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Economy News

Sub-Saharan Africa’s economy growing, but better revenue mobilisation needed – IMF 

By: Marleny Arnoldi     12th October 2018 The macroenonomic outlook for sub-Saharan Africa continues to strengthen, with growth expected to increase from 2.7% in 2017 to 3.1% this year, the latest ‘Regional Economic Outlook’ report published by the International Monetary Fund (IMF) shows. The higher growth reflects domestic policy... 

Southern African airlines face losses and slow growth, says industry association 

By: Rebecca Campbell     12th October 2018 The Airlines Association of Southern Africa (AASA) has forecast that airlines in the Southern African Development Community (SADC) region will suffer total losses of $300-million for this year. This would be in sharp contrast to the expected total profit of $33.8-billion for the global airline... 

Southern African airlines face losses and slow growth, says industry association
Photo by Airlink
An Embraer E190 airliner of Airlink, one of AASA’s member airlines

Local constraints preventing SA civil aerospace firms from spreading wings

By: Rebecca Campbell     12th October 2018 In his speech, officially opening the recent Africa Aerospace and Defence (AAD) 2018 exhibition held at Air Force Base Waterkloof in Pretoria (City of Tshwane), President Cyril Ramaphosa made an all-too-brief reference to South Africa’s civil aerospace industry. “Some of our aircraft-related... 

Local constraints preventing SA civil aerospace firms from spreading wings

ACSA reports fall in earnings in line with lower aeronautical charges

By: Rebecca Campbell     12th October 2018 The Airports Company South Africa (ACSA), one of the few South African State-owned companies that has been able to keep itself financially healthy, reported recently that, despite declines in its revenues, profits, and earnings before interest, tax, depreciation and amortisation (Ebitda), it was... 

KPMG will cooperate with damning SARB report 

By: News24Wire      11th October 2018 KPMG has vowed to work on rebuilding trust in its reputation following the release of the South African Reserve Bank's (SARB's) report into VBS Mutual Bank, the global auditing firm said in a statement on Thursday.  The statement was released on Thursday, acknowledging the outcome of the report. 

 KPMG will cooperate with damning SARB report

Wind body to request smoothing of procurement profile in IRP submission

By: Terence Creamer     11th October 2018 The South African Wind Energy Association (SAWEA) will appeal for a “smooth rolling procurement” of new wind-energy capacity in its response to the draft Integrated Resource Plan (IRP 2018) so as to close a three-year procurement gap in the current document. The Draft IRP 2018 was released on... 

Wind body to request smoothing of procurement profile in IRP submission
The Nojoli wind farm

Nene rollercoaster takes Nomura from major rand bear to bull

By: Bloomberg     11th October 2018 Nhlanhla Nene has been dropped from South Africa’s cabinet twice in three years – and his misfortunes have been the catalyst that turned one of the biggest rand bears into one of the biggest bulls. As the currency declined this week amid speculation that Nene would resign as finance minister,... 

Govt, fuels industry mull alternative pricing framework for petrol 

By: African News Agency      11th October 2018 Government was considering capping the price of 93 unleaded petrol, Energy Minister Jeff Radebe said on Thursday. Radebe, who joined his communications counterpart, Nomvula Mokonyane, during the post-cabinet media briefing, said they were consulting the industry on the proposal. 

Govt, fuels industry mull alternative pricing framework for petrol
Energy Minister Jeff Radebe

Ramaphosa treads 'softly-softly' in South Africa power play 

By: Bloomberg     11th October 2018 President Cyril Ramaphosa is caught in an intricate game of political chess as he seeks to stamp his authority on the government while maintaining a semblance of party unity before elections next year. While his finance minister and political ally, Nhlanhla Nene, resigned Tuesday after lying... 

Ramaphosa treads 'softly-softly' in South Africa power play
Cyril Ramaphosa and Tito Mboweni

Political, economic uncertainty and perception of corruption cloud sentiment on SA – PwC

By: African News Agency      11th October 2018 Recent political and economic uncertainty, including the perception of corruption, have clouded investor sentiment in South Africa, auditing firm PricewaterhouseCoopers (PwC) said on Thursday. A PwC report said trade openness and the efficiency of government regulation were among the most... 

 Political, economic uncertainty and perception of corruption cloud sentiment on SA – PwC

Report error actually ranks S Africa 110 out of 162 in economic freedom   

By: Sane Dhlamini     11th October 2018 South Africa now ranks 110 out of 162 as an economically free country, according to the Economic Freedom of the World (EFW) index. The Free Market Foundation (FMF) revealed on Wednesday that South Africa had ranked 94 but an error in World Bank data, spotted and investigated by the FMF’s Eustace... 

Report error actually ranks S Africa 110 out of 162 in economic freedom

Hawks, NPA teams already at work on VBS fraud investigation  

By: News24Wire      11th October 2018 The final investigation report into the R1.8-billion fraud at VBS Mutual Bank released on Wednesday cannot be used as evidence to prosecute any individuals, but is serving as a "useful guide" to prosecutors and police investigators. This is according to National Prosecuting Authority spokesperson... 

Hawks, NPA teams already at work on VBS fraud investigation

South Africa gets $35bn in investment pledges towards $100bn goal

By: Reuters     11th October 2018 South Africa has investment commitments of $35-billion as part of plans by President Cyril Ramaphosa to attract $100-billion over the next five years to revive the country's flagging economy, his economic adviser told Reuters on Wednesday. Ramaphosa has appointed a team of investment envoys -... 

South Africa gets $35bn in investment pledges towards $100bn goal
Photo by Reuters
Trudi Makhaya

IMF warns African countries against spiraling levels of public debt

By: African News Agency      11th October 2018 The International Monetary Fund (IMF) on Wednesday warned African countries that their increasing indebtedness and failure to service their public debts was creating poverty for its citizens. Montfort Mlachila, senior resident representative for IMF in South Africa, said that countries like... 

AMSA seeks growth opportunities in sub-Saharan Africa amid muted domestic steel demand

By: Nadine James     10th October 2018 In light of weak domestic demand, ArcelorMittal South Africa (AMSA) has implemented a strategy to enhance its short-term profitability and cashflow, thereby, ensuring the business’ sustainability and positioning it to exploit growth in the sub-Saharan Africa region, says CEO Kobus Verster. During... 

 AMSA seeks growth opportunities in sub-Saharan Africa amid muted domestic steel demand
Photo by ARCELORMITTAL
ArcelorMittal Vanderbijlparjk Works

BER counts cost to the South African economy of ‘lost years’ from 2010 to 2017

By: Marleny Arnoldi     10th October 2018 In marking the tenth anniversary of the largest financial crisis since the Great Depression, the Bureau for Economic Research (BER) has looked back at the performance of the South African economy between 2010 and 2017. Since the financial crisis, domestic real gross domestic product (GDP)... 

Jessie Duarte ‘keen’ to testify at State capture commission  

By: Sashnee Moodley     10th October 2018 The ruling African National Congress’s (ANC’s) deputy general-secretary, Jessie Duarte, said on Wednesday that she was “very keen” to testify at the Commission of Inquiry into State Capture. Speaking at a media briefing around the ANC’s position on former Finance Minister Nhlanhla Nene’s... 

Jessie Duarte ‘keen’ to testify at State capture commission
ANC deputy general-secretary Jessie Duarte

AAD 2018 aerospace and defence exhibition reports attendance figures

By: Rebecca Campbell     10th October 2018 Africa Aerospace and Defence (AAD) reported on Wednesday that its 2018 edition (held from September 19 to September 23) received 32 538 trade visitors. The show was divided into three trade days and two public days, the latter being over the weekend of September 22 and September 23. The two... 

AAD 2018 aerospace and defence exhibition reports attendance figures
Photo of AAD 2018, taken from an altitude of 500 km by an Airbus Pleiades satellite, on the first of the trade days (Airbus Defence and Space)

Trade rules need to address Chinese excess capacity – EU's Moscovici

By: Reuters     10th October 2018 Any rewrite of global trading rules must deal with the issue of excess industrial capacity in China, European Commission Economic Commissioner Pierre Moscovici said on Wednesday. "We absolutely need to address the issue of overcapacities in China. Nobody can say that this is not a problem. This... 

Sacci BCI marks slight improvement in September

By: Marleny Arnoldi     10th October 2018 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) improved by 2.8 index points to 93.3 points in September, from 90.5 points in August. The BCI was in line with the 93 points measured in September 2017.  

Policy certainty key to business confidence – Sacci  

By: African News Agency      10th October 2018 Market and economic developments continue to have adverse effects on the activities of companies in South Africa, despite an uptick in a key business confidence index (BCI) in September, a survey showed on Wednesday. The South African Chamber of Commerce and Industry's (Sacci) BCI, comprising of... 

Policy certainty key to business confidence – Sacci

Parly's transport committee grills Prasa on lack of progress

By: News24Wire      10th October 2018 Parliament's Portfolio Committee on Transport grilled the Passenger Rail Agency of South Africa's (Prasa) presentation at a meeting in Cape Town on Tuesday, for lacking urgency and progress. The meeting comes after the Rail Safety Regulator (RSR) communicated its intention to suspend Prasa's... 

Parly's transport committee grills Prasa on lack of progress

ANC, opposition parties welcome Mboweni, praise Nene

By: News24Wire      9th October 2018 Former South African Reserve Bank governor and newly appointed Finance Minister Tito Mboweni is highly accomplished and should be able to hit the ground running. This was the sentiment from the ANC and opposition parties after the news broke that Mboweni would replace former minister, Nhlanhla... 

ANC, opposition parties welcome Mboweni, praise Nene
Photo by Creamer Media
Finance Minister Tito Mboweni

Mboweni sworn in as Finance Minister, after Ramaphosa accepts Nene’s resignation   

By: Sashnee Moodley     9th October 2018 President Cyril Ramaphosa announced on Tuesday afternoon that he had accepted Finance Minister Nhlanhla Nene’s resignation and that former Reserve Bank governor Tito Mboweni would be sworn in as the new Minister with immediate effect. Ramaphosa revealed that, as a consequence of State capture... 

Mboweni sworn in as Finance Minister, after Ramaphosa accepts Nene’s resignation
Photo by Creamer Media
Finance Minister Tito Mboweni

Tax Ombud secures nearly R450m in refunds in biggest tax disputes for 2017/18

By: Simone Liedtke     9th October 2018 Nearly R450-million in tax refunds has been paid out to the ten taxpayers with the largest disputes with revenue authorities in the 2017/18 financial year, as a result of the intervention of the Office of the Tax Ombud (OTO). The OTO reported these figures during the launch, on Tuesday, of its... 

Ramaphosa to make statement on Nene

By: Reuters     9th October 2018 President Cyril Ramaphosa will make a statement on the fate of Finance Minister Nhlanhla Nene on Tuesday at 16:30, his office said, sending the rand firmer. Nene is facing calls to resign after he admitted to visiting the Gupta brothers, friends of scandal-plagued former leader Jacob Zuma who... 

Ramaphosa to make statement on Nene
President Cyril Ramaphosa

IMF lowers South Africa's economic growth forecasts, urges reforms 

By: Reuters     9th October 2018 The International Monetary Fund on Tuesday cut South Africa's economic growth forecasts for this year and next, as it urged implementation of reforms to improve policy certainty and the efficiency of State-owned companies. Having stagnated for a decade, Africa's most industrialised economy... 

IMF lowers South Africa's economic growth forecasts, urges reforms

Jonas is said to decline South African Finance Minister post

By: Bloomberg     9th October 2018 Mcebisi Jonas declined an offer to replace Nhlanhla Nene as South Africa’s finance minister, spurring President Cyril Ramaphosa to consider central bank Governor Lesetja Kganyago and one of his predecessors, Tito Mboweni, for the job, according to three people familiar with the matter. Jonas, a... 

Jonas is said to decline South African Finance Minister post
Photo by Reuters
Mcebisi Jonas

Was the Job Summit just a talk shop? 

9th October 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the outcomes of the Presidential Job Summit and how it fits into government’s bigger plan to get the economy on the right track again. 

Was the Job Summit just a talk shop?
Was the Job Summit just a talk shop?

Ramaphosa to make an announcement on Nene's fate 'soon' – Presidency

By: News24Wire      9th October 2018 President Cyril Ramaphosa is concerned about the uncertainty being created in the financial markets around the fate of Finance Minister Nhlanhla Nene, his spokesperson Khusela Diko said on Tuesday. Speaking to News24, she said Ramaphosa would make an announcement on Nene's fate "soon". She did... 

Ramaphosa to make an announcement on Nene's fate 'soon' – Presidency
President Cyril Ramaphosa

UK expresses faith in South Africa's economy, backs Ramaphosa's stimulus package

By: African News Agency      9th October 2018 The United Kingdom's trade commissioner for Africa, Emma Wade-Smith, said on Tuesday that the UK had full confidence in South Africa's "stimulus package" and was more likely to continue to invest in South Africa despite the country's troubled economy going through a technical recession. President... 

Airline SA Express continues to re-establish its route network

By: Rebecca Campbell     9th October 2018 State-owned domestic and regional airline SA Express announced on Tuesday that it had relaunched two more of its services, as part of its plan to, as soon as possible, re-establish its best-performing routes. The two routes concerned are the domestic Johannesburg-Hoedspruit (Mpumalanga province)... 

Airline SA Express continues to re-establish its route network
Photo by SA Express
A Bombardier CRJ700 regional airliner in the colours of SA Express

Nene's IMF trip eases fears over his future

By: Reuters     9th October 2018 Finance minister Nhlanhla Nene is traveling to Indonesia for an International Monetary Fund (IMF) meeting, the Treasury said on Tuesday, a statement that may soothe markets a day after a media report that he had asked the president to sack him. The rand fell more than one percent on Monday when... 

Nene's IMF trip eases fears over his future
Photo by Reuters
Finance Minister Nhlanhla Nene

Technology cost assumptions used to produce IRP explained 

By: Terence Creamer     9th October 2018 An experienced electricity system modeller has corrected a suggestion that the draft 2018 Integrated Resource Plan (IRP 2018) uses levelised cost assumptions for the various generation technologies tested, explaining that overnight capital cost assumptions for each technology are key inputs. The... 

Technology cost assumptions used to produce IRP explained

IMF cuts world economic growth forecasts as import tariffs, emerging market issues bite

By: Reuters     9th October 2018 The International Monetary Fund on Tuesday cut its global economic growth forecasts for 2018 and 2019, saying that trade policy tensions and the imposition of import tariffs were taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows. The... 

IMF cuts world economic growth forecasts as import tariffs, emerging market issues bite

Global growth at risk from $100 oil next year, BofAML says

By: Bloomberg     9th October 2018 If oil prices head above $100 a barrel, it could shave 0.2 percentage points from global economic growth next year -- but this hinges crucially on the dollar, according to Bank of America Merrill Lynch. Sanctions on Iran, shale bottlenecks, Venezuelan turmoil and increased demand pose an upside... 

Dladla steps down as CEO of Eskom Rotek Industries

By: Creamer Media Reporter      9th October 2018 Eskom Rotek Industries CEO Johnny Dladla, who served a short stint as the group's CEO in 2017, has resigned and will leave Eskom at the end of October to "pursue private business interests".   The State-owned utility said in a statement that Dladla's successor would be announced in due course.... 

Dladla steps down as CEO of Eskom Rotek Industries
Photo by Creamer Media
Johnny Dladla

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