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Economy News

A R193bn South African fixed-income manager plans startup fund

By: Bloomberg Updated 6 hours ago Futuregrowth Asset Management, a South African fixed-income money manager with R193-billion of assets, is raising a fund to invest in startups with a strong developmental impact. The company aims to raise as much as 600 million rand for the Futuregrowth High Growth Development Equity Fund -- a... →

Best practices for small businesses

Updated 7 hours ago Experienced engineers are crucial in such a critical and technically-minded sector as engineering, and it is consequently not surprising that the industry players place a premium on the employment of those who have the years under their belts, says engineering firm Zimile Consulting Engineers CEO... →

Cesa challenges Sanral’s decision to cancel tender

Updated 7 hours ago Industry body Consulting Engineers South Africa (Cesa) is challenging the decision by the South African National Roads Agency Limited (Sanral) board to cancel critical infrastructure tenders worth R17.5-billion on the basis that the adjudication process was flawed owing to the involvement of... →

TENDER DEBACLE Cesa is challenging Sanral’s decision to cancel 17.5-billion in tenders

Infrastructure rebuilding good test for sector

By: Mandisa Nyathi Updated 7 hours ago The rebuilding of damaged infrastructure, in KwaZulu-Natal, after the devastating floods, will be a good test for the consulting engineering sector’s capacity to supplement skills shortages, says consulting engineering and scientist firm SRK Consulting MD Vis Reddy. →

VIS REDDY Rebuilding projects will see many engineering companies hired to fix the infrastructure in the province.

Consulting engineering sector faces skills depletion

By: Mandisa Nyathi Updated 7 hours ago The Covid-19 pandemic has led to increased retrenchments and job losses in the consulting engineering industry, which, in turn, has led to a skills drain in the sector, temporary works consultant Waco Engineering Services MD Otto Botha says. →

OTTO BOTHA Government projects are important because engineers gain the required skills and create job opportunities for community members, adding that the Sanral’s decision to cancel R17.47-billion in tenders will lead to delays in executing projects

Batteries and decentralised power seen as key way to boost security of supply

By: Cameron Mackay Updated 7 hours ago Industry body the South African Energy Storage Association chairperson Mikhail Nikomarov emphasises the importance of a decentralised power system and the benefits it can provide, and how this can be supported using battery energy storage systems (BESS) in the local market. “Energy storage... →

DBSA tasked with overseeing Sanral tender reappointment process

By: Donna Slater 30th June 2022 The South African National Roads Agency Limited (Sanral) has appointed the Development Bank of Southern Africa (DBSA) as an independent and lead adjudicating body after Sanral’s board in May declined the contracts previously entered into for five strategic projects. As such, the DBSA will act as... →

Photo by Creamer Media
Transport Minister Fikile Mbalula, Sanral chairperson Themba Mhambi and Sanral acting CEO Lehlohonolo Memeza at a briefing on June 30.

Mbalula promises e-toll solution 'for sure' this time

By: News24Wire 30th June 2022 Minister of Transport Fikile Mbalula says that a solution to e-tolls will be announced in October, this time "for sure". Mbalula has been promising an announcement on e-tolls since he took office in May 2019 with several deadlines come and gone. Speaking at a press briefing in Pretoria on... →

Minister of Transport Fikile Mbalula

R3.4bn in UIF TERS monies returned, Phase 2 of Follow the Money project to start in July

By: Schalk Burger 30th June 2022 Unemployment Insurance Fund (UIF) commissioner Teboho Maruping says R3.4-billion has been voluntarily returned to it by employers that irregularly benefitted from the Covid-19 Temporary Employer-Employee Relief Scheme (TERS). The first phase of the UIF's Follow the Money project determined that... →

Eskom to implement Stage 6 load-shedding on Thursday and Friday

By: Creamer Media Reporter 30th June 2022 Power utility Eskom on Thursday said it would again implement Stage 6 load-shedding, from 14:00 until midnight, as the unlawful strike by employees continues. Stage 4 load-shedding will be implemented from 00:00 to 05:00 on Friday. From 05:00 until 00:00 on Friday, load-shedding will be... →

MEIBC parties vote to extend 2021 wage deal to non-parties

By: Creamer Media Reporter 30th June 2022 Parties to the Metals and Engineering Industries Bargaining Council (MEIBC) have voted to extend the three-year agreement reached in the metals and engineering sector in October 2021 to non-parties. The collective main agreement concluded for the period July 1, 2021, to June 30, 2024, will now be... →

Eskom: NUM, Numsa deals with divisions, allege 'fake news' as members reject 7% increase

By: News24Wire 30th June 2022 After a week of protests at Eskom operations that no one has claimed responsibility for plunged the country into Stage 6 load-shedding, two unions are now dealing with members who are pushing for an outright rejection of a new wage offer. The National Union of Metalworkers of South Africa, the... →

National Union of Metalworkers of South Africa

IEA backs nuclear life extensions as Koeberg pushes ahead with 20-year plan

By: Terence Creamer 30th June 2022 The International Energy Agency (IEA) has come out in support of nuclear plant lifetime extension programmes, as Eskom pushes ahead with its plans to extend the life of the Koeberg nuclear power station, in the Western Cape. A new IEA report, titled ‘Nuclear Power and Secure Energy Transitions’,... →

The Koeberg nuclear power station

Eskom offers workers 7% increase after illegal protests

By: Bloomberg 29th June 2022 Eskom Holdings is offering workers a 7% wage increase, after the utility lost units during illegal protests that plunged South Africa into the worst blackouts since 2019, according to people familiar with the information. →

Kganyago says half-point South Africa rate hike possible in July

By: Bloomberg 29th June 2022 Traders tempered expectations for the largest South African increase in borrowing costs in almost two decades after the head of the nation’s central bank said it may consider raising interest rates by only half a percentage point in July. Annual inflation that surged above the Reserve Bank’s... →

Amid load-shedding pain, more than 50% of Soweto residents are illegally connected to grid – Eskom

By: News24Wire 29th June 2022 As Soweto residents marched to the office of Johannesburg Mayor Mpho Phalatse last week to demand a more sustainable and consistent electricity supply, they did so against the backdrop of an area plagued by illegal connections and residents who can't or won't pay for power. Eskom says 50% of... →

'It's unfair' to blame me or govt for Eskom crisis - Mantashe on defensive at urgent Cabinet meeting

By: News24Wire 29th June 2022 A Cabinet committee was meeting urgently on Wednesday to deliberate on the crises at Eskom after the power utility plunged the country into stage 6 load-shedding on Tuesday. No Cabinet meeting had been scheduled for Wednesday. Mineral Resources and Energy Minister Gwede Mantashe told News24 it... →

Stage 6 load-shedding from 16:00 as maintenance backlog could take 'weeks to clear'

By: News24Wire 29th June 2022 Stage 6 load-shedding will kick in again from 16:00 until 22:00 on Wednesday evening, Eskom said in a statement. This is despite the fact that striking employees have started returning to work. Stage 4 load-shedding will be implemented from 22:00 until midnight, and then reduced to Stage 2 until... →

Opinion: Existing regulatory framework provides good backbone for development of South Africa’s green hydrogen sector

29th June 2022 In this article, Bowmans South Africa’s head of public law and regulatory, Claire Tucker, looks at regulation and incentives for the hydrogen economy. She concludes that, while incentives for developing the sector have not yet been finalised, the existing regulatory framework for these industrial... →

Claire Tucker

South African food inflation rose sharply in May

By: Rebecca Campbell 29th June 2022 Food inflation in South Africa rose sharply in May, in both year-on-year (y-o-y) and month-on-month (m-o-m) terms, the Bureau for Food and Agricultural Policy (BFAP) has reported in its latest Food Inflation Brief. In y-o-y terms, food and non-alcoholic beverage prices last month were up 7.6%. In... →

South Africa imported record volumes of steel in 2021, new report shows

By: Terence Creamer 29th June 2022 At close to 1.7-million tonnes, South Africa imported record volumes of primary steel in 2021, constituting about one-third of all steel used in the country, a new Steel Report published by the South African Iron and Steel Institute (SAISI) confirms. The report, which is the inaugural edition of... →

Consumer confidence plummets to record low

By: News24Wire 29th June 2022 South Africa’s consumer confidence plunged to its lowest level in over three decades in the second quarter of 2022, barring the sharp drop during the height of Covid-19. The economic ramifications of Russia’s war in Ukraine, soaring petrol prices, escalating inflation, high interest rates and the... →

Eskom employees start returning to work amid speculation of a higher wage offer

By: News24Wire 29th June 2022 As reports and speculation about Eskom's new wage offer to unions were in full swing, the power utility confirmed that employees were returning to work at various stations and other operations on Wednesday morning. After a week of protest disruptions due to a wage negotiation deadlock, Minister... →

Stage 6 fiasco: Ratings downgrade may now be on the cards, economists warn

By: News24Wire 29th June 2022 Stage 6 load shedding – the worst since 2019 – sparked by a wildcat strike at ailing power utility Eskom could stamp out the SA economy's recent tentative green shoots, analysts have warned. Amid spiralling unemployment, high inflation and rocketing fuel prices, there have been small pockets of... →

Nothing more important than growing the economy and creating jobs – Cape Town Mayor

By: Sane Dhlamini 29th June 2022 Cape Town Mayor Geordin Hill-Lewis has acknowledged that creating employment and being a jobs-focused and entrepreneur-friendly administration are important measures needed to resuscitate the country’s ailing economy. In an exclusive interview with Polity, the Mayor said he was doing all he could... →

City of Cape Town Mayor Geordin Hill-Lewis discusses his plans and vision for the city. (Camera & editing: Darlene Creamer)

South Africa's FDI inflows increased to R27.2bn in the first quarter

By: Reuters 28th June 2022 South Africa recorded foreign direct investment (FDI) inflows of R27.2-billion in the first quarter of 2022, up from R22.7-billion rand in the fourth quarter of 2021, the central bank said on Tuesday. The South African Reserve Bank said in its Quarterly Bulletin that the increase was due to... →

Gordhan says Eskom, unions reach wage agreement; hopes second day of Stage 6 load-shedding can be avoided

By: Chanel de Bruyn 28th June 2022 Public Enterprises Minister Pravin Gordhan on Tuesday evening said he was hopeful that Eskom would be able to avoid implementing Stage 6 load-shedding for a second day on Wednesday, after the power utility and unions had reached a wage agreement earlier in the day. Eskom on Tuesday afternoon... →

Photo by Creamer Media's Donna Slater
Public Enterprises Minister Pravin Gordhan

Power trip: While Stage 4 drags on some unions want Pravin, but Eskom heads to CCMA

By: News24Wire 28th June 2022 While Eskom has put its plans in motion to end protests that have disrupted its operations and break the deadlock at its wage talks, unions in the negotiations are split on whether the impasse may need an intervention from Public Enterprises Minister Pravin Gordhan. Historically, an intervention... →

Photo by Bloomberg
Public Enterprises Minister Pravin Gordhan

Discovery to list on A2X

By: Creamer Media Reporter 27th June 2022 Financial services group Discovery has been approved for a secondary listing on A2X Markets and its shares will be available for trade on A2X from July 4. Discovery will retain its primary listing on the JSE and its issued share capital will be unaffected by its secondary listing on A2X. “Since... →

Infrastructure delivery key to growing economy, creating local demand

By: Donna Slater 27th June 2022 The construction and development of infrastructure is critical to accelerating demand for associated goods and services, as well as to significantly boost the economy, Infrastructure South Africa investment and unblocking chief director Mashopha Moshoeshoe said earlier this month. Speaking at... →

Cabinet approves South Africa’s first draft game meat strategy for public comment

By: Creamer Media Reporter 27th June 2022 Cabinet has approved South Africa’s first draft Game Meat Strategy for public comment. South Africa, renowned internationally for its abundant wildlife, provides market opportunities that could derive from the harvesting of game meat and related value-added products. →

Numsa claims Eskom provoked the 'rage' that led to protests and more load-shedding

By: News24Wire 27th June 2022 The National Union of Metalworkers of South Africa laid the blame at Eskom's feet for the protests at power stations that ultimately plunged South Africa into Stage 4 load-shedding late last week. Speaking to Fin24 on Monday, Numsa spokesperson Phakamile Hlubi-Majola denied any involvement by the... →

Eskom says most workers at power plants, still sporadic protests

By: Bloomberg 27th June 2022 South Africa’s power utility said most of its workforce is in place, despite some ongoing demonstrations that started last week after a breakdown in wage negotiations, though generation capacity has yet to improve. “The greater majority of employees are reporting for duty,” Eskom Holdings' media... →

UK to guarantee $2bn of AfDB debt to boost climate fight

By: Bloomberg 27th June 2022 The UK has agreed to guarantee $2-billion of the debt the African Development Bank has extended to governments on the continent, allowing the lender to free up finance for climate-related projects. The additional lending capacity will be used to fund projects for climate resilience and renewable... →

Stage 4 power cuts to continue until Wednesday due to labour action, says Eskom

By: News24Wire 27th June 2022 Stage 4 load-shedding will continue to be implemented from 05:00 in the morning until Wednesday, Eskom has announced. The power utility said the power cuts would be implemented every day until midnight. →

Earth & Wire targets Eastern Cape for first long-duration storage roll-out

By: Terence Creamer 27th June 2022 Independent renewable energy company Earth & Wire expects to begin installing its first long-duration energy storage system in South Africa in 2024 after announcing a 300 MW/1 200 MWh order for a battery system from Ambri, of the US. First deliveries are scheduled for the second quarter of 2024,... →

Artist impression of the Ambri storage system

Firms agree to competition penalty for unintentionally contravening the Competition Act

By: Schalk Burger 24th June 2022 The Competition Tribunal has confirmed, as an order, a consent agreement wherein four firms admit that they unintentionally contravened the Competition Act, specifically that parties to a large merger may not implement that merger until it has been approved, with or without conditions, by the... →

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