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Macro and Micro News

'I was there when Cabinet approved nuclear programme' – Ramaphosa 

By: News24Wire      30th October 2018 President Cyril Ramaphosa has said he was in the Cabinet meeting where the decision was taken to issue a request for proposals for the nuclear build programme in 2015. This is according to a written reply from the president in response to a question from Democratic Alliance MP David Maynier – who... 

Merkel looks to Africa to cement a legacy shaped by migration 

By: Reuters     30th October 2018 German Chancellor Angela Merkel hosted African leaders on Tuesday, pledging a new development fund to tackle underdevelopment on the continent that has helped to spur mass migration, shaping the later years of her long premiership. Merkel announced on Monday she would retire from politics by... 

Merkel looks to Africa to cement a legacy shaped by migration
Rwandan President Paul Kagame, German Chancellor Angela Merkel & President Cyril Ramaphosa

S&P's says concerned about South Africa's fiscal consolidation, land reform

By: Reuters     30th October 2018 South Africa's sovereign rating risked being downgraded due to concerns about the postponement of fiscal consolidation and lack of clarity around land expropriation, a senior S&P's Global Ratings analyst said on Tuesday. Recession-hit South Africa last week unveiled a bleak budget that saw wider... 

Unemployment rate rises to 27.5% in Q3  

By: Marleny Arnoldi     30th October 2018 The official unemployment rate increased to 27.5% during the third quarter, compared with 27.2% in the second quarter. This translates to 6.2-million unemployed people in South Africa. The unemployment rate was 26.7% in the first quarter of the year, according to Statistics South Africa’s (Stats... 

Unemployment rate rises to 27.5% in Q3

Ramaphosa to woo investment at G20

By: African News Agency      30th October 2018 President Cyril Ramaphosa will on Tuesday engage with heads of State and government and leaders of the global private sector as part of his participation in the G20 Compact with Africa Conference and the G20 Investment Summit, the Presidency said. "This follows President Ramaphosa’s successful... 

 Ramaphosa to woo investment at G20
President Cyril Ramaphosa and Heads of State of countries which are part of the G20 Compact with Africa

South Africa spends too much time on populism, Kganyago says

By: Bloomberg     30th October 2018 South Africa spends too much time debating populist issues such as the proposed nationalisation of the central bank, instead of focusing on steps to boost the economy, Reserve Bank Governor Lesetja Kganyago said. “We have spent too much of the year indulging in populism instead of making... 

South Africa spends too much time on populism, Kganyago says
Photo by Reuters
Reserve Bank governor Lesetja Kganyago

DA to tackle Eskom's 'monopoly' via new bill

By: News24Wire      29th October 2018 Introducing competition in the energy sector will keep electricity prices down, according to the Democratic Alliance (DA). DA leader Mmusi Maimane on Monday announced plans at a briefing to address "Eskom's monopoly" in the energy sector, through the introduction of a private member's bill known... 

 DA to tackle Eskom's 'monopoly' via new bill

Rail industry plagued by theft, vandalism

By: Simone Liedtke     26th October 2018 Train collisions accounted for the highest number of safety incidents in the rail sector during 2017/18, the Railway Safety Regulator’s (RSR’s) annual ‘State of Safety’ report, shows. Other prominent incidents included fires, platform train interchange incidents, people being struck by trains and... 

Ramaphosa declares end to 'investment strike' and unveils R290bn in commitments  

By: Terence Creamer     26th October 2018 President Cyril Ramaphosa declared an end to South Africa's proverbial 'investment strike', when he unveiled firm investment commitments of R290-billion across a diverse range of sectors, from mining and energy to infrastructure and manufacturing, at a well attended and vibrant investment... 

Ramaphosa declares end to 'investment strike' and unveils R290bn in commitments
President Cyril Ramaphosa

Hanekom working "very closely" with Gigaba on visa regime to renew tourism industry

By: African News Agency      26th October 2018 Tourism minister Derek Hanekom said on Friday that he was working "very closely together" with home affairs minister Malusi Gigaba to rectify South Africa's visa regime in a bid to attract more travelers into the country and boost investment and tourism. Last month, Gigaba announced that South... 

Hanekom working
Tourism Minister Derek Hanekom

SA revenue projections credit negative – Moody's 

By: African News Agency      26th October 2018 Ratings agency Moody’s, which still rates South Africa at investment grade after peers Fitch and S&P Global cut it to 'junk', says the revenue projections in the medium term budget policy statement delivered by Finance Minister Tito Mboweni this week are credit negative. Mboweni told parliament... 

 SA revenue projections credit negative – Moody's

Investment Conference: Hundreds of billions of rands already pledged

By: News24Wire      26th October 2018 Several companies made major investment announcements during President Cyril Ramaphosa's Investment Conference, which called to rally investors to plough money into the country’s ailing economy. These include Sappi (R7.7-billion), Mondi SA (R8-billion), Rain (R1-billion), Mara (R1.5-billion),... 

 Investment Conference: Hundreds of billions of rands already pledged
President Cyril Ramaphosa

South Africa committed to protecting property rights – Ramaphosa

By: Reuters     26th October 2018 President Cyril Ramaphosa used an investment summit on Friday to reassure investors that his government was committed to protecting property rights as it pursues plans to accelerate the pace of land redistribution. "We are committed as government to pursuing a comprehensive approach to land and... 

South Africa committed to protecting property rights – Ramaphosa
President Cyril Ramaphosa

Ramaphosa seeks new investment pledges as economy struggles

By: Reuters     26th October 2018 President Cyril Ramaphosa will seek billions of dollars of new spending pledges from foreign investors and local firms at an investment summit on Friday, as he seeks to haul the economy out of recession before next year's election. The former union leader wants $100-billion of new investments... 

Ramaphosa seeks new investment pledges as economy struggles
President Cyril Ramaphosa

ICT company continues to deliver on growth plans in H1

By: Simone Liedtke     25th October 2018 Information and communications technology (ICT) provider Allied Electronics (Altron) continued to deliver on its growth plans and reduce its debt, and completed the divestment of noncore assets in the six months to August 31. During a conference call on Thursday, the JSE-listed company noted that... 

ICT company continues to deliver on growth plans in H1
Altron group CE Mteto Nyati

MTBPS highlights 

25th October 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the main issues discussed by Finance Minister Tito Mboweni during his maiden Medium-Term Budget Policy Statement speech on Wednesday. 

MTBPS highlights
MTBPS highlights

Mboweni calls for swift action on debt to avoid needing IMF assistance 

By: Reuters     25th October 2018 Finance Minister Tito Mboweni said on Thursday South Africa had to act swiftly on its debt levels to avoid having to turn to the International Monetary Fund for help, a day after his bleak medium-term budget speech rattled markets. Mboweni predicted wider budget deficits and cut growth forecasts... 

Mboweni calls for swift action on debt to avoid needing IMF assistance
Photo by Reuters
Finance Minister Tito Mboweni

Rand not taking the bait on Mboweni's budget

By: African News Agency      25th October 2018 The medium-term budget seems to have done little to allay business and consumer fears as the rand was not convinced on Thursday by reforms announced by government. Finance minister Tito Mboweni on Wednesday delivered the medium-term budget policy statement (MTBPS) outlining that government was... 

Rand not taking the bait on Mboweni's budget
Finance Minister Tito Mboweni

Mind the debt trap, Mboweni warns 

By: African News Agency      25th October 2018 Finance Minister Tito Mboweni on Thursday warned that reprioritising spending was the only way for South Africa to avoid falling into a debt trap and losing autonomy over its finances. Mboweni told a joint sitting of Parliament's standing and select committees on finance and appropriations the... 

 Mind the debt trap, Mboweni warns
Finance Minister Tito Mboweni

Ramaphosa to attend G20 investment summit in Germany – Cabinet

By: African News Agency      25th October 2018 President Cyril Ramaphosa will travel to Germany next week for the G20 Investment Summit after receiving an invite from German Chancellor Angela Merkel, government said on Thursday. In a statement on Wednesday's fortnightly cabinet meeting, government said the summit will involve a meeting of... 

 Ramaphosa to attend G20 investment summit in Germany – Cabinet
President Cyril Ramaphosa

Siemens launches distributed energy system as solution to Africa’s energy transition

By: Simone Liedtke     25th October 2018 German electronics manufacturer Siemens on Wednesday launched, at its headquarters in Midrand, its end-to-end distributed energy system (DES) as a solution to assist the African continent in its energy transition. The DES provides for the targeted use of renewable energy, combined heating and... 

Siemens launches distributed energy system as solution to Africa’s energy transition
Photo by Dylan Slater
Siemens HQ and its solar car park in Midrand, Johannesburg

Danone Southern Africa joins Polystyrene Association of South Africa

By: Simone Liedtke     25th October 2018 Danone Southern Africa (Danone SA) has become the latest producer of high-impact polystyrene (HIPS) to join the Polystyrene Association of South Africa, which represents the entire value chain of polystyrene packaging manufacturers, collectors and recyclers. According to the association’s CE Adri... 

Danone Southern Africa joins Polystyrene Association of South Africa
Danone SA MD Hendrik Born

Mboweni throws NHI R500m lifeline

By: African News Agency      24th October 2018 Finance Minister Tito Mboweni said on Wednesday that government would be reprioritising R546-million within the National Health Insurance (NHI) indirect grant to address the critical shortage of medical professionals and to procure beds and linen for public healthcare facilities. The NHI is... 

Mboweni throws NHI R500m lifeline
Finance Minister Tito Mboweni

I will try to protect Treasury from political meddling – Mboweni 

By: African News Agency      24th October 2018 Finance Minister Tito Mboweni on Wednesday said he would strive to protect the National Treasury from political interference but conceded that he would be naive to think he could succeed. "I thought one thing I am going to try to do is provide political protection to National Treasury or to the... 

I will try to protect Treasury from political meddling – Mboweni
Finance Minister Tito Mboweni

Govt commits support for clothing, textiles sector and emerging farmers  

By: Marleny Arnoldi     24th October 2018 The National Treasury has, over the medium term, placed incentives for agriculture, land reform, manufacturing and research and development among its priorities for expenditure reprioritisation. The Clothing and Textile Competitiveness Programme has helped sector exports grow from R7.1-billion in... 

Govt commits support for clothing, textiles sector and emerging farmers

SAA allocated R5bn for debt relief

By: Marleny Arnoldi     24th October 2018 State-owned South African Airways (SAA) will receive R5-billion through a special appropriation Bill to settle debt redeeming between now and March 2019. The Medium Term Budget Policy Statement (MTBPS), which was released by the National Treasury on Wednesday, stated that the funds would help to... 

SAA allocated R5bn for debt relief

Employment Tax Initiative extended to February 2029

By: Marleny Arnoldi     24th October 2018 The National Treasury has given the go-ahead for an extension of the Employment Tax Initiative (ETI) to February 2029. The sunset date would have been February 29, 2019. 

Move to tackle VAT refund backlog lops billions off revenue forecast 

By: Marleny Arnoldi     24th October 2018 The National Treasury has lowered its revenue collection forecast for 2018/19 by R27.4-billion, largely as a result of belated moves by South African Revenue Service (Sars) to address a major backlog value-added tax (VAT) refunds. The issue of delayed repayments has been a major bone of... 

Move to tackle VAT refund backlog lops billions off revenue forecast

Mboweni suggests need to downsize Cabinet, says public wage bill is 'unsustainable' 

By: Marleny Arnoldi     24th October 2018 Finance Minister Tito Mboweni on Wednesday said the public service wage bill, which accounts for 36% of government spending, is unsustainable. The public sector wage bill should be closer to 30% of government spending, he added during his maiden Medium Term Budget Policy Statement speech. 

Mboweni suggests need to downsize Cabinet, says public wage bill is 'unsustainable'

Mboweni calls for ‘open-minded’ approach to reconfiguration of State firms 

By: Terence Creamer     24th October 2018 Finance Minister Tito Mboweni has called for a reconfiguration of South Africa’s debt-laden State-owned companies (SoCs) and has appealed to stakeholders to adopt an open-mind with regard to the form such restructuring could take, particularly in the cases of Eskom and South African Airways... 

Mboweni calls for ‘open-minded’ approach to reconfiguration of State firms

Government allocates R2.9bn for Post Office

By: Marleny Arnoldi     24th October 2018 The South African Post Office (Sapo) will receive R2.9-billion over the next three years to reduce its debt levels, the National Treasury revealed on Wednesday. Sapo has faced financial difficulties and liquidity problems since 2007. Daily Maverick in May reported that Sapo owed many of its... 

Government allocates R2.9bn for Post Office

Infrastructure at heart of reprioritised, stimulus-aligned expenditure plan 

By: Terence Creamer     24th October 2018 Finance Minister Tito Mboweni has confirmed that expenditure worth R32.4-billion will be reprioritised over the coming three years in line with government’s recently released Economic Stimulus and Recovery Plan. The figure appeared to fall short of the R50-billion reprioritisation target outlined... 

Infrastructure at heart of reprioritised, stimulus-aligned expenditure plan
Finance Minister Tito Mboweni

South Africa welcomes product exclusion for some steel, aluminium products from Section 232 duties

By: Simone Liedtke     24th October 2018 Following an announcement that the US Department of Commerce has granted product exemptions for certain aluminium and steel products, Trade and Industry Minister Dr Rob Davies on Wednesday welcomed the positive developments as a step towards normalising trade relations between South Africa and... 

Consumer Price Inflation stays 4.9%

By: African News Agency      24th October 2018 The Consumer Price Inflation remained at 4.9% in September 2018, unchanged from August 2018, Statistics SA said Wednesday morning. "The consumer price index increased by 0.5% month-on-month in September 2018. Annual inflation for food and non-alcoholic beverages increased to 3.9% in September... 

Consumer Price Inflation stays 4.9%

Long4Life posts first-half profit, but no dividend

By: Reuters     24th October 2018 South African investment firm Long4Life swung into a trading profit in the half-year to end August, it said on Wednesday, as asset acquisitions became effective, lifting group sales. The firm, owned by Brian Joffe, one of South Africa's most respected dealmakers, has acquired among other brands... 

Mashaba calls for more partnerships during South Africa–Italy Summit

By: Tasneem Bulbulia     24th October 2018 Johannesburg mayor Herman Mashaba has called for more partnerships and better collaboration between South Africa and Italy, as part of efforts to grow the economy. Speaking at the South Africa–Italy Summit/Indaba, he pointed out that the two countries had good trade relations, but encouraged... 

Sars did not implement R200m IT restructuring model, inquiry hears

By: African News Agency      24th October 2018 The R200-million information technology (IT) modernisation model that was developed by a consultancy firm hired by suspended South African Revenue Services (Sars) commissioner Tom Moyane to revive and restructure the revenue service's IT was never implemented, the Nugent Commission of Inquiry... 

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