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Macro and Micro News

LHDA calls on construction companies to attend information briefings

By: Megan van Wyngaardt     Updated 56 minutes ago Water resources development and management organisation, the Lesotho Highlands Development Authority (LHDA) will host a briefing session on June 12, at the Wanderers Club, in Johannesburg, to provide information relating to the Lesotho Highlands Water Project (LHWP) Phase 2 project schedule. The... 

Proudly SA develops tender monitoring system to track government compliance

By: Megan van Wyngaardt     Updated 2 hours 39 minutes ago Buy local advocacy campaign Proudly South African (SA) has developed an in-house tender tracking system to monitor government’s compliance with its own mandate to make local procurement a priority. The system trawls the websites of all three spheres of government, their agencies and entities,... 

Zuma Cabinet reshuffle appeal postponed

By: News24Wire      Updated 2 hours 56 minutes ago The application by President Jacob Zuma to appeal an order to hand over the record of decision to reshuffle his Cabinet will not go ahead on Monday as planned due to a bereavement in the legal team, Democratic Alliance (DA) MP James Selfe said on Monday. Selfe said the application for leave to... 

Zuma Cabinet reshuffle appeal postponed

Zuma beats off efforts to oust him

By: African News Agency      Updated 5 hours ago President Jacob Zuma has survived a second attempt to force him to step down, at the African National Congress’s (ANC's) national executive committee (NEC) meeting on Sunday night, IOL reports. It was apparently agreed, as a compromise between bitterly divided groups to refer the issue of Zuma’s... 

Zuma beats off efforts to oust him
Photo by Duane Daws
President Jacob Zuma

The Gupta Emails

By: News24Wire      Updated 5 hours ago A cache of damning e-mails between members of the Gupta family, some of their trusted lieutenants and President Jacob Zuma's son, Duduzane, has brought forward fresh details on the mechanics of the Guptas' dubious state capture strategies. City Press, News24's sister publication, on Sunday... 

The Gupta Emails

Outa welcomes new ‘State capture’ study

By: Sane Dhlamini     26th May 2017 The Organisation Undoing Tax Abuse (Outa) has welcomed the research undertaken by independent research organisation Public Affairs Research Institute (Pari) in collaboration with the South African Council of Churches (SACC), which exposes how State institutions have been “repurposed to serve the... 

Outa welcomes new ‘State capture’ study
South African President Jacob Zuma

DTI spends R42m on Hammanskraal industrial park security upgrades

By: Megan van Wyngaardt     26th May 2017 The Department of Trade and Industry has spent R42-million on security upgrades at the Babelegi industrial park, in Hammanskraal, which included the installation of invisible fencing, a control room, guard houses, swing gates and pedestrian gates, a new boom gate and high-mast lighting upgrades... 

Zuma says not opposed to inquiry into corruption allegations

By: Reuters     26th May 2017 South Africa's President Jacob Zuma said on Friday he was not opposed to setting up a commission of inquiry into corruption into his government after anti-graft report alleged he was influenced by the wealthy Gupta family in making government appointments. The former Public Protector, a... 

Zuma says not opposed to inquiry into corruption allegations
Photo by Duane Daws
President Jacob Zuma

New State capture report launched at Wits

By: News24Wire      26th May 2017 The need for drastic economic reform cannot justify the widespread looting of state coffers, while the current state capture networks active in South Africa pose a dire threat to the country's long-term future. These were some of the sentiments shared by a group of academics gathered at the Wits... 

New State capture report launched at Wits

Work-based experience for graduate interns

By: Mia Breytenbach     26th May 2017 Technology ecosystem company Resolution Circle has welcomed 115 South African graduates to its graduate internship programme, which aims to develop them into high-quality, employable individuals that can excel in South Africa’s economy. Resolution Circle, an ‘idea-to-barcode’ ecosystem that... 

Work-based experience  for graduate interns
GAINING EXPERIENCE Resolution Circle’s internship will provide the 115 participants with practical skills in decision making and client services

SARB holds repo rate on inflation concerns

By: Reuters     25th May 2017 South Africa's central bank kept its benchmark repo rate steady at 7% on Thursday, as expected, citing concerns about the inflation outlook, even though it cut its growth forecasts. Governor Lesetja Kganyago said consumer inflation is now within the bank's target of between 3% and 6%, but the... 

South Africa's govt wants Sinopec to retain refinery capacity 

By: Reuters     25th May 2017 South Africa is in talks with China's Sinopec over its take-over of Chevron Corp's Cape Town refinery and will look to ensure that production capacity was retained and enhanced, Economic Development Minister Ebrahim Patel said on Thursday. Sinopec will pay almost $1-billion for a 75% stake in... 

Political developments mar Massmart’s first-half performance

By: Megan van Wyngaardt     25th May 2017 Massmart CEO Guy Hayward on Thursday said the company expected to report “disappointing” results for the first half of the year, as any green shoots in the economy – the drought ending, a stronger rand, potentially lower interest rates, and improvements in the Reserve Bank’s leading indicators –... 

DTI to reveal list of incentive beneficiaries by end-July

By: Megan van Wyngaardt     25th May 2017 The Department of Trade and Industry (DTI) on Thursday said it would, following a request for information from a number of stakeholders, release a list of beneficiaries across its incentives programmes at the end of July. The list will be made available along with an incentive report that details... 

DTI to reveal list of incentive beneficiaries by end-July

Tiger Brands interim profits up as prices increase

By: Megan van Wyngaardt     25th May 2017 JSE-listed fast-moving consumer goods manufacturer Tiger Brands on Thursday reported a 10% increase in its operating income from continuing operations to R2.2-billion for the six months ended March 31, driven by higher pricing. Operating income in the domestic business grew by 15% to R2-billion,... 

High Court dismisses applications to have power interruptions declared unconstitutional

By: Megan van Wyngaardt     25th May 2017 The Pretoria High Court this week dismissed applications by AfriForum and other businesses to have Eskom’s scheduled electricity interruptions to defaulting municipalities declared unconstitutional, confirming the parastatal’s right to do so. “Astral, Bridgestone, AfriForum and Mediclinic had... 

High Court dismisses applications to have power interruptions declared unconstitutional

AfriBusiness calls for abolishment of racially discriminatory procurement legislation

By: Megan van Wyngaardt     24th May 2017 AfriBusiness has launched an application against Finance Minister Malusi Gigaba to request the court to set the Preferential Procurement Policy Framework Act (PPPFA) regulations aside and declare it invalid. The business watchdog said on Wednesday that the PPPFA restrictions placed upon... 

AfriBusiness launches investigation into Transnet’s multiproduct pipeline 

By: Megan van Wyngaardt     24th May 2017 Nonprofit business rights watchdog AfriBusiness will launch an application against Transnet regarding the new multi-product pipeline’s (NMPP’s) completion and implementation. The NMPP, which entailed the building of a pipeline for the transportation of various fuels from Durban, in KwaZulu-Natal,... 

AMSA secures R4.5bn funding facility

By: Megan van Wyngaardt     24th May 2017 ArcelorMittal South Africa (AMSA) has secured a R4.5-billion revolving structured commodity trade finance facility, which will allow the steel manufacturer to finance its working capital as part of its balance sheet restructuring. CEO Wim de Klerk said in a statement that the company had... 

Adcorp posts significant loss owing to labour law changes

By: Megan van Wyngaardt     24th May 2017 Management consultancy company Adcorp’s shares fell as much as 8% on Wednesday morning to R10.80 a share, from Tuesday’s close of R11.74 a share, after it posted a headline loss a share of 27.9c for the year ended February 28. Its normalised earnings a share decreased by 76% year-on-year to... 

Adcorp posts significant loss owing to labour law changes

Maswanganyi vows bold State intervention to drive transformation

By: News24Wire      24th May 2017 Radical economic transformation was the theme of new Transport Minister Joe Maswanganyi's first budget and policy statement to the National Assembly. "Transport will play a leading role in radical economic transformation," Maswanganyi said on Tuesday. 

DTI refuses to release list of black industrialist scheme beneficiaries for fear they will be ‘harassed’ 

By: Terence Creamer     23rd May 2017 Trade and Industry Minister Dr Rob Davies showcased four recipients of government’s flagship Black Industrialist programme (BIP) during his Budget Vote on Tuesday, but astonishingly refused to release the names of all 46 recipients of the non-refundable government grants and concessional loans.... 

DTI refuses to release list of black industrialist scheme beneficiaries for fear they will be ‘harassed’
Photo by Duane Daws
Trade and Industry Minister Dr Rob Davies

ANC dismisses Zuma removal report as 'fabrication'

By: Reuters     23rd May 2017 South Africa's ruling African National Congress (ANC) dismissed a media report on Tuesday that President Jacob Zuma's removal would be discussed at a key party meeting this weekend as untrue. Opposition to Zuma inside the ANC and from opposition parties and civil society groups has swelled since... 

ANC dismisses Zuma removal report as 'fabrication'
Photo by Duane Daws
President Jacob Zuma

Gigaba punts financial sector reform

By: African News Agency      23rd May 2017 Finance Minister Malusi Gigaba on Tuesday said National Treasury would support parliamentary processes aimed at regulating the South African financial sector to make the industry inclusive. “The financial sector plays a critical role in our country, but this must be enhanced to achieve the... 

Solidarity, Hospersa worried about proposed bail-out plans for SAA

By: Megan van Wyngaardt     23rd May 2017 Trade union Solidarity is demanding answers about whether the Government Employees Pension Fund (GEPF) is considering recapitalising “sinking ship” South African Airways (SAA) through the Public Investment Corporation (PIC), as the union’s members have a direct interest in the proper management... 

Solidarity, Hospersa worried about proposed bail-out plans for SAA

Influx of job seekers to Gauteng threatens economic momentum

By: Megan van Wyngaardt     23rd May 2017 Although it has made “remarkable progress” in creating jobs over the mid-term, between May 2014 and November 2016, the Gauteng provincial government (GPG) still faced a rapid increase in the economically active population owing to migration, Premier David Makhura said in his Midterm Report on... 

Rand firms on rumours that ANC to discuss Zuma's removal

By: Reuters     23rd May 2017 South Africa's rand firmed more than 1.5 percent against the US dollar on Tuesday on rumours that the African National Congress (ANC) will discuss the removal of President Jacob Zuma at a major party meeting. An ANC spokesperson said the rumours were a "complete fabrication". 

Rand firms on rumours that ANC to discuss Zuma's removal
President Jacob Zuma

Denel set on expanding business in Asia-Pacific region

By: Megan van Wyngaardt     23rd May 2017 State-owned Denel on Tuesday said it was dead set on expanding its business in the Asia-Pacific markets, despite an affidavit, lodged by former Treasury director-general Lungisa Fuzile, stating that its joint venture (JV) partner is a technically insolvent company. The aerospace and defence... 

Solidarity approaches court to revoke Eskom’s employment equity plan

By: Megan van Wyngaardt     23rd May 2017 Trade union Solidarity will on Friday approach the Labour Court in Johannesburg to have State-owned power provider Eskom’s current employment equity plan declared invalid and revoked. Eskom’s employment equity plan is expected to be in force until 2020. Solidarity Centre for Fair Labour Practices... 

Western Cape declared disaster area to repriotise funding

By: Megan van Wyngaardt     22nd May 2017 The Western Cape was on Monday declared a disaster area, with local government implementing drastic interventions to relieve the distressing water shortage in the province. This includes the drilling of boreholes at hospitals, starting in the metro, and followed by schools in high-risk water... 

BBC, Busa end participation partnership in Nedlac after impasse

By: Natasha Odendaal     22nd May 2017 The Black Business Council (BBC) and Business Unity South Africa (Busa) have walked away from a long-standing partnership after a BBC delegation was kicked out of a National Economic Development and Labour Council (Nedlac) Infrastructure Committee meeting two weeks ago by a Busa delegation. The... 

BBC, Busa end participation partnership in Nedlac after impasse

Entrepreneurs key to unlocking continent’s economy – AfDB report

By: Megan van Wyngaardt     22nd May 2017 With the continent continuing to face sluggish growth, African governments need to integrate entrepreneurship more fully into their industrialisation strategies, the African Development Bank’s (AfDB’s) ‘African Economic Outlook 2017’ suggests. Last year, Africa’s economic growth slowed to 2.2%... 

Pioneer Foods posts lower earnings as external factors weigh in

By: Megan van Wyngaardt     22nd May 2017 JSE-listed Pioneer Foods on Monday posted a 56% decrease in headline earnings, to R454-million for the six months ended March 31, owing to a “confluence of various inhibitors”, which contributed to a material decline in its profitability. The company noted that maize had been the most significant... 

Govt officials to receive training on special economic zones in China

By: African News Agency      22nd May 2017 A group of 34 Special Economic Zones (SEZs) practitioners and supporting sector specialists from the trade and industry department (dti), provincial departments, and agencies responsible for implementation of the SEZ programme leave for Tianjin in China on Monday to attend the 4th capacity... 

Govt officials to receive training on special economic zones in China

Economic transformation must have real content and meaning – Ramaphosa

By: News24Wire      22nd May 2017 It is necessary to give real content and meaning to the imperative of radical economic transformation to achieve inclusive growth, Deputy President Cyril Ramaphosa said on Sunday. Delivering the Moses Kotane memorial lecture in Rustenburg, he said it was the transformation that should be radical,... 

Economic transformation must have real content and meaning – Ramaphosa
Photo by Reuters
Deputy President Cyril Ramaphosa

Sub-Saharan Africa middle class represents R1.3tr a month market

By: Megan van Wyngaardt     19th May 2017 A University of Cape Town (UCT) Unilever Institute of Strategic Marketing initiative, the African Lions research project, has established that the sub-Saharan African middle class, comprising around 100-million people, represents a R1.3-trillion a month market and is growing. Carried out... 

Reform of South African public enterprises would help reassure investors – IMF 

By: Terence Creamer     19th May 2017 The International Monetary Fund (IMF) says "structural reforms" in product, service and labour markets should be South Africa’s immediate policy priority for stimulating growth and job creation, particularly in light of the limited room to galvanise growth through macroeconomic policies. It also... 

Reform of South African public enterprises would help reassure investors – IMF
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