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Economy News

Standard Bank PMI remains unchanged in May

By: Simone Liedtke     5th June 2018 The latest Purchasing Manager’s Index (PMI) data from Standard Bank and IHS Markit registered 50 index points, indicating that overall business conditions in the South African private sector were unchanged in May. The latest survey data signalled that greater volumes of new orders and rising... 

Agriculture, mining and manufacturing drag South Africa into dramatic Q1 slump 

By: Reuters     5th June 2018 South Africa suffered its worst quarterly contraction in nine years, data showed on Tuesday, in a reminder to investors of the huge challenge President Cyril Ramaphosa faces to deliver long term economic growth. After Jacob Zuma was forced out as leader by the ruling party in February, Ramaphosa... 

Agriculture, mining and manufacturing drag South Africa into dramatic Q1 slump
Photo by Reuters
The agriculture, mining and manufacturing sectors had a negative impact on South Africa's gross domestic product for the first quarter

NUM kicks against Eskom’s 0% wage increase

By: Marleny Arnoldi     5th June 2018 National Union of Mineworkers (NUM) members in the Pretoria-Witwatersrand-Vereeniging region who are employees at Eskom have resolved not to accept the utility’s offer of a 0% wage increase.  

NUM kicks against Eskom’s 0% wage increase

Taxi industry calls for subsidies at public transport market inquiry, bemoans planning weakness

By: Marleny Arnoldi     4th June 2018 The South African National Taxi Council (Santaco) on Monday voiced its concerns about the state of the taxi industry on the first day of the Competition Commission’s land-based public passenger transport market inquiry, which is in its information gathering phase. The inquiry will look at various... 

Robben Island SleepOut event to celebrate Mandela’s centenary

By: Simone Liedtke     4th June 2018 On July 18 – what would have been Nelson Mandela’s centenary – 67 global influencers, business leaders and celebrities will spend the night inside the former maximum-security prison and courtyard on Robben Island, where Mandela spent 18 years, with the aim to raise $6.7-million. On the same... 

Robben Island SleepOut event to celebrate Mandela’s centenary
Nelson Mandela’s eldest daughter and Patron of The 2018 SleepOut Movement Dr Makaziwe Mandela with Pan African Parliament ambassador for food security Dr Brylyne Chitsunge

Prepare for greater generation competition, Radebe tells Eskom

By: Terence Creamer     4th June 2018 Energy Minister Jeff Radebe has hinted at possible dramatic changes in the structure of South Africa’s electricity supply industry, which is currently dominated by Eskom, a vertically integrated State-owned utility. During a recent stakeholder gathering the Minister responded strongly in the... 

Prepare for greater generation competition, Radebe tells Eskom

Sars cuts deadline for tax returns

By: News24Wire      4th June 2018 The South African Revenue Service (Sars) said on Monday that the tax filing season, which kicks off on July 1, has been shortened by three weeks, in a bid to improve efficiency. "A shorter filing season allows additional time for Sars, taxpayers and the tax fraternity to deal with return... 

 Sars cuts deadline for tax returns

KPMG to lay off 400 employees in South Africa after graft scandal

By: Reuters     4th June 2018 Global auditor KPMG said on Monday it will lay off up to 400 people in South Africa, in its latest shake-up following a corruption scandal that saw it lose several major clients. The auditor has taken a number of steps since last September to help restore its reputation, including changes to... 

KPMG to lay off 400 employees in South Africa after graft scandal

SA no longer has agreement with Russians on nuclear, says Radebe

By: News24Wire      4th June 2018 Minister of Energy Jeff Radebe told eNCA on Sunday evening that South Africa no longer had an agreement with the Russians to procure for the development of nuclear energy for the country. Speaking to journalist and political analyst Karima Brown on the news network’s show The Fix, Radebe said he... 

 SA no longer has agreement with Russians on nuclear, says Radebe
Energy Minister Jeff Radebe

Pain for South Africans as petrol price hits new record

By: News24Wire      1st June 2018 Both grades of petrol, 93 and 95 (ULP & LRP), will increase by a hefty 82c a litre on Wednesday, the Department of Energy (DoE) announced on Friday. Diesel 0.05% sulphur and diesel 0.005% sulphur will increase by 85c and 87c a litre respectively. 

 Pain for South Africans as petrol price hits new record

The train has left the station for African countries which did not sign continental free-trade area agreement

By: African News Agency      1st June 2018 Negotiators of the African Continental Free-Trade Agreement (AfCFTA), the largest trade agreement in 40 years, have said that they will not halt the implementation of the trade deal because of those countries which did not sign the agreement in March. South Africa, Nigeria and nine other... 

South Africa to release new-look renewables bid window in November

By: Terence Creamer     1st June 2018 Energy Minister Jeff Radebe announced on Friday that South Africa would launch a fifth Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) bid window in November with the aim of procuring a further 1 800 MW of renewable energy from independent power producers (IPPs).... 

South Africa to release new-look renewables bid window in November
Photo by Dylan Slater
Energy Minister Jeff Radebe

Absa PMI falls in May after new sales fall

By: Reuters     1st June 2018 South Africa's seasonally adjusted Absa Purchasing Managers' Index (PMI) dipped in May, sliding back into negative terrain after two successive months of expansion in the beginning of the year, a survey showed on Friday. The index, which is compiled by the Bureau for Economic Research and gauges... 

Rising attacks on cash-carrying vans pose threat to economy

By: African News Agency      1st June 2018 A renewed surge in attacks on armoured trucks that transport vast amounts of money between retailers and banks is hurting South Africa's economy, given that the bulk of transactions in the country are still conducted in hard cash, industry officials said this week. Cash-in-transit (CIT) attacks... 

Large-scale migration within Africa boosts continent’s economy – UN

By: African News Agency      1st June 2018 The UN has urged the world to dispel misconceptions and “harmful narratives” on the issue of large-scale migration within Africa, stating that this migration actually boosts growth and lift’s the continent’s economy. This follows a new report which was launched on Thursday by Mukhisa Kituyi, the... 

As Eskom grapples with corporate plan, calls being made for radical restructuring

By: Dylan Slater     1st June 2018 In a concerted effort to save and stabilise State-owned power utility Eskom as well as other deteriorating State-owned entities (SoEs), Public Enterprises Minister Pravin Gordhan announced in his Budget vote in May plans in the next 12 months that include the appointment of capable executive... 

As Eskom grapples with corporate plan, calls being made for radical restructuring

Infrastructure development key to meeting consumer demand in megacities – economist

By: Marleny Arnoldi     31st May 2018 There are rapidly growing megacities, including Accra, Cairo, Lagos, Johannesburg, Nairobi and Kinshasa, in Africa, and it is important to ensure infrastructure development grows at a pace that will meet the increasing consumer demand that will come out of these megacities, said Imara Africa... 

Infrastructure development key to meeting consumer demand in megacities – economist
Imara Africa Consulting managing partner Barbara Barungi speaking at the Rics Summit Africa 2018

Nxesi launches expedited lease renewal process

By: Simone Liedtke     31st May 2018 Public Works Minister Thulas Nxesi on Thursday held a meeting with client departments, private landlords and other stakeholders to expedite finding a resolution to expired leases and the signing of long-term leases, including the so-called “9.11 leases” that are valid for nine years and eleven... 

Nxesi launches expedited lease renewal process
Photo by Creamer Media
Public Works Minister Thulas Nxesi

More pain at the pumps: Huge fuel price hikes for June – AA 

By: News24Wire      31st May 2018 Fuel prices will jump to record highs in June on the back of stronger international oil prices, and a deficit carried over from April. This is according to the Automobile Association (AA), which was commenting on unaudited month-end fuel data released by the Central Energy Fund (CEF).   The Rand... 

 More pain at the pumps: Huge fuel price hikes for June – AA

ATON questions logic of M&R’s proposed ‘poison pill’ Aveng deal

By: Terence Creamer     31st May 2018 Investment company ATON, which is preparing a mandatory offer to buy all the shares in Murray & Roberts (M&R) it does not already own, has reiterated it steadfast opposition to M&R’s proposed acquisition of Aveng, describing the proposed Aveng transaction as a “poison pill” to prevent a takeover... 

ATON questions logic of M&R’s proposed ‘poison pill’ Aveng deal
Photo by Creamer Media
ATON says Aveng transaction would distract M&R from focusing on growth opportunities in mining

Treasury backs CEO of $160bn State pension fund

By: Reuters     31st May 2018 South Africa's National Treasury on Thursday rallied behind Dan Matjila, the CE of the government's R2-trillion ($160-billion) State pension fund, dismissing a media report that said it was considering his suspension. "Treasury has faith in Mr Dan Matjila's leadership," it said in response to... 

M&R says meeting set with ATON to discuss ‘highly strategic’ Aveng deal

By: Terence Creamer     30th May 2018 Murray & Roberts (M&R) confirmed on Wednesday that it would be meeting with its largest single shareholder, ATON, to discuss the merits of M&R’s proposed acquisition of Aveng, which it continues to describe as “highly strategic”. No date has been provided for the meeting, which is being pursued... 

M&R says meeting set with ATON to discuss ‘highly strategic’ Aveng deal

Commission approves NBC, ECM merger without conditions

By: Simone Liedtke     30th May 2018 The Competition Commission has approved the proposed transaction, whereby newly-incorporated company North Block Complex (NBC) intends to acquire Exxaro Coal Mpumalanga (ECM) in respect of its mining and processing business, the transferred business, without conditions. The transferred business,... 

Commission recommends tribunal approve Sea Harvest, Vikings merger

By: Simone Liedtke     30th May 2018 The Competition Commission has recommended to the Competition Tribunal that Sea Harvest Corporation’s proposed acquisition of certain fishing rights and assets used in operating the fishing business of Vikings Fishing Holdings, be approved with conditions. The proposed merger, the commission... 

Commission approves Hudaco’s Boltworld acquisition, with conditions

By: Simone Liedtke     30th May 2018 The Competition Commission has approved, with conditions, the proposed merger whereby industrial supplies company Hudaco intends to acquire industrial equipment supplier Boltworld. The commission does not believe the proposed transaction will substantially prevent or lessen competition in any... 

Denel Aeronautics acting CEO was in charge at SA Express when irregular contract signed – union

By: Rebecca Campbell     30th May 2018 Trade union Solidarity claimed on Wednesday that the reported fuel purchase contract, which failed to follow prescribed tender procedures, placed by State-owned airline SA Express with a little known company, EML Energy, had been placed while Victor Xaba had been acting CEO of the airline. Xaba... 

Denel Aeronautics acting CEO was in charge at SA Express when irregular contract signed – union
Photo by Duane Daws/Creamer Media
Victor Xaba

Gender inequality in earnings hampers human capital wealth, economy – World Bank Group

By: Marleny Arnoldi     30th May 2018 Globally, countries are losing $160-trillion in wealth because of differences in lifetime earnings between women and men, says World Bank Group.  

Gender inequality in earnings hampers human capital wealth, economy – World Bank Group
World Bank CEO Kristalina Georgieva

Telkom refocuses strategy on new revenue streams 

30th May 2018 Creamer Media's Chanel de Bruyn speaks to Creamer Media Senior Deputy Editor Natasha Odendaal about Telkom’s financial results for the 2018 financial year, the growth of its mobile platform and the growth opportunities it is pursuing. 

Telkom refocuses strategy on new revenue streams
Telkom refocuses strategy on new revenue streams

SAA and partners filling the flight gap created by the grounding of SA Express

By: Rebecca Campbell     30th May 2018 South African Airways (SAA) announced on Wednesday an extended flight schedule to replace the capacity lost with the grounding of the SA Express airline by the South African Civil Aviation Authority (CAA). (This grounding was because of “severe cases of non-compliance that pose serious safety... 

SAA and partners filling the flight gap created by the grounding of SA Express
A Bombardier CRJ700 regional jet of SA Express, before the airline was grounded

Bills setting minimum wage passed in Parliament

By: African News Agency      30th May 2018 Three contentious labour bills giving effect to a national minimum wage in South Africa and the introduction of a requirement that trade unions institute a secret ballot before deciding on strike action were passed in the National Assembly on Tuesday. The National Minimum Wage Bill, which sets... 

 Bills setting minimum wage passed in Parliament

As ATON prepares mandatory offer, M&R board says higher price still ‘undervalues’ company

By: Terence Creamer     29th May 2018 The takeover battle for engineering and construction group Murray & Roberts (M&R) by German investment company ATON intensified this week with ATON announcing its intention to make a new mandatory offer, following a Takeover Special Committee (TSC) ruling instructing ATON to withdraw its earlier... 

As ATON prepares mandatory offer, M&R board says higher price still ‘undervalues’ company

Manufacturing sector investment to remain stable in Q2 – Manufacturing Circle  

By: Anine Kilian     29th May 2018 The Manufacturing Circle Investment Tracker (MCIT) for the first quarter of this year shows there has been investment into the manufacturing sector in the past 15 months, but that investment is declining. Presenting key findings of the MCIT, in Centurion, on Tuesday, Manufacturing Circle... 

Manufacturing sector investment to remain stable in Q2 – Manufacturing Circle
Manufacturing sector investment to remain stable in Q2 – Manufacturing Circle

Smartphone sales back in the black in Q1 – Gartner

By: Schalk Burger     29th May 2018 Global sales of smartphones to end-users increased by 1.3% during the first quarter of the year to 384-million, market research multinational Gartner reported on Tuesday. Huawei and Xiaomi experienced the most growth during the quarter, and Apple returned to growth after sales declined during the... 

Brics’ New Development Bank approves six project loans totalling $1.6bn

By: Marleny Arnoldi     29th May 2018 Multilateral development bank, the New Development Bank (NDB), on Monday held its third yearly meeting of the NDB board of governors (BoG) and the fourteenth meeting of the NDB board of directors (BoD), in Shanghai, China.  

Brics’ New Development Bank approves six project loans totalling $1.6bn
New Development Bank Yearly Meeting

ATON ‘open to engage’ with M&R board as offers is made mandatory

By: Terence Creamer     29th May 2018 German investment company ATON has increased its offer price to Murray & Roberts (M&R) shareholders to R17 a share from R15 previously and the family-owned group has also confirmed that it will convert its voluntary offer to a mandatory one. ATON’s announcement follows a two-day hearing of the... 

ATON ‘open to engage’ with M&R board as offers is made mandatory

AMSA moves to sell stake in Macsteel International for R2.8bn

By: Terence Creamer     28th May 2018 Steel producer ArcelorMittal South Africa (AMSA) announced on Monday that it intended to sell its 50% indirect interest in steel trading and shipping business Macsteel International (MIHBV) to a subsidiary of Macsteel Holdings (MacHold) for $220-million, or around R2.8-billion. The proposed... 

AMSA moves to sell stake in Macsteel International for R2.8bn
Photo by Creamer Media
AMSA CEO Kobus Verster

Private equity outperforms

By: Marleny Arnoldi     28th May 2018 Private equity has outperformed the FTSE/JSE all share total return index and the FTSE/JSE shareholder weighted total return index over the three-year and five-year reporting periods analysed in the fourth quarter of 2017, says private equity industry body Southern African Venture Capital and... 

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