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Economy News

R300m fund aims to support 50 tech startups

By: Terence Creamer 1st October 2024 A R300-million ‘seed fund of funds’ aimed at providing early-stage capital to South African startups has been launched with the ambition of funding at least 50 technology-driven enterprises. The initiative is backed by the SA SME Fund, the Department of Science and Innovation, the Technology... →

Ramokgopa confident he can head off Eskom’s ‘untenable’ tariff hike with policy adjustments

By: Darren Parker 1st October 2024 Electricity and Energy Minister Dr Kgosientsho Ramokgopa is confident that State-owned utility Eskom’s proposed tariff increase for direct customers of 36.15%, and a 43.55% hike in municipal tariffs, will not come to pass. On September 24, Engineering News reported that the National Energy... →

Electricity and Energy Minister Dr Kgosientsho Ramokgopa

Absa PMI back in expansionary territory in Sept

By: Creamer Media Reporter 1st October 2024 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) increased to 52.8 points in September, putting it back in expansionary territory after having declined to 43.6 points in August. "The PMI (and official manufacturing data) has been volatile in recent months, but it is useful to note... →

Banda appointed CEO of ENERTRAG South Africa

By: Terence Creamer 1st October 2024 German renewable-energy company ENERTRAG has appointment Enos Banda as the new CEO of South African operations. A lawyer by training, Banda is a well-known personality in the South African energy sector having previously headed Eskom Enterprises, chaired South Africa’s energy regulator in the... →

ENERTRAG South Africa CEO Enos Banda

Grid and regulatory hurdles stand in way of Ramokgopa’s ‘ultra-aggressive’ renewables vision

By: Terence Creamer 30th September 2024 Electricity and Energy Minister Dr Kgosientsho Ramokgopa says that government would like to be “ultra-aggressive” in the roll-out of new renewable energy, which he describes as the “future”. However, key structural constraints, including those relating to grid capacity and regulation, had to be... →

Electricity and Energy Minister Dr Kgosientsho Ramokgopa

UAE firm signs MoU with PIC to advance South Africa’s mining, green energy, transport and logistics sectors

By: Darren Parker 30th September 2024 United Arab Emirates (UAE) diversified natural resources company International Resources Holding (IRH) has signed a memorandum of understanding (MoU) with South Africa's State-owned Public Investment Corporation (PIC) to collaborate on unlocking value across the mining, green energy and transport... →

Woolworths launches in-store denim recycling initiative

By: Schalk Burger 30th September 2024 Food and clothing retailer Woolworths has launched a Denim Drop-Off programme, which will result in donated denim being collected at designated clothing bins located at Woolworths fashion shop till points in 20 stores nationally. The retailer's Taking Care of Business (TCB) Remake programme will... →

Large-scale infrastructure concessions needed to drive logistics competitiveness

By: Schalk Burger 30th September 2024 State-owned logistics agency Transnet has taken tentative steps towards limited engagement with the private sector, but there should be large-scale concessions of port and rail capacity to drive competition between ports and rail corridors, says business organisation Business Leadership South... →

Gauteng pays first GFIP e-toll instalment

By: Natasha Odendaal 30th September 2024 The Gauteng provincial government (GPG) on Monday paid the first of five equal instalments of its agreed R12.9-billion contribution to historical e-toll debt. Of the first R3.8 billion paid to National Treasury, R3.2-billion was allocated to historical debt and R546-million towards the R4-billion... →

Mashatile sees South Africa's growth accelerating in 2025

By: Bloomberg 30th September 2024 Economic growth in South Africa is expected to accelerate next year as the country recovers from output-sapping power cuts and the nation’s new coalition government focuses on investing in infrastructure, South African Deputy President Paul Mashatile said. “We think that by next year we could be... →

Deputy President Paul Mashatile

Schreiber unveils Home Affairs’ plans to 'restore integrity' to SA's national security

By: Thabi Shomolekae 30th September 2024 In marking 100 days in office for the Government of National Unity, Home Affairs Minister Dr Leon Schreiber highlighted that over the next five years all the department’s services must become fully automated, digitised and must be offered online “at the fingertips of clients from the comfort of... →

Home Affairs Minister Dr Leon Schreiber

PPC reports continued decline in revenue from March to July

By: Darren Parker 30th September 2024 JSE-listed cement company PPC has reported a 2.1% decline in revenue for the four months ended July 31, compared with the same period last year. The decline follows PPC’s recent efforts to stabilise its balance sheet, sell non-strategic assets and improve overall profitability and returns on... →

One of PPC's South African manufacturing plants

Amazon launches Shop Mzansi storefront to support local products

By: Darren Parker 27th September 2024 Online retailer Amazon.co.za has launched ‘Shop Mzansi’ – a curated storefront on Amazon.co.za showcasing unique local products that reflect South Africa’s diverse cultures. Shop Mzansi features thousands of products across different categories – including toys, home and kitchen appliances,... →

First Egg Master Plan project hatched in Gauteng West Rand

By: Darren Parker 27th September 2024 Gauteng Agriculture and Rural Development MEC Vuyiswa Ramokgopa has launched the first Egg Master Plan project, the Shumbaset egg packing station, in the Gauteng West Rand. The project will involve the sorting, grading, packaging and distribution of chicken eggs. Shumbaset is representative of a... →

OPEC Fund signs off on $65m clean energy and infrastructure development financing for Madagascar

By: Darren Parker 27th September 2024 The Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development has signed off on two financing agreements with Madagascar totalling $65-million to boost support for sustainable socioeconomic development and energy transition. A $35-million loan will support the... →

Economy starting to show improvement with marginal employment growth – Govt

By: Sashnee Moodley 27th September 2024 Government has welcomed the marginal employment growth of 0.4% from 10 674 000 in March to 10 716 000 in June, saying this indicated its commitment to working with social partners to stabilise the economy. Statistics South Africa’s Quarterly Employment Statistics revealed that the community... →

Government Communication and Information System Acting Director-General Nomonde Mnukwa

Eskom seeks 36% tariff increase

By: Creamer Media Reporter 27th September 2024 Engineering News editor Terence Creamer discusses power utility Eskom's latest Multiyear Price Determination submission to the National Energy Regulator of South Africa, as well as the next steps. →

Eskom seeks 36% tariff increase

Increased local content, skills transfer attainable targets

By: Lumkile Nkomfe 27th September 2024 The Nedbank Manufacturing Roundtable, held on July 11, in Johannesburg, has highlighted the imperative of greater localisation opportunities and the need to facilitate comprehensive skills transfer in the manufacturing sector. The speakers at this event included financial services company Nedbank... →

A generic image of a car manufacturing assembly line

OBJECTIVE OUTLOOK Private sector manufacturing stakeholders remain hopeful in the sector’s ability to reach its production targets, despite the pressing logistical and energy challenges

Localisation key to unlocking potential

By: Lumkile Nkomfe 27th September 2024 Efforts to catalyse the localisation of the automotive component manufacturing sector are critical to economic development, says financial services company Nedbank Commercial Banking manufacturing national manager Amith Singh. Increased localisation efforts facilitate job creation and security... →

AMITH SINGH Nedbank believes that the automotive sector is one of the utmost importance and, as such, partners with industry associations to aid the manufacturing ecosystem

Push to increase component volumes gains impetus – NAACAM

By: Lumkile Nkomfe 27th September 2024 The National Association of Automotive Component and Allied Manufacturers (NAACAM) says the local production of automotive components must increase to foster sustainable economic growth. While the association laments the sizable energy and logistics challenges, it takes comfort in the strategic... →

BETH DEALTRY We need to double our production volumes and get to producing 1.4 million vehicles by 2035

Wärtsilä renews operations and maintenance agreement with Zambian energy company

By: Darren Parker 26th September 2024 Technology group Wärtsilä has signed a renewal of its operations and maintenance (O&M) agreement covering the 105 MW power plant owned by independent power producer Ndola Energy Company in Zambia. The previous agreement had been in force since 2013. →

Upcoming mini-Budget to include details on Independent Power Transmission pilot project

By: Terence Creamer 26th September 2024 Details on the approach South Africa will be taking to piloting Independent Power Transmission (IPT) projects as part of a strategy to accelerate the expansion of its electricity grid will be included in the upcoming Medium-Term Budget Policy Statement (MTBPS), a senior official in the office of... →

South Africa household wealth rises to highest level in a year

By: Bloomberg 26th September 2024 South Africa’s household wealth rose in the second quarter as an increase in the market value of their assets outstripped that of their liabilities — in part due to a strong stock market rally, the central bank said. The ratio of net wealth to nominal disposable income rose to 393% in the three... →

South Africa's FDI inflows slow in second quarter, central bank says

By: Reuters 26th September 2024 South Africa recorded foreign direct investment inflows of R16.6-billion in the second quarter of 2024, down from R24.4-billion rand in the first quarter, central bank data showed on Thursday. The South African Reserve Bank said in its Quarterly Bulletin that the inflows were notably driven by a... →

Barloworld characterises 11-month performance as ‘resilient’ despite overall decline

By: Darren Parker 26th September 2024 Diversified industrial company Barloworld has reported a 7.4% decline in group revenue from R40.4-billion to R37.4-billion for the 11 months ended August 31, compared with the same period last year. In a voluntary trading update published on September 26, Barloworld revealed that earnings before... →

Barloworld group CEO Dominic Sewela

Macpherson, AGSA commit to working together to iron out DPWI financial mismanagement

By: Darren Parker 25th September 2024 Following a meeting between Public Works and Infrastructure Minister Dean Macpherson and the Auditor-General of South Africa (AGSA) on September 25, the two parties have committed to working together to assist the Department of Public Works and Infrastructure (DPWI) in improving its performance... →

Photo by Creamer Media's Donna Slater
Public Works and Infrastructure Minister Dean Macpherson

Gauteng balancing finances, as first e-tolls debt due

By: Natasha Odendaal 25th September 2024 It is a balancing act as Gauteng Provincial Treasury (GPT) works to prevent bankruptcy, pay down e-toll debt, mitigate an underperforming department, and work within a drastically reduced budget. Speaking to media during a roundtable on Wednesday to discuss the finances of South Africa’s most... →

AFC signs concession agreements with Angola, Zambia to advance Lobito rail project

By: Darren Parker 25th September 2024 Infrastructure financier Africa Finance Corporation (AFC) has signed concession agreements with the governments of Angola and Zambia for the financing, construction, ownership and operation of the Zambia Lobito rail project. The agreements pave the way for AFC to spearhead and complete the... →

Don’t conflate Eskom-Sasol bilateral on LNG with ‘national strategy’ needed to avert gas cliff – IGUA-SA

By: Terence Creamer 25th September 2024 The Industrial Gas Users Association of Southern Africa (IGUA-SA) has welcomed the attention that South Africa’s impending “gas cliff” is finally enjoying from government through Electricity and Energy Minister Dr Kgosientsho Ramokgopa. The body is cautioning, however, against conflating the... →

Industrial Gas Users Association of Southern Africa executive officer Jaco Human

TNPA puts out tender for LNG terminal environmental-impact assessment

By: Darren Parker 25th September 2024 State-owned Transnet subsidiary Transnet National Ports Authority (TNPA), in collaboration with Infrastructure South Africa (ISA) and the Industrial Development Corporation, has approached the market for an environmental-impact assessment (EIA), encouraging interested parties to submit proposals... →

Civil confidence index reaches eight-year high in the third quarter

By: Darren Parker 25th September 2024 After having slipped to 44 in the second quarter of this year, the FNB/Bureau for Economic Research (BER) Civil Confidence Index reached an eight-year high of 50 in the third quarter. According to the BER, this current reading means that half of respondents are satisfied with prevailing business... →

World leaders call for investment in clean energy, developing nations seek help

By: Reuters 25th September 2024 World leaders on Tuesday called for far more investment in renewable energy to tackle climate change, with developing nations saying they need financial support to make the transition. Speaking at a Global Renewables Summit, Kenyan President William Ruto made the case for investing in renewables... →

Publication of Eskom’s 36% tariff submission by Nersa heralds formal start of consultation showdown

By: Terence Creamer 24th September 2024 The National Energy Regulator of South Africa (Nersa) has formally published Eskom’s much-anticipated and much-criticised allowable revenue application for the coming three years ahead of what is likely to be a vigorous and potentially hostile public consultation phase. The documents have been... →

Next round of NDC’s critical test for meeting renewables-tripling goal – IEA

By: Terence Creamer 24th September 2024 The next round of Nationally Determined Contributions (NDCs) will be a critical test for the implementation of the COP28 pledge, made by nearly 200 countries in the United Arab Emirates last year, of tripling renewables and doubling energy efficiency by 2030. This finding is contained in a new... →

NWU policy uncertainty index on cusp of positive territory

By: Tasneem Bulbulia 23rd September 2024 The North West University Business School Policy Uncertainty Index (PUI) for the third quarter of 2024, although still in negative territory, eased considerably to 53.5 from 68.3 in the previous quarter (baseline 50). On balance, the positive factors have substantially outweighed the negative... →

Macpherson advertises key Public Works vacancies to drive SA’s rebuild

By: Tasneem Bulbulia 23rd September 2024 The Department of Public Works and Infrastructure (DPWI) has opened applications for several key permanent positions, as part of a move by Minister Dean Macpherson to stabilise the administration and governance of the department. Over the weekend, key vacancies were advertised, including the head... →

Minister Dean Macpherson

Combatting resurgence of Somali pirate activity requires holistic approach, expert says

By: Darren Parker 23rd September 2024 Maritime piracy along the Somali coast is seeing something of a resurgence in 2024 because the root causes on land have gone largely unaddressed and international support has declined, Transnational Organised Crime Southern Africa senior researcher Carina Bruwer has said. She was speaking at the... →

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