South Africa needed to focus on energy efficiency because Eskom would not be able to meet demand for electricity from 2011, the state-owned company said in a presentation yesterday. “We do not have enough capacity to meet requirements,” said Brian Dames, Eskom’s chief operating officer for generation. “The country has to focus on how do […]
Category: business
'Slow' South Africa could lose Mercedes contract
Mercedes-Benz SA (MBSA) is facing a serious challenge from China, the US and possibly other countries over the contracts to produce the successor to the C-Class. Hansgeorg Niefer, MBSA’s president and chief executive, said yesterday it would be “extremely difficult” for MBSA and East London if the company was not awarded the contract to produce […]
Car sales surge as recovery speeds up
New vehicle sales have surged for the second month in a row, supporting evidence that consumer spending is on the mend as the economic recovery gathers momentum. Overall sales leapt 16,2% in the year to last month, accelerating from a 12% increase in January, as demand for passenger cars climbed, an industry body said yesterday. […]
Execs' earnings to be capped in bailouts
The Government aims to cap salaries and bonuses paid to executives of companies that are bailed out by the taxpayer. Economic Development Minister Ebrahim Patel said R1 billion had been set aside by the Industrial Development Corporation to assist companies in distress as a result of the recession. A number of conditions would be attached […]
S.Africa: ANC’s Phosa in defence of Hitachi deal
ANC treasurer-general Mathews Phosa says he has lived up to his promise by advising the ANC’s front company to divest its shares in a company benefitting from the electricity price hike. ANC front company Chancellor House owns 25percent of the shares of Hitachi Africa, which has a R38billion contract to install boilers in two new […]
S. Africa: American business groups meets in Jbourg
Leading American and South African Business Groups Convene Meeting to Capitalise on South Africa’s Growing Economy in Johannesburg, South Africa (All Africa.com) The U.S.-South Africa Business Forum convened its first steering committee meeting in Johannesburg, South Africa, on February 24, 2010. The forum aims to deepen economic ties and to foster public-private cooperation between the […]
South Africa/India aviation matters highlighted
A planned visit by Indian Minister of Tourism, Housing and Urban Poverty Alleviation, Kumari Selja, to address South African aviation and tourism industry representatives at the Wanderers Club in Johannesburg last Wednesday evening was rescued at the last minute by Indian Consul-General Vikram Doraiswami and Sanjay Kothari, Additional Secretary from the Ministry. Selja missed her […]
World Cup boosts South Africa economy – Motlanthe
The World Cup has boosted South Africa’s economy during a global recession but the tourism industry must not rip off foreign visitors during the soccer spectacular, Deputy President Kgalema Motlanthe said on Tuesday. At a joint press conference with Motlanthe, FIFA president Sepp Blatter attacked sceptics who doubted South Africa could organise the tournament but […]
S.Africa: Incoming tourism grows by 3.6 percent
South Africa’s incoming tourism grew by 3.6 percent in the face of the recession in 2009, Minister of Tourism Marthinus van Schalkwyk said on Thursday. “South Africa outperformed most international markets in 2009 and recorded growth in foreign arrivals of 3.6 percent,” he said in Johannesburg. The country recorded more than 9.9 million foreign arrivals […]
S.Africa's net reserves dip in February as dollar gains
Africa’s net gold and foreign exchange reserves fell slightly in February due to a firmer U.S. dollar, official data showed on Friday. The central bank said in a statement posted on its website the international liquidity position fell to $38.281 billion at the end of February from $38.63 billion in January. Gross reserves inched down […]