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Economy News

Business supports marches planned for next week

By: Sane Dhlamini     3rd August 2017 Business Leadership South Africa (BLSA) has come out in support of the national action and planned marches around Parliament by various groupings, set to take place next Tuesday between 12:00 and 14:00, amid MPs much-anticipated voting in the motion of no confidence bought against President Jacob... 

IDC addresses transparency, governance concerns 

     3rd August 2017 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about new measures being implemented by the Industrial Development Corporation (IDC) to improve transparency and governance, as well as about the IDC’s investment and disbursement plans for the current financial year. 

IDC addresses transparency, governance concerns
IDC addresses transparency, governance concerns

S Africans satisfied with improvements in metros – survey

By: Sane Dhlamini     3rd August 2017 South Africans have seen a marked improvement in the performance of local government aside from the metropolitans Cape Town and Buffalo City, according to an Ipsos survey conducted after the local government elections on August 3. The Khayabus study, for which 3 598 South Africans 15 years and... 

S Africans satisfied with improvements in metros – survey

Cutting number of SA provinces is against the law – Free Market Foundation

By: African News Agency      3rd August 2017 The Free Market Foundation (FMF) on Thursday warned that any attempt to reduce the number of provinces from nine to six, as suggested by the African National Congress (ANC), would be against the law and an affront to democracy. The ANC first mooted the reduction of the number of provinces in... 

Stuttaford Van Lines charged for collusive tendering in government furniture transportation

By: African News Agency      3rd August 2017 Furniture removal company, Stuttaford Van Lines, on Wednesday was charged with 649 counts of collusive tendering relating to hundreds of government tenders issued for furniture transportation.  The Competition Commission, which charged Stuttaford, said this included tenders issued by the... 

Africa urged to focus on industrialisation to boost economic growth

By: Anine Kilian     2nd August 2017 The Southern African Development Community (SADC) region must diversify away from its reliance on commodities for economic growth and prioritise industrial development, SADC regional standardisation president Dr Eve Gadzikwa said on Wednesday. “Industrialisation can contribute to transformation... 

SMMEs need better access to markets, finance

By: Anine Kilian     2nd August 2017 The biggest challenge facing small, medium-sized and microenterprises (SMMEs) in the Southern African Development Community (SADC) is access to markets, says consulting firm Tutwa Consulting researcher Anna Ngarachu. Addressing delegates at the SADC Industrialisation Week Conference, in... 

Minister lauds court ruling invalidating two PRASA contracts worth millions of rand

By: African News Agency      2nd August 2017 Transport Minister Joe Maswanganyi on Wednesday said he “welcomes” the Pretoria High Court judgment ruling two contracts entered into by Passenger Rail Agency of South Africa (PRASA) with Fenton Gastin, its CFO, were invalid. The first contract that was found to be invalid was the one entered... 

Zim staves off punitive action by Eskom, again – report 

By: News24Wire      2nd August 2017 Zimbabwe government officials have held "tough negotiations" with managers at Eskom to prevent South Africa’s power utility cutting off supplies over a $40-million debt. Cash-strapped Harare has been given another chance not to default on a repayment plan, which had seen Eskom threatening to cut... 

Brown sacks personal assistant over Gupta links

By: African News Agency      2nd August 2017 Public Enterprises Minister Lynne Brown on Wednesday asked her personal assistant Kim Davids to resign after details of her ties to the controversial Gupta family emerged. ”This past week I have been confronted by allegations against Ms Davids. In the interest of fairness, I asked Ms Davids to... 

Atlantis to be designated as an SEZ

By: Natasha Odendaal     2nd August 2017 Trade and Industry Minister Dr Rob Davies is preparing to issue a gazette outlining an intention to designate the proposed Atlantis Special Economic Zone (SEZ). The SEZ Advisory Board-recommended action followed an application for designation by the Western Cape Department for Economic... 

Mayor Mashaba vows to end residents' billing woes

By: News24Wire      2nd August 2017 Johannesburg mayor Herman Mashaba has vowed to take charge of the billing crisis residents have been complaining about for years. "I promised the residents that they would get our very best to relieve them of the misery they have endured at the hands of our billing system. Unfortunately, to date,... 

Localisation in infrastructure development in SADC critical for industrialisation

By: Anine Kilian     1st August 2017 Localisation in infrastructure development across the Southern African Development Community (SADC) region is critical for industrialisation, according to African Integration and Industry chief director Nigel Gwynne-Evans, who spoke at the SADC Industrialisation Week in Johannesburg on Tuesday.... 

Study highlights ‘worrying’ low-investment trend among large JSE-listed firms 

By: Terence Creamer     1st August 2017 New research by the Centre for Competition, Regulation and Economic Development (CCRED) shows the largest 50 companies listed on the JSE expanded their financial reserves to R1.4-trillion by the end of 2016, contradicting arguments that investment in South Africa was being undermined by a lack of... 

Study highlights ‘worrying’ low-investment trend among large JSE-listed firms

DBSA committed to funding infrastructure projects throughout SADC

By: Anine Kilian     1st August 2017 With low levels of electrification hindering economic growth and development in sub-Saharan Africa – where 78% of the population is reliant on biomass as their main energy source – $57-trillion will be required until 2030 to fund the continent’s infrastructure and energy projects, according to... 

Kubayi refutes CEF board suspension report 

By: Creamer Media Reporter      1st August 2017 Energy Minister Mmamoloko Kubayi on Tuesday refuted a media report stating that she had suspended the Central Energy Fund (CEF) board. The Minister confirmed, however, that board members had been handed letters in July 26 requesting “an explanation on concerns”. No details were provided, however,... 

Kubayi refutes CEF board suspension report
Energy Minister Mmamoloko Kubayi

TNPA appoints first female CE

By: Creamer Media Reporter      1st August 2017 Shulami Qalinge has been appointed to succeed Richard Vallihu as CE of the Transnet National Ports Authority (TNPA), effective July 7. She is the first female CE of the TNPA and will provide strategic direction and leadership in the implementation of the overall TNPA strategic objectives and... 

TNPA appoints first female CE

Reserve Bank governor warns of deeper recession

By: African News Agency      1st August 2017 South African Reserve Bank governor Lesetja Kganyago warned on Tuesday that the country’s economic recession could deepen unless there was policy certainty on mining and agriculture, the two sectors that contributed to growth in the first quarter. “At the moment these two sectors are facing... 

Reserve Bank governor warns of deeper recession
Photo by Reuters
Sarb governor Lesetja Kganyago

Absa PMI falls further to 42.9 in July

     1st August 2017 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) declined by a further 3.8 points to 42.9 in July, with all five of the major subindices having declined in July. The seasonally adjusted business activity index was under the most pressure, declining by 6.1 index points to a 39.3. The... 

Outgoing PRASA board slams transport minister on completion of tenure

By: African News Agency      1st August 2017 Popo Molefe, the outgoing chairperson of the Passenger Rail Agency of South Africa (PRASA) board which completed its term on Monday, took a parting shot at new Transport Minister Joe Maswanganyi for failing to attend requested meetings aimed at tackling corruption and governance anomalies. “The... 

South Africans can no longer be 'free riders' of democracy – Gordhan

By: News24Wire      1st August 2017 South African citizens can no longer be "free riders" of democracy and need to actively work to secure State institutions, former finance minister Pravin Gordhan said on Monday evening. He urged South Africans to either become whistleblowers or "find different forms of resistance". "In today’s... 

South Africans can no longer be 'free riders' of democracy – Gordhan

Free higher education to be introduced – Mantashe 

By: African News Agency      31st July 2017 The governing African National Congress has resolved to introduce free higher education next year, secretary general Gwede Mantashe said on Monday. The party held its national executive committee lekgotla over the weekend. 

IDC reports strong rise in support for black industrialists as disbursements fall  

By: Terence Creamer     31st July 2017 South Africa’s Industrial Development Corporation (IDC) has announced that its funding approvals have increased to a record R15.3-billion in 2017, but also confirmed that it would not meet a five-year target, set in 2015, of R100-billion in approvals by 2020. Presenting the financials in... 

IDC reports strong rise in support for black industrialists as disbursements fall
Economic Development Minister Ebrahim Patel on plans to equip the IDC to approve at a level of R20-billion a year. Camera Work: Nicholas Boyd. Editing: Lionel da Silva. Recorded: 31.7.2017

SADC industrialisation strategy important for development of value-chains in region

By: Anine Kilian     31st July 2017 Regional industrialisation will require a strong Southern African Development Community (SADC) Free Trade Area (FTA), Department of International Relations and Cooperation DG Kgabo Mahoai said on Monday. Speaking at the SADC Industrialisation Week, in Johannesburg, he said the FTA would... 

Manufacturing key to Africa’s economic transformation

By: Anine Kilian     31st July 2017 Manufacturing will drive Africa’s transformation, African Export-Import Bank intra-African finance trade manager Gerald Nsomba said on Monday. Addressing delegates from across the Southern African Development Community (SADC) at the SADC Industrialisation Week, in Johannesburg, he pointed out... 

Names of all IDC clients, including politically exposed people, now being made public 

By: Terence Creamer     31st July 2017 The Industrial Development Corporation (IDC) has officially started to publish, on its website, the identities of all of its clients, including those officially identified as politically exposed people (PEPs). This disclosure affects all of the State-owned development finance institution’s... 

Names of all IDC clients, including politically exposed people, now being made public
Economic Development Minister Ebrahim Patel on why the IDC will, from know on, be disclosing the identities of its clients. Camera Work: Nicholas Boyd. Editing: Lionel da Silva. Recorded: 31.7.2017.

Brics industry ministers adopt action plan to deepen industrial cooperation

By: African News Agency      31st July 2017 The second meeting of Brics (Brazil, Russia, India, China and South Africa) industry ministers held in Hangzhou in China has adopted a seven-point “action plan” on deepening industrial cooperation among Brics countries, the trade and industry department (DTI) said on Sunday. The action plan... 

Brics industry ministers adopt action plan to deepen industrial cooperation

Zim piling up gold, diamonds to back new currency – VP

By: News24Wire      31st July 2017 Zimbabwe Vice President Emmerson Mnangagwa says the cash-strapped Zimbabwe government is piling up reserves of gold and diamonds to back a new local currency. But he did not say when the new currency would be introduced. 

Tourism to add 300 000 jobs by 2026

By: Anine Kilian     28th July 2017 With South African tourism providing entry into Africa, especially through business tourism opportunities, the sector deserves more support and recognition, says Tourism Minister Tokozile Xasa, who spoke at the second Gauteng Infrastructure Investment Conference on Friday. “The prospects for... 

Numsa to consult its members over proposed engineering strike 

By: Natasha Odendaal     28th July 2017 The National Union of Metalworkers of South Africa (Numsa) on Friday said “any way forward” on the looming labour strike in the engineering sector would be determined by its members through upcoming meetings. Following Numsa’s Central Committee meeting this week, the trade union had resolved to... 

Africa urged to focus on attracting more FDI

By: Anine Kilian     28th July 2017 Improving the quality of life for people in Africa is a key goal of the African Development Bank and this will require the continent to attract more foreign direct investment (FDI). Addressing delegates at the second Gauteng Infrastructure Investment Conference, in Midrand, on Friday, University... 

Gauteng should spearhead economic growth in South Africa, says Makhura

By: Anine Kilian     28th July 2017 Gauteng needs to take a lead in turning South Africa’s economic situation, according to Gauteng Premier David Makhura, who avers that, “if Gauteng works better, 35% of South Africa’s economy will work better”. Addressing delegates at the Gauteng Infrastructure Investment Summit, in Midrand, the... 

Gauteng should spearhead economic growth in South Africa, says Makhura

Davies arrives in China for Brics trade and industry meetings

By: African News Agency      28th July 2017 South African Trade and Industry Minister, Dr Rob Davies, has arrived in China for the Brics Industry Ministers Meeting and Trade Ministers Meeting. The Department of Trade and Industry said on Friday that the two meetings would be preceded by officials’ meetings from the Brics countries, namely... 

Tribunal confirms consent agreement with gear pump supplier

By: Creamer Media Reporter      28th July 2017 The Competition Tribunal this week approved a consent agreement with Fermel for colluding and dividing up markets for branded gear pumps. The Competition Commission followed up a February complaint outlining that Fermel and another company had entered to an agreement to divide markets by... 

Eskom CFO Anoj Singh placed on special leave

By: African News Agency      28th July 2017 Eskom’s chief financial officer Anoj Singh was placed on special leave on Thursday, amid mounting allegations of improper financial dealings by the power utility with companies in the Gupta business empire, “The Board of Directors of Eskom has taken a decision to grant Chief Financial Officer, Mr... 

Eskom CFO Anoj Singh placed on special leave

AfDB in $2bn project finance pact

By: Mia Breytenbach     28th July 2017 The African Development Bank (AfDB) and the Islamic Development Bank (IsDB) have signed a landmark agreement to strengthen their partnership at country level and jointly contribute to $2-billion over the next three years to finance projects in agriculture, food security, renewable energy, small... 

AfDB in $2bn project finance pact
Photo by Duane Daws
JOINT CONTRIBUTION The banks’ contribution will finance projects in areas, such as agriculture, food security, renewable energy, small and medium enterprises and human development

African countries embrace alternative energy sources

     28th July 2017 With African governments realising that long-term power solutions will not come in the form of one technology, South Africa’s Department of Energy is advocating advances in coal, renewable energy, gas and nuclear technologies, says global engineering, procurement, construction and consulting... 

African countries embrace  alternative energy sources
Photo by Reuters
IMPROVED ALTERNATIVES Kenya is making use of diverse alternative energy sources, such as geothermal electricity

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