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Macro and Micro News

Deregulated India attracting tens of billions of dollars in foreign investment

By: Rebecca Campbell     12th November 2018 India attracted $44.9-billion in foreign direct investment during the 2017/2018 financial year, Indian High Commissioner to South Africa Ruchira Kamboj highlighted on Monday. She was addressing the Invest in India Business Forum in Sandton, north of Johannesburg. "Why India? Because it's the new... 

Omnia shares fall as it warns of interim loss

By: Simone Liedtke     12th November 2018 Local chemicals company Omnia Holdings’ share price on the JSE fell by more than 16% on Monday after it announced that it expects to swing to a loss a share for the six months to September 30. It expects to report a loss a share of between 85c and 170c, compared with the earnings a share of 423c... 

Standard Bank launches Internet banking in Chinese

By: Simone Liedtke     9th November 2018 Financial services provider Standard Bank successfully launched its first Chinese Internet banking site in Angola this week. With more than 30 000 active Chinese-owned firms in Africa, Standard Bank believes it can grow Africa-China trade by building and managing an innovative and effective... 

Numsa demands bailout for Denel

By: Reuters     9th November 2018 South Africa's government must urgently inject at least R7-billion into struggling State-owned defence group Denel, the National Union of Metalworkers of South Africa (Numsa) said on Friday. Denel reported a R1.7-billion for the 2017/18 financial year and is struggling to pay worker salaries and... 

Numsa demands bailout for Denel

Allied Steelrode launches second stretcher leveller to meet growing demand 

By: Simone Liedtke     8th November 2018 As a result of increasing demand for stretched and flattened steel, local steel supplier and processing company Allied Steelrode on Thursday launched a second stretcher leveller at its Midvaal-based facility for the production of Allied Steelrode Stretcher Material (ASSM). Having the stresses of... 

Allied Steelrode launches second stretcher leveller to meet growing demand
Allied Steelrode executive director Warne Rippon and group CE Arun Chadha speak to Engineering News Online about the company’s most recent purchase, a second stretcher leveler, as well as some of the company’s corporate social investments in the Midvaal area. Video & Editing: Nicholas Boyd

To unlock sustained investment Africa must ‘resolve problems that keep investors away’  

By: Terence Creamer     8th November 2018 If Africa is to seize the opportunities of the future, it needs to mobilise large-scale, sustained investment, especially in infrastructure, President Cyril Ramaphosa said in his address at the Africa Investment Forum under way in Johannesburg this week. Organised by the African Development Bank... 

To unlock sustained investment Africa must ‘resolve problems that keep investors away’
President Cyril Ramaphosa

African governments need business to mobilise large scale investments – Ramaphosa

By: African News Agency      8th November 2018 Africa needs to mobilise large-scale, sustained investment, especially in infrastructure if it is to seize the opportunities of the future, but African governments cannot do this without business, President Cyril Ramaphosa said on Thursday. "The private sector and private markets are key players... 

African governments need business to mobilise large scale investments – Ramaphosa
President Cyril Ramaphosa

Makhura says Gauteng plays big part in intra-Africa trade

By: African News Agency      8th November 2018 Gauteng Premier David Makhura said on Thursday that by hosting the inaugural African Investment Forum (AIF), South Africa has placed itself at the service of the African continent as the catalyst for investment, and that Gauteng was already playing its part in intra-Africa trade. Speaking at the... 

 Makhura says Gauteng plays big part in intra-Africa trade
Gauteng Premier David Makhura

Public Protector investigating Gordhan 

By: Reuters     8th November 2018 South Africa's anti-corruption watchdog said on Thursday that it was investigating Public Enterprises Minister Pravin Gordhan, a close ally of President Cyril Ramaphosa, for allegedly abusing his powers during his time as finance minister. The watchdog said it was looking into allegations that... 

Public Protector investigating Gordhan
Photo by Creamer Media
Public Enterprises Minister Pravin Gordhan

Gordhan warns of State capture 'fightback' across government entities

By: News24Wire      8th November 2018 Public Enterprises Minister Pravin Gordhan has warned of a "determined and vigorous fightback" campaign from those opposed to efforts to implement clean governance at state entities. In his submission to the judicial commission of inquiry into State capture, Gordhan says there are still elements... 

Gordhan warns of State capture 'fightback' across government entities
Photo by Reuters
Public Enterprises Minister Pravin Gordhan

South Africa's financial stability threatened by MTN's $10bn Nigeria bill – SARB

By: Reuters     8th November 2018 Billions of dollars in fines owed by South African companies MTN and Standard Bank to Nigerian regulators could increase the risk to South Africa's financial system, the South African Reserve Bank (SARB) said on Wednesday. The Nigerian central bank in August accused telecoms firm MTN and its... 

Nzimande: We're not scrapping e-tolls, and they're not just a Gauteng issue

By: News24Wire      8th November 2018 Government is not scrapping e-tolls and the issue of payment will be settled at a national level, Transport Minister Blade Nzimande has told members of Parliament. The minister was answering questions in Parliament on Wednesday. Democratic Alliance MP Manny de Freitas asked the minister if any... 

 Nzimande: We're not scrapping e-tolls, and they're not just a Gauteng issue
Transport Minister Blade Nzimande

NTP awaits NNR’s signature of approval to restart production

By: Simone Liedtke     7th November 2018 State-owned South African Nuclear Energy Corporation (Necsa) CEO Phumzile Tshelane remains hopeful that production at its subsidiary NTP Radioisotopes’ facility will resume within the next two weeks, pending approval from the National Nuclear Regulator (NNR). Production at the facility was shut... 

NTP awaits NNR’s signature of approval to restart production
Photo by Dylan Slater
(Left) Necsa CEO Phumzile Tshelane and (Right) Necsa board chairperson Kelvin Kemm

Gauteng ready to move Africa from a legacy of aid to a future of investment – Makhura

By: African News Agency      7th November 2018 Gauteng Premier David Makhura has encouraged businesses to invest in the growth of the African economy, saying that his province was ready to contribute to its realisation. Speaking at the opening day of the Africa Investment Forum in Johannesburg, Makhura said that Gauteng contributed 35 percent... 

Gauteng ready to move Africa from a legacy of aid to a future of investment – Makhura
Photo by Creamer Media
Gauteng Premier David Makhura

Eskom operating costs continue to increase

By: African News Agency      7th November 2018 Power utility, Eskom on Wednesday said their operating costs have continued to increase dramatically while output has remained largely unchanged despite efforts to curb expenditure. Eskom said their Board of Directors had decided to review the company’s organisational design to enhance... 

 Eskom operating costs continue to increase

Sacci BCI rises in October

By: Reuters     7th November 2018 South Africa's business confidence rose for a second consecutive month in October, bolstered by higher import volumes, vehicle sales and retail sales, a survey showed on Wednesday. The South African Chamber of Commerce and Industry's (Sacci) monthly business confidence index rose to 95.8 in... 

IDC invests R150m to reopen Glodina factory

By: Shirley le Guern     6th November 2018 The Industrial Development Corporation (IDC) has invested R150-million to reopen the Glodina towel manufacturing plant, in KwaZulu-Natal. MEC for Economic Development, Tourism and Environmental Affairs Sihle Zikalala on Tuesday officially reopened the plant, which shut down nearly a year ago due... 

Deloitte proposes single figure standard for executive pay design

By: Schalk Burger     6th November 2018 Professional services firm Deloitte has proposed that the so-called single figure metric, which is a requirement of King IV reporting standards, become the standard to inform executive pay design – allowing internal and external comparisons on pay, as well as informing the shareholder and... 

Ethos achieves first R700m investment under new large buyout fund

By: Creamer Media Reporter      6th November 2018 Private equity investor Ethos has invested R700-million in global financial technology (fintech) provider Channel VAS. The investment is the first under Ethos’ new large-buyout fund, Ethos Fund VII, which is seeking to attract R8-billion in capital commitments from local and institutional investors. 

Ramaphosa to brief SA on government’s efforts to revitalise economy

By: African News Agency      6th November 2018 President Cyril Ramaphosa is on Tuesday expected to brief the nation on the government’s efforts to revitalise the economy, the fight against crime as well as South Africa’s objectives for its forthcoming term on the United Nations Security Council. The Presidency said in a statement that the... 

Ramaphosa to brief SA on government’s efforts to revitalise economy
President Cyril Ramaphosa

Petrol price to remain unchanged, diesel to go up 50 cents in Nov 

By: African News Agency      5th November 2018 The petrol price will remain unchanged for November but the price of diesel will increase between 47.92 cents per litre and 50.92 cents per litre, the department of energy said on Monday.  This will be a relief for motorists at the pumps after the R1 petrol price increase last month pushed the... 

Petrol price to remain unchanged, diesel to go up 50 cents in Nov

Private-sector activity shrinks at fastest rate in 4 years in Oct – PMI 

By: Reuters     5th November 2018 South African private sector activity shrank at the fastest rate in over four years in October as sharp declines in output, new orders and export demand saw firms cut back purchasing amid a recession, a survey showed on Monday. The Standard Bank Purchasing Managers' Index (PMI), compiled by IHS... 

Private-sector activity shrinks at fastest rate in 4 years in Oct – PMI

Ramaphosa says South Africa needs leadership, not leaders  

By: Tasneem Bulbulia     2nd November 2018 President Cyril Ramaphosa has called for leadership, not leaders, in what he termed a new era for South Africa, following the previous decade of stand-offs between government and the private sector. Ramaphosa was speaking at the Discovery Leadership Summit, in Johannesburg, on Thursday, when he... 

Ramaphosa says South Africa needs leadership, not leaders
President Cyril Ramaphosa

South Africa needs new narrative to create inclusive growth

By: Tasneem Bulbulia     1st November 2018 South Africa needs positive leadership and a change in narrative to tackle its problems and create inclusive sustainable growth for all, said Discovery Group CE Adrian Gore during the opening of the Discovery Leadership Summit, in Johannesburg, on Thursday. The summit brought together many world... 

South Africa needs new narrative to create inclusive growth
Photo by Creamer Media
ARM chairperson Patrice Motsepe

Big power users call for inflation-linked tariff ‘compact’ and industry review 

By: Terence Creamer     1st November 2018 The Energy Intensive Users Group (EIUG) has called for an electricity price compact that sustains tariff increases as close to consumer price inflation as possible for the coming five years. The proposal is made in a precursor to the EIUG’s official response to Eskom’s latest revenue application,... 

Big power users call for inflation-linked tariff ‘compact’ and industry review
Dr Tsakani Mthombeni

SARB made important changes to forecasting model

By: Reuters     1st November 2018 The South African Reserve Bank (SARB) made changes in one of its main forecasting models earlier this year that should result in the model predicting less persistent inflation and fewer rate hikes after a spike in inflation. The changes to the Quarterly Projection Model, a tool used by the... 

Absa PMI fell for a third consecutive month in October 

By: Reuters     1st November 2018 South Africa's seasonally adjusted Absa Purchasing Managers' Index (PMI) fell further in October due to declines in new orders, business activity and employment, a survey showed on Thursday. The index, which is compiled by the Bureau for Economic Research and gauges manufacturing activity in... 

Absa PMI fell for a third consecutive month in October

AMSA reports rise in Q3 sales and output

By: Terence Creamer     1st November 2018 Steel producer ArcelorMittal South Africa (AMSA) has reported increased production and sales for the quarter ended September 30, 2018. The JSE-listed company told shareholders on Thursday that liquid steel production increased by 4.8% to 59 000 t, mainly as a result of higher output from its... 

AMSA reports rise in Q3 sales and output

Sell SAA, it won't fly – economist 

By: News24Wire      31st October 2018 South African Airways (SAA) is a "vanity project" that the economy cannot afford and it should be sold, members of Parliament (MPs) have heard. The standing and select committees on finance on Wednesday heard submissions from the public on the mini budget. The mismanagement of loss-making... 

Sell SAA, it won't fly – economist

Global governments improve business climate through reforms  

By: Marleny Arnoldi     31st October 2018 The Word Bank Group’s ‘Doing Business 2019: Training for Reform’ report finds that governments around the world have set a new record in bureaucracy busting efforts for the domestic private sector, implementing 314 business reforms over the past year. This number of reforms this year has... 

Fuel price outlook: 'Petrol price down, but diesel goes up for November' – AA

By: News24Wire      31st October 2018 Fuel prices have moderated during October, with the prospect of some relief for petrol users, although users of diesel will have to cough up more, this is according to the Automobile Association (AA), which was commenting on unaudited month-end fuel price data released by the Central Energy Fund.... 

Fuel price outlook: 'Petrol price down, but diesel goes up for November' – AA

Ramaphosa concludes Germany visit as G20 wraps up

By: African News Agency      31st October 2018 President Cyril Ramaphosa has concluded a successful working visit to the Federal Republic of Germany where he attended the G20 Investment Summit, the Presidency said on Wednesday. "The visit reinforced cooperation between the governments of South Africa and Germany on bilateral and global issues... 

Ramaphosa concludes Germany visit as G20 wraps up
G20 Summit Heads of State

Businesses need increased awareness when managing risks – Dlamini

By: Simone Liedtke     30th October 2018 Given the fact that the world is marked by volatility, uncertainty, complexity and increasing ambiguity, retail property group Massmart chairperson Kuseni Dlamini on Tuesday suggested that businesses need to be “that much more aware and vigilant in terms of managing risks in the most appropriate... 

Businesses need increased awareness when managing risks – Dlamini
Photo by Dylan Slater
Massmart chairperson Kuseni Dlamini

'I was there when Cabinet approved nuclear programme' – Ramaphosa 

By: News24Wire      30th October 2018 President Cyril Ramaphosa has said he was in the Cabinet meeting where the decision was taken to issue a request for proposals for the nuclear build programme in 2015. This is according to a written reply from the president in response to a question from Democratic Alliance MP David Maynier – who... 

 'I was there when Cabinet approved nuclear programme' – Ramaphosa
President Cyril Ramaphosa

Merkel looks to Africa to cement a legacy shaped by migration 

By: Reuters     30th October 2018 German Chancellor Angela Merkel hosted African leaders on Tuesday, pledging a new development fund to tackle underdevelopment on the continent that has helped to spur mass migration, shaping the later years of her long premiership. Merkel announced on Monday she would retire from politics by... 

Merkel looks to Africa to cement a legacy shaped by migration
Rwandan President Paul Kagame, German Chancellor Angela Merkel & President Cyril Ramaphosa

S&P's says concerned about South Africa's fiscal consolidation, land reform

By: Reuters     30th October 2018 South Africa's sovereign rating risked being downgraded due to concerns about the postponement of fiscal consolidation and lack of clarity around land expropriation, a senior S&P's Global Ratings analyst said on Tuesday. Recession-hit South Africa last week unveiled a bleak budget that saw wider... 

Unemployment rate rises to 27.5% in Q3  

By: Marleny Arnoldi     30th October 2018 The official unemployment rate increased to 27.5% during the third quarter, compared with 27.2% in the second quarter. This translates to 6.2-million unemployed people in South Africa. The unemployment rate was 26.7% in the first quarter of the year, according to Statistics South Africa’s (Stats... 

Unemployment rate rises to 27.5% in Q3

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