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Macro and Micro News

August trade conditions remained negative – Sacci

By: Schalk Burger     19th September 2018 The South African Chamber of Commerce and Industry’s (Sacci’s) August Trade Conditions Survey shows that present trade conditions and prospects remain tight and in negative territory, the chamber said in a statement on Wednesday. Trade expectations for the next six months, as reflected by the... 

CEO Initiative to support government’s investor outreach at October summit

By: Terence Creamer     18th September 2018 The CEO Initiative is putting its weight behind President Cyril Ramaphosa’s plans for increasing levels of investment and stimulating growth in the recession-afflicted South African economy. The CEO Initiative draws in business leaders from various sectors and rose to prominence during Pravin... 

CEO Initiative to support government’s investor outreach at October summit
Photo by Creamer Media
Jabu Mabuza

Botswana trims growth prospects, sees wider budget deficits

By: Reuters     18th September 2018 Botswana's economy is expected to expand by 4.5% this year, down from an estimate in February of 5.3%, the finance ministry said on Tuesday at a 2019 budget conference. A senior official in the diamond-producing southern African nation’s economy said the government expects an optimistic medium... 

Cosatu elects its first female president 

By: News24Wire      18th September 2018 Zingiswa Losi has been elected president of trade union federation the Congress of South African Trade Unions (Cosatu) after being nominated unopposed. The nominations of South Africa’s largest labour federation took place on Tuesday morning where Losi and the rest of the top six were nominated... 

Cosatu elects its first female president

Cronin lifts veil on new draft expropriation law

By: News24Wire      18th September 2018 A new expropriation bill, set to be tabled in Parliament in the next two months, will set out a clear procedure for land expropriation without compensation and ensure it is an “administratively just process”, according to Deputy Minister of Public Works Jeremy Cronin.  Earlier this month a draft... 

Cronin lifts veil on new draft expropriation law
Deputy Minister of Public Works Jeremy Cronin

Western Cape farmers call for easing of water restrictions to repair drought damage

By: News24Wire      18th September 2018 Western Cape farmers are calling on government to reveal how much water they are likely to be allocated this summer, so they can make plans to fix the damage caused by the 60% cut in their water supply. Some farmers say they have already experienced their Day Zero – now they want to know if they... 

Western Cape farmers call for easing of water restrictions to repair drought damage

South Africa not planning mass layoffs in public sector to fight recession - Ramaphosa  

By: Reuters     17th September 2018 President Cyril Ramaphosa said on Monday there would be no mass layoffs of public sector workers as his government considers various ways to pull the economy out of a recession that has rattled the rand and investor confidence. The economy slipped into recession in the second quarter for the... 

South Africa not planning mass layoffs in public sector to fight recession - Ramaphosa
President Cyril Ramaphosa

Poultry industry takes on US chicken quota as court case brews

By: News24Wire      17th September 2018 The South African Poultry Association (SAPA) wants government to review the quota of US poultry imports, following the imposition of tariffs on local aluminium and steel products. In court papers filed in the North Gauteng Court, the organisation argues that US tariffs on SA steel and aluminium... 

 Poultry industry takes on US chicken quota as court case brews

SA delegation arrives in Japan for investment mission 

By: African News Agency      17th September 2018 A South African delegation arrived in Tokyo, Japan on Monday for an investment mission which is set to take place until Saturday. The delegation, led by the acting head of Invest South Africa, Yunus Hoosen will be meeting with leading companies in an effort to attract them to invest and expand... 

SA delegation arrives in Japan for investment mission
Acting Head of Invest South Africa Yunus Hoosen

City of Cape Town announces improving dam levels

By: African News Agency      17th September 2018 The City of Cape Town on Monday announced that dam levels feeding the city had improved to 70 percent of storage capacity over the past week. The announcement came as Cape Town and surrounding areas experienced further heavy rainfall overnight Sunday and into Monday, with further rainfall... 

 City of Cape Town announces improving dam levels

Government's economic stimulus package to be made public soon – Presidency

By: African News Agency      17th September 2018 The economic stimulus package adopted by cabinet will reprioritise government spending within the existing fiscal framework towards activities that will stimulate economic activity, the presidency said on Sunday. President Cyril Ramaphosa had "shared" with South Africa’s business and labour... 

Government's economic stimulus package to be made public soon – Presidency
President Cyril Ramaphosa

Nedlac provides update on legislative changes, stresses need to cooperate to grow economy

By: Marleny Arnoldi     14th September 2018 Labour Minister Mildred Oliphant has announced that the Equity Act will be amended, following a report by the South African Human Rights Commission that found some policies around affirmative action unconstitutional and not aligned with international best practice. She said, in her opening... 

Nedlac provides update on legislative changes, stresses need to cooperate to grow economy
Labour Minister Mildred Oliphant

Mabuza: 'Surgical and difficult austerity measures' may be necessary  

By: News24Wire      14th September 2018 Deputy President David Mabuza said on Friday during his address to the annual Nedlac conference in Johannesburg that the state may have to implement "surgical and difficult austerity measures”. He also called on local South African companies with cash reserves to start investing in SA, saying... 

 Mabuza: 'Surgical and difficult austerity measures' may be necessary
Deputy President David Mabuza

Top trends that are likely to change the way we work and live

By: Kim Cloete     14th September 2018 Quantum computing and flying cars are two of the top trends that Frost & Sullivan has outlined within its top trends for 2018/19 at its CEO Think Tank in Cape Town.  The company has looked at trends that are changing the way we work and live. 

Ramaphosa assures diplomatic community that land reform will be done in an 'orderly manner'  

By: News24Wire      14th September 2018 Land redistribution is necessary to correct the injustices of South Africa’s apartheid history, President Cyril Ramaphosa told the diplomatic community in Pretoria on Friday. "Parliament is considering whether Section 25 needs to be amended or not to allow for expropriation of land without... 

Ramaphosa assures diplomatic community that land reform will be done in an 'orderly manner'
President Cyril Ramaphosa

PIC foresees great opportunity in investing in early stage tech-driven companies

By: Kim Cloete     14th September 2018 The Public Investment Corporation (PIC) has outlined its vision for its recently launched R2-billion fund aimed at early-stage tech-driven companies. PIC executive head of research Sholto Dolamo told a Frost & Sullivan CEO Think Tank, in Cape Town, that the PIC was venturing beyond its... 

Rand continues to gain from Turkish rate hike

By: News24Wire      14th September 2018 The rand traded firmer against the dollar in early trade on Friday, as emerging market currencies continued to benefit from the rise on Turkish interest rates.  The Turkish central bank on Thursday raised the benchmark interest rate from 17.75% to 24%, which caused the lira to strengthen by 4%.   

 Rand continues to gain from Turkish rate hike

New tech will change nature of work, but could also create jobs

By: Schalk Burger     14th September 2018 New technologies, including advanced computing systems and the automation of various job activities, will change about 30% of activities in about 60% of occupations, and will require new skills across most industries, management consulting multinational McKinsey Global Institute global economic... 

Tribunal approves OTS’s acquisition of controlling share of Chevron South Africa

By: Simone Liedtke     13th September 2018 The Competition Tribunal on Thursday approved, with conditions, the proposed merger between Off The Shelf Investments 56 (OTS) and Chevron South Africa (CSA). The approval follows after the tribunal heard the second bid to acquire the controlling 75% stake in CSA and after receiving a minor... 

Stimulus package to rely on efficiencies not new budgetary resources – Nene

By: Terence Creamer     13th September 2018 Finance Minister Nhlanhla Nene announced on Thursday that government was “building a pipeline of investment opportunities and infrastructure projects” as part of redoubled efforts to address low levels of investment, which had been identified as the main inhibitor of growth in the... 

Stimulus package to rely on efficiencies not new budgetary resources – Nene
Finance Minister Nhlanhla Nene

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... 

Moody's sees little chance of South Africa downgrade

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... 

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