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Macro and Micro News

AfDB reports another year of sustained indicators

By: Simone Liedtke     23rd October 2018 Ahead of its maiden African Investment Forum (AIF) in November, the African Development Bank (AfDB) has reported another year of sustained indicators for 2017, underlined by a Triple A rating by all three major agencies and sharply increased earnings. The bank noted in a statement released on... 

Solidarity Movement to serve court papers on Sasol on Thursday

By: Simone Liedtke     23rd October 2018 On Thursday, thousands of Solidarity Movement members will serve court papers on integrated energy and chemicals company Sasol at its head office in Sandton. The serving of the court documents comes in the wake of a dispute between Sasol and Solidarity over the exclusion of white employees from... 

'We'll appoint an NDPP who'll be slippery to clutches of State capture' – Ramaphosa

By: News24Wire      23rd October 2018 President Cyril Ramaphosa has promised that South Africa will have a National Director of Public Prosecutions (NDPP) who is "slippery" to potential capturers of the State. The president was speaking at the Heads of Mission Conference at the Department of International Relations in Pretoria on... 

'We'll appoint an NDPP who'll be slippery to clutches of State capture' – Ramaphosa
President Cyril Ramaphosa

Resilient S Africa emerging from potentially destructive period – Ramaphosa 

By: African News Agency      23rd October 2018 President Cyril Ramaphosa said on Tuesday his government was leading a South Africa emerging from a very difficult past, characterised by massive corruption and the erosion of confidence in key state institutions. "It is important that we should not overlook the challenges that we have, emerging... 

Resilient S Africa emerging from potentially destructive period – Ramaphosa
President Cyril Ramaphosa

Treasury-led initiative offers free financial education to communities

By: African News Agency      23rd October 2018 The National Treasury and related financial organisations have undertaken what they called a successful campaign to financially educate South African communities. The pilot initiative "Money Smart Week South Africa" went live in the communities of Mamelodi, Tembisa, Alexandra and Soweto from... 

Treasury-led initiative offers free financial education to communities

Eskom gearing up for big grid-scale battery storage roll-out  

By: Terence Creamer     22nd October 2018 State-owned electricity utility Eskom is preparing to roll-out battery energy storage systems (BESS) across multiple sites as part of a replacement plan for the 100 MW Kiwano concentrated solar power (CSP) project initially approved as part of the $3.75-billion World Bank loan extended to the... 

Eskom gearing up for big grid-scale battery storage roll-out
Photo by Creamer Media
Eskom has been testing battery storage solutions at its research facility in Rosherville for the past few years

Mboweni walks budget tightrope to fix ailing economy

By: Reuters     22nd October 2018 South Africa's new finance minister will target spending on agriculture, infrastructure and job creation projects in his inaugural budget speech on Wednesday in a bid to haul the economy out of a recession. With the government facing a ballooning debt, stubbornly high unemployment, struggling... 

This year marks new turning point for South African economy – economist 

By: Simone Liedtke     22nd October 2018 Despite South Africa having experienced subpar economic growth in the last decade, financial services firm Citibank economist Gina Schoeman believes this year has marked a new turning point for the country. While the country's gross domestic product (GDP) growth is expected to be only 0.8% this... 

This year marks new turning point for South African economy – economist
Citibank economist Gina Schoeman discusses the current state of South Africa's economy. Video and editing: Nicholas Boyd.

DBSA awarded funding to create R2bn climate finance facility 

By: African News Agency      22nd October 2018 The Development Bank of Southern Africa (DBSA) announced on Monday that it has been awarded funding of R795-million to establish a R2-billion Climate Finance Facility (CFF) focusing on infrastructure projects and businesses that mitigate or adapt to climate change.  The DBSA received funding from... 

DBSA awarded funding to create R2bn climate finance facility
Photo by Creamer Media
DBSA CEO Patrick Dlamini

Transnet confirms Gama fired with full pay for six months

By: African News Agency      22nd October 2018 Transnet on Monday confirmed that Siyabonga Gama has been fired as the freight rail operator's chief executive officer and said it was in line with a government drive to turn around State-owned entities.  Transnet said it informed Gama of its decision on Sunday and Monday would be his last... 

 Transnet confirms Gama fired with full pay for six months
Photo by Creamer Media
Former Transnet CEO Siyabonga Gama

ExecuJet to offer customers new experience with super versatile jet

By: Simone Liedtke     19th October 2018 Luxury aviation company ExecuJet will, on October 25, officially launch and welcome the Pilatus PC-24 to its fleet at the company’s private terminal at Cape Town International Airport. The aircraft, which was developed by Swiss original-equipment manufacturer Pilatus, is the first of its type... 

ExecuJet to offer customers new experience with super versatile jet

Revived SARS illicit economy unit already eyeing 58 cases, says Kingon

By: News24Wire      19th October 2018 The soon-to-be reopened South African Revenue Service (SARS) unit probing the illicit economy has already identified 58 cases for investigation, the tax agency's Acting Commissioner Mark Kingon told the Nugent Commission of Inquiry on Friday.  The unit was one of several shut down under the... 

 Revived SARS illicit economy unit already eyeing 58 cases, says Kingon

Clash over Trump tariffs heats up with barrage of WTO litigation

By: Reuters     19th October 2018 Disputes over US tariffs and retaliatory moves by other states have sparked 12 requests for adjudication at the World Trade Organization, signalling an escalation in global trade tensions. The agenda for an Oct. 29 meeting of the WTO's dispute settlement body on Friday confirmed the legal moves,... 

Flirting with populism? Ask Venezuela how that went – SARB head Kganyago

By: News24Wire      19th October 2018 South African Reserve Bank (SARB) Governor Lesetja Kganyago has warned leaders that a wave of populism sweeping a number of global economies was a sign that leaders should be more responsible and accountable.  Speaking at the Association of Black Securities and Investment Professionals conference... 

 Flirting with populism? Ask Venezuela how that went – SARB head Kganyago
Photo by Reuters
SARB Governor Lesetja Kganyago

Nhlanhla Nene resigns as MP 

By: News24Wire      19th October 2018 After falling on his sword as minister of finance, Nhlanhla Nene has also resigned as an MP, the African National Congress (ANC) confirmed on Friday. ANC chief whip Jackson Mthembu's office received Nene's resignation letter on Friday. This follows Nene's testimony before the commission of... 

Nhlanhla Nene resigns as MP
Former Finance Minister Nhlanhla Nene

Sub-Saharan Africa's big economies yet to recover

By: Reuters     19th October 2018 Sub-Saharan Africa's economic recovery will progress slowly into next year, as the continent's biggest drivers struggle to move into higher gear despite a healthier global economy, a Reuters poll found on Friday. Commodity prices have improved and the global economy is in good shape, but Nigeria... 

Economic growth the missing key to South Africa's investment drive – Jacko Maree

By: African News Agency      19th October 2018 Special envoy on investment Jacko Maree on Thursday said that the missing key to South Africa's investment drive was economic growth and confidence in the socio-political and socioeconomic environment of the country.  In April, President Cyril Ramaphosa appointed Maree and four other special... 

EOH hopes restructuring will create new growth platform

By: Schalk Burger     19th October 2018 JSE-listed information technology group EOH has separated into two companies as part of its work to renew the business and position it for growth. The EOH-branded information and communication technology (ICT) business will focus on digital services in a digitising economy and the Nextec company... 

South African mint shines in Africa

By: Natasha Odendaal     19th October 2018 The South African Mint’s (SA Mint’s) master craft and secure manufacturing has made it one of the top preferred manufacturers of coins and coin blanks in the world, and a valuable partner across Africa. The famous producer of circulation and commemorative coins has, on its CV, an impressive list... 

Alibaba’s Jack Ma to speak at Ramaphosa’s Investment Conference dinner 

By: Terence Creamer     18th October 2018 Chinese tech sensation Jack Ma will deliver the keynote speech at a dinner to be hosted by President Cyril Ramaphosa on October 26 as part of the inaugural South Africa Investment Conference. The conference will take place at the Sandton Convention Centre, in Gauteng, from October 25 to 27, in... 

Alibaba’s Jack Ma to speak at Ramaphosa’s Investment Conference dinner
Jack Ma

M&A activity slowly increasing in Africa

By: Marleny Arnoldi     18th October 2018 Merger and acquisition (M&A) activity has been slower in South Africa, compared with prior years; however, other African countries have seen an increase in deals closed, said Hogan Lovells partner Sibongile Solombela at the firm’s Africa Forum conference held on Thursday. M&A activity is still... 

Getting Africa fit for the future requires good governance – Africa Forum

By: Marleny Arnoldi     18th October 2018 Law firm Hogan Lovells Africa head and partner Andrew Skipper on Thursday opened the firm’s Africa Forum conference by stating that, in Africa, there is a combination of optimism and scepticism, but stressed that the available opportunities were enormous. “Currency, corruption and certainty need... 

Getting Africa fit for the future requires good governance – Africa Forum
Business Leadership South Africa CEO Bonang Mohale

Govt ready to woo potential investors at SA Investment Conference

By: African News Agency      18th October 2018 Confirmed attendees for next week's South Africa Investment Conference - government's attempt to unlock investment to grow the local economy and create jobs - include JSE listed companies with a market capitalisation of R6.5-trillion and Fortune 500 companies with a market cap of US$4-trillion,... 

Govt ready to woo potential investors at SA Investment Conference
Photo by Dylan Slater
Economic Development Minister Ebrahim Patel

South African slump batters smaller neighbours protecting rand peg

By: Bloomberg     18th October 2018 South Africans aren’t the only ones struggling through the country’s economic slump. The fortunes of Lesotho, Namibia, and eSwatini, formerly known as Swaziland, are beholden to developments in their larger neighbor with their exchange rates pegged to the rand, the worst-performing major currency... 

Ramaphosa orders inquiry at State pension fund

By: Reuters     18th October 2018 President Cyril Ramaphosa on Wednesday appointed a judicial inquiry into the R2-trillion State pension fund, a government gazette said, following corruption allegations. The PIC is Africa's biggest pension fund and the biggest investor in South Africa's economy holding a large volume of bonds... 

Ramaphosa orders inquiry at State pension fund
President Cyril Ramaphosa

Draft IRP comment deadline nears 

18th October 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the upcoming deadline for public comment on the draft Integrated Resource Plan (IRP), the main areas of contention and what Cabinet is likely to decide when deliberating on the final IRP. 

Draft IRP comment deadline nears
Draft IRP comment deadline nears

African countries can leapfrog technologies, if they understand the requirements

By: Rebecca Campbell     17th October 2018 The world, in trade and industrial terms, is being disrupted by both technological and political developments, providing opportunities but also posing risks to African countries. So highlighted University of Cape Town Mandela School of Public Governance Professor Carlos Lopes. On the... 

Sanral e-toll proposals are desperate threats – Outa

By: Sashnee Moodley     17th October 2018 The South African National Roads Agency Limited’s (Sanral’s) various proposals to try and force motorists to pay outstanding e-toll bills are desperate threats and will be extremely difficult to implement, said the Organisation Undoing Tax Abuse (Outa) on Wednesday. Sanral CEO Skhumbuzo Macozoma... 

Sanral e-toll proposals are desperate threats – Outa

Informal waste pickers should be integrated into formal waste management sector, suggests analyst

By: Marleny Arnoldi     17th October 2018 The informal waste economy in South Africa has been largely responsible for the high rates of post-consumer material recycling that have been achieved, GreenCape Sector Development Agency waste economy analyst Dr Kirsten Barnes noted during a presentation at WasteCon 2018, on Wednesday. Her... 

South Africa slips in WEF Global Competitiveness Index

By: African News Agency      17th October 2018 South Africa has fallen another five places in the World Economic Forum Global Competitiveness Index (WEF GCI), placing 67 out of 140 countries. The 2018 WEF GCI, released on Wednesday, scores 140 economies using 98 indicators organised into 12 pillars – institutions, infrastructure, ICT... 

South Africa slips in WEF Global Competitiveness Index

EnviroServ returning to its roots following Shongweni malodour issue

By: Simone Liedtke     16th October 2018 After acknowledging that its KwaZulu-Natal-based Shongweni landfill was a contributor to malodour, waste management company EnviroServ has returned to its “old way of disposing of waste”, which comprises using lime to raise the alkalinity (pH) levels at its landfill sites. This decision,... 

EnviroServ returning to its roots following Shongweni malodour issue
Shongweni landfill, in KwaZulu-Natal.

Moody's ratings review of South Africa to come after next week's budget – Treasury

By: Reuters     16th October 2018 South Africa expects Moody's to release its ratings review after next week's medium term budget policy statement (MTBPS), Dondo Mogajane, the director general of the National Treasury said on Tuesday. Mogajane said he met Moody's representatives at an international financial conference in Bali... 

Mboweni slams KPMG over role in VBS scandal

By: African News Agency      16th October 2018 Finance Minister Tito Mboweni on Tuesday condemned auditing firm KPMG for signing off on the financial statements of failed VBS Mutual Bank even though, according to a South African Reserve Bank report, it was clear that it had a shortfall of about R1-billion. "When you have a big auditing firm... 

Mboweni slams KPMG over role in VBS scandal
Finance minister Tito Mboweni

Used oil industry offering significant job creation potential, says foundation

By: Simone Liedtke     16th October 2018 Although still relatively young in South Africa, the economic contribution to the country through job creation in the used oil sector is looking very promising, according to a study commissioned by the Recycling Oil Saves the Environment (Rose) Foundation. A survey commissioned by the foundation... 

Mboweni has received preliminary report on PIC 

By: African News Agency      16th October 2018 Finance Minister Tito Mboweni on Tuesday said he had received a preliminary report on the Public Investment Corporation (PIC), suggesting this would hasten the start date of an inquiry announced by President Cyril Ramaphosa in August. "A preliminary report on the PIC was given to me by the deputy... 

Mboweni has received preliminary report on PIC
President Cyril Ramaphosa & Finance Minister Tito Mboweni

Treasury says recession, falling revenue dent public finances

By: Reuters     16th October 2018 South Africa will struggle to finance the public services that form the largest part of its budget due to falling revenues and an economic recession, the National Treasury told lawmakers on Tuesday. Africa's most industrialised economy slipped into recession in the second quarter for the first... 

Messe München South Africa acquires Air Cargo India, Air Cargo Africa exhibitions

By: Simone Liedtke     16th October 2018 International exhibition organiser Messe München has bought the Air Cargo India and Air Cargo Africa exhibitions from Indian publishing house Stat Trade Times. Air Cargo Africa is the largest air cargo trade fair in Africa, attracting over 80 exhibitors and 2 000 visitors from across the continent.  

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