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Economy News

South Africa’s cagey central bank to cut rates sparingly in 2025

By: Bloomberg 22nd November 2024 South African Reserve Bank Governor Lesetja Kganyago’s repeated emphasis of uncertainty is expected to translate, at most, into only a handful of additional interest-rate cuts next year. The central bank, which lowered its policy benchmark by 25 basis points Thursday to 7.75%, said its model... →

Articulated skip trial improving efficiencies at Maydon Wharf Terminal

By: Tasneem Bulbulia 22nd November 2024 A trial to use articulated skips instead of traditional skips in the chrome loading operation at the Maydon Wharf Terminal, in KwaZulu-Natal, has set an efficiency record of more than 50%, increasing the loading rate from an average of 140 t/h per vessel crane to 350 t/y per vessel crane,... →

Articulated skips at MW Terminal

Reserve Bank trims key rate by 25 basis points, stresses tough backdrop

By: Reuters 21st November 2024 South Africa's central bank opted for another small cut to its main interest rate on Thursday, stressing the global economic backdrop was tough and the outlook highly uncertain despite domestic inflation falling below its target. The decision to lower the repo rate by 25 basis points (bps) to... →

Photo by Bloomberg
South African Reserve Bank Governor Lesetja Kganyago

Govt declares foodborne illnesses a national disaster

By: Thabi Shomolekae 21st November 2024 South Africa’s National Disaster Management Centre has declared foodborne illnesses a national disaster, in response to countrywide sicknesses and deaths, particularly of children, in recent weeks. The declaration was made under the Disaster Management Act, No. 57 of 2002. On Thursday, Ministers... →

Justice Minister Thembi Simelane

NTCSA says independent transmission projects must not reflect as balance-sheet liability

By: Terence Creamer 21st November 2024 The head of the National Transmission Company South Africa (NTCSA) has confirmed that the entity’s board will insist that any independent transmission projects (ITPs) procured in the coming years should not reflect as a liability on the new entity’s balance sheet. However, interim CEO Segomoco... →

Photo by Creamer Media Chief Photographer Donna Slater
NTCSA interim CEO Segomoco Scheppers

EU’s Carbon Border Adjustment Mechanism needs to be challenged, Tau says

By: Darren Parker 20th November 2024 Trade, Industry and Competition Minister Parks Tau has said that measures such as the Carbon Border Adjustment Mechanism introduced by the EU need to be challenged by developing economies at the level of the World Trade Organisation, as they are likely to have a negative impact on South Africa’s... →

Trade, Industry and Competition Minister Parks Tau

Tiger Brands to sell Baby Wellbeing business, excluding Purity

By: Reuters 20th November 2024 South Africa's biggest food producer Tiger Brands said on Wednesday it will sell its Baby Wellbeing business for R605-million, but will exclude its Purity brand, which it described as a core asset. The Baby Wellbeing business was identified as no longer a "financial and strategic fit" after an... →

Protectionism not the answer to South Africa’s economic problems, CDE says

By: Darren Parker 20th November 2024 Think tank the Centre for Development and Enterprise (CDE) has called for an overhaul of industrial policy to move it away from protectionism and towards a focus on maximising exports. The organisation on November 20 said a new approach to master plans, tariff-setting and competition policy was... →

Photo by Creamer Media's Donna Slater
CDE executive director Ann Bernstein

Remodelled draft IRP to be unveiled next week for limited public consultation

By: Terence Creamer 20th November 2024 A remodelled Integrated Resource Plan (IRP) for electricity will be released to the public next week and is expected to deviate materially from the heavily criticised draft IRP2023, which was published for public comment in January. Electricity and Energy Minister Dr Kgosientsho Ramokgopa says... →

SANEDI CEO Dr Titus Mathe

South African business mood brightens to best level since March 2022

By: Bloomberg 20th November 2024 South African business sentiment rose its highest level since the first quarter of 2022, as constant electricity supply and political stability supported better business conditions. A quarterly business confidence index compiled by FirstRand's Rand Merchant Bank and Stellenbosch University’s... →

Namibia has best roads in sub-Saharan Africa, with South Africa scoring on par with Rwanda, Mauritius

By: Darren Parker 20th November 2024 According to the ‘Global Competitiveness Index’ compiled by the World Economic Forum and hosted on the World Bank's Prosperity Data360 platform, Namibia ranks highest in sub-Saharan Africa for road quality, achieving a score of 5.31 out of seven on a scale used to evaluate infrastructure.... →

South African inflation drops to lowest since June 2020

By: Reuters 20th November 2024 South Africa's annual inflation rate slowed sharply to 2.8% in October, data showed on Wednesday, setting the stage for another interest rate cut by the central bank this week. Statistics South Africa said falling fuel prices were the primary driver of the slowdown in the headline rate from 3.8%... →

South Africa will focus G20 presidency on inclusive growth, food security

By: Reuters 20th November 2024 South Africa will use its G20 presidency to focus on advancing inclusive economic growth, food security and artificial intelligence, President Cyril Ramaphosa said on Tuesday at a summit of the Group of 20 (G20) major economies in Brazil. South Africa takes over the G20 presidency from Brazil at... →

President Cyril Ramaphosa

Small Business Awards celebrate entrepreneurs

By: Sabrina Jardim 19th November 2024 The sixteenth 2024 South African Small Business Awards celebrated South Africa's top entrepreneurs and small businesses at a gala breakfast hosted by the National Small Business Chamber (NSBC), in Johannesburg, earlier this month. The awards honoured 20 small businesses and entrepreneurs,... →

Winners of the 2024 South African Small Business Awards

Two more battery projects achieve financial close, next set of bidders to be announced within weeks

By: Terence Creamer 19th November 2024 Two more battery storage projects selected as preferred bids under South Africa’s first public procurement bid window (BW1) for the technology have achieved commercial close. The projects have a combined investment value of R4.7-billion and increase to 360 MW/1 440 MWh the amount of utility-scale... →

A group photo taken at the signing ceremony attended by Electricity and Energy Minister Dr Kgosientsho Ramokgopa, seated at centre

South African pension withdrawals since reform up to R35.1bn

By: Reuters 19th November 2024 South Africa's tax service said on Tuesday that pension withdrawals in the 11 weeks since a reform took effect allowing people to make partial withdrawals before retirement had risen to R49.6-billion. The South African Revenue Service said on October 11 that R21.4-billion had been paid out since... →

Africa Central Banks seen cutting while they can after Trump win

By: Bloomberg 19th November 2024 Most African central banks weighing interest rates over the next three weeks are set to lower them, wary that the window to ease further may narrow after Donald Trump becomes US president. Of the 14 monetary authorities due to give rate decisions, eight including South Africa and Kenya are... →

Bombela Operating Company highlights operational, sustainability strides

By: Tasneem Bulbulia 18th November 2024 The Bombela Operating Company (BOC) has highlighted its works in ensuring an effective, efficient and safe Gautrain operation, while also pursuing sustainability at a broader level, as it aims to contribute toward creating an improved, integrated public transport industry in South Africa. BOC,... →

An image showing the Gautrain Operational Control Room

Photo by Creamer Media's Tasneem Bulbulia
The Operational Control Room at the depot is where the Gautrain line is monitored

AgriSETA reflects on strides made to empower women in sector

By: Marleny Arnoldi 18th November 2024 In reflecting on education and training authority for the agriculture sector AgriSETA’s accomplishments for the 2023/24 financial year, chairperson Sharon Sepeng lauded the organisation for having surpassed its artisan development targets well ahead of schedule. Given that artisanal skills are... →

Affordability and Eskom inefficiencies come under scrutiny as Nersa hearings kick off

By: Terence Creamer 18th November 2024 The issues of electricity affordability and Eskom’s inefficiencies emerged as recurring themes as the National Energy Regulator of South Africa (Nersa) kicked off nationwide public hearings in Cape Town on Monday into the utility’s latest revenue application. Through its sixth multiyear price... →

dtic clarifies closing date for comment on direct marketing law amendments

By: Marleny Arnoldi 18th November 2024 The Department of Trade, Industry and Competition (dtic) has clarified that the closing date for public comments on the draft amended Regulation 4 of the Consumer Protection Act is December 12, not January 15 as it originally stated. Government gazetted the amended regulations on October 28,... →

NECER report highlights progress in tackling environmental crime

By: Tasneem Bulbulia 18th November 2024 Forestry, Fisheries and the Environment Deputy Minister Narend Singh has launched the 2023/24 National Environmental Compliance and Enforcement Report (NECER), which highlights improvements in proactive compliance monitoring. The launch occurred at the tenth National Environmental Compliance and... →

While strides are being made in environmental compliance, significant work is needed to address pervasive issues

African, Japanese institutions sign MoU to accelerate energy investment in the continent

By: Rebecca Campbell 18th November 2024 The Africa Finance Corporation (AFC) has signed a memorandum of understanding (MoU) with the Japan Institute for Overseas Investment (JOI), aimed at scaling up investment flows into Africa. The AFC is focused on financing the development of core infrastructure (that is, power, natural resources,... →

Ramaphosa calls for peaceful resolution to police standoff with illegal miners

By: Sashnee Moodley 18th November 2024 President Cyril Ramaphosa described the Stilfontein mine as a “crime scene”, on Monday, as he called for a peaceful resolution to the standoff at the disused mine shaft, where illegal miners are holed up. The South African Police Service and government departments have been trying, for over a... →

South Africa ratings upgrade, employment figures largely a positive – BLSA CEO

By: Tasneem Bulbulia 18th November 2024 The upgrade of South Africa’s rating by S&P Global to a positive ratings outlook is largely positive for the country, but employment figures from Gauteng are a source of concern, business organisation Business Leadership South Africa CEO Busiswe Mavuso writes in her weekly newsletter. She... →

Business Leadership South Africa CEO Busiswe Mavuso

Kieswetter appointed as OECD Forum on Tax Administration vice chair

By: Sabrina Jardim 15th November 2024 South African Revenue Service (Sars) Commissioner Edward Kieswetter has been appointed as vice chairperson of the Organisation for Economic Cooperation and Development (OECD) Forum on Tax Administration (FTA). The announcement was made during the FTA Plenary held in Athens, Greece from November... →

PPPs, GNU can help foster development – Nyati

By: Sabrina Jardim 15th November 2024 Amid the fiscal constraints facing South Africa, public-private partnerships (PPPs) are key in driving development, said State-owned utility Eskom chairperson Mteto Nyati at this year’s Business Process Enabling South Africa, or BPESA, Global Business Services and Business Process Outsourcing... →

JSE censures, bans, fines Thabi Leoka

By: Darren Parker 15th November 2024 The JSE has decided to impose a public censure on Thabi Leoka, the former independent nonexecutive director of listed companies Remgro, Netcare and Anglo American Platinum, along with a fine of R500 000, for failing to provide proof of a qualification she had previously claimed to have obtained.... →

Photo by New Development Bank
Thabi Leoka

Provinces increase their expenditure by nearly 5% in the second quarter

By: Schalk Burger 15th November 2024 National Treasury has revealed that South Africa's provinces spent 50.6%, or R384.9-billion, of the allocated main budget of R760.1-billion in the second quarter of the 2024/25 financial year, which represents a 4.8%, or R17.7-billion, increase compared with the same period in the 2023/24... →

South African Reserve Bank to cut rates 25bps to 7.75% on Nov 21 – Reuters poll

By: Reuters 15th November 2024 The South African Reserve Bank will cut its repo rate next week as slowing inflation continues to make way for a series of cuts through the middle of next year, spurring growth to almost 2%, a Reuters poll suggested on Friday. All but two of 22 economists surveyed in the past week said the South... →

Sustainability, community focus integral to agricultural business

By: Lumkile Nkomfe 15th November 2024 To demonstrate its commitment to sustainability and community empowerment, Stellenbosch wine producer Spier Wine Farm highlights the importance of remaining mindful of its environmental impact beyond the activities required to farm and produce wine. The company recently embarked on regenerative... →

HOLISTIC PERSPECTIVE Sustainable wine farming is underscored through the adoption of a regenerative approach at every level of the wine farming value chain

Company highlights immigration compliance challenges

By: Lumkile Nkomfe 15th November 2024 An examination of the legal obligations of employers when hiring foreign workers was communicated during corporate law firm Cliffe Dekker Hofmeyr’s Immigration Compliance and Workplace Enforcement webinar which took place on October 11, under the themes of assessing the intersection of... →

IMRAAN MAHOMED So far, from what the firm has observed, there have been fines worth more than R10-million in, for example, the hospitality industry

Industry well placed to capitalise on international demand

By: Lumkile Nkomfe 15th November 2024 Despite the improved performance of the rand, wine festival Standard Bank WineX founder Michael Fridjhon highlights that the South African wine market has increasingly become an exciting and attractive destination for global consumers. Fridjhon notes that South Africa’s wine industry is poised... →

MICHAEL FRIDJHON There has been a lot of feedback, including by a Chinese judge at this year's Trophy Wine Show in Paarl, about the appeal of Cap Classique in the Chinese market

AFD approves another €400m JET-linked policy loan to South Africa

By: Terence Creamer 14th November 2024 Agence Française de Développement (AFD) has approved another €400-million policy-based loan to support South Africa’s Just Energy Transition (JET), increasing its approvals to €700-million out of the €1-billion it pledged to South Africa at COP26 in Glasgow in 2021. The loan is described as the... →

Level crossing incidents not only cost lives but also the economy, TFR CEO says

By: Darren Parker 14th November 2024 Railway safety incidents, such as pedestrian and vehicle collisions at level crossings, are not only tragic but are severely undermining South Africa’s rail recovery plans, Transnet Freight Rail (TFR) CEO Russell Baatjies said on November 14. “We’ve had 36 level crossing incidents just this year,... →

IPP Office confirms ongoing dispute with 13 projects over payment of bid bonds

By: Terence Creamer 14th November 2024 The head of South Africa’s Independent Power Producer Office (IPPO) has confirmed that it has called the bid bonds for 14 projects that failed to advance to commercial close during the fifth bid window (BW5) of the country’s renewables procurement programme. Bernard Magoro told lawmakers this... →

Independent Power Producer Office head Bernard Magoro

Civil society points to procedural missteps in govt’s decision on exploration right for oil, gas

By: Thabi Shomolekae 14th November 2024 Non-profit organisation Natural Justice expressed optimism that the courts will see the flaws in government’s decision-making process on exploration rights for oil and gas and rule in favour of environmental justice. The Green Connection and Natural Justice have filed a supplementary founding... →

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