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Economy News

India’s High Commission co-sponsors artisan centre of specialisation

By: Schalk Burger     8th October 2018 The High Commission of India and the Department of Higher Education and Training (DHET) on Monday jointly launched a centre of specialisation at the Tshwane South technical and vocational education and training college to train electricians, boilermakers, mechanical fitters and millwrights, the... 

Nene fears worsening 'jittery' markets – Basa  

By: News24Wire      8th October 2018 Uncertainty over the future of Finance Minister Nhlanhla Nene is leaving markets jittery, in a development the Banking Association of South Africa (Basa) has described as "unfortunate". Basa Chairperson Mike Brown said on Monday that the markets would be watching closely if there were any change... 

 Nene fears worsening 'jittery' markets – Basa
Photo by Reuters
Finance Minister Nhlanhla Nene

President's office says 'not aware' of Nene request to be sacked

By: Reuters     8th October 2018 President Cyril Ramaphosa's spokesperson said on Monday his office was not aware of Finance Minister Nhlanhla Nene's request to be relieved of his duties after he admitted to visiting the Gupta brothers. The rand fell more than one percent when Business Day newspaper reported Nene had asked... 

Nzimande urges Prasa, rail regulator to resolve trains safety impasse out of court

By: African News Agency      8th October 2018 Transport minister Blade Nzimande on Monday appealed to both the Railway Safety Regulator (RSR) and Passenger Rail Agency of South Africa (Prasa) to find an out of court settlement in the interests of millions of commuters who daily use the Metrorail, in a stand off over safety. The regulator... 

Nzimande urges Prasa, rail regulator to resolve trains safety impasse out of court
Transport Minister Blade Nzimande

Nene asks to leave amid pressure to go

By: Bloomberg     8th October 2018 South Africa’s Nhlanhla Nene, who asked President Cyril Ramaphosa to relieve him of his duties as the finance minister, is under pressure to resign after he last week disclosed that he met members of the Gupta family at their Johannesburg residence six times, Business Day reported. The Guptas are... 

Nene asks to leave amid pressure to go
Photo by Creamer Media
Nhlanhla Nene

Tongaat warns of significant decreases in interim profit, earnings

By: Simone Liedtke     5th October 2018 JSE-listed agriculture and agroprocessing group Tongaat Hulett on Friday warned that its operating profit for the six months ended September 30, is expected to be at least 40% below the R1.4-billion earned in the prior comparable period. The company attributed the decrease to land conversion and... 

Ramaphosa declares Jobs Summit a success  

By: Tasneem Bulbulia     5th October 2018 Following the agreement of an 84-page framework agreement on Thursday, the second day of the Jobs Summit, held in Gauteng, indentified key areas and interventions to focus on to bolster local job creation. The two-day Summit brought together government, business, labour and community stakeholders... 

Ramaphosa declares Jobs Summit a success
Photo by Dylan Slater
President Cyril Ramaphosa

Jobs crisis: We all took our eyes off the ball, says Busa vice president  

By: News24Wire      5th October 2018 Business Unity South Africa (Busa) vice president Martin Kingston says the last decade saw "significant damage" being done to the country due to various stakeholders dropping the ball – and it will be a long time before that damage is undone. "We collectively took our eyes off the ball for the... 

 Jobs crisis: We all took our eyes off the ball, says Busa vice president
Photo by Creamer Media
Busa Vice President Martin Kingston

Nestlé, Transnet among South Africa’s top employers

By: Simone Liedtke     5th October 2018 Food and beverage company Nestlé South Africa and State-owned freight logistics group Transnet are among South Africa’s top employers, according to the Top Employer Institute, which, this week, held its Top Employer Awards ceremony, in Sandton. The Top Employer Institute Certification Programme... 

Nene pleads for S Africans’ forgiveness for Gupta meetings  

By: Sane Dhlamini     5th October 2018 Finance Minister Nhlanhla Nene on Friday pleaded to South Africans to forgive him for his visits to the Gupta compound in Saxonwold, Johannesburg and their family business in Midrand during his terms as Deputy Minister, in 2010, and Finance Minister, in 2014.  His visits to the Gupta home were... 

Nene pleads for S Africans’ forgiveness for Gupta meetings
Photo by Bloomberg
Finance Minister Nhlanhla Nene

Petrochemicals becoming largest driver of global oil demand – IEA

By: Simone Liedtke     5th October 2018 Petrochemicals are becoming the largest drivers of global oil demand, ahead of cars, planes and trucks, a study undertaken by the International Energy Agency (IEA) has revealed. Petrochemicals, which are components derived from oil and gas that are used in all sorts of daily products such as... 

Nene's involvement with son's business dealings questioned

By: News24Wire      5th October 2018 Finance Minister Nhlanhla Nene has been pulled into the orbit of a questionable investment by the Public Investment Corporation (PIC) in Mozambique, after it emerged that a business partner of his son scored millions of rand in the deal.  The Mail & Guardian and amaBhungane reported on Friday... 

Nene's involvement with son's business dealings questioned
Photo by Reuters
Finance Minister Nhlanhla Nene

SAA appoints Telkom’s Fredericks new interim CFO

By: Simone Liedtke     5th October 2018 South African Airways (SAA) on Friday announced that Deon Fredericks has been appointed SAA’s new interim CFO, effective October 15. Fredericks is on secondment from Telkom for a 12-month period. 

SAA appoints Telkom’s Fredericks new interim CFO
Photo by Dylan Slater
Newly-appointed SAA interim CFO Deon Fredericks

UK reaffirms wish to strengthen ties with SA defence industry

By: Rebecca Campbell     5th October 2018 Britain was committed to further developing and strengthening partnerships with South Africa in the defence and security sectors, and not least with the South African defence industry. "The Prime Minister's [Theresa May's] recent visit here highlighted the importance the UK places on its defence... 

Saudi Arabia ‘ready to invest in the South African defence industry’

By: Rebecca Campbell     5th October 2018 State-owned Saudi Arabian Military Industries (SAMI) is seeking very close relationships with South African defence companies. "We are ready to invest in the South African defence industry and fund local research and development (R&D)," SAMI CEO Dr Andreas Schwer told "Engineering News" at the... 

Importers tightening control over logistics processes

By: Jessica Oosthuizen     5th October 2018 Amid government’s Automotive Masterplan support programme that targets 60% local component production and manufacturing, automotive businesses are tightening control over their logistics processes – where trade finance is being viewed as a broader import finance solution rather than a... 

Importers tightening control over logistics processes
TECHNOLOGICAL VISIBILITY Technology is becoming critical in the importing process

Govt looking at ‘modernising’ defence funding – Ramaphosa

By: Rebecca Campbell     5th October 2018 President Cyril Ramaphosa has stated that the Government was looking at reducing the dependency of the South African National Defence Force (SANDF) on direct funding by the State. He was delivering the opening address for the Africa Aerospace and Defence 2018 exhibition at Air Force Base... 

We are rooting out State capture, corruption to save and create jobs - Ramaphosa 

By: African News Agency      4th October 2018 President Cyril Ramaphosa on Thursday said his government was determined to eliminate the capture of the State and its organs through corruption which he said was one of the greatest barriers to investment and job creation in South Africa. "One of the greatest barriers to investment, growth and... 

We are rooting out State capture, corruption to save and create jobs - Ramaphosa
Photo by Dylan Slater
President Cyril Ramaphosa

Jobs summit has raised expectations in SA – Labour Minister

By: African News Agency      4th October 2018 Labour Minister Mildred Oliphant on Thursday charged the jobs summit - bringing together government, business, labour and community formations - to identify solutions for jobs retention, and to identify job creation challenges and opportunities that each social partner can contribute towards.... 

Jobs summit has raised expectations in SA – Labour Minister
President Cyril Ramaphosa & Labour Minister Mildred Oliphant

Buy local to save jobs in South Africa, says Ramaphosa

By: African News Agency      4th October 2018 President Cyril Ramaphosa on Thursday urged companies doing business in South Africa, government entities and the general populace to prioritize purchasing locally manufactured goods and products in a bid to create and save jobs. "For the economy to grow and for jobs to be created, it is... 

 Buy local to save jobs in South Africa, says Ramaphosa
Photo by Dylan Slater
President Cyril Ramaphosa

Ramaphosa says jobs plan will create 275,000 jobs a year 

By: Reuters     4th October 2018 South African President Cyril Ramaphosa said on Thursday that a gathering of top officials and business leaders had agreed on a package of measures that would create an additional 275 000 jobs a year. Under pressure after the economy slipped into recession this year, Ramaphosa said the measures... 

Ramaphosa says jobs plan will create 275,000 jobs a year
Photo by Dylan Slater
President Cyril Ramaphosa

Dlamini-Zuma calls for collaboration as NDP is divided into smaller plans

By: Simone Liedtke     4th October 2018 Minister in the Presidency Nkosazana Dlamini-Zuma on Thursday called for greater collaboration between the public and private sectors in South Africa as she announced that the National Development Plan (NDP) would be divided into smaller plans that would be attended to within five-year... 

Dlamini-Zuma calls for collaboration as NDP is divided into smaller plans
Minister in the Presidency Nkosazana Dlamini-Zuma

Detailed Jobs Summit package includes R100bn for black industrial firms  

By: Terence Creamer     4th October 2018 The detailed 84-page framework agreement unveiled by President Cyril Ramaphosa at the much-anticipated Jobs Summit on Thursday includes a reaffirmation of a commitment by the financial sector to invest R100-billion in black-owned industrial enterprises over the coming five years. Funding for... 

Detailed Jobs Summit package includes R100bn for black industrial firms
President Cyril Ramaphosa discusses the expected outcomes of the Jobs Summit and the importance of greater cooperation among social partners to grow the economy and create jobs. Video and editing: Nicholas Boyd.

Necsa hopeful that radioisotope production will restart soon

By: Rebecca Campbell     4th October 2018 South African Nuclear Energy Corporation (Necsa) CEO Phumzile Tshelane told “Engineering News Online” on Thursday that it was hoped that production at its subsidiary NTP Radioisotopes would restart in the near future. Operations at NTP were shut down in June following a breach in safety... 

Necsa hopeful that radioisotope production will restart soon
Photo by Duane Daws/Creamer Media
Necsa’s Pelindaba complex, which includes its NTP operation

Mining remains key driver in low to middle income countries – ICMM

4th October 2018 Despite falling commodity prices, many of the world’s poorest countries have become more dependent on their income from mining, new research published by the International Council on Mining and Metals (ICMM) has found. The ICMM on Thursday released the fourth edition of its Mining Contribution... 

ATNS announces interim CEO

By: Rebecca Campbell     4th October 2018 The Board of Directors of South Africa’s Air Traffic and Navigation Services (ATNS), the State-owned company responsible for the country’s air traffic control, announced on Wednesday that it had appointed an interim CEO for the organisation. He is Thomas Kgokolo, who was (before his new... 

Eskom suspends senior manager pending investigations into internal audit reports  

By: News24Wire      4th October 2018 Eskom announced on Thursday afternoon that it had placed its Senior General Manager of Assurance and Forensics, Molefi Nkhabu, on a precautionary suspension. The power utility said this was pending an investigation into circumstances surrounding internal audit investigation reports related to... 

 Eskom suspends senior manager pending investigations into internal audit reports

No forced public service retrenchments as government readies for Jobs Summit

By: News24Wire      4th October 2018 Government will use the Jobs Summit starting on Thursday to promise that there will be no forced retrenchments in the 1.3-million-strong public service, says Madoda Vilakazi, executive director of Nedlac, which is running the presidential jobs extravaganza. Nedlac is the National Economic... 

No forced public service retrenchments as government readies for Jobs Summit

Investment dream team has hit the ground running – Ramaphosa 

By: News24Wire      3rd October 2018 President Cyril Ramaphosa says his special envoys on investment have held 150 meetings with investors in total - visiting Johannesburg, Cape Town and nine countries over five months. This as Ramaphosa updated Members of Parliament in a written reply to questions on one of his earliest economic... 

Investment dream team has hit the ground running – Ramaphosa
President Cyril Ramaphosa

South Africa's service industry looks to cash-in on Brexit uncertainty

By: Reuters     3rd October 2018 South Africa’s burgeoning call services sector, which gets more than half its work from Britain, could attract larger inflows as the impact of Brexit weighs and firms seek savings by moving operations offshore, industry officials said on Wednesday. Cultural affinity, good English language skills... 

World Bank lowers 2018 growth forecast for South Africa 

By: Terence Creamer     3rd October 2018 The World Bank has lowered its 2018 gross domestic product (GDP) growth forecast for South Africa to 1%, from an April projection of 1.4%, and says the country’s growth will remain subdued in 2019. The bank also lowered its 2019 projection for South Africa to 1.3%, from 1.8% in April, and... 

World Bank lowers 2018 growth forecast for South Africa

Nene denies EFF allegations that he facilitated Gupta access for funding  

By: African News Agency      3rd October 2018 Finance Minister Nhlanhla Nene has testified that contrary to assertions by the Economic Freedom Fighters (EFF), he did reply to their letter sent in May this year, in which he denied allegations that he was the gateway for the Guptas to access Public Investment Corporation (PIC) funding.... 

Nene denies EFF allegations that he facilitated Gupta access for funding
Photo by Reuters
Finance Minister Nhlanhla Nene

Public Enterprises confirms DG is 'leaving the public service'

By: African News Agency      3rd October 2018 The public enterprises ministry on Wednesday confirmed director-general Richard Seleke would be leaving the public service. In a statement issued on Wednesday afternoon, the ministry said it had been informed by President Cyril Ramaphosa's office that an agreement had been reached with Seleke... 

Public Enterprises confirms DG is 'leaving the public service'
Photo by Dylan Slater
Public Enterprises Minister Pravin Gordhan

Goldman forecasts South African economic rebound in 2019

By: Reuters     3rd October 2018 Goldman Sachs expects South Africa's economy to grow almost 3% next year, helped by President Cyril Ramaphosa's reforms and strong global growth, the bank's sub-Saharan Africa head told Reuters. Colin Coleman's prediction is more optimistic than the view held by economists polled by Reuters last... 

I will testify to Zondo if I'm called – Ramaphosa

By: News24Wire      3rd October 2018 President Cyril Ramaphosa has said that he is prepared to appear before Deputy Chief Justice Raymond Zondo's judicial inquiry in to State Capture should he be asked to do so. Ramaphosa was replying to a question in Parliament. 

 I will testify to Zondo if I'm called – Ramaphosa
President Cyril Ramaphosa

Zuma sacked me for rejecting Gupta deals – Nene

By: Reuters     3rd October 2018 Finance Minister Nhlanhla Nene said on Wednesday he was fired by former president Jacob Zuma for refusing to approve contracts that would financially benefit the Gupta family, friends of Zuma accused of corruption. Nene, who was giving testimony at a judicial inquiry into influence-peddling, said... 

Zuma sacked me for rejecting Gupta deals – Nene
Finance Minister Nhlanhla Nene

Nene met Guptas, refused Russia nuke deal

By: Bloomberg     3rd October 2018 Finance Minister Nhlanhla Nene said he met repeatedly with members of the Gupta family, who have been implicated in a corruption scandal related to former President Jacob Zuma and separately was twice pressured to sign a multi-billion Russian nuclear-power deal by former Energy Minister Tina... 

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