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Economy News

Auditor general explains why he 'didn't pull plug' on KPMG

By: News24Wire      5th October 2017 The office of the auditor general decided not to pull the plug completely on KPMG as one of its partners in public sector auditing, pending an independent investigation into the firm’s conduct. Kimi Makwetu, auditor general, told members of Parliament on Thursday that his office engaged with the... 

Economic impact of ANC race to be felt only in 2019, says Schussler

By: Irma Venter     5th October 2017 Economist Mike Schussler says South Africa’s economic growth rate will not see a “major improvement beyond 2%, 2.5% for the foreseeable future”. “I think growth next year, not even depending on who is the president, will be better than this year, but it is not going to shoot out the lights,” he... 

Economic impact of ANC race to be felt only in 2019, says Schussler

SA business ‘complicit’ in looting of State – Jay Naidoo

By: African News Agency      5th October 2017 Activist for social justice, Jay Naidoo, on Thursday urged the South African business community to find its moral compass and not be complicit in the looting of the State by greedy individuals. Naidoo, who was founding general secretary of the Congress of South African Trade Unions (Cosatu) and a... 

SA business ‘complicit’ in looting of State – Jay Naidoo
Photo by Duane Daws
Activist Jay Naidoo

KPMG paid severance packages to top officials who left the company

By: News24Wire      5th October 2017 KPMG paid severance packages to its top leadership who left the company in September, the beleaguered auditing firm told Parliament on Thursday. KPMG CEO Nhlamu Dlomu, KPMG SA head of public sector Modise Maseng, and the interim chair of the auditor's policy board Gary Pickering appeared before... 

 KPMG paid severance packages to top officials who left the company

Caterpillar to localise components as part of R1.3bn empowerment deal

By: Terence Creamer     4th October 2017 US capital equipment giant Caterpillar has announced and equity-equivalent investment programme in South Africa through which it aims improve its black-empowerment rating by localising R1.3-billion-worth of components used in the construction and mining equipment it sells domestically through... 

Caterpillar to localise components as part of R1.3bn empowerment deal
Caterpillar Industries MD Zakieya Parker

Public hearings into Atlantis SEZ set for next week

By: Schalk Burger     4th October 2017 The Department of Trade and Industry (DTI) and the Western Cape Department of Economic Development and Tourism will host a public hearing session on the designation of the Atlantis Special Economic Zone (SEZ) for Green Technologies on Wednesday next week. The session will take place in Protea... 

Brown has received report from Eskom on Trillian

By: African News Agency      4th October 2017 Public Enterprises Minister Lynne Brown on Wednesday told MPs she had received a report from Eskom about its dealings with Trillian and McKinsey which she demanded after it emerged that the power utility had lied to Parliament, but made plain that she will not act against the leadership of... 

Brown has received report from Eskom on Trillian
Photo by Duane Daws
Public Enterprises Minster Lynne Brown

Portfolio committee accepts terms for inquiry into Transnet’s R50bn locomotive deal 

By: Sashnee Moodley     4th October 2017 Parliament’s Portfolio Committee on Trade and Industry has accepted the terms of reference for its inquiry into State-owned enterprise Transnet’s R50-billion locomotive contract. Democratic Alliance (DA) shadow Trade and Industry Minister Dean Macpherson said on Wednesday that the inquiry needed... 

Portfolio committee accepts terms for inquiry into Transnet’s R50bn locomotive deal
Photo by Duane Daws
DA shadow Trade & Industry Minister Dean Macpherson

Parliament looks into legality of bailout to SAA

By: African News Agency      4th October 2017 Parliament’s standing committee on finance on Tuesday asked for advice on the legality of National Treasury’s R3 billion bailout to South African Airways (SAA) after the opposition submitted a letter claiming it was in breach of public finance rules. Alf Lees, the deputy finance spokesman for the... 

Parliament looks into legality of bailout to SAA

Strike looms at South African Airways

By: African News Agency      4th October 2017 South African Airways (SAA) warned on Tuesday, that its operations may be disrupted after one of the labour unions served the embattled airline with a notice of intention to embark on industrial action at its aircraft maintenance unit. This comes after the airline’s maintenance subsidiary, SAA... 

Strike looms at South African Airways

Govt bailouts won’t help SAA, says former finance minister Trevor Manuel 

By: African News Agency      3rd October 2017 Former South African finance minister, Trevor Manuel, said on Tuesday that government bailouts would not help the country’s state-owned airline to escape its troubles, insisting that South African Airlines (SAA) needed to get serious about its corporate governance. This comes after the South... 

CEOs plan investments in Africa in medium term amid all-time confidence lows

By: Mia Breytenbach     3rd October 2017 A third of CEOs plan to invest in Africa in the medium term, despite confidence in South Africa being at all-time lows. This is according to the quarterly Merchantec Confidence Index, released on Tuesday. 

Good corporate governance integral to mitigating risk – Manuel 

By: Ilan Solomons     3rd October 2017 The current lack of good corporate governance is negatively impacting on many of South Africa’s State-owned enterprises, according to former Finance Minister Trevor Manuel, who believes that working corporate governance could successfully mitigate risk. Delivering the keynote address at the... 

Good corporate governance integral to mitigating risk – Manuel
Photo by Duane Daws
Former Finance Minister Trevor Manuel

Electricity industry approaching ‘breaking point’, City Power warns 

By: Terence Creamer     3rd October 2017 Johannesburg’s electricity utility City Power is warning that the current structure of South Africa’s electricity sector is unsustainable and that, in the absence of a coherent national policy, the sector is approaching “breaking point”. Demand- and supply-side manager Paul Vermeulen says that... 

Electricity industry approaching ‘breaking point’, City Power warns

Decline in insured construction activity to continue – Bryte

By: Mia Breytenbach     3rd October 2017 Insured construction activity contracted by 15% year-on-year in the second quarter. Southern African proactive business risk specialist Bryte Insurance (formerly known as Zurich Insurance) this week released its Construction Activity Monitor for the three months to June 30. 

Decline in insured construction activity to continue – Bryte

National Parks visitation up by 24% in 2017

By: African News Agency      3rd October 2017 The South African National Park (SANParks) announced on Monday that its ‘Know Your National Parks’ campaign increased the number of visitors to its parks by 24% in 2017. “We had an increase of just over 24 percent this year from last year’s 62,312 visitors. SA National Parks Week aims to create a... 

AfDB approves $200m to IDC to support industrialisation projects in Africa

By: Anine Kilian     2nd October 2017 The African Development Bank Group (AfDB) has approved a private sector multicurrency line of credit of $100-million and R1.3-billion to South Africa’s Industrial Development Corporation (IDC). The operation will support industrialisation projects in South Africa and in other regional member... 

South African space sector needs more support but has to market itself better

By: Keith Campbell     29th September 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 Aerospace, Maritime and Defence Conference 2017 in Pretoria on Friday. "Most space programmes, worldwide, have been... 

Delayed hearing into wind body’s Eskom complaint moves ahead

By: Terence Creamer     29th September 2017 The National Energy Regulator of South Africa (Nersa) hosted a closed hearing on Friday as part of its investigation of a complaint by the South African Wind Energy Association (SAWEA) against Eskom. SAWEA, which lodged the grievance in October 2016, alleges that the State-owned utility’s refusal... 

Delayed hearing into wind body’s Eskom complaint moves ahead

Eskom CFO Anoj Singh officially suspended

By: News24Wire      29th September 2017 Eskom has suspended Anoj Singh, chief financial officer, pending a disciplinary hearing, the power utility said in a statement on Friday. Singh was placed on special leave at the end of July by Eskom's board of directors until an investigation into his conduct had been concluded. His exit... 

Eskom CFO Anoj Singh officially suspended
Photo by Duane Daws
Eskom CFO Anoj Singh

AfDB sells first $39m Industrialise Africa theme bond

By: Schalk Burger     29th September 2017 Development finance institution, the African Development Bank (AfDB), has sold an Industrialise Africa theme bond to Fukoku Mutual Life Insurance Company for $39.21-million. The bond, which will mature at the end of September 2027, will be used to support private sector industrial development and... 

Govt uses National Revenue Fund to bail out SAA

By: African News Agency      29th September 2017 The South African government on Friday approved the transfer of funds from the National Revenue Fund (NRF) to troubled national carrier South African Airways (SAA) to allow the airline to meet its debt obligations to Citibank and avoid a default. SAA has to meet its repayment obligations on a... 

Govt uses National Revenue Fund to bail out SAA

High Court rules against DA in State capture inquiry case

By: News24Wire      29th September 2017 The High Court in Pretoria has granted President Jacob Zuma a stay in immediately implementing a judicial commission of inquiry as recommended in the Public Protector's State of Capture report. This is until his application for a review of that remedial action recommended by the report is heard... 

High Court rules against DA in State capture inquiry case

Radical? Really?

By: Keith Campbell     29th September 2017 Roughly in the middle of this month (September), speaking on the sidelines of the Annual General Meeting of his luxury goods businesses holding company, Switzerland-based Compagnie Financière Richemont, in Geneva, businessman Johann Rupert, generally regarded as South Africa’s richest man, said... 

SEZ receives recognition, contributes to SMME participation

By: Marleny Arnoldi     29th September 2017 Special economic zone (SEZ) developer and operator Coega Development Corporation (CDC) has been recognised by export assistance company Exporters Club for its dedication to job creation initiatives and excellent services to export orientated investors.  

SEZ receives recognition,  contributes to SMME participation
Photo by Duane Daws
JOBS SWEET SPOT The Coega Development Corporation created more than 7 243 operational jobs within its special economic zone at the end of the financial year 2016/17

Small businesses remain optimistic, despite volatility and uncertainties

By: Mia Breytenbach     29th September 2017 Despite economic volatility, South African small business owners remain optimistic and are actively pursuing growth, according to research from cloud based accounting software company Xero.   The research report, titled ‘State of South African Small Businesses’ surveys the challenges facing the... 

Small businesses remain optimistic,  despite volatility and uncertainties
Photo by Bloomberg
HELPING HAND Some small business owners want the government to provide more funding and some believe government should grant tax breaks for their business

Align education, skills development with needs of next industrial revolution, NBI urges

By: Dylan Slater     29th September 2017 Education and skills development need to adapt to meet the requirements of the next industrial revolution or a significant number of development opportunities will be missed, according to voluntary nonprofit business organisation National Business Initiative climate change, water and green... 

Aluminium company achieves positive results

     29th September 2017 Aluminium supplier and exporter Hulamin delivered a strong manufacturing performance and improved financial results for the half-year ended June 30, despite difficult market conditions and the rand being 14% stronger compared with the corresponding period in 2016, says Hulamin CEO Richard Jacob.... 

Aluminium company achieves positive results
Photo by Bloomberg
STRONG RESULTS Aluminium supplier and exporter Hulamin’s unaudited interim results for the half-year indicated noteworthy headline earnings a share up 17% to 56c a share

Airports Company achieves its best-ever profits

By: Keith Campbell     29th September 2017 Airports Company South Africa (Acsa) achieved a profit of R2-billion for the 2016/2017 financial year (FY), it announced recently, up from R1.9-billion for the FY 2015/2016. “This is probably the best set of results we’ve presented in the history of the company,” affirmed CEO Bongani Maseko at... 

South Africa sees slight improvement in economic freedom

By: Anine Kilian     28th September 2017 South Africa jumped ten spots on the Free Market Foundation’s (FMF’s) economic freedom index, ranking this year at 95 out of 159 countries from its 2016 ranking of 105, when its overall rating out of ten – where zero is unfree and ten is free – was 6.64. “This year, at 95, our rating is 6.63... 

NWK companies list on 4AX

By: Natasha Odendaal     28th September 2017 South Africa’s newest stock exchange 4 Africa Exchange (4AX) officially opened for trade on Thursday, welcoming its first two issuers listings, with about nine more in the pipeline. With the listings of agricultural businesses NWK Limited and NWK Holdings now under its belt, the journey of 4AX as... 

South Africa sheds 34 000 jobs so far in 2017 – StatsSA

By: African News Agency      28th September 2017 A decline of 34 000 jobs was recorded in the second quarter of 2017 in South Africa’s formal non-agricultural sector, the Quarterly Employment Survey, released by StatsSA on Thursday, revealed. “That decrease is in manufacturing, construction, community services, transport … only mining and... 

South Africa sheds 34 000 jobs so far in 2017 – StatsSA
Statistician General Pali Lehohla

Unreasonable electricity price curve contributing to weak business climate – EIUG

By: Terence Creamer     28th September 2017 The Energy Intensive Users Group of Southern Africa (EIUG) has called for urgent intervention to halt what it describes as the current “downward spiral” of a shrinking electricity sales base and increasing and unaffordable electricity tariffs. The EIUG represents 32 mostly mining and industrial... 

Unreasonable electricity price curve contributing to weak business climate  – EIUG
Dr Tsakani Mthombeni

South African business confidence hit by political uncertainty and corruption – analyst

By: African News Agency      28th September 2017 Business confidence in South Africa was at an all-time low as a result of political uncertainty, poor economic performance, policy confusion and a general lack of leadership, a turnaround strategist said on Thursday. Alastair Macduff, chairperson and CE of the Turnaround Management Association... 

BLSA suspends 'corrupt' Eskom and Transnet

By: News24Wire      28th September 2017 Business Leadership South Africa on Thursday booted out State-owned entities Eskom and Transnet for their involvement in corruption and State capture with immediate effect. The announcement comes as BLSA launched its #BusinessBelieves campaign in Cape Town, where it signed a “contract” with South... 

BLSA suspends 'corrupt' Eskom and Transnet
Photo by Duane Daws
BLSA CEO Bonang Mohale

South Africa slips 14 places in WEF Global Competitiveness Index

By: African News Agency      27th September 2017 South Africa’s performance in the 2017-2018 World Economic Forum Global Competitiveness Index (WEF GCI) slipped 14 positions from the 2016-2017 WEF GCI results, leaving the country ranking 61 out of 137 economies assessed in the annual survey. Corruption, crime and theft, as well as government... 

South Africa slips 14 places in WEF Global Competitiveness Index

Auditing firm cuts ties with Gupta’s Oakbay

By: Sane Dhlamini     27th September 2017 The board of auditing firm Sizwe Ntsaluba Gobodo (SNG) has resigned as auditors of Gupta-owned Oakbay Resources and Energy Limited and its related entities. The auditing firm’s statement stipulates that this decision was made after a thorough assessment of its relationship with the company which... 

Auditing firm cuts ties with Gupta’s Oakbay

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