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Economy News

Digital border transformation important to grow economy, create jobs – Leon Schreiber

By: Thabi Shomolekae 13th November 2024 Home Affairs Minister Leon Schreiber noted on Wednesday that the digital transformation of the border environment is an important priority for the Government of National Unity to be able to grow the economy and create jobs. Schreiber was speaking during the inaugural Border Management Conference,... →

South Africa declares national disaster after floods, storms

By: Bloomberg 13th November 2024 South Africa declared a national disaster after floods and storms caused widespread damage in the country, allowing the government to free up funds for relief and reconstruction. Disruptive rains, floods, strong winds and hail from October 22 to 29 affected the Eastern Cape, KwaZulu-Natal, Free... →

Economic transactions see modest rebound in October after weak September

By: Schalk Burger 13th November 2024 Financial infrastructure services company BankservAfrica's Economic Transactions Index (BETI) showed a steady recovery in October, up 0.3% to 136.5, following September’s weaker performance of 136.1. The October BETI is up by 4.5% year-on-year. This latest movement indicates growing momentum in... →

UCT’s business school in global top ten

By: Rebecca Campbell 12th November 2024 The 2024 Better World MBA rankings, by Corporate Knights magazine, has positioned the MBA programme of the Graduate School of Business (GSB) of the University of Cape Town (UCT) in seventh place globally, and in first place in Africa. This follows the recent placing, in the QS Global MBA... →

South Africa markets eurobonds after coalition lifts confidence

By: Bloomberg 12th November 2024 South Africa is marketing eurobonds in its first potential international debt sale under a government of national unity following May elections. The dollar offering is set to include a benchmark-sized 12-year fixed note with a yield in the 7.4% area, as well as a 30-year bond in the 8.25% area,... →

Unemployment rate improves to 32.1% in the third quarter

By: Marleny Arnoldi 12th November 2024 South Africa’s unemployment rate decreased by 1.4 percentage points to 32.1% in the third quarter, from 33.5% in the second quarter. The expanded unemployment rate, which includes discouraged work seekers, decreased by 0.7 of a percentage point to 41.9%, compared with 42.6% in the second quarter. →

‘No crisis looming’ as independent technical assessment set to resolve billing dispute between Eskom, City Power

By: Darren Parker 11th November 2024 Electricity and Energy Minister Dr Kgosientsho Ramakgopa has confirmed that an independent technical assessment of the R6.1-billion billing dispute between State-owned utility Eskom and the City of Johannesburg’s (CoJ’s) wholly-owned electricity utility City Power will be carried out over the... →

The lights will remain on in Johannesburg over Christmas

'Clear vision' for logistics reform encouraging – Mavuso

By: Schalk Burger 11th November 2024 “The clarity of vision” provided by Transport Minister Barbara Creecy on what success in terms of logistics reforms looks like and what needs to be done to make progress in dealing with the logistics crisis has boosted business confidence, says business organisation Business Leadership South... →

MSC Euribia arrives at Port of Durban, kicking off the port's cruise season

By: Schalk Burger 11th November 2024 Cruise company MSC Cruises vessel the MSC Euribia arrived at the Port of Durban's Nelson Mandela Cruise Terminal on November 8, starting the port's cruise season, port agency Transnet National Ports Authority (TNPA) says. The port is set to welcome 47 call-ins from various passenger liners this... →

The MSC Euribia

Navigating business exits in a changing global landscape

By: Shannon de Ryhove 8th November 2024 In a webinar hosted by Creamer Media Webinars on behalf of professional sell-side mergers and acquisitions advisory Deal Leaders International (DLI), business owners and attendees gathered to explore the vital, often challenging, topic of planning for a successful exit strategy. Set against the... →

Michael Avery explores effective strategies for enhancing the value of engineering or mining services businesses with Deal Leaders International CEO: Mid-Market Rick Grantham and Deal Leaders International CEO: Corporate & Advisory Andrew Bahlmann

SAAFF bemoans lethargic SADC's failure to stop Moz conflicts impacting regional economy

By: Marleny Arnoldi 8th November 2024 With more than 500 000 people having been displaced and 5 785 having died over the last seven years as conflict wages in Mozambique’s Cabo Delgado province, Southern Africa Association of Freight Forwarders (SAAFF) CE Dr Juanita Maree has expressed concern about the spillover effects for South... →

NRF achieves Level 1 BBBEE status

By: Sabrina Jardim 8th November 2024 The National Research Foundation (NRF) has achieved a broad-based black economic empowerment (BBBEE) Level 1 rating – a year earlier than the NRF board-approved target of reaching Level 2 by 2025. “We are incredibly proud of this milestone. Such an outcome is the result of a focussed and... →

Nersa publishes Eskom’s proposed Retail Tariff Plan for public consultation

By: Tasneem Bulbulia 8th November 2024 The National Energy Regulator of South Africa (Nersa) has published State-owned utility Eskom’s proposed Retail Tariff Plan for public consultation, detailing changes to its tariff charges and rates. The primary goal is to ensure customers only pay for the costs they incur, Eskom says in a... →

Eskom Distribution group executive Monde Bala

South Africa concerned Trump election will impact climate talks

By: Reuters 8th November 2024 South Africa is concerned by the impact Donald Trump's election as the next president of the United States may have on talks to tackle climate change, its environment minister said on Friday. Trump's election and the collapse of Germany's coalition government this week have come right before... →

Photo by Reuters
US President-elect Donald Trump

Mpumalanga Green Innovation Challenge crowns top three winners

By: Tasneem Bulbulia 8th November 2024 The Mpumalanga Green Cluster Agency (MGCA), in partnership with the Mpumalanga provincial government and supported by the Just Transition to a Decarbonised Economy for South Africa, Old Mutual, Standard Bank, Seriti Green and Indalo Inclusive, have announced the winners of the 2024 Mpumalanga... →

Gauteng e-Govt dept, Vumacam look to augment tech partnership to tackle crime

By: Tasneem Bulbulia 8th November 2024 Gauteng’s e-Government Department and technology-driven surveillance solutions provider Vumacam have highlighted the success, thus far, of their public-private partnership (PPP) of using technology solutions around the province to tackle crime and other issues, as they look to bolster this... →

An image showing the Vumacam, e-Gov operational centre

Photo by Creamer Media's Tasneem Bulbulia
Data is gleaned from Vumacam’s network of cameras and camera alerts are sent to a Vumacam-managed operational centre to be assessed

Organised business embraces, with caveats, Climate Change Act

By: Tasneem Bulbulia 8th November 2024 With climate change perceived as one of the critical challenges threatening the viability of businesses, infrastructure and natural ecosystems, industry bodies Minerals Council South Africa and Business Unity South Africa (Busa) have welcomed the gazetting of the Climate Change Act (CCA) into... →

Sacci, CIPC join forces to support SME growth

By: Sabrina Jardim 7th November 2024 Recognising the challenging business environment in South Africa and committed to driving positive change, the South African Chamber of Commerce and Industry (Sacci) has partnered with the Companies and Intellectual Property Commission (CIPC), along with key stakeholders such as the Chartered... →

South African rand recoups some losses against dollar

By: Reuters 7th November 2024 South Africa's rand recouped some losses on Thursday, a day after emerging market assets took a hit following Donald Trump's win in the US election. At 0820 GMT, the rand traded at 17.5175 against the dollar, over 0.7% stronger than its previous close. The local currency fell about 2.5% against... →

Grindrod suspends port operations in Mozambique after border closure

By: Reuters 7th November 2024 Logistics company Grindrod has suspended port and terminal operations in Mozambique after South Africa temporarily closed the main border with its northeastern neighbour over safety concerns after a violent crackdown on post-election protests, the company said on Thursday. The suspension will hit... →

Office of the Tax Ombud progressing strategic objectives

By: Tasneem Bulbulia 6th November 2024 The Office of the Tax Ombud (OTO) made progress during the 2023/24 financial year against its strategic objectives, but more still needs to be done to bolster this, the organisation highlighted during the launch of its annual report on November 6. The OTO is an independent and impartial officer... →

Sars implemented 2 178 OTO complaints in the period

Parsons concerned Trump’s victory will result in volatility, uncertainty in emerging economies

By: Darren Parker 6th November 2024 While the decisive American election mandate, which has seen Donald Trump being all but confirmed as President elect in the US, has strengthened political certainty within that country, it has heightened market volatility and uncertainty elsewhere, including among emerging economies, North West... →

President elect Donald Trump

TNPA issues RfI for tugboat clean fuels pilot project

By: Darren Parker 6th November 2024 State-owned Transnet National Ports Authority (TNPA) has published a request for information (RfI) for a strategic pilot project to use green and cleaner fuels for its selected diesel-operated tugboat fleet. The project would be in line with parent company Transnet’s commitment to bolster South... →

Treasury invites public participation in UDZ tax incentive review survey

By: Sabrina Jardim 6th November 2024 In the 2023 Budget Review, the National Treasury announced an extension of the urban development zone (UDZ) tax incentive sunset date to March 31, 2025, to consult stakeholders as part of a review of the incentive. Treasury now calls on all interested parties to participate in the UDZ tax... →

Trump claims 'powerful mandate' after Fox News projects he has won US presidency

By: Reuters 6th November 2024 Republican Donald Trump claimed victory in the 2024 presidential contest after Fox News projected that he had defeated Democrat Kamala Harris, which would cap a stunning political comeback four years after he left the White House. "America has given us an unprecedented and powerful mandate," he... →

Photo by Reuters
Donald Trump

South Africa is working on unique digital identity, instant visa

By: Bloomberg 6th November 2024 South Africa plans to create unique identities for its citizens and issue instant visas as it digitizes its economy. The South African Revenue Service, the central bank and the Department of Home Affairs are working toward a unique digital identity, the tax authority’s boss Edward Kieswetter said... →

Photo by Creamer Media's Donna Slater
Sars Commissioner Edward Kieswetter

Pickup in growth expected, but South Africa's expenditure still largely for wages, debt

By: Schalk Burger 6th November 2024 Insights, data and analytics provider BMI expects South Africa's economic growth to pick up from 1% this year to 1.5% in 2025 as improved energy supply, greater private-sector investment, slower price growth and reforms to pension schemes provide tailwinds. "However, growth will remain below the... →

Photo by Bloomberg
Improved electricity supply to contribute to better economic growth in 2025

Sasol not in ‘sunset’ phase but transition plans cannot outpace market demand – Baloyi

By: Terence Creamer 5th November 2024 Sasol CEO Simon Baloyi has acknowledged that the group stands at the “threshold” of a potentially difficult energy transition but he has also disputed assertions that the carbon-heavy chemicals and fuel producer has now entered an inevitable “sunset” phase. Speaking at an environmental, social... →

Sasol CEO Simon Baloyi

South Africa on the clock as rand volatility soars post-budget

By: Bloomberg 5th November 2024 Investors are giving South Africa’s coalition government some leeway to get its finances in order, but the rising cost of hedging against rand declines shows pressure is building after last week’s disappointing budget update. On October 30, when Finance Minister Enoch Godongwana presented his... →

Cruise industry gives Western Cape economy R1.32bn boost

By: Irma Venter 5th November 2024 The cruise industry contributed R1.32-billion to the Western Cape economy during the 2023/24 season, up from R1.2-billion in the previous season, despite a slight drop in ship calls. This is according to Cruise Cape Town, powered by Wesgro, as it released the Western Cape Cruise Liner Industry... →

Gautrain Management Agency scoops MIKE award

By: Tasneem Bulbulia 5th November 2024 The Gautrain Management Agency (GMA) has scooped the 2024 Most Innovative Knowledge Enterprise (MIKE) South Africa Gold Award. The award recognises GMA’s efforts in harnessing its collective knowledge and expertise, leading to better decision-making, innovation and competitive advantage. →

Since the launch of the Gautrain rapid rail link project 14 years ago, the transit system has maintained high levels of operational efficiency, the GMA says

Eskom’s revenue application displays ‘cavalier disregard’ for negative economic and social impacts

By: Terence Creamer 5th November 2024 The Organisation Undoing Tax Abuse (Outa) has urged the National Energy Regulator of South Africa (Nersa) to reject Eskom’s latest revenue application, which Outa says “displays a cavalier disregard” for the negative economic and socials impacts of yet more above-inflation hikes. In its formal... →

Photo by Creamer Media
Nersa to kick off public hearings into Eskom's revenue application on November 18

Families appeal for clemency for two engineers after 634 days in Equatorial Guinea prison

By: Schalk Burger 5th November 2024 The families of two detained South African engineers, Frik Potgieter and Peter Huxham, staged a peaceful protest outside Africa Energy Week at the Cape Town International Convention Centre, with government officials from Equatorial Guinea in attendance at the conference, on November 5. The... →

Peter Huxham and Frik Potgieter

South Africa's private sector growth sustained in October as costs fall, PMI shows

By: Reuters 5th November 2024 South Africa's private sector maintained its growth trajectory in October, bolstered by a decline in business costs and selling prices, a Purchasing Managers' Index (PMI) survey showed on Tuesday. The S&P Global South Africa PMI recorded a reading of 50.6, slightly down from September's 51.0, but... →

South Africa, Chile collaborate to advance sustainable fisheries, aquaculture

By: Marleny Arnoldi 5th November 2024 The governments of South Africa and Chile have signed a memorandum of understanding to cooperate on fisheries and aquaculture. The countries will soon establish a joint technical committee to oversee the implementation of initiatives and coordinate regular bilateral meetings to ensure ongoing... →

Green-hydrogen secretariat being set up at IDC as single point of contact for public and private coordination

By: Terence Creamer 5th November 2024 South Africa’s Industrial Development Corporation (IDC) is in the process of setting up the institutional capacity to house the Green Hydrogen Just Energy Transition (JET) Secretariat, which is being established as the country’s single point of contact and coordination for public and private... →

IDC COO Joanne Bate

Genuine competition regulation will be bedrock for more equitable South Africa – Mavuso

By: Schalk Burger 4th November 2024 South Africa’s competition landscape is under intense scrutiny following the Competition Tribunal’s recent decision to block telecommunications firm Vodacom’s R14-billion acquisition of a co-controlling stake in Vumatel parent Maziv, despite the merging parties agreeing to a range of additional... →

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