Economy | Macro and Micro

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Macro and Micro News

EU’s Carbon Border Adjustment Mechanism needs to be challenged, Tau says

By: Darren Parker 20th November 2024 Trade, Industry and Competition Minister Parks Tau has said that measures such as the Carbon Border Adjustment Mechanism introduced by the EU need to be challenged by developing economies at the level of the World Trade Organisation, as they are likely to have a negative impact on South Africa’s... →

Tiger Brands to sell Baby Wellbeing business, excluding Purity

By: Reuters 20th November 2024 South Africa's biggest food producer Tiger Brands said on Wednesday it will sell its Baby Wellbeing business for R605-million, but will exclude its Purity brand, which it described as a core asset. The Baby Wellbeing business was identified as no longer a "financial and strategic fit" after an... →

Protectionism not the answer to South Africa’s economic problems, CDE says

By: Darren Parker 20th November 2024 Think tank the Centre for Development and Enterprise (CDE) has called for an overhaul of industrial policy to move it away from protectionism and towards a focus on maximising exports. The organisation on November 20 said a new approach to master plans, tariff-setting and competition policy was... →

Photo by Creamer Media's Donna Slater
CDE executive director Ann Bernstein

Remodelled draft IRP to be unveiled next week for limited public consultation

By: Terence Creamer 20th November 2024 A remodelled Integrated Resource Plan (IRP) for electricity will be released to the public next week and is expected to deviate materially from the heavily criticised draft IRP2023, which was published for public comment in January. Electricity and Energy Minister Dr Kgosientsho Ramokgopa says... →

SANEDI CEO Dr Titus Mathe

South African business mood brightens to best level since March 2022

By: Bloomberg 20th November 2024 South African business sentiment rose its highest level since the first quarter of 2022, as constant electricity supply and political stability supported better business conditions. A quarterly business confidence index compiled by FirstRand's Rand Merchant Bank and Stellenbosch University’s... →

Namibia has best roads in sub-Saharan Africa, with South Africa scoring on par with Rwanda, Mauritius

By: Darren Parker 20th November 2024 According to the ‘Global Competitiveness Index’ compiled by the World Economic Forum and hosted on the World Bank's Prosperity Data360 platform, Namibia ranks highest in sub-Saharan Africa for road quality, achieving a score of 5.31 out of seven on a scale used to evaluate infrastructure.... →

South African inflation drops to lowest since June 2020

By: Reuters 20th November 2024 South Africa's annual inflation rate slowed sharply to 2.8% in October, data showed on Wednesday, setting the stage for another interest rate cut by the central bank this week. Statistics South Africa said falling fuel prices were the primary driver of the slowdown in the headline rate from 3.8%... →

South Africa will focus G20 presidency on inclusive growth, food security

By: Reuters 20th November 2024 South Africa will use its G20 presidency to focus on advancing inclusive economic growth, food security and artificial intelligence, President Cyril Ramaphosa said on Tuesday at a summit of the Group of 20 (G20) major economies in Brazil. South Africa takes over the G20 presidency from Brazil at... →

President Cyril Ramaphosa

Two more battery projects achieve financial close, next set of bidders to be announced within weeks

By: Terence Creamer 19th November 2024 Two more battery storage projects selected as preferred bids under South Africa’s first public procurement bid window (BW1) for the technology have achieved commercial close. The projects have a combined investment value of R4.7-billion and increase to 360 MW/1 440 MWh the amount of utility-scale... →

A group photo taken at the signing ceremony attended by Electricity and Energy Minister Dr Kgosientsho Ramokgopa, seated at centre

South African pension withdrawals since reform up to R35.1bn

By: Reuters 19th November 2024 South Africa's tax service said on Tuesday that pension withdrawals in the 11 weeks since a reform took effect allowing people to make partial withdrawals before retirement had risen to R49.6-billion. The South African Revenue Service said on October 11 that R21.4-billion had been paid out since... →

Africa Central Banks seen cutting while they can after Trump win

By: Bloomberg 19th November 2024 Most African central banks weighing interest rates over the next three weeks are set to lower them, wary that the window to ease further may narrow after Donald Trump becomes US president. Of the 14 monetary authorities due to give rate decisions, eight including South Africa and Kenya are... →

Affordability and Eskom inefficiencies come under scrutiny as Nersa hearings kick off

By: Terence Creamer 18th November 2024 The issues of electricity affordability and Eskom’s inefficiencies emerged as recurring themes as the National Energy Regulator of South Africa (Nersa) kicked off nationwide public hearings in Cape Town on Monday into the utility’s latest revenue application. Through its sixth multiyear price... →

African, Japanese institutions sign MoU to accelerate energy investment in the continent

By: Rebecca Campbell 18th November 2024 The Africa Finance Corporation (AFC) has signed a memorandum of understanding (MoU) with the Japan Institute for Overseas Investment (JOI), aimed at scaling up investment flows into Africa. The AFC is focused on financing the development of core infrastructure (that is, power, natural resources,... →

Ramaphosa calls for peaceful resolution to police standoff with illegal miners

By: Sashnee Moodley 18th November 2024 President Cyril Ramaphosa described the Stilfontein mine as a “crime scene”, on Monday, as he called for a peaceful resolution to the standoff at the disused mine shaft, where illegal miners are holed up. The South African Police Service and government departments have been trying, for over a... →

Provinces increase their expenditure by nearly 5% in the second quarter

By: Schalk Burger 15th November 2024 National Treasury has revealed that South Africa's provinces spent 50.6%, or R384.9-billion, of the allocated main budget of R760.1-billion in the second quarter of the 2024/25 financial year, which represents a 4.8%, or R17.7-billion, increase compared with the same period in the 2023/24... →

South African Reserve Bank to cut rates 25bps to 7.75% on Nov 21 – Reuters poll

By: Reuters 15th November 2024 The South African Reserve Bank will cut its repo rate next week as slowing inflation continues to make way for a series of cuts through the middle of next year, spurring growth to almost 2%, a Reuters poll suggested on Friday. All but two of 22 economists surveyed in the past week said the South... →

Sustainability, community focus integral to agricultural business

By: Lumkile Nkomfe 15th November 2024 To demonstrate its commitment to sustainability and community empowerment, Stellenbosch wine producer Spier Wine Farm highlights the importance of remaining mindful of its environmental impact beyond the activities required to farm and produce wine. The company recently embarked on regenerative... →

HOLISTIC PERSPECTIVE Sustainable wine farming is underscored through the adoption of a regenerative approach at every level of the wine farming value chain

Company highlights immigration compliance challenges

By: Lumkile Nkomfe 15th November 2024 An examination of the legal obligations of employers when hiring foreign workers was communicated during corporate law firm Cliffe Dekker Hofmeyr’s Immigration Compliance and Workplace Enforcement webinar which took place on October 11, under the themes of assessing the intersection of... →

IMRAAN MAHOMED So far, from what the firm has observed, there have been fines worth more than R10-million in, for example, the hospitality industry

Industry well placed to capitalise on international demand

By: Lumkile Nkomfe 15th November 2024 Despite the improved performance of the rand, wine festival Standard Bank WineX founder Michael Fridjhon highlights that the South African wine market has increasingly become an exciting and attractive destination for global consumers. Fridjhon notes that South Africa’s wine industry is poised... →

MICHAEL FRIDJHON There has been a lot of feedback, including by a Chinese judge at this year's Trophy Wine Show in Paarl, about the appeal of Cap Classique in the Chinese market

AFD approves another €400m JET-linked policy loan to South Africa

By: Terence Creamer 14th November 2024 Agence Française de Développement (AFD) has approved another €400-million policy-based loan to support South Africa’s Just Energy Transition (JET), increasing its approvals to €700-million out of the €1-billion it pledged to South Africa at COP26 in Glasgow in 2021. The loan is described as the... →

Level crossing incidents not only cost lives but also the economy, TFR CEO says

By: Darren Parker 14th November 2024 Railway safety incidents, such as pedestrian and vehicle collisions at level crossings, are not only tragic but are severely undermining South Africa’s rail recovery plans, Transnet Freight Rail (TFR) CEO Russell Baatjies said on November 14. “We’ve had 36 level crossing incidents just this year,... →

IPP Office confirms ongoing dispute with 13 projects over payment of bid bonds

By: Terence Creamer 14th November 2024 The head of South Africa’s Independent Power Producer Office (IPPO) has confirmed that it has called the bid bonds for 14 projects that failed to advance to commercial close during the fifth bid window (BW5) of the country’s renewables procurement programme. Bernard Magoro told lawmakers this... →

Independent Power Producer Office head Bernard Magoro

Civil society points to procedural missteps in govt’s decision on exploration right for oil, gas

By: Thabi Shomolekae 14th November 2024 Non-profit organisation Natural Justice expressed optimism that the courts will see the flaws in government’s decision-making process on exploration rights for oil and gas and rule in favour of environmental justice. The Green Connection and Natural Justice have filed a supplementary founding... →

South Africa's ratings seen stuck in 'junk' despite investor optimism

By: Reuters 14th November 2024 South Africa will be unable to shed its "junk" credit rating for years to come, credit analysts said, despite investor optimism over the economic trajectory since the formation of a coalition government this year. S&P Global is scheduled to review the sovereign rating of Africa's most... →

Energy council calls for overhaul of public IPP procurement model

By: Terence Creamer 13th November 2024 The Energy Council of South Africa has called for an overhaul of the way government procures new electricity generation and storage capacity from independent power producers (IPPs), describing the current model as outdated. Addressing the Portfolio Committee on Electricity and Energy, CEO James... →

Energy Council of South Africa CEO James Mackay

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,... →

Home Affairs Minister Leon Schreiber

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. →

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... →

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

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... →

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

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