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Economy News

Dialogue drives development

By: Robyn Wilkinson     13th October 2017 With the second-largest manufacturing economy in Europe and unique expertise in many sectors, Italy is ideally positioned to help South Africa step up in the global value chain – but foreign companies need to be guided by local role-players to understand the needs and expectations of the country,... 

Construction management council establishes transformation committee

By: Dylan Slater     13th October 2017 The South African Council for the Project and Construction Management Professions (SACPCMP) has set up a committee to further its transformation goals and a hotline to encourage the public to report any misconduct pertaining to the council’s scope of influence following reports of malpractice,... 

Construction management council establishes  transformation committee
Tjiamogale Manchidi Demographic representativeness in the project and construction management professions is crucial

South Africa’s space sector hobbled by lack of support

By: Keith Campbell     13th October 2017 South Africa's space sector has been hobbled by lack of adequate support from the South African Government. This was made clear during a panel discussion on space technology at the recent Aerospace, Maritime and Defence Conference 2017 in Pretoria. "Most space programmes, worldwide, have been... 

Local defence industry needs both local and export orders

By: Keith Campbell     13th October 2017 Local orders are key to winning export contracts in the defence sector, Denel Land Systems (DLS) CEO Stephan Burger affirmed at the recent Aerospace, Maritime and Defence Conference in Pretoria. He cited the case of the order his company received for turrets for the Malaysian Army's new armoured... 

S Africa’s PUI increases in Q3 2017

By: Sane Dhlamini     12th October 2017 South Africa’s Policy Uncertainty Index (PUI) rose from 53.1 in the second quarter of 2017, to 53.6 in the third quarter of 2017, revealed North-West University School of Economics professors Raymond Parsons and Waldo Krugell. They delivered the results for the third quarter of 2017 in... 

S Africa’s PUI increases in Q3 2017
Professors Waldo Krugell and Raymond Parsons

Political change could spark a surge in investment, says Goldman Sachs

By: Kim Cloete     12th October 2017 South Africa has the potential to achieve a 3% economic growth rate, and 5% in the medium term, if the constitutionalists in the African National Congress (ANC) are elected to lead the country, says Goldman Sachs Southern Africa MD Colin Coleman. “With the right leaders in the right... 

Political change could spark a surge in investment, says Goldman Sachs

Eskom’s credibility, sustainability challenges 

     12th October 2017 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the leadership, credibility and sustainability challenges facing State-owned Eskom. 

Eskom’s credibility, sustainability challenges
Eskom’s credibility, sustainability challenges

R20bn Swazi Rail Link being prepared for presentation to investors before year-end 

By: Terence Creamer     12th October 2017 An expression of interest (EoI) for the R20-billion crossborder Swazi Rail Link infrastructure project between South Africa and Swaziland will be released to potential investors before the end of 2017, South Africa’s Transnet Freight Rail (TFR) and Swaziland Rail confirmed on Thursday. The 150 km... 

R20bn Swazi Rail Link being prepared for presentation to investors before year-end
R20bn Swazi Rail Link being prepared for presentation to investors before year-end. Video and video editing: Darlene Creamer 12.10.2017

When Cyril wins, he must send Zuma to live in Nkandla – Gordhan 

By: News24Wire      12th October 2017 When Deputy President Cyril Ramaphosa wins December's African National Congress (ANC) elective conference, he must send President Jacob Zuma to live in Nkandla, former finance minister Pravin Gordhan said on Thursday. Gordhan told a conference in Cape Town that his preferred candidate to become... 

When Cyril wins, he must send Zuma to live in Nkandla – Gordhan
Photo by Reuters
Former Finance Minister Pravin Gordhan

DTI proposes establishment of State-owned industrial parks association

By: Schalk Burger     12th October 2017 A State-owned industrial parks (SOIPs) symposium, hosted by the Department of Trade and Industry (DTI) on Wednesday, resolved that an SOIP association be formed to support the strategic planning of the SOIPs, while enhancing the business experience for firms operating from the SOIPs. The proposed... 

Even Stats SA could fall to State capture – Gordhan, Jonas 

By: News24Wire      12th October 2017 Statistics South Africa is not immune to the State capture project, former finance minister Pravin Gordhan and his former deputy Mcebisi Jonas said on Thursday. The warning comes as Statistician-General Pali Lehohla is set to step down in October, after 17 years in charge of Stats SA. 

Taste Holdings’ H1 loss widens

By: Schalk Burger     12th October 2017 The brutal and sustained decline in consumer spending across almost all categories that fast food and luxury goods company Taste Holdings trades in has overshadowed operational gains made during the six months ended August 31, Taste Holdings CEO Carlo Gonzaga said in a statement on Thursday. The... 

Verimark achieves revenue growth, but lower profit in H1

By: Schalk Burger     12th October 2017 Consumer products company Verimark’s revenue for the six months to August 31 grew by 13.7% to R209.7-million, but its pre-tax profit decreased to R2.2-million, from R3.9-million during the first half of the prior financial year. The lower profit is owing to an increase in new products, which... 

Eskom facing threats on multiple fronts, Maritz acknowledges

By: Terence Creamer     12th October 2017 Eskom’s newest interim group CEO Sean Maritz has acknowledged that the utility is facing threats on multiple fronts in light of rapid changes to the global electricity landscape and the constrained outlook for domestic electricity sales. However, in a statement calling for “space and time to... 

Eskom facing threats on multiple fronts, Maritz acknowledges
Photo by Duane Daws
Eskom interim group CEO Sean Maritz

One year into new trade deal, European commissioner urges South African firms to take fuller advantage

By: Terence Creamer     11th October 2017 European Commissioner for Trade Cecilia Malmström will use her upcoming visit to South African to urge business to take fuller advantage of the recently concluded trade agreement between the European Union (EU) and six Southern African countries. The deal came into force just over a year ago on... 

One year into new trade deal, European commissioner urges South African firms to take fuller advantage
European Commissioner for Trade Cecilia Malmström

Fresh produce market agents, association referred to Competition Tribunal for prosecution

By: Schalk Burger     11th October 2017 Fourteen fresh produce market agents and association, the Institute for Market Agents of South Africa, have been referred to the Competition Tribunal for prosecution in relation to charges of alleged price-fixing and fixing trading conditions in contravention of the Competition Act, the... 

Testimony in Parly probe into Eskom / Gupta links to start next week

By: African News Agency      11th October 2017 The list of names of witnesses to be called to testify at a parliamentary inquiry into state capture at South Africa’s sole power utility, Eskom, has been finalised and the probe officially kicks off on October 17, a statement from the national legislature said on Wednesday. “The Portfolio... 

Testimony in Parly probe into Eskom / Gupta links to start next week

South Africa vulnerable to any sharp rise in global rates, World Bank warns

By: Terence Creamer     11th October 2017 A quicker and sharper-than-expected normalisation in interest rates in the US could trigger a reversal in capital flows to South Africa, the World Bank’s latest ‘Africa’s Pulse’ warns, adding that any sharp increase in global interest rates could also complicate debt dynamics for sub-Saharan... 

South Africa vulnerable to any sharp rise in global rates, World Bank warns
In September, Fed chairperson Janet Yellen said she was 'wary of moving too gradually' on normalisation

CSIR seeking to develop new methods to improve local infrastructure production  

By: Keith Campbell     11th October 2017 The Council for Scientific and Industrial Research (CSIR) continues to research innovations and initiatives to transform the local construction industry. This was reported by CSIR principal researcher Llewellyn van Wyk at the recent sixth CSIR Conference in Pretoria. He noted that the country has... 

Rand will rebound against dollar by end of 2017 - analysts

By: News24Wire      11th October 2017 Analysts at Rand Merchant Bank and ING Groep predict that the rand, the second-worst emerging-market performer in the past month, will rebound against the dollar by year-end as the pull of improving fundamentals and the hunt for yield support buyers amid lingering political and fiscal risks. The... 

 Rand will rebound against dollar by end of 2017 - analysts

Transport megaprojects stand on four legs – Gautrain CEO

By: Keith Campbell     10th October 2017 The successful implementation of transport infrastructure megaprojects rests on four equally important “pillars”. So affirmed Gautrain Management Agency CEO Jack van der Merwe to the recent sixth Council for Scientific and Industrial Research Conference, in Pretoria. These pillars are: political... 

Transport megaprojects stand on four legs – Gautrain CEO
Photo by Duane Daws
Gautrain CEO Jack van der Merwe

Johannesburg ranked most visited city in Africa

By: African News Agency      10th October 2017 South Africa’s most-populated city, Johannesburg, has emerged as the most popular destination city in Africa in 2016 followed by Cape Town, according to the annual Mastercard Global Destination Cities Index released on Tuesday. The Mastercard Global Destination Cities Index showed that... 

Johannesburg ranked most visited city in Africa

Transnet locomotive corruption probe extended as Parliament gears up for inquiry

By: Terence Creamer     9th October 2017 Democratic Alliance (DA) Shadow Minister of Trade and Industry Dean Macpherson is preparing a list of witnesses to appear before a Parliamentary Portfolio Committee for Trade and Industry inquiry into the failure of China South Rail (CSR) to meet local-content obligations as part of its supply of... 

Transnet locomotive corruption probe extended as Parliament gears up for inquiry

Bank of Baroda ordered to keep Gupta accounts open for now

By: News24Wire      9th October 2017 The high court ordered the Bank of Baroda on Monday to keep the accounts of Gupta-linked companies open, pending a final application which must be launched in 15 days. Pretoria high court judge Tati Makgoka granted the requested interdict against the bank, prohibiting the bank from deactivating... 

 Bank of Baroda ordered to keep Gupta accounts open for now

SAA, unions ink wage agreement

By: Natasha Odendaal     6th October 2017 National airliner South African Airways (SAA) and trade unions Uasa and the National Union of Metalworkers South Africa have signed the revised wage agreement for workers at maintenance arm SAA Technical (SAAT). The South African Transport and Allied Workers Union (Satawu), which had also signed... 

Minister offers snapshot of renewables generation

By: Terence Creamer     6th October 2017 Energy Minister Mmamoloko Kubayi reports that, as at the end of July, the combined installed generation capacity of renewable-energy independent power producers (IPPs) stood at more than 3 200 MW across 58 sites. In a reply to a Parliamentary question posed by Economic Freedom Fighters MP... 

Minister offers snapshot of renewables generation

Eskom unveils Maritz as latest interim CEO, Dladla returns to Rotek 

By: Terence Creamer     6th October 2017 The board at embattled State-owned electricity utility Eskom announced on Friday that Sean Maritz had been appointed interim CEO, replacing Johnny Dladla, who himself only took up the position in June, when the previous acting CEO, Matshela Koko, was placed on leave. In a statement headlined,... 

Eskom unveils Maritz as latest interim CEO, Dladla returns to Rotek
Photo by Duane Daws
Sean Maritz

New stock exchange, A2X, makes its debut

By: Anine Kilian     6th October 2017 South Africa’s newest stock exchange A2X Markets (A2X) made its debut on Friday with three listings and four of the industry’s brokers on board.   A2X competes directly with the JSE and provides an alternative platform for companies to secondary list and trade their shares.   Financial services... 

Sarb denies instructing banks on KPGM

By: African News Agency      6th October 2017 The South African Reserve Bank (Sarb) has denied that it told the country’s big four banks that they cannot fire KPMG, stating categorically on Friday that it had not instructed banks on what steps they should or should not take with regards to their contracts with the embattled auditing firm.... 

Sarb denies instructing banks on KPGM

Sapma promotes industry interests through training courses

     6th October 2017 As a means to prioritise the interests of the South African pump industry and pump manufacturing companies, the South African Pump Manufacturers Association (Sapma) has taken on projects designed to benefit the industry, in the form of pumps training courses. The Engineering Council of South... 

Sapma promotes industry interests through training courses
Photo by Duane Daws
DR OSWALD FRANKS The Engineering Council of South Africa provides advanced pumps training courses

Intra-industry dialogue crucial for components advancement

By: Robyn Wilkinson     6th October 2017 Given the multifaceted nature of South Africa’s automotive sector, intra-industry dialogue and collaboration are crucial to advancing the industry’s ability to provide high-quality products and much-needed employment in a rapidly evolving world, says Retail Motor Industry Organisation (RMI)... 

Intra-industry dialogue crucial for components advancement
Photo by Bloomberg
KEEPING PACE Advancing education and training in the automotive sector is crucial for keeping up with changes in technology and the local demand for skilled technicians

Local innovation key for growing automotive industry

By: Robyn Wilkinson     6th October 2017 Key to realising the growth potential of South Africa’s automotive sector is local innovation, albeit with due consideration to conditions and operating environments, as local companies are not always able to use international innovations and technologies, says enterprise resource planning (ERP)... 

Local innovation  key for growing automotive industry
PAULO DE MATOS South Africa is no laggard when it comes to the uptake of new technologies, especially in the automotive sector

Supply chain management key to industry success

By: Robyn Wilkinson     6th October 2017 The effective management of financial and physical supply chains is a key differentiator for South African automotive companies wanting to survive in an uncertain market, with access to technologies that can assist in streamlining these functions critical to success, says import and working... 

Supply chain management key to industry success
GREG CLINE Automotive aftermarket imports are growing owing to the depressed state of the economy shifting buying behaviour

UK unveils post-Brexit bilateral commitment to South Africa

By: Keith Campbell     6th October 2017 British International Trade Secretary (equivalent to Minister in South Africa) Dr Liam Fox announced on his recent visit to South Africa that his country’s export credit agency, UK Export Finance, has increased the funds available to South African enterprises buying British goods and to British... 

MoU seeks to improve recognition of rail inspectors

By: Dylan Slater     6th October 2017 A memorandum of understanding (MoU) aimed at improving professionalism within the railway engineering and railway inspector field was signed between the Railway Safety Regulator (RSR) and the Engineering Council of South Africa (ECSA) last month at ECSA’s offices in Bruma, Johannesburg.  

Exhibition marks firm’s international re-entry

By: Simone Liedtke     6th October 2017 Protective workwear manufacturer Sweet-Orr is set to exhibit at this year’s A+A Trade Show exhibition – which is an important trade forum for safety, security and health at work – from October 17 to 20 in Dusseldorf, Germany. 

Exhibition marks firm’s  international re-entry
CONTINUOUS IMPROVEMENT Sweet Orr benchmarks its continuous improvement process in order to maintain national and international quality standards

South Africa continues on path of deindustrialisation

By: Natasha Odendaal     5th October 2017 With some exceptions, South Africa’s industrial policy is not working, leaving the nation to continue down its current path of deindustrialisation, says Department of Trade and Industry (DTI) industrial development deputy director-general Garth Strachan. Addressing delegates at the sixth... 

South Africa continues on path of deindustrialisation
Department of Trade and Industry industrial development deputy director-general Garth Strachan

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