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Macro and Micro News

Moody's sees little chance of South Africa downgrade

By: Reuters     13th September 2018 Moody's said on Thursday there was little chance it would strip South Africa of its investment grade credit rating this year – giving some respite to President Cyril Ramaphosa after the economy moved into recession. But the agency – the last of the top three ratings firms to have Pretoria's... 

South Africa deal flow to continue upward trend this year – Savca

By: Simone Liedtke     13th September 2018 The South African venture capital industry exceeded the R1-billion mark for the first time in 2017 – investing R1.16-billion, the Southern Africa Venture Capital and Private Equity Association’s (Savca’s) ‘2018 Venture Capital Industry Survey’ reveals. The annual publication highlights start-up... 

Sygnia shares start trading on A2X

By: Simone Liedtke     13th September 2018 Investment management company Sygnia’s shares began trading on South African stock exchange A2X on Thursday, with the company becoming the eleventh issuer to secondary list on the exchange. Sygnia, which is based in South Africa, retains its primary listing on the JSE. 

Easing of water restrictions will restore international investor confidence in Cape Town

By: News24Wire      13th September 2018 The easing of the stringent water restrictions will restore international confidence in Cape Town as a destination for tourism and investment, say business leaders. But it will take hard work getting the message out there. Tim Harris, CEO of Wesgro, the agency that promotes tourism, trade and... 

Easing of water restrictions will restore international investor confidence in Cape Town

Don't 'discriminate' against chicken, committee hears on VAT hike

By: African News Agency      12th September 2018 Submissions on the Value-Added Tax (VAT) Panel's report to Parliament on Wednesday ranged from pleas to exempt chicken as a protein staple to imposing a special value added tax of up to 20 percent on luxury goods. The latter came from the Congress of South African Trade Unions (Cosatu), who said... 

Don't 'discriminate' against chicken, committee hears on VAT hike

Business confidence at its worst this year, marred by uncertainty

By: News24Wire      12th September 2018 Business confidence in South Africa has declined by 4.2 index points - measuring 90.5 in August compared to 94.7 in July 2018 - the lowest level this year. The South African Chamber of Commerce and Industry (Sacci) released its Business Confidence Index on Wednesday. The BCI does not reflect... 

 Business confidence at its worst this year, marred by uncertainty

Business confidence falls amid uncertainty

By: Marleny Arnoldi     12th September 2018 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) declined by 4.2 index points in August to 90.5, compared with 94.7 in July. The BCI, nevertheless, remained 0.9 index point above the level of 89.6 recorded in August 2017.  

Nene to deliver mini budget on October 24 in tough economic environment

By: News24Wire      12th September 2018 Finance Minister Nhlanhla Nene will present 2018's mini budget on October 24, Parliament announced on Wednesday.  The medium-term budget policy statement, delivered in late October about four months before the main Budget the following February - includes adjusted estimates of how much government... 

Nene to deliver mini budget on October 24 in tough economic environment
Finance Minister Nhlanhla Nene

Parliament to debate recession, fuel price hikes

By: News24Wire      12th September 2018 Parliament will debate record fuel prices and ideas for economic revival on Wednesday afternoon.  Last week Stats SA announced that SA had slipped into a technical recession - defined as two successive quarters of negative economic growth - for the first time since 2009.  

 Parliament to debate recession, fuel price hikes

South African business confidence slips in Q3 – survey

By: Reuters     11th September 2018 South African business confidence fell marginally in the third quarter, a survey showed on Tuesday, after the economy slipped into recession and hopes faded for a revival under President Cyril Ramaphosa. The Rand Merchant Bank (RMB) business confidence index compiled by the Bureau for Economic... 

South African business confidence slips in Q3 – survey

Serialong Trust acquires 25.1% stake in Gra-Tech

By: Simone Liedtke     11th September 2018 Entrepreneur and Business Leadership South Africa CEO Bonang Mohale and Afrika Tikkun Capital have acquired a 25.1% interest in industrial chemical cleaning business Gra-Tech. Mohale described the investment as a “vote of confidence in South Africa’s heavy industrial sector” and adds that it is... 

Transnet Engineering appoints acting chief officer for advanced manufacturing

By: Simone Liedtke     11th September 2018 Transnet Engineering has appointed Thoba Majoka acting chief officer for advanced manufacturing, effective September 10. Majoka is currently the divisional executive for maintenance and services at Transnet Engineering, where he is responsible for the overall strategic direction of this... 

Rand gains limited by negative emerging market sentiment

By: News24Wire      11th September 2018 The rand, which has been strengthening since Thursday last week, may break through the R15/$ barrier on Tuesday, but any gains will be limited by emerging market weakness, according to analysts.  The local currency opened trade at R15.19 to the greenback and was changing hands 0.96% stronger at... 

 Rand gains limited by negative emerging market sentiment

Afrox achieves double-digit HEPS growth amid subdued economic environment 

By: Simone Liedtke     10th September 2018 Despite low economic growth in the six months to June 30, JSE-listed African Oxygen (Afrox) achieved double-digit growth in its headline earnings per share (HEPS) to 104c, representing an increase of 11.5% from the HEPS of 93.3c recorded for the six months to June 30, 2017. Referring to the... 

Afrox achieves double-digit HEPS growth amid subdued economic environment
African Oxygen (Afrox) MD Schalk Venter speaks to Engineering News Online about the company’s interim results, and upcoming investment plans. Video & Editing: Darlene Creamer

South African M&A activity declined in H1 – Baker McKenzie

By: Marleny Arnoldi     10th September 2018 Analysis by law firm Baker McKenzie of Thomson Reuters’ data finds that merger and acquisition activity in South Africa declined, in terms of the volume and value of domestic and cross-border deals, in the first half of this year. Transactions fell by 44% and volume and value fell by 52%,... 

South Africa may miss tax take target, says finance minister

By: Reuters     10th September 2018 South Africa's tax take could well be lower than forecast this year, with a downturn in the economy exacerbating problems at the tax revenue service, Finance Minister Nhlanhla Nene said on Monday. The country entered recession in the second quarter for the first time since 2009. 

Tongaat Hulett appoints interim CEO

By: Simone Liedtke     7th September 2018 Sydney Mtsambiwa has been appointed as the interim CEO of JSE-listed agriculture and agroprocessing group Tongaat Hulett, with effect from November 1, following the retirement of long-serving CEO Peter Staude. Mtsambiwa will serve as the interim CEO until the board has finalised the appointment... 

Fearmongering over recession won't do any good – Madonsela

By: News24Wire      7th September 2018 Choose hope over fear and leadership over victimhood, former Public Protector Thuli Madonsela urged South Africans on Friday.  Fearmongering over the recession would not do the country any good, she added.  

 Fearmongering over recession won't do any good – Madonsela
Photo by Creamer Media
Former Public Protector Thuli Madonsela

Expropriation without compensation could 'trigger classical banking crisis' – Nedbank

By: African News Agency      7th September 2018 Expropriating property without compensation could "trigger a classical banking crisis", Nedbank chief executive Mike Brown told MPs on Friday. Brown was participating in the last round of public hearings by a parliamentary committee probing whether section 25 of the Constitution needs to be... 

 Expropriation without compensation could 'trigger classical banking crisis' – Nedbank

Why a policy expert says S Africa's current phase of chaos is 'normal'

By: News24Wire      7th September 2018 South Africa is currently in a period of chaos – a normal phase to go through after years of neglect, corruption and weak leadership. This is the view of policy specialist Theo Venter of the North West University School of Business and Governance. He was one of the speakers at the Momentum... 

Why a policy expert says S Africa's current phase of chaos is 'normal'

Aveng expects to wrap up noncore disposals by June 2019

By: Terence Creamer     7th September 2018 Embattled construction group Aveng expects to finalise the disposal of all noncore businesses by June 2019. Following a strategic review, the JSE-listed company identified Aveng Trident Steel, Aveng Grinaker-LTA, Aveng Manufacturing, as well as certain properties and other assets, for sale. 

Aveng expects to wrap up noncore disposals by June 2019

SA is not actually in a recession – economist

By: News24Wire      7th September 2018 South Africa is not in a recession, despite the latest gross domestic product (GDP) figures released by Statistics South Africa, economist Roelof Botha said on Thursday. South Africa slipped into what is generally considered a technical recession - defined as two successive quarters of negative... 

 SA is not actually in a recession – economist

Optimism for new markets as SA businesses complete mission to Peru

By: African News Agency      7th September 2018 South African businesses have completed a five-day mission to Peru organised and funded by the department of Trade and Industry (dti) to help them seek a market in the South American country.  Kama Industries managing director Grand Rousseau said he viewed the mission as a success, with two of... 

Optimism for new markets as SA businesses complete mission to Peru

South Africa's Automotive Masterplan 

7th September 2018 Government and the automotive industry are said to be close to reaching consensus on the South African Automotive Masterplan. Irma Venter tells us more. 

South Africa's Automotive Masterplan
South Africa's Automotive Masterplan

South Africa’s logistics ranked third among upper-middle-income countries

By: Simone Liedtke     6th September 2018 The 2018 World Bank Logistics Performance Index (LPI) ranks South Africa as the third most competitive market behind Thailand and China in terms of logistics performance among upper-middle-income economies ranking. Brand South Africa on Thursday welcomed the results of the LPI, which also sees... 

Ramaphosa calls for consolidation between SA companies and continent

By: African News Agency      6th September 2018 President Cyril Ramaphosa has called on South African companies to work in partnership, consolidate South African interests on the African continent and to collaborate with China on projects in line with the country's development and integration objectives. Ramaphosa made the call on Thursday... 

 Ramaphosa calls for consolidation between SA companies and continent
President Cyril Ramaphosa

China says African countries don't think cooperation adds to debt

By: Reuters     6th September 2018 African leaders attending this week's summit with China don't think that cooperation between the continent and Beijing has added to their debt burden, the Chinese government's top diplomat said on Thursday. Chinese President Xi Jinping pledged $60-billion to African nations at Monday's opening of... 

China says African countries don't think cooperation adds to debt
President Cyril Ramaphosa and Chinese President Xi Jinping

Moody's says South Africa recession shock credit negative

By: Reuters     6th September 2018 Ratings agency Moody's said on Thursday that the South African economy's slide into recession in the second quarter would exacerbate the fiscal and monetary challenges the country faces, calling weaker-than-expected economic data "credit negative". Data showed on Tuesday that the South African... 

Fuel-price intervention will have ‘no impact on fiscus’

By: Terence Creamer     6th September 2018 Cabinet insisted on Thursday that Energy Minister Jeff Radebe’s intervention to hold fuel prices steady in September – rather than to allow for the August under-recovery to be passed on to motorists as usual – would have no impact on the fiscus. In a statement released following its Wednesday... 

Fuel-price intervention will have ‘no impact on fiscus’

Measures to support economic growth in the pipeline – Cabinet

By: African News Agency      6th September 2018 A stimulus package to boost the South African economy will be announced "within a short period of time", Communications Minister Nomvula Mokonyane said on Thursday. Briefing the media on Wednesday's fortnightly cabinet meeting, Mokonyane said a host of measures would be taken in an attempt to... 

Measures to support economic growth in the pipeline – Cabinet
Communications minister Nomvula Mokonyane

Ramaphosa says South Africa to recover from recession soon

By: Reuters     6th September 2018 South Africa will soon recover from recession, President Cyril Ramaphosa said on Thursday in his first reaction to news that undermines his effort to revive the economy and attract investment after a decade of stagnation. Ramaphosa staked his reputation on economic revival when he took over in... 

Ramaphosa says South Africa to recover from recession soon
President Cyril Ramaphosa

ANC worries over elections as SA enters recession

By: News24Wire      6th September 2018 The chairperson of the African National Congress's (ANC's) subcommittee on economic transformation Enoch Godongwana has admitted that the ruling party is worried about going into the 2019 national elections while the country's reeling from an economic recession. He made the comments to... 

ANC worries over elections as SA enters recession

Telkom, universities partner to develop national Fourth Industrial Revolution agenda

By: Marleny Arnoldi     5th September 2018 Telecommunications giant Telkom and the universities of the Witwatersrand (Wits), Johannesburg (UJ) and Fort Hare on Wednesday launched SA4IR, which is a national response to the Fourth Industrial Revolution. The partnership between the company and the universities seeks to build an inclusive... 

ANC calls for immediate stimulus package as economy dips into recession

By: News24Wire      5th September 2018 The African National Congress (ANC) has called for ‘aggressiveness’ in implementing an economic recovery package after Stats SA announced on Tuesday that South Africa had slipped into its first technical recession since 2009.  In a statement on Wednesday, the party’s subcommittee on economic... 

 ANC calls for immediate stimulus package as economy dips into recession

Affordability of energy must be prioritised – Radebe

By: African News Agency      5th September 2018 South Africa's Energy Minister Jeff Radebe has urged the prioritisation of energy affordability in order to attract investment. During his keynote address at the Africa oil and power conference held at the Cape Town International Convention Centre he said it was imperative in order to create jobs. 

 Affordability of energy must be prioritised – Radebe
Energy Minister Jeff Radebe

South Africa’s rating under threat as economy enters recession

By: Marleny Arnoldi     5th September 2018 South Africa’s slide into a technical recession in the second quarter is a timely warning and reminder for the country to get its economy in order, failing which it will lose its only investment grade rating, says Business Unity South Africa CEO Tanya Cohen. Moody’s Investors Service said in... 

South Africa’s rating under threat as economy enters recession

Standard Bank PMI falls to 29-month low in August

By: Marleny Arnoldi     5th September 2018 Operating conditions in South Africa’s private sector economy deteriorated for the second straight month in August, as business activity and input purchasing decreased in line with an accelerated drop in new orders, says Standard Bank in its Purchasing Managers’ Index (PMI) for August.... 

Standard Bank PMI falls to 29-month low in August

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