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Macro and Micro News

Delayed coal decommissioning won’t ‘collapse our climate commitments’ 

By: Terence Creamer     27th May 2024 The Presidential Climate Commission (PCC) is currently assessing the impact of South Africa’s decision to delay the decommissioning of the Hendrina, Grootvlei and Camden coal-fired power stations on the country’s Nationally Determined Contribution (NDC), which outlines the country’s... 

Crime, corruption keep South Africa’s S&P rating in check

By: Bloomberg     24th May 2024 S&P Global Ratings said it is closely monitoring the outcome of South Africa’s elections next week and subsequent government policies to address issues from crime to energy supply that have deterred investment. “We have seen investors being a little bit more cautious this year because of the... 

Nersa confirms registration of 105 more generators as overall number rises to 1 415 

By: Terence Creamer     24th May 2024 The National Energy Regulator of South Africa (Nersa) reports that it registered a further 105 generation facilities during the period from January to March 2024, raising to 1 415 the number of facilities registered since the system was introduced in 2018. In a statement, Nersa said the newly... 

Solar PV facilities made up 99 of the registrations, with total capacity of 499 MW and an investment cost of R9.9-billion
Photo by Creamer Media
Solar PV facilities made up 99 of the registrations, with total capacity of 499 MW and an investment cost of R9.9-billion

Patel to leave Cabinet after elections

By: Tasneem Bulbulia     24th May 2024 Trade, Industry and Competition Minister Ebrahim Patel has announced that he will conclude his service in Cabinet after next week's election. “I wish to thank the President [Cyril Ramaphosa] and the African National Congress for the trust and confidence shown during my period in office and the... 

Trade, Industry and Competition Minister Ebrahim Patel
Photo by Bloomberg
Trade, Industry and Competition Minister Ebrahim Patel

Technology emphasised as way to increase sustainable mining – Chamber

By: Lumkile Nkomfe      24th May 2024 The Southern African - German Chamber of Commerce and Industry (SAGCC) highlights that the development of many countries in Southern Africa is linked to the mining sector. The organisation asserts that the sector has a greater role to play to support demand recovery, which has declined because of... 

A generic image of German flags
STEADFAST RELATIONS Germany remains committed to its bilateral economic ties in Southern Africa

Southern Africa always a key market – firm

By: Lumkile Nkomfe      24th May 2024 With the trusted legacy of more than 150 years of Siemens engineering expertise, Innomotics is the backbone of reliable motion for industries and infrastructure worldwide. Amid the increased involvement of foreign companies in the mining and industrial sectors worldwide, leading supplier of... 

An image of Innomotics Country CEO Tim Walwyn
TIM WALWYN Innomotics supports most of the major players, with applications ranging from conveyor systems, mine winders, crushing, and milling solutions, and mobile equipment electrification to efficient process plant EC&I and mining operations management digital solutions

Things looking up for Stefanutti following y/y uptick in profits, contract revenue

By: Darren Parker     23rd May 2024 JSE-listed multidisciplinary construction group Stefanutti Stocks has reported an improvement in contract revenue to R7.1-billion for the 12 months ended February 29, up from R6.1-billion in the prior financial year. The group also reported an improvement in operating profit from continuing... 

Stefanutti CEO Russell Crawford
Stefanutti CEO Russell Crawford

Empowering women in energy the intelligent thing to do, says DMRE official

By: Rebecca Campbell     23rd May 2024 The Department of Mineral Resources and Energy (DMRE) had been running a five-year Energy Sector Women Empowerment Strategy since 2021, pointed out DMRE deputy director-general Hilda Mhlongo on Thursday. She was delivering the keynote address at the Women in Energy breakfast at the Enlit Africa... 

Gas still has a crucial role to play in South Africa’s energy mix – Kearney

By: Darren Parker     23rd May 2024 Gas has an important role to play in South Africa’s energy transition journey, Kearney partner Prashaen Reddy says amid calls for public comments on a draft Gas Master Plan, which was released for comment at the end of April. He notes that the Southern Africa region has had several recent gas... 

gas pipelines

South Africa considers complaining to WTO against EU carbon border tax

By: Reuters     22nd May 2024 South Africa is considering lodging a formal complaint at the World Trade Organization against the European Union's "protectionist" carbon border levy, Trade Minister Ebrahim Patel said on Wednesday. The EU's proposed carbon border adjustment mechanism (CBAM), which will impose charges on imports... 

An EU flag
Photo by Reuters
An EU flag

Presidency insists 22.5 GW private IPP pipeline won’t be disrupted by Eskom move to reserve grid for public projects 

By: Terence Creamer     22nd May 2024 The Presidency does not anticipate that Eskom’s move to reserve scarce grid capacity for independent power producers (IPPs) participating in public procurement bidding rounds will disrupt the more than 130 private IPP projects being advanced outside of those processes to supply private consumers.... 

Eskom’s has applied for permission to reserve scarce grid capacity for IPPs participating in public procurement bidding rounds
Eskom’s has applied for permission to reserve scarce grid capacity for IPPs participating in public procurement bidding rounds

UN agency has launched a report on green business and financing in Africa

By: Rebecca Campbell     22nd May 2024 Africa has major opportunities for green economic development and could become a world-leader in it, UN Development Programme (UNDP) Regional Service Centre for Africa director Dr Matthias Naab highlighted at the Enlit Africa 2024 conference, in Cape Town, on Wednesday. He was launching the... 

South Africa refiles work-permit changes to create nomad visa

By: Bloomberg     22nd May 2024 South Africa’s Department of Home Affairs refiled long-awaited changes to its work-permit regime to allow for the creation of a so-called nomad visa for remote workers. The May 20 gazetting of the changes, which had last month been withdrawn after the department failed to observe a mandatory... 

Photo of the Johannesburg skyline

Summit emphasises imperativeness of supporting SMMEs

By: Tasneem Bulbulia     21st May 2024 Small, medium-sized and microenterprises (SMMEs) in the country are grappling with various challenges, including a lack of coordination between the public and private sectors, insufficient financial support, addressing the skills gap and empowerment through funding and government support. Despite... 

Eswatini govt issues new R4bn bond programme on South Africa's JSE

By: Creamer Media Reporter      21st May 2024 The Eswatini government has, through Absa Bank, recently issued a R4-billion bond programme on the JSE's debt board. This new issuance is the latest bond to list under the Protea Bonds segment, which includes rand-denominated bond issuances by foreign governments on the JSE. 

The JSE logo on a class door

Use resources to diversify African economies, unlock sustainable growth

By: Schalk Burger     21st May 2024 A majority of African economies, or 83%, are highly commodity-dependent and are vulnerable to external shocks, experiencing good growth when commodity prices are high, but seeing growth reversal and setbacks when prices are low. Chad, for example, experienced an average of 9% growth in GDP... 

Haul trucks in operation at a West African mine

Zimbabwe asks miners to ramp up gold output to support ZiG currency

By: Bloomberg     21st May 2024 Zimbabwe has asked gold miners across the country to ramp up output to support the ZiG currency launched last month, according to Mines and Mining Development Minister Winston Chitando. “This new currency is anchored on gold production, we have to determine ways to increase production,” Chitando... 

Hand holding a stack of ZiG10 banknotes

Vumacam surveillance tech yields 10% boost in crime interceptions, arrests in Gauteng

By: Darren Parker     20th May 2024 The Gauteng provincial government (GPG) has reported a “substantial impact” on criminal activities across the province has been achieved 100 days into the rollout of its surveillance project, which has been leveraging Vumacam SafeCity cameras. Since its inception in February, the project has... 

Vumacam

Famous Brands reports bump in revenue, while profits decline for 2024 financial year

By: Darren Parker     20th May 2024 Branded food services franchisor Famous Brands has reported an 8% increase in revenue to R8-billion for the financial year ended February 29, although a 6% decrease in profit to R812-million and a 1.5% profit margin contraction from 11.6% to 10.1% dampened results. Despite the group’s carefully... 

steers burger and chips

Energy trader reports strong market demand for green electricity from 210 MW Hendrina Wind Farm 

By: Terence Creamer     20th May 2024 Newly formed electricity trader Apollo Africa reports that it is experiencing strong demand from potential customers for the renewable electricity that will be produced from the grid-ready 210 MW Hendrina Wind Farm, being developed by Enertrag in the Mpumalanga province. Apollo Africa, which is... 

Apollo Africa MD Jenna Harris
Apollo Africa MD Jenna Harris

Eyes turn to Union Buildings after NCOP approves Electricity Regulation Amendment Bill 

By: Terence Creamer     16th May 2024 The National Council of Provinces (NCOP) has approved the Electricity Regulation Amendment (ERA) Bill, which has far-reaching implications for the future structure and operation of an electricity supply industry that has hitherto been dominated by Eskom. The Bill received support from all... 

President Cyril Ramaphosa may sign ERA Bill ahead of the elections
Photo by Creamer Media
President Cyril Ramaphosa may sign ERA Bill ahead of the elections

Threats of legal action after Ramaphosa signs NHI into law 

By: Thabi Shomolekae     16th May 2024 Civil society organisations and political parties are threatening legal action following Wednesday’s controversial signing of the National Health Insurance Bill. President Cyril Ramaphosa, who publicly signed the Bill into law amid significant criticism, said the NHI was an opportunity to “break... 

Threats of legal action after Ramaphosa signs NHI into law

Prescient supports Reatile’s acquisition of stake in 240 MW solar project

By: Creamer Media Reporter      16th May 2024 Prescient Investment Management has approved R324-million in equity finance to support black-owned investment company Reatile acquire a 31.5% stake in a 240 MW Free State solar PV project. The Virginia Solar Park project was selected as part of the sixth bid window of South Africa’s Renewable... 

Ramaphosa acknowledges fear over NHI but describes signing as ‘pivotal moment’  

By: Terence Creamer     15th May 2024 President Cyril Ramaphosa acknowledged the fear that his signing of the National Health Insurance (NHI) Bill into law had generated in and address during a signing ceremony held at the Union Buildings on Wednesday. However, he described the NHI as an opportunity to break with the prevailing... 

President Cyril Ramaphosa signing the controversial NHI Bill into law at a Union Buildings ceremony
President Cyril Ramaphosa signing the controversial NHI Bill into law at a Union Buildings ceremony

Persistent corruption concerns reflect letdowns during sixth administration – Corruption Watch  

By: Marleny Arnoldi     15th May 2024 Nonprofit monitoring organisation Corruption Watch (CW) has confirmed in its latest report that there are significant concerns about the impact of corruption in the country, particularly a marked lack of confidence in the efficacy and ability of law enforcement agencies to tackle corruption.... 

Plunging currencies, El Niño to delay rate cuts in African economies

By: Bloomberg     15th May 2024 Mounting price pressures from the resurgence of the dollar, foreign-currency crunches and adverse weather conditions are set to lead to delayed and shallower interest-rate cuts for African central banks this year. Over the next three weeks, analysts predict Nigeria, Angola and Zambia, who are... 

Maize crops affected by drought

Equites reports sustained growth in rentals market

By: Darren Parker     14th May 2024 Real estate investment trust Equites Property Fund has reported sustained growth in its rental portfolio over the past few years and expects this trend to continue. In its results presentation for the 2024 financial year, where the company highlighted a dividend a share of R1.31 at a 100% payout... 

Equites CEO Andrea Taverna-Turisan
Photo by Creamer Media
Equites CEO Andrea Taverna-Turisan

Organisations call ‘rushed’ NHI Bill an electioneering ploy

By: Marleny Arnoldi     14th May 2024 Business Leadership South Africa (BLSA) has again expressed concern about the National Health Insurance (NHI) Bill on the eve of its planned promulgation by President Cyril Ramaphosa’s. Signing the NHI as is into law will discount the significant public comment having been made on the proposed... 

surgeon at work

Salga energy head calls for post-election review of free basic electricity scheme 

By: Terence Creamer     14th May 2024 The head of energy at the South African Local Government Association (Salga) has called for a review of both the size of the free basic electricity (FBE) allocation as well as the way the grant is assigned, arguing that many indigent households are currently not benefiting from the scheme as... 

Many households in informal settlements remain unelectrified
Many households in informal settlements remain unelectrified

Unemployment rate worsens to 32.9%

By: Marleny Arnoldi     14th May 2024 South Africa’s official unemployment rate has widened by 0.8 of a percentage point to 32.9% in the first quarter of the year, compared with 32.1% in the fourth quarter of last year. The number of employed people in South Africa increased by 22 000 to 16.7-million, but the number of unemployed... 

Job seekers waiting for casual work next to a road in Johannesburg
Photo by Reuters
Job seekers waiting for casual work next to a road in Johannesburg

dtic seeks to create a competitive medical technology industry with new master plan

By: Creamer Media Reporter      14th May 2024 Trade, Industry and Competition Minister Ebrahim Patel has launched the Medical Technology (MedTech) Master Plan, which is aimed at creating a proficient and competitive medical technology industry over the next three years that will supply domestic and international markets. “The medical... 

Trade, Industry and Competition Minister Ebrahim Patel
Photo by Creamer Media's Donna Slater
Trade, Industry and Competition Minister Ebrahim Patel

Concerns heighten as Ramaphosa readies to sign NHI Bill into law  

By: Thabi Shomolekae     14th May 2024 Business and political parties have expressed disappointment with President Cyril Ramphosa’s announcement that he will, on Wednesday, sign into law the controversial National Health Insurance Bill. On Monday, Ramaphosa announced that he would publicly sign the Bill, which government hoped to use... 

Image of Cyril Ramaphosa
President Cyril Ramaphosa

Deadline for latest battery procurement also extended as IPPs adjust to Eskom’s new grid access rules 

By: Terence Creamer     9th May 2024 The deadline for South Africa’s recently launched third battery energy storage bidding round, or bid window three (BW3), has been extended by three months to October 31, following a recent deadline extension for the concurrent second battery bidding round from April 30 to June 6. Independent... 

Battery storage

Genuine progress, not electioneering, behind the easing of loadshedding, council says 

By: Darren Parker     9th May 2024 The current loadshedding reprieve is not a result of excessive diesel burning to pacify voters but rather a consequence of government and business coming together to made headway in solving South Africa’s electricity crisis, Energy Council of South Africa (ECSA) CEO James Mackay has said.... 

pylon at sunset

April transactions index increase welcome, but investors wait and see

By: Schalk Burger     8th May 2024 Financial infrastructure services company BankservAfrica's Economic Transactions Index (BETI) increased by 0.6% month-on-month in April to reach an index level of 134.2, which is the highest level in eight months. While loadshedding, which has remained suspended since the end of March, may have... 

JSE undertaking measures to mitigate de-listing, shrinkage

By: Tasneem Bulbulia     8th May 2024 The JSE is undertaking several initiatives to mitigate de-listings and reduced market capitalisation, chairperson Phuthuma Nhleko said during the entity’s AGM on May 7. Speaking to Engineering News prior to the meeting, consultancy and research provider AmaranthCX director Paul Miller posited... 

An image of JSE chairperson Phuthuma Nhleko
Chairperson Phuthuma Nhleko

South Africa to provide new coal-plant closure timeline to secure secure $2.6bn

By: Bloomberg     8th May 2024 South Africa will provide a new timeline for the shutdown of coal-fired power plants in a bid to secure about $2.5-billion in climate finance, an agency in President Cyril Ramaphosa’s office said. The timetable to be proposed to the Climate Investment Funds in June aims to ensure the country... 

Eskom coal fired station
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