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South African inflation stable but still above central bank objective

Published: 19 Jun 24

South African inflation was stable in May, data showed on Wednesday, but analysts do not expect interest rate cuts any time soon as it remains above the central bank's desired level. Headline consumer inflation came in at 5.2% year on year in May, the same as in April, in line with the forecast of economists polled by Reuters.

Fruit and vegetables being sold at market

South Africa finds high prices, lack of competition in its fresh produce market

Published: 19 Jun 24

South Africa's competition watchdog has uncovered barriers to entry, distorted competition and price mark-ups in its fresh produce market, according to a provisional report released on Tuesday after an inquiry. Last year the Competition Commission launched the Fresh Produce Market inquiry in order to examine whether any features in the fresh produce value chain impede, restrict or distort competition in the market.

Latest Cesa survey highlights urgency of joint public, private effort on infrastructure

Published: 18 Jun 24

Consulting Engineers South Africa (Cesa) on Tuesday released its Bi-Annual Economic and Capacity Survey (BECS) findings, revealing a stark 22% decline from July to December of 23, marking the lowest level since 2019, at 32. The ongoing downturn persisted into early 2024, dropping further to 30 amid political uncertainty, corruption, and infrastructural constraints, according to Cesa.

Telkom achieves stronger 2024 financial results

Published: 18 Jun 24

JSE-listed Telkom on Tuesday posted an improvement in its financial results for the year ended March 31, 2024, supported by its next-generation offerings and cost-optimisation efforts. The group reported a 5.2% increase in normalised earnings before interest, tax, depreciation and amortisation (Ebitda) of R10-billion during the year under review, owing to stronger operational performance and cost-optimisation initiatives.

Botswana may fall short of 4.2% growth target

Published: 18 Jun 24

Botswana's economy may fall short of the government's 4.2% growth target for this year, a senior central bank official said on Tuesday, citing global and domestic constraints. Finance minister Peggy Serame made the projection for a 4.2% increase in GDP in a budget speech in February, saying the government expected growth to accelerate from 2023 due to an improved performance in the diamond sector. Gross domestic product grew 2.7% in 2023.

Malaysia is planning to join BRICS, PM says

Published: 18 Jun 24

Malaysian Prime Minister Anwar Ibrahim said that the Southeast Asian nation will join the BRICS economic bloc, becoming the latest country to take part in an expanding group seen challenging the western-led global order. “We have indicated as a policy that we are” joining, Anwar said in an interview with the Chinese news outlet Guancha aired ahead of a scheduled visit by Chinese Premier Li Qiang to Malaysia. “We have made a decision. We are placing the formal procedures soon.”

Reserve Bank to first cut repo rate in November - Reuters poll

Published: 18 Jun 24

South Africa's Reserve Bank is seen waiting until November before it cuts its repo rate as economists continue to roll back their expectations when policy easing kicks off in response to slowing inflation, a Reuters poll found. The poll was taken before the African National Congress and its largest rival, the white-led, pro-business Democratic Alliance, agreed on Friday to work together in a new government of national unity, a step change after 30 years of ANC rule.

Rolls-Royce unveils hybrid electric powerpack for armoured vehicles

Published: 18 Jun 24

UK-based global major power and propulsion systems group Rolls-Royce has announced that its Germany-based Power Systems division had launched a hybrid diesel and battery-electric powerpack concept for armoured vehicles. The new powerpack is being showcased at the Eurosatory defence exhibition currently under way in Paris. Rolls-Royce Power Systems’ mtu brand has a long and successful record in providing diesel power plants for armoured vehicles operated by North Atlantic Treaty Organisation (Nato), and other, countries.

Stor-Age reports strong financial performance

Published: 18 Jun 24

JSE-listed self-storage real estate investment trust Stor-Age has reported robust financial results for the 2024 financial year ended March 31, showcasing significant growth in rental rates and occupancy. The company reported a 9.5% boost in rental rates and a 2.9% increase in occupancy rates, while same store rental income rising by 12.7% year-on-year in South Africa.

TNPA's head office at the Port of Ngqura

TNPA moves to integrate desalination, renewables at Port Elizabeth and Ngqura ports

Published: 18 Jun 24

South Africa’s Transnet National Ports Authority (TNPA) has issued requests for proposal (RFPs) for the construction of two solar-powered seawater desalination plants and a hybrid renewables-battery facility to service its Nelson Mandela Bay ports, in the Eastern Cape. TNPA is seeking bidders capable of designing, constructing and operating solar-powered seawater desalination plants with a capacity of 0.8 megalitres and 0.5 megalitres of potable water, respectively, for the ports of Port Elizabeth and Ngqura.