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Economy News

Emira boosts US retail property portfolio with another acquisition

By: Simone Liedtke     22nd November 2018 Emira Property Fund on Thursday announced that it has grown its portfolio in the US to five value-orientated assets in thriving states. The JSE-listed real estate investment trust co-invests in the US with its in-country partner, Rainier Group of Companies. 

Stenprop on track to achieve multi-let transition goal over next two years

By: Simone Liedtke     22nd November 2018 Dual-listed property investment company Stenprop, which is focused on growing its multi-let industrial (MLI) portfolio, posted basic earnings of £13.2-million for the six months ended September 30. Net rental income of £16-million, excluding Switzerland, remained broadly flat compared with the... 

SA central bank raises benchmark repo rate to 6.75% 

By: African News Agency      22nd November 2018 South Africa's central bank on Thursday raised the benchmark repo rate by 25 basis points to 6.75% despite weak economic growth, saying delaying the adjustment could cause inflation expectations to become entrenched at higher levels. "The Committee continues to assess the stance of monetary... 

 SA central bank raises benchmark repo rate to 6.75%
SARB governor Lesetja Kganyago

Economist warns of impact of rising debt on global financial market

By: Creamer Media Reporter      22nd November 2018 A decade on from the start of the global financial crisis (GFC), and markets have rebounded considerably; however, investors should brace for a bumpy road ahead, as the debt overhang that sparked the worst economic disaster in modern history has yet to be resolved, says Citadel chief economist... 

Siyabonga Gama loses court bid to interdict dismissal as Transnet CEO 

By: African News Agency      22nd November 2018 Former Transnet chief executive Siyabonga Gama on Thursday lost his Labour Court application to have his dismissal by the board of the state-owned freight and rail company set aside, and was ordered to pay the costs for Transnet, including two of its lawyers.   Labour Court judge Connie Prinsloo... 

Siyabonga Gama loses court bid to interdict dismissal as Transnet CEO
Photo by Creamer Media
Former Transnet CEO Siyabonga Gama

Service delivery tied to job creation – Ramaphosa

By: News24Wire      22nd November 2018 President Cyril Ramaphosa has urged municipalities to adhere to standardised levels of service delivery so they can create the type of environment that will attract investors. Speaking on Thursday at a National Council of Provinces sitting in Alberton, south of Johannesburg, Ramaphosa said... 

Service delivery tied to job creation – Ramaphosa
President Cyril Ramaphosa

Audit outcomes of State-owned entities continue to regress

By: Kim Cloete     22nd November 2018 The audit outcomes of State-owned entities (SOEs) have regressed over the past financial year compared with both the previous year and 2014/15. The 2017/18 general report for the Auditor-General South Africa (AGSA) said there was an increase in noncompliance of the 16 SOEs it audited. It also... 

Carbon Tax Bill provides for tax-free allowances of up to 95%, but concern over impact persists 

By: Terence Creamer     22nd November 2018 South Africa’s National Treasury has included several transitional tax-free allowances in the Carbon Tax Bill tabled in Parliament this week. The allowances will result in an effective carbon tax rate of between R6/t and R48/t for carbon dioxide-equivalent (CO2e) emissions released by industrial... 

Carbon Tax Bill provides for tax-free allowances of up to 95%, but concern over impact persists

Ramaphosa to announce Cabinet reshuffle

By: News24Wire      22nd November 2018 President Cyril Ramaphosa is expected to announce changes to the National Executive at the Union Buildings, Pretoria, at 15:00 on Thursday. In a statement issued on Thursday morning the Presidency said "these changes have been occasioned by the passing away in September 2018 of the Minister of... 

Ramaphosa to announce Cabinet reshuffle
President Cyril Ramaphosa

PIC's Matjila offers to resign

By: Bloomberg     22nd November 2018 Daniel Matjila, head of South Africa’s Public Investment Corporation (PIC), has offered to resign from his role at Africa’s largest money manager, according to the country’s Ministry of Finance. The offer must now be considered by the PIC’s board and then approved by Finance Minister Tito... 

Central bank set to keep interest rates unchanged

By: African News Agency      22nd November 2018 South Africa's central bank is likely to keep interest rates unchanged on Thursday as inflation remains contained within target while economic growth is worryingly anaemic. The South African Reserve Bank's (SARB) monetary policy committee (MPC) is currently holding its last of six annual meetings... 

Central bank set to keep interest rates unchanged
Photo by Reuters
SARB governor Lesetja Kganyago

Audit results of government departments show a shocking decline 

By: Kim Cloete     21st November 2018 The Auditor-General has been given more powers to crack down on national and provincial government department and their entities. This follows another year of overall decline in their audit results, with a rise in wasteful and irregular expenditure and weak financial controls. Releasing his... 

Audit results of government departments show a shocking decline
Auditor-General Kimi Makwetu

Study under way to help shape policy needed to transition from coal-based to renewable energy systems

By: Simone Liedtke     21st November 2018 As more renewable energy capacity is added globally, thermal coal-fired power stations are likely to, in future, operate only for short periods of time to balance the shortfall in electricity when renewable capacity is not available, University of Johannesburg professor Bilainu Oboirien said at... 

Study under way to help shape policy needed to transition from coal-based to renewable energy systems
Photo by Dylan Slater
University of Johannesburg professor Bilainu Oboirien

Coal to remain significant part of South Africa’s energy generation mix  

By: Simone Liedtke     21st November 2018 Notwithstanding recent and continued advances in the roll-out of renewable energy and energy efficiency measures, South African National Energy Development Institute (Sanedi) GM for cleaner fossil fuel use Professor Tony Surridge expects coal will continue to form a significant component of South... 

Coal to remain significant part of South Africa’s energy generation mix
South African National Energy Development Institute GM for cleaner fossil fuel use Professor Tony Surridge speaks to Mining Weekly Online about South Africa's status quo surrounding carbon dioxide storage and utilisation. Video & Editing: Nicholas Boyd

PwC unpacks possible outcomes of final 2018 MPC meeting

By: Marleny Arnoldi     21st November 2018 The South African Reserve Bank’s (SARB’s) last Monetary Policy Committee (MPC) meeting for this year is under way, with SARB governor Lesetja Kganyago expected to announce the outcome on Thursday. Policymakers are considering the possibility of a rate hike in November, against the backdrop of... 

Eskom warns its debt could reach R550bn 

By: African News Agency      21st November 2018 Eskom's financial situation will remain dire for the next few years with a risk its debt burden would grow from R400-billion to some R550-billion in the foreseable future, the power utility's CEO Phakamani Hadebe conceded on Wednesday. "The institution is really under severe financial strain,"... 

 Eskom warns its debt could reach R550bn
Photo by Dylan Slater
Eskom CEO Phakamani Hadebe

Irregular spend of national, provincial government, SOEs up to R51bn and counting

By: African News Agency      21st November 2018 Irregular expenditure for national and provincial government departments, as well as State-owned entities audited by the Auditor-General amounted to R51-billion and counting, it was revealed on Wednesday. Releasing the audit results for the 2017/18 financial year, Auditor-General Kimi Makwetu... 

Irregular spend of national, provincial government, SOEs up to R51bn and counting
Auditor-General Kimi Makwetu

SA annual consumer inflation rises to 5.1 percent in October

By: African News Agency      21st November 2018 Consumer price inflation rose to 5.1 percent year-on-year in October 2018 from 4.9 percent in September, Statistics South Africa said on Wednesday. On a month-on-month basis, the consumer price index increased by 0.5 percent in October. 

SA annual consumer inflation rises to 5.1 percent in October

No land grabs in SA, your investments are safe – Ramaphosa tells German counterpart

By: News24Wire      20th November 2018 President Cyril Ramaphosa said at a media briefing on Tuesday morning in Cape Town with German President Frank-Walter Steinmeier that there will be no land grabs in South Africa and that foreign investments in the country are safe. “Investors should have no fear that their land or investment will... 

No land grabs in SA, your investments are safe – Ramaphosa tells German counterpart
President Cyril Ramaphosa

New stage 8 load shedding 'nothing to panic about', says Eskom 

By: News24Wire      20th November 2018 Power utility Eskom recently announced that it would be expanding its load shedding plan to eight stages, allowing for up to 8 000 MW to be shed from the national grid. It previously had four stages that allowed for up 4 000 MW to be cut.   The new schedule is "nothing to panic about", Eskom... 

 New stage 8 load shedding 'nothing to panic about', says Eskom

Ramaphosa is said to mull economy super Ministry

By: Bloomberg     20th November 2018 President Cyril Ramaphosa may create a super ministry for economic policy as part of an overhaul of the nation’s executive, according to three people familiar with the matter. The new ministry will combine various economic departments, including the National Treasury, to simplify policy... 

I am not accountable to bullies – Gordhan  

By: African News Agency      20th November 2018 Public Enterprises Minister Pravin Gordhan on Tuesday took a swipe at his detractors, telling the State capture commission of inquiry that he does not submit to bullies. The minister is testifying for a second day at the commission of inquiry into State capture, led by deputy chief justice... 

I am not accountable to bullies – Gordhan
Photo by Bloomberg
Public Enterprises Minister Pravin Gordhan

Hawks investigating 311 cases involving municipalities

By: News24Wire      20th November 2018 The Hawks are investigating 311 cases involving municipalities across the country, the Department of Cooperative Governance and Traditional Affairs (Cogta) says. Cogta spokesperson Musa Zondi said 98 of the cases were in court, 178 were under investigation, and 35 were either finalised or... 

Hawks investigating 311 cases involving municipalities

IMF says optimism in South Africa's economic recovery fading

By: Reuters     20th November 2018 South Africa's economic recovery plans face serious constraints with growing debt of state firms domestically and capital outflows as a result of global trade tensions, the International Monetary Fund (IMF) said on Monday. In October the global lender said it saw Africa's most industrialised... 

IMF says optimism in South Africa's economic recovery fading

Optimism in South Africa's economic recovery fading – IMF

By: Reuters     19th November 2018 South Africa's economic recovery plans face serious constraints with growing debt of state firms domestically and capital outflows as a result of global trade tensions, the International Monetary Fund (IMF) said on Monday. "Some of the initial optimism has dissipated as growth remains stuck in... 

State capture was evident as early as 2014 – Gordhan 

By: African News Agency      19th November 2018 The State capture phenomenon had been around as early as 2014 in South Africa during former president Jacob Zuma's administration, Public Enterprises Minister Pravin Gordhan told the State capture commission of inquiry on Monday. He said individual corrupt activities, through procuring goods and... 

State capture was evident as early as 2014 – Gordhan
Photo by Creamer Media
Public Enterprises Minister Pravin Gordhan

Eskom says it is not load shedding

By: African News Agency      19th November 2018 Eskom on Monday said it was not implementing load shedding but the power grid was stretched with a low possibility of load shedding for the rest of week. "We will keep our customers informed if there are any changes to the system. Eskom would like to thank its customers for assisting in keeping... 

Eskom says it is not load shedding

Patel: I declined several invites from the Guptas 

By: News24Wire      19th November 2018 Economic Development Minister Ebrahim Patel has said he declined several invitations from the Gupta family, including one to the now-infamous wedding at Sun City in 2013. In a written reply to a question from Democratic Alliance (DA) MP Michael Bagraim, Patel clarified that neither he nor... 

 Patel: I declined several invites from the Guptas
Photo by Creamer Media
Economic Development Minister Ebrahim Patel

Steinhoff appoints Louis du Preez as new permanent CEO, shares soar

By: Reuters     19th November 2018 Steinhoff’s CEO Danie van der Merwe has decided to step down from this position at the end of December, the global retailer said in an update to shareholders on Monday.  He will be replaced by Louis du Preez, the group’s current commercial director. 

Steinhoff appoints Louis du Preez as new permanent CEO, shares soar

Astral commits to R1.1bn in expansion projects 

By: Simone Liedtke     19th November 2018 On the back of President Cyril Ramaphosa’s recent investment drive and stimulus plan, integrated poultry producer Astral Foods has committed R1.1-billion to expansion projects over the next three years. This is the JSE-listed company’s first major expansion in its poultry division in a decade and... 

Astral commits to R1.1bn in expansion projects

Gordhan alerts commission to 'mental lapse'

By: African News Agency      19th November 2018 Public Enterprises Minister Pravin Gordhan said he had to consult with officials at National Treasury and ''refresh his mind'' on events and meetings he took part in back when he was finance minister. Testifying in the commission of inquiry into State capture, chaired by Deputy Chief Justice... 

 Gordhan alerts commission to 'mental lapse'
Photo by Reuters
Public Enterprises Minister Pravin Gordhan

Eskom is said to base executive revamp on consultant work

By: Bloomberg     19th November 2018 Eskom is proposing executive job cuts and a reorganisation of management units in an effort to improve the South African utility’s financial position, according to a document seen by Bloomberg. Eskom, which produces about 90% of the nation’s electricity, hired Boston Consulting Group earlier... 

Vusi Khanyile appointed WWF-SA chairperson

By: Simone Liedtke     16th November 2018 Former Thebe Investment Corporation chairperson Vusumzi (Vusi) Khanyile has been elected the new chairperson of World Wide Fund-South Africa’s (WWF-SA) board of directors at the nongovernmental organisation’s fiftieth annual general meeting. He takes over from Valli Moosa, who has chaired the... 

Vusi Khanyile appointed WWF-SA chairperson
Newly-elected World Wide Fund-South Africa’s (WWF-SA) chairperson Vusi Khanyile

Upcoming protest not the first amid talks of transition away from coal – SAWEA

By: Simone Liedtke     16th November 2018 The South African Wind Energy Association (SAWEA) has defended the industry’s job creation potential. This comes ahead of a peaceful march by the National Union of Mineworkers (NUM), which is planned for November 17, to protest potential job losses in the coal-fired power generation sector as a... 

Treasury announces progress on national health insurance bill  

By: African News Agency      16th November 2018 The South African National Treasury on Friday announced it made “substantial” progress on the national health insurance (NHI) Bill consultation in key areas and have reached agreement on most of the major issues. “We have made substantial progress on key areas and have reached agreement on most... 

Treasury announces progress on national health insurance bill

All not lost, despite trust deficit between govt, private sector

By: Simone Liedtke     16th November 2018 The current trust deficit between government and the private sector is not just based on the private sector’s belief that nothing can or will be done, but rather on the lack of correctly identifying opportunities when trying to bridge the gap. This sentiment, shared by panellists during a... 

All not lost, despite trust deficit between govt, private sector

Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns 

By: Terence Creamer     16th November 2018 South Africa’s power utility Eskom reports that it has received approval for the National Treasury from the “urgent procurement” of four-million tons of emergency coal to help address serious stock shortfalls at several of its 15 coal-fired power stations. More than 1.1-million tons have already... 

Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns
Photo by Dylan Slater
Eskom CEO Phakamani Hadebe

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