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Economy News

KPMG South Africa to replace CEO after corruption scandal

By: Reuters     3rd October 2018 KPMG South Africa said on Wednesday that Chief Executive Nhlamulo Dlomu will step down to allow a new leader to restore the auditor's reputation after a corruption scandal that saw the company lose several major clients. The new CEO will be recruited externally, it said. 

South Africa's private-sector activity remains weak amid recession

By: Reuters     3rd October 2018 South African private sector activity remained weak in September as output, new orders and employment fell after the economy fell into recession, a survey showed on Wednesday. The Standard Bank Purchasing Managers' Index (PMI), compiled by IHS Markit, rose to 48 in September from 47.2 in August,... 

Coal-fired IPP projects in the firing line 

3rd October 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the pressure that is mounting on government to withdraw from two private coal-fired power stations projects. 

Coal-fired IPP projects in the firing line
Coal-fired IPP projects in the firing line

SARB says don't underplay risk of CPI passing 6%

By: Bloomberg     3rd October 2018 The risk that South African inflation will overshoot the 6% upper limit of the Reserve Bank’s target should not be underestimated given the volatile global environment, Deputy Governor Daniel Mminele said. An extended and sizable deviation in price growth from 4.5% “would raise the risks of... 

SARB says don't underplay risk of CPI passing 6%
Photo by Bloomberg
Reserve Bank deputy governor Daniel Mminele

Dube TradePort continues to inject billions into local economy, job creation – MEC

By: Simone Liedtke     2nd October 2018 The Dube TradePort, which incorporates the King Shaka International Airport, has in the past ten years invested R11.5-billion into the South African economy and created nearly 100 000 jobs, KwaZulu-Natal Economic Development, Tourism and Environmental Affairs MEC Sihle Zikalala said on Tuesday.... 

Defence department to host supplier day

By: Simone Liedtke     2nd October 2018 The Department of Defence (DoD) will, on Friday, host a supplier day in Centurion, during which the department aims to build relationships with small, medium-sized and microenterprises (SMMEs). The department will also be sharing details of its procurement processes with SMMEs. 

SA's unemployment crisis in numbers 

By: News24Wire      2nd October 2018 The Jobs Summit, which will kick off later this week, is a joint effort by various stakeholders to find solutions to South Africa’s unemployment crisis. President Cyril Ramaphosa announced the summit during his State of the Nation Address in February, and it is intended to yield practical... 

 SA's unemployment crisis in numbers

Rand slips as US reaches trade agreement with Canada, Mexico

By: News24Wire      2nd October 2018 The rand slipped overnight, trading at levels over R14.20/$ on Tuesday morning, following a trade agreement reached between the US and Canada and Mexico. The currency was trading slightly weaker (0.82%) at R14.33 by 08:45. 

 Rand slips as US reaches trade agreement with Canada, Mexico

IMF appoints Gita Gopinath economic counsellor, research dept director

By: Marleny Arnoldi     1st October 2018 The International Monetary Fund (IMF) has appointed Gita Gopinath economic counsellor and IMF research department director. Gopinath succeeds Maurice Obstfeld, who is retiring at the end of the year.  

PIC's assets grow 8.6%

By: Reuters     1st October 2018 The value of assets managed by South Africa's state-owned pension fund rose by 8.6% in the year to March 2018, supported by a diversified investment strategy, the fund said in its latest annual report on Monday The Public Investment Corporation (PIC), which manages pensions of civil servants and... 

Long4Life’s Chill acquisition price set at R481m

By: Simone Liedtke     1st October 2018 The final purchase consideration for JSE-listed Long4Life’s acquisition of beverage producer, packer and distributer Chill Holdings, amounted to R481-million, the company announced on Monday. This amount was based on actual earnings before interest, taxes, depreciation and amortisation of... 

Montalto to expand Intellidex’s depth of research

By: Marleny Arnoldi     1st October 2018 Research and consulting firm Intellidex has appointed Peter Attard Montalto head of capital markets research, to expand its depth of research and widen its client base among global investors. Montalto will lead Intellidex’s coverage of economics, politics and fixed income markets in South... 

Absa PMI weakens further in September

By: Marleny Arnoldi     1st October 2018 The Absa Purchasing Managers’ Index (PMI) remained virtually unchanged at a weak level of 43.2 points in September. The latest figure dashed hopes that the sharp PMI decline in August – to 43.4 points, down from July’s 51.5 points – was a one-off occurrence. The August figure was already an... 

Davies to follow up on Saudi Arabia’s $10bn investment pledge

By: Simone Liedtke     1st October 2018 Trade and Industry Minister Dr Rob Davies will, this week, co-chair the eighth session of the South Africa-Saudi Arabia Joint Economic Commission (JEC), in Saudi Arabia, while simultaneously following up on Saudi Arabia’s $10-billion investment pledge to South Africa. This session of the JEC will... 

Denel fails to pay senior staff in reform setback

By: Reuters     1st October 2018 South African State-owned arms manufacturer Denel did not pay senior staff their salaries in full this month, the company said, in a setback for President Cyril Ramaphosa's drive to turnaround struggling state companies. Ramaphosa has made improving governance and stabilising the finances of... 

Eskom expresses pride on its improved electricity access

By: News24Wire      28th September 2018 South Africa’s power utility Eskom on Friday said electricity access had improved from 36 percent in 1994 to 90 percent to date. Eskom said in 1994, at the “the dawn of democracy”, only 36 percent of the country had access to electricity, with 12 percent being rural electrification. To date, the... 

Eskom expresses pride on its improved electricity access

Trade balance swings to R8.79bn surplus in August

By: Reuters     28th September 2018 South Africa's trade balance swung to a surplus of R8.79-billion ($619-million) in August from a revised R5.29-billion deficit in July, data from the revenue agency showed on Friday. Exports rose by 9.4% on a month-on-month basis to R116.88-billion in August, while imports fell by 3.6% to... 

Transnet head Gama given notice of termination, board confirms

By: News24Wire      28th September 2018 The Transnet Board has confirmed Transnet group chief executive Siyabonga Gama was given notice of termination, with ten days to justify why he should not be axed. In a statement, the Board said it had on Thursday served Gama with a letter explaining its decision, citing "serious violations" of... 

Transnet head Gama given notice of termination, board confirms
Photo by Dylan Slater
Siyabonga Gama

Air freight volumes see reduced growth, but yields remain good

By: Rebecca Campbell     28th September 2018 The International Air Transport Association (IATA) has reported, in its “Cargo Chartbook Q3 2018”, that the yearly increase in air freight ton/kilometres (FTKs) had decelerated to 2.8% during the three month period ending in July. This was “its slowest pace on this basis in more than two years,”... 

Record-high margins for aluminium sales

By: Erin Steenhoff-Snethlage     28th September 2018 Johannesburg-based precision water-cutting and -profiling company AquaJet Profiles noted record-high aluminium sales profit margins earlier this year, owing to the sanctions placed on Russian suppliers exporting to the US, claims AquaJet Profiles director Preeshan Naidoo. The sanctions were... 

Record-high margins for aluminium sales
Photo by Reuters
TARIFF SEE-SAW US tariffs have had a positive and negative effect on aluminium profit margins

Closure, rehabilitation of landfills a major issue

28th September 2018 As landfill space in South Africa reaches capacity, the controlled, planned and systematic filling of landfill cells requires progressive closure and rehabilitation, says infrastructure delivery company Aecom, adding that it can provide this specialised service. Landfills may need to be closed... 

Closure, rehabilitation of landfills a major issue
JAM-PACKED JUNK Once filled to capacity, landfills must be closed and decommissioned

Managing waste generation crucial

By: Jessica Oosthuizen     28th September 2018 Effective waste management entails industries’ not overlooking the management of waste generation, says the Council for Scientific and Industrial Research’s (CSIR’s) Waste Research, Development and Innovation Roadmap Implementation Unit manager Professor Linda Godfrey. “There is still a great... 

Managing waste generation crucial
EXPLOSIVE OPPORTUNITIES There are many waste streams where significant opportunities exist for diversion such as organic waste or construction and demolition waste

Petco submits industry waste management plan

By: Jessica Oosthuizen     28th September 2018 Polyethylene terephthalate (PET) recycling company Petco submitted its Industry Waste Management Plan (IndWMP) for the PET packaging sector as part of industry body Packaging SA’s Federation of Plans for the packaging industry, says Petco stakeholder relations manager Janine Basson. Packaging SA... 

Petco submits industry waste management plan
JANINE BASSON Petco is well placed to continue delivering results in this next stage of South Africa’s environmental legislation

Airports Company reports fall in its earnings but also in its debt

By: Rebecca Campbell     27th September 2018 The Airports Company South Africa (ACSA), one of the few South African State-owned companies that has been able to keep itself financially healthy, reported on Thursday that, despite declines in its revenues, profits, and earnings before interest, taxes, depreciation and amortisation (Ebitda), it... 

Airports Company reports fall in its earnings but also in its debt

Marubeni says Thabametsi unaffected by group’s policy to halve coal capacity by 2030

By: Terence Creamer     27th September 2018 Japan’s Marubeni Corporation reports that the development of the Thabametsi coal-fired power station, in South Africa, has not been affected by the group’s September 18 policy decision to “no longer enter into any new coal-fired power generation business”. As part of the policy change, Marubeni... 

Marubeni says Thabametsi unaffected by group’s policy to halve coal capacity by 2030

Half of South Africa's stimulus plan to come from spending shift – Nene

By: Reuters     27th September 2018 South Africa's shifting budget priorities will provide roughly half of the R50-billion ($3.5-billion) in stimulus spending it plans to make by the end of its fiscal year in March, Finance Minister Nhlanhla Nene told Reuters. The rest of the fund would come from internal development finance... 

Unbalanced trade heightens inequality – Unctad

By: Tasneem Bulbulia     26th September 2018 Trade under hyperglobalisation has failed to foster broad-base structural change in developing countries and has contributed to increased worldwide inequality, the United Nations Conference on Trade and Development (Unctad) says. Its Trade and Development Report for 2018, entitled ‘Power,... 

Cwele, Icasa settle spectrum litigation

By: Simone Liedtke     26th September 2018 Telecommunications and Postal Services Minister Dr Siyabonga Cwele and the Independent Communications Authority of South Africa (Icasa) council have agreed to settle the court matter involving Icasa’s July 2016 invitation to apply (ITA) for the allocation of high-demand spectrum. In terms of the... 

SAA states it is ahead of plan in terms of trading performance

By: Rebecca Campbell     26th September 2018 Embattled State-owned national carrier South African Airways affirmed in a press release on Wednesday that its turnaround strategy was “on track”. It reported that its results for the first quarter indicated that it was “ahead of the plan in its trading performance”. But the release did not give... 

Job creation depends on B-BBEE compliance – Commissioner  

By: Sane Dhlamini     26th September 2018 The Commissioner of the Broad-Based Black Economic Empowerment (B-BBEE) Commission Zodwa Ntuli said job creation, as outlined in President Cyril Ramaphosa’s economic stimulus and recovery plan, would be easily achieved if companies were B-BBEE complaint. Ntuli was addressing the media in... 

Job creation depends on B-BBEE compliance – Commissioner
Photo by Sane Dhlamini
Commission's head of investigation and enforcement Joseph Melodi, Commissioner Zodwa Ntuli, senior manager for compliance Lindiwe Madonsela and senior manager on organisational strategy and performance Thembakazi Dondashe

E-toll summonses up nearly 20-fold in 3 years

By: News24Wire      26th September 2018 Summonses issued for e-toll nonpayments have increased nearly 20-fold over the past three years but collections are down, according to data supplied by the minister of transport to members of Parliament. Transport Minister Blade Nzimande gave details on the number of summonses issued by the South... 

 E-toll summonses up nearly 20-fold in 3 years

Aveng reports strong market interest in most of its noncore assets 

By: Terence Creamer     26th September 2018 Following a series of capital markets transactions, which have helped stabilise Aveng’s precarious balance sheet, the JSE-listed infrastructure group has turned its attention to the disposal, by June 2019, of several noncore businesses, including its well-known construction business,... 

Aveng reports strong market interest in most of its noncore assets
Aveng executive chairperson Eric Diack in conversation with Engineering News editor Terence Creamer on prospects for the group following some major interventions aimed at stabilising the balance sheet and turning around the struggling business. Camera Work & Editing: Nicholas Boyd. Recorded: 26.09.2018

Interest rates would hurt South African economy, central banker says

By: Reuters     26th September 2018 South Africa's central bank should stick to targeting inflation rather than trying to stimulate the economy, because an abrupt change in policy would damage its credibility and push up prices, a policymaker at the bank said late on Tuesday. The speech by Deputy Governor Francois Groepe came after... 

Howden Africa considers possible delisting from JSE

By: Simone Liedtke     26th September 2018 Industrial equipment supplier Howden Africa is considering delisting from the JSE. In a statement published on Wednesday, Howden says its board of directors has been considering the continued viability of the company’s listing on the main board of the JSE. 

Climate-related financial disclosure becoming more mainstream – G20 task force

By: Reuters     26th September 2018 Climate-related disclosure is becoming mainstream as more firms support and align their financial reporting to recommendations by a global task force though few disclose the financial impact on the company, a survey shows. The Task Force on Climate-Related Financial Disclosures (TCFD) was set up... 

Stats SA reports SA lost 69 000 jobs in second quarter

By: News24Wire      26th September 2018 Employment in South African's non-agricultural formal sector dropped by 69 000 between March and June 2018, Stats SA announced on Wednesday in its  latest Quarterly Employment Statistics (QES) bulletin.  The QES results, published quarterly, are based on a sample survey conducted by Stats SA and... 

 Stats SA reports SA lost 69 000 jobs in second quarter

Mantashe to unpack finalised Mining Charter on Thursday

By: News24Wire      26th September 2018 Minister of Mineral Resources Gwede Mantashe will on Thursday morning brief members of the media on the finalised version of the Mining Charter. The long-awaited release of a renewed charter comes a week after Minister of Communications Nomvula Mokonyane confirmed that it had been approved by... 

Mantashe to unpack finalised Mining Charter on Thursday
Mineral Resources Minister Gwede Mantashe

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