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Sales drop 14% in June as new vehicles become increasingly unaffordable

Published: 02 Jul 24

New-vehicle sales in South Africa dropped by 14%, to 40 072 units, compared with the same month last year. The new-passenger-car market reached 26 928 units last month – a decline of 9% over June last year.

Egypt woos Volkswagen with body shop, assembly-line deal

Published: 02 Jul 24

In a new strategic cooperation agreement, Volkswagen Group Africa (VWA) and the government of Egypt will conduct a feasibility study on the construction of a body shop and assembly buildings, which will be located within the East Port Said Automotive Zone (EPAZ) in Cairo. This agreement builds on the mutual understanding achieved between the parties in November to develop a similar study on a shared automotive painting facility within the EPAZ.

ArcelorMittal South Africa CEO Kobus Verster

AMSA to continue operating longs business, but instability at flats unit hits earnings

Published: 02 Jul 24

Despite a negative trading update, steel producer ArcelorMittal South Africa (AMSA) has announced that it will continue to operate its longs business, the closure of which was deferred earlier this year while various initiatives aimed at saving the unit were pursued with government, labour and other stakeholders. Any closure would be devastating for workers employed in the longs business, as well as the town of Newcastle, in KwaZulu-Natal, where AMSA’s longs production is centred. It also would have major implications for South Africa’s manufacturing value chain and overall industrialisation.

Kganyago welcomes Godongwana's reappointment as Finance Minister

Published: 02 Jul 24

South African central bank Governor Lesetja Kganyago welcomed the reappointment of Finance Minister Enoch Godongwana in the new coalition cabinet unveiled by the president this week. “We still have the same minister of finance that we have been talking to, who has always been providing guidance and leadership on macroeconomic policy and that gives us comfort,” Kganyago said in an interview on Tuesday with Bloomberg TV at the European Central Bank Forum in Portugal.

Trade, Industry and Competition Minister Parks Tau

New trade and industry leadership expected to use industrial policy levers to support key sectors

Published: 02 Jul 24

With industrial policy back in fashion in many economies, business and policy specialists expect new Trade, Industry and Competition Minister Parks Tau to prioritise measures to support key sectors, including those aligned to the emerging green economy. The former Department of Cooperative Governance and Traditional Affairs Deputy Minister and City of Johannesburg Executive Mayor has been appointed to the position in the government of national unity (GNU) together with two deputies, Zuko Godlimpi, also of the African National Congress, and Andrew Whitfield, of the Democratic Alliance.

Cesa welcomes Macpherson's appointment as Public Works Minister

Published: 01 Jul 24

Industry organisation Consulting Engineers South Africa (Cesa) says it looks forward to working with new Public Works and Infrastructure Minister Dean Macpherson. “We trust [he] will be more responsive than his predecessor, particularly in partnering with Cesa to pursue the critical infrastructure development and delivery that is so desperately needed to create jobs and grow the South African economy,” says Cesa CEO Chris Campbell.

Absa PMI rises, but remains below 50-point mark amid persisting challenges

Published: 01 Jul 24

The Absa Purchasing Managers’ Index (PMI) increased by 1.9 points to 45.7 points in June, from 43.8 in May, but remained below the 50-point mark. Following a strong start to the second quarter, which was also reflected in solid growth in official manufacturing production data, May and June have been poor, and the business activity index average was barely higher in second quarter than in the first, the bank said.

Kusile unit 5 enters commercial operation

Published: 01 Jul 24

Following six months of testing and optimisation, State-owned Eskom has transferred Unit 5 of the Kusile Power Station to its Generation division, and this unit will now begin contributing power, increasing Kusile Power Station’s total output to 4 000 MW. Over the past six months, Kusile Unit 5 has undergone a series of tests while intermittently supplying electricity. Since its synchronisation in December 2023, the unit has met performance expectations, supported the grid and helped to reduce loadshedding.

NTCSA starts trading

Published: 01 Jul 24

The National Transmission Company South Africa (NTCSA) has officially begun trading, establishing the NTCSA as a duly constituted separate, distinct and wholly owned subsidiary of State-owned utility Eskom. This marks a significant step in the Department of Public Enterprises’ (DPE’s) roadmap for Eskom towards a reformed electricity supply industry.

Agriculture sector upbeat about Steenhuisen’s appointment as Minister

Published: 01 Jul 24

Industry body Agri SA has welcomed Democratic Alliance leader John Steenhuisen’s appointment as the new Agriculture Minister, as well as Mzwanele Nyhontso’s appointment as Land Reform and Rural Development Minister, with these departments having been separated as respective ministries. “These appointments come at a critical juncture and we are confident that under their leadership the agriculture sector will thrive and continue to be a cornerstone of the economy,” says Agri SA CEO Johann Kotzé.