolman     8th December 2017 The large amount of sugar being imported into South Africa has caused the country’s sugar industry, which may soon be further compromised by the introduction of a sugar tax, to start exporting sugar at world market prices to offload excess sugar, which it is unable to sell locally. While opposing... 

Battling threat of sugar tax, excessive imports and low price
Photo by Victor Moolman
DEDICATED TO SUGAR CANE Large parts of KwaZulu-Natal and Mpumalanga, about 360 000 ha, are dedicated to growing sugar cane

Fourth industrial revolution brings hope to youth – Makhura 

By: Thabi Madiba     7th December 2017 Gauteng Premier David Makhura on Thursday tabled the fourth Political Report of the Gauteng provincial government and highlighted the opportunities that were arising from the fourth industrial revolution. Makhura said the unfolding of the fourth industrial revolution was shaping the economy and... 

Fourth industrial revolution brings hope to youth – Makhura
Hip hop artist Cassper Nyovest and Gauteng Premier David Makhura

Afrimat construction index reveals quarterly improvement

By: Dylan Slater     7th December 2017 Construction activity in South Africa improved quarter-on-quarter from Q2 to Q3, according to material building company Afrimat’s Construction Index (ACI)  

Barloworld board looks to improve capital allocated to leasing assets to improve returns

By: Schalk Burger     7th December 2017 Earthmoving equipment and logistics multinational Barloworld’s board on Thursday announced that it was investigating the capital allocated to leasing assets to further optimise capital allocation into higher-returning opportunities. Various options are currently under consideration in relation to... 

Zuma promises ‘seamless’ ANC transition at energy indaba that sidesteps IRP debate 

By: Terence Creamer     7th December 2017 President Jacob Zuma used his address at the Energy Indaba, taking place in Johannesburg this week, to assure business and investors that the upcoming African National Congress (ANC) elective conference would be “orderly and peaceful”, while promising a “seamless” handover to the new ANC... 

Zuma promises ‘seamless’ ANC transition at energy indaba that sidesteps IRP debate
President Jacob Zuma and Energy Minister David Mahlobo

New Eskom board to be announced on Friday 

By: African News Agency      7th December 2017 The new board of South Africa's State-owned power utility Eskom will be announced on Friday, an official from the department of public enterprises said on Thursday. The names were discussed in Wednesday's cabinet meeting, but Public Enterprises Minister Lynne Brown's spokesperson Colin Cruywagen... 

 New Eskom board to be announced on Friday

Africa and China have a shared future under new world order

By: African News Agency      7th December 2017 The world order has changed and it was time to take hands and chart a common destiny. This was one of the central themes to emerge from a seminar held in Cape Town on Thursday under the twin headings Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and Xi Jinping: the... 

 Africa and China have a shared future under new world order
Photo by Reuters
Chinese President Xi Jinping

Steinhoff identifies €1bn noncore assets to boost liquidity

By: Schalk Burger     7th December 2017 In the grip of an accounting scandal that led to it indefinitely postponing the release of its 2017 financial results, JSE-listed retail multinational Steinhoff  noted on Thursday that it had received expressions of interest in noncore assets that will release a minimum of €1-billion of... 

Steinhoff identifies €1bn noncore assets to boost liquidity
Photo by Bloomberg
CHRISTO WIESE The Steinhoff supervisory board appointed Dr Christo Wiese delegated supervisory chairperson on an interim basis

Kganyago concerned another big power tariff hike will trigger grid defections

By: Terence Creamer     6th December 2017 South African Reserve Bank governor Lesetja Kganyago has added his voice to a growing chorus of concern that South African businesses, and even high-income households, could defect from the electricity grid in numbers should Eskom prevail in its bid for a 19.9% tariff increase from April 1, 2018.... 

Kganyago concerned another big power tariff hike will trigger grid defections
South African Reserve Bank governor Lesetja Kganyago

Ocean science key to supporting sustainable ocean health

By: Anine Kilian     6th December 2017 Studying and understanding ocean science is key to achieving the Sustainable Development Goals (SDGs) set out by the United Nations (UN) and to sustain the health of the world’s oceans, according to Department of Environmental Affairs oceans research director Ashley Johnson, who unpacked the key... 

Ocean science key to supporting sustainable ocean health
Department of Environmental Affairs oceans research director Ashley Johnson

Nersa says special power deal for Silicon Smelters must start on July 1 or earlier

By: Terence Creamer     6th December 2017 The National Energy Regulator of South Africa (Nersa) has confirmed that a special pricing agreement (SPA) between Eskom and Silicon Smelters, which was approved in August, should commence no later than July 1, 2018, and continue for a maximum of two years. Silicon Smelters, a subsidiary of... 

Nersa says special power deal for Silicon Smelters must start on July 1 or earlier

Sarb’s attack could cost Mkhwebane her job, PP counsel argues

By: News24Wire      6th December 2017 The South African Reserve Bank’s (Sarb) personal attack on Public Protector Busisiwe Mkhwebane’s integrity could cost Mkhwebane her job, a court has heard. During the Bankorp-CIEX hearing which continued on Wednesday at the North Gauteng High Court, Mkhwebane’s legal counsel Paul Kennedy SC... 

 Sarb’s attack could cost Mkhwebane her job, PP counsel argues
Photo by Reuters
Public Protector Busisiwe Mkhwebane

South Africa, Norway announce new oceans research programme

By: Anine Kilian     6th December 2017 The Norwegian Embassy in South Africa, together with the Department of Science and Technology (DST), has signed a declaration of intent to develop a new bilateral research programme focused on the oceans economy. The intent for the development of the programme, called the South Africa-Norway... 

South Africa, Norway announce new oceans research programme
DST International Cooperation and Resources deputy-director-general Daan du Toit and Norwegian Ambassador to South Africa, Botswana, Madagascar and Namibia Trine Skymoen

Vukile continues to grow Spain retail portfolio

By: Schalk Burger     6th December 2017 JSE-listed retail property trading company Vukile Property Fund added two Spanish retail parks, worth about €65-million, to its portfolio of 11 other Spanish retail parks. CEO Laurence Rapp said in a note on Wednesday that the total value of the Spanish portfolio was about €290-million. Vukile’s... 

Steinhoff’s STAR largely unaffected by group troubles

By: Schalk Burger     6th December 2017 JSE-listed African retail subsidiary Steinhoff Africa Retail (STAR) announced on Wednesday that it was “unaffected by the events at [JSE-listed retail multinational] Steinhoff”. Steinhoff has delayed the publication of its 2017 financial results indefinitely as it investigates what it terms... 

SA business confidence index lifted by optimism on better conditions – Sacci

By: African News Agency      6th December 2017 Business confidence in South Africa was up slightly in November, reflecting an anticipation of more conducive economic conditions, a survey showed on Wednesday. The South African Chamber of Commerce and Industry (Sacci) said its monthly business confidence index rose to 95.1 in November from 92.9... 

SA business confidence index lifted by optimism on better conditions – Sacci

Transnet board, executives to be summonsed after no-show in Parliament

By: African News Agency      6th December 2017 The board and executives of South Africa's State-owned freight and logistics company, Transnet, will be summonsed to appear before Parliament's standing committee on public accounts (Scopa) after a no-show on Wednesday. Board chairperson Linda Mabaso and her team were expected to respond to MPs... 

 Transnet board, executives to be summonsed after no-show in Parliament

Eskom inquiry postponed, suspended CFO Singh accused of delaying tactics

By: African News Agency      5th December 2017 Suspended Eskom CFO Anoj Singh was on Tuesday told he would be called to testify before Parliament’s inquiry into the power utility at a later date, after he infuriated MPs by submitting 400 pages of documentation less that 24 hours before his scheduled appearance. “We are not going to engage... 

Eskom administrator tells inquiry he insisted Brown be informed of Molefe's retirement package

By: African News Agency      5th December 2017 Eskom administrator Anton Minnaar on Tuesday told the parliamentary inquiry into Eskom that he insisted Public Enterprises Minister Lynne Brown be informed of the plans to grant former CEO Brian Molefe early retirement shortly after he left the company. "I knew there is risk in this whole thing,... 

 Eskom administrator tells inquiry he insisted Brown be informed of Molefe's retirement package
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Transnet CEO urges more investment in African ports

By: African News Agency      5th December 2017 The head of South Africa’s State-owned transport company Transnet on Tuesday called for greater integration, deregulation and investment into Africa’s port capacity, to reduce costs and increase turnaround times. Transnet CEO Siyabonga Gama told the African Terminal Operators’ Conference in... 

Municipal workers want minimum R10 000 salary, as municipal pay talks start

By: African News Agency      4th December 2017 The South African Municipal Workers Union (Samwu) wants municipal workers to earn a minimum wage of R10 000 per month, the union said on Monday. Trade unions representing municipal workers tabled their initial demands at the wage negotiations with the South African Local Government Association... 

Tribunal approves mergers involving seed, wheat milling companies

By: Anine Kilian     4th December 2017 The Competition Tribunal has approved the acquisition of seed and wheat milling companies Progress Milling and Noordfed by holding company K2014202010, a joint venture between Louis Dreyfus Company Africa (LDCA) and DH Brothers Industries Willowton.     The tribunal approved the transactions... 

Sars denies paying Makwakwa a bonus while on suspension

     4th December 2017 The South African Revenue Service (Sars) on Monday dismissed as "inaccurate and untrue" media reports that its embattled chief officer of business and individual tax, Jonas Makwakwa, was paid a bonus while on suspension. "Sars finds it necessary to specifically clarify the deliberate... 

Sars denies paying Makwakwa a bonus while on suspension
Photo by Duane Daws
Sars Commissioner Tom Moyane

Petrol, diesel price to go up this week

By: African News Agency      4th December 2017 South Africa's energy department on Monday announced motorists will have to fork out 71 cents more per litre of petrol, while the wholesale price of diesel is set to increase between 57 cents and 60 cents a litre. The department, in a statement, attributed the price hikes to the international... 

Petrol, diesel price to go up this week

Black Business Council suspends president over missing donation

By: African News Agency      4th December 2017 South Africa's Black Business Council (BBC) said on Monday it had suspended its president Danisa Baloyi pending an investigation into a missing R5-million donation. The black business lobby group said last week that Airports Company South Africa had confirmed making the donation, but that the... 

Black Business Council suspends president over missing donation
BBC president Danisa Baloyi

Nersa shifts Eskom tariff decision to December 13

By: Terence Creamer     4th December 2017 The National Energy Regulator of South Africa (Nersa) confirmed on Monday that it would announce its decision on Eskom’s 2018/19 revenue application on December 13, instead of the December 7 date initially set for the determination. “The date has been changed due to more time being required to... 

Nersa shifts Eskom tariff decision to December 13

Seifsa welcomes improvement in PMI, despite it remaining below the 50 point mark

By: Natasha Odendaal     1st December 2017 While the Absa Purchasing Managers' Index (PMI) still trended below the neutral level of 50 for the sixth consecutive month during November, it has consistently shown improvement for four successive months from August to November. The Steel and Engineering Industries Federation of Southern Africa... 

Competition Amendment Bill moves to give teeth to market inquiry instrument

By: Terence Creamer     1st December 2017 Economic Development Minister Ebrahim Patel released the Competition Amendment Bill for public comment on Friday, indicating that he expects the proposed legislation to be placed before lawmakers during the first half of 2018. The amendments, which were drafted with the assistance of an expert... 

Competition Amendment Bill moves to give teeth to market inquiry instrument
Photo by Duane Daws
Economic Development Minister Ebrahim Patel

Second Norway-South Africa Science Week to stimulate oceans science and economy 

By: Schalk Burger     1st December 2017 The second Norway-South Africa Science Week will provide a platform for scientists, researchers, civil servants and business people from both countries to share best practices and policies to promote the sustainable use of ocean resources. Norwegian ambassador to South Africa, Botswana,... 

Second Norway-South Africa Science Week to stimulate oceans science and economy
Norway Ambassador to South Africa, Botswana, Madagascar and Nambiia Trine Skymoen discusses the upcoming Norway-South Africa science week. Video and editing: Nicholas Boyd.

Renewables-heavy mix is South Africa’s cheapest option, yet another study confirms

By: Terence Creamer     1st December 2017 A new, independently produced techno-economic model of South Africa’s cost-optimal power generation mix in 2040 outlines a system where 69% of the electrical energy is produced from onshore wind and solar photovoltaic (PV) generators, supported by batteries and gas-fired generators. Conducted by... 

Renewables-heavy mix is South Africa’s cheapest option, yet another study confirms

Focus on environmental services boosts project sustainability

By: Simone Liedtke     1st December 2017 Applying focused environmental services at every phase of any project ensures that opportunities to incorporate social and environmental aspects into the engineering design are flagged, which boosts the overall sustainability of the project, explains consulting engineering and project... 

Focus on environmental services  boosts project sustainability
SUSTAINABILITY REQUIREMENTS Sustainability requires the optimisation of environmental, social and economic outcomes

General public taking heed of environmental law

By: Simone Liedtke     1st December 2017 The general public is becoming more familiar with the tools that are available under the Constitution and environmental law to protect what is perceived as the unacceptable environmental or social impacts of businesses, says law firm Norton Rose Fulbright environment lawyer Matthew Thornton-Dibb. 

General public taking heed of environmental law
MATURED LEGISLATION South Africa’s environment regulatory system has matured since the publication of the National Environmental Management Act

Growing eWaste could affect ecosystem

By: Simone Liedtke     1st December 2017 Electronic Waste (eWaste), if not properly processed, will eventually leach hazardous material – mainly heavy metals – into the water table, states computer support and services provider Xperien CEO Wale Arewa. 

Growing eWaste could affect ecosystem
WALE AREWA The global estimate of eWaste is about 50-million tons

CIPC collaboration with banks to extend to BEE certification

By: Nadine James     1st December 2017 Company registration and business licensing organisation, the Companies and Intellectual Property Commission (CIPC) reports that companies will soon be able to attain black economic empowerment (BEE) certificates from South Africa’s four main banking institutions. CIPC commissioner Advocate Rory... 

Necsa shuts down key unit because of compliance failure

By: Keith Campbell     1st December 2017 The South African Nuclear Energy Corporation (Necsa) has executed an immediate shut down of its NTP Radiochemical Facility, because of non-compliance with licensing conditions. NTP produces radioisotopes for both industrial and an especially medical purposes, and many cancer and other patients in... 

Lynne Brown says she will not resign

By: African News Agency      30th November 2017 Public Enterprises Minister Lynne Brown on Thursday dismissed calls for her resignation, saying that South African State-owned companies were in a better position since she took over in 2014. Brown, who twice missed a session to answer questions in the National Assembly - once because she was... 

Lynne Brown says she will not resign
Photo by Duane Daws
Public Enterprises Minster Lynne Brown

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