Economy | Macro and Micro

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Macro and Micro News

Uptick in demand for HVAC systems by OEM sector

20th September 2024 There has been a noticeable uptick in demand for the locally manufactured Booyco heating, ventilation and air-conditioning (HVAC) systems by South Africa’s original-equipment manufacturers (OEM), says Booyco Engineering MD Brenton Spies, adding that the upswing is seen as a promising indicator of... →

Potential of industrial refrigeration service model emphasised

20th September 2024 Energy company Energy Partners has outlined the innovative potential of Cooling-as-a-Service (CaaS) agreements within the industrial refrigeration landscape to catalyse developments in operational risk and energy efficiency, thereby leading to sustainable businesses. The company highlights that... →

DAWIE KRIEL Under the CaaS model, customers enter into partnerships where suppliers own and operate cooling or heating systems, assuming all associated risks and responsibilities during the life cycle of the system

Governing framework adherence key to HVAC-R development

By: Lumkile Nkomfe 20th September 2024 Contractor association the South African Refrigeration and Air Conditioning Contractors Association (Saracca) highlights the imperative of setting fair and feasible governing standards to establish a common framework for collaboration in the heating, ventilation, air-conditioning and... →

A generic image of air-conditioning systems

CATALYSING SAFETY Prioritising the health, safety and the environment epitomised in industry attitudes

SARB joins easing club with 25 basis point rate cut

By: Reuters 19th September 2024 South Africa's central bank cut its main interest rate for the first time in more than four years on Thursday, as it said it saw inflation staying below the midpoint of its target range as far out as 2026. The South African Reserve Bank (SARB) lowered the repo rate by 25 basis points to 8.00%, as... →

Photo by Bloomberg
Reserve Bank governor Lesetja Kganyago

RMB funded renewables projects worth R50bn last year and is gearing up for private grid prospects

By: Terence Creamer 19th September 2024 Corporate and investment bank RMB reports that it financed renewable-energy investments worth R50-billion over the past year and is expecting ongoing high levels of renewables funding this year, while positioning itself to also finance private grid projects in future. Infrastructure sector... →

RMB infrastructure sector solutions head Judy Kobus

Zimbabwe's new currency faces headwinds five months on

By: Reuters 19th September 2024 Five months after its launch, Zimbabwe's new currency is under pressure as increased grain imports eat away at foreign reserves, putting at risk the government's plan to make it the only currency in the market by 2026. The gold-backed ZiG, which stands for Zimbabwe Gold, is the country's sixth... →

South Africa seen sticking to modest rate cut despite Fed cut

By: Bloomberg 19th September 2024 The South African Reserve Bank (SARB) will likely lower interest rates by 25 basis points on Thursday, despite a larger-than-expected overnight move by the Federal Reserve as it turns the screws on inflation. Almost all of the 24 economists surveyed by Bloomberg expect Governor Lesetja Kganyago... →

Photo by Reuters
SARB Governor Lesetja Kganyago

Rand gains with SARB poised for first rate cut in four years

By: Bloomberg 19th September 2024 The rand gained Thursday morning ahead of a South African Reserve Bank interest rate decision, where the central bank is expected to deliver its first cut since July 2020. The currency strengthened 0.1% to 17.5331 per dollar by 7 a.m. in Johannesburg, hovering around its strongest level since... →

South Africa’s first Just Transition perception survey highlights low awareness and concern over impacts

By: Terence Creamer 18th September 2024 A new South Africa-wide survey shows that, while 62% of respondents support the shift from coal to renewable energy, a striking 65% have never heard of the term ‘Just Transition’. In addition, the majority of respondents expressed concern about possible negative impacts for themselves and their... →

South African Treasury to coax funds to invest in infrastructure

By: Bloomberg 18th September 2024 South Africa’s National Treasury is working on measures to encourage private investment in infrastructure projects, an initiative it hopes will silence calls from other quarters in the government to compel pension funds to help finance their development. Amendments may be proposed to pension-fund... →

Deputy Finance Minister David Masondo

Busa meets with Ramaphosa over NHI, comes away ‘encouraged’

By: Thabi Shomolekae 18th September 2024 Business Unity South Africa on Wednesday said it is encouraged by government's “openness” to engage on its concerns around the controversial National Health Insurance Act, following a meeting with President Cyril Ramaphosa. Last month, the Presidential Health Compact was signed, to much... →

South African inflation falls more than expected, sets stage for rate cut

By: Reuters 18th September 2024 South Africa's inflation rate fell more than expected last month to its lowest since April 2021, data showed on Wednesday, reinforcing expectations that the central bank will cut interest rates this week. Headline consumer inflation fell to 4.4% year-on-year from 4.6% in July, just below the 4.5%... →

A customer walking in a grocery store aisle

JPMorgan CEO Jamie Dimon to visit Africa in growth push

By: Reuters 18th September 2024 JPMorgan Chase CEO Jamie Dimon plans to travel to Africa in mid-October in a push by the biggest U.S. lender to expand on the continent, four sources familiar with the matter told Reuters, his first trip there in seven years. Dimon is expected to visit Kenya, Nigeria, South Africa and Côte... →

Companies are reaping financial benefits from addressing carbon emissions

By: Schalk Burger 17th September 2024 A quarter of companies worldwide across industries have managed to reduce their carbon footprint and make meaningful financial gains that benefit them and their employees, shareholders and stakeholders, the fourth edition of the 'Carbon Emissions' report published by management consultancy Boston... →

A graph showing the financial benefits achieved by companies through decarbonisation efforts

Executives from Boston Consulting Group and CO2 AI discuss the findings of their co-authored 'Carbon Emissions' report. Video and editing: Shadwyn Dickinson.

Creecy sets year-end deadline for rail Network Statement amid ‘complicated tariff balancing act’

By: Terence Creamer 17th September 2024 Transport Minister Barbara Creecy says that, despite Transnet’s turnaround progress, the State-owned enterprise is not able to meet the target of increasing South Africa’s yearly rail volumes to 250-million tons alone. The Government of National Unity is, therefore, prioritising efforts to open... →

Transport Minister Barbara Creecy addressing a Steel and Engineering Industries Federation of Southern Africa conference in Ekurhuleni

Schreiber envisions ‘Home Affairs from home’ as he pushes digitalisation

By: Thabi Shomolekae 17th September 2024 Home Affairs Minister Leon Schreiber said securing South Africa’s immigration and civics systems through automation and digital transformation will immediately boost confidence in South Africa’s ability to re-establish law and order, as he seeks to establish “Home Affairs from home”. Schreiber... →

Home Affairs Minister Leon Schreiber

S Africa consumer confidence recovers to pre-pandemic levels, survey shows

By: Reuters 17th September 2024 South Africa's consumer confidence recovered further in the third quarter to its best since 2019, helped by improved willingness to spend and hopes of an interest rate cut in September, survey data released on Tuesday showed. The consumer confidence index, sponsored by First National Bank and... →

Bill Gates turns to cows milk and gut bacteria in $3tr nutrition fight

By: Bloomberg 17th September 2024 Bill Gates says world leaders must step up the fight against a worsening child nutrition crisis that’s causing trillions of dollars in economic losses — and that gut bacteria investment and more productive cows can help. The billionaire philanthropist — who has said malnutrition tops his list of... →

Photo by Bloomberg
Bill Gates

Africa’s largest economies to change course on rates for first time in years

By: Bloomberg 17th September 2024 Central banks in two of Africa’s largest economies — South Africa and Nigeria — are set to change course on interest rates for the first time in years as inflation lets up. At least five others including Morocco’s and Ghana’s are poised to follow South Africa in adjusting their policy levers... →

ARC Investments increases INAV a share by 8.5% on new investments, fair value gains

By: Schalk Burger 16th September 2024 JSE-listed investment holding company African Rainbow Capital (ARC) Investments increased its intrinsic net asset value (INAV) per share by 8.5% to R12.38 a share during its financial year to the end of June 2024 owing to new investments and net fair value gains. The group's INAV increased by... →

SME confidence holds firm in the second quarter

By: Schalk Burger 16th September 2024 Small and medium-sized enterprises (SMEs) have maintained their confidence in the future, despite persistent challenges and uncertainty, the SME Confidence Index for the second quarter shows. SMEs are more hopeful about their growth prospects over the coming year than they were during the same... →

SAB reiterates calls for revised approach to excessive beer excise tax increases

By: Darren Parker 16th September 2024 Government is disproportionately reliant on the beer-making industry for excise duties, which accounted for 34.7% of total excise revenues in the 2023/24 financial year, JSE-listed beer maker South African Breweries (SAB) has said. Over the past few years, the company has made repeated appeals to... →

JSE continues driving growth for SMEs

By: Marleny Arnoldi 16th September 2024 Reflecting on the success of its Small and Medium Enterprise (SME) Rise initiatives, the JSE says the SME sector remains the backbone of South Africa’s economy. The stock exchange hosted an event to celebrate the evolution of these initiatives and some strategic collaborations it has entered into... →

South Africa’s work visa reform plans slowed by tax issues

By: Bloomberg 16th September 2024 South Africa’s plan to attract more professionals to its skills-starved economy through the introduction of a so-called nomad visa for remote workers has been slowed by the need to amend tax regulations. The impediment comes after an initial delay when changes to the visa regime had to be... →

Home Affairs Minister Leon Schreiber

Review of dtic entities can boost business environment, says BLSA

By: Schalk Burger 16th September 2024 Business Leadership South Africa (BLSA) is encouraged by the quick steps taken by new Trade, Industry and Competition Minister Parks Tau to engage with business to ensure open channels of communication, CEO Busi Mavuso says in her latest weekly newsletter. She notes that the Department of Trade,... →

BLSA CEO Busi Mavuso

Manufacturing confidence holds steady amid persisting headwinds – Absa

By: Schalk Burger 16th September 2024 Confidence levels among local manufacturers held steady at 28 points during the third quarter, driven mainly by their optimism regarding policy direction after a peaceful election and the formation of the Government of National Unity (GNU), the Absa Manufacturing Survey for the third quarter... →

Bezos-backed group to prepare South African grids for investment

By: Bloomberg 16th September 2024 A global organisation backed by Amazon Founder Jeff Bezos’ climate and biodiversity fund said it’s setting up a programme to attract investment into South African municipal power grids, which need R319-billion to prepare for the introduction of more renewable energy. The Global Energy Alliance... →

Sasol appoints Dube as new chair as sustainability pressures rise

By: Terence Creamer 16th September 2024 JSE-listed chemicals and energy group Sasol has appointed Muriel Dube, a former government climate negotiator, as its new chairperson following the resignation of Sipho Nkosi from the position in November last year. Dube, who was appointed as an independent nonexecutive director in 2018, holds an... →

New Sasol chairperson Muriel Dube

BRICS Business Council working groups offer updates on work in the year-to-date

By: Darren Parker 13th September 2024 The BRICS Business Council has provided an update on its work thus far this year, reflecting on progress made and the challenges posed by the inclusion of Egypt, Ethiopia, Iran and the United Arab Emirates into the BRICS Plus alliance in January. The council’s working groups have been... →

South Africa says reform agenda in progress after Fitch affirms ratings

By: Reuters 13th September 2024 South Africa's National Treasury said on Friday its plan to reduce expenditure and raise revenue, while implementing critical reforms, was in progress after credit rating agency Fitch affirmed its debt rating at "BB-" with a stable outlook. Fitch said that key drivers affecting its decision to... →

Tributes pour in for Pravin Gordhan

By: Thabi Shomolekae 13th September 2024 Fellow politicians and others on Friday expressed their deepest condolences on the passing of former Minister of Public Enterprises and South African Revenue Service Commissioner Pravin Gordhan. Gordhan passed away at the age of 75 in the early hours of Friday morning, following a period of... →

Photo by Bloomberg
Pravin Gordhan

Pravin Gordhan dies at 75

By: Bloomberg 13th September 2024 Pravin Gordhan, who held three positions in South Africa’s cabinet and won plaudits for standing up to Jacob Zuma during his scandal-marred presidency, has died. He was 75. Gordhan died in hospital in the early hours of Friday morning after battling cancer, his family said in an emailed statement. →

Photo by Bloomberg
Pravin Gordhan

Ramokgopa to seek advice from team of experts before taking next nuclear steps

By: Terence Creamer 12th September 2024 Electricity and Energy Minister Dr Kgosientsho Ramokgopa is assembling a committee of experts to advise him on the role that nuclear could play in South Africa’s future supply before issuing a new Ministerial determination for the possible procurement of 2 500 MW of new nuclear capacity. He has... →

Electricity and Energy Minister Dr Kgosientsho Ramokgopa speaking at the nuclear summit

South African inflation expectations fall again in Q3

By: Reuters 12th September 2024 South African analysts, business people and trade unions further lowered their inflation expectations in the third quarter of this year, bringing them closer to the level targeted by the central bank, a quarterly survey showed on Thursday. The results of the survey - a key data point for the... →

South Africans pull R4.1bn from pension funds in 10 days since reform took effect

By: Reuters 12th September 2024 South Africans asked to withdraw R4.1-billion from their pension funds in the first ten days after a reform took effect on September 1 allowing fund members to make partial withdrawals before retirement, the tax service said. The "two-pot" pension policy reform is expected to spur domestic demand... →

Struggling miners put the brakes on South Africa’s stock rally

By: Bloomberg 12th September 2024 South African stocks have their noses in front of emerging-market peers, but glum news from China threatens to weigh on the key mining sector and stymie that outperformance. Johannesburg’s main equity index has climbed about 7% in 2024 in dollar terms, outshining the 4.6% advance for MSCI ’s... →

EIB, DBSA increase funding for private renewables projects to R11.9bn

By: Terence Creamer 11th September 2024 The European Investment Bank (EIB) has approved another €100-million (R1.98-billion) loan in support of the Development Bank of Southern Africa’s (DBSA’s) Embedded Generation Investment Programme, which is supporting the development of private solar PV and wind projects in South Africa. The... →

Photo by EIB
European Investment Bank VP Ambroise Fayolle

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