Economy | Macro and Micro

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Macro and Micro News

Notable surge in trade expectations in August – Sacci

By: Schalk Burger 11th September 2024 The political broadening of governance has led to the encouragement of expectations in the trade environment, the South African Chamber of Commerce and Industry (Sacci) says. Although there remain notable economic challenges in providing certain logistical and other public sector services in... →

South Africa rejects civil-servant pay demand, offers 3% raise

By: Bloomberg 11th September 2024 The South African government rejected a demand by public-sector workers for a 12% pay increase, saying it’s unaffordable. Instead, the state offered a 3% raise, Frikkie de Bruin, general secretary at the Public Service Co-ordinating Bargaining Council said by phone Wednesday. The proposal by... →

Major UIF service points to extend operating hours, open on Saturdays in Sept

By: Schalk Burger 11th September 2024 Some Unemployment Insurance Fund (UIF) service points will be open on Saturdays and from 07:30 to 16:00 on weekdays to render services to clients and employers during September to cater for an anticipated increase in demand for real-time services. In August, the High Court in Pretoria issued an... →

South Africa may exit dirty-money list by October 2025, Treasury official says

By: Bloomberg 11th September 2024 South Africa should address outstanding shortcomings in tackling illicit financial flows to exit a global dirty-money list by either June or October next year, provided there’s no surprises, National Treasury Official Ismail Momoniat said. The nation has until February to address 22 key items... →

National Treasury Official Ismail Momoniat

National roads need over R307-billion of repairs

By: Bloomberg 10th September 2024 South Africa, which already faces a heavy bill to upgrade its port, rail and electricity infrastructure, needs R307-billion to repair and improve its sprawling national road system. The South African National Roads Agency requires design and construction work on 1 437 projects, Transport Minister... →

Transport Minister Barbara Creecy

R628m in EU grants to support South Africa’s goal of building green-hydrogen ecosystem

By: Terence Creamer 9th September 2024 The EU has announced R628-million (€32-million) in grant funding to support the development of South Africa’s nascent green-hydrogen industry, as well as to facilitate net-zero-related investments across Transnet’s rail, port and pipeline operations, including to prepare them for the production... →

European Commissioner for Energy Kadri Simson at a briefing in Pretoria

Ramaphosa says China’s tech capabilities can support Africa’s industrialisation

By: Thabi Shomolekae 9th September 2024 President Cyril Ramaphosa noted on Monday that relations between South Africa and China has entered “a new era of opportunity”, following his visit to China, which he said has strengthened trade and investment ties and cemented shared commitment to economy growth and job creation for the... →

President Cyril Ramaphosa and Chinese President Xi Jinping

Business calls for soul searching on Nedlac’s future amid big socio-economic shifts

By: Terence Creamer 6th September 2024 While reaffirming its commitment to the National Economic Development and Labour Council (Nedlac), organised business has again questioned whether the structure’s current composition and functioning are “fit for purpose”. Delivering the business constituency’s report at this year’s summit, which... →

Business Unity South Africa CEO Cas Coovadia

Wits’ Themba Maseko doubts embattled Justice Minister will ensure whistleblower protection

By: Thabi Shomolekae 6th September 2024 University of the Witwatersrand School of Governance head and whistleblower Themba Maseko said he is not confident that newly appointed Minister of Justice Thembi Simelane will be able to move forward with former Chief Justice Raymond Zondo’s proposal on strengthening the protection of... →

Wits School of Governance head Themba Maseko

Kgalema Motlanthe says addressing corruption requires a multifaceted approach

By: Thabi Shomolekae 6th September 2024 Former President Kgalema Motlanthe pointed out on Friday that mapping out a future that is free from corruption requires a “deliberate and tactical” approach to ensure a robust rule of law, ethical governance and effective leadership. Motlanthe was speaking on day two of the University of... →

Former President Kgalema Motlanthe

Private train operators could access Transnet's rail network by April 2025, says business development exec

By: Schalk Burger 5th September 2024 State-owned Transnet Group chief business development officer Yolisa Kani has said calls for applications for private train operators wanting to access the freight rail network are likely to open early next year. Reform of rail legislation means that it is likely that private train operators will... →

Metair boasts resilience amid tough first-half market conditions

By: Darren Parker 5th September 2024 In an operational update to shareholders for the six months ended June 30, JSE-listed Metair Investments has said its business verticals demonstrated resilience despite the challenging operating and trading conditions. The company said on September 5 that it had successfully maintained a constant... →

Financial savings displacing loadshedding as main driver of residential solar market

By: Terence Creamer 5th September 2024 The South African market drivers for residential, commercial and industrial solar PV and battery installations have started shifting towards cost savings from security of supply as loadshedding wanes, GoSolar CEO Andrew Middleton asserts. Although installations in 2024 are likely to be well below... →

GoSolr CEO Andrew Middleton

Busa calls out govt for failing to hold ‘structured’ NHI discussions

By: Thabi Shomolekae 5th September 2024 Industry body Business Unity South Africa on Thursday expressed disappointment that despite commitments by the government to engage on the National Health Insurance Act, structured discussions have not yet taken place, affirming its readiness to participate in meaningful dialogue with government.... →

Busa CEO Cas Coovadia

South Africa's current account deficit narrows again in second quarter

By: Reuters 5th September 2024 South Africa's current account deficit narrowed in the second quarter, to 0.9% of gross domestic product from 1.5% of GDP in the first quarter, central bank data showed on Thursday. In rand terms the current account deficit narrowed to R64.6-billion in April to June, from R106.9-billion in the... →

African countries, China driven by desire to achieve shared prosperity – Ramaphosa

By: Thabi Shomolekae 5th September 2024 President Cyril Rampahosa said on Thursday if African countries and China are to build a future that is people-centred, development-orientated and inclusive, they will need to work in a spirit of cooperation and collaboration. Ramaphosa was delivering the opening address during the Forum on... →

President Cyril Ramaphosa

China offers Africa $51-billion in fresh funding, promises a million jobs

By: Reuters 5th September 2024 President Xi Jinping pledged on Thursday to step up China's support to the world's fastest-growing continent with funding of nearly $51-billion, backing for more infrastructure initiatives and a promise to create at least 1-million jobs. The world's biggest two-way lender, Beijing showed a desire... →

Photo by Reuters
Chinese President Xi Jinping

IMF says South Africa needs ambitious fiscal consolidation

By: Reuters 4th September 2024 The International Monetary Fund said on Wednesday that South Africa needed to pursue ambitious fiscal consolidation to restore the sustainability of its public finances. "Durable expenditure-based consolidation of at least 3 percent of GDP over the next three years is required to place debt on a... →

DMRE moving with pace on nuclear determination amid mounting technoeconomic questions

By: Terence Creamer 4th September 2024 South Africa’s Department of Mineral Resources and Energy (DMRE) expects to finalise nuclear-procurement consultations in the coming two to three months before approaching the regulator for its concurrence with a new Ministerial determination for the procurement of 2 500 MW of new nuclear... →

Electricity and Energy Minister Dr Kgosientsho Ramokgopa will host a nulclear summit on September 12

South African, Angolan competition authorities sign MoU

By: Darren Parker 4th September 2024 The Competition Commission has signed a memorandum of understanding (MoU) with the Angola Competition Authority (ACA), establishing a general framework for bilateral communication and cooperation in the fields of competition law, policy and enforcement. The MoU, which was signed on September 4 on... →

Commissioner Doris Tshepe and ACA chairperson Dr Eugénia Pereira

Govt says economic growth is a clear indication that SA is on a solid path to recovery

By: Thabi Shomolekae 4th September 2024 Public information entity Government Communication and Information System said on Wednesday South Africa’s economic growth in the second quarter shows that the economy is on a solid path to recovery, highlighting government’s commitment to implementing policies to sustain and accelerate growth.... →

South Africa rail, power revamp hinges on ending cable theft

By: Bloomberg 4th September 2024 The recovery of South Africa’s two biggest State-owned companies — beset by years of corruption and theft — relies on one common component: protecting thousands of miles of cables from theft and rolling out more. Both freight-rail operator Transnet and power utility Eskom battle to hang onto... →

South Africa targets China as key market for its farm produce

By: Bloomberg 4th September 2024 South Africa new 10-party coalition government aims to increase agricultural exports to China, part of a drive to forge closer ties with the Asian nation, fire up its economy and tackle a 34% unemployment rate. “We are focusing on making sure that we build strong relationships with China and that... →

South African business confidence gets boost from coalition government, survey shows

By: Reuters 4th September 2024 South African business confidence rose in the third quarter, helped by improving optimism about the business climate after the formation of a coalition government and stable electricity supply, a survey showed on Wednesday. The business confidence index rose to 38 points in the third quarter from... →

Solly Malatsi refers KPMG’s Postbank report to the Hawks

By: Thabi Shomolekae 4th September 2024 The Minister of Communications and Digital Technologies Solly Malatsi has instructed the Postbank board to ensure that the recommendations contained in the KPMG report are implemented, and he has referred the report to the Directorate of Priority Crime Investigation, also known as the Hawks, to... →

South Africa business activity rises in August, PMI shows

By: Reuters 4th September 2024 South African private sector activity rose in August as firms received higher volumes of new orders for the first time since April 2023, a survey showed on Wednesday. The S&P Global South Africa Purchasing Managers' Index rose to 50.5 in August from 49.3 in July, the first time it has been above... →

Nigeria and China sign economic, nuclear energy pact

By: Reuters 4th September 2024 Nigeria and China agreed to strengthen ties in the Belt and Road initiative, human resources development and nuclear energy after the countries' leaders met on Tuesday, a government spokesperson said. China is Nigeria's biggest bilateral lender, with loans amounting to $5-billion at the end of... →

FSCA approves JSE’s plans to divide its main board into two segments

By: Darren Parker 3rd September 2024 The Financial Sector Conduct Authority (FSCA) has approved amendments to the JSE’s listings requirements dealing with market segmentation, which will come into effect on September 23. The market segmentation project repositions the JSE’s main board into two segments, the prime and the general... →

GDP grew by 0.4% in the second quarter

By: Creamer Media Reporter 3rd September 2024 South Africa’s GDP increased by 0.4% in the second quarter, with the manufacturing industry having increased by 1.1%, contributing 0.1 of a percentage point to the GDP growth. Six of the ten manufacturing divisions reported positive growth rates in the second quarter. The motor vehicles, parts... →

Sasol confirms refinements being made to emissions reduction pathway

By: Terence Creamer 3rd September 2024 Energy and chemicals group Sasol has reiterated that its target to reduce its greenhouse-gas (GHG) emissions by 30% by 2030 remains in place, but has also confirmed that it is refining its “pathways” towards meeting that goal. In a note to shareholders, the JSE-listed group indicated that these... →

Sasol CEO Simon Baloyi

South Africa asks banks, insurers for consumer education plans

By: Bloomberg 3rd September 2024 A top South Africa regulator is planning to require financial institutions to unveil their plans for boosting spending on customer education as it seeks to improve the lives of consumers in a nation where a majority of people live paycheck to paycheck. The Financial Sector Conduct Authority’s new... →

Sustained low CPI may spur South Africa rate cuts, Kganyago says

By: Bloomberg 2nd September 2024 South Africa needs to sustain a low inflation rate to justify a change in the central bank’s monetary policy stance, Governor Lesetja Kganyago said. Consumer-price growth was 4.6% in July, the lowest level in three years. That took the spread between the South African Reserve Bank’s policy... →

Photo by Reuters
Reserve Bank Governor Lesetja Kganyago

Ministerial criticism on banks should be backed by evidence, urges Mavuso

By: Marleny Arnoldi 2nd September 2024 Business Leadership South Africa (BLSA) CEO Busi Mavuso has expressed concern about a press conference held by Human Settlements Minister Mmamoloko Kubayi last month, saying the Minister misguidedly attacked some of the country’s banks. Kubayi communicated government’s plans to introduce... →

Ramaphosa recommits to political, economic ties with Jinping ahead of China-Africa Summit

By: Sashnee Moodley 2nd September 2024 Ahead of the ninth Forum on China-Africa Cooperation Summit, on Thursday, President Cyril Ramaphosa met with Chinese President Xi Jinping, in Beijing, on Monday, where Ramaphosa reaffirmed South Africa and China’s “mutually beneficial political and economic ties”. Speaking at a welcome ceremony... →

Chinese President Xi Jinping & South African President Cyril Ramaphosa

Absa PMI records sharp contraction in August

By: Marleny Arnoldi 2nd September 2024 Absa has reported a month-on-month drop of 8.8 points in the seasonally adjusted Purchasing Managers’ Index (PMI) for August to a level of 43.6, which reflects a shift back to contractionary territory in South Africa’s manufacturing sector. The decline from 52.4 points in July to 43.6 in August... →

South Africa is losing its trade competitiveness edge

By: Schalk Burger 2nd September 2024 Enormous investments are being made in ports, rail and transport logistics in Southern Africa, as well as more broadly in Africa, including by international companies and consortia. "Global companies that are investing in infrastructure across the continent. This is happening because of the... →

South African energy transition hampered by system modelling expertise shortage – Energy Council

By: Darren Parker 30th August 2024 The Energy Council of South Africa has warned of a shortage of energy system modelling expertise in the country at what it says is a critical time, when complex and important choices need to be made regarding South Africa’s energy transition. “This can largely be attributed to a lack of technical... →

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