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Tag Archives: South African

South African motor sector urges to increase local content

CAPE TOWN: Depending on how seriously it took localisation, in 10 years the motor industry in SA could be employing either 35,000 or 180,000 people, analyst Justin Barnes said. The future of the industry was not at risk, he said. The only question was whether it turned into a true manufacturing industry or one that simply assembled parts. Motor companies ... Read More »

South African consumer price inflation rise to 4.7% YoY in June

CAPE TOWN: The upward march in consumer inflation decelerated in June thanks to slowing food and vehicle prices, but many economists do not expect this to prevent the Reserve Bank from hiking the repo rate at Thursday’s monetary policy committee (MPC) meeting. Headline consumer price inflation (CPI) rose to 4.7% year on year in June from 4.6% in May, below ... Read More »

South African consumer price inflation rise to 4.7% YoY in June

CAPE TOWN: The upward march in consumer inflation decelerated in June thanks to slowing food and vehicle prices, but many economists do not expect this to prevent the Reserve Bank from hiking the repo rate at Thursday’s monetary policy committee (MPC) meeting. Headline consumer price inflation (CPI) rose to 4.7% year on year in June from 4.6% in May, below ... Read More »

South African economists forecast to 4.7% in June, prices rise by 0.4%

CAPE TOWN: Economists forecast to 4.7 percent in June, prompting investors to pare bets of an interest rate increase tomorrow. Inflation accelerated from 4.6 percent in May, the Pretoria-based statistics office said on its website on Wednesday. The median estimate of 24 economists surveyed by Bloomberg was 5 percent. Prices rose 0.4 percent in the month. Analysts are divided on ... Read More »

South African wholesale trade sales down 0.8% YoY in May

CAPE TOWN: Measured in real terms (constant 2012 prices), wholesale trade sales decreased by 0.8% year on year in May 2015, data from Stats SA showed on Thursday. Seasonally adjusted wholesale trade sales increased by 3.6% in May 2015 compared with April 2015. This followed month-on-month changes of a 6% contraction in April 2015 and a 3% rise in March ... Read More »

South African wholesale trade sales down 0.8% YoY in May

CAPE TOWN: Measured in real terms (constant 2012 prices), wholesale trade sales decreased by 0.8% year on year in May 2015, data from Stats SA showed on Thursday. Seasonally adjusted wholesale trade sales increased by 3.6% in May 2015 compared with April 2015. This followed month-on-month changes of a 6% contraction in April 2015 and a 3% rise in March ... Read More »

South African retail sales up 2.4% YoY

JOHANNESBURG: Retail sales up to May gained 2.4% year-on-year, according to figures released this afternoon by Statistics SA. The government stats body notes the highest annual growth rates were recorded for retailers in hardware, paint and glass (9%), and the food, beverages and tobacco in specialised stores sector, which gained 6%. SA’s economy is driven by consumption, which drives more ... Read More »

South African retail sales up 2.4% YoY

JOHANNESBURG: Retail sales up to May gained 2.4% year-on-year, according to figures released this afternoon by Statistics SA. The government stats body notes the highest annual growth rates were recorded for retailers in hardware, paint and glass (9%), and the food, beverages and tobacco in specialised stores sector, which gained 6%. SA’s economy is driven by consumption, which drives more ... Read More »

South African Reserve Bank’s gross reserves up by $383m in June 2015

CAPE TOWN: The Reserve Bank’s holdings of gross reserves, which include gold and foreign exchange, rose by $383m to $46.829bn in June, Bank data showed on Tuesday. The rise in gross reserves was mainly due to the depreciation of the US dollar against major currencies and maturing foreign-exchange swaps conducted for liquidity management purposes. “This was, however, partially offset by ... Read More »

South African discourages young work seekers at 1.5m

CAPE TOWN: South Africa’s youth grew more discouraged from seeking work as the unemployment rate among young people has remained stubbornly high. Statistics SA data for the past seven years released on Monday show discouraged young work seekers grew from 809,000 in 2008 to 1.5-million by the first quarter of this year. This was in spite of the government’s efforts ... Read More »

US court convicts 3 South African lobster smugglers, orders to pay $22.4m

CAPE TOWN: According to prosecutor of American court 3 Smugglers convicted of illegally harvesting rock lobsters in South Africa and importing them to the US. The court ordered them to pay a $22.4 million restitution order. Arnold Bengis and Jeffrey Noll pleaded guilty in Manhattan Federal Court to conspiracy to commit smuggling and to violating the Lacey Act, which bans ... Read More »

South African Court declares R2.5b eNatis contract invalid

CAPETOWN: The High Court in Pretoria has declared that the extension of the eNatis system contract from 2010 to 2015 by former transport department director-general George Mahlalela was invalid from the date of extension. Tasima was awarded the tender to operate‚ manage and maintain the country’s vehicle registration system since 2002. From 2007‚ Tasima provided the service on a month-to-month ... Read More »

South African tourism council expects R1.4bn hit

CAPE TOWN: South African’s tourism industry lost R886m in direct spending last year because of tough new visa regulations, says a report commissioned by the Tourism Business Council of SA. The study, conducted by Grant Thornton and released on Tuesday, estimates that the country would lose 100,000 tourists this year alone. This would translate into R1.4bn in tourist spending.The tourism ... Read More »

South African tourism council expects R1.4bn hit

CAPE TOWN: South African’s tourism industry lost R886m in direct spending last year because of tough new visa regulations, says a report commissioned by the Tourism Business Council of SA. The study, conducted by Grant Thornton and released on Tuesday, estimates that the country would lose 100,000 tourists this year alone. This would translate into R1.4bn in tourist spending.The tourism ... Read More »

South African Court declares R2.5b eNatis contract invalid

CAPETOWN: The High Court in Pretoria has declared that the extension of the eNatis system contract from 2010 to 2015 by former transport department director-general George Mahlalela was invalid from the date of extension. Tasima was awarded the tender to operate‚ manage and maintain the country’s vehicle registration system since 2002. From 2007‚ Tasima provided the service on a month-to-month ... Read More »

South African wholesale trade sales decline 6.3% in April 2015

CAPE TOWN: Measured in real terms (constant 2012 prices), wholesale trade sales decreased by 6.3% year on year in April 2015, data from Stats SA showed on Thursday. Seasonally adjusted wholesale trade sales decreased by 6.5% in April 2015 compared with March 2015. This followed month-on-month increases of 3% in March 2015 and 2% in February 2015. Seasonally adjusted wholesale ... Read More »

SARS Issues South African 2015 Tax return notice on June 12

CAPE TOWN: The South African Revenue Service (SARS) issued a Notice on June 12 regarding the tax returns to be furnished for the 2015 year of assessment, which ended on February 29, 2015. The Notice specifies the various categories of resident taxpayers who are required to complete tax returns, including those carrying on any trade in the country, having capital ... Read More »

South African manufacturing production declines by 2% in April 2015

CAPE TOWN: Manufacturing production fell in April compared with a year ago, indicating a weak start to economic growth in the second quarter. Manufacturing production decreased 2% year on year in April after increasing 4% year on year in March, a 0.3% year-on-year decline in February and a 2.4% contraction in January, Statistics SA data showed on Thursday. The decline ... Read More »

S&P affirms South African’s rating with stable outlook

CAPE TOWN: Standard & Poor’s ratings services have affirmed its long-and short-term foreign currency sovereign credit ratings on South Africa at BBB-/A-3. It also affirmed the ‘BBB+/A-2’ long-and short-term local currency ratings, while the outlooks remain stable. At the same time, it affirmed the ‘zaAAA/zaA-1’ South Africa national scale ratings. In a statement on Friday night, the rating agency said ... Read More »

South African economy needs manufacturing in order to grow: Research

CAPE TOWN: The economy needs the manufacturing sector to grow, research commissioned by the Manufacturing Circle shows. Historical data demonstrate there is a strong correlation between the growth in gross domestic product and manufacturing output over four decades spanning 1974-2014. Manufacturing Circle executive director Coenraad Bezuidenhout said the research highlighted the importance of more alignment between policymakers and the private ... Read More »