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Economy News

Busa welcomes SAA board changes

     19th October 2017 Business Unity South Africa (Busa) on Thursday welcomed the appointment of a new board of directors for South African Airways (SAA) as a step in the right direction to ensuring financial stability and good governance at the State-owned airline.    “The appointment of JB Magawaza, an accomplished... 

If Zuma removes me, I’ll accept it – Ramaphosa

By: African News Agency      19th October 2017 I serve at the pleasure of the President, and If I’m fired, it will be at the pleasure of the President, South Africa’s deputy president said on Thursday. Cyril Ramaphosa was asked by opposition party members in the National Assembly to confirm or deny speculation that he was next in line to be... 

If Zuma removes me, I’ll accept it – Ramaphosa
Deputy President Cyril Ramaphosa

Zuma unveils OR Tambo statue in commemoration

By: Sane Dhlamini     19th October 2017 The life of former African National Congress (ANC) president Oliver Reginald Tambo was commemorated on Thursday with the unveiling of a new statue of the former anti-apartheid struggle stalwart at international arrivals at the OR Tambo International Airport in Johannesburg. President Jacob Zuma... 

Zuma unveils OR Tambo statue in commemoration
Photo by Duane Daws
Jacob Zuma, members of the Tambo family & government officials

4Sight lists on AltX

By: Schalk Burger     19th October 2017 The first pure technology company to list on the JSE’s AltX in 18 years, technology decision support group 4Sight, has artificial intelligence, machine learning, Internet of Things and big data technology capabilities, which are reshaping business and individual lives worldwide, 4Sight CEO... 

4Sight lists on AltX
4Sight Group CEO Antonie Van Rensburg, Group executive merger & acquisitions Gary Lauryssen, Group CFO Jacques Hattingh and non-executive director Conal Lewer-Allen at the JSE on Thursday

Outa accuses Eskom consultants of ‘gambling’ with public money

By: Kim Cloete     19th October 2017 The Organisation Undoing Tax Abuse (Outa) has alleged that Eskom consultants Trillian Capital Partners have been “dabbling” in derivatives and losing billions of rands in the process. “Trillian has been dabbling in derivatives with our public money, racking up losses of R27-billion,” Outa... 

Outa accuses Eskom consultants of ‘gambling’ with public money
Photo by Duane Daws
Ted Blom

‘Absolutely no need' for nuclear, Dames says in State-capture testimony

By: Kim Cloete     18th October 2017 Former Eskom CEO Brian Dames has revealed that he faced a breakdown in communication between the board and management, as well as death threats during his time at the state utility.  He has also told Parliament’s Portfolio Committee on Public Enterprises that there is "absolutely no need" for... 

‘Absolutely no need' for nuclear, Dames says in State-capture testimony
Former Eskom CEO Brian Dames

Economist warns of consequences of low growth, potential tax hikes

By: Ilan Solomons     18th October 2017 It is well known that the South African economy is having serious growth challenges, which is unlikely to improve over the next three years, with best estimates that the country’s gross domestic product (GDP) will grow by just 2% during this period. This is according to financial services company... 

Economist warns of consequences of low growth, potential tax hikes
Photo by Duane Daws
Citibank South Africa chief economist Gina Schoeman

Chamber files for review of 'disastrous' Mining Charter

By: News24Wire      18th October 2017 The Chamber of Mines filed an application in the North Gauteng High court on Tuesday to have a judicial review and setting aside of the Mining Charter. According to the founding affidavit, the Charter released by Mineral Resources Minister Mosebenzi Zwane on June 15 had, and continues to have, a... 

Chamber files for review of 'disastrous' Mining Charter
Photo by Duane Daws
Chamber of Mines CEO Roger Baxter

Brian Dames: Gigaba adviser lured me to meet Guptas

By: News24Wire      18th October 2017 Former Eskom CEO Brian Dames said he was asked to meet “some people” who turned out to be the Guptas by Finance Minister Malusi Gigaba’s adviser Siyabonga Mahlangu. “It was somewhere in Midrand and there was one other individual: I assume it was one of the brothers,” he said. “I was very angry... 

Brian Dames: Gigaba adviser lured me to meet Guptas
Former Eskom CEO Brian Dames

‘You are too late’ – Dames on State capture inquiry

By: News24Wire      18th October 2017 Former Eskom chief executive Brian Dames told Parliament’s State capture inquiry on Wednesday that while the process is a great move, it was too late. “You are too late,” he said. “You should have done this a long time ago.” 

‘You are too late’ – Dames on State capture inquiry
Photo by Duane Daws
Former Eskom CEO Brian Dames

Zwane to Parliament – Am I being investigated?

By: News24Wire      18th October 2017 "Am I being investigated? I need to know so that we can start dealing with facts and not allegations that are in the media." Those were the introductory remarks from Mineral Resources Minister Mosebenzi Zwane who is currently appearing before Parliament's portfolio committee on mineral resources... 

11% of government departments may not be able to operate in future - AG

By: News24Wire      18th October 2017 Auditor General Kimi Makwetu has revealed in Parliament that 11% of government departments face "material uncertainty" about their ability to continue operating in future. Makwetu was reporting before the Standing Committee on Public Accounts (Scopa), the Standing Committee on Appropriations, and... 

Evidence of blatant corruption at Eskom unpacked at Parliament’s inquiry into State capture

By: Kim Cloete     17th October 2017 Parliament’s Portfolio Committee on Public Enterprises has kicked off its inquiry into alleged State capture with a report revealing “overwhelming evidence of grand corruption”, governance failure and a stream of irregularities at Eskom, South Africa’s largest State-owned entity. Research... 

Evidence of blatant corruption at Eskom unpacked at Parliament’s inquiry into State capture
Research professor Anton Eberhard

EU remains focused on progressive trade policies, transparency

By: Natasha Odendaal     17th October 2017 Transparency, as well as balanced, inclusive and progressive trade policies remain top priorities for the European Union (EU) Commission as it shifts its trade approach in an ever-changing world to harness globalisation fairly. In recent years, global trade has come under immense negative... 

EU remains focused on progressive trade policies, transparency
Photo by Bloomberg
European Union Commissioner for Trade Cecilia Malmström

Key witnesses in State capture inquiry will need to face the music, warns parliamentary committee chair

By: Kim Cloete     17th October 2017 Parliament’s Portfolio Committee on Public Enterprises has started its keenly awaited inquiry into allegations of State capture, with a warning that key witnesses will not be allowed to shy away from appearing before Parliament. “We have a right to subpoena a witness if we think that witness has... 

Key witnesses in State capture inquiry will need to face the music, warns parliamentary committee chair

Airbnb injects $1m to boost community-led tourism projects in Africa

By: African News Agency      17th October 2017 Peer-to-peer property rental accommodation platform Airbnb on Tuesday announced that it will invest $1-million through 2020 to promote and support community-led tourism projects in Africa. Airbnb said this commitment is part of its vision to empower communities through home sharing and to promote... 

Cabinet reshuffle about consolidating Zuma’s power – Vavi

By: African News Agency      17th October 2017 President Jacob Zuma’s latest Cabinet reshuffle was a self-serving bid to consolidate power with a view to the ruling party’s elective conference, with no consideration for the good of the country, trade union leader Zwelinzima Vavi said on Tuesday. “It is about Jacob Zuma first and the country... 

Cabinet reshuffle about consolidating Zuma’s power – Vavi
Photo by Duane Daws
SAFTU SG Zwelinzima Vavi

Rand drops on Zuma's suprise 'pro-nuclear' Cabinet reshuffle

By: News24Wire      17th October 2017 The rand lost more than 0.5% within minutes of President Jacob Zuma's announcement of yet another surprise Cabinet reshuffle. The biggest move is that of energy - Mmamoloko Kubayi has been moved from the energy portfolio to communications, with David Mahlobo now occupying the position of Minister... 

 Rand drops on Zuma's suprise 'pro-nuclear' Cabinet reshuffle

Nzimande axed in another Cabinet reshuffle

By: Anine Kilian     17th October 2017 President Jacob Zuma has again made changes to his Cabinet. The Presidency said in a statement on Tuesday that Professor Hlengiwe Mkhize has been appointed Higher Education and Training Minister, Ayanda Dlodlo as Home Affairs Minister, Mmamaloko Kubayi as Communications Minister, David Mahlobo as... 

Nzimande axed in another Cabinet reshuffle
Blade Nzimande

It's up to Gigaba to rebuild trust and confidence in mini budget – Coovadia

By: News24Wire      16th October 2017 The motives behind government’s failure to act in the national interest should be questioned as it undermines trust and service delivery in South Africa, Cas Coovadia, managing director of the Banking Association of South Africa (BASA), said on Monday. Coovadia in a statement called on Finance... 

 It's up to Gigaba to rebuild trust and confidence in mini budget – Coovadia
Photo by Duane Daws
BASA MD Cas Coovadia

Sending right economic signals key to integration of distributed energy resources

By: Terence Creamer     16th October 2017 The transition from centralised electricity systems to ones that increasingly comprise both large-scale centralised resources and distributed energy resources (DERs) is under way globally. However, to successfully manage the shift will depend substantially on sending the right economic signals, a... 

 Sending right economic signals key to integration of distributed energy resources

Eskom must implement ‘aggressive’ cost cutting, EIUG says as it urges Nersa to reject 19.9% hike

By: Terence Creamer     14th October 2017 Eskom’s application for a 19.9% tariff hike from April 1, 2018, is unacceptable and will result in the partial or full closure of plant capacity and increase unemployment, the Energy Intensive Users Group (EIUG) states in a written submission to the National Energy Regulator of South Africa... 

Eskom must implement ‘aggressive’ cost cutting, EIUG says as it urges Nersa to reject 19.9% hike

Africa’s State-owned airlines underperforming

By: Anine Kilian     13th October 2017 State-owned airlines in Africa are not operating at the capacity they should be, says Boeing sub-Saharan Africa MD Miguel Santos. Speaking to Engineering News Online on the sidelines of the Airlines Association of Southern Africa’s forty-seventh annual general assembly, in KwaZulu-Natal, he noted... 

Carlyle snaps up Nosa to access occupational health, safety growth in emerging markets

By: Schalk Burger     13th October 2017 Nasdaq-listed asset management multinational Carlyle Group will acquire emerging markets-focused occupational health and safety training company Nosa Group from JSE-listed Micromega Holdings for up to R747.8-million. The occupational health and safety sector is particularly attractive across... 

Seifsa president laments slow pace of metals sector transformation

By: Terence Creamer     13th October 2017 The slow pace of transformation in the metals and engineering sector continues to be of concern, Steel and Engineering Industries Federation of Southern Africa (Seifsa) president Michael Pimstein said during his presidential address in Johannesburg on Friday. He urged the sector, which represents... 

Seifsa president laments slow pace of metals sector transformation

Aviation industry key to supporting tourism sector

By: Anine Kilian     13th October 2017 Aviation plays a central role in supporting the tourism sector, with over 54% of international tourists now travelling by air, KwaZulu-Natal economic development, tourism and environmental MEC Sihle Zikalala said at the Airlines Association of Southern Africa’s forty-seventh annual general... 

Mkhwebane seeks delay in Bankorp review – report

By: News24Wire      13th October 2017 Public Protector Busisiwe Mkhwebane has requested that a review of the Bankorp-CIEX report be postponed. According to a report by EWN, the Public Protector has asked the deputy judge president of the North Gauteng High Court to delay the review of the report until January 2018, following reports... 

 Mkhwebane seeks delay in Bankorp review – report
Photo by Reuters
Public Protector Busisiwe Mkhwebane

SAICA’s independent inquiry into KPMG finalizes terms of reference

By: African News Agency      13th October 2017 The South African Institute of Chartered Accountants (SAICA) on Friday said an independent inquiry into the conduct of some chartered accountants formerly employed by embattled audit firm KPMG would begin soon. In a statement SAICA chief executive, Terence Nombembe, said: “The independent inquiry... 

SAICA’s independent inquiry into KPMG finalizes terms of reference

Supreme court dismisses Zuma’s ‘spy tapes’ appeal

By: African News Agency      13th October 2017 The Supreme Court of Appeal (SCA) on Friday dismissed with costs the appeal by President Jacob Zuma and the National Prosecuting Authority (NPA) in the spy tapes saga. SCA Justice Eric Leach upheld the High Court’s view that the decision to withdraw 783 charges of corruption and fraud against... 

Supreme court dismisses Zuma’s ‘spy tapes’ appeal
Photo by Duane Daws
President Jacob Zuma

Nonconformance of standards exacerbates drought conditions

By: Nica Schreuder     13th October 2017 Fundamental conformities not being upheld during the manufacturing stages of pipe production has exacerbated South Africa’s current water scarcity, says plastics and polymer testing laboratory P.E.S.C. MD Graham Marsberg. “The basics of pipe manufacturing involves quality workmanship. This... 

Nonconformance of standards exacerbates drought conditions
CONFORMING TO STANDARDS SATAS or SABS accreditation is essential to ensuring reliable water infrastructure that adheres to strict standards

Open immigration regime central to S Africa’s growth

By: Robyn Wilkinson     13th October 2017 Countries seeking to promote economic growth and job creation tend to adopt policies that create flexible and open immigration regimes, contrasting with South Africa’s adoption of restrictive immigration laws, which when coupled with bureaucratic inefficiency creates a barrier to the entry of... 

Open immigration regime central to S Africa’s growth
GARY EISENBERG South Africa’s foreign policy should never lose sight of the historical benefits that have streamed into South Africa from Italy

Pan-European bank celebrates 45 years in SA

By: Robyn Wilkinson     13th October 2017 Pan-European banking and financial services provider UniCredit will celebrate 45 years of successful service in South Africa this year, having provided support for European companies entering African markets from its Johannesburg-based representative office since 1972. 

Pan-European bank  celebrates 45 years in SA
FAR-REACHING NETWORK Headquartered in Milan, UniCredit has a unique Pan-European network that provides expertise to 25-million clients globally

WWF, AfDB partner on Africa Nationally Determined Contributions Hub

By: Mia Breytenbach     13th October 2017 Conservation organisation the World Wide Fund for Nature (WWF) and the African Development Bank (AfDB) have collaborated to advance the work of the Africa Nationally Determined Contributions (NDCs) Hub in addressing the impacts of climate change on the continent. The AfDB Climate Change and Green... 

WWF, AfDB partner on Africa Nationally  Determined Contributions Hub
Photo by Bloomberg
FOCUS AREA The Africa Nationally Determined Contributions Hub focuses on fostering of long-term climate action

Not a cent available to implement the Defence Review, Wakeford warns

By: Keith Campbell     13th October 2017 The South African defence sector needs to bring home to the country the importance of defence for the technological, innovation and economic development of the country. So affirmed Armscor CEO Kevin Wakeford in his address to the recent fourth annual Aerospace, Maritime and Defence Conference in... 

Construction starts on new R500m office tower development

By: Mia Breytenbach     13th October 2017 Local property developer Abland and joint venture partners Ellerine Brothers have started development of the 35 Lower Long office tower in Cape Town, in the Western Cape. The four-star green building will be situated on Lower Long Street, in the City Bowl. The 24-storey office tower will replace... 

Construction starts on new R500m office tower development
ENVISAGED DESIGN The building will have a modern look, characterised by dynamic glazed façades of floor–to-ceiling heights

SA manufacturers still operating with Third Industrial Revolution models

By: Keith Campbell     13th October 2017 South African industry needs to find ways of adapting and using the technologies driving the so-called Fourth Industrial Revolution (or Industrial Revolution 4.0) to remain globally competitive yet maintain and create jobs in a high-unemployment environment. So argued productONE MD Charles... 

SA weighs market opportunities as utility-scale battery storage prospects improve

By: Mia Breytenbach     13th October 2017 Following the release of an energy storage techno-economic study ‘The South Africa Energy Storage Technology and Market Assessment’, advocating that South Africa requires market preparation to take advantage of growth opportunities in the stationary and mobility value chains of energy storage,... 

SA weighs market opportunities as utility-scale  battery storage prospects improve

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