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Macro and Micro News

IMF warns African countries against spiraling levels of public debt

By: African News Agency      11th October 2018 The International Monetary Fund (IMF) on Wednesday warned African countries that their increasing indebtedness and failure to service their public debts was creating poverty for its citizens. Montfort Mlachila, senior resident representative for IMF in South Africa, said that countries like... 

AMSA seeks growth opportunities in sub-Saharan Africa amid muted domestic steel demand

By: Nadine James     10th October 2018 In light of weak domestic demand, ArcelorMittal South Africa (AMSA) has implemented a strategy to enhance its short-term profitability and cashflow, thereby, ensuring the business’ sustainability and positioning it to exploit growth in the sub-Saharan Africa region, says CEO Kobus Verster. During... 

 AMSA seeks growth opportunities in sub-Saharan Africa amid muted domestic steel demand
Photo by ARCELORMITTAL
ArcelorMittal Vanderbijlparjk Works

Jessie Duarte ‘keen’ to testify at State capture commission  

By: Sashnee Moodley     10th October 2018 The ruling African National Congress’s (ANC’s) deputy general-secretary, Jessie Duarte, said on Wednesday that she was “very keen” to testify at the Commission of Inquiry into State Capture. Speaking at a media briefing around the ANC’s position on former Finance Minister Nhlanhla Nene’s... 

Jessie Duarte ‘keen’ to testify at State capture commission
ANC deputy general-secretary Jessie Duarte

Trade rules need to address Chinese excess capacity – EU's Moscovici

By: Reuters     10th October 2018 Any rewrite of global trading rules must deal with the issue of excess industrial capacity in China, European Commission Economic Commissioner Pierre Moscovici said on Wednesday. "We absolutely need to address the issue of overcapacities in China. Nobody can say that this is not a problem. This... 

Sacci BCI marks slight improvement in September

By: Marleny Arnoldi     10th October 2018 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) improved by 2.8 index points to 93.3 points in September, from 90.5 points in August. The BCI was in line with the 93 points measured in September 2017.  

Policy certainty key to business confidence – Sacci  

By: African News Agency      10th October 2018 Market and economic developments continue to have adverse effects on the activities of companies in South Africa, despite an uptick in a key business confidence index (BCI) in September, a survey showed on Wednesday. The South African Chamber of Commerce and Industry's (Sacci) BCI, comprising of... 

Policy certainty key to business confidence – Sacci

ANC, opposition parties welcome Mboweni, praise Nene

By: News24Wire      9th October 2018 Former South African Reserve Bank governor and newly appointed Finance Minister Tito Mboweni is highly accomplished and should be able to hit the ground running. This was the sentiment from the ANC and opposition parties after the news broke that Mboweni would replace former minister, Nhlanhla... 

ANC, opposition parties welcome Mboweni, praise Nene
Photo by Creamer Media
Finance Minister Tito Mboweni

Mboweni sworn in as Finance Minister, after Ramaphosa accepts Nene’s resignation   

By: Sashnee Moodley     9th October 2018 President Cyril Ramaphosa announced on Tuesday afternoon that he had accepted Finance Minister Nhlanhla Nene’s resignation and that former Reserve Bank governor Tito Mboweni would be sworn in as the new Minister with immediate effect. Ramaphosa revealed that, as a consequence of State capture... 

Mboweni sworn in as Finance Minister, after Ramaphosa accepts Nene’s resignation
Photo by Creamer Media
Finance Minister Tito Mboweni

Tax Ombud secures nearly R450m in refunds in biggest tax disputes for 2017/18

By: Simone Liedtke     9th October 2018 Nearly R450-million in tax refunds has been paid out to the ten taxpayers with the largest disputes with revenue authorities in the 2017/18 financial year, as a result of the intervention of the Office of the Tax Ombud (OTO). The OTO reported these figures during the launch, on Tuesday, of its... 

Ramaphosa to make statement on Nene

By: Reuters     9th October 2018 President Cyril Ramaphosa will make a statement on the fate of Finance Minister Nhlanhla Nene on Tuesday at 16:30, his office said, sending the rand firmer. Nene is facing calls to resign after he admitted to visiting the Gupta brothers, friends of scandal-plagued former leader Jacob Zuma who... 

Ramaphosa to make statement on Nene
President Cyril Ramaphosa

IMF lowers South Africa's economic growth forecasts, urges reforms 

By: Reuters     9th October 2018 The International Monetary Fund on Tuesday cut South Africa's economic growth forecasts for this year and next, as it urged implementation of reforms to improve policy certainty and the efficiency of State-owned companies. Having stagnated for a decade, Africa's most industrialised economy... 

IMF lowers South Africa's economic growth forecasts, urges reforms

Jonas is said to decline South African Finance Minister post

By: Bloomberg     9th October 2018 Mcebisi Jonas declined an offer to replace Nhlanhla Nene as South Africa’s finance minister, spurring President Cyril Ramaphosa to consider central bank Governor Lesetja Kganyago and one of his predecessors, Tito Mboweni, for the job, according to three people familiar with the matter. Jonas, a... 

Jonas is said to decline South African Finance Minister post
Photo by Reuters
Mcebisi Jonas

Was the Job Summit just a talk shop? 

9th October 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the outcomes of the Presidential Job Summit and how it fits into government’s bigger plan to get the economy on the right track again. 

Was the Job Summit just a talk shop?
Was the Job Summit just a talk shop?

Ramaphosa to make an announcement on Nene's fate 'soon' – Presidency

By: News24Wire      9th October 2018 President Cyril Ramaphosa is concerned about the uncertainty being created in the financial markets around the fate of Finance Minister Nhlanhla Nene, his spokesperson Khusela Diko said on Tuesday. Speaking to News24, she said Ramaphosa would make an announcement on Nene's fate "soon". She did... 

Ramaphosa to make an announcement on Nene's fate 'soon' – Presidency
President Cyril Ramaphosa

UK expresses faith in South Africa's economy, backs Ramaphosa's stimulus package

By: African News Agency      9th October 2018 The United Kingdom's trade commissioner for Africa, Emma Wade-Smith, said on Tuesday that the UK had full confidence in South Africa's "stimulus package" and was more likely to continue to invest in South Africa despite the country's troubled economy going through a technical recession. President... 

Nene's IMF trip eases fears over his future

By: Reuters     9th October 2018 Finance minister Nhlanhla Nene is traveling to Indonesia for an International Monetary Fund (IMF) meeting, the Treasury said on Tuesday, a statement that may soothe markets a day after a media report that he had asked the president to sack him. The rand fell more than one percent on Monday when... 

Nene's IMF trip eases fears over his future
Photo by Reuters
Finance Minister Nhlanhla Nene

Technology cost assumptions used to produce IRP explained 

By: Terence Creamer     9th October 2018 An experienced electricity system modeller has corrected a suggestion that the draft 2018 Integrated Resource Plan (IRP 2018) uses levelised cost assumptions for the various generation technologies tested, explaining that overnight capital cost assumptions for each technology are key inputs. The... 

Technology cost assumptions used to produce IRP explained

IMF cuts world economic growth forecasts as import tariffs, emerging market issues bite

By: Reuters     9th October 2018 The International Monetary Fund on Tuesday cut its global economic growth forecasts for 2018 and 2019, saying that trade policy tensions and the imposition of import tariffs were taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows. The... 

IMF cuts world economic growth forecasts as import tariffs, emerging market issues bite

Global growth at risk from $100 oil next year, BofAML says

By: Bloomberg     9th October 2018 If oil prices head above $100 a barrel, it could shave 0.2 percentage points from global economic growth next year -- but this hinges crucially on the dollar, according to Bank of America Merrill Lynch. Sanctions on Iran, shale bottlenecks, Venezuelan turmoil and increased demand pose an upside... 

Nene fears worsening 'jittery' markets – Basa  

By: News24Wire      8th October 2018 Uncertainty over the future of Finance Minister Nhlanhla Nene is leaving markets jittery, in a development the Banking Association of South Africa (Basa) has described as "unfortunate". Basa Chairperson Mike Brown said on Monday that the markets would be watching closely if there were any change... 

 Nene fears worsening 'jittery' markets – Basa
Photo by Reuters
Finance Minister Nhlanhla Nene

President's office says 'not aware' of Nene request to be sacked

By: Reuters     8th October 2018 President Cyril Ramaphosa's spokesperson said on Monday his office was not aware of Finance Minister Nhlanhla Nene's request to be relieved of his duties after he admitted to visiting the Gupta brothers. The rand fell more than one percent when Business Day newspaper reported Nene had asked... 

Nene asks to leave amid pressure to go

By: Bloomberg     8th October 2018 South Africa’s Nhlanhla Nene, who asked President Cyril Ramaphosa to relieve him of his duties as the finance minister, is under pressure to resign after he last week disclosed that he met members of the Gupta family at their Johannesburg residence six times, Business Day reported. The Guptas are... 

Nene asks to leave amid pressure to go
Photo by Creamer Media
Nhlanhla Nene

Tongaat warns of significant decreases in interim profit, earnings

By: Simone Liedtke     5th October 2018 JSE-listed agriculture and agroprocessing group Tongaat Hulett on Friday warned that its operating profit for the six months ended September 30, is expected to be at least 40% below the R1.4-billion earned in the prior comparable period. The company attributed the decrease to land conversion and... 

Ramaphosa declares Jobs Summit a success  

By: Tasneem Bulbulia     5th October 2018 Following the agreement of an 84-page framework agreement on Thursday, the second day of the Jobs Summit, held in Gauteng, indentified key areas and interventions to focus on to bolster local job creation. The two-day Summit brought together government, business, labour and community stakeholders... 

Ramaphosa declares Jobs Summit a success
Photo by Dylan Slater
President Cyril Ramaphosa

Nestlé, Transnet among South Africa’s top employers

By: Simone Liedtke     5th October 2018 Food and beverage company Nestlé South Africa and State-owned freight logistics group Transnet are among South Africa’s top employers, according to the Top Employer Institute, which, this week, held its Top Employer Awards ceremony, in Sandton. The Top Employer Institute Certification Programme... 

Petrochemicals becoming largest driver of global oil demand – IEA

By: Simone Liedtke     5th October 2018 Petrochemicals are becoming the largest drivers of global oil demand, ahead of cars, planes and trucks, a study undertaken by the International Energy Agency (IEA) has revealed. Petrochemicals, which are components derived from oil and gas that are used in all sorts of daily products such as... 

SAA appoints Telkom’s Fredericks new interim CFO

By: Simone Liedtke     5th October 2018 South African Airways (SAA) on Friday announced that Deon Fredericks has been appointed SAA’s new interim CFO, effective October 15. Fredericks is on secondment from Telkom for a 12-month period. 

SAA appoints Telkom’s Fredericks new interim CFO
Photo by Dylan Slater
Newly-appointed SAA interim CFO Deon Fredericks

We are rooting out State capture, corruption to save and create jobs - Ramaphosa 

By: African News Agency      4th October 2018 President Cyril Ramaphosa on Thursday said his government was determined to eliminate the capture of the State and its organs through corruption which he said was one of the greatest barriers to investment and job creation in South Africa. "One of the greatest barriers to investment, growth and... 

We are rooting out State capture, corruption to save and create jobs - Ramaphosa
Photo by Dylan Slater
President Cyril Ramaphosa

Jobs summit has raised expectations in SA – Labour Minister

By: African News Agency      4th October 2018 Labour Minister Mildred Oliphant on Thursday charged the jobs summit - bringing together government, business, labour and community formations - to identify solutions for jobs retention, and to identify job creation challenges and opportunities that each social partner can contribute towards.... 

Jobs summit has raised expectations in SA – Labour Minister
President Cyril Ramaphosa & Labour Minister Mildred Oliphant

Buy local to save jobs in South Africa, says Ramaphosa

By: African News Agency      4th October 2018 President Cyril Ramaphosa on Thursday urged companies doing business in South Africa, government entities and the general populace to prioritize purchasing locally manufactured goods and products in a bid to create and save jobs. "For the economy to grow and for jobs to be created, it is... 

 Buy local to save jobs in South Africa, says Ramaphosa
Photo by Dylan Slater
President Cyril Ramaphosa

Ramaphosa says jobs plan will create 275,000 jobs a year 

By: Reuters     4th October 2018 South African President Cyril Ramaphosa said on Thursday that a gathering of top officials and business leaders had agreed on a package of measures that would create an additional 275 000 jobs a year. Under pressure after the economy slipped into recession this year, Ramaphosa said the measures... 

Ramaphosa says jobs plan will create 275,000 jobs a year
Photo by Dylan Slater
President Cyril Ramaphosa

Dlamini-Zuma calls for collaboration as NDP is divided into smaller plans

By: Simone Liedtke     4th October 2018 Minister in the Presidency Nkosazana Dlamini-Zuma on Thursday called for greater collaboration between the public and private sectors in South Africa as she announced that the National Development Plan (NDP) would be divided into smaller plans that would be attended to within five-year... 

Dlamini-Zuma calls for collaboration as NDP is divided into smaller plans
Minister in the Presidency Nkosazana Dlamini-Zuma

Detailed Jobs Summit package includes R100bn for black industrial firms  

By: Terence Creamer     4th October 2018 The detailed 84-page framework agreement unveiled by President Cyril Ramaphosa at the much-anticipated Jobs Summit on Thursday includes a reaffirmation of a commitment by the financial sector to invest R100-billion in black-owned industrial enterprises over the coming five years. Funding for... 

Detailed Jobs Summit package includes R100bn for black industrial firms
President Cyril Ramaphosa discusses the expected outcomes of the Jobs Summit and the importance of greater cooperation among social partners to grow the economy and create jobs. Video and editing: Nicholas Boyd.

Mining remains key driver in low to middle income countries – ICMM

4th October 2018 Despite falling commodity prices, many of the world’s poorest countries have become more dependent on their income from mining, new research published by the International Council on Mining and Metals (ICMM) has found. The ICMM on Thursday released the fourth edition of its Mining Contribution... 

South Africa's service industry looks to cash-in on Brexit uncertainty

By: Reuters     3rd October 2018 South Africa’s burgeoning call services sector, which gets more than half its work from Britain, could attract larger inflows as the impact of Brexit weighs and firms seek savings by moving operations offshore, industry officials said on Wednesday. Cultural affinity, good English language skills... 

World Bank lowers 2018 growth forecast for South Africa 

By: Terence Creamer     3rd October 2018 The World Bank has lowered its 2018 gross domestic product (GDP) growth forecast for South Africa to 1%, from an April projection of 1.4%, and says the country’s growth will remain subdued in 2019. The bank also lowered its 2019 projection for South Africa to 1.3%, from 1.8% in April, and... 

World Bank lowers 2018 growth forecast for South Africa

Goldman forecasts South African economic rebound in 2019

By: Reuters     3rd October 2018 Goldman Sachs expects South Africa's economy to grow almost 3% next year, helped by President Cyril Ramaphosa's reforms and strong global growth, the bank's sub-Saharan Africa head told Reuters. Colin Coleman's prediction is more optimistic than the view held by economists polled by Reuters last... 

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