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Economy News

NCOP votes to pass Electricity Regulation Amendment Bill

By: Creamer Media Reporter 17th May 2024 Engineering News editor Terence Creamer discusses the significance of the National Council of Provinces' (NCOP's) vote to pass the Electricity Regulation Amendment Bill; if the Bill is likely to face any opposition; and what further actions can be expected once the Bill becomes law. →

Eskom says key revision number rollover project on track

By: Sabrina Jardim 16th May 2024 State-owned Eskom says its key revision number rollover project is progressing well, with 3.61-million, or 52%, of the 6.9-million prepayment meters already recoded as of May 15. The main Eskom meter recoding project in all the nine provinces started in August 2023 after a successful pilot in... →

Eyes turn to Union Buildings after NCOP approves Electricity Regulation Amendment Bill

By: Terence Creamer 16th May 2024 The National Council of Provinces (NCOP) has approved the Electricity Regulation Amendment (ERA) Bill, which has far-reaching implications for the future structure and operation of an electricity supply industry that has hitherto been dominated by Eskom. The Bill received support from all... →

Photo by Creamer Media
President Cyril Ramaphosa may sign ERA Bill ahead of the elections

Threats of legal action after Ramaphosa signs NHI into law

By: Thabi Shomolekae 16th May 2024 Civil society organisations and political parties are threatening legal action following Wednesday’s controversial signing of the National Health Insurance Bill. President Cyril Ramaphosa, who publicly signed the Bill into law amid significant criticism, said the NHI was an opportunity to “break... →

Prescient supports Reatile’s acquisition of stake in 240 MW solar project

By: Creamer Media Reporter 16th May 2024 Prescient Investment Management has approved R324-million in equity finance to support black-owned investment company Reatile acquire a 31.5% stake in a 240 MW Free State solar PV project. The Virginia Solar Park project was selected as part of the sixth bid window of South Africa’s Renewable... →

Ramaphosa acknowledges fear over NHI but describes signing as ‘pivotal moment’

By: Terence Creamer 15th May 2024 President Cyril Ramaphosa acknowledged the fear that his signing of the National Health Insurance (NHI) Bill into law had generated in and address during a signing ceremony held at the Union Buildings on Wednesday. However, he described the NHI as an opportunity to break with the prevailing... →

President Cyril Ramaphosa signing the controversial NHI Bill into law at a Union Buildings ceremony

Persistent corruption concerns reflect letdowns during sixth administration – Corruption Watch

By: Marleny Arnoldi 15th May 2024 Nonprofit monitoring organisation Corruption Watch (CW) has confirmed in its latest report that there are significant concerns about the impact of corruption in the country, particularly a marked lack of confidence in the efficacy and ability of law enforcement agencies to tackle corruption.... →

Tribunal orders Emfuleni municipality to provide documents to Cape Gate in excessive pricing matter

By: Creamer Media Reporter 15th May 2024 The Competition Tribunal has ordered the Emfuleni local municipality to provide various documents to steel producer and electricity consumer Cape Gate, which alleges that the municipality excessively charged it for electricity in 2016/17. In its answering affidavit to the tribunal, the... →

Nedbank launches R10m Indalo Fund

By: Tasneem Bulbulia 15th May 2024 Finance institution Nedbank on May 15 announced the launch of the R10-million Indalo Fund at the Indalo Inclusive Symposium at the Council for Scientific and Industrial Research in Pretoria. The Indalo Fund is designed to change the way entrepreneurs are funded, creating a pipeline of viable... →

Nedbank Corporate Social Responsibility executive head Poovi Pillay

Plunging currencies, El Niño to delay rate cuts in African economies

By: Bloomberg 15th May 2024 Mounting price pressures from the resurgence of the dollar, foreign-currency crunches and adverse weather conditions are set to lead to delayed and shallower interest-rate cuts for African central banks this year. Over the next three weeks, analysts predict Nigeria, Angola and Zambia, who are... →

Equites reports sustained growth in rentals market

By: Darren Parker 14th May 2024 Real estate investment trust Equites Property Fund has reported sustained growth in its rental portfolio over the past few years and expects this trend to continue. In its results presentation for the 2024 financial year, where the company highlighted a dividend a share of R1.31 at a 100% payout... →

Photo by Creamer Media
Equites CEO Andrea Taverna-Turisan

Organisations call ‘rushed’ NHI Bill an electioneering ploy

By: Marleny Arnoldi 14th May 2024 Business Leadership South Africa (BLSA) has again expressed concern about the National Health Insurance (NHI) Bill on the eve of its planned promulgation by President Cyril Ramaphosa’s. Signing the NHI as is into law will discount the significant public comment having been made on the proposed... →

Salga energy head calls for post-election review of free basic electricity scheme

By: Terence Creamer 14th May 2024 The head of energy at the South African Local Government Association (Salga) has called for a review of both the size of the free basic electricity (FBE) allocation as well as the way the grant is assigned, arguing that many indigent households are currently not benefiting from the scheme as... →

Many households in informal settlements remain unelectrified

Unemployment rate worsens to 32.9%

By: Marleny Arnoldi 14th May 2024 South Africa’s official unemployment rate has widened by 0.8 of a percentage point to 32.9% in the first quarter of the year, compared with 32.1% in the fourth quarter of last year. The number of employed people in South Africa increased by 22 000 to 16.7-million, but the number of unemployed... →

Photo by Reuters
Job seekers waiting for casual work next to a road in Johannesburg

dtic seeks to create a competitive medical technology industry with new master plan

By: Creamer Media Reporter 14th May 2024 Trade, Industry and Competition Minister Ebrahim Patel has launched the Medical Technology (MedTech) Master Plan, which is aimed at creating a proficient and competitive medical technology industry over the next three years that will supply domestic and international markets. “The medical... →

Photo by Creamer Media's Donna Slater
Trade, Industry and Competition Minister Ebrahim Patel

Concerns heighten as Ramaphosa readies to sign NHI Bill into law

By: Thabi Shomolekae 14th May 2024 Business and political parties have expressed disappointment with President Cyril Ramphosa’s announcement that he will, on Wednesday, sign into law the controversial National Health Insurance Bill. On Monday, Ramaphosa announced that he would publicly sign the Bill, which government hoped to use... →

President Cyril Ramaphosa

Seifsa, Numsa conclude three-year metals, engineering sector wage agreement

By: Tasneem Bulbulia 13th May 2024 After three formal engagements, the Steel and Engineering Industries Federation of Southern Africa (Seifsa) and trade union the National Union of Metalworkers of South Africa (Numsa) have concluded the terms of a three-year wage agreement for the metals and engineering sector. The agreement is... →

Cliffe Dekker Hofmeyr appoints new dispute resolution director

By: Darren Parker 13th May 2024 Law firm Cliffe Dekker Hofmeyr (CDH) has announced the appointment of new dispute resolution director Marelise van der Westhuizen as of May 1. CDH CEO Brent Williams noted on May 13 that Van der Westhuizen had received good client feedback. →

Ramaphosa denies pre-election loadshedding respite is a ‘political ploy’

By: Terence Creamer 13th May 2024 President Cyril Ramaphosa has entered the politically charged discussion on the reasons behind the recent dramatic reduction in loadshedding ahead of what is expected to be a highly competition election and amid allegations that the reprieve is being staged managed to improve the governing... →

President Cyril Ramaphosa

South Africa avoids technical recession despite challenges – Deloitte

By: Sabrina Jardim 10th May 2024 With unemployment, loadshedding and a weak economy being front-line issues in the upcoming elections, the incoming administration must drive investment and reform to restart growth, build confidence and help South Africa’s economy meet its potential, says advisory firm Deloitte. In its May 2024... →

South African companies struggling to keep pace with e-commerce growth

By: Sabrina Jardim 9th May 2024 While the cost of doing business is increasing, as companies grapple with ad hoc systems, legacy technology, skills gaps and poor infrastructure, global e-commerce companies with a “wealth of know-how” are rapidly intensifying competition. Hence, the influx of best-in-class global players into... →

Accenture sales and commerce lead Africa Mushambi Mutuma.

Deadline for latest battery procurement also extended as IPPs adjust to Eskom’s new grid access rules

By: Terence Creamer 9th May 2024 The deadline for South Africa’s recently launched third battery energy storage bidding round, or bid window three (BW3), has been extended by three months to October 31, following a recent deadline extension for the concurrent second battery bidding round from April 30 to June 6. Independent... →

Genuine progress, not electioneering, behind the easing of loadshedding, council says

By: Darren Parker 9th May 2024 The current loadshedding reprieve is not a result of excessive diesel burning to pacify voters but rather a consequence of government and business coming together to made headway in solving South Africa’s electricity crisis, Energy Council of South Africa (ECSA) CEO James Mackay has said.... →

April transactions index increase welcome, but investors wait and see

By: Schalk Burger 8th May 2024 Financial infrastructure services company BankservAfrica's Economic Transactions Index (BETI) increased by 0.6% month-on-month in April to reach an index level of 134.2, which is the highest level in eight months. While loadshedding, which has remained suspended since the end of March, may have... →

TPT to continue to invest in Durban Pier 2 while legal spat over private partner plays out

By: Terence Creamer 8th May 2024 South Africa’s Transnet Port Terminals (TPT) says it will continue to invest in Durban Container Terminal (DCT) Pier 2 while legal proceedings around its selection of International Container Terminal Services (ICTSI), of the Philippines, for a 25-year partnership at what is South Africa’s largest... →

Port of Durban container operations

JSE undertaking measures to mitigate de-listing, shrinkage

By: Tasneem Bulbulia 8th May 2024 The JSE is undertaking several initiatives to mitigate de-listings and reduced market capitalisation, chairperson Phuthuma Nhleko said during the entity’s AGM on May 7. Speaking to Engineering News prior to the meeting, consultancy and research provider AmaranthCX director Paul Miller posited... →

Chairperson Phuthuma Nhleko

South Africa to provide new coal-plant closure timeline to secure secure $2.6bn

By: Bloomberg 8th May 2024 South Africa will provide a new timeline for the shutdown of coal-fired power plants in a bid to secure about $2.5-billion in climate finance, an agency in President Cyril Ramaphosa’s office said. The timetable to be proposed to the Climate Investment Funds in June aims to ensure the country... →

Spar Group to list on A2X

By: Creamer Media Reporter 8th May 2024 Retailer Spar Group has been approved for a secondary listing on A2X Markets (A2X) and its shares will become available for trade on the exchange from May 15. Spar has wholesale warehousing and distribution operations in Southern Africa and parts of Europe that support over 4 500 stores through... →

Spar CEO Angelo Swartz

Zimbabwe aims to use FDI to develop a competitive economy by 2030

By: Schalk Burger 7th May 2024 Zimbabwe held an investment conference on May 2 and 3 in South Africa during which its officials explained that the country of 16-million people wants to use local and international investments into key sectors of its economy to further develop the country by 2030. This objective is encapsulated... →

Patel believes industrial policy needs continued investment to yield full potential

By: Darren Parker 7th May 2024 Trade, Industry and Competition Minister Ebrahim Patel has called for rapid scaling up of infrastructure spending, among other urgent initiatives, to ensure current industrial policy can succeed. He was speaking at the launch of the Department of Trade, Industry and Competition’s (dtic’s) newly... →

Photo by Creamer Media's Donna Slater
Trade, Industry and Competition Minister Ebrahim Patel

Decarbonising industrial operations requires concerted effort

By: Bridget Lepere 7th May 2024 Decarbonisation requires comprehensive and multifaceted approaches and standardised processes across various industries. It should involve mobilising an organisation, managing information flow, digitising operations to manage the complexity of the circular economy and decarbonising supply chains... →

From left to right are Schwarz Unternehmenskommunikation corporate responsibility VP Florian Schütze, Siemens managing board member and Siemens Smart Infrastructure CEO Matthias Rebellius, Mercedes-Benz planning VP Arno van der Merwe and moderator Chris Brow in discussion at the Hannover Messe 2024 expo.

NamPower grid-strengthening and battery storage project secures $138.5m World Bank backing

By: Terence Creamer 7th May 2024 The World Bank has approved a $138.5-million finance package to support the integration of renewable energy into Namibia’s electricity system by strengthening its transmission grid and integrating a second utility scale battery storage system into the country’s network. The initiative, which is... →

Amazon launches online shopping service in South Africa

By: Reuters 7th May 2024 Amazon launched its online shopping service in South Africa on Tuesday, challenging a number of online retailers dominated by Naspers' Takealot.com. Africa's most advanced economy is usually seen as a good entry point for companies to expand into the continent and Amazon could be doing the same,... →

Denel displays guided weapons, landward defence systems at Defence Service Asia

By: Schalk Burger 6th May 2024 State-owned defence technology company Denel is displaying its guided weapons and landward defence systems at the Defence Service Asia (DSA) exhibition this week. Its Umkhonto surface-to-air missile can be launched from naval vessels or ground-based launchers. It travels at more than twice the... →

Eskom takes City Power to court over R1bn debt

By: Sashnee Moodley 6th May 2024 State power utility Eskom has said it has "no choice" but to approach the Johannesburg High Court to force City Power to pay just over R1-billion in unpaid debt. Eskom noted that City Power began to default on payments in October 2023 and that it did not receive any payment for March, this year. →

Ramokgopa insists loadshedding not being ‘stage managed’ ahead of May 29 poll

By: Terence Creamer 6th May 2024 Electricity Minister Kgosientsho Ramokgopa denies that the prevailing reprieve from loadshedding has been “stage managed” to improve the prospects of the governing African National Congress ahead of the May 29 poll, attributing it instead to “orchestrated” engineering efforts undertaken by Eskom... →

Minister insists the recent period of no loadshedding is down to the improved performance of coal stations such as Matla (pictured)

Photo by Creamer Media
Minister insists the recent period of no loadshedding is down to the improved performance of coal stations such as Matla (pictured)

Ramaphosa pegs sustainable economic recovery on attraction of higher levels of investment

By: Thabi Shomolekae 6th May 2024 President Cyril Ramaphosa on Monday assured that government is working to get rid of red tape that impedes and slows down investment. Ramaphosa wrote in his weekly letter to the nation that it was only through attracting higher levels of foreign and domestic investment that a swift, sustainable... →

President Cyril Ramaphosa

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