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Macro and Micro News

Ramaphosa outlines six steps to tackle electricity deficit in disrupted Budget Vote speech  

By: Terence Creamer     9th June 2022 President Cyril Ramaphosa outlined six steps for addressing the country’s electricity shortfall in a Budget Vote speech that was delayed and disrupted by opposition Members of Parliament who objected to the address from proceeding in light of a criminal complaint having been lodged against... 

SIU working to combat fraudulent vehicle licence renewals using deceased persons' identities

By: Yvonne Silaule     9th June 2022 The Special Investigating Unit (SIU) has found that the identity numbers of deceased persons are being used to fraudulently facilitate the renewal of vehicle licences for truck owners whose accounts with the licensing department have been suspended. SIU spokesperson Kaizer Kganyago on June 9 said... 

Comair to be liquidated 

By: News24Wire      9th June 2022 Comair's business rescue practitioners have lodged a court application on Thursday to convert the business rescue proceedings into liquidation proceedings. This is because the company could not raise the necessary funding to continue with operations. In a notice, published on Thursday, the BRPs... 

British Airways plane

No guarantee that Guptas will be extradited to SA – Gungubele  

By: Thabi Madiba     9th June 2022 Minister in the Presidency Mondli Gungubele said on Thursday there is no guarantee that Atul and Rajesh Gupta will be brought to South Africa following their arrest in the United Arab Emirates. Gungubele briefed the media on the outcomes of Wednesday’s Cabinet meeting. “I wouldn’t say there is a... 

Image of Minister in the Presidency Mondli Gungubele
Minister in the Presidency Mondli Gungubele

At least 50% of Lanseria smart city’s housing will need to be subsidised

By: Darren Parker     9th June 2022 At least 50% of the housing planned for the Lanseria smart city initiative will need to be subsidised or cross subsidised to maximise inclusion, Gauteng Department of Economic Development deputy DG Jak Koseff said at the African Smart City Summit, in Midrand, on June 8. He said the development of... 

Lanseria smart city plans
Lanseria smart city plans

Anglo American, IFC ink $100m sustainability-linked loan to benefit South African mine communities

By: Creamer Media Reporter      9th June 2022 Diversified miner Anglo American has signed a $100-million ten-year loan agreement with the International Finance Corporation (IFC) linked to the delivery of sustainability goals that are integral to the mining group's Sustainable Mining Plan. The specific goals tied to the loan agreement are... 

Anglo American FD Stephen Pearce
Anglo American FD Stephen Pearce

De Lille welcomes European Investment Bank cash injection into Biovac

By: Sane Dhlamini     8th June 2022 Minister of Public Works and Infrastructure Patricia de Lille has welcomed the European Investment Bank’s (EIB’s) injection of €175-million to South Africa’s specialist human vaccine manufacturer Biovac. The pledge is in close cooperation with the European Union’s (EU’s) injection of €175-million... 

Image of Minister of Public Works and Infrastructure Patricia de Lille
Minister of Public Works and Infrastructure Patricia de Lille

Busa urges Nersa to continue momentum of registering more distributed generation projects

By: Creamer Media Reporter      8th June 2022 Business Unity South Africa (Busa) has welcomed the National Energy Regulator of South Africa’s (Nersa’s) registration of new electricity generation facilities under the so-called 100 MW reform. “The fact that registration processes for the 16 new generation facilities were processed within 19... 

Business confidence slips in the second quarter, RMB/BER index shows

By: Creamer Media Reporter      8th June 2022 The Rand Merchant Bank (RMB)/Bureau for Economic Research (BER) Business Confidence Index (BCI) dropped from 46 to 42 in the second quarter – a similar level to that recorded in the second half of 2021. "Various shocks over the past year have contributed to keeping confidence this low and many... 

South Africa to file Gupta extradition request within 60 days 

By: Bloomberg     8th June 2022 South Africa’s government plans to file a request with the United Arab Emirates for the extradition of two fugitive businessmen wanted on charges of money laundering and fraud within two months. Cooperation between the authorities on returning Rajesh and Atul Gupta to South Africa is “proceeding... 

Atul Gupta
Photo by Creamer Media
Atul Gupta

Treasury stalwart Ismail Momoniat appointed as acting director-general

By: News24Wire      8th June 2022 Long-serving Treasury official Ismail Momoniat has been appointed as acting director-general, Finance Minister Enoch Godongwana announced on Wednesday. "Mr Momoniat brings a wealth of experience to the position, having served National Treasury with dedication for 27 years, of which 22 years have... 

Acting Treasury Director-General Ismail Momoniat
Acting Treasury Director-General Ismail Momoniat

IMF worried about impact of South Africa's growth outlook on poverty

By: Reuters     7th June 2022 The International Monetary Fund (IMF) said on Tuesday at the end of a visit to South Africa that its staff were increasingly concerned about the country's economic growth outlook and the implications on employment, poverty and inequality. Africa's most industrialised economy has recovered from... 

Rand at risk of volatility as South Africa starts policy change

By: Bloomberg     7th June 2022 A change in the way South Africa’s central bank implements monetary policy may lead to greater volatility in the rand. The transition will start Wednesday night and will see the central bank shifting to a surplus system from its current deficit set-up, meaning commercial banks will be allowed to... 

New coal ‘inconsistent’ with spirit of $8.5bn climate partnership, US Treasury warns  

By: Terence Creamer     7th June 2022 Any public steps by South Africa that were suggestive of new coal having a place in the country’s future energy mix would be inconsistent with the intentions of the Just Energy Transition Partnership (JET-P) signed at COP26 in November, US Treasury climate counselor John Morton has cautioned. The... 

New coal ‘inconsistent’ with spirit of $8.5bn climate partnership, US Treasury warns

Eskom warns power system is 'very constrained', risk of load-shedding in coming weeks

By: News24Wire      7th June 2022 Eskom warned on Tuesday afternoon of a "very constrained" power system and said it might have to implement load-shedding at short notice.  "Should there be any significant breakdowns, load-shedding may be required at short notice, most likely during the evening peak of 17:00 and 22:00," the... 

Electricity pylons

GDP returns to pre-pandemic levels, up 1.9% q/q in the first quarter

By: Donna Slater     7th June 2022 Statistics South Africa (Stats SA) reports that the country’s seasonally-adjusted gross domestic product (GDP) rose by 1.9% quarter-on-quarter in the first quarter of the year, driven primarily by the manufacturing sector, which increased by 4.9% and contributed 0.6 of a percentage point to the... 

An image showing the sectors contributing most to South Africa's GDP

South Africa says UAE arrests Gupta brothers, wanted on corruption charges

By: Reuters     7th June 2022 South Africa said on Monday the United Arab Emirates had arrested Rajesh Gupta and Atul Gupta, brothers who face charges of political corruption under former South African President Jacob Zuma. Confirming South Africa's statement on Tuesday, Dubai police said on Twitter that it had coordinated... 

A photo of handcuffs

AfDB launches Municipal CFO Initiative to build African cities' financial acumen

By: Schalk Burger     6th June 2022 The Municipal CFO Initiative is a programme aimed at building the capacity of municipal CFOs across Africa, and enabling cities to tap financial markets more effectively in order to fund local infrastructure and development projects, said development finance institution the African Development... 

Nersa registers 16 more distributed projects to add 211 MW 

By: Terence Creamer     6th June 2022 The National Energy Regulator of South Africa (Nersa) has approved the registration of a further 16 distributed generation projects with a combined capacity of 211 MW and a collective investment value of R3.65-bilion. The approvals were made during a regulator executive committee meeting on June... 

solar panles

Lamola proposes whole of society approach to combat crime, inequality in South Africa

By: Schalk Burger     6th June 2022 Through the compact between business, labour, civil society and government, South Africa is able to, and must, respond with collective hands to confront the challenges it faces, Justice and Correctional Services Minister Ronald Lamola said on June 3. "It is the responsibility of all of us, in... 

Justice and Correctional Services Minister Ronald Lamola
Justice and Correctional Services Minister Ronald Lamola

Publication detailing domestic startup ecosystem to be launched

By: Donna Slater     3rd June 2022 Startup-focused news and research company Disrupt Africa will, in the second week of June, release its South African Startup Ecosystem Report 2022 in partnership with the SA SME Fund and Nedbank Corporate and Investment Banking (CIB). Since launching its research arm in 2016, Disrupt Africa has... 

Western Cape government launches dashboard to boost opportunities for small businesses

By: Yvonne Silaule     3rd June 2022 The Western Cape government has launched a new Web-enabled dashboard as part of efforts to reduce the red tape on small businesses that are interested in becoming suppliers to the province. The new dashboard allows users to filter information they wish to access and interrogate it further. It... 

South African business activity picks up slightly in May - PMI

By: Reuters     3rd June 2022 South African private sector activity rose slightly in May as the coastal province of KwaZulu-Natal started recovering from severe floods, lifting demand and reducing supply chain delays, a survey showed on Friday. The S&P Global South Africa Purchasing Managers' Index (PMI) rose to 50.7 in May... 

Renergen says gas project can catalyse Free State manufacturing revival

By: Simone Liedtke     3rd June 2022 Emerging integrated energy producer Renergen is confident that its Virginia gas project, in the Free State, will become a catalyst for “more than just gas” in South Africa, with CEO Stefano Marani expressing optimism about the project’s positive impact on the province as it develops into a... 

Magazine cover image

Mantashe confirms IRP 2019 review, but offers no timing specifics 

By: Terence Creamer     2nd June 2022 Minerals Resources and Energy Minister Gwede Mantashe reported on Thursday that the Integrated Resource Plan of 2019 (IRP 2019), which is widely acknowledged to be out of date, would be reviewed. However, he said he could not yet provide a timeframe for the publication of the update or indicate... 

Mineral Resources and Energy Minister Gwede Mantashe
Mineral Resources and Energy Minister Gwede Mantashe

Solar-battery hybrids worth R16bn only projects to cross ‘emergency procurement’ finishing line  

By: Terence Creamer     2nd June 2022 The South Africa government and Eskom have signed agreements with three of the 11 projects named as preferred bidders in March 2021 under the much-delayed Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP). The 20-year power purchase agreements (PPAs) and associated... 

Scatec CEO Terje Pilskog
Scatec CEO Terje Pilskog

WoodMac’s Maade expects economy to bounce back in 3 years if risks are mitigated

By: Darren Parker     2nd June 2022 Despite the most aggressive policy tightening cycle in decades, research and consulting firm Wood Mackenzie (WoodMac) metals and mining markets head Derryn Maade has said the global economy is expected to manage a “soft landing pace of growth”, easing back to pre-Covid-19 trends within the next... 

Parly committee calls for long-term fix to soften the blow of fuel price hikes   

By: News24Wire      2nd June 2022 Parliament's Portfolio Committee on Mineral Resources and Energy has called on the government to undertake a "comprehensive review" of South Africa's fuel pricing regime. This comes after the National Treasury stepped in to provide relief to South African motorists ahead of this week's fuel price... 

Petrol pump

Eskom warns power system is 'severely constrained'

By: News24Wire      2nd June 2022 Eskom warned on Thursday afternoon of a "severely constrained" power system and said it might have to implement load-shedding at short notice.  "Should there be any significant breakdowns, load-shedding may be required at short notice, most likely during the evening peak of 17:00 and 22:00," the... 

Eskom logo

Land Bank aims for debt solution by end-Sept

By: Reuters     2nd June 2022 South Africa's Land Bank is working on a new debt restructuring plan that it hopes will be finalised by the end of September, the National Treasury said on Wednesday. The state-owned agricultural bank defaulted on its debt in April 2020 and missed a restructuring deadline in March 2021. It has so... 

AfDB launches dedicated circular economy fund

By: Schalk Burger     1st June 2022 Development finance institution the African Development Bank Group (AfDB) has launched the Africa Circular Economy Facility – its first dedicated fund to support circular economy innovations and policy frameworks. The facility will focus on three strategic areas, namely institutional capacity... 

Converting truck fleets to LNG could reduce transport costs by 30% – Renergen

By: Darren Parker     1st June 2022 With diesel prices at a record high, liquefied natural gas (LNG) has the potential to lower the transportation costs of major logistics companies by up to 30%, LNG and helium developer Renergen CEO Stefano Marani said at the Junior Mining Indaba on June 1. “This means that the conversion of their... 

Renergen CEO Stefano Marani
Renergen CEO Stefano Marani

Shell, Mantashe's lawyers defend environmental plan for seismic blasting

By: News24Wire      1st June 2022 Both Shell and Minister of Mineral Resources and Energy Gwede Mantashe's lawyers assert that an environmental management plan for the proposed seismic survey off the Wild Coast qualified as environmental authorisation, a court heard. A full bench at the Port Elizabeth High Court in Gqeberha on... 

Minister of Mineral Resources and Energy Gwede Mantashe
Minister of Mineral Resources and Energy Gwede Mantashe

Contracts for ‘emergency’ power procurement programme to be signed on June 2  

By: Terence Creamer     31st May 2022 Power purchase agreements arising from the much-delayed Risk Mitigation Independent Power Producer Procurement Programme will be signed on June 2, the Department of Mineral Resources and Energy revealed on Tuesday. The DMRE did not indicate whether all 11 projects would be signed, saying only... 

Mineral Resources and Energy Minister Gwede Mantashe.
Mineral Resources and Energy Minister Gwede Mantashe.

NPC and Operation Vulindlela to work together on reform agenda

By: Terence Creamer     31st May 2022 The National Planning Commission (NPC) and Operation Vulindlela have announced that they intend working together to support the implementation of the structural reforms identified as a constraint to higher levels of growth and job creation. The two entities met on May 26, where Operation... 

Finance Minister Enoch Godongwana says efforts will be redoubled to ensure that the reforms facing implementation challenges access the support they need to progress
Finance Minister Enoch Godongwana says efforts will be redoubled to ensure that the reforms facing implementation challenges access the support they need to progress

Zuma’s former spokesperson appointed to Ramaphosa Presidency  

By: Sashnee Moodley     31st May 2022 Vincent Magwenya joins the Presidency as Cyril Ramaphosa’s new spokesperson from June 1. He takes over from acting spokesperson Tyrone Seale, who has filled the role since July 2020. Previously the spokesperson for former President Jacob Zuma from 2009 to 2010, Magwenya takes on the role with... 

President Cyril Ramaphosa
President Cyril Ramaphosa

South Africa’s unemployment rate improves modestly to 34.5% in the first quarter 

By: Marleny Arnoldi     31st May 2022 The official South African unemployment rate has decreased by 0.8 of a percentage point to 34.5%  in the first quarter of this year, compared with the unemployment rate of 35.3% in the fourth quarter of 2021. Statistics South Africa statistician-general Risenga Maluleke on May 31 shared the... 

Image of an unemployed person
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