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Economy News

Sars appoints acting finance chief to permanent position

By: Schalk Burger     7th August 2018 The South African Revenue Service (Sars) has appointed Johnstone Makhubu as its chief officer: finance with immediate effect. He had been the acting chief financial officer since August 2017. 

Davies gazettes draft regulations on SEZs

By: Nadine James     7th August 2018 Trade and Industry Minister Dr Rob Davies has gazetted draft regulations on the Governance and Composition of the Special Economic Zones (SEZs) The proposed regulations seek to provide for the following options – for the management and operation of the industrial development zone (IDZ) entity not... 

Davies gazettes draft regulations on SEZs
Trade and Industry Minister Dr Rob Davies

DA proposes free trade, cost and regulatory reductions to stimulate manufacturing

By: Schalk Burger     7th August 2018 Political party, the Democratic Alliance (DA), on Tuesday proposed increased free trade and reducing regulatory burdens and energy costs to stimulate manufacturing in South Africa. In its policy proposal, ‘Manufacturing a new economic future’, the party states that “an effective trade policy... 

Corruption Watch report highlights schools, SOEs, health sector as areas of concern

By: Nadine James     7th August 2018 From January 1 to June 30, 2 469 cases of corruption were lodged with Corruption Watch the organisation noted in its ‘2018 Analysis of Corruption Trends (ACT)’ report, which it released on Tuesday. Six areas of concern were highlighted by these cases, including schools, municipalities, the South... 

June manufacturing output up 0.7%

By: Reuters     7th August 2018 South Africa's manufacturing output rose by 0.7% year-on-year in June, following a revised 2% expansion in May, the statistics agency said on Tuesday. Statistics South Africa said factory production on a month-on-month basis rose 0.3% in June, and in the three months to June it fell by 0.1%... 

June manufacturing output up 0.7%

Treasury says receives reports of abuse of preferential procurement regulations

By: African News Agency      7th August 2018 South Africa's Treasury said on Tuesday it had received complaints about the abuse in some provinces and municipalities of the requirement that 30 percent of public procurement contracts be subcontracted to designated groups, as provided for in the Preferential Procurement Regulations, 2017.  The... 

New silver bullion Krugerrand goes on sale

By: Creamer Media Reporter      7th August 2018 The new silver bullion Krugerrand went on sale this week and is expected to generate significant interest, says Prestige Bullion, a joint venture between Rand Refinery and the South African Mint. The silver Krugerrand is Prestige Bullion’s first foray into silver and its introduction makes this... 

New silver bullion Krugerrand goes on sale

Black Business Council to hold long-awaited election for new leadership

By: African News Agency      6th August 2018 The Black Business Council (BBC) will on Tuesday hold its long-awaited elective national council meeting to elect new leaders to the top structure of the embattled organisation.  BBC is the over-arching confederation that represents black professionals, business associations and chambers. 

Eskom pilots incentive designed to claw back 5 TWh of energy-intensive demand 

By: Terence Creamer     6th August 2018 State-owned electricity producer Eskom has confirmed that it has entered into a sales incentive pilot programme with nine large industrial customers in a bid to stabilise sales to electricity-intensive industries. The two-year sales incentive pilot programme, which commenced on June 1, has the... 

Eskom pilots incentive designed to claw back 5 TWh of energy-intensive demand

KSB South Africa achieves Level 1 BBBEE status

By: Simone Liedtke     6th August 2018 KSB Pumps and Valves, which has offices in Gauteng’s East Rand, has achieved Level 1 broad-based black economic empowerment (BBBEE) status after black women-owned company Insikazi Synergies acquired a 30% stake in KSB South Africa. “Achieving Level 1 BBBEE status has marked a major milestone for... 

Group Five granted immunity from competition authorities for 15 construction projects 

By: Simone Liedtke     6th August 2018 The Competition Tribunal has approved a settlement agreement in terms of which construction company Group Five will receive immunity for cooperating with the Competition Commission’s investigation into the construction industry and disclosing its participation in 15 construction projects as a... 

Energy access a catalyst for economic growth, says green energy company 

By: Simone Liedtke     3rd August 2018 Access to cheaper and reliable energy, through renewable energy technology, would be a catalyst for boosting the African continent’s gross domestic product (GDP) in a sustainable way, green energy technology provider New Southern Energy (NSE) CEO David Masureik told Engineering News Online in a... 

Energy access a catalyst for economic growth, says green energy company
New Southern Energy CEO David Masureik speaks to Engineering News Online about renewable energy projects and Africa's energy future. Video and Editing: Nicholas Boyd.

Power system recovery to take 30 days, load-shedding risk remains high

By: Simone Liedtke     3rd August 2018 State-owned Eskom expects it will take up to 30 days for the power system to recover from the effects of the recent industrial action, which interrupted continuous processes at the power stations. During the 30-day recovery period, the risk of load-shedding remains high, it warned on Friday. 

Power system recovery to take 30 days, load-shedding risk remains high

BBBEE Commission urges govt, private sector to do more on transformation

By: Marleny Arnoldi     3rd August 2018 JSE-listed companies have only 38% representation by black people on their boards, with males accounting for 20% and females accounting for 18%, a report produced by the Broad-Based Black Economic Empowerment (BBBEE) Commission on the national status and trends on BBBEE transformation for 2017... 

Health of private sector deteriorates as Standard Bank PMI falls below 50

By: Marleny Arnoldi     3rd August 2018 Standard Bank South Africa’s Purchasing Managers Index (PMI) slipped into contractionary territory for the first time in six months in July, with the start of the third quarter signalling a deterioration in the health of the South African private sector. The headline PMI fell from 50.9 in June... 

Health of private sector deteriorates as Standard Bank PMI falls below 50

Wits University-owned company launches entrepreneurial development unit

By: African News Agency      3rd August 2018 A private company owned by Wits University has launched a new unit to focus on entrepreneurial development. The company, Wits Enterprise, said the new unit, called The Entrepreneurial Wayz (TEWZ), would focus on aligning business ecosystems, developing strategic partnerships, building... 

Numsa takes Eskom's latest wage offer back to members

By: African News Agency      3rd August 2018 The National Union of Metalworkers of South Africa (Numsa) said on Friday that it would take the latest wage offer made by power utility Eskom to its members for ratification.  This, as Numsa, together with other trade unions, met with the management team of Eskom on Thursday under the auspices... 

Numsa takes Eskom's latest wage offer back to members
Numsa general secretary Irvin Jim

Action needed to integrate UAVs into civil airspace in SA

By: Rebecca Campbell     3rd August 2018 Unmanned aerial vehicle (UAV) manufacturer Denel Dynamics (which also produces missiles and space technology) has called for a national programme to integrate UAVs (popularly called drones) into the country’s civilian controlled air space. Controlled air space is air space in which all air... 

Aerospace giants win orders and commitments for over 1 100 airliners at airshow

By: Rebecca Campbell     3rd August 2018 Global commercial aerospace giants Airbus and Boeing have each reported hundreds of orders for their airliners at this year’s Farnborough International Airshow, in the UK. Boeing announced 673 “orders and commitments” for airliners and freighters, worth (at list prices) $98.4-billion. The group... 

Boeing predicts strong global airliner and services demand until 2037

By: Rebecca Campbell     3rd August 2018 Global aerospace giant Boeing has predicted that 42 730 new jet airliners, worth $6.3-trillion, will be needed to meet demand over the next 20 years. This forecast was unveiled in the group’s “Commercial Market Outlook”, released at the recent Farnborough International Airshow in the UK. This... 

Funding for SA firms seeking to increase African trade and investment exposure

By: Schalk Burger     3rd August 2018 Increased trade and interdependence with the rest of Africa are set to bolster the anaemic economy of South Africa through the R13.4-billion Export Credit Insurance Corporation of South Africa (ECIC) and African Export Import Bank (Afreximbank) South African Trade and Investment Promotion... 

Funding for SA firms seeking to increase African trade and investment exposure

R400m boost for small-scale fishing industry and tourism in W Cape

3rd August 2018 The national Department of Public Works (DPW) has teamed up with the Coega Development Corporation (CDC) on the roll-out of the first phase of the upgrade of 13 Western Cape harbours worth R400-million. The project – known as the Small Harbours Programme – spearheaded by the DPW and implemented... 

R400m boost for small-scale fishing  industry and tourism in W Cape
BEFORE THE PORT Coega port shows what the projects could look like

New twist in M&R battle as takeover body disallows further progress on Aveng tie-up

By: Terence Creamer     2nd August 2018 The protracted tussle for control of Murray & Roberts (M&R) took yet another turn this week, after the Takeover Special Committee (TSC) overturned a June decision by the Takeover Regulation Panel (TRP), allowing M&R to continue with preparations for a potential combination with Aveng, despite the... 

New twist in M&R battle as takeover body disallows further progress on Aveng tie-up

Altron to reveal new brand

By: Nadine James     2nd August 2018 JSE-listed information and communications technology service provider Altron on Thursday unveiled a new brand aimed at ensuring the company goes to market under a single identity. “Our new brand brings with it a new culture of how we do business,” said Altron CE Mteto Nyati. “Part of this is our... 

Franchising industry a major contributor to South Africa’s GDP

By: Anine Kilian     2nd August 2018 The franchising industry contributed 13.4% to the country’s gross domestic product (GDP) in 2017, the Franchise Junction CEO Thys van Zyl said on Thursday. Addressing delegates at the 12J Marketplace conference, in Johannesburg, he pointed out that the franchising industry not only contributed to... 

PwC suggests reviewing corporate culture to combat economic crime

By: Nadine James     2nd August 2018 Digital innovation and technology have given rise to new attack surfaces for economic criminals and fraudsters, resulting in the rate of instances growing at exponential levels, PwC’s 2018 ‘Global Economic Crime’ survey shows.   The survey, released on Thursday, notes that just under half of... 

Commission granted 15-day extension in proposed OTS, Chevron South Africa merger

By: Creamer Media Reporter      2nd August 2018 The Competition Tribunal has granted the Competition Commission a 15 working day extension to consult interested parties to a proposed merger between Off the Shelf 56 (OTS) and Chevron South Africa (CSA). OTS, which already owns 25% of CSA, is seeking to acquire the remaining 75% interest in CSA... 

DTI’s Strachan steps in as SABS acting CEO

By: Creamer Media Reporter      2nd August 2018 Garth Strachan, previously the Department of Trade and Industry’s deputy director-general of the Industrial Development division, has been appointed acting CEO of the South African Bureau of Standards (SABS). This follows the resignation, effective August 1, of suspended former SABS CEO Dr Boni... 

Union welcomes appointment of Siza Mzimela as acting SAX CEO

By: African News Agency      2nd August 2018 The National Transport Movement (NTM) on Wednesday welcomed the announcement of Siza Mzimela as acting chief executive of beleaguered airline, SA Express (SAX). In a statement, NTM described Mzimela's appointment as an "excellent choice".  

AfDB appoints Kapoor director general for regional office

By: African News Agency      2nd August 2018 The African Development Bank Group has appointed Dr Kapil Kapoor director general for its Southern Africa Regional Development and Business Delivery Office, it said late on Wednesday. It said Kapoor, who has been director for strategy and operational policies since 2012 when he joined the bank,... 

Control of SAA transferred back to public enterprises – Treasury

By: African News Agency      2nd August 2018 Control of South African Airways (SAA) administration has been transferred back to the public enterprises minister from the finance minister, Treasury said on Wednesday. In a statement, Treasury said a proclamation signed by President Cyril Ramaphosa giving effect to the transfer was gazetted on... 

AMSA studies new Vanderbijl electric arc furnace as it moves to restart Vereeniging mill 

By: Terence Creamer     1st August 2018 Steel producer ArcelorMittal South Africa (AMSA), which announced its first interim profit in six years and may be on track to deliver its first full year profit since 2010, has initiated a study for the construction of a new electric arc furnace (EAF) at its Vanderbijlpark mill and has also... 

AMSA studies new Vanderbijl electric arc furnace as it moves to restart Vereeniging mill
AMSA CEO Kobus Verster

Absa PMI rises to 51.5 in July

By: Simone Liedtke     1st August 2018 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) rose to 51.5 index points in July, up from 47.9 in June. The current level, which is above the neutral 50-point mark, suggests that the manufacturing sector got off to a good start in the first month of the third quarter of this year. 

New sales channels, expansion lift Go Life’s revenue

By: Simone Liedtke     1st August 2018 JSE-listed Go Life International’s revenue rose by 66.3% year-on-year to $572 287, compared with revenue of $343 730 earned in the quarter ended May 31, 2017. This significant growth, the company said on Wednesday, is attributed to various new sales channels, as well having expanded the Go Life... 

CSIR, Gold Yard to scale up industrial development in Africa through partnership

By: Simone Liedtke     1st August 2018 The Council for Scientific and Industrial Research (CSIR) and Gold Yard International Exchange Service have signed an agreement to contribute to boosting industrial development on the African continent. Gold Yard represents the various provincial bureau of China State Administration of Foreign... 

Expropriation will advance economic development, increase food security – Ramaphosa

By: News24Wire      1st August 2018 President Cyril Ramaphosa announced that the ANC would propose an amendment of the Constitution to Parliament, outlining conditions for expropriation of land without compensation. His late-night announcement came following the political party's two-day national executive committee lekgotla, which... 

EIUG calls on Eskom to end impasse, resolve conflict

By: Simone Liedtke     1st August 2018 The Energy Intensive User Group (EIUG) of Southern Africa is concerned about the continuing industrial conflict at State-owned Eskom, it said in a statement on Wednesday. It called on the power utility and its unions to find a way to end the impasse, and to “show responsibility in respect of... 

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