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Macro and Micro News

What the Competition Amendment Bill means for the economy

By: African News Agency      14th February 2019 Cape Town-based intellectual property law Adams and Adams Attorneys on Thursday welcomed the signing of the Competition Amendment Bill into law by President Cyril Ramaphosa.  Ramaphosa on Wednesday signed the Competition Amendment Bill into law which he said will be a boost for SMEs and economic... 

Mboweni to trim deficit forecast on growth hopes

By: Reuters     14th February 2019 South Africa's Treasury head Tito Mboweni is likely to appease rating agencies and squeeze a tenth of a percentage point off his previous budget deficit forecast for next financial year, a Reuters poll showed on Thursday. The poll taken in the past week suggests Mboweni will announce a deficit... 

Mboweni to trim deficit forecast on growth hopes
Photo by Reuters
Finance Minister Tito Mboweni

Rand breaches $14 as Eskom sours outlook

By: Reuters     14th February 2019 South Africa's rand weakened past 14 per dollar on Thursday as power utility Eskom entered a fifth straight day of blackouts that have discouraged investors over the economy, days before the annual budget. At 0630 GMT, the rand was up 0.2% to 14.0425 per dollar, halting a slide that has seen the... 

Rand breaches $14 as Eskom sours outlook

Shifting R100bn in Eskom debt to government will have ‘dire’ economic consequences 

By: Terence Creamer     13th February 2019 Amid confirmation that Eskom is technically insolvent and will require a capital injection by April to remain a going concern, a leading economist is cautioning against the proposed transfer of R100-billion of the utility’s debt to government’s balance sheet. Instead, Standard Bank chief... 

Shifting R100bn in Eskom debt to government will have ‘dire’ economic consequences
Photo by Creamer Media
Standard Bank chief economist Goolam Ballim

Gordhan: Those responsible for Eskom's failures may soon be in 'orange uniforms'

By: News24Wire      13th February 2019 Public Enterprises Minister Pravin Gordhan has said that government plans to hold those responsible for Eskom's failures to account. Gordhan said there would be litigation against those responsible for the poor design of Medupi and also suggested that, in terms of corruption, some people might... 

 Gordhan: Those responsible for Eskom's failures may soon be in 'orange uniforms'
Photo by Creamer Media's Dylan Slater
Public Enterprises Minister Pravin Gordhan

Global acclaim for South Africa’s heart transplant commemorative coin

By: Simone Liedtke     12th February 2019 The South African Mint’s R2 commemorative coin depicting the world’s first successful human-to-human heart transplant received an accolade at this year’s Coin of the Year (COTY), held earlier this month in Berlin, Germany. The sterling silver Crown coin was the second in a series of coins... 

Global acclaim for South Africa’s heart transplant commemorative coin

KAP grows interim revenue

By: Schalk Burger     12th February 2019 JSE-listed KAP Industrial Holdings grew its revenue by 16% to R13.29-billion in the interim period to the end of December, up from R11.48-billion during the first half of 2018, the company reported on Tuesday. The diversified industrial firm, however, posted lower headline earnings of... 

ConCourt dismisses Moyane application for leave to appeal his dismissal 

By: African News Agency      12th February 2019 The Constitutional Court on Tuesday, dismissed former South African Revenue Service (SARS) Commissioner Tom Moyane’s application for leave to appeal his dismissal. "The Constitutional Court has considered this application for leave to appeal. It has concluded that the application should be... 

 ConCourt dismisses Moyane application for leave to appeal his dismissal
Photo by Creamer Media
Tom Monyane

EOH tumbles as Microsoft moves to pull resale licence

By: Schalk Burger     12th February 2019 Shares in information technology services company EOH plunged on Tuesday as the company announced that software multinational Microsoft planned to terminate its channel partner agreement with EOH Mthombo within 30 days. The impact on profit of no longer being a direct reseller will be about... 

Reserve Bank on inflation drivers

By: African News Agency      12th February 2019 Deputy governor of the South African Reserve Bank (SARB) Daniel Mminele said on Tuesday that the country's high inflation rate was driven by a rigid wage and price setting process, lack of competition and expectations from private economic agents. In recent years, South Africa's consumer price... 

An Africa invisible to Blackstone is winning back investors

By: Bloomberg     12th February 2019 The African investment roller-coaster shows just how hard it has been to make bets on the continent pay off. After two years of declines, the region had inflows of foreign direct investment last year, thanks to a revival of interest in South Africa and a more stable environment in Egypt. 

Gordhan meeting Eskom executives over power crisis 

By: Reuters     11th February 2019 Public Enterprises Minister Pravin Gordhan is meeting executives from state power firm Eskom on Monday to find solutions to the country's electricity crisis, Eskom spokesperson Khulu Phasiwe told Reuters. Eskom said on Monday it would cut 4 000 MW from the national grid from 13:00 after six... 

Gordhan meeting Eskom executives over power crisis
Photo by Bloomberg
Public Enterprises Minister Pravin Gordhan

Eskom says risk of rotational power cuts high for Monday

By: African News Agency      11th February 2019 State power utility Eskom said the risk for staggered powercuts was high for Monday after implementing the first loadshedding since early December on Sunday. "The probability of rotational loadshedding remains high tomorrow as a result of a shortage of capacity due to a number of generating units... 

Eskom says risk of rotational power cuts high for Monday

Business, industry comment on positives, negatives of SoNA 2019 

By: Marleny Arnoldi     8th February 2019 The Steel and Engineering Industries Federation of Southern Africa (Seifsa) and many other industry bodies and companies have welcomed President Cyril Ramaphosa’s State of the Nation Address (SoNA), which was delivered on Thursday evening. His war on corruption and focus on economic growth,... 

Investec says Sona focused on reviving growth with enhanced policy certainty 

By: African News Agency      8th February 2019 Investec economist Kamilla Kaplan said on Friday that President Cyril Ramaphosa's State of the Nation address (Sona) reaffirmed the key economic policy objective of reviving fixed investment rates in a bid to place the economy on a sustainable faster economic growth path. Ramaphosa's Thursday... 

Investec says Sona focused on reviving growth with enhanced policy certainty
President Cyril Ramaphosa

Ramaphosa confirms Eskom restructuring 

8th February 2019 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about President Cyril Ramaphosa’s confirmation that power utility Eskom will be split into three independent entities, what this will mean for the utility and its customers, and if it will be enough to put Eskom on... 

Ramaphosa confirms Eskom restructuring
Ramaphosa confirms Eskom restructuring

Ramaphosa floundering on job creation, says IRR

By: African News Agency      8th February 2019 The south African Institute of Race relations (IRR) said on Thursday that it found President Cyril Ramaphosa’s State of the Nation Address was floundering especially on the creation of jobs.  Dr Frans Cronje, IRR chief executive, said their research demonstrated a close relationship between... 

Adapt IT aims to expand African footprint

By: Schalk Burger     8th February 2019 JSE-listed information technology services company Adapt IT has grown its turnover by 4% year-on-year to R667-million and its earnings before interest, taxes, depreciation and amortisation (Ebitda) by 10% year-on-year to R118-million for the six months ended December 31. The company’s headline... 

Ramaphosa promises ‘meaningful consultation’ as he confirms split of Eskom into three units 

By: Terence Creamer     7th February 2019 President Cyril Ramaphosa confirmed on Thursday that South Africa’s embattled State-owned electricity producer would be split, under Eskom Holdings, into three separate entities – generation, transmission and distribution – in an effort to bring credibility to the turnaround of the utility and to... 

Ramaphosa promises ‘meaningful consultation’ as he confirms split of Eskom into three units
Photo by Reuters
President Cyril Ramaphosa

ASJV denies it terminated Mtentu project owing to alleged ‘financial inability’

By: Simone Liedtke     7th February 2019 Aveng and Strabag International on Thursday reasserted that the Aveng-Strabag Joint Venture (ASJV) had terminated the Mtentu river bridge contract as a result of force majeure, adding in a statement that the termination “had nothing to do with either of the ASJV members’ financial ability to... 

Education challenges remain an impediment to South Africa’s growth

By: Simone Liedtke     7th February 2019 With only moderate expectations for South Africa’s economic growth this year, especially amid political uncertainty ahead of the national elections, part-time lecturer at the Wits School of Governance professor Ebrahim Fakir on Thursday said that, especially in the business environment, “people... 

Solar Mining Services helps to boost the Mpumalanga economy 

By: Kim Cloete     7th February 2019 Solar Mining Services, a manufacturer and supplier of explosives, accessories and blasting services for the mining industry, has made strides in growing its business in South Africa. It has created more than 100 jobs and invested R500-million in South Africa since setting up in the country in... 

Solar Mining Services helps to boost the Mpumalanga economy
Solar Mining's Charles Hurly discusses the company's product offerings and its growth plans, while CEO Desmond Pillay talks about the company's impact on the Mpumalanga economy. Video and editing: Nicholas Boyd.

AMSA reports first profit since 2010 on back of higher steel prices  

By: Terence Creamer     7th February 2019 Following years of sustained losses, steel producer ArcelorMittal South Africa (AMSA) reported a full-year profit in 2018, on the back of a 12% rise in average realised prices and a 5% increase in sales volumes, supported by a 21% rise in export sales. The company last reported a full-year profit... 

AMSA reports first profit since 2010 on back of higher steel prices
New AMSA CFO Desmond Maharaj on the contribution made by the sale of Macsteel International Holdings to AMSA's net borrowings. Camera Work & Editing: Darlene Creamer. Recorded: 7.2.2019

Sappi delivers strong Q1 performance despite difficult operating environment 

By: Simone Liedtke     6th February 2019 Despite a difficult operating environment, diversified woodfibre company Sappi’s earnings before interest, taxes, depreciation and amortisation (Ebitda) increased by 15% year-on-year and its profit by 29% year-on-year in the quarter ended December 31. Profitability for the first quarter of the... 

Sappi delivers strong Q1 performance despite difficult operating environment
Sappi CEO Steve Binnie

Minerals Council’s national platinum strategy targets real potential 

By: Martin Creamer     6th February 2019 Minerals Council South Africa on Wednesday launched a national platinum strategy, which aims at sustaining a million jobs and contributing R8.2-trillion to South Africa’s economy by 2050. Speaking at a media conference at Investing in African Mining Indaba on Wednesday, Minerals Council CEO Roger... 

Minerals Council’s national platinum strategy targets real potential
Photo by Dylan Slater
Minerals Council CEO Roger Baxter

Business confidence index ‘virtually unchanged’ from December 

By: Simone Liedtke     6th February 2019 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) remained “virtually unchanged” at 95.1 index points in January, compared with the 95.2 points recorded for December 2018. The BCI was, however, 4.6 index points lower than the 99.7 recorded in January... 

Working together can deliver mining’s massive benefits – Friedland 

By: Martin Creamer     6th February 2019 Mining can and will deliver massive benefits if all stakeholders work together, Ivanhoe Mines executive co-chairperson and founder Robert Friedland said on Wednesday Speaking on the third day of the Investing in African Mining Indaba, he outlined the huge potential of collaborative government,... 

Working together can deliver mining’s massive benefits – Friedland
Ivanhoe Mines executive co-chairperson and founder Robert Friedland speaks about the winds of change blowing in South Africa and the DRC and the benefits mining companies, African governments and communities can reap if all parties work together. Video and editing: Nicholas Boyd.

SA business confidence flat amid little real economic progress – Sacci 

By: African News Agency      6th February 2019 Confidence among South African businesses remained virtually unchanged in January compared to December as the optimism that greeted President Cyril Ramaphosa's inauguration a year ago continues to wane, a survey showed on Wednesday. The South African Chamber of Commerce and Industry's (Sacci's)... 

SA business confidence flat amid little real economic progress – Sacci

SA mining is a sunrise industry – Ramaphosa 

By: African News Agency      5th February 2019 President Cyril Ramaphosa said on Tuesday that the mining industry in South Africa is not a sunset industry, rather it is a sunrise industry.  Speaking on the second day on the 25th annual Investing in African Mining Indaba in Cape Town, Ramaphosa said government recognised the important role... 

SA mining is a sunrise industry – Ramaphosa
President Cyril Ramaphosa

ATNS appoints new human resources executive

By: Simone Liedtke     5th February 2019 State-owned Air Traffic and Navigation Services (ATNS) has appointed Lulekwa Ngcwabe as its new human resources executive. She joins ATNS from the City of Johannesburg’s Metrobus entity, where she was GM for corporate services. 

ATNS appoints new human resources executive
Newly-appointed Lulekwa Ngcwabe

Expect some tough announcements on Eskom soon – Davies 

By: News24Wire      5th February 2019 Eskom is in deep trouble financially and operationally and South Africa is facing enormous challenges in the electricity industry, Minister of Trade and Industry Rob Davies said on Tuesday. Davies was a guest speaker at a round table discussion hosted by the Department of Trade and Industry on... 

Expect some tough announcements on Eskom soon – Davies
Photo by Creamer Media
Trade and Industry Minister Rob Davies

Mantashe to investors: Don't listen to doomsayers, invest in SA

By: News24Wire      5th February 2019 Investors must be shown that there are opportunities to make money and that is what we offer them in the South African mining industry, Minister of Mineral Resources Gwede Mantashe said on Tuesday. He was one of the guest speakers at a roundtable hosted by the Department of Trade and Industry... 

 Mantashe to investors: Don't listen to doomsayers, invest in SA
Mineral Resources Minister Gwede Mantashe

Private sector shrinks at a slower pace in January – IHS Markit PMI

By: Reuters     5th February 2019 Activity in South Africa's private sector deteriorated slightly in January as output and new orders fell while exports rose, a survey showed on Tuesday. IHS Markit's Purchasing Managers' Index (PMI) rose to 49.6 from 49.0 in December, remaining below the 50 mark that separates expansion from... 

Eight senior Transnet execs issued with precautionary suspension letters  

By: Simone Liedtke     4th February 2019 Eight senior executives at State-owned Transnet have been issued with letters of precautionary suspension resulting from past internal audit and forensic reports that were not implemented by management at Transnet. The decision to issue the precautionary suspensions was taken after no follow-ups... 

Clover’s shares rise on buyout offer

By: Simone Liedtke     4th February 2019 Dairy firm Clover Industries’ JSE-listed shares rose by 21% on Monday morning after it announced that it had entered into an implementation agreement with Milco South Africa (SA), which intends to make an offer to acquire all of Clover’s issued shares. Milco SA is a new company formed by a... 

Clover’s shares rise on buyout offer

Gordhan and Malema to face off in Equality Court

By: News24Wire      4th February 2019 Economic Freedom Fighters (EFF) leader Julius Malema and Public Enterprises Minister Pravin Gordhan will face off in the Equality Court today following Malema's scathing attack on the Public Enterprises Minister. This comes after Malema addressed a crowd of EFF supporters outside the Commission... 

Gordhan and Malema to face off in Equality Court
Photo by Bloomberg
Public Enterprises Minister Pravin Gordhan

All PIC board members resign

By: Reuters     1st February 2019 The entire board of South Africa's state-owned state pension fund, the Public Investment Corporation (PIC), resigned on Friday, citing instability at the firm following graft allegations against at least four directors. "These events have been unbearable to us as individuals," the board said in a... 

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