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The signing ceremony in Cairo 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.
Reserve Bank governor Lesetja Kganyago 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.
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