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Economy News

Private equity model for newly opened Lesotho Mergence branch

By: Marleny Arnoldi     24th August 2018 Specialist boutique asset manager Mergence Investment Managers has opened a licensed subsidiary in Maseru, Lesotho, where it aims to offer an innovative approach to private equity. Mergence Lesotho MD Semoli Mokhanoi said in a statement that the company has adapted and tailored the traditional... 

National Health Insurance will succeed, ensure universal healthcare for South Africans – Ramaphosa 

By: African News Agency      24th August 2018 Government’s ambitious National Health Insurance (NHI) scheme is bound to succeed and deal a blow to South Africa’s “racialized, two-tier health system sustained on the basis of uneven distribution of resources”, President Cyril Ramaphosa said on Friday. Ramaphosa was speaking in Pretoria at a... 

Uncertainty over land expropriation to deter investment – IHS Markit

By: Marleny Arnoldi     24th August 2018 The threat of land expropriation without compensation (EWC) is likely to deter investment up until the 2019 elections and a while afterwards, says global information provider IHS Markit. “Uncertainty over property rights is likely to deter fixed investment, limit government revenue and lower... 

Mcebisi Jonas to take stand in State capture inquiry

By: News24Wire      24th August 2018 Former deputy finance minister Mcebisi Jonas is expected to address the commission of inquiry into State capture on Friday. Jonas claimed that the Gupta family offered him an initial R600 000 cash, and then R600-million to be given later, if he accepted the job of finance minister. He was... 

Mcebisi Jonas to take stand in State capture inquiry
Photo by Reuters
Former Finance Minister Mcebisi Jonas

British aid partnership aimed at allowing Ethiopia to fund its own development

By: Rebecca Campbell     24th August 2018 Earlier this month the UK launched its largest ever “tax partnership programme”, with Ethiopia. In terms of this partnership, which was announced by UK International Development Secretary (Cabinet Minister) Penny Mordaunt while on a visit to the north east African country, Britain will provide... 

African cacao-producing country starts making top-quality chocolate

By: Rebecca Campbell     24th August 2018 Cooperation between a South African and a British business has resulted in the establishment of the first ever chocolate factory in the West African island state of São Tomé e Príncipe. The enterprises are HBD Venture Capital (HBD standing for “Here Be Dragons”), an enterprise of South African... 

Massmart cautiously optimistic about consumer demand

By: Simone Liedtke     23rd August 2018 Despite a difficult and deteriorating consumer environment, retail property group Massmart Holdings’ total sales for the 26-week period of R41.6-billion represented an increase of 1.9%, with comparable store sales increasing by 0.2% in the six-month period to June 30. While economic conditions in... 

Transnet results eclipsed by irregular expenditure, qualified audit 

23rd August 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about Transnet’s latest financial results, which revealed an increase in its irregular expenditure to more than R8-billion, as well as the serious divisions between the Transnet board and the group's executives. 

Transnet results eclipsed by irregular expenditure, qualified audit
Transnet results eclipsed by irregular expenditure, qualified audit

Eskom begins stakeholder interactions on ‘Strategy 2035’ 

By: Terence Creamer     23rd August 2018 South Africa’s electricity utility Eskom has initiated a series of interactions with stakeholders as part of a review process designed to deliver a new long-term strategy, dubbed ‘Strategy 2035’, for the beleaguered organisation. The new leadership at the State-owned company, together with Public... 

Eskom begins stakeholder interactions on ‘Strategy 2035’

South African watchdog approves Glencore's bid for Chevron assets

By: Reuters     23rd August 2018 South African competition watchdog has given Glencore's bid worth roughly $900-million for Chevron's local and Botswana assets the green light, it said on Thursday. But the Competition Commission placed a number of conditions on its approval, including the preservation of jobs after the deal and... 

South Africa’s private equity performance remains steady

By: Simone Liedtke     23rd August 2018 The RisCura-Southern African Venture Capital and Private Equity Association (Savca) ‘South African Private Equity Performance’ report for the first quarter of this year shows that long-term private equity returns remain steady, with the ten-year rand internal rate of return (IRR), the headline... 

M&R expects more than 50% increase in FY18 earnings

By: Simone Liedtke     23rd August 2018 Engineering and construction group Murray and Roberts (M&R) expects to report diluted headline earnings per share (HEPS) from continuing operations of between 110c and 114c for the financial year ended June 30. This represents a 53% to 58% improvement on diluted HEPS of 72c reported for the 2017... 

One in three chance of South Africa recession this year

By: Reuters     23rd August 2018 South Africa's economy probably struggled to gain traction in the second quarter after shrinking at the start of 2018, according to a Reuters poll of economists who said there was a one in three chance of recession this year. Around 30 economists polled expect Africa's second-largest economy to... 

One in three chance of South Africa recession this year

Gauteng rapid land release programme to be launched next week

By: Simone Liedtke     22nd August 2018 Gauteng Premier David Makhura will, on August 31, launch the province’s rapid land release programme, in which he plans to make provincial land and buildings available for the development of human settlements and for urban agriculture projects. Speaking at the Johannesburg Chamber of Commerce and... 

DTI commits to increasing export council funding

By: Marleny Arnoldi     22nd August 2018 The Department of Trade and Industry (DTI) has committed to increasing funding to the export councils to drive the transformation agenda in different sectors. The commitment emanated from the export councils meeting that was hosted by DTI director-general Lionel October, in Pretoria.  

Gama sent by Transnet to brief MPs on corruption probes 

By: African News Agency      22nd August 2018 Parliament's portfolio committee on public enterprises on Wednesday, cut short a briefing by Transnet on its corruption investigations because of the presence of freight rail company CEO Siyabonga Gama. The Transnet board last week served Gama, chief procurement officer Thamsanqa Jiyane and... 

 Gama sent by Transnet to brief MPs on corruption probes
Photo by Dylan Slater
Transnet CEO Siyabonga Gama

Eskom execs grilled on tender processes

By: News24Wire      22nd August 2018 Members of Parliament wasted no time in trying to get to the bottom of questionable contracts at Eskom on Wednesday, however executives at the power utility seemed less prepared - fumbling answers and even requesting time to regroup. The Standing on Public Accounts (Scopa) was being briefed by... 

Eskom execs grilled on tender processes

Nene unpacks SOE failures, remedial measures 

By: Marleny Arnoldi     22nd August 2018 Finance Minister Nhlanhla Nene on Tuesday addressed governance challenges in State-owned enterprises (SOEs) during a National Council of Provinces gathering, stating that rebuilding should focus on the institutions, rather than individuals. “Given the dire situation in which some of these SOEs... 

Nene unpacks SOE failures, remedial measures
Photo by Creamer Media
Finance Minister Nhlanhla Nene

US poultry industry to urge retaliation if South Africa ends quota

By: Reuters     22nd August 2018 The United States poultry industry will press its government to retaliate if South Africa suspends a quota that excludes some US imports from an anti-dumping tariff, the head of a poultry trade group said. The South African Poultry Association (SAPA) has filed a lawsuit seeking to force the... 

SA annual consumer inflation rises to 5.1 percent in July 

By: African News Agency      22nd August 2018 South Africa's headline annual consumer inflation rose to 5.1 percent in July from 4.6 percent in June, official data showed, edging towards the top end of the central bank's 3-6 percent target range. On average, prices increased by 0.8 percent between June and July, Statistics South Africa said. 

 SA annual consumer inflation rises to 5.1 percent in July

National minimum wage bill clears parliamentary passage

By: News24Wire      22nd August 2018 The National Minimum Wage Bill was approved by the National Council of Provinces on Tuesday and will now go to President Cyril Ramaphosa to be signed into law. The adoption of the bill, along with enabling the Basic Conditions of Employment Amendment bill, was welcomed by the Congress of South... 

 National minimum wage bill clears parliamentary passage

Poultry group seeks to suspend US import quota

By: Reuters     21st August 2018 The South African Poultry Association (SAPA) has filed a legal action to force the government to suspend a quota that excluded imports of US poultry from South Africa's anti-dumping tariff, a senior official with the association said on Tuesday. The decision by SAPA was a response to the Trump... 

No land grabs allowed – ANC assures AgriSA  

By: Sashnee Moodley     21st August 2018 Agricultural industry association AgriSA said on Tuesday that it welcomed the African National Congress’s (ANC’s) policy commitments regarding agrarian reform and agricultural property with respect to the ongoing debate on the expropriation of land without compensation. AgriSA and representatives... 

No land grabs allowed – ANC assures AgriSA
AgriSA executive director Omri van Zyl

Survey finds healthcare workers are uninformed about NHI scheme

By: Anine Kilian     21st August 2018 Nearly half of healthcare workers surveyed by the Solidarity Research Institute (SRI) have said they are not well informed about the proposed National Health Insurance (NHI) scheme. Unpacking key findings of its ‘Healthcare Workers’ Knowledge, Insight and Opinion on the Proposed NHI’ report, in... 

SA looking to Equatorial Guinea, South Sudan and Algeria for oil

By: African News Agency      21st August 2018 South Africa is looking to Algeria, Equatorial-Guinea and South Sudan for crude oil sources closer to home as the country experiences its highest fuel prices in history, Energy Minister Jeff Radebe said on Tuesday. "We are looking very aggressively to other countries, Equatorial Guinea, Algeria,... 

 SA looking to Equatorial Guinea, South Sudan and Algeria for oil
Energy Minister Jeff Radebe

NHI will negatively impact on South Africa’s healthcare systems – Solidarity  

By: Anine Kilian     21st August 2018 Trade union Solidarity believes the power of medical services in South Africa will be negatively impacted if government decides to centralise the healthcare system through the National Health Insurance (NHI) Bill. Speaking at a Healthcare Crisis Summit organised by Solidarity, in Pretoria, on... 

AgriSA meeting with the ANC "successful"

By: News24Wire      21st August 2018 AgriSA president Dan Kriek met President Cyril Ramaphosa in Cape Town on Tuesday, while the organisation's CEO, Omri van Zyl, held talks with Deputy President David Mabuza in Johannesburg. The meetings were part of two separate consultation processes: Kriek met Ramaphosa as part of the... 

AgriSA meeting with the ANC
AgriSA President Dan Kriek

Set up special tribunal for officials abusing tender system – State capture inquiry witness 

By: News24Wire      21st August 2018 The government's procurement system is intentionally not followed in at least 50% of all tenders, chief procurement officer Willie Mathebula told the commission of inquiry into allegations of State capture on Tuesday. Mathebula has proposed a special tribunal to deal with those who transgress and... 

Set up special tribunal for officials abusing tender system – State capture inquiry witness

Study initiated to assess conversion of Kelvin power station from coal to gas

By: Terence Creamer     21st August 2018 A $1.3-million feasibility study has been initiated into the prospect of converting the coal-fired Kelvin power station, east of Johannesburg, into a 450 MW to 600 MW gas-fired power station. The study will also assess the potential for developing the Kelvin site into a gas distribution hub for... 

Study initiated to assess conversion of Kelvin power station from coal to gas
The Kelvin power station

Treasury slams excess cash on NSFAS books

By: News24Wire      21st August 2018 The National Student Financial Aid Scheme (NSFAS) had R153.8-million more cash left than projected at the end of the 2017/18 financial year, it has emerged. Speaking to Parliament's Standing Committee on Appropriations on Tuesday, Treasury’s deputy director general Dr Mampho Modise explained that... 

 Treasury slams excess cash on NSFAS books

EESE welcomes imminent BBBEE scheme listings

By: Simone Liedtke     21st August 2018 Equity Express Securities Exchange (EESE) on Tuesday welcomed the planned listings of the MultiChoice and Media24 broad-based black economic empowerment (BBBEE) schemes, Phuthuma Nathi and Welkom Yizani, in October. These listings will include Phuthuma Nathi Investments, Phuthuma Nathi... 

EESE welcomes imminent BBBEE scheme listings
Equity Express Securities Exchange (EESE) CEO Anthony Wilmot

Sanral bears brunt of lack of government clarity on e-tolls 

By: News24Wire      21st August 2018 The South African National Roads Agency (Sanral) has collected R5.6-billion less in e-toll fees than budgeted mostly because there is no clarity from government about the future of the system, Parliament has heard. Briefing the Standing Committee on Appropriations on Tuesday, Treasury’s deputy... 

 Sanral bears brunt of lack of government clarity on e-tolls

Proudly South African launches online shopping site in boost for Buy Local campaign

By: Marleny Arnoldi     21st August 2018 Proudly South African (Proudly SA) and RSA Made on Tuesday launched an online shopping site, www.rsamade.co.za, which sells only locally made items. The site forms part of Proudly SA’s Buy Local advocacy campaign, and looks to grow Proudly SA’s members’ share of the burgeoning market that is... 

Fear rules Sars, Nugent inquiry hears

By: News24Wire      21st August 2018 A climate of fear has engulfed the South African Revenue Service (Sars) to the point that some staff members are afraid to come forward to give evidence to the Nugent Commission, which is probing tax administration and governance issues at the revenue service. This revelation came out at the... 

 Fear rules Sars, Nugent inquiry hears

Land Bank says land expropriation could trigger default

By: Reuters     21st August 2018 South Africa's State-owned Land Bank said on Monday a plan to allow the State to seize land without compensation could trigger defaults that could cost the government R41-billion rand if the bank's rights as a creditor are not protected. Land Bank is a specialist bank providing financial services... 

 Land Bank says land expropriation could trigger default

Amendment of Constitution will accelerate land reform – Ramaphosa

By: News24Wire      21st August 2018 President Cyril Ramaphosa has said that the interpretation of section 25 of the Constitution which relates to land expropriation must be made explicitly clear to enable the speeding up of land reform processes. Giving the keynote address at the African Farmers' Association of South Africa's... 

Amendment of Constitution will accelerate land reform – Ramaphosa
President Cyril Ramaphosa

Mint Directors Conference to reach South African shores in 2020

By: Simone Liedtke     20th August 2018 The biennial Mint Directors Conference (MDC) will return to South African shores in 2020, says South African Reserve Bank (SARB) subsidiary, the South African (SA) Mint. The event, which is expected to attract more than 300 guests, will be held in both Cape Town and Pretoria, in April 2020. 

Mint Directors Conference to reach South African shores in 2020
The baton was passed on to the South African Mint by the Korea Minting and Security Printing & ID Card Operating Corporation (Komsco), which hosted the conference this year in Seoul

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