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Economy News

South African govt can’t keep track of multiple probes into State rail

By: African News Agency      14th November 2017 There were so many investigations by different service providers into corruption at the Passenger Rail Agency of South Africa (PRASA) that government could not keep track, Transport MInister Joe Maswanganyi told MPs on Tuesday. “There are so many investigations there, some we don’t even know what... 

Unemployment biggest culprit in South Africa’s inequality

By: Megan van Wyngaardt     14th November 2017 Unemployment, and not low formal sector wages, is the biggest cause of inequality in South Africa, economist Mike Schussler argued at a presentation of trade union Uasa’s sixteenth ‘South African Employment Report’, in Johannesburg, on Tuesday. Noting that no other country among the 100 biggest... 

Brown blocked Koko’s suspension, witness tells Eskom probe

By: African News Agency      14th November 2017 Public Enterprises Minister Lynne Brown took instructions from the Gupta brothers and ordered the Eskom board not to suspend Matshela Koko as CEO of the power utility, a witness on Tuesday told the parliamentary inquiry into the company. Khulani Qoma, the now suspended spokesperson for the Eskom... 

Brown blocked Koko’s suspension, witness tells Eskom probe
Photo by Duane Daws
Public Enterprises Minster Lynne Brown

Business expresses concern over Michael Sachs’ resignation

By: Thabi Madiba     14th November 2017 Business Leadership South Africa (BLSA) on Tuesday said it was concerned with the resignation of head of the National Treasury's Budget Office Michael Sachs. Treasury said on Monday that Sachs would not be leaving the department immediately to ensure a proper handover to another senior official... 

Business expresses concern over Michael Sachs’ resignation
Photo by Duane
BLSA CEO Bonang Mohale

IEA lists South Africa as possible hub for production of ‘green’ hydrogen-rich chemicals, fuels

By: Terence Creamer     14th November 2017 A new International Energy Agency (IEA) report lists South Africa, together with a handful of other territories, as having the potential to tap its abundant solar and wind resources to produce “green” hydrogen-rich chemicals and fuels, such as ammonia and methanol. The insight paper, titled... 

IEA lists South Africa as possible hub for production of ‘green’ hydrogen-rich chemicals, fuels

Ramaphosa proposes a New Deal for South Africa

By: News24Wire      14th November 2017 Deputy President Cyril Ramaphosa on Monday evening said there must be an uncompromising rejection of corruption, patronage, cronyism and wastage. "To those with vested interests in ineffective governance, deliberate misgovernance, hidden deals, the concentration of economic control and unfair... 

Ramaphosa proposes a New Deal for South Africa
Deputy President Cyril Ramaphosa

Eskom admits liquidity is ‘not at desired levels’

By: Terence Creamer     13th November 2017 State-owned electricity producer Eskom acknowledged on Monday that its liquidity levels were “not at the desired levels” and indicated that securing the balance of its funding requirement for the current financial year would depend on addressing pressing governance and leadership issues.... 

Eskom admits liquidity is ‘not at desired levels’
Photo by Duane Daws
Eskom interim CEO Sean Maritz

Corruption Watch says banking heads must roll over Gupta scandal

By: Megan van Wyngaardt     13th November 2017 Transparency International (TI) and Corruption Watch – TI’s chapter in South Africa – have called for a firm approach to be taken to any banks involved in the country’s Gupta scandal. This follows a recent statement in the UK Parliament that has generated widespread speculation that a major... 

BCCEI strengthens negotiation skills through training

By: Megan van Wyngaardt     13th November 2017 To ease local wage negotiations in its industry, the Bargaining Council for the Civil Engineering Industry (BCCEI) has embarked on building strong negotiations through training. As part of this process, members of the National Negotiating Forum (NNF) have been undergoing training courses to... 

South African commercial aviation activity consolidates modest recovery

By: Keith Campbell     13th November 2017 The Commercial Aviation Association of South Africa (Caasa) reported on Monday that its Aviation Activity Index (Caai) for the third quarter of this year had “consolidated its modest recovery from a disappointing first quarter”. The Caai is a composite index created to provide an indicator of... 

South African commercial aviation activity consolidates modest recovery
Photo by Duane Daws/Creamer Media
Taxi way at OR Tambo International Airport

South African trade set to improve over next two years

By: Megan van Wyngaardt     13th November 2017 Depending on political and economic conditions in the country in the next two years, South Africa’s deal activity is expected to improve, as global economic and political risks ease and positive macroeconomic deal drivers arise, the ‘Global Transactions Forecast’ issued by Baker McKenzie has... 

Treasury confirms Budget Office head resignation

By: Thabi Madiba     13th November 2017 National Treasury on Monday confirmed the resignation of the Budget Office head deputy director-general Michael Sachs. According to a National Treasury statement released on Monday, Sachs has expressed his interest to serve the public sector in a different capacity. 

Treasury confirms Budget Office head resignation
Photo by Bloomberg
Finance Minister Malusi Gigaba

No free higher education, cost-sharing more feasible – Heher Report

By: African News Agency      13th November 2017 As expected, a report of the commission which looked into the feasibility of making higher education free in South Africa, released by President Jacob Zuma on Monday, found that government alone would not be able to foot the sizeable bill for such a reality. The report by the commission, chaired... 

Treasury rocked as budget chief quits

By: News24Wire      13th November 2017 National Treasury has been rocked by the resignation of its long-time budget head, Michael Sachs. Fin24 has obtained independent confirmation from two sources close to Treasury that Sachs, a deputy director general who headed up the budget office, quit last week over interference by the Presidency. 

Mokonyane appoints new TCTA chairperson

By: Creamer Media Reporter      10th November 2017 Water and Sanitation Minister Nomvula Mokonyane has appointed Zodwa Manase chairperson of the Trans-Caledon Tunnel Authority (TCTA). She succeeds Monhla Hlahla, who stepped down at the end of October. 

Innovative civil engineering solution to social ills – Manuel

By: Megan van Wyngaardt     10th November 2017 Unless South Africa and its citizens deal with the issue of widespread corruption, the country will not be able to provide the “kinds of engineering services” that it ought to provide to people, former Finance Minister and Minister in the Presidency Trevor Manuel has said. Speaking at a South... 

Innovative civil engineering solution to social ills – Manuel
Photo by Duane Daws
Trevor Manuel

E-toll issues stem from governance issues – Manuel

By: Megan van Wyngaardt     10th November 2017 Former Finance Minister and Minister in the Presidency Trevor Manuel on Friday spoke out in defence of the Gauteng Freeway Improvement Project (GFIP), noting that the defiance against the e-toll and gantry system was as a result of South Africans having an issue with governance. His comment... 

E-toll issues stem from governance issues – Manuel

Plans to turn SAA around 

     10th November 2017 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about discussions between South African Airways’ new CEO and board of directors, as well as Finance Minister Malusi Gigaba, regarding the recently announced R10-billion bailout for the airline and its latest... 

Plans to turn SAA around
Plans to turn SAA around

South African economy faces major challenges, but turnaround not difficult task, says Kganyago

By: African News Agency      10th November 2017 The South African economy faces major challenges and economic growth was weak as unemployment remained high despite terms of trade being favourable and global recovery, however, it should not be a difficult task to turn things around, South African Reserve Bank (SARB) Governor Lesetja Kganyago... 

South African economy faces major challenges, but turnaround not difficult task, says Kganyago
Photo by Reuters
Lesetja Kganyago

Competition equips students with practical energy efficiency knowledge

By: Nica Schreuder     10th November 2017 International digital industrial company General Electric (GE) Africa held the University Business Challenge Competition last month, putting into practice its commitment to helping boost learning and skills development through technology, and stimulating students to create energy efficient... 

Competition equips  students with practical  energy efficiency knowledge
ROTI BALOGUN The competition is a proactive way of bridging the needs of industry

Large national manufacturers not main determinant of aerospace success

By: Keith Campbell     10th November 2017 Germany serves as a leading example of a country that has a major and successful aeronautical industry but does not have a single wholly- or predominantly-German owned aerospace original equipment manufacturer (OEM). This was highlighted by Deutsche Zentrum für Luft- und Raumfahrt (DLR – German... 

Nigeria, Russia sign nuclear agreements

By: Keith Campbell     10th November 2017 Nigeria has signed agreements with Russia covering the construction and operation of a nuclear power plant (NPP) and a nuclear research reactor and associated research facilities, Russia’s State-owned nuclear group Rosatom has announced. The two countries also signed a cooperation roadmap... 

Lanseria to be site of new airport city development

By: Keith Campbell     10th November 2017 Gauteng Provincial Premier David Makhura has highlighted the importance of Lanseria International Airport (LIA), and planned projects around it, for the development of the north west quarter of the province. He was delivering the keynote address at the recent official opening of the new Control... 

Competence Centre promotes energy efficiency awareness in Africa

By: Nica Schreuder     10th November 2017 The South African-German Chamber of Commerce and Industry’s Competence Centre for Sustainable Energies (CC:SE), in Cape Town plays an important role in creating awareness and fostering conversations among African stakeholders in the renewable energy and energy efficiency sector. CC:SE manager... 

Competence Centre promotes energy efficiency awareness in Africa
Photo by Bloomberg
LIGHTING THE WAY EUREM trainees are taught basic knowledge of energy efficiency, with an emphasis on energy efficient lighting systems

Organisation assists business in becoming energy efficient

By: Nica Schreuder     10th November 2017 Lack of energy supply security, economic costs associated with energy, and environmental costs, such as depleting resources, contributing to climate change are just some of the factors that can be mitigated if South Africa embraces energy efficiency and reliable renewable energy alternatives,... 

Organisation assists  business in becoming  energy efficient
MONITORED CONSUMPTION NCPC-SA is trying to find ways to optimise South Africa’s energy consumption

Upcoming energy event to showcase African project opportunities  

By: Simone Liedtke     10th November 2017 A key focus point of the African Energy Indaba (AEI) – which celebrates its ten-year milestone next year – is to provide access to project opportunities across the African continent. 

Upcoming energy event to showcase African project opportunities
Africa Energy Indaba (AEI) MD Liz Hart, AEI chairperson Brian Statham and South African Electrotechnical Export Council CEO Chiboni Evans discuss the AEI next year. Camera: Nicholas Boyd. Editing: Lionel da Silva.

New council announced by architectural body

By: Dylan Slater     10th November 2017 The South African Council for the Landscape Architectural Profession (Saclap) recently annouced its new four-year council, as appointed by Department of Public Works Minister Nathi Nhleko. Council members will serve a four year term of office from September 1, 2017, to August 31, 2021.  

1 000 locally manufactured valves sold to aid electrical power distribution

By: Nadine James     10th November 2017 National research institution Council for Scientific and Industrial Research’s (CSIR’s) collaboration with valve manufacturer Paltechnologies (Paltech) has led to the first locally manufactured aluminium valve. To date, about 1 000 butterfly valves, each 80 mm in diameter, have been manufactured... 

1 000 locally manufactured valves sold to aid electrical power distribution
PALTECH BUTTERFLY VALVE Forms part of a number of products selected by Eskom for localisation

Afrimat starts trading on A2X, maintains primary listing on JSE

By: Megan van Wyngaardt     9th November 2017 South Africa’s newest stock exchange A2X Markets on Thursday gained its latest member, construction materials company Afrimat. The company joins African Rainbow Capital Investments, Peregrine Holdings and Coronation Fund Managers on the A2X roster, and will retain its primary listing on the main... 

Afrimat starts trading on A2X, maintains primary listing on JSE

South African manufacturing declines, but could recuperate in new year

By: Megan van Wyngaardt     9th November 2017 Difficult trading conditions in the country are reflected in Statistics South Africa’s latest manufacturing numbers, with production having decreased by 1.6% year-on-year in September. However, Nedbank analysts said in a release that the latest set of production figures suggests that the economic... 

South African manufacturing declines, but could recuperate in new year

ACSA CEO to chair international organisation

By: Megan van Wyngaardt     9th November 2017 Airports Company South Africa (ACSA) CEO Bongani Maseko has been appointed chairperson of the world governing board of the Airports Council International (ACI), the trade representative of the world’s airports, for a two-year term. ACI serves 623 members operating 1 940 airports in 176 countries... 

Telkom appoints CEO of property management unit

By: Megan van Wyngaardt     9th November 2017 Telecommunications group Telkom has appointed Lesiba Maloba as CEO of its property management business unit, Gyro Group, from November 13. Gyro was established on April 1 to unlock value by commercialising the Telkom property portfolio, extracting value from excess building capacity and... 

Gauteng moves from debate to action regarding transformation

By: Natasha Odendaal     9th November 2017 Gauteng Premier David Makhura on Thursday said South Africa’s most populous province was no longer just talking about pursuing radical socioeconomic transformation, but had already implemented strategies that would align the development of Gauteng with South Africa’s transformation imperatives.... 

Gauteng moves from debate to action regarding transformation
Photo by Duane Daws
Gauteng Premier David Makhura

Upcoming competition law amendments to focus on economic concentration

By: Terence Creamer     9th November 2017 The chairperson of the Ministerial advisory panel set up to propose ways of strengthening the Competition Act to deal with “persistently high levels of economic concentration” in the South African economy says the draft legislation should be released for public comment during November. Addressing... 

Upcoming competition law amendments to focus on economic concentration
Photo by Duane Daws
Competition Appeal Court Judge President Dennis Davis

Why has no-one been punished yet for State capture, asks Gordhan

By: News24Wire      9th November 2017 One of the questions to be asked about the exposure of State capture in South Africa – on the political as well as business front - is why no one has been punished yet, former finance minister Pravin Gordhan said on Thursday. “Lots of names have been exposed and I think Jacques Pauw’s book [The... 

Why has no-one been punished yet for State capture, asks Gordhan
Photo by Reuters
Former Finance minister Pravin Gordhan

Deputy Minister says he did not attend ‘tea party’ with Gupta brother

By: African News Agency      9th November 2017 Deputy Public Enterprises Minister Ben Martins has rubbished claims by power utility Eskom’s suspended head of legal Suzanne Daniels that he had attended a meeting with Ajay Gupta, Duduzane Zuma and Salim Essa in Johannesburg in Melrose Arch this year. “As the head of Eskom’s legal department, Ms... 

Deputy Minister says he did not attend ‘tea party’ with Gupta brother
Photo by Duane Daws
Deputy Public Enterprises Minister Ben Martins

Manufacturing Circle sees some bright spots in local industry investment

By: Megan van Wyngaardt     8th November 2017 Despite the Manufacturing Circle Investment Tracker (MCIT) showing a downward trend year-on-year, falling to 60 in the third quarter, the industry body remains optimistic about the local manufacturing industry. “Results were consistently above the neutral 50-point mark, which is evidence of the... 

Manufacturing Circle sees some bright spots in local industry investment
Manufacturing Circle chairperson Andre de Ruyter

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