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Economy News

AfriForum to privately prosecute Malema for fraud and corruption  

By: Sane Dhlamini     19th April 2018 Lobby group AfriForum on Thursday announced its intention to prosecute Economic Freedom Fighters (EFF) leader Julius Malema if the National Prosecuting Authority (NPA) did not reinstate the case against Malema for fraud and tender corruption in the On-Point Engineering matter. On-Point, in which... 

AfriForum to privately prosecute Julius Malema

By: News24Wire      19th April 2018 Lobby group AfriForum announced on Thursday that it intended to privately prosecute Economic Freedom Fighters (EFF) leader Julius Malema on charges of fraud and corruption. The announcement was made in Centurion on Thursday morning by AfriForum's private prosecution head, the so-called "Pit Bull"... 

AfriForum to privately prosecute Julius Malema
Photo by Reuters
EFF leader Julius Malema

Ramaphosa urges closer ties between South African businesses and other Commonwealth nations

By: Simone Liedtke     18th April 2018 South African President Cyril Ramaphosa has encouraged South African businesses to reach out to their Commonwealth counterparts across the globe to forge closer ties and create avenues for greater trade and investment. In an address in London, on Wednesday, he said that the Commonwealth Business... 

Rand recovery double-edged sword, land must be shared – Ramaphosa 

By: Reuters     18th April 2018 President Cyril Ramaphosa said on Wednesday the rebound in the country's currency, the rand, had both positive and negative effects but wasn't quite complete. "It is a double-edged sword," Ramaphosa said in a interview with Bloomberg television. "It reflects the level of confidence that the world... 

Rand recovery double-edged sword, land must be shared – Ramaphosa
President Cyril Ramaphosa

UK, SA Trade Ministers hold talks in London

By: Rebecca Campbell     18th April 2018 South African Trade and Industry Minister Dr Rob Davies met with his British counterpart, International Trade Secretary Dr Liam Fox, on Tuesday on the margins of the Commonwealth Heads of Government Meeting in London, to discuss the bilateral trade relationship. They both expressed pleasure at... 

UK, SA Trade Ministers hold talks in London
UK Secretary of State for the Department of International Trade Dr Liam Fox and South African Minister of Trade and Industry Dr Rob Davies

Ramaphosa's plan to attract R1.2tr in investment marks potential new dawn 

By: News24Wire      18th April 2018 President Cyril Ramaphosa’s plan to raise over R1-trillion in new foreign investment has been hailed by economists as the beginning of a “new dawn” for South Africa after years of low growth and policy uncertainty. On Monday, Ramaphosa announced that South Africa will later this year host a major... 

 Ramaphosa's plan to attract R1.2tr in investment marks potential new dawn
President Cyril Ramaphosa

Solidarity gives Brian Molefe Friday deadline to pay back the money

By: African News Agency      18th April 2018 Trade union Solidarity has given former Eskom chief executive Brian Molefe until Friday 11am to pay back the money he unlawfully received from the power utility as part of the R30-million pension payout granted to him. On Tuesday, Molefe lost his court bid to appeal a January high court judgement... 

 Solidarity gives Brian Molefe Friday deadline to pay back the money
Former Eskom CEO Brian Molefe

World Bank sees microgrids playing bigger role in Africa’s electrification as solar costs fall

By: Terence Creamer     18th April 2018 Changes in generation technologies, including the sharp fall in solar photovoltaic (PV) costs, means that the evolution of electricity systems in sub-Saharan Africa (SSA) will need to involve more than one national grid, a new World Bank report argues. “The path to universal electrification will... 

World Bank sees microgrids playing bigger role in Africa’s electrification as solar costs fall
Bank says microgrids have worked well in East and South Asia

Busa supports labour law amendments, but concerned about risks

By: Simone Liedtke     18th April 2018 Business Unity South Africa (Busa) has voiced its support for amendments to legislation to introduce provisions to enhance labour relations stability and the implementation of a National Minimum Wage (NMW). Busa warned, however, that the risks to employment and business, particularly smaller and... 

Nersa public hearings into Eskom’s RCA applications get under way 

18th April 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the first round of public hearings held by the National Energy Regulator of South Africa to determine whether or not to grant Eskom’s applications to recover R66.6-billion in cost and sales variances. 

Nersa public hearings into Eskom’s RCA applications get under way
Nersa public hearings into Eskom’s RCA applications get under way

Ramaphosa scores R857m UK funding from Prime Minister May 

By: News24Wire      18th April 2018 President Cyril Ramaphosa and British Prime Minister Theresa May agreed on a deal worth millions to help South Africa improve its business environment. Ramaphosa is in the UK on a working visit to London to attend the Commonwealth Heads of Government Meeting, which will take place on Thursday and... 

Ramaphosa scores R857m UK funding from Prime Minister May
President Cyril Ramaphosa & British Prime Minister Theresa May

Government cancels auditing contracts with KPMG and Nkonki Inc

By: News24Wire      17th April 2018 The Auditor General, Kimi Makwetu, on Tuesday announced his office’s decision to terminate, with immediate effect, the auditing contracts with KPMG and Nkonki Inc with the government.  The two beleaguered companies had been doing public sector audits on behalf of the Auditor General of South... 

 Government cancels auditing contracts with KPMG and Nkonki Inc
Auditor General Kimi Makwetu

IMF makes positive about-turn on SA growth outlook after January slash

By: News24Wire      17th April 2018 The International Monetary Fund (IMF) is upbeat about South Africa's Gross Domestic Product (GDP) growth in 2018, raising its forecast to 1.5% after cutting its prediction to 0.9% in January. The international lender released its World Economic Outlook report in Washington DC on Tuesday, ahead of... 

 IMF makes positive about-turn on SA growth outlook after January slash

African businesses grow despite difficult macro environment – PwC

By: Marleny Arnoldi     17th April 2018 Despite a challenging environment, with public debt approaching critical levels in some countries and concerns over excessive reliance on oil, African businesses are expanding.  

CMH achieves 17.2% y/y increase in FY18 headline earnings despite challenges

By: Marleny Arnoldi     17th April 2018 Investment holding company Combined Motor Holdings (CMH) on Tuesday reported a good set of results for the financial year ended February 28, despite ongoing challenges including a difficult economic, trading and political environment.  

SAA awarded 4-Star Skytrax ranking for 16th consecutive year

By: Marleny Arnoldi     17th April 2018 South African Airways (SAA) has maintained a 4-Star Skytrax ranking, in both business and economy class, for a sixteenth consecutive year.  

SAA awarded 4-Star Skytrax ranking for 16th consecutive year
South African Airways' A330-300 airbus

Everything a priority at PRASA except safe rail transport – Nzimande

By: African News Agency      17th April 2018 Transport Minister Blade Nzimande on Tuesday conceded to MPs that safe rail transport for the working class was low on the list of priorities for the Passenger Rail Agency of South Africa (PRASA), but vowed this would change. Briefing MPs on his department's annual performance plan, Nzimande said... 

Molefe loses court bid to appeal pay back pension ruling

By: News24Wire      17th April 2018 The North Gauteng High Court on Tuesday dismissed an application by former Eskom CEO Brian Molefe for leave to appeal a ruling that he pay back the part of his pension payout he already received. Judge Elias Matojane said based on the submission presented to the court "we are of the view that... 

Outa calls for Eskom turnaround before tariff hikes are granted  

By: Kim Cloete     17th April 2018 Eskom should first implement a turnaround strategy before the National Energy Regulator of South Africa (Nersa) considers granting it a tariff hike, says the Organisation for Undoing Tax Abuse (Outa). “Eskom leadership must institute stringent measures to recoup the billions of rands siphoned out... 

DA calls for each sector to have its own minimum wage

By: News24Wire      17th April 2018 The DA has rejected the idea of a "blanket, universal" minimum wage, calling for each sector to have its own minimum wage instead. DA leader Mmusi Maimane, policy head Gwen Ngwenya and labour spokesperson Michael Bagraim briefed the media on the party's policy outcomes adopted at its seventh... 

Ramaphosa team to seek $100bn investment for South Africa

By: Reuters     17th April 2018 South African President Cyril Ramaphosa appointed a team of business and finance experts on Monday to hunt the globe for $100-billion in investment to boost the ailing economy. The team of economic envoys includes two former finance ministers – Trevor Manuel and Pravin Gordhan, who now holds the... 

Ramaphosa team to seek $100bn investment for South Africa
Photo by Creamer Media
President Cyril Ramaphosa

Cosatu strongly rejects Eskom’s appeal for more money

By: Kim Cloete     16th April 2018 The Congress of South African Trade Unions (Cosatu) has rejected Eskom’s appeal to the National Energy Regulator of South Africa (Nersa) to recover its costs in the provision of electricity, calling it “unaffordable, unreasonable and unjustifiable”. “We have no faith in Eskom. We completely... 

Detailed design phase for R200m Durban cruise terminal to start this month

By: Shirley le Guern     16th April 2018 Transnet National Ports Authority and the KwaZulu Cruise Terminal (KCT) consortium on Monday officially signed an agreement that will see the construction of a R200-million-plus cruise terminal at the entrance to the Port of Durban.   The consortium, which is 70% owned by MSC Cruises, the largest... 

Detailed design phase for R200m Durban cruise terminal to start this month

DBSA appoints new CFO

By: Anine Kilian     16th April 2018 Boitumelo Mosako has been appointed CFO of development finance institution the Development Bank of Southern Africa (DBSA), effective April 1. Prior to joining the DBSA, she served as the CFO at the South African Bureau of Standards. 

KPMG South Africa reviewing work done by its partners

By: Reuters     16th April 2018 KPMG South Africa is reviewing work done by its partners in the wake of the resignation of two partners who faced disciplinary charges, its chief executive said on Sunday, another setback for the firm whose work is under scrutiny by authorities. CEO Nhlamulo Dlomu said the resignation of partners... 

CEO confidence improves on better economic conditions, industry growth

By: Marleny Arnoldi     13th April 2018 Investment and business services provider Merchantec Capital’s CEO Confidence Index improved to 60 in the first quarter of this year, moving above the neutral 50-point mark for the first time since the first quarter of 2017.  

Sense of optimism for greater industrialisation in Africa prevails – DTI

By: Simone Liedtke     13th April 2018 Regardless of barriers to trade between African countries, Department of Trade and Industry (DTI) African integration and industrial development chief director Nigel Gwynne-Evans believes there is currently a sense of far greater optimism among heads of State that these issues can be overcome.... 

Mobile enterprise technology use in SA on the rise – Syspro

By: Schalk Burger     13th April 2018 About two-thirds of large companies in South Africa commonly use mobile enterprise technologies, and almost half noted their intentions to adopt new business technologies, including robotics and Internet of Things (IoT), says enterprise software multinational Syspro Africa MD Mark Wilson. ‘The... 

State-owned model leaves commercial airlines struggling to compete

By: Marleny Arnoldi     12th April 2018 South Africa has missed out on opportunities in key air travel markets, owing to its reliance on a dominant national carrier and State-owned airports, an executive of privately-owned Lanseria International Airport, north of Johannesburg, said on Thursday. Lanseria operations deputy executive... 

Commission’s LPG Market Inquiry recommendation yields positive outcomes

By: Simone Liedtke     12th April 2018 The Competition Commission has accepted the withdrawal of a complaint by propellants supplier Puregas against liquefied petroleum gas (LPG) manufacturer and supplier Shell Downstream for unfair business practices, after Puregas was able to secure a supply agreement on favourable terms.   In... 

Eskom outlines case for R67bn clawback amid tariff-hike hostility

By: Terence Creamer     12th April 2018 State-owned electricity group Eskom has expressed confidence that its three applications to recoup nearly R67-billion through the Regulatory Clearing Account (RCA) mechanism will succeed, stressing that its submissions are fully aligned to the most recent RCA decision made in 2016 for the 2013/14... 

Eskom outlines case for R67bn clawback amid tariff-hike hostility

UNTU negotiates 7.1% increase at Transnet

By: Anine Kilian     12th April 2018 The United National Transport Union (UNTU) has signed a 7.1% wage increase agreement for its members at State-owned freight group Transnet. The three-year agreement is backdated to April 1, 2018.   

Trade union Solidarity believes business rescue essential to save SAA; other unions strongly disagree

By: Rebecca Campbell     12th April 2018 Trade union Solidarity believes that business rescue is the only way that jobs can be saved at embattled State-owned national flag-carrier South African Airways (SAA) and the company put back on a sustainable footing. This was made clear at the media briefing at the union's head office on... 

Trade union Solidarity believes business rescue essential to save SAA; other unions strongly disagree

New Zimbabwe luxury boutique hotel to welcome guests from early 2019

By: Simone Liedtke     12th April 2018 Victoria Falls, in Zimbabwe, will soon boast a new luxury boutique hotel catering for a variety of guests to the region’s famous world heritage site. From early 2019, the new 199 all-suite Mbano Manor Hotel will offer a unique and nature-based travel experience for the global, high-end tourist,... 

Trade conditions remain muted – Sacci

By: Anine Kilian     12th April 2018 South Africa’s trade conditions remained constrained in March with the Trade Activity Index (TAI) of the South African Chamber of Commerce and Industry’s (Sacci’s) Trade Conditions Survey having decreased to 43 in March, from 44 in February. The TAI was also three index points lower than in March... 

Global trade growth strong but at risk if conflict escalates, WTO says

By: Reuters     12th April 2018 World trade in goods is maintaining a robust recovery, but it still might falter if trade tensions escalate further, the World Trade Organization said in its annual forecast on Thursday. Trade in goods will grow 4.4% this year after a decade averaging 3.0% a year following the financial crisis.... 

Namibia scraps plan to force white-owned businesses to sell 25% stake to blacks

By: Reuters     12th April 2018 Namibia has scrapped a clause in its economic empowerment framework that would have forced white businesses to sell a 25% stake to previously disadvantaged blacks, President Hage Geingob said on Wednesday. Making the announcement during his state of the nation address, Geingob said a revised... 

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