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Economy News

Own revenue generation enables Gauteng to extend budget allocation by R1.9bn  

By: Marleny Arnoldi     15th November 2018 Finance MEC Barbara Creecy has increased the Gauteng Provincial Government’s budget by R1.9-billion to R123.2-billion, compared with the R121.4-billion budget that was announced in March. Presenting the Adjustment Budget and Medium Term Budget Policy Statement in the Gauteng Legislature, on... 

‘Massive’ fuel price drop on the cards for December – AA

By: News24Wire      15th November 2018 The Automobile Association (AA) announced on Thursday that, based on current data, motorists could expect ‘massive drops’ in the prices of petrol and diesel for December.  The association is predicting a drop of R1.54 per litre for petrol, with diesel dropping by 92 cents and illuminating... 

 ‘Massive’ fuel price drop on the cards for December – AA

Committee gives green light for Constitutional amendment on land reform 

By: African News Agency      15th November 2018 The ruling African National Congress (ANC) on Thursday, dismissed accusations by opposition parties that the process which led to the adoption of a draft report by members of Parliament (MPs) on Thursday in favour of changing the Constitution to explicitly provide for land expropriation without... 

Committee gives green light for Constitutional amendment on land reform

Malusi Gigaba resigns as MP 

By: News24Wire      15th November 2018 Malusi Gigaba has resigned as a Member of Parliament, saying it was his honour and privilege to serve as a MP for the African National Congress (ANC). The Office of the Speaker and ANC Chief Whip Jackson Mthembu confirmed Gigaba's resignation on Thursday, effective from Tuesday, November 13. "It... 

Malusi Gigaba resigns as MP
Photo by Reuters
Former Home Affairs Minister Malusi Gigaba

SA municipalities expect budget deficit of R4.7bn in 2018/19 – Treasury 

By: African News Agency      15th November 2018 The revenue for South African municipalities is expected to rise to R431.5-billion in 2019/20 and R462.5-billion in 2020/21 from a budgeted R404.6-billion for 2018/19, the National Treasury said on Thursday. In a statement on the medium term revenue and expenditure framework for municipalities,... 

SA municipalities expect budget deficit of R4.7bn in 2018/19 – Treasury

China lending to sub-Saharan Africa can support growth, but brings risks – Moody's

By: African News Agency      15th November 2018 China’s increased lending to governments in sub-Saharan Africa has the potential to support economic growth, but also amplifies credit risks for countries with high debt, ratings agency Moody’s has said. “Unless African investment financed by Chinese loans generates substantial economic gains... 

Nzimande in, Gigaba out, but home affairs questions get bumped in the House

By: News24Wire      15th November 2018 Acting Minister of Home Affairs Blade Nzimande may have been present during the oral question session in Parliament on Wednesday, but answers to key questions in this portfolio were not. Former Home Affairs Minister Malusi Gigaba, now an ordinary MP, was also absent. Gigaba resigned this week... 

Nzimande in, Gigaba out, but home affairs questions get bumped in the House
Acting Home Affairs Minister Blade Nzimande

Eskom highlights risk of further debt accumulation as it gears up to defend big hikes 

By: Terence Creamer     14th November 2018 Debt-laden electricity utility Eskom is preparing for yet another bruising encounter with consumers in the coming months, during which it will seek to justify it latest R762-billion, three-year revenue application. If successful with its fourth multiyear price determination (MYPD4) application,... 

Eskom highlights risk of further debt accumulation as it gears up to defend big hikes

Need for regulatory, payment efficiencies highlighted during SME Indaba

By: Schalk Burger     14th November 2018 The efficiency of securing regulatory compliance and the speed at which small and medium-sized enterprises (SMEs) are paid by private companies and public organisations were on Wednesday cited as some of the biggest concerns for small businesses. Speaking at the Small Business Institute (SBI) SME... 

Land issue is a festering sore – Ramaphosa 

By: News24Wire      14th November 2018 Whenever President Cyril Ramaphosa travels abroad and hosts a media conference, he now inevitably faces questions around land reform without expropriation. His stock answer? That without comprehensive land reform, South Africa's hard-won stability may come undone. While Wednesday was no... 

 Land issue is a festering sore – Ramaphosa
President Cyril Ramaphosa & European Parliament President Antonio Tajani

Investment pledges will add about R338bn to South Africa’s economic growth – PwC 

By: Tasneem Bulbulia     14th November 2018 The proposed investment pledges announced during the Presidential Investment Summit in October could add about R338-billion to South Africa’s gross domestic profit (GDP) between 2019 and 2024, says PwC. President Cyril Ramaphosa stated at the conference that “nearly R290-billion” had been pledged... 

South Africa's land expropriation unnerves investors – World Bank executive

By: Reuters     14th November 2018 Plans by South Africa's ruling African National Congress (ANC) to change the constitution to allow the expropriation of land without compensation have unnerved investors, a senior World Bank group executive said on Wednesday. President Cyril Ramaphosa's party has made the acceleration of land... 

South Africa's land expropriation unnerves investors – World Bank executive

Quality of life for Africans low in Gauteng – survey

By: Sashnee Moodley     14th November 2018 The African population in Gauteng has a quality of life index score that is below the provincial average and is not catching up with white South Africans, who are seeing larger gains in measured quality of life. This is according to the fifth edition of the Gauteng City Region Observatory (GCRO)... 

Quality of life for Africans low in Gauteng – survey
Gauteng Premier David Makhura

Gigaba resigns as Home Affairs Minister

By: Reuters     13th November 2018 Home Affairs Minister Malusi Gigaba has resigned, the Presidency said on Tuesday, following calls from opposition parties to stand down in recent weeks over a High Court ruling which found he lied under oath. Gigaba, who was finance minister between March 2017 and February 2018, has denied any... 

Flexibility to take on ‘unprecedented importance’ as renewables rise 

By: Terence Creamer     13th November 2018 The International Energy Agency (IEA) says that higher shares of variable renewable energy in electricity systems will require a “step change” in the requirement for flexibility, which is the capability to balance electricity supply and demand at all times so as to keep the lights burning. The... 

Flexibility to take on ‘unprecedented importance’ as renewables rise

Strong relationship bodes well for boosting India/South Africa trade and investment

By: Rebecca Campbell     13th November 2018 South Africa and India already have a solid framework for strong relations, not least in the areas of trade and investment, Indian High Commissioner to South Africa (Ms) Ruchira Kamboj tells Engineering News Online. "India and South Africa are old friends and historical partners," she highlights.... 

Don’t change the Constitution for land reform – CDE

By: Sashnee Moodley     13th November 2018 Changing the Constitution to accelerate land reform is unnecessary and threatens property rights for no good reason, says the Centre for Development and Enterprise (CDE) in its latest report ‘Agriculture, Land Reform and Jobs: Can South Africa make this work?’. The CDE said that while it opposed... 

Don’t change the Constitution for land reform – CDE

Court papers show Transnet executives 'colluded fraudulently'

By: News24Wire      13th November 2018 Court papers filed by Transnet to recover R189-million in inflated payments from Gupta-linked Regiments Capital have revealed collusion by senior executives of the State-owned firm, in allowing the transaction. Former Transnet CEO Siyabonga Gama, ex-chief financial officer Anoj Singh, Robert... 

 Court papers show Transnet executives 'colluded fraudulently'

Torre receives buyout offer from consortium

By: Simone Liedtke     12th November 2018 JSE-listed industrial group Torre Industries on Monday said a consortium has expressed a firm intention to make an offer to acquire 100% of the total issued ordinary share capital in Torre. The consortium comprises Main Street 1641, a special purpose vehicle established by Ethos Mid-Market Fund,... 

Ramaphosa heading to France, Belgium

By: African News Agency      12th November 2018 President Cyril Ramaphosa will this week lead a South African delegation on a working visit to the European Union (EU), International Relations Minister Lindiwe Sisulu said on Monday. "President Ramaphosa will from 14 to 15 November 2018 lead a South African delegation on a working visit to the... 

Ramaphosa heading to France, Belgium
President Cyril Ramaphosa

'It actually shocked me' that Zuma wanted Gama as Transnet CEO – Hogan 

By: News24Wire      12th November 2018 Former public enterprises minister Barbara Hogan told the judicial commission of inquiry into allegations of State capture on Monday that former president Jacob Zuma wanted Siyabonga Gama as the Group CEO of Transnet, despite him facing allegations of misconduct. "It actually shocked me," Hogan... 

'It actually shocked me' that Zuma wanted Gama as Transnet CEO – Hogan
Photo by Creamer Media
Former Public Enterprises Minister Barbara Hogan

South Africa needs an ‘explicit’ digital industrial policy 

By: Terence Creamer     12th November 2018 Trade and Industry Minister Dr Rob Davies is warning that unless South Africa develops and “explicit digital industrial policy” there is no guarantee that the potential benefits of the so-called Fourth Industrial Revolution will outweigh the disadvantages. South Africa has had an official... 

South Africa needs an ‘explicit’ digital industrial policy
Photo by Creamer Media
Trade and Industry Minister Dr Rob Davies

Mindworx, Rainmaker join forces to accelerate African businesses’ digital transformation

By: Simone Liedtke     12th November 2018 Business services consultancy Mindworx and UK-based digital and business transformation specialist Rainmaker Solutions have joined forces to accelerate the transformation of African businesses for the digital age. The partnership combines global innovation with local expertise and provides... 

Deregulated India attracting tens of billions of dollars in foreign investment

By: Rebecca Campbell     12th November 2018 India attracted $44.9-billion in foreign direct investment during the 2017/2018 financial year, Indian High Commissioner to South Africa Ruchira Kamboj highlighted on Monday. She was addressing the Invest in India Business Forum in Sandton, north of Johannesburg. "Why India? Because it's the new... 

Omnia shares fall as it warns of interim loss

By: Simone Liedtke     12th November 2018 Local chemicals company Omnia Holdings’ share price on the JSE fell by more than 16% on Monday after it announced that it expects to swing to a loss a share for the six months to September 30. It expects to report a loss a share of between 85c and 170c, compared with the earnings a share of 423c... 

Standard Bank launches Internet banking in Chinese

By: Simone Liedtke     9th November 2018 Financial services provider Standard Bank successfully launched its first Chinese Internet banking site in Angola this week. With more than 30 000 active Chinese-owned firms in Africa, Standard Bank believes it can grow Africa-China trade by building and managing an innovative and effective... 

Lazard says ‘inflection point’ reached making new renewables cheaper than existing coal 

By: Terence Creamer     9th November 2018 A new US study comparing the costs of energy from various generation technologies indicates that an “inflection point” has been reached where, in some cases, it is more cost effective to build and operate new renewable-energy projects than to maintain existing conventional generation plants. The... 

Lazard says ‘inflection point’ reached making new renewables cheaper than existing coal

Numsa demands bailout for Denel

By: Reuters     9th November 2018 South Africa's government must urgently inject at least R7-billion into struggling State-owned defence group Denel, the National Union of Metalworkers of South Africa (Numsa) said on Friday. Denel reported a R1.7-billion for the 2017/18 financial year and is struggling to pay worker salaries and... 

Numsa demands bailout for Denel

Lack of valve traceability hampers local industry

By: Jessica Oosthuizen     9th November 2018 The local valves industry has become extremely competitive, especially since there has been an influx of products that have no traceability, says industrial automation, valve and control supplier Fluid Control Services owner Allen Maguire. Many products are entering the local market from the... 

Lack of valve traceability hampers local industry
VALVE STANDARD The local valves industry needs to conform to a certain standard in terms of traceability

Business confidence recovering amid looming challenges

By: Jessica Oosthuizen     9th November 2018 Business confidence in the local valve industry seems to be rising; however, some concerns remain, says South African Valve and Actuator Manufacturers Association (Savama) chairperson Pamela du Plessis. “The concerns include the exchange rate volatility, generally low productivity levels amid... 

Business confidence recovering amid looming challenges
LOCAL MANUFACTURE Member companies of the South African Valve and Actuator Manufacturers Association account for about 80% of the valves and actuators manufactured and/or assembled locally

Modernisation presents opportunities in industry

By: Jessica Oosthuizen     9th November 2018 Despite the challenges experienced in the South African fluid power valve market, international motion and control technologies manufacturer Parker Hannifin believes that there is opportunity for further modernisation and development of fluid power valves. “The local fluid power valve industry... 

Modernisation presents opportunities in industry
GROWTH OPPORTUNITY Parker Hannifin Sales Company South Africa has identified the integration of electronics into its range of hydraulic and pneumatic valve products as a growth opportunity

Necsa’s annual report delayed to 2019 owing to auditing complications

By: Rebecca Campbell     9th November 2018 The South African Nuclear Energy Corporation (Necsa) has confirmed, in a press release, that the completion of its 2017/2018 audit has been delayed. Parliament has granted the corporation an extension until February 15, 2019, to present its 2017/2018 annual report. “I am proud to say that in the... 

Allied Steelrode launches second stretcher leveller to meet growing demand 

By: Simone Liedtke     8th November 2018 As a result of increasing demand for stretched and flattened steel, local steel supplier and processing company Allied Steelrode on Thursday launched a second stretcher leveller at its Midvaal-based facility for the production of Allied Steelrode Stretcher Material (ASSM). Having the stresses of... 

Allied Steelrode launches second stretcher leveller to meet growing demand
Allied Steelrode executive director Warne Rippon and group CE Arun Chadha speak to Engineering News Online about the company’s most recent purchase, a second stretcher leveler, as well as some of the company’s corporate social investments in the Midvaal area. Video & Editing: Nicholas Boyd

To unlock sustained investment Africa must ‘resolve problems that keep investors away’  

By: Terence Creamer     8th November 2018 If Africa is to seize the opportunities of the future, it needs to mobilise large-scale, sustained investment, especially in infrastructure, President Cyril Ramaphosa said in his address at the Africa Investment Forum under way in Johannesburg this week. Organised by the African Development Bank... 

To unlock sustained investment Africa must ‘resolve problems that keep investors away’
President Cyril Ramaphosa

African governments need business to mobilise large scale investments – Ramaphosa

By: African News Agency      8th November 2018 Africa needs to mobilise large-scale, sustained investment, especially in infrastructure if it is to seize the opportunities of the future, but African governments cannot do this without business, President Cyril Ramaphosa said on Thursday. "The private sector and private markets are key players... 

African governments need business to mobilise large scale investments – Ramaphosa
President Cyril Ramaphosa

Makhura says Gauteng plays big part in intra-Africa trade

By: African News Agency      8th November 2018 Gauteng Premier David Makhura said on Thursday that by hosting the inaugural African Investment Forum (AIF), South Africa has placed itself at the service of the African continent as the catalyst for investment, and that Gauteng was already playing its part in intra-Africa trade. Speaking at the... 

 Makhura says Gauteng plays big part in intra-Africa trade
Gauteng Premier David Makhura

Public Protector investigating Gordhan 

By: Reuters     8th November 2018 South Africa's anti-corruption watchdog said on Thursday that it was investigating Public Enterprises Minister Pravin Gordhan, a close ally of President Cyril Ramaphosa, for allegedly abusing his powers during his time as finance minister. The watchdog said it was looking into allegations that... 

Public Protector investigating Gordhan
Photo by Creamer Media
Public Enterprises Minister Pravin Gordhan

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