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Economy News

Davies bemoans corruption’s undermining of industrial policy capability

By: Marleny Arnoldi     11th June 2018 Trade and Industry Minister Dr Rob Davies on Monday said corruption undermines industrial policy capabilities.  

CSIR researching social media use for public safety

By: Schalk Burger     11th June 2018 The Council for Scientific and Industrial Research (CSIR) on Monday detailed work researchers are doing to put social media to use in identifying public safety incidents, including traffic collisions, crime incident patterns, emergencies, terrorism incidents and pandemics, and to develop tools... 

CSIR researching social media use for public safety

Denel welcomes debt extension

By: Simone Liedtke     11th June 2018 State-owned Denel has been granted an extension to repay its unsecured debt that was due on June 10. The extension is on a R290-million debt note that was taken up by Regiments Capital in June 2013, and a R400-million debt note in November 2015 and is “a welcome relief to the company as it... 

Public sector strike off as wage deal signed

By: Reuters     11th June 2018 A strike by South African public sector workers planned to start on Monday was called off after most trade unions accepted a government pay offer that exceeds Treasury provisions for salary increases. The stoppage was cancelled when more than 50% of unions in a bargaining council agreed to the... 

Public sector strike off as wage deal signed

Ramaphosa hails successful G7 leaders summit

By: African News Agency      11th June 2018 President Cyril Ramaphosa has welcomed the interest shown in South Africa by the global business community at the just concluded G7 Leaders’ Outreach Summit in Quebec City in Canada. In a statement, the Presidency said Ramaphosa welcomed the interest in South Africa as an investment destination... 

Ramaphosa hails successful G7 leaders summit
President Cyril Ramaphosa

China stresses importance to Africa of attracting foreign investment

By: Rebecca Campbell     8th June 2018 "Foreign investment can be a very practical, convenient and viable way for industrialisation," stressed Ambassador Zhou Yuxiao, Beijing's emissary to the Forum on China-Africa Cooperation (FOCAC), at the Africa Institute of South Africa-Human Sciences Research Council/Embassy of the People's... 

GDP shock will lead to revision of optimistic growth predictions – Nene

By: News24Wire      8th June 2018 The shock contraction of gross domestic product (GDP) in the first quarter will mean a downward revision of optimistic predictions for growth in 2018, Finance Minister Nhlanhla Nene has said. Nene on Friday addressed the Directors Event, a conference attended by some 300 business leaders in... 

 GDP shock will lead to revision of optimistic growth predictions – Nene
Photo by Reuters
Finance Minister Nhlanhla Nene

Eskom’s application to have tariff decision set aside increases uncertainty – EIUG  

By: Nadine James     8th June 2018 The Energy Intensive User Group (EIUG) has expressed concern that power utility Eskom’s decision to approach the courts to have the National Energy Regulator of South Africa’s (Nersa’s) tariff determination for 2018/19 set aside will increase uncertainty regarding electricity prices. This will... 

China supports African industrialisation – Ambassador 

By: Rebecca Campbell     8th June 2018 Industrialisation is necessary for Africa to achieve sustainable development. "Only by realising sustainable development could Africa escape foreign interference." These points were made by Chinese Ambassador to South Africa Lin Songtian at the Africa Institute of South Africa-Human Sciences... 

ATON bemoans M&R’s Competition Tribunal application

By: Marleny Arnoldi     8th June 2018 German investment company ATON says JSE-listed Murray & Roberts (M&R) has initiated another ‘frustrating action’ against its offer to acquire all shares in M&R, by trying to prevent ATON from exercising its full rights and voting against M&R’s proposed combination with construction giant Aveng.  

Radebe hosts stakeholder forum; Eskom takes Nersa decision to court 

8th June 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the latest developments on the energy policy front, as well as Eskom’s turnaround. 

Radebe hosts stakeholder forum; Eskom takes Nersa decision to court
Terence Creamer on the latest energy developments and Eskom's turnaround. (Camera & editing: Nicholas Boyd)

African Open Skies plan putting cart before horse – Nigerian airlines

By: Rebecca Campbell     8th June 2018 Nigerian airlines are not enthusiastic about any rapid implementation of the Single African Air Traffic Market (SAATM). This was made clear at the recent 27th Annual African Aviation Summit (Air Finance Africa) by national industry association Airline Operators of Nigeria CEO Noggie Meggasin.  

Indaba will create intra-Africa trade opportunities

By: Jessica Oosthuizen     8th June 2018 With the 2018 Manufacturing Indaba’s focus being on the development of intra-Africa trade, event organiser Siyenza Management MD Liz Hart says the event will bring key stakeholders together to create opportunities for engagement and dialogue. She tells Engineering News that Africa has many of... 

Indaba will create intra-Africa trade opportunities
EXPANDING EXHIBITION Siyenza Management aims to expand the Manufacturing Indaba – the larger the event, the more companies to engage with and to explore added business opportunities

Balance between mechanisation, job creation must be maintained

By: Jessica Oosthuizen     8th June 2018 Specialist equipment supplier Multotec believes that a balance between the mechanisation of manufacturing operations and job creation must be maintained, says COO Jannie de Jonge. He tells Engineering News that it is something Multotec believes and practices. 

Balance between mechanisation, job creation must be maintained
LABOUR RELATIONS The manufacturing industry is labour intensive – it employs almost two-million people locally and sound labour relations, as well as policies, are crucial in this industry

S Africa must maintain cost-competitive sector

By: Jessica Oosthuizen     8th June 2018 It is vital for South Africa to maintain a manufacturing sector that is internationally cost competitive and can produce quality end-products, says Germiston-based material transfer solutions provider Weba Chute Systems MD Mark Baller. “The manufacturing industry has been under a lot of... 

S Africa must maintain cost-competitive sector
LATEST TECHNOLOGY Weba Chute Systems uses the latest techniques and technologies to ensure optimum accuracy during the design and engineering phases, which also facilitate improved efficiencies

African airlines switching to more economical regional jets

By: Rebecca Campbell     8th June 2018 Regional airliner manufacturers are seeing a major adjustment in African airline markets as airlines "right-size" their fleets, adopting more economical, regional types (especially regional jets). This was made clear at the recent 27th African Aviation Summit (Air Finance Africa) by... 

Uganda is reviving its civil aviation sector

By: Rebecca Campbell     8th June 2018 The East African country of Uganda is undertaking a major programme to upgrade and expand its civil aviation sector in all respects, including the recreation of a national airline. This was highlighted by Ugandan Minister of State for Transport Aggrey Henry Bagiire at the recent 27th African... 

Good corporate citizenship in a post-State-capture South Africa 

By: Kim Cloete     8th June 2018 A string of corporate governance failures and climate change challenges have cranked up the pressure on companies to become better corporate citizens and take care of the environment they are operating in. The renewed emphasis on governance and sustainability is not limited to the private sector,... 

Good corporate citizenship in a post-State-capture South Africa

Demand rising for funding for grid-tied renewables

By: Schalk Burger     8th June 2018 Financing to build renewable-energy systems for use by businesses in South Africa is growing, with many projects showing good financial viability and return on investment, says financial institution Absa renewable-energy head Justin Schmidt. The return on investment for well-designed energy... 

Demand rising for funding for grid-tied renewables
JUSTIN SCHMIDT Most companies will rely on more than one source of energy, and the most compelling business cases currently are grid-tied solutions

SAA CEO suggests business rescue will bring little benefit to airline

By: Rebecca Campbell     8th June 2018 South African Airways (SAA) CEO Vuyani Jarana is of the opinion that placing the airline under business rescue would not lead to a radically different recovery plan for the deeply indebted and heavy loss-making national carrier. He was answering a question from FlightComm editor and aviation... 

April manufacturing output up 1.1% Y/Y

By: Reuters     7th June 2018 South Africa's manufacturing output expanded by 1.1% year-on-year in April following a revised 1.6% contraction in March, the statistics agency said on Thursday. Statistics South Africa said factory production on a month-on-month basis shrunk 0.6% in April, decreased by 3% in the three months to... 

Reinstatement of Eskom system reports seen as way to rebuild trust through transparency

By: Terence Creamer     7th June 2018 State-owned electricity producer Eskom has re-launched its weekly system status report as part of broader efforts to rebuild trust with South African citizens, who remain skeptical about the utility’s ability to keep the lights on. The service, which is now available on Eskom’s website, was... 

Reinstatement of Eskom system reports seen as way to rebuild trust through transparency
Photo by Dylan Slater
Eskom system operator Bernard Magoro

Eskom must diversify its energy mix – MacColl  

By: Nadine James     7th June 2018 State-owned power utility Eskom should diversify its energy mix, Electric Power Research Institute senior regional manager Barry MacColl said during a panel discussion on South Africa’s energy policy, and specifically the Integrated Resource Plan (IRP). The panel, held on Thursday at the Mazars... 

Eskom to approach courts to have Nersa’s 5.23% tariff decision set aside 

By: Terence Creamer     7th June 2018 State-owned electricity utility Eskom will, in the coming days, approach the courts to have the National Energy Regulator of South Africa’s (Nersa’s) tariff determination for 2018/19 set aside, chairperson Jabu Mabuza confirmed on Thursday. The action would represent Eskom’s first-ever legal... 

Eskom to approach courts to have Nersa’s 5.23% tariff decision set aside
Public Enterprises Minister Pravin Gordhan on Eskom's restructuring, 'Gupta-risation' of coal and improving primary-energy security and costs. Camera Work & Editing: Nicholas Boyd: Recorded: 7.6.2018

SAA chief executive dismisses calls for business rescue

By: African News Agency      7th June 2018 South African Airways (SAA) chief executive Vuyani Jarana on Thursday ruled out the possibility of the airline being placed under business rescue. "We believe we are already executing a recovery plan. We don't believe the plan [from business rescue practitioners] is going to be significantly... 

Public sector wage deal inches closer as more unions sign

By: News24Wire      7th June 2018 The public sector wage agreement is close to being a done deal, with 48% of workers represented by trade unions at the Public Service Coordinating Bargaining Council (PSCBC) supporting the offer. A majority of 50%+1 employee agreement is required to implement the deal. 

 Public sector wage deal inches closer as more unions sign

Busa attending G7 Summit with Ramaphosa

By: Anine Kilian     7th June 2018 Business Unity South Africa (Busa) is part of the South African delegation, led by President Cyril Ramaphosa and the Department of Trade and Industry, attending the Group of Seven (G7) Summit, in Canada.   

Treasury hits back after EFF attack on Momoniat

By: Sashnee Moodley     7th June 2018 National Treasury on Thursday came to the defence of its deputy director-general Ismail Momoniat following what it called “vitriolic utterances” by the Economic Freedom Fighters (EFF). Earlier this week EFF deputy president Floyd Shivambu accused Momoniat of being corrupt, undermining black... 

Treasury hits back after EFF attack on Momoniat
Treasury deputy director-general Ismail Momoniat

Tribunal confirms R40m settlement agreement with Cape Gate

By: Simone Liedtke     7th June 2018 The Competition Tribunal has confirmed a R40-million settlement agreement with wire and steel manufacturer Cape Gate, following the company’s admission of price fixing, dividing markets and collusive tendering in respect of lightly galvanised wire, nails, wire and various wire products. The... 

Brand South Africa taking investor temperature ahead of investment summit

By: Terence Creamer     6th June 2018 Brand South Africa has begun consultations with foreign investors and diplomats as part of preparations for the investment conference, which President Cyril Ramaphosa will convene later this year. Ramaphosa has set a target of attracting $100-billion-worth of direct investment over the coming... 

Brand South Africa taking investor temperature ahead of investment summit
President Cyril Ramaphosa will convene an investment conference later this year

Interest in IFC’s solar procurement solution growing across Africa

By: Terence Creamer     6th June 2018 The International Finance Corporation (IFC) reports that its programme to support African governments and utilities in procuring solar photovoltaic (PV) capacity from independent power producers (IPPs) has made significant headway in four countries, with construction of the first project under... 

Interest in IFC’s solar procurement solution growing across Africa
IFC country manager Saleem Karimjee

South Africa's business confidence index eases again in May

By: Reuters     6th June 2018 South Africa's business confidence fell for a fourth month in a row in May, mainly due to a slide in trade activity and higher consumer inflation following a hike in Value Added Tax. The South African Chamber of Commerce and Industry's (Sacci) monthly business confidence index (BCI) fell to 94.0... 

Weak GDP number latest dampener to optimism over Ramaphosa

By: African News Agency      6th June 2018 The latest official data showing South Africa's economy contracted in the first quarter of this year is the latest dampener to the optimism triggered by President Cyril Ramaphosa's swearing in to replace Jacob Zuma in February. Critics are still giving Ramaphosa leeway to turn around an economy... 

 Weak GDP number latest dampener to optimism over Ramaphosa
President Cyril Ramaphosa

Solidarity launches four-pronged steel industry initiative amid global steel crisis

By: Schalk Burger     5th June 2018 Trade union Solidarity on Tuesday launched a four-pronged initiative to address and mitigate the impacts of the global steel crisis on local steel producers in an attempt to save jobs and local manufacturing capacity. Solidarity deputy general secretary for metals engineering Marius Croucamp... 

Solidarity launches four-pronged steel industry initiative amid global steel crisis
The old Evraz Highveld Steel and Vanadium plant in eMalahleni

Another two South African wind projects reach financial close

By: Terence Creamer     5th June 2018 A further two South African wind farms, with a combined investment value of R6.6-billion, have reached financial close following the signing of agreements for 27 renewable-energy projects on April 4. Global wind and solar company Mainstream Renewable Power announced on Tuesday that construction... 

Another two South African wind projects reach financial close

Local govt service delivery improved in 2016/17 – Stats SA

By: News24Wire      5th June 2018 The number of people receiving services from municipalities increased between 2016 and 2017, Statistics South Africa has found. "For the period under review, the highest percentage increase was recorded in the provision of sewerage and sanitation (3.8%), followed by solid waste management (2.6%),... 

DPE probes Gupta-linked Alexkor for environmental law compliance

By: News24Wire      5th June 2018 The Department of Public Enterprises is investigating whether state-owned mining company Alexkor, which had links with the infamous Gupta family, complies with environmental legislation. This has emerged in Minister of Public Enterprises Pravin Gordhan's answer to a parliamentary question by DA... 

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