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South Africa

Poultry sector sheds thousands of jobs with chicken imports

JOHANNESBURG: Trade and Industry Minister Rob Davies, who recently increased tariffs on imported chicken portions, says the state is aware of the crisis facing the poultry industry and is tackling it on various fronts. The minister in December approved a provisional 13.9% safeguard duty on imported European bone-in chicken in terms of SA’s economic partnership agreement with the EU. The ... Read More »

Eskom relaxes Zesa power import terms

CAPE TOWN: South African power utility, Eskom has relaxed its position regarding earlier demands for Zesa Holdings to pay for power imports in advance. The power utility imports 50 megawatts from its South African counterpart during peak periods of demand and up to 300MW during off peak periods.This is because demand for power outstrips supply in Zimbabwe owing to limited ... Read More »

ANCYL back Eskom in BEE row with Exxaro

JOHANNESBURG: The African National Congress Youth League (ANCYL) on Friday threw its weight behind Eskom in its battle with the diversified resources group, Exxaro, over black economic empowerment (BEE) policy. This comes after Exxaro’s shareholders, the largest black-owned company and Eskom’s biggest coal supplier, approved a transaction that would result in its black ownership declining from 50 percent to 30 ... Read More »

Customs seizes drugs worth R8m

JOHANNESBURG: Drug dealers kept South African Revenue Service (SARS) customs officials on their feet over the festive season with a total of 120 seizures, including 63 for drugs worth almost R8 million, being recorded at the various ports of entry. In a statement on Friday, SARS said that the drug seizures had continued into the new year. “SARS Customs has ... Read More »

East Africa exports lift Haco Tiger Brands revenue by 53% last year

CAPE TOWN: Haco Tiger Brands, the Kenyan unit of South African group Tiger Brands, made more than half of its revenues last year from exports to East African countries-— indicating increased importance of the cross-border markets to its growth strategy. Tiger Brands, which has a 51 per cent stake in the Kenyan business, said exports to East African neighbours accounted ... Read More »

Cholera bacteria could affect shrimp exports to South Africa

CAPE TOWN: The excessive delay to obtain permission for an Indian delegation to visit South Africa, following the rejection of a shipment of shrimp vannamei, is worrying seafood exporters and the Marine Products Exports Development Authority (MPEDA). The issue has been addressed by the South African High Commission delegation led by Mkhululi Mankazana, Minister Counsellor Agriculture Affairs on their visit ... Read More »

Investments in Africa’s transport infrastructure begin to pay off

CAPE TOWN: African countries were on a drive to boost infrastructure and road networks on the continent in 2016. Ethiopia made huge strides this year with the inauguration of a new railway line, linking the capital, Addis Ababa with Djibouti in October. The 750 kilometer line was built at a cost of 4 billion US dollars with help from China. The ... Read More »

7 predictions for South Africa’s economy in 2017

CAPE TOWN: Research and market analysis firm Nomura is predicting a relatively quiet first half of the year for South Africa, but expects things to shake up in the second half of the year as the ANC’s elective conference comes into view. The analysts expect ‘political war’ in December, where a number of shocks can occur, but a number of ... Read More »

IFP calls on South Africans to take a stand in 2017

WASHINGTON: Inkatha Freedom Party leader Mangosuthu Buthelezi on Saturday called for South Africans to take a stand in 2017‚ saying they could not afford to be apolitical or sideline spectators as too much was at stake. In a New Year message‚ he said 2016 had been difficult and often frustrating‚ but with the new year came the opportunity to map ... Read More »

South Africa energy on fuel price adjustment for January 2017

Media statement issued by the Department of Energy on the adjustment of fuel prices effective from 04 January 2017. The Department of Energy informs the public of the fuel price adjustments for January 2017. South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors. International factors include the fact that South Africa imports both ... Read More »

South Africa’s trade deficit narrows in Nov

JOHANNESBURG: South Africa’s trade deficit narrowed to 1.09 billion rand ($79.8 million) in November, from a revised 3.91 billion rand shortfall in October, data from the revenue agency showed on Thursday. Exports rose by 12.8 percent on a month-on-month basis, while imports were up 9.2 percent, the South African Revenue Service said in a statement. Read More »

Sars customs seizes fake sneakers worth R8.7m

JOHANNESBURG: Sars customs officials have seized counterfeit sneakers with an estimated value of R8.7m at the Lemombo border, Komatipoort, it said in a statement on Wednesday. The agency seized 10 935 pairs of sneakers. “A total of 9 085 pairs of ‘Adidas’-branded sneakers and 1 850 pairs of ‘Nike’-branded sneakers were discovered in a white truck entering South Africa from ... Read More »

South Africa banks facing acute problems

CAPE TOWN: South African banks are likely to be less profitable next year amid a slow economy and a concomitant increase in bad debts and rising capital costs. However, insurers are likely to profit from the new technology. With about a 1% growth forecast for next year, banks will struggle to find new customers while bad debts will rise as ... Read More »

African soybean imports hit Indian farmers, industry rises in protest

PRETORIA: African soybean imports, farmers, zero duty incentives, D N Pathak, Soybean Processors Association of India African soybean imports into India have begun to pose a serious threat to the country’s farmers. (Source: PTI) African soybean imports into India have begun to pose a serious threat to the country’s farmers. Significantly, top industry sources claim that these imports do not ... Read More »

South African banks face rising bad debts amid sluggish growth

CAPE TOWN: South African banks are likely to be less profitable next year amid a slow economy and a concomitant increase in bad debts and rising capital costs. However, insurers are likely to profit from new technology. With about a 1% South African growth forecast for next year, banks will struggle to find new customers while bad debts will rise ... Read More »

Tax, medical contributions and working offshore

JOHANNESBURG: In this tax column, Piet Nel, head of the School of Applied Tax at the South African Institute of Tax Professionals (Sait), answers a reader’s questions about life insurance policies. For purposes of the medical scheme fees credit, the resident status of the individual is not relevant. What is relevant is who made the payment. The “tax benefit”, as ... Read More »

Rwandan exporters eye closer business ties in Africa

CAPE TOWN: Rwandan exporters are eyeing stronger trade ties with other African economies as the country wishes to increase exports to bridge trade deficit. They were speaking to reporters on Monday on the sidelines of the Made-in-Rwanda trade exhibition aimed at encouraging domestic production and consumption. The event that runs from December 14 to 20 in Rwandan Capital Kigali has ... Read More »

SACU tops Botswana imports

CAPE TOWN: South Africa was the main source within the Union with a contribution of 64.2%, which is equivalent to P4 billion followed by Namibia with 13.3%, which was P817.4 million contributions to total imports during October 2016. According to the report, the major commodities imported from South Africa were non-industrial diamonds unworked or simply sawn cleaved or bruited, petrol ... Read More »

South Africa considering higher taxes on imported poultry

CAPE TOWN: South Africa’s Department of Trade and Industry says it is considering tax measures in response to the poultry industry’s concerns about a surge in imports of foreign poultry products. On December 16, the DTI confirmed that, in conjunction with the Department of Agriculture, Forestry, and Fisheries, it “has been working with the domestic industry to address the challenges ... Read More »

Vodacom South Africa launches One Net Business

CAPE TOWN: Vodacom South Africa has launched One Net Business, a cloud-based unified communications service that converges fixed and mobile telephony services, reports ITNewsafrica. Customers can switch a call between their mobile and landline phones at the push of a button. They can make or receive a call in the office on a fixed phone and continue it via mobile, ... Read More »