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Economy News

M&R’s shares rise 50% as Germany’s Aton plans buyout 

By: Simone Liedtke     26th March 2018 JSE-listed Murray & Roberts’ (M&R’s) share price rose by more than 50% on Monday morning as it announced that German family owned business Aton plans to buy all shares in the company for R15 apiece. M&R on Monday said Aton, which already holds 33% of M&R’s shares, had informed the group of its... 

Update on National Minimum Wage bill to be announced

By: News24Wire      26th March 2018 Labour Minister Mildred Oliphant is expected to update the media on the progress made regarding the National Minimum Wages bill on Monday. According to a statement by the Department of Labour, Parliament is currently in a process of considering both written and oral submissions from interested... 

Update on National Minimum Wage bill to be announced
Photo by Creamer Media
Labour Minister Mildred Oliphant

South Africa mulling privatisation in Ramaphosa reform drive – Treasury chief

By: Reuters     26th March 2018 South Africa will consider partially privatising struggling State-owned companies as part of wide-ranging reforms set in motion by President Cyril Ramaphosa since he came to power last month, the head of the National Treasury said on Saturday. Dondo Mogajane said South Africa was at the end of a... 

South Africa mulling privatisation in Ramaphosa reform drive – Treasury chief
National Treasury director-general Dondo Mogajane

Moody's announcement signals positive sentiment, says Busa

By: African News Agency      26th March 2018 The decision by Moody’s Investors Service to retain South Africa’s international and domestic credit rating at investment grade and the change in outlook to stable is a mark of greater confidence in the country, Business Unity South Africa (Busa) said on Saturday. On Friday night, Moody's said it... 

Moody's announcement signals positive sentiment, says Busa

Ramaphosa amends rules of State capture inquiry

By: African News Agency      23rd March 2018 President Cyril Ramaphosa's office said on Friday he has amended the rules of the commission of inquiry into state capture to make testimony before it admissible in criminal proceedings, with the exception of where a witness may incriminate him or herself. The amendment to regulation 8(2) of the... 

South Africa makes formal request for exclusion from US metals tariffs 

By: Terence Creamer     23rd March 2018 Trade and Industry Minister Dr Rob Davies has made a formal submission to the US requesting the exclusion of South Africa from the imposition of duties on steel and aluminium products. A provision allowing for country-based exclusions from a 25% increase in the steel tariff and a 10% duty on... 

South Africa makes formal request for exclusion from US metals tariffs
US President Donald Trump

Gupta-linked Chinese firm wanted R5bn local content exemption 

By: News24Wire      23rd March 2018 China South Rail (CSR), the company that allegedly paid R5-billion in bribes to the Guptas, has asked the South African government for exemptions on its local content commitments worth R5-billion. News24 is reporting that CRRC, which was formed when CSR and fellow Chinese rail giant China North... 

 Gupta-linked Chinese firm wanted R5bn local content exemption

Caffeluxe admits to fixing coffee capsule prices

By: Simone Liedtke     23rd March 2018 Sweet River Trading, which trades as Caffeluxe, has admitted to fixing the prices of coffee capsules to retail customers. The complaint, which was initiated in July 2015, relates to a discount offered by international coffee specialist Global Coffee Export in Checkers stores in 2014, where... 

South Africa ready to take over Brics Business Council chairmanship

By: African News Agency      23rd March 2018 Africa is set for a decade of "unbelievable growth and prosperity".  This is according to Dr Iqbal Survé, chairman of the SA chapter of the Brics Business Council, who will take up the annual rotating chairmanship of the overall Brics Business Council (BBC) at the mid-term meeting which takes... 

New 'key points' bill should include public interest defence – media groups

By: News24Wire      23rd March 2018 A new bill currently being drafted to replace the apartheid-era National Key Points Act should include a clause that protects journalists investigating key points in the public interest, MPs have heard. MPs on the Portfolio Committee on Police went through a draft version of the proposed... 

New 'key points' bill should include public interest defence – media groups

Land expropriation rhetoric unlikely to upset FDI ‘too much’, says economist

By: Irma Venter     23rd March 2018 While land expropriation without compensation “will be a challenge”, with a “lot of work remaining to be done” before it can become a reality, there is hope that “the rethoric around land will not upset foreign investment too much”, says Econometrix chief economist and director Dr Azar Jammine.... 

Digital payments can boost urban economies, support smart cities

By: Schalk Burger     23rd March 2018 Digital payments technology is a crucial enabler of smart cities and can provide significant benefits to consumers, businesses, governments and economies. Changes to the way in which people and companies pay for goods and services – brought about mainly by digital technologies – present an... 

Norway optimistic Ramaphosa will restore predictability to business environment

By: Terence Creamer     22nd March 2018 The Norwegian government is optimistic that the new South African government, led by President Cyril Ramaphosa, will promote a more stable and predictable business environment that is conducive to higher levels of trade and investment between the two countries. Deputy Foreign Affairs Minister... 

Norway optimistic Ramaphosa will restore predictability to business environment
Norway's Deputy Foreign Affairs Minister, Marianne Hagen

SA Revenue Services welcomes Mark Kingon's appointment as acting commissioner

By: African News Agency      22nd March 2018 The South African Revenue Service (Sars) on Tuesday, welcomed the appointment of Mark Kingon as acting Commissioner with immediate effect. "Sars has full confidence in the abilities of Mr Kingon to manage this new additional role as we continue with our absolutely important mandate of collecting... 

SA Revenue Services welcomes Mark Kingon's appointment as acting commissioner

SA President Ramaphosa punts single African currency at crucial AU Summit

By: African News Agency      22nd March 2018 South African President Cyril Ramaphosa on Tuesday strongly punted the idea of creating a single homogeneous currency for African countries in a bid to attract infrastructure investment and enable ease of intra-African trade. Speaking as a panelist on financing intra-Africa trade at the African... 

SA President Ramaphosa punts single African currency at crucial AU Summit

Ramaphosa says SA needs consultation before signing the African free-trade deal

By: African News Agency      22nd March 2018 South African President Cyril Ramaphosa on Wednesday said that his government needed more time to consult relevant stakeholders about the continental free trade area treaty before signing it. Ramaphosa did not sign the crucial agreement at the African Union (AU) Extraordinary Summit in Rwanda's... 

Ramaphosa says SA needs consultation before signing the African free-trade deal

Ramaphosa welcomes new continental free trade agreement

By: News24Wire      21st March 2018 President Cyril Ramaphosa has welcomed the adoption by the African Union of an agreement of free trade on the continent as "a new beginning for the continent that will catapult African countries and companies to much higher levels of growth". Ramaphosa returns to South Africa Wednesday night... 

DTI to spend R415m to upgrade 11 industrial parks

By: Anine Kilian     20th March 2018 The Department of Trade and Industry (DTI) will have spent R415-million on the revitalisation of 11 industrial parks, deputy director-general Lionel October said on Tuesday. Presenting the DTI’s annual performance plan to the Portfolio Committee on Trade and Industry, in Parliament, he said the... 

There are no investigations into Gordhan – Hawks

By: News24Wire      20th March 2018 The Hawks have denied allegations that they are targeting Public Enterprises Minister Pravin Gordhan for supposedly taking part in illegal interceptions and spying during his time as South African Revenue Service (Sars) commissioner. In a statement, Hawks spokesperson Brigadier Hangwani Mulaudzi... 

There are no investigations into Gordhan – Hawks
Photo by Reuters
Public Enterprises Minister Pravin Gordhan

LaunchLab calls for entries for 2018 Ideas Programme

By: Simone Liedtke     20th March 2018 Stellenbosch University’s LaunchLab has officially launched the seventh iteration of its Ideas Programme, which calls on startup businesses in multiple industries to validate their business concepts with real market players and start their journey towards the maturity required to attracting... 

LaunchLab calls for entries for 2018 Ideas Programme
LaunchLab calls for entries for 2018 Ideas Programme

South Africa’s aviation activity index shows continuing mild improvement

By: Rebecca Campbell     20th March 2018 On Tuesday the Commercial Aviation Association of South Africa (Caasa) released its composite index of aviation activity for the fourth quarter of last year (4Q17). The Caasa Aviation Activity Index (CAAI) is created using 25 different indicators. It is designed to provide a measure of economic... 

Parliament's finance committee welcomes suspension of Sars boss

By: African News Agency      20th March 2018 Parliament's standing committee on finance on Tuesday welcomed the suspension of South African Revenue Service (Sars) commissioner Tom Moyane, saying a disciplinary inquiry against him should be "fair, swift and decisive". "The committee feels strongly that in view of the role Sars plays, it is... 

 Parliament's finance committee welcomes suspension of Sars boss
Photo by Creamer Media
Suspended Sars boss Tom Moyane

55 municipalities are dysfunctional – Mkhize 

By: News24Wire      20th March 2018 No fewer than 55 municipalities have been identified as distressed or dysfunctional, Cooperative Governance and Traditional Affairs (Cogta) Minister Zweli Mkhize says. Mkhize announced on Tuesday that he would be deploying technical capacity experts who would provide support to municipalities in... 

55 municipalities are dysfunctional – Mkhize
Photo by Duane Daws
Cogta Minister Zweli Mkhize

SARB's Naidoo: We warned VBS on its reliance of huge depositors 

By: African News Agency      20th March 2018 In his presentation to the Standing Committee on Finance, South African Reserve Bank (SARB) registrar Kuben Naidoo raised concerns including deficient compliance culture, weak asset and liability management, potentially illegal municipal depositions and poor quality in regulatory reports. The... 

SARB's Naidoo: We warned VBS on its reliance of huge depositors

Moyane threatens Ramaphosa with legal action over suspension

By: News24Wire      20th March 2018 Suspended South African Revenue Service (Sars) head Tom Moyane has threatened legal action over his suspension.  In a letter that Moyane wrote to President Cyril Ramaphosa on March 19, he said that his suspension was part of an "unlawful process".  

 Moyane threatens Ramaphosa with legal action over suspension
Photo by Duane Daws
Suspended Sars Commissioner Tom Moyane

Q4 current account deficit widens as strong rand boosts imports

By: Reuters     20th March 2018 South Africa's current account deficit widened more than expected to 2.9% of GDP in the fourth quarter due to a smaller trade surplus driven by a rally in the currency late last year, central bank said on Tuesday. The rand has appreciated by about 20% against the dollar since mid-November, in the... 

Reserve Bank expected to cut repo rate on March 28

By: Reuters     20th March 2018 The South African Reserve Bank (SARB) will cut its repo rate by 25 basis points to 6.50% just days after Moody's is expected to give the country another chance to reform its finances, a Reuters poll found on Tuesday. Fifteen of 22 economists said the Bank would cut interest rates by 25 basis... 

Acting SARS commissioner announced

By: News24Wire      20th March 2018 Mark Kingon has been appointed as the acting SARS commissioner, National Treasury has confirmed. Kingon is currently the acting chief officer of business and individual taxes division at the revenue service. "He has been with SARS since its establishment and worked his way through the ranks to... 

Acting SARS commissioner announced

IP policy yet to be finalised

By: Marleny Arnoldi     19th March 2018 The Department of Trade and Industry (DTI) is still finalising its Intellectual Property (IP) policy, before submitting it to Cabinet for approval. DTI International Trade and Economic Development division director Marumo Nkomo on Monday said the IP policy ensures intra-governmental coordination... 

IP policy yet to be finalised
Trade and Industry Minister Dr Rob Davies

CMH FY headline earnings expected to rise

By: Simone Liedtke     19th March 2018 Investment holding company Combined Motor Holdings (CMH) expects to report a 10% to 20% increase in its headline earnings per share (HEPS) to between 312.6c and 341c for the year ended February 28. CMH reported HEPS of 282.2c for the 2017 financial year. 

NPA reinstates corruption charges against Zuma  

By: Sane Dhlamini     16th March 2018 The National Prosecuting Authority will reinstate charges of corruption, racketeering, fraud and money laundering against former president Jacob Zuma. National Prosecuting Authority (NPA) director of public prosecutions Shaun Abrahams on Friday said former South African President Jacob Zuma will... 

NPA reinstates corruption charges against Zuma
Photo by Duane Daws
Former President Jacob Zuma

Lakela Kaunda to join Cogta

By: Sane Dhlamini     16th March 2018 The Presidency’s chief operations officer (COO) and former President Jacob Zuma's most trusted adviser Lakela Kaunda was seconded, on Friday, to join the Ministry of Cooperative Governance and Traditional Affairs (Cogta) for the next twelve months with effect from March 20. The Ministry is headed... 

Lakela Kaunda to join Cogta

Deadly listeria could herald tighter food safety rules in South Africa

By: Reuters     16th March 2018 A huge and deadly outbreak of listeria in South Africa could alter the country's approach to food-borne disease and prompt improvements in food safety standards, a leading health official said on Friday. The World Health Organization's (WHO's)top specialist on global food safety likened the South... 

Deadly listeria could herald tighter food safety rules in South Africa

Wind body dismisses as ‘false’ link between IPPs and tariffs surge

By: Terence Creamer     16th March 2018 The South African Wind Energy Association (SAWEA) has dismissed as a “falsehood” claims by the National Union of Metalworkers (Numsa) and Transform RSA that the 27 renewable-energy projects, which the two organisations are seeking to block through a court challenge, will raise the cost of... 

Wind body dismisses as ‘false’ link between IPPs and tariffs surge

Renewables advisory firm still bullish on South African prospects despite setbacks

By: Terence Creamer     16th March 2018 International renewable-energy advisory firm K2 Management remains convinced that, despite recent setbacks, the role of wind and solar will continue to rise in the South African electricity mix. Therefore, the company is preparing to expand its presence in the country, as well as the rest of... 

Renewables advisory firm still bullish on South African prospects despite setbacks
K2 Management South Africa head Hebren James

Eskom to use PEWA as engagement platform

By: Marleny Arnoldi     16th March 2018 With new board members appointed at State-owned utility Eskom, it is important that they create credibility and communicate adequately with the market on what they are doing to stabilise the utility, and the hosting of this year’s Power & Electricity World Africa (PEWA) will be used as a platform... 

Eskom to use PEWA as engagement platform
JABU MABUZA PEWA organiser Terrapinn believes Eskom’s issues will stabilise, especially with strengthened governance that entailed the appointment of the new Eskom chairperson and board

Association urges producers to meet standards

By: Simone Liedtke     16th March 2018 There is a strong need for all bottled, or packaged, water producers to comply with stringent legislation and meet globally benchmarked standards to prevent gross disservice to the bottled water industry and the consumer, says South African National Bottled Water Association CEO Charlotte Metcalf. 

Association urges producers to meet standards
CHARLOTTE METCALF The quality of municipal water in South Africa is high, but it does vary daily

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