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Economy News

Menar MD pushes back on request to lower prices

By: Darren Parker 18th October 2024 Coal and manganese mining group Menar MD Vuslat Bayoğlu has pushed back on a request by Energy and Electricity Minister Kgosientsho Ramokgopa’s special adviser Silas Zimu for domestic coal suppliers to State-owned utility Eskom to lower their prices for the next three years in order for the... →

Eskom announces four executive appointments

By: Creamer Media Reporter 17th October 2024 Eskom Group CEO Dan Marokane has announced the first four of what will be seven new executive appointments, which he says are being made to address current business challenges and to support the organisation's strategic initiatives and growth plans. The appointments are all effective from... →

Eskom Group CEO Dan Marokane

Mmete Fusi appointed acting group CEO of PetroSA

By: Tasneem Bulbulia 17th October 2024 The Petroleum Oil and Gas Corporation of South Africa (PetroSA) has appointed Mmete Fusi as acting group CEO, effective immediately. The entity highlights that Fusi has vast leadership experience and knowledge of the continent’s minerals resources, oil and gas, ports and railway infrastructure. →

Mamabolo launches digital solution to improve Gauteng’s project delivery efficiency

By: Natasha Odendaal 17th October 2024 Gauteng Infrastructure Development and Cooperative Governance and Traditional Affairs MEC Jacob Mamabolo has unveiled a new digital solution to support its already established Lutsinga Infrastructure House, the nerve centre for Gauteng’s infrastructure projects. The Infrastructure Delivery... →

Image of Gauteng Infrastructure Development and Cooperative Governance and Traditional Affairs MEC Jacob Mamabolo

South Africa could lower inflation target at little cost, central bank governor says

By: Reuters 17th October 2024 South Africa's central bank governor, Lesetja Kganyago, said on Thursday that the country could move to a lower inflation target at little cost. Kganyago is a strong advocate for a lower target than the bank's current 3% to 6% range and told Reuters in April that teams from the central bank and... →

Photo by Bloomberg
Reserve Bank Governor Lesetja Kganyago

In pioneering move, Malben Engineering begins green steel trial at Nigel auto component plant

By: Creamer Media Reporter 17th October 2024 South African manufacturer Malben Engineering, of Nigel, is pioneering the use of green steel in the production of automotive components for leading local original equipment manufacturers (OEMs). The company, which was established in 1974 and has developed into a tier 1 supplier of stampings and... →

Malben Engineering founder Amerigo Smargiasso (centre) in front of green steel coil, alongside (left to right standing) Jithin Kottikal, Giuliano Smargiasso, Luca Smargiasso, of Malben, with Lee-Ann Geyser, of Allied Steelrode, Marco Smargiasso and Werner Kapp, also of Malben, and Naacam CEO Renai Moothilal, with Shane Barnard of United Steel and Marius Schafer of Malben kneeling.

First two private utility-scale battery projects reach commercial close

By: Terence Creamer 17th October 2024 Two projects selected as preferred bidders under South Africa’s inaugural Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP) bidding round have advanced to commercial close and will now enter construction. The projects, named Mogobe BESS and Oasis Mookodi, have a... →

Electricity and Energy Minister Kgosientsho Ramokgopa (centre) at the signing ceremony with (left to right) DMRE DG Jacob Mbele, EDF Africa VP Laurent Clement, Scatec business development VP Alberto Gambacorta, NTCSA interim CEO Segomoco Scheppers and IPPO head Tshifhiwa Bernard Magoro

Global economic freedom declines again, S Africa's gains inconsequential

By: Tasneem Bulbulia 16th October 2024 Global economic freedom declined for the third year in a row, the yearly ‘Economic Freedom of the World’ report published by Canadian-headquartered Fraser Institute shows. “After decades of slow but steady increases, global economic freedom peaked in 2019 but has declined in each of the three... →

Insurance M&A dealmaking up in early 2024 – PwC

By: Darren Parker 16th October 2024 Auditing firm PwC says the first half of this year saw a measured uptick in dealmaking across the insurance industry, both globally and in South Africa However, despite the emergence of a turning rate cycle, macroeconomic weakness and political uncertainty for those still facing uncertain... →

AMSA reports R1bn third-quarter loss amid ‘particularly difficult period’

By: Darren Parker 16th October 2024 Steel producer ArcelorMittal South Africa (AMSA) has reported a headline loss of a little more than R1-billion for the third quarter. “The global and local steel market deteriorated further since we released our June interim results. Despite the recent optimism in South Africa, the domestic steel... →

Photo by Creamer Media
AMSA's Vanderbijlpark plant

Businesses increasingly confident of investing in South Africa as reforms take shape

By: Marleny Arnoldi 16th October 2024 Pharmaceuticals group Aspen strategic trade development executive Stavros Nicolaou has confirmed that the Government of National Unity’s (GNU’s) efforts to accelerate economic growth in South Africa are already bearing fruit, as more foreign companies are looking to invest in the country.... →

New finance series launched to assist female-led SMMEs

By: Sabrina Jardim 16th October 2024 The African Development Bank (AfDB), the African Guarantee Fund (AGF) and the Banking Association South Africa (Basa) launched the Affirmative Action for Women in Africa (Afawa) Finance Series during a conference, in Johannesburg, on October 15. The three-day Afawa Finance Series aims to promote... →

Business insolvencies to increase by 11% this year – Allianz

By: Schalk Burger 16th October 2024 Trade credit insurance company Allianz Trade's latest 'Global Insolvency Report' points to a more severe outlook for the global business landscape, with insolvencies projected to increase by 11% this year – a steeper rise than previously anticipated – as the global economy grapples with sluggish... →

‘Support and commitment’ not enough to save long steel business, urgent action needed – AMSA

By: Darren Parker 16th October 2024 Government’s support for, and commitment to, addressing the removal of export tax on scrap metal, resetting the price preference system (PPS) mechanism at an appropriate level, implementing trade measures and reducing logistics and energy costs are insufficient and more urgent action is needed to... →

Africa’s critical-minerals role highlighted as world moves into ‘Age of Electricity’

By: Terence Creamer 16th October 2024 With the global energy system moving into the “Age of Electricity”, the International Energy Agency (IEA) has again highlighted the central role of Africa in producing the critical minerals required to support the electrification of energy services previously dominated by fossil fuels, such as... →

IEA executive director Fatih Birol presenting the World Energy Outlook 2024

High interest rates continue to weigh on South African households

By: Natasha Odendaal 16th October 2024 South Africa’s high interest rates over the past two years have raised the average debt cost burden to its highest level in 15 years. This is according to the Altron FinTech Household Resilience Index (AFHRI) for the second quarter of 2024, compiled by economist Dr Roelof Botha, who highlighted... →

DPWI, ISA launch project preparation bid window to expand infrastructure investment

By: Darren Parker 15th October 2024 The Department of Public Works and Infrastructure (DPWI), together with government agency Infrastructure South Africa (ISA), has opened a novel project preparation bid window to invite submissions from national and provincial government departments, State-owned entities, public entities and... →

Public Works and Infrastructure Minister Dean Macpherson and Infrastructure South Africa acting head Mameetse Masemola

Photo by Creamer Media
Public Works and Infrastructure Minister Dean Macpherson and Infrastructure South Africa acting head Mameetse Masemola

Eskom’s tariff application reflects big rise in subsidy support for energy-intensive firms

By: Terence Creamer 15th October 2024 A policy decision to allow electricity-intensive companies operating in South Africa to enter into negotiated pricing agreements (NPAs) with Eskom is set to contribute 5.7% to any tariff increase approved for implementation in respect of standard-tariff customers on April 1 next year. Eskom has... →

Negotiated pricing agreements with smelters add upward pressure to Eskom tariff

Green Connection welcomes Karpowership deal ending, calls for further details

By: Tasneem Bulbulia 15th October 2024 Nonprofit organisation The Green Connection has welcomed Electricity and Energy Minister Kgosientso Ramokgopa’s announcement this week that the Karpowership deal is officially “dead in the water”. Turkish energy company Karpowership had been seeking to implement three ship-based power projects in... →

An image showing the Karpowership project in Brazil

Photo by Creamer Media's Tasneem Bulbulia
Karpowership project in Brazil

Summit identifies areas of focus to engender socioeconomic growth

By: Tasneem Bulbulia 15th October 2024 There are several areas that require attention if South Africa and other African countries are to succeed in implementing the UN Sustainable Development Goals (SDGs) and the African Union’s (AU’s) Agenda 2063, as part of the efforts to engender sustainable socioeconomic growth on the continent.... →

Business confidence steadily being restored – Sacci

By: Creamer Media Reporter 15th October 2024 The South African Chamber of Commerce and Industry's (Sacci's) Business Confidence Index (BCI) averaged 110.9 for the first nine months of this year – a 1.7 index improvement on the average of 109.2 recorded for the corresponding nine months in 2023. Sacci comments that the slow but steady... →

Global public debt to hit $100tr by end of 2024, IMF Says

By: Bloomberg 15th October 2024 Global public debt is set to reach $100-trillion, or 93% of global gross domestic product, by the end of this year, driven by the US and China, according to new analysis by the International Monetary Fund (IMF). In its latest Fiscal Monitor — an overview of global public finance developments —... →

Global steel demand to decline by a further 0.9% in 2024 – worldsteel

By: Darren Parker 14th October 2024 The World Steel Association (worldsteel) expects global steel demand to decrease by 0.9% to 1.75-billion tonnes this year. “2024 has been a difficult year for global steel demand as the global manufacturing sector continued to grapple with persistent headwinds such as declining household... →

South Africa’s rising fuel imports cause supply shortage risk

By: Bloomberg 14th October 2024 South Africa’s rapid switch to become a net importer of fuel creates supply risks requiring infrastructure to store and transport the fuel, according to State-owned logistics firm Transnet. Africa’s most industrialised nation relied on imports for 61% of its petroleum product supply in 2023... →

As Eskom confirms 2 GW renewables plan, role of tariffs in funding roll-out comes into focus

By: Terence Creamer 14th October 2024 Electricity and Energy Minister Dr Kgosientsho Ramokgopa has expressed confidence that tariff and non-tariff solutions can be found to ensure that Eskom is able to meet the obligations set by the National Treasury as part of the R256-billion debt-relief package while still allowing the entity to... →

Electricity and Energy Minister Dr Kgosientsho Ramokgopa

Industry, govt mourn the loss of public service titan Mboweni

By: Marleny Arnoldi 14th October 2024 Condolences have streamed in from the business, academic and government spheres following the death of former Finance Minister Tito Mboweni at the weekend. Finance Minister Enoch Godongwana described Mboweni as a leader having served the country with “immeasurable distinction” during his term as... →

Tito Mboweni

Ramaphosa believes SA heading in the right direction under GNU

By: Thabi Shomolekae 14th October 2024 President Cyril Ramaphosa said on Monday that widespread support for the seventh administration, made up of 11 political parties, and the continued reform agenda, has contributed to the improvement in sentiment of South Africa’s trajectory. In his weekly letter to the nation, he reflected on the... →

Former finance minister Tito Mboweni dies at 65

By: Reuters 14th October 2024 South Africa's former finance and labour minister and first Black central bank governor Tito Mboweni has died aged 65 following a brief illness, the presidency said late on Saturday. Mboweni was an anti-apartheid activist as a student who later became democratic South Africa's first labour... →

Former Finance Minister Tito Mboweni

Sanral weathers challenging year to post strong performance

By: Tasneem Bulbulia 11th October 2024 The South African National Roads Agency Limited (Sanral) says its 2023/24 financial year was characterised by resilience and agility, to conclude with a strong financial performance, an unqualified audit report and accelerated investment in road infrastructure. The total spend on toll roads came... →

Sanral's total spend on toll roads came in at R4.1-billion, while expenditure on non-toll roads came in at R23-billion

RFA, SAAFF call for greater urgency on private sector’s participation in ports

By: Tasneem Bulbulia 11th October 2024 Following the recent High Court judgment on the Durban Container Terminal (DCT) Pier 2, which halted the contract between Transnet and International Container Terminal Services (ICTSI), the Southern African Association of Freight Forwarders (SAAFF) has highlighted the key role it believes the... →

Association welcomes vertical separation of Transnet’s rail entity into two divisions

By: Tasneem Bulbulia 11th October 2024 The African Rail Industry Association (ARIA) has welcomed the announcement of the vertical separation of Transnet Freight Rail into two distinct operating divisions – Transnet Infrastructure Manager (TRIM) and Transnet Freight Rail (TFR). “This strategic unbundling represents a pivotal moment for... →

An image showing a Transnet rail operation

Transnet aims to increase its rail haulage capacity to 170-million tonnes for the 2024/25 financial year

South Africa power-line rollout set to spur bond market revival

By: Bloomberg 11th October 2024 A multibillion-dollar plan to expand South Africa’s electricity transmission network could throw a lifeline to the country’s corporate bond market as it struggles to recover from a post-pandemic slump. The National Transmission Company South Africa, a state-owned company that will operate... →

Forestry sector calls for collaboration to build on transformation progress

By: Tasneem Bulbulia 11th October 2024 While the forestry sector has achieved notable progress in transformation over the past 15 years, more needs to be done to ensure the sector is sustainable and creates long-term value for stakeholders and communities. This was the key message from speakers at the Forestry Sector Charter Council’s... →

Forestry Sector Charter Council executive director Khosi Mavimbela expands on transformation in the forestry sector over the past 15 years.

69 MW Msenge Emoyeni Wind Farm begins wheeling electricity under contract with Sasol

By: Terence Creamer 10th October 2024 The 69 MW Msenge Emoyeni Wind Farm, located in Bedford in the Eastern Cape, has entered into commercial operation and is wheeling electricity into the national grid helping to green the electricity consumption of Sasol’s operations in the Free State The 16-turbine generation plant has been built... →

Sasol president and CEO Simon Baloyi (centre right) on site with the Msenge Emoyeni Wind Farm team.

Sasol president and CEO Simon Baloyi (centre right) shakes hands with Eastern Cape Premier Oscar Mabuyane on the Msenge Emoyeni Wind Farm site.

Manufacturing records contraction in overall output for August

By: Marleny Arnoldi 10th October 2024 Statistics South Africa reports that the country’s manufacturing production decreased by 1.2% year-on-year in August, with the largest negative contributors having been motor vehicles, parts and accessories, as well as basic iron and steel, nonferrous metal products, metal products and machinery.... →

Durban’s container terminal implements successful truck booking solution

By: Tasneem Bulbulia 10th October 2024 A month-long collaborative pilot with transporters has seen the Durban Container Terminal (DCT) Pier 2 improve its truck turnaround time by 24%, the entity says in a statement. The new truck booking solution to manage the flow of trucks into the terminal will remain, to improve and sustain the... →

Check point

Business sees third-party rail access as crucial to meeting 250Mt volume target

By: Terence Creamer 10th October 2024 An initial assessment by business into what it would involve to raise yearly freight rail volumes to 250-million tons, estimates that Transnet’s recovery alone could lift yearly volumes to about 190-million tons, leaving 60-million tons to be met through reforms aimed at opening the rail network... →

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