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Economy News

Zimbabwe asks miners to ramp up gold output to support ZiG currency

By: Bloomberg     Updated 55 minutes ago Zimbabwe has asked gold miners across the country to ramp up output to support the ZiG currency launched last month, according to Mines and Mining Development Minister Winston Chitando. “This new currency is anchored on gold production, we have to determine ways to increase production,” Chitando... 

Reserve Bank warns carbon taxes may cut exports by 10%

By: Bloomberg     Updated 1 hour 10 minutes ago South African economic growth could be severely stunted if carbon taxes are widely imposed on its exports, according to a new report by the country’s central bank. The South African Reserve Bank (SARB) said the hit could reach 10% of exports and more than 9% of gross domestic product in 2050... 

The Port of Durban

Vumacam surveillance tech yields 10% boost in crime interceptions, arrests in Gauteng

By: Darren Parker     20th May 2024 The Gauteng provincial government (GPG) has reported a “substantial impact” on criminal activities across the province has been achieved 100 days into the rollout of its surveillance project, which has been leveraging Vumacam SafeCity cameras. Since its inception in February, the project has... 

Vumacam

Famous Brands reports bump in revenue, while profits decline for 2024 financial year

By: Darren Parker     20th May 2024 Branded food services franchisor Famous Brands has reported an 8% increase in revenue to R8-billion for the financial year ended February 29, although a 6% decrease in profit to R812-million and a 1.5% profit margin contraction from 11.6% to 10.1% dampened results. Despite the group’s carefully... 

steers burger and chips

Eskom board approves plan to operate Camden, Grootvlei and Hendrina to 2030 

By: Terence Creamer     20th May 2024 The Eskom board has given its approval for the continued operation of the Camden, Grootvlei and Hendrina power stations to 2030 – a departure from the original decommissioning schedule that has reportedly been endorsed by Cabinet. In response to a question posed by Engineering News during an... 

Eskom head of generation Bheki Nxumalo
Photo by Creamer Media Chief Photographer Donna Slater
Eskom head of generation Bheki Nxumalo

Employment environment bleak, but there are opportunities for improvement  

By: Tasneem Bulbulia     20th May 2024 The 2024 ‘UASA South African Employment Report’ and second UASA/Bureau of Market Research (BMR) Employment Index paints a bleak picture of the country’s employment situation; however, there are areas of focus that can be pursued to turn this around, including skills development to capitalise on... 

Employment environment bleak, but there are opportunities for improvement
BMR Personal Finance Research Division head and senior researcher Jacolize Meiring explains how technology is impacting jobs, and how this can be managed to create employment opportunities

Energy trader reports strong market demand for green electricity from 210 MW Hendrina Wind Farm 

By: Terence Creamer     20th May 2024 Newly formed electricity trader Apollo Africa reports that it is experiencing strong demand from potential customers for the renewable electricity that will be produced from the grid-ready 210 MW Hendrina Wind Farm, being developed by Enertrag in the Mpumalanga province. Apollo Africa, which is... 

Apollo Africa MD Jenna Harris
Apollo Africa MD Jenna Harris

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.   

Engineering News editor Terence Creamer
NCOP votes to pass Electricity Regulation Amendment Bill (Camera: Shadwyn Dickinson; Editing: Nicholas Boyd)

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... 

President Cyril Ramaphosa may sign ERA Bill ahead of the elections
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... 

Threats of legal action after Ramaphosa signs NHI into law

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
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... 

An image of Nedbank Corporate Social Responsibility executive head Poovi Pillay
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... 

Maize crops affected by drought

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... 

Equites CEO Andrea Taverna-Turisan
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... 

surgeon at work

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
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... 

Job seekers waiting for casual work next to a road in Johannesburg
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... 

Trade, Industry and Competition Minister Ebrahim Patel
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... 

Image of Cyril Ramaphosa
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
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.
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... 

Battery storage

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.... 

pylon at sunset

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
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... 

An image of JSE chairperson Phuthuma Nhleko
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... 

Eskom coal fired station

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
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... 

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