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DTI invites public to comment on proposed amendments to BBBEE codes

By: Marleny Arnoldi     20th April 2018 The Department of Trade and Industry (DTI) is inviting the public to participate in a public commentary process on a proposed amendment to the Broad-Based Black Economic Empowerment (BBBEE) Codes of Good Practice on or before May 29.  

Call made for ‘broad coalition’ to reverse South Africa’s premature deindustrialisation

By: Terence Creamer     20th April 2018 A new no-holds-barred study of South Africa’s economic transformation over the past two decades concludes that the country has not only deindustrialised prematurely, but has also failed to materially transform its economic structure to one that encourages inclusive growth and development. Titled... 

Resistance persists despite declaration of new renewables dawn

By: Terence Creamer     20th April 2018 The world did not stop to allow South Africa to get off. While ‘sunny South Africa’ spent more than two years delaying the introduction of new renewable-energy plants, including 12 solar photovoltaic (PV) projects and a concentrated solar power (CSP) plant, the rest of the world continued... 

What Industry 4.0 means for business

     20th April 2018 At its core, the Fourth Industrial Revolution, or Industry 4.0, is driven by the coming together of physical and digital technologies. By gathering and analysing data from machines and robots, we are able to obtain insights into the health and performance of industrial installations, allowing us... 

Resistance persists despite declaration of new renewables dawn

By: Terence Creamer     20th April 2018 The world did not stop to allow South Africa to get off. While ‘sunny South Africa’ spent more than two years delaying the introduction of new renewable-energy plants, including 12 solar photovoltaic (PV) projects and a concentrated solar power (CSP) plant, the rest of the world continued... 

New Denel board faces tough turnaround task as financial pressure mounts

By: Rebecca Campbell     20th April 2018 Public Enterprises Minister Pravin Gordhan recently announced the completely new, high-powered, Board to turn-around beleaguered State-owned defence industrial group Denel. Technically, it is currently an interim Board, he explained, because it had not yet been approved by the Cabinet. He... 

Why business should care about inequality

By: Terence Creamer     20th April 2018 South African business needs to sit up and take note of new analysis that not only confirms South Africa as the world’s most unequal country, but that extreme inequality is now a major constraint to future growth. The analysis is contained in the World Bank’s latest South Africa Economic Update,... 

Solidarity alleges mismanagement of funds at Denel

By: Simone Liedtke     19th April 2018 Trade union Solidarity on Thursday alleged in a report titled ‘Denel Dossier’ that State-owned aerospace and defence group Denel’s top management received increases of up to 60% in their salaries, as well as 100% performance bonuses last year, while there were insufficient funds to pay employees... 

BLSA throws weight behind Ramaphosa's R1.2trn investment drive

By: News24Wire      19th April 2018 President Cyril Ramaphosa’s initiative to raise R1-trillion in new investments over five years could add 4 percentage points to the country’s foreign direct investment, Business Leadership South Africa (BLSA) said Thursday, as it welcomed the plan. "If we achieve these figures, I believe we can... 

Ramaphosa says he'll use his private sector experience to grow SA economy

By: News24Wire      19th April 2018 President Cyril Ramaphosa will approach the task of rebuilding South Africa's image as an attractive investment destination “with a private-sector lens”, he said in an interview with the Financial Times on Wednesday.  The president is in the UK where he is leading South Africa’s delegation to the... 

Industrial microgrid leveraging solar and storage launched 

     19th April 2018 Power management multinational Eaton South Africa has launched a grid-tied microgrid that uses solar photovoltaic and lithium ion battery storage systems. The microgrid powers its Wadeville campus and factory.  

Ramaphosa urges closer ties between South African businesses and other Commonwealth nations

By: Simone Liedtke     18th April 2018 South African President Cyril Ramaphosa has encouraged South African businesses to reach out to their Commonwealth counterparts across the globe to forge closer ties and create avenues for greater trade and investment. In an address in London, on Wednesday, he said that the Commonwealth Business... 

Rand recovery double-edged sword, land must be shared – Ramaphosa

By: Reuters     18th April 2018 President Cyril Ramaphosa said on Wednesday the rebound in the country's currency, the rand, had both positive and negative effects but wasn't quite complete. "It is a double-edged sword," Ramaphosa said in a interview with Bloomberg television. "It reflects the level of confidence that the world... 

Ramaphosa's plan to attract R1.2tr in investment marks potential new dawn

By: News24Wire      18th April 2018 President Cyril Ramaphosa’s plan to raise over R1-trillion in new foreign investment has been hailed by economists as the beginning of a “new dawn” for South Africa after years of low growth and policy uncertainty. On Monday, Ramaphosa announced that South Africa will later this year host a major... 

Ramaphosa scores R857m UK funding from Prime Minister May

By: News24Wire      18th April 2018 President Cyril Ramaphosa and British Prime Minister Theresa May agreed on a deal worth millions to help South Africa improve its business environment. Ramaphosa is in the UK on a working visit to London to attend the Commonwealth Heads of Government Meeting, which will take place on Thursday and... 

CMH achieves 17.2% y/y increase in FY18 headline earnings despite challenges

By: Marleny Arnoldi     17th April 2018 Investment holding company Combined Motor Holdings (CMH) on Tuesday reported a good set of results for the financial year ended February 28, despite ongoing challenges including a difficult economic, trading and political environment.  

Why is it important to grow manufacturing?

     17th April 2018 Manufacturing Indaba will take place at the Sandton Convention Centre in Johannesburg on the 19th and 20th of June, 2018 and will be facilitated with the collaborative backing and strategic partnership of the Department of Trade and Industry (the dti) and the Manufacturing Circle, a corporate... 

Ramaphosa team to seek $100bn investment for South Africa

By: Reuters     17th April 2018 South African President Cyril Ramaphosa appointed a team of business and finance experts on Monday to hunt the globe for $100-billion in investment to boost the ailing economy. The team of economic envoys includes two former finance ministers – Trevor Manuel and Pravin Gordhan, who now holds the... 

Government welcomes R&I’s improved currency debt rating for South Africa

By: Marleny Arnoldi     16th April 2018 The National Treasury on Monday welcomed capital market agency Rating and Investment Information’s (R&I’s) decision to affirm South Africa’s long-term foreign currency debt rating at BBB and its local currency debt rating at BBB+.  

Mining regulation changes in sub-Saharan Africa will continue to fuel uncertainty – BMI

By: Simone Liedtke     16th April 2018 Changes to the mining regulations in various markets across sub-Saharan Africa will continue to fuel uncertainty among investors and pose downside risks to forecasts in the region, says market researcher BMI Research. Internal political and economic considerations, as well as a more favourable... 

Consol IPO may raise up to $415m

By: Reuters     16th April 2018 South African glass bottle maker Consol aims to raise up to $415-million via an initial public offering (IPO), it said on Monday, returning the firm to public markets after more than a decade in the hands of private equity groups The flotation, pencilled in for April 30, comes amid growing... 

CEO confidence improves on better economic conditions, industry growth

By: Marleny Arnoldi     13th April 2018 Investment and business services provider Merchantec Capital’s CEO Confidence Index improved to 60 in the first quarter of this year, moving above the neutral 50-point mark for the first time since the first quarter of 2017.  

FIGHTING CHANCE

     13th April 2018 President Cyril Ramaphosa speaking at the launch of the Youth Employment Service (YES) initiative on March 27. YES is a social compact between government, business and labour “created to give one-million youth one-million opportunities to succeed”. For South Africa’s sake, it’s vital that the... 

French interested in South Africa and offering opportunities to South Africa

By: Rebecca Campbell     12th April 2018 French companies are confident in the South African market and in its future, French Embassy Economic Counsellor William Roos assured South African journalists at a briefing on Thursday. He pointed out Some 400 French companies had already set up business in South Africa and others are interested... 

Vedanta chairperson upbeat on Zambia’s growth prospects

By: Simone Liedtke     12th April 2018 Vedanta Resources chairperson Anil Agarwal on Thursday shared his views on a path to growth for subsidiary Konkola Copper Mines (KCM). He expressed confidence in what he sees as the start of an “African economic resurgence driven by various metals”. 

Eskom considers sale of mortgage business

By: Reuters     12th April 2018 South Africa's state power utility Eskom is sounding out possible buyers for its mortgage business, a tender document showed on Wednesday, in what would be the first major privatisation deal under President Cyril Ramaphosa. Ramaphosa has made revamping state-owned firms like Eskom a top priority... 

South Africa's growth recovery at risk from lack of policy clarity – SARB

By: Reuters     11th April 2018 South Africa's recent economic growth turnaround is unlikely to last as 2017's boom fades and the outlook for reform remains murky, the South African Reserve Bank (SARB) said on Tuesday. The South African economy expanded by a surprising 1% in 2017 as agriculture recovered from a drought the year... 

Extreme inequality in South Africa is constraining growth and investment 

By: Terence Creamer     10th April 2018 New analysis by the World Bank has confirmed that South Africa’s is not only the world’s most unequal country, but that extreme inequality has become a major constraint to higher levels of economic growth, because it is undermining policy certainty and depressing investment. The bank’s latest... 

Feb manufacturing output disappoints on firmer rand, bottlenecks

By: Reuters     10th April 2018 South Africa's manufacturing output came in below expectations in February following a run of five months of robust growth, with analysts pointing to a stronger rand and various bottlenecks, including the cost of doing business. Manufacturing output rose 0.6% year-on-year in February, well below... 

Trade union to seek to put SAA into business rescue

By: Rebecca Campbell     9th April 2018 Trade union Solidarity announced on Sunday that it was to start court proceedings to place State-owned and financially very troubled national carrier South African Airways (SAA) under business rescue. In an open letter to President Cyril Ramaphosa, Finance Minister Nhlanhla Nene and Public... 

Ramaphosa refers Eskom allegations to Special Investigating Unit

By: News24Wire      6th April 2018 President Cyril Ramaphosa referred allegations of mismanagement and graft at state power utility Eskom and rail and ports group Transnet to the Special Investigating Unit (SIU). The SIU, which probes corruption and maladministration in the government, must include “any alleged serious... 

Strong rand eroding South African gold mines’ margins 

By: Natasha Odendaal     6th April 2018 While the strengthening of South Africa’s rand against the dollar in recent months has been widely welcomed by many, it has somewhat dampened the outlook for exporters and mining firms reliant on a weakened currency to widen margins. For South Africa’s gold mining industry, the resultant decline... 

Free trade deal is much ado about nothing

By: Riaan de Lange     6th April 2018 It is the eightieth day of the year as I sit down to write this piece – the first full day of the sign of Aries. In case you are wondering, there are 285 days until the end of the year, and, in another 65 days, it will be Tax Freedom Day. It means that you will need to work up to May 25 to pay... 

Long way to go

By: Terence Creamer     6th April 2018 The signing, by 44 African countries, of the African Continental Free Trade Area (AfCFTA) is encouraging, albeit that the development is at odds with the current global backlash against freer trade. It should be noted that South Africa did not sign the agreement in Kigali, Rwanda. However,... 

Tangible results needed to maintain business confidence momentum – Sacci

By: Simone Liedtke     5th April 2018 Although an improved business mood is still present, it has to be augmented by an improvement in the real economy and further focus on better financial conditions, the South African Chamber of Commerce and Industry (Sacci) said on Thursday, releasing the results of its latest business confidence... 

South Africa’s renewables focus shifting from costs to jobs and transformation

By: Terence Creamer     5th April 2018 The themes of transformation and employment in the renewable-energy sector have started to eclipse traditional concerns over cost and reliability following government’s highly contested, and much delayed, decision to press ahead with the signing of agreements for another 27 renewables independent... 

Num hits out at Radebe on IPP deal, threatens to end ANC support

By: News24Wire      5th April 2018 The National Union of Mineworkers (Num) has threatened to end its support for the African National Congress (ANC) if government continues with its renewable energy programme, saying clean power will destroy jobs and create ghost towns in coal mining areas. “Workers of this country will not... 

Ramaphosa dealing with Moyane suspension – Nene

By: News24Wire      3rd April 2018 Finance Minister Nhlanhla Nene said on Tuesday President Cyril Ramaphosa is dealing with the suspension of former South African Revenue Service (Sars) commissioner Tom Moyane, who left the agency last month under a cloud. “The issue of Moyane is being dealt with by the president... I hope it... 

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