Economy | Budget | Labour

https://staging1.creamermedia.com/

Advertise on this page? Click Here to Learn More

Economy News

Gautrain operator scoops award at inaugural Rail Industry Awards

By: Tasneem Bulbulia 4th November 2024 The Bombela Operating Company (BOC), which currently operates and maintains the Gautrain, was awarded the Train Operator of the Year award at the inaugural Rail Industry Awards, hosted by the Railway Safety Regulator last week. The award recognises the quality operations and maintenance of the... →

Chrisnelsa, AIDC launch pioneer EV/HEV training centre in Rosslyn

By: Tasneem Bulbulia 4th November 2024 Automotive quality control specialist Chrisnelsa, in collaboration with government entity the Automotive Industry Development Centre (AIDC) and UK-based EV training institute Duplex Business Services, last week launched an electric vehicle and hybrid electric vehicle (EV/HEV) training centre in... →

An image showing Chrisnelsa's EV/HEC training centre

Photo by Creamer Media's Tasneem Bulbulia
EV/HEV training centre

Trip at Kriel power station’s Unit 6 will not lead to loadshedding, Eskom assures

By: Darren Parker 4th November 2024 State-owned utility Eskom has assured the country that the tripping of Unit 6 at the Kriel power station, in Mpumalanga, on November 3, would not impact the current generation capacity or lead to loadshedding. The unit tripped following the loss of hydraulic oil to the turbine valves. A... →

Photo by Creamer Media
Kriel Power Station

AECI to sell Much Asphalt for R1.1bn

By: Darren Parker 4th November 2024 JSE-listed AECI has announced the signing of a share purchase agreement with a consortium involving Old Mutual Private Equity (OMPE) and Sphere Investments to sell its entire ownership stake in wholly-owned subsidiary Much Asphalt for an estimated R1.1-billion. The deal will be financed through a... →

Goldman more upbeat on South Africa than its Finance Minister

By: Bloomberg 4th November 2024 Goldman Sachs believes South Africa is unlikely to suffer the large revenue shortfall projected by its finance minister and that the nation’s path for fiscal consolidation remains credible. Finance Minister Enoch Godongwana painted a bleaker-than-expected picture when he delivered a medium-term... →

Finance Minister Enoch Godongwana

South Africa should capitalise on its East and West trade ties – BLSA

By: Schalk Burger 4th November 2024 Building a stronger economy is the best way for South Africa to prepare for any internal or external shocks. While this requires the country to successfully carry out reforms, South Africa is in a distinctly advantageous position because it has strong historical and trade ties with both the East... →

BLSA CEO Busi Mavuso

Sino Africa Gases established in Newcastle

By: Darren Parker 1st November 2024 The new food-grade liquid CO2 manufacturing plant of Sino Africa Gases is now officially established. The plant, located in Newcastle, KwaZulu-Natal, was funded by the National Empowerment Fund (NEF), in collaboration with the Department of Trade, Industry and Competition (dtic). →

Sino Africa Gases co-founder Sibusiso Sibisi

dtic invites comments on draft regulations blocking unwanted direct marketing communication

By: Schalk Burger 1st November 2024 The Department of Trade, Industry and Competition (dtic) invites comments on the draft amended Regulations 4 of the Consumer Protection Act, which provides mechanisms to block unwanted direct marketing communication. Interested parties have been given 45 days to submit their comments. All... →

Despite slight dip, Absa PMI in expansionary territory, indicating rebound in manufacturing

By: Schalk Burger 1st November 2024 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) edged down to 52.6 points in October, following an upbeat closing of the third quarter at 53.3 points in September. Although this is a 0.7-point decrease between September and October, it is encouraging to record the second... →

IPP Office to defend legal attempt by BW5 preferred bidders to prevent payout of bid bonds

By: Terence Creamer 1st November 2024 The Independent Power Producer (IPP) Office has confirmed that it will oppose a legal attempt by two renewables consortia to prevent the payout of preferred-bidder guarantees called after their projects failed to advance to commercial close. Both consortia – Engie-Pele Sannapos Solar PV... →

South Africa looks to Africa and China ties as global trade fences go up

By: Reuters 1st November 2024 South Africa's trade minister said his country is pursuing more robust trade and investment ties within the continent and with China - its biggest trade partner - as the global trade environment becomes increasingly fraught. Parks Tau said that while he has had extensive and positive engagements... →

SEW-EURODRIVE’s global sustainability strategy in Africa

By: Shannon de Ryhove 1st November 2024 Power transmission solutions and drive technology manufacturer SEW-EURODRIVE aims to align its global sustainability strategy with the unique needs of African industries. “SEW-EURODRIVE's global strategy, which focuses on sustainability and responsible sourcing, is easily adaptable to local... →

SEW-EURODRIVE’s products allow for reduced raw material consumption, increased stock-keeping and enhanced application flexibility and efficiency

No one entity can meet South Africa’s energy investment needs, report argues

By: Terence Creamer 31st October 2024 No one entity has the resources, funding or execution capability to address South Africa’s multitrillion-rand energy investment needs, a new PWC report argues, while calling for collaboration between the public and private sectors to address the challenge. The ‘Africa Energy Review 2024’ report... →

Agriculture set to benefit greatly if MTBPS sentiment is realised

By: Marleny Arnoldi 31st October 2024 Industry bodies Agri SA and the Agricultural Business Chamber of South Africa (Agbiz) agree that Finance Minister Enoch Godongwana’s Medium Term Budget Policy Statement (MTBPS) shows that government is still committed to stabilising debt and to maintaining primary budget surpluses. The... →

Business welcomes pragmatic MTBPS but maintains public service should be downsized

By: Marleny Arnoldi 31st October 2024 Business, academia and industry associations have welcomed the reforms highlighted in the 2024 Medium Term Budget Policy Statement (MTBPS) delivered by Finance Minister Enoch Godongwana on October 30, particularly those related to infrastructure development and greater private sector... →

Photo by Bloomberg
Finance Minister Enoch Godongwana

South Africa’s Central Bank unlikely to get lower CPI goal soon

By: Bloomberg 31st October 2024 South Africa is unlikely to have a new inflation target by February’s budget, Finance Minister Enoch Godongwana said. “I don’t want to mislead you and say there will be an announcement in February,” he said. “I don’t have the answers.” The central bank began formally pursuing an inflation target... →

Finance Minister Enoch Godongwana

Report highlights skills opportunities provided by just energy transition

By: Tasneem Bulbulia 31st October 2024 South Africa will need to create an estimated 40 000 to 60 000 jobs related to the just energy transition (JET) over the next 25 years and it has to start preparing citizens to benefit from the opportunities provided by the transition. This is according to the National Business Initiative’s... →

An image showing a man checking solar panels

From now to 2030, about 59 000 to 99 000 jobs are expected to be required in the solar value chain

DA urges ‘anti-competitive’ Eskom to withdraw legal proceedings against Nersa

By: Thabi Shomolekae 31st October 2024 The Democratic Alliance on Thursday urged State power utility Eskom to withdraw its “futile and costly” legal dispute and support the transformation of South Africa’s energy sector. Eskom has approached the High Court to review the National Energy Regulator of South Africa’s decision to grant... →

Eskom commends Saps as three people are arrested for theft of cable drums

By: Sabrina Jardim 31st October 2024 State-owned utility Eskom says three suspects have been arrested by members of the South African Police Service (Saps), in Pretoria, in connection with the theft of drums of cable belonging to Eskom. The arrests follow an armed robbery incident that occurred at the Wolmaransstad Customer Network... →

In another shock move, Eskom seeks review of Nersa decision to issue four new trading licences

By: Terence Creamer 31st October 2024 In another surprise move, Eskom has taken the seemingly regressive step of approaching the High Court for a review of the National Energy Regulator of South Africa’s (Nersa’s) decision to grant four trading licenses in what it describes as its area of supply. In a statement released a day after... →

Unlocking private sector participation in infrastructure

By: Creamer Media Reporter 30th October 2024 Engineering News editor Terence Creamer discusses the key themes of the first Medium-Term Budget Policy Statement of the Government of National Unity, delivered by Finance Minister Enoch Godongwana, including specific moves to unlock private sector participation to build new transmission... →

Unlocking private sector participation in infrastructure

R390bn in electricity investment ‘tangible evidence’ of benefits of reforms

By: Terence Creamer 30th October 2024 The first phase of Operation Vulindlela, which was set up jointly by the Presidency and the National Treasury to oversee structural economic reforms, unlocked R390-billion worth of investment in the electricity sector. The investment figure is included in the Medium-Term Budget Policy Statement... →

National Treasury still consulting on fiscal anchor policy options

By: Terence Creamer 30th October 2024 The National Treasury reports that technical work is continuing on permanent measures to anchor fiscal policy and ensure debt sustainability and that a discussion document on the controversial measure will be released by the end of March 2025. “The National Treasury has brought in academics,... →

New strategies explored to address big Eskom defaulters, as Rand West City shows way under current relief scheme

By: Terence Creamer 30th October 2024 The National Treasury reports that additional strategies are being explored together with stakeholder departments and Eskom to address the “critical” financial situation of the top 14 Eskom defaulters. It has been reported that arrear debt owed to Eskom by municipalities has climbed to above... →

Unlocking private participation in infrastructure, starting with grid, at heart of Godongwana’s ‘pro-growth agenda’

By: Terence Creamer 30th October 2024 Scaling up private-sector participation (PSP) in the delivery of infrastructure emerged as a central component of the “pro-growth agenda” outlined by Finance Minister Enoch Godongwana in his first Medium-Term Budget Policy Statement (MTBPS) since the formation of the Government of National Unity.... →

World needs development rethink - Unctad

By: Schalk Burger 30th October 2024 Slow growth, high debt, weak investment and the risk of fragmented trade are contributing to widespread discontent affecting developed and developing nations. Multilateral action and a revised international financial architecture are essential to address these challenges and support sustainable,... →

NTCSA revises latest TDP considering uptick in expected generation capacity

By: Marleny Arnoldi 30th October 2024 The National Transmission Company of South Africa (NTCSA) has hosted its inaugural Transmission Development Plan (TDP) briefing since starting commercial operation in July this year, with the 2024 TDP reporting higher required transmission capacity installations compared with the prior TDP, in... →

Clean energy technology market to rival crude oil market value by 2035

By: Darren Parker 30th October 2024 Based on the current policy environment, the global market for clean energy technologies is set to rise from $700-billion in 2023 to more than $2-trillion by 2035, close to the value of the current global crude oil market, a new International Energy Association (IEA) report shows. The latest... →

Macpherson wants answers from IDT on oxygen plant tender awards

By: Darren Parker 29th October 2024 Macpherson wants answers from IDT by Friday on questionable oxygen plant tender awards Public Works and Infrastructure Minister Dean Macpherson has written to government entity Independent Development Trust (IDT) chairperson advocate Kwazi Mshengu requesting a comprehensive report by the end of... →

Trade opportunities for emerging countries to remain under a Trump Presidency, economist says

By: Darren Parker 29th October 2024 Economist Dr Larry Hatheway has predicted that Donald Trump will win the upcoming US presidential elections against Kamala Harris, which will probably encourage deglobalisation based on the former president’s staunch US-first policy approach. However, speaking in a webinar on October 29, hosted... →

In this video, economist Dr Larry Hatheway discusses his views on the economic outcomes of the upcoming US presidential elections

Batting away Eskom objections, Nersa approves four new electricity traders and first private import/export licence

By: Terence Creamer 29th October 2024 The National Energy Regulator of South Africa (Nersa) has approved four new electricity trading licences, the issuance of which had been opposed by Eskom, along with the country’s first-ever private import/export licence. The Energy Regulator, which is Nersa’s highest decision-making body made... →

TIPS highlights positive second-quarter trade, investment movements

By: Marleny Arnoldi 29th October 2024 Trade & Industry Policy Strategies (TIPS) finds in its latest Real Economy Bulletin for the second quarter of the year that GDP increased by 0.4% year-on-year, against population growth of 1.3% year-on-year, which TIPS economist Seutame Maimele deems concerning. He explains that nearly all the... →

Zimbabwe’s ruling party passes resolution to have gold-backed ZiG adopted as sole currency

By: Bloomberg 29th October 2024 Zimbabwe’s ruling party passed a resolution to adopt the bullion-backed ZiG currency as the country’s sole legal tender and phase out the use of US dollars. The government is ordered to “expedite efforts to dedollarize the economy and promote the use of the ZiG as the country’s sole currency,”... →

South African budget eyed by investors for further reform steps

By: Bloomberg 29th October 2024 The new South African coalition government’s resolve to control debt and expedite reforms to fire up the lackluster economy will be put to the test when it unveils its first budget on Wednesday. Finance Minister Enoch Godongwana’s mid-term policy statement will provide an early glimpse at the... →

Finance Minister Enoch Godongwana

Sugar industry calls for Godongwana to honour his commitment to reassess sugar tax

By: Darren Parker 28th October 2024 In an open letter, several sugar industry associations have called on Finance Minister Enoch Godongwana to honour a commitment he made in his 2023 Budget, where he announced that consultations would be initiated with affected and interested parties on adjustments to the Health Promotion Levy... →

Meeting final six FATF action items a ‘difficult challenge’ – Treasury

By: Sabrina Jardim 28th October 2024 National Treasury has welcomed the progress made by all agencies in ensuring South Africa now meets 16 of the 22 action items required for the country to exit the Financial Action Task Force (FATF) grey list. Only six action items remain and, while South Africa is working hard to address all... →

South Africa to seek rise in yearly climate finance pledge to $1.3tr at COP29

By: Terence Creamer 28th October 2024 South Africa will call for the New Collective Quantified Goal (NCQG) on climate finance to be set at $1.3-trillion yearly during the upcoming COP29 climate negotiations, which will be held in Baku, Azerbaijan, from November 11 to 22. The NCQG is the finance goal that parties to the Paris... →

Forestry, Fisheries and the Environment Minister Dr Dion George

About

Engineering News is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Mining Weekly
Research Channel Africa
Polity

Newsletters

Sign up for our FREE daily email newsletter

Receive daily sector news alerts

More

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Engineering News is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options

Subscribe