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Macro and Micro News

‘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

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

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... →

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

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... →

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.... →

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... →

Kganyago sees South African inflation dip creating policy space

By: Bloomberg 10th October 2024 South African Reserve Bank Governor Lesetja Kganyago said inflation could fall below 4% in coming months, creating more room for action after officials cut interest rates in September. ‘We expect the next two or three prints; that they could have a three handle on them and that provides policy... →

Photo by Reuters
Reserve Bank Governor Lesetja Kganyago

Steenhuisen vows more targeted approach to resolving food security challenge

By: Marleny Arnoldi 10th October 2024 About 20-million South Africans, or 63% of households, are food insecure, Agriculture Minister John Steenhuisen revealed at the unveiling of the results of the National Food and Nutrition Security Survey (NFNSS) on October 9 The Department of Agriculture, Land Reform and Rural Development... →

Broad recognition of need for, benefits of, metals industry's transition to a low-carbon pathway, but funding limited

By: Schalk Burger 10th October 2024 Representatives of South Africa's metals and engineering industry and government have emphasised the need to transition the industry to a low-carbon pathway and discussed the benefits this would bring in terms of competitiveness and sustainability. There is, however, also acknowledgement that... →

DFFE international governance and resource mobilisation chief policy adviser Stuart Mangold; Danish Industries project lead Clara Halvorsen; Danish Industry ESG and sustainability senior adviser Dr Vibeke Huge Rehfeld; Forestry, Fisheries and the Environment Deputy Minister Narend Singh; and Danish Industry CBAM expert Anna Ipsen Nielson

Cost-competitiveness to underpin surge in global renewables roll-out to 2030 - IEA

By: Terence Creamer 9th October 2024 Led by solar PV, renewables are poised to transform electricity systems across the globe this decade, with the world on course to add more than 5 500 GW by 2030, the International Energy Agency’s (IEA’s) ‘Renewables 2024’ report states. Such additions would increase global renewable electricity... →

IEA executive director Fatih Birol

$21bn increase in off-grid solar investment needed to facilitate universal energy access

By: Darren Parker 8th October 2024 A $21-billion increase over current investment levels is required to realise the off-grid potential of solar power to contribute to universal energy access, according to the latest ‘Off-Grid Solar Market Trends Report’ (MTR) 2024, published on October 8 by the World Bank’s Energy Sector... →

Opinion: Non-profit gas aggregation imperative for South Africa

8th October 2024 In this opinion article, Industrial Gas Users’ Association of Southern Africa CEO Jaco Human makes the case for pursuing gas aggregation on a non-profit basis, while also urging Eskom and Sasol to collaborate with industry in crafting a solution that is in the national interest. →

Industrial Gas Users’ Association of Southern Africa CEO Jaco Human

South African antitrust body faults grocers over high food costs

By: Bloomberg 8th October 2024 South African food producers and retailers have been slow to pass on the effects of declining cost pressures to cash-strapped consumers, an issue that may warrant further investigation, the nation’s antitrust agency said. Cost pressures are easing because of an end to rolling power outages, the... →

Township Retail Investment Summit 2024 held to highlight township retail potential

By: Schalk Burger 7th October 2024 The Township Retail Investment Summit (TRIS) 2024 event, held at Alex Mall, in Gauteng, highlighted the rising importance of township retail as a key driver for the country’s economic future. Sponsored by financial services firm Nedbank Corporate and Investment Banking (CIB) and hosted by real... →

South Africa’s emissions to peak in 2024, reach decade low in 2030 – report

By: Darren Parker 7th October 2024 South Africa’s overall emissions will reach their peak this year and will be followed by a downward trend that will culminate in the lowest emissions this decade in 2030, the draft first 'Biennial Transparency Report' (BTR) shows. The BTR, which was published by Forestry, Fisheries and the... →

South Africa’s reindustrialisation requires collaboration between multiple sectors

By: Darren Parker 4th October 2024 To achieve reindustrialisation in South Africa, collaboration across industries is crucial, Kearney metals and mining global lead Igor Hulak said during the second day of the Joburg Indaba, in Johannesburg, on October 3. He emphasised that reindustrialisation "cannot be done only by one industry... →

Seifsa president sees new political climate as opportunity to revive metals sector

By: Terence Creamer 4th October 2024 Steel and Engineering Federation of Southern Africa (Seifsa) president Elias Monage has described the establishment of the Government of National Unity (GNU) as an opportunity to revive the metals and engineering sector by fixing the basics and raising infrastructure spend. In an address... →

Steel and Engineering Federation of Southern Africa president Elias Monage

South Africa fires up diesel turbines to keep power cuts at bay

By: Bloomberg 4th October 2024 Eskom has been using diesel-fuelled auxiliary turbines extensively to stave off power cuts in South Africa following delays in restoring some generation capacity. The utility fired up the units after 2 685 megawatts of capacity failed to return to service on September 23 as planned, Eskom said in... →

Govt, business set 3% growth target for 2025

By: Creamer Media Reporter 4th October 2024 Engineering News editor Terence Creamer discusses the partnership previously formed between government and business to tackle loadshedding and other crises; the launch of a second phase of this partnership and the areas of focus; and some of the potential risks to this partnership. →

Govt, business set 3% growth target for 2025

Protests should not come at the cost of economic stability, Busa says as Cosatu strike looms

By: Thabi Shomolekae 3rd October 2024 Business Unity South Africa (Busa) expressed concern over the planned October 7 nationwide protest by the Congress of South African Trade Unions (Cosatu), saying recurring protests, using “outdated” National Economic Development and Labour Council (Nedlac) certificates, place undue strain on... →

R273m govt-funded Orion tank farm in Gqeberha unveiled

By: Darren Parker 3rd October 2024 The Orion Engineered Carbons (OEC) tank farm project, in Zone 7 of the Coega Special Economic Zone (CSEZ) in Gqeberha, in the Eastern Cape, has officially been unveiled. Trade, Industry and Competition chief director of infrastructure Justice Ngwenya, who addressed the official launch, said the... →

Opinion: Danish-South African energy cooperation to unleash just energy transition in grid-ready regions

3rd October 2024 South Africa has some of the best resources for wind and solar energy in the world. However, the country battles with grid constraints in areas with higher wind speeds, and little renewable-energy deployment in areas with available grid. The Danish-South African energy cooperation addresses these... →

South Africa business activity accelerates in Sept as inflation eases, S&P PMI shows

By: Reuters 3rd October 2024 South Africa's private sector saw an uptick in growth in September, driven by a rise in business activity and a significant cooling of inflationary pressures, a survey by S&P Global showed on Thursday. The S&P Global South Africa Purchasing Managers' Index (PMI) climbed to 51.0 in September from... →

South Africa nominates Bajabulile Tshabalala for AfDB president

By: Schalk Burger 2nd October 2024 South Africa’s Cabinet formally endorsed development finance institution the African Development Bank (AfDB) senior VP Bajabulile Swazi Tshabalala as its nominee for the role of president of the AfDB in August, Finance Minister Enoch Godongwana has announced. In line with the AfDB’s rules and... →

South African CEOs see ‘green shoots’ as economic mood improves

By: Bloomberg 2nd October 2024 Sentiment about South Africa has improved since the formation of a coalition government but the nation needs to be cautious about complacency, according to chief executive officers at two of the nation’s biggest financial-services companies. While “the sentiment has changed,” not very much has... →

Photo by Donna Slater
Discovery CEO Adrian Gore

Gauteng province planning to convert six hostels into 2 000 family units – Kubayi

By: Schalk Burger 2nd October 2024 The Gauteng Department of Human Settlements is undertaking detailed planning for the eradication and conversion of six hostels owned by the provincial department to 2 000 family units, Human Settlements Minister Mmamaloko Kubayi said in a written response to questions in the National Council of... →

Low-emission hydrogen project approvals double, but demand and cost uncertainties weigh

By: Terence Creamer 2nd October 2024 A new International Energy Agency (IEA) report shows that the number of low-emission hydrogen projects to have advanced to a final investment decision (FID) stage doubled over the last 12 months, representing yearly production of 3.4-million tonnes. These FIDs are split between green-hydrogen... →

South Africa’s reforms in spotlight as nation woos investors

By: Bloomberg 2nd October 2024 South Africa will need to expedite reforms that can boost economic growth to sustain investor inflows that have flooded in since the formation of a coalition government, according to the world’s largest investment banks. Since the African National Congress aligned with business-friendly parties... →

Deputy President Paul Mashatile

South African rand softens, global markets focus on Middle East tensions

By: Reuters 2nd October 2024 The South African rand weakened slightly against a stable dollar in early trade on Wednesday, as markets worried about rising tensions in the Middle East. At 0803 GMT, the rand traded at 17.3975 against the dollar, about 0.1% softer than its previous close. →

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