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Macro and Micro News

DTI’s Strachan steps in as SABS acting CEO

By: Creamer Media Reporter      2nd August 2018 Garth Strachan, previously the Department of Trade and Industry’s deputy director-general of the Industrial Development division, has been appointed acting CEO of the South African Bureau of Standards (SABS). This follows the resignation, effective August 1, of suspended former SABS CEO Dr Boni... 

AfDB appoints Kapoor director general for regional office

By: African News Agency      2nd August 2018 The African Development Bank Group has appointed Dr Kapil Kapoor director general for its Southern Africa Regional Development and Business Delivery Office, it said late on Wednesday. It said Kapoor, who has been director for strategy and operational policies since 2012 when he joined the bank,... 

AMSA studies new Vanderbijl electric arc furnace as it moves to restart Vereeniging mill 

By: Terence Creamer     1st August 2018 Steel producer ArcelorMittal South Africa (AMSA), which announced its first interim profit in six years and may be on track to deliver its first full year profit since 2010, has initiated a study for the construction of a new electric arc furnace (EAF) at its Vanderbijlpark mill and has also... 

AMSA studies new Vanderbijl electric arc furnace as it moves to restart Vereeniging mill
AMSA CEO Kobus Verster

New sales channels, expansion lift Go Life’s revenue

By: Simone Liedtke     1st August 2018 JSE-listed Go Life International’s revenue rose by 66.3% year-on-year to $572 287, compared with revenue of $343 730 earned in the quarter ended May 31, 2017. This significant growth, the company said on Wednesday, is attributed to various new sales channels, as well having expanded the Go Life... 

Expropriation will advance economic development, increase food security – Ramaphosa

By: News24Wire      1st August 2018 President Cyril Ramaphosa announced that the ANC would propose an amendment of the Constitution to Parliament, outlining conditions for expropriation of land without compensation. His late-night announcement came following the political party's two-day national executive committee lekgotla, which... 

Nene extends deadline for VAT panel to submit report to him

By: African News Agency      1st August 2018 Finance Minister Nhlanhla Nene has extended the deadline for a panel of experts appointed to review the current list of items exempt from value-added tax (VAT) to submit its final report to him, the National Treasury said on Tuesday. "The Chair of the Independent Panel of Experts for the review... 

Trade surplus jumps to R12bn in June

By: Reuters     31st July 2018 South Africa's trade surplus widened to R12-billion ($917-million) in June from a revised R3.84-billion surplus in May, data from the revenue agency showed on Tuesday. Exports rose by 7.1% on a month-on-month basis to R110-billion in June, while imports dipped 0.9% to R98-billion, the South... 

IDC open to ‘all options’ for turning around Foskor as impairments surge  

By: Terence Creamer     31st July 2018 The State-owned Industrial Development Corporation (IDC) reported a sharp rise in impairments during its 2018 financial year, which surged 178% to R2.7-billion, from R954-million in 2017. Impairments as a percentage of total financing also increased to R4.9-billion (R2.1-billion), or 17.4%, only... 

IDC open to ‘all options’ for turning around Foskor as impairments surge
IDC CFO Nonkululeko Dlamini and CEO Geoffrey Qhena discuss the rise in impairments in the 2018 financial year, while IDC chairperson Busisiwe Mabuza outlines the need for policy certainty. Video and editing: Nicholas Boyd.

Q2 unemployment rate rises to 27.2%

By: Marleny Arnoldi     31st July 2018 The official unemployment rate increased to 27.2% during the second quarter, compared with 26.7% in the first quarter. This translates to 6.1-milllion unemployed people in South Africa. There are 37.8-million people that are of working age (between 15 and 64 years) in South Africa, of which... 

Q2 unemployment rate rises to 27.2%

South Africa's economic growth faces risks from public debt, State firm bailouts – IMF

By: Reuters     30th July 2018 The International Monetary Fund on Monday kept South Africa's economic growth forecast for 2018 unchanged at 1.5% but warned that the economy faced several headwinds, mainly the rapid rise in public debt and potential bailouts to state firms. "The IMF's concerns on fiscal policy relates to the... 

South Africa's economic growth faces risks from public debt, State firm bailouts – IMF

Thulani Mavuso appointed as acting Home Affairs DG

By: Marleny Arnoldi     30th July 2018 Home Affairs Minister Malusi Gigaba has appointed Thulani Mavuso acting director-general (DG) of the department, effective August 1. Mavuso will succeed outgoing DG Mkuseli Apleni.  

SARB does not see Q2 economic contraction

By: Reuters     27th July 2018 South African Reserve Bank (SARB) Governor Lesetja Kganyago said on Friday he does not expect economic growth to contract in the second quarter, after a 2.2% contraction in the first quarter of this year. Africa's most industrialised economy grew by 3.1% in the final quarter of 2017, but... 

SARB does not see Q2 economic contraction
Photo by Reuters
SARB governor Lesetja Kganyago

Brics leaders commit to strengthen multilateral trading system amid ‘unprecedented challenges’

By: Terence Creamer     26th July 2018 Heads of State from Brazil, Russia, India, China and South Africa highlighted the benefits of multilateralism and cooperation for unlocking economic growth and development during the tenth Brics Summit, which took place in Johannesburg on Thursday. In the open session chaired by South Africa’s... 

Brics leaders commit to strengthen multilateral trading system amid ‘unprecedented challenges’
Chinese President Xi Jinping, Indian PM Narendra Modi, South African President Cyril Ramaphosa, Brazilian President Michel Temer and Russian President Vladimir Putin

PPC launches new, extended product range despite economic headwinds

By: Simone Liedtke     26th July 2018 PPC Cement South Africa on Thursday launched its fit-for-purpose ‘Sure’ product range, with each of the six products in the range carefully designed for a specific application. Dubbing it the company’s “most significant rebranding and refocusing in over 100 years,” PPC Cement South Africa MD... 

PPC launches new, extended product range despite economic headwinds

Private equity investment more than doubles in Southern Africa – Savca

By: Anine Kilian     26th July 2018 The Southern African private equity industry invested R31.3-billion in 2017, which represents an increase of 102% on the R15.5-billion invested in the previous year and well above the yearly average of R14.7-billion a year invested over the preceding ten years. Further, South Africa’s private... 

Workers win against labour brokers  

By: Creamer Media Reporter      26th July 2018 The National Union of Metalworkers of South Africa (Numsa) on Thursday welcomed the Constitutional Court judgment which strengthened the rights of temporary workers. The amendment to Section 198A(3)(b) of the Labour Relations Act (LRA) was under scrutiny in this case relating to whether this... 

Workers win against labour brokers

Xi Jinping, Ramaphosa say Brics should uphold multilateralism, reject trade war

By: Terence Creamer     25th July 2018 The Presidents of China and South Africa, Xi Jinping and Cyril Ramaphosa, offered an unequivocal rebuke of US President Donald Trump’s trade war on Wednesday and called on the Brics countries of Brazil, Russia, India, China and South Africa to act to uphold multilateralism and defend the... 

Xi Jinping, Ramaphosa say Brics should uphold multilateralism, reject trade war
Chinese President Xi Jinping and President Cyril Ramaphosa

Development agenda key to achieving African vision

By: Simone Liedtke     25th July 2018 Africa’s biggest challenge, according to Pan African Chamber of Commerce (PACC) CEO Johnny Muteba, is the continent’s lack of an agenda that is solely focussed on its development. Instead of focusing on sustainable development agendas, such as the 2063 Agenda, he suggested during a pre-Africa... 

Enabling environment needed for private sector to contribute to Africa’s development

By: Simone Liedtke     25th July 2018 To attract the financing needed to meet Africa’s investment needs, the public sector must create an enabling environment for the private sector to play its role, African Development Bank (AfDB) Southern African deputy director general Josephine Ngure says. Speaking at a pre-African Investment... 

Nene announces independent inquiry into PIC's affairs

By: African News Agency      25th July 2018 Finance Minister Nhlanhla Nene met with the board of the Public Investment Corporation (PIC) on Wednesday and informed them of an independent inquiry into the affairs of the institution which manages pension funds on behalf of South African government employees, a statement from Treasury said.... 

Nene announces independent inquiry into PIC's affairs
Photo by Creamer Media
Finance Minister Nhlanhla Nene

South Africa 'collateral damage' in US-led global trading war – Davies

By: African News Agency      25th July 2018 South Africa has become "collateral damage" in the trading war involving mainly the United States, China, Canada and the European Union, with tariffs imports on its steel exports, Trade and Industry Minister Dr Rob Davies said on Wednesday. Global tensions have flared up as other countries hit... 

South Africa 'collateral damage' in US-led global trading war – Davies

HSRC to investigate role of services in boosting growth within Southern Africa

By: Creamer Media Reporter      25th July 2018 The Human Sciences Research Council (HSRC) has been awarded a grant by the United Nations University (UNU) to investigate the catalytic role of tradable services in Southern Africa’s growth and development. The study will be led by Professor Ivan Turok and Dr Justin Visagie, and will look at how... 

Baseline study aims to start debate on the state of SMEs in South Africa 

By: Simone Liedtke     24th July 2018 The Small Business Institute (SBI) on Tuesday warned that the National Development Plan’s (NDP's) goal of having small businesses create 90% of jobs by 2030 may be unachievable unless small and medium-sized businesses (SMEs) are better understood. Early research shows that, while 98.5% of... 

IIoT-enabled businesses expected to boost revenues by 10% by 2023

By: Schalk Burger     24th July 2018 Companies across the global supply chain expect the Industrial Internet of Things (IIoT) to increase their yearly revenues by 10% within five years, a global study by mobile satellite communications company Inmarsat, released on Tuesday, showed. IIoT is the application of networked sensors, which... 

Standard Bank, UnionPay partnership eases Chinese card payments

By: Schalk Burger     24th July 2018 Chinese card payment services provider UnionPay International and financial services firm Standard Bank have agreed to accelerate access to UnionPay’s cards across key markets in Africa, the companies said in a statement on Monday. The move will bring increased convenience to Chinese people... 

Gautrain employees to embark on a strike from July 30

By: Simone Liedtke     24th July 2018 Gautrain employees who are members of the United National Transport Union (UNTU) will embark on a protected strike from July 30. The majority of UNTU members working for the Gautrain voted in favour of a strike at an UNTU mass meeting held in Midrand, on Monday. 

Gautrain employees to embark on a strike from July 30

LEIP MoU signed, 101 669 potential jobs created

By: Simone Liedtke     23rd July 2018 Up to 101 669 jobs could be created during the first five years of construction of the Limpopo Eco-Industrial Park (LEIP), which Eco-Industrial Solutions (EIS) CEO Deshika Kathawaroo on Monday said would “fundamentally change” the Limpopo province’s contribution to South Africa’s strategic... 

LEIP MoU signed, 101 669 potential jobs created
Photo by Simone Liedtke
(Left) Limpopo Economic Development Agency group CEO Ben Mphahlele and (right) Eco-Industrial Solutions CEO Deshika Kathawaroo (right) at the signing ceremony on Monday

Brics nations must do away with restrictive barriers to trade

By: African News Agency      23rd July 2018 The Brics nations should look at innovative ways to remove barriers to trade, including decreasing barriers to new technology growth, while also considering a Brics visa card. This is according to Elena Myakotnikova of the Agency for Strategic Initiatives, who delivered a presentation on a "road... 

Brics nations must do away with restrictive barriers to trade

We're doing all we can to end long wait in Home Affairs queues – Gigaba 

By: News24Wire      23rd July 2018 Home Affairs Minister Malusi Gigaba says his department is doing all it can to end the long wait in queues at their various branches across the country. Gigaba was speaking at a media briefing in Pretoria about progress made in the department's "War on Queues" campaign, which he launched in April... 

We're doing all we can to end long wait in Home Affairs queues – Gigaba
Photo by Bloomberg
Home Affairs Minister Malusi Gigaba

SA population rises above 57m

By: African News Agency      23rd July 2018 South Africa's population has risen to 57.73-million according to the 2018 mid-year population estimates released by Statistics South Africa (StatsSA) on Monday. "We are talking about mid-year population estimates which use the latest fertility, mortality and migration data to estimate the size... 

 SA population rises above 57m

Brics countries to further engage on establishing own credit rating agency 

By: African News Agency      23rd July 2018 Brics countries announced on Monday that they have moved one step closer to establishing a new credit rating company in an effort to break the dominance of the big three developed-nation firms, but said that further consultation was still needed. Geoffrey Qhena, chair of the Brics financial... 

 Brics countries to further engage on establishing own credit rating agency

Gigaba confirms resignation of Home Affairs DG Mkuseli Apleni

By: News24Wire      23rd July 2018 Minister of Home Affairs Malusi Gigaba confirmed on Monday that the department's director general Mkuseli Apleni has resigned. "I would like to announce officially that the director-general of the Department of Home Affairs, Mr Mkuseli Apleni, has tendered his resignation, effective end of July... 

Gigaba confirms resignation of Home Affairs DG Mkuseli Apleni
Photo by Reuters
Home Affairs Minister Malusi Gigaba

New Development Bank to extend loans to Brics countries' private sector

By: African News Agency      23rd July 2018 The New Development Bank announced on Monday that it would begin to extend loans to the private sector in Brics countries as it enters another phase of its growth prospects. The New Development Bank was established in 2014 following the sixth Brics Summit, with capitalisation from Brazil, Russia,... 

New Development Bank to extend loans to Brics countries' private sector

AfDB approves $250m risk participation agreement with ABSA

By: Creamer Media Reporter      20th July 2018 The African Development Bank (AfDB), this week, approved an unfunded $250-million risk participation agreement (RPA) with ABSA Bank. This RPA, housed within the AfDB’s Trade Finance operations, will enhance African issuing banks’ ability to leverage trade financing through a multisectorial approach. 

ANC not fulfilling people's expectations – Ramaphosa

By: Sashnee Moodley     20th July 2018 African National Congress (ANC) President Cyril Ramaphosa called for self-correction in the party following what he said was a "dramatic decline in support" during the 2016 local government elections. Giving the opening address at the party’s thirteenth Gauteng provincial conference, in Pretoria,... 

ANC not fulfilling people's expectations – Ramaphosa
President Cyril Ramaphosa

Public works to recover R1.2bn lost through lease irregularities and corruption

By: News24Wire      20th July 2018 While the Department of Public Works turns to the court for the recovery of around R1.2-billion lost to collusion, corruption and irregularities in leases, Minister of Public Works Thulas Nxesi is singing President Cyril Ramaphosa's praises. "We now have a leader, in President Cyril Ramaphosa,... 

Trade war could knock 3% off global GDP – Bank of France study

By: Reuters     20th July 2018 An international trade war with wide-ranging tariff hikes could cut global gross domestic product by as much as three percent, according to a study by the French central bank on Thursday. The direct impact of a generalised 10 percentage point increase in import tariffs could alone knock 1% off... 

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