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Economy News

Tribunal approves AECI’s R2.27bn buyout of Much Asphalt

By: Simone Liedtke     3rd April 2018 The Competition Tribunal has approved AECI’s proposed acquisition of asphalt manufacturer and supplier Much Asphalt without conditions, despite the merging parties’ vertical relationship. AECI announced in October 2017 that it would acquire Much Asphalt for R2.27-billion. 

SA welcomes Australia's retraction of controversial white farmer visa comments

By: African News Agency      2nd April 2018 International Relations and Cooperation Minister Lindiwe Sisulu on Monday said South Africa welcomed Australia's retraction of controversial comments its home affairs minister made about fast tracking visa applications for local white farmers who want to relocate to that country because "they... 

SA welcomes Australia's retraction of controversial white farmer visa comments
International Relations and Cooperation Minister Lindiwe Sisulu

Winnie Madikizela-Mandela dies age 81

By: African News Agency      2nd April 2018 Winnie Madikizela-Mandela, aged 81, has died on Monday, a Mandela family spokesperson confirmed. The South African politician and anti-apartheid activist died on Monday, at the Netcare Milpark Hospital, Johannesburg, after a long illness, for which she had been in and out of hospital since the... 

Winnie Madikizela-Mandela dies age 81
Photo by Reuters
Winnie Madikizela-Mandela

Proper dredging, correct dredge depths critical

By: Jessica Oosthuizen     30th March 2018 It is imperative that harbours are properly dredged and channels are kept open to facilitate smooth port operations, says global law firm Norton Rose Fulbright director and transport head Andrew Robinson. “Dredging is a much more complicated process than many people realise and the fact that a... 

Proper dredging, correct dredge depths critical
ANDREW ROBINSON Dredging is a continuous process as channels and quaysides must be dredged constantly so that vessels can get in and out of harbours

Space essential for meeting South Africa’s economic and social development goals

By: Rebecca Campbell     30th March 2018 In August last year, the US-based Space Foundation reported that the worldwide space economy had been worth $329-billion in 2016, up from $323-billion in 2015. The Foundation noted that the rise had been due to the increase in commercial space activities (there had been tiny declines in... 

Space essential for meeting South Africa’s economic and social development goals

Lack of carton collection reduces recycling processes

By: Victor Moolman     30th March 2018 Although paper and plastics packaging company Mpact has been processing liquid packaging successfully, not enough cartons are being collected to use for recycling. “Consumers don’t realise that liquid packaging, such as juice and milk cartons, are actually recyclable. We need to put in an effort... 

Earth observation satellite programme still not fully funded

By: Rebecca Campbell     30th March 2018 South Africa's current Earth observation satellite programme, presently known as EO-Sat1, is still not fully funded, South African National Space Agency (Sansa) Executive Director: Space Programme Amal Khatri told "Engineering News". He was speaking on the sidelines of the recent Sansa Space for... 

Renewability driving forest and paper industry

By: Victor Moolman     30th March 2018 Renewable commercial forests that supply the pulp, paper and board industry with wood fibre provide key environmental services and conserve our indigenous forests, says Paper Manufacturers Association of South Africa (Pamsa) executive director Jane Molony. “Commercially grown trees have helped to... 

Insufficient tariff requires urgent intervention

By: Tasneem Bulbulia     30th March 2018 The current sugar import tariff of South Africa is insufficient to regulate imports, which makes it imperative that the tariff be increased, says South African Sugar Association (Sasa) executive director Trix Trikam. “There are various systems to implement tariffs, with South Africa employing a... 

Insufficient tariff requires urgent intervention
PROBLEMATIC The Health Promotion Levy currently being pursued will have an adverse effect on the local sugar market

Treasury implements Twin Peaks model of financial sector regulation

By: Marleny Arnoldi     29th March 2018 South Africa’s financial regulatory system will fundamentally change as from April 1, when two new regulators come into operation – the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA), the National Treasury said on Thursday.  

Nampak mulls sale of glass business

By: Simone Liedtke     29th March 2018 JSE-listed packaging company Nampak plans to dispose of its glass business, as market demand exceeds the operation’s capacity to supply products, given ongoing production limitations. Progress within the business has not been as fast as desired and it is expected to make a loss for the half year... 

Oversight structure set up to monitor implementation of SAA’s latest turnaround plan

By: Terence Creamer     29th March 2018 A formal oversight structure, involving the National Treasury, as well as executive and nonexecutive directors from South African Airways (SAA), has been established to monitor the implementation of a “revalidated” turnaround strategy at the lossmaking and heavily indebted national carrier.... 

Oversight structure set up to monitor implementation of SAA’s latest turnaround plan
Finance Minister Nhlanhla Nene and SAA CEO Vuyani Jarana

Nersa to make earlier decision on Eskom RCA applications

By: Marleny Arnoldi     29th March 2018 The National Energy Regulator of South Africa (Nersa) has moved forward public hearings into Eskom’s regulating clearing account (RCA) applications for 2014/15 to 2016/17.  

Moody's downgrades Eskom's ratings to a negative outlook 

By: African News Agency      29th March 2018 Moody's Investors Service on Wednesday, announced a decision to downgrade to B2 from B1 the long-term corporate family rating (CFR) of Eskom Holdings SOC Limited (Eskom) and the zero coupon eurobonds to B2 from B1 in line with the CFR.  "The rating action reflects the fact that, despite a number... 

Moody's downgrades Eskom's ratings to a negative outlook

Huge petrol price hike to kick in next Wednesday

By: News24Wire      28th March 2018 The price of 95 unleaded and leaded petrol in Gauteng will increase by 72c/l and at the coast 62c/l with effect from next Wednesday, the Department of Energy announced on Wednesday. The per litre pump price of 93 unleaded and leaded petrol will increase 69c/l in Gauteng and 59c/l at the coast,... 

 Huge petrol price hike to kick in next Wednesday

National Minimum Wage to reduce poverty, inequality 

By: African News Agency      28th March 2018 South Africa's labour department on Wednesday, urged industries that were paying below the proposed National Minimum Wage (NMW) to “up their game”. Director of Employment Standards at the department, Stephen Rathai, said all sectoral determinations paying below the R20 per hour as proposed by NMW... 

National Minimum Wage to reduce poverty, inequality

Construction set to begin on ‘flagship’ 40 MW Moz solar project

By: Terence Creamer     28th March 2018 Oslo-listed renewable-energy developer Scatec Solar, which has its African regional hub in Cape Town, South Africa, expects to begin constructing a 40 MW solar photovoltaic (PV) project in Mozambique in the coming weeks after the project reached financial close in early March. GM and VP for... 

Construction set to begin on ‘flagship’ 40 MW Moz solar project
Scatec Solar's Kalkbult solar farm in South Africa

SCA dismisses Gigaba's appeal against Oppenheimers' VIP terminal 

By: News24Wire      28th March 2018 Home Affairs Minister Malusi Gigaba's bid to overturn his own decision to let Fireblade Aviation Oppenheimer operate a private VIP terminal at OR Tambo International Airport was dismissed by the Supreme Court of Appeal in Bloemfontein on Wednesday. "The minister cannot rely on his own unlawful... 

SCA dismisses Gigaba's appeal against Oppenheimers' VIP terminal
Home Affairs Minister Malusi Gigaba

City of Cape Town's planned hikes for water, sanitation, electricity and rates  

By: News24Wire      28th March 2018 The introduction of fixed charges for water and electricity and a hefty increase in water and sanitation tariffs are some of the proposals for the next year in the City of Cape Town's draft budget, tabled on Wednesday. The total proposed budget for the new financial year that starts in June is... 

City of Cape Town's planned hikes for water, sanitation, electricity and rates

SARB trims repo rate as inflation slows

By: Reuters     28th March 2018 The South African Reserve Bank (SARB) trimmed its benchmark repo rate to 6.5% on Wednesday, in another boost for the economy after ratings agency Moody's left the country's last investment-grade credit rating intact. The 25 basis point cut had been expected by traders and economists, after a... 

SARB trims repo rate as inflation slows
Photo by Reuters
SARB governor Lesetja Kganyago

EOH grows revenue, but profit falls in H1

By: Schalk Burger     28th March 2018 JSE-listed information technology services multinational EOH has grown its revenue for the six months ended January 31, by 19% to R8.35-billion compared with R7.03-billion in the corresponding period in 2017. Its profit, however, decreased by 6.5% year-on-year to R784-million as a result of... 

Communications Committee recommends removal of Icasa chair

By: Creamer Media Reporter      27th March 2018 The Portfolio Committee on Communications has recommended the removal of Rubben Mohlaloga from the Independent Communications Authority of South Africa (Icasa) council. This follows a request from Communications Minister Nomvula Mokonyane to start the removal process after the Pretoria... 

Youth Employment Service to benefit 1m young people  

By: Marleny Arnoldi     27th March 2018 President Cyril Ramaphosa on Tuesday launched the Youth Employment Service (Yes) initiative – a business-led partnership with government, labour and society, that aims to empower one-million young South Africans between the ages of 18 and 34 through paid work experiences over the next three years.  

Youth Employment Service to benefit 1m young people
President Cyril Ramaphosa announces youth employment service launch. Video and editing: Nicholas Boyd

SMEs increasingly worried about water shortages

By: Natasha Odendaal     27th March 2018 The ongoing drought and subsequent water shortage has become a top contender in what is keeping small business owners awake at night. In a similar manner in which load-shedding had worried small and medium-sized enterprises (SMEs) up until 2015/16, and even 2017, the looming significance of water... 

Regional wildlife crime workshop highlights threat, promotes cooperation

By: Rebecca Campbell     27th March 2018 The illegal trade in wildlife has become a major form of transnational organised crime that is damaging economies, undermining public safety and good governance in many regions around the world. And Southern Africa is no exception. “Criminals involved in wildlife crime are not involved only in... 

Regional wildlife crime workshop highlights threat, promotes cooperation
Photo by Endangered Wildlife Trust
Endangered Wildlife Trust Programme Manager: Wildlife and Trade Programme Ashleigh Dore

Lowering SoE risk to fiscus requires governance and business-model reform - S&P

By: Terence Creamer     27th March 2018 The risk posed to government’s fiscal position as a result of contingent liabilities linked to South Africa’s State-owned enterprises (SoEs) will be only partly alleviated by governance reforms, S&P Global Ratings warns, arguing that greater attention will also have to be given to reforming SoE... 

Lowering SoE risk to fiscus requires governance and business-model reform - S&P

Eskom goes to Parliament to argue its case for a higher tariff increase 

By: Kim Cloete     27th March 2018 Eskom’s top officials have gone to Parliament to argue their case for a higher tariff increase, saying the 5.23% tariff increase for 2018/19 granted by the National Energy Regulator of South Africa (Nersa) would seriously harm the utility. “The 2.2% price increase for 2017/18 has strained the... 

Eskom goes to Parliament to argue its case for a higher tariff increase
Photo by Dylan Slater
Eskom acting CEO Phakamani Hadebe

Burger resigns as CEO of Denel Land Systems

By: Creamer Media Reporter      27th March 2018 Stephan Burger has resigned as CEO of Denel Land Systems (DLS). Burger, who is one of the longest-serving members of the Denel group, was appointed CEO of DLS in 2004. 

SAA losses mount for 2017 

By: African News Agency      27th March 2018 National carrier South African Airways made a further financial loss of R3.7-billion over the nine months to the end of 2017, as revenue dipped about R1-billion below its forecasts for that period. The figures were tabled in a briefing by SAA CEO Vuyani Jarana, chairman JB Magwaza and executives... 

Cosatu disappointed after minimum wage implementation date pushed back

By: African News Agency      27th March 2018 Labour federation Congress of South African Trade Unions said on Tuesday it was disappointed that parliament and the government would not be ready to implement the long delayed national minimum wage by May 1. Labour Minister Mildred Oliphant said on Monday her department would not be able to... 

 Cosatu disappointed after minimum wage implementation date pushed back

Roadblocks ahead for South Africa's Ramaphosa after Moody's win

By: Reuters     27th March 2018 South Africa's new President Cyril Ramaphosa will need to call on all his dealmaking skills to overhaul ailing State-owned firms and tackle land reform if he wants to capitalise on Moody's decision not to downgrade the country's debt to junk. Moody's said its decision to keep South Africa's... 

Roadblocks ahead for South Africa's Ramaphosa after Moody's win
President Cyril Ramaphosa

South Africa sees T-FTA as building block in continental integration process

By: Terence Creamer     26th March 2018 South Africa fully supports the proposed African Continental Free Trade Agreement (AfCFTA) signed by 44 African countries in Kigali, Rwanda, last week, but Trade and Industry Minister Dr Rob Davies said the “high bar” set by South Africa’s legal framework made it impossible for the country to... 

South Africa sees T-FTA as building block in continental integration process
Photo by Creamer Media
Trade and Industry Minister Dr Rob Davies

South Africa willing to accept metals quotas as it intensifies bid for US tariffs exclusion 

By: Terence Creamer     26th March 2018 Trade and Industry Minister Dr Rob Davies revealed on Monday that South Africa was willing to accede to quotas on its steel and aluminium exports to the US as part of the country’s ongoing bid to be excluded from tariffs imposed on March 23 following a proclamation signed by President Donald... 

South Africa willing to accept metals quotas as it intensifies bid for US tariffs exclusion
Photo by Reuters
US President Donald Trump

Employment, wage prospects remain weak – Solidarity

By: Simone Liedtke     26th March 2018 The various market and political trends at play in South Africa could sway economic fortunes considerably in the years ahead, says trade union Solidarity. The trade union on Monday released its Labour Market Index (LMI) for the fourth quarter of 2017, which, at a neutral level just below 50,... 

ExecuJet base in Lagos granted free trade zone status

By: Rebecca Campbell     26th March 2018 Aviation company ExecuJet announced on Monday that its maintenance, repair and overhaul (MRO) facility in Lagos, Nigeria, had been designated a free trade zone (FTZ) by the Nigerian authorities. As a result, parts and services supplied by ExecuJet to its customers in Nigeria’s commercial capital... 

ExecuJet base in Lagos granted free trade zone status
Photo by ExecuJet
ExecuJet’s facility in Lagos

Saftu condemns CSR’s local content exemption request

By: Simone Liedtke     26th March 2018 The South African Federation of Trade Unions (Saftu) says it is angered by the revelation that China South Rail (CSR) wants South Africa’s government to grant it an exemption from its local content obligations, worth R5.3-billion, as part of the conditions for it supplying new locomotives to... 

SADC Ministers meet in Pretoria with focus on industrialisation

By: African News Agency      26th March 2018 The Southern African Development Community (SADC) Council of Ministers meeting in Pretoria should explore ways of cooperating to intensify industrialisation in the region to boost economic growth, South Africa’s Minister of International Relations and Cooperation Lindiwe Sisulu on Monday. Sisulu,... 

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