Economy | Macro and Micro

https://staging1.creamermedia.com/

Advertise on this page? Click Here to Learn More

Macro and Micro News

Trump claims 'powerful mandate' after Fox News projects he has won US presidency

By: Reuters 6th November 2024 Republican Donald Trump claimed victory in the 2024 presidential contest after Fox News projected that he had defeated Democrat Kamala Harris, which would cap a stunning political comeback four years after he left the White House. "America has given us an unprecedented and powerful mandate," he... →

South Africa is working on unique digital identity, instant visa

By: Bloomberg 6th November 2024 South Africa plans to create unique identities for its citizens and issue instant visas as it digitizes its economy. The South African Revenue Service, the central bank and the Department of Home Affairs are working toward a unique digital identity, the tax authority’s boss Edward Kieswetter said... →

Photo by Creamer Media's Donna Slater
Sars Commissioner Edward Kieswetter

Pickup in growth expected, but South Africa's expenditure still largely for wages, debt

By: Schalk Burger 6th November 2024 Insights, data and analytics provider BMI expects South Africa's economic growth to pick up from 1% this year to 1.5% in 2025 as improved energy supply, greater private-sector investment, slower price growth and reforms to pension schemes provide tailwinds. "However, growth will remain below the... →

Photo by Bloomberg
Improved electricity supply to contribute to better economic growth in 2025

Sasol not in ‘sunset’ phase but transition plans cannot outpace market demand – Baloyi

By: Terence Creamer 5th November 2024 Sasol CEO Simon Baloyi has acknowledged that the group stands at the “threshold” of a potentially difficult energy transition but he has also disputed assertions that the carbon-heavy chemicals and fuel producer has now entered an inevitable “sunset” phase. Speaking at an environmental, social... →

Sasol CEO Simon Baloyi

South Africa on the clock as rand volatility soars post-budget

By: Bloomberg 5th November 2024 Investors are giving South Africa’s coalition government some leeway to get its finances in order, but the rising cost of hedging against rand declines shows pressure is building after last week’s disappointing budget update. On October 30, when Finance Minister Enoch Godongwana presented his... →

Families appeal for clemency for two engineers after 634 days in Equatorial Guinea prison

By: Schalk Burger 5th November 2024 The families of two detained South African engineers, Frik Potgieter and Peter Huxham, staged a peaceful protest outside Africa Energy Week at the Cape Town International Convention Centre, with government officials from Equatorial Guinea in attendance at the conference, on November 5. The... →

Peter Huxham and Frik Potgieter

South Africa's private sector growth sustained in October as costs fall, PMI shows

By: Reuters 5th November 2024 South Africa's private sector maintained its growth trajectory in October, bolstered by a decline in business costs and selling prices, a Purchasing Managers' Index (PMI) survey showed on Tuesday. The S&P Global South Africa PMI recorded a reading of 50.6, slightly down from September's 51.0, but... →

South Africa, Chile collaborate to advance sustainable fisheries, aquaculture

By: Marleny Arnoldi 5th November 2024 The governments of South Africa and Chile have signed a memorandum of understanding to cooperate on fisheries and aquaculture. The countries will soon establish a joint technical committee to oversee the implementation of initiatives and coordinate regular bilateral meetings to ensure ongoing... →

Green-hydrogen secretariat being set up at IDC as single point of contact for public and private coordination

By: Terence Creamer 5th November 2024 South Africa’s Industrial Development Corporation (IDC) is in the process of setting up the institutional capacity to house the Green Hydrogen Just Energy Transition (JET) Secretariat, which is being established as the country’s single point of contact and coordination for public and private... →

IDC COO Joanne Bate

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

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... →

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... →

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

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... →

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,... →

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... →

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... →

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

Ratings bias costs Africa billions of dollars, Standard CEO says

By: Bloomberg 28th October 2024 African countries face higher costs of financing because of inflated risk perceptions from credit-ratings companies, the head of the continent’s biggest bank said. A United Nations Development Programme study last year showed that subjective risk assessments by ratings companies resulted in... →

Morgan Stanley sees fiscal gains easing South Africa junk rating

By: Bloomberg 28th October 2024 South Africa’s improving economic prospects after years of lackluster growth will result in better fiscal metrics and may soon lead to an upgrade of its junk-rated debt, according to RMB Morgan Stanley. Positive sentiment in the continent’s most industrialised economy has built up since the... →

Sun International’s proposed acquisition of Peermont should be denied, commission recommends

By: Darren Parker 28th October 2024 The Competition Commission has recommended that the Competition Tribunal prohibit JSE-listed Sun International’s proposed acquisition of Peermont Holdings. The commission said on October 28 that it found that the proposed merger between the two casino owners would likely substantially prevent... →

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