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Economy News

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... 

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

Gordhan warns of State capture 'fightback' across government entities

By: News24Wire      8th November 2018 Public Enterprises Minister Pravin Gordhan has warned of a "determined and vigorous fightback" campaign from those opposed to efforts to implement clean governance at state entities. In his submission to the judicial commission of inquiry into State capture, Gordhan says there are still elements... 

Gordhan warns of State capture 'fightback' across government entities
Photo by Reuters
Public Enterprises Minister Pravin Gordhan

South Africa's financial stability threatened by MTN's $10bn Nigeria bill – SARB

By: Reuters     8th November 2018 Billions of dollars in fines owed by South African companies MTN and Standard Bank to Nigerian regulators could increase the risk to South Africa's financial system, the South African Reserve Bank (SARB) said on Wednesday. The Nigerian central bank in August accused telecoms firm MTN and its... 

Zuma to Gordhan: 'Can we do what Dudu wants?'

By: News24Wire      8th November 2018 Former president Jacob Zuma called Pravin Gordhan, then finance minister, in 2015 to try and convince him to agree to an enormously expensive deal with airplane manufacturer Airbus because his close friend Dudu Myeni wanted it. In his 68-page sworn statement delivered to the judicial commission... 

Nzimande: We're not scrapping e-tolls, and they're not just a Gauteng issue

By: News24Wire      8th November 2018 Government is not scrapping e-tolls and the issue of payment will be settled at a national level, Transport Minister Blade Nzimande has told members of Parliament. The minister was answering questions in Parliament on Wednesday. Democratic Alliance MP Manny de Freitas asked the minister if any... 

 Nzimande: We're not scrapping e-tolls, and they're not just a Gauteng issue
Transport Minister Blade Nzimande

NTP awaits NNR’s signature of approval to restart production

By: Simone Liedtke     7th November 2018 State-owned South African Nuclear Energy Corporation (Necsa) CEO Phumzile Tshelane remains hopeful that production at its subsidiary NTP Radioisotopes’ facility will resume within the next two weeks, pending approval from the National Nuclear Regulator (NNR). Production at the facility was shut... 

NTP awaits NNR’s signature of approval to restart production
Photo by Dylan Slater
(Left) Necsa CEO Phumzile Tshelane and (Right) Necsa board chairperson Kelvin Kemm

Gender parity still lacking on JSE-listed companies’ boards

By: Tasneem Bulbulia     7th November 2018 In an inaugural report on the state of gender diversity on JSE-listed companies’ boards of directors, only 10 of the 267 companies analysed achieved gender parity in 2017. There are, however, signs that more companies are starting to become more cognisant of gender diversity at board level and... 

Gauteng ready to move Africa from a legacy of aid to a future of investment – Makhura

By: African News Agency      7th November 2018 Gauteng Premier David Makhura has encouraged businesses to invest in the growth of the African economy, saying that his province was ready to contribute to its realisation. Speaking at the opening day of the Africa Investment Forum in Johannesburg, Makhura said that Gauteng contributed 35 percent... 

Gauteng ready to move Africa from a legacy of aid to a future of investment – Makhura
Photo by Creamer Media
Gauteng Premier David Makhura

Eskom operating costs continue to increase

By: African News Agency      7th November 2018 Power utility, Eskom on Wednesday said their operating costs have continued to increase dramatically while output has remained largely unchanged despite efforts to curb expenditure. Eskom said their Board of Directors had decided to review the company’s organisational design to enhance... 

 Eskom operating costs continue to increase

Nothing sinister about the new fleet of vehicles, PRASA spokesperson says

By: African News Agency      7th November 2018 The Passenger Rail Agency of South Africa (PRASA) on Wednesday in response to media speculation on its new fleet, said installation of tracking devices had delayed sending vehicles it acquired recently to operational areas.  Media reports said that a total of 174 brand-new vehicles, which were... 

Eskom issues senior managers with retrenchment notice 

By: Terence Creamer     7th November 2018 The board at State-owned electricity utility Eskom has approved a process that could result in the retrenchment of senior managers, the company confirmed on Wednesday. Eskom said in a statement that, despite efforts to curb expenditure, operating costs had continued to increase dramatically,... 

Eskom issues senior managers with retrenchment notice

Morwe signals strategy shift as he prioritises restoration of trust amid ‘turbulance’ 

By: Terence Creamer     7th November 2018 Transnet acting CEO Tau Morwe is prioritising the restoration of trust, internally and externally, which he acknowledges has been affected by the “turbulence” associated with recent action taken by the board to tackle corruption and recover money “siphoned” from the State-owned company. However,... 

Morwe signals strategy shift as he prioritises restoration of trust amid ‘turbulance’

Sacci BCI rises in October

By: Reuters     7th November 2018 South Africa's business confidence rose for a second consecutive month in October, bolstered by higher import volumes, vehicle sales and retail sales, a survey showed on Wednesday. The South African Chamber of Commerce and Industry's (Sacci) monthly business confidence index rose to 95.8 in... 

IDC invests R150m to reopen Glodina factory

By: Shirley le Guern     6th November 2018 The Industrial Development Corporation (IDC) has invested R150-million to reopen the Glodina towel manufacturing plant, in KwaZulu-Natal. MEC for Economic Development, Tourism and Environmental Affairs Sihle Zikalala on Tuesday officially reopened the plant, which shut down nearly a year ago due... 

Deloitte proposes single figure standard for executive pay design

By: Schalk Burger     6th November 2018 Professional services firm Deloitte has proposed that the so-called single figure metric, which is a requirement of King IV reporting standards, become the standard to inform executive pay design – allowing internal and external comparisons on pay, as well as informing the shareholder and... 

Ramaphosa says shutting SAA could collapse public finances

By: Reuters     6th November 2018 President Cyril Ramaphosa said on Tuesday that closing down struggling State-owned South African Airways (SAA) could collapse the country's public finances as the government would have to service its debts immediately. Finance Minister Tito Mboweni said last week that his preference would be to... 

Ramaphosa says shutting SAA could collapse public finances

Ethos achieves first R700m investment under new large buyout fund

By: Creamer Media Reporter      6th November 2018 Private equity investor Ethos has invested R700-million in global financial technology (fintech) provider Channel VAS. The investment is the first under Ethos’ new large-buyout fund, Ethos Fund VII, which is seeking to attract R8-billion in capital commitments from local and institutional investors. 

Ramaphosa to brief SA on government’s efforts to revitalise economy

By: African News Agency      6th November 2018 President Cyril Ramaphosa is on Tuesday expected to brief the nation on the government’s efforts to revitalise the economy, the fight against crime as well as South Africa’s objectives for its forthcoming term on the United Nations Security Council. The Presidency said in a statement that the... 

Ramaphosa to brief SA on government’s efforts to revitalise economy
President Cyril Ramaphosa

Transnet veteran Morwe steps in as acting CEO for next six months 

By: Terence Creamer     6th November 2018 Freight logistics group Transnet has appointed Tau Morwe as acting CEO for the six-month period from November 1, 2018, to April 30, 2019. The appointment has been approved by Public Enterprises Minister Pravin Gordhan and follows on from the State-owned company’s decision to dismiss Siyabonga... 

Transnet veteran Morwe steps in as acting CEO for next six months
Photo by Creamer Media
Tau Morwe

Petrol price to remain unchanged, diesel to go up 50 cents in Nov 

By: African News Agency      5th November 2018 The petrol price will remain unchanged for November but the price of diesel will increase between 47.92 cents per litre and 50.92 cents per litre, the department of energy said on Monday.  This will be a relief for motorists at the pumps after the R1 petrol price increase last month pushed the... 

Petrol price to remain unchanged, diesel to go up 50 cents in Nov

Leaked Eskom report implicating Brown, Gigaba is 'scandalous, embarrassing' – chair 

By: News24Wire      5th November 2018 The leaking of the Eskom draft preliminary inquiry report which has reportedly implicated former minister Lynne Brown and Malusi Gigaba is "scandalous and embarrassing", chairperson of the Public Enterprises Portfolio Committee Zukiswa Rantho has said. Rantho spoke to Fin24 by phone on Monday... 

 Leaked Eskom report implicating Brown, Gigaba is 'scandalous, embarrassing' – chair
Photo by Reuters
Home Affairs Minister Malusi Gigaba

DPE says State airline should prepare for equity partner 

By: Reuters     5th November 2018 The Department of Public Enterprises (DPE) said on Sunday that struggling State-run South African Airways (SAA) should reduce its cost base and prepare for a strategic equity partner in the near future. Finance Minister Tito Mboweni had said on Thursday that SAA, which has not generated a profit... 

DPE says State airline should prepare for equity partner

Private-sector activity shrinks at fastest rate in 4 years in Oct – PMI 

By: Reuters     5th November 2018 South African private sector activity shrank at the fastest rate in over four years in October as sharp declines in output, new orders and export demand saw firms cut back purchasing amid a recession, a survey showed on Monday. The Standard Bank Purchasing Managers' Index (PMI), compiled by IHS... 

Private-sector activity shrinks at fastest rate in 4 years in Oct – PMI

David Cameron warns against ‘strong man’ leadership

By: Tasneem Bulbulia     2nd November 2018 Former UK Prime Minister David Cameron has called for a move away from “strong man” leadership at a “dangerous” time for global politics. Speaking at the Discovery Leadership Summit, in Johannesburg, this week, he said these dangers included corruption, climate change, economic uncertainty and... 

David Cameron warns against ‘strong man’ leadership
Former UK Prime Minister David Cameron

Nugent Commission will reveal if Sars misrepresented revenue collection – Treasury 

By: News24Wire      2nd November 2018 Treasury cannot say if the South African Revenue Service (Sars) had intentionally withheld VAT refunds in an effort to misrepresent revenue collections, members of Parliament heard. Treasury officials on Friday responded to public comments made on the mini budget to the Standing Committees on... 

Nugent Commission will reveal if Sars misrepresented revenue collection – Treasury

Sars 'notes' Moyane dismissal

By: African News Agency      2nd November 2018 The South African Revenue Service (Sars) on Friday said it has "noted" the announcement by President Cyril Ramaphosa that he has fired suspended tax commissioner, Tom Moyane. In a terse statement, Sars said any enquiries in this regard must be directed to the Office of the Presidency. 

Sars 'notes' Moyane dismissal

Ramaphosa says South Africa needs leadership, not leaders  

By: Tasneem Bulbulia     2nd November 2018 President Cyril Ramaphosa has called for leadership, not leaders, in what he termed a new era for South Africa, following the previous decade of stand-offs between government and the private sector. Ramaphosa was speaking at the Discovery Leadership Summit, in Johannesburg, on Thursday, when he... 

Ramaphosa says South Africa needs leadership, not leaders
President Cyril Ramaphosa

Clear strategy to identify talented individuals first step in developing leaders

By: Schalk Burger     2nd November 2018 Developing diverse and strong leadership teams requires that companies have a well-defined strategy for identifying potential leaders and placing them in challenging roles to empower them to lead within their disciplines, departments and organisations, says power management company Eaton Africa... 

Clear strategy to identify talented individuals  first step in developing leaders
SEYDOU KANE Eaton recognises the importance of a diverse business and leadership

South Africa needs new narrative to create inclusive growth

By: Tasneem Bulbulia     1st November 2018 South Africa needs positive leadership and a change in narrative to tackle its problems and create inclusive sustainable growth for all, said Discovery Group CE Adrian Gore during the opening of the Discovery Leadership Summit, in Johannesburg, on Thursday. The summit brought together many world... 

South Africa needs new narrative to create inclusive growth
Photo by Creamer Media
ARM chairperson Patrice Motsepe

Big power users call for inflation-linked tariff ‘compact’ and industry review 

By: Terence Creamer     1st November 2018 The Energy Intensive Users Group (EIUG) has called for an electricity price compact that sustains tariff increases as close to consumer price inflation as possible for the coming five years. The proposal is made in a precursor to the EIUG’s official response to Eskom’s latest revenue application,... 

Big power users call for inflation-linked tariff ‘compact’ and industry review
Dr Tsakani Mthombeni

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