ECONOMIC NEWS

Demand by SA’s traditional trading partners in the north was likely to remain constrained in the near future and the country’s prospects for economic growth would increasingly depend on diversifying and strengthening ties with economies in the south and in Africa, Trade and Industry Minister Rob Davies said last week. read more

There will be a “substantial decrease” in the price of fuel next month, Energy Minister Dipuo Peters said on Thursday.  read more

After 8 months of construction the wait is finally over. There to unveil the plaque was Executive Mayor, Mpho Khunou, Boitekong Mall opened its doors on 26th April 2012. read more

TWO listed sugar producers issued upbeat trading statements yesterday, saying their March year-end results would be boosted by good rain after two years of drought.  read more

For the first time, the National Energy Regulator of SA (Nersa) is setting maximum prices for gas, after it determined that there was insufficient competition in the piped gas market. read more

Parliament - Transnet will cover two-thirds of its R300bn infrastructure programme with "retained earnings", Public Enterprises Minister Malusi Gigaba said on Tuesday. read more

Johannesburg - The South African economy is recovering, although at a very slow pace, according to the BankservAfrica Economic Transaction Index (Beti) released on Monday. read more

KPMG, the global consultancy firm, says SA is no longer the only gateway into Africa and it repeated previous statements by economists that the country could eventually lose its title of being the continent’s largest economy. read more

Singapore - Oil prices fell to near $94 a barrel on Tuesday in Asia, extending a two-week sell-off that has brought crude to a five-month low amid concern about Europe's debt crisis. read more

South African consumers experienced a further improvement in their cash flow position in the first quarter of 2012, Unisa's Bureau of Market Research's (BMR) consumer financial vulnerability index released on Wednesday showed.  read more

Johannesburg - South Africa has some of the busiest ports on the continent but no commercial ships, but officials hope a new tax regime may give it an entry into the multi-billion-dollar industry.  read more

Manufacturing output contracted unexpectedly in March, suggesting that the recession in Europe is already taking a toll on exports and signalling growth in the economy may be slowing more sharply than expected.  read more

Johannesburg - South Africa lost R3.9bn worth of output last year to sick leave and absenteeism, recruitment company Adcorp said on Thursday. read more

US soybeans fell for a third consecutive session on Wednesday, while corn and wheat dropped amid wider weakness in financial markets, a stronger dollar and risk-aversion ahead of a key US government crop report on Thursday.  read more

British retail sales fell at their fastest rate in more than a year last month and jobs growth slowed, nudging the economy closer to a third quarter of contraction and raising the chance of another cash boost from the central bank. read more

Social grants paid by the state are helping retailers in township shopping centres weather tough economic conditions.  read more

Tractor sales rose 43.5% to 528 units last month, compared with 368 units sold in the comparative period of 2011, South African Agricultural Machinery Association data showed on Tuesday. read more

South African maize futures finished the session higher on Tuesday, rebounding from a sharp selloff amid some bargain hunting. read more

Events such as last year’s Japan earthquake and Arab Spring (pictured) should act as a wakeup call to companies to evaluate the “change readiness” of countries in which they operate, business consultants have advised. read more

Many South African households are in a financially precarious position after taking on an unsustainable debt burden, says Marc Sternberg, MD of Spark ATM Systems, one of the main automated teller machine deployers in South Africa. read more

South African companies are still very much in the race into the rest of Africa, but could lose out to international competitors if they do not position themselves for the opportunities on the continent. read more

The future of global manufacturing is turning into a competition for global talent according to a new report. This a trend that is mirrored in SA, where a lack of skills is adding to the woes of a manufacturing sector that has grown by just over 2% in five years, according to Deloitte. read more

The retail petrol price should fall by about 53 cents per litre (c/l) on June 6 if the international petrol price and rand exchange remain at their May 3 level for the rest of this month, data from the Central Energy Fund showed. read more

The number of credit active consumers has soared in the past few years despite net job losses, suggesting that credit is being extended to people without formal employment, according to a report released on Thursday.  read more

Milan/London - World food prices eased in April after rising in the first quarter of this year, the United Nation’s food agency said, but inflation worries are still simmering as soybean prices climb. read more

The Manufacturing Circle, the group representing SA's major manufacturers, says the Purchasing Managers' Index decline for a second consecutive month in April reflects "still quite challenging" conditions for local manufacturing. read more

Johannesburg - Trade between South Africa and Saudi Arabia will increase to a targeted R60 billion within the next five years, the department of international relations and co-operation said on Wednesday. read more

The latest credit figures are a positive sign that domestic demand is improving and that the economy should manage better growth levels in 2012, Gina Schoeman, Absa Capital economist says. read more

The South African manufacturing industry faces significant headwinds, probably more severe than a number of other manufacturing countries, Stewart Jennings, chairman of the Manufacturing Circle says. read more

Johannesburg - South Africa’s producer inflation, which represents domestic output, slowed to 7.2% year-on-year (y/y) in March from 8.3% in February, Statistics South Africa said on Thursday. read more

Pretoria - The High Court in Pretoria granted an urgent interdict to halt the contentious R20bn e-toll project in Gauteng on Saturday. read more

South African maize futures ended marginally lower on Wednesday, weighed down mainly by the firm rand to the US dollar, and lower international corn spot prices. read more

Johannesburg - The price of all grades of petrol will rise by 28c a litre next week, keeping the cost of fuel at a record high. read more

Lagos - Nigeria’s gross domestic product (GDP) figures will shoot up by around 40% in the second quarter this year, when Africa’s second-biggest economy changes the base year for its calculation to 2009 from its current 1990, a source close to the matter told Reuters on Wednesday.  read more

Washington - Global food prices are rising again, pushed higher by costlier oil, strong demand from Asia and bad weather in parts of Europe, South America and the United States, the World Bank said on Wednesday. read more

Cocoa arrivals at ports in top grower Ivory Coast reached around 1,070,000 tonnes by April 22 since the start of the season in October, exporters estimated on Monday, compared with 1,038,928 tonnes in the same period of the previous season. read more

SA's producer price index is expected to clock in at 7.9% year on year in March from 8.3% in February read more

Johannesburg - There has been a significant decrease in the number of jobs lost in the clothing, textile and leather sectors, the SA Clothing and Textile Workers' Union (Sactwu) said on Friday. read more

MasterCard on Thursday announced a new structure for its Middle East and Africa business, spurred by continuous economic development, steady population growth, a stable outlook and a large pool of young consumers entering the workplace each year. read more

Far higher real wholesale sales growth than real retail sales in February may herald a switch from consumer-dependent SA economic growth to a more business-dependent growth.  read more

Johannesburg - South Africa's headline inflation slowed in March to within the central bank's target range for the first time in four months, suggesting inflation may undercut the bank's forecasts and ease pressure for action in the form of an interest rate rise. read more

Johannesburg - Growth in South Africa’s retail sales jumped to 7.2% on an annual basis at constant prices in February from a revised 4.2% in January, Statistics South Africa said on Wednesday. read more

West African cotton growers forecast a 29 percent increase in output to 1,738,500 tonnes for the 2012/13 season from 1,346,941 tonnes in 2011/12, data collected from cotton producers and compiled by Reuters showed on Wednesday. read more

Johannesburg - South Africa’s No2 food retailer, Pick n Pay Stores [JSE:PIK], reported a 15% fall in full-year profit on Wednesday, missing expectations, hit by costs related to its shopper loyalty programme and investments in its supply chain. read more

Johannesburg - South Africa’s consumer inflation slowed to 6.0% year-on-year in March, in line with market consensus from 6.1% in February, Statistics South Africa said on Wednesday.  read more

Moody’s rating agency yesterday downgraded Nokia’s debt grade to near-junk status, citing a sharp decline in first-quarter cellphone sales that led to a 35% fall in revenue. read more

Durban - Durban International Airport is set to be dug out and converted into the city's second sea port following approval from the Competition Tribunal, the Mercury newspaper reported on Monday read more

Washington - US retail sales rose solidly in March as Americans shrugged off high petrol prices and bought a range of goods, implying economic growth in the first quarter was probably not as weak as many had feared.  read more

Ignorance about career opportunities in the wholesale and retail sector deprives the youth of chances in one of the fastest growing sectors.  read more

Treasury Director General Lungisa Fuzile is optimistic on SA's real gross domestic product growth prospects for this year, but the Treasury will wait until October to revise its current 2.7% GDP growth forecast.  read more

SA’s biggest drug manufacturer, Aspen Pharmacare, on Friday welcomed the announcement by Trade and Industry Minister Rob Davies that the pharmaceuticals sector had been designated as one in which the government would purchase selected products exclusively from domestic manufacturers. read more

South African maize futures ended lower on Wednesday, tracking lower corn prices on the Chicago Board of Trade following the disappointing US government crop report. read more

Johannesburg - Trade conditions continued to improve in March after moving into positive territory in February, as reflected in the Trade Activity Index (TAI) released by the SA Chamber of Commerce and Industry (Sacci) on Wednesday. read more

Output of South Africa’s manufacturing sector 4,1% higher than in February last year, while economists had expected an increase of only 2% read more

Milan - Global food prices rose in March for a third successive month, driven by gains in grains and vegetable oils, the United Nations’ Food and Agriculture Organisation said on Thursday, putting food inflation firmly back on the economic agenda. read more

Comments by Department of Energy Officials that the mechanism for calculating the basic fuel price should be reviewed have been welcomed by the Democratic Alliance and the Cape Chamber of Commerce and Industry.  read more

Transnet Port Terminals (TPT) has committed capital expenditure of R33 billion over the next seven years for expansion projects to meet growing demand. read more

Milk production was up 5.4% in February compared with the same period a year ago, the Milk Producers' Organisation (MPO) said on Wednesday.  read more

For global retailers looking to secure long term growth and diversify their source of income, setting up an African strategy is key.  read more

SA’s biggest challenge is the food price volatility and anticompetitive behaviour in the agriculture sector that affects food security and planning for hunger reduction programmes, according to Langa Zita, director-general in the Department of Agriculture, Forestry and Fisheries. read more

Johannesburg - South Africa plans to spend R5.8bn over the next three years to help manufacturers affected by the global economic downturn upgrade their factories, improve products and train workers, the trade minister said on Monday.  read more

South African fruit growers are at risk unless export supply chain services and costs improve, warns a key industry body in the run-up to the Cool Logistics Africa conference. read more

Deputy Minister of Trade and Industry Elizabeth Thabethe is leading a delegation of South African companies to India next week, she said on Friday, to promote trade and investment between the two countries. read more

Johannesburg - South Africa’s producer inflation, which represents domestic output, slowed to 8.3% year-on-year (y/y) in February from 8.9% in January, Statistics South Africa said on Thursday. read more

Durban - Additional port facilities are to be built in Durban at a cost of R400m, Transnet said on Tuesday. read more

Transport Minister Sibusiso Ndebele says a range of initiatives are being undertaken at various levels to improve regional freight logistics infrastructure to facilitate intra-regional trade in Africa. read more

The petrol price could rise by as much as 60 cents a litre in April, leading to a negative impact on month-on-month changes in CPI inflation, Absa Capital economist Jeff Schultz says. read more

Johannesburg - South Africa on Tuesday cut its maize output forecast for the 2011/12 season by 3% exactly in line with market expectations, after late-season drought weighed on yields. read more

A wait-and-see approach should be applied to gauge the performance of international clothing labels as more foreign stores were making their way to the South African market, retail analysts said last week.  read more

Shprite Holdings , Africa’s largest food retailer, plans to use a substantial portion of the R8bn it is raising in a sale of stock and convertible bonds to repay debt.  read more

Johannesburg/Hamburg - South Africa has committed an additional 400 000 tonnes of maize exports to drought-stricken Mexico, a scenario that will likely push Africa’s largest corn producer into a deficit situation this marketing season and propel domestic food prices higher. read more

Johannesburg - The Reserve Bank will probably keep its repo rate at its current three decade lows next week to give the struggling economy more leeway, although higher electricity and fuel costs could force it to start tightening policy later in the year. read more

Johannesburg - South Africa’s targeted consumer inflation slowed unexpectedly in February, data showed on Thursday, suggesting price pressures that have pushed it above the Reserve Bank’s target are ebbing and giving the bank leeway to keep interest rates on hold. read more

South African maize futures ended mixed on Tuesday, with nearby March contracts attracting impressive buying interests from market players at the closeout. read more

Pretora - Spending growth in South Africa’s economy quickened in the fourth quarter of 2011, helped by increased spending by both households and the government, the central bank said on Monday. read more

he consumer price index (CPI) - the measure used by the South African Reserve Bank (SARB) for its inflation target - is expected to have remained unchanged at 6.3% year on year (y/y) in February, according to a survey of leading economists by I-Net Bridge.  read more

Fundamental changes are in play in the world's wheat market and their consequences for South Africa's farmers could be startling. read more

South African companies have been slow to take the first mover advantage to invest in sub-Saharan Africa, but they can still play catch up and compete with global investors already in the region, UK-based Insparo Asset Management said on Friday. read more

Pioneer Foods said in a trading update on Friday that revenue rose 13% in the five months to the end of February, but volumes fell by an average 4%-6% in the group’s product basket on lower consumer spending. read more

The first quarter of this year saw improved levels of confidence among retailers, as solid clothing and footwear sales growth bolstered sentiment, the latest Ernst & Young/Bureau for Economic Research survey on Thursday revealed. read more

Johannesburg - The rand slid against the dollar in late afternoon trade on Wednesday after worse than expected local retail sales data as well as strong support for the greenback against the euro following remarks made yesterday by the Federal Open Market Committee (FOMC).  read more

Rain across parched cocoa plantations in West Africa, which supplies 69 percent of the world’s beans, is leading analysts to pare forecasts for shortages, threatening the biggest rally in a year. read more

Wool prices were higher at this week's sale despite a stronger rand, according to Cape Wools on Wednesday.  read more

SIN stocks have toppled the JSE’s traditional resources heavyweights as the South African stock exchange’s biggest companies. read more

Johannesburg - Trade conditions improved in February despite a slow start in January, as reflected in the Trade Activity Index (TAI) released by the SA Chamber of Commerce and Industry (Sacci) on Wednesday. read more

Ghana's cocoa production this season will rival last year's record 1 million-tonne crop due to improved weather and farming techniques, the West African country's cocoa regulator has told Reuters.  read more

The S&P 500 and Nasdaq hit multi-year highs on Tuesday as US retail sales rose more than forecast last month and as concerns eased about the euro zone’s crisis.  read more

Growth in SA's retail trade sales at constant (2008) prices for January is expected to ring in at 7.5% year on year (y/y), from a y/y growth of 8.7% in December, according to a survey of leading economists by I-Net Bridge.  read more

South African maize futures ended mostly lower on Monday due to some profit taking following last week's strong gains.  read more

Johannesburg - Job growth slowed in February to an annual rate of 1.5% - or 24 000 jobs created, according to the Adcorp Employment Index released on Monday. read more

Bothaville - South Africa’s grain farmers can certainly produce sufficient food for the country. On the other hand, political rhetoric and generalisations about the agricultural sector must end. read more

Biotech crops in SA have for the second consecutive year increased by 100,000 hectares in 2011, according to an expert. read more

The South African agricultural sector is recovering, as shown by the agricultural indices of the Sake24 and BoE Private Clients' provincial barometers.  read more

Bloemfontein. – It’s consumers who are putting the zing in the South African economy at a time when low growth in foreign markets is putting a damper on the production side of the economy. read more

As “panic” hit world markets, the Standard & Poor’s latest GSCI Spot Index of 24 commodities indicates a 1.5% fall to close at 692.61 in New York, marking the biggest slump since last December. read more

Johannesburg - The size of clothing is to be standardised, the SA Bureau of Standards (SABS) said on Tuesday. read more

SA’s biggest clothes retailer, Edcon, may return to the JSE as early as next year as the company seeks to repay debt owed to bondholders by 2014. read more

Retail trading densities for South Africa’s largest shopping centres increased by 10.2 percent in the last quarter of 2011, despite people making fewer visits to the malls, the Investment Property Databank (IPD) said yesterday. read more

Johannesburg - South Africa’s purchasing managers’ index (PMI) jumped to a two-year high of 57.9 in February from 53.2 in January, sponsors Kagiso Asset Management said on Thursday. read more

Johannesburg - Business conditions in manufacturing improved slightly in the fourth quarter of 2011 but the sector remains under pressure, the Manufacturing Circle said on Wednesday. read more