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<!DOCTYPE html> <html> <head> <meta content='text/html; charset=UTF-8' http-equiv='Content-Type'> <meta content='width=device-width, initial-scale=1' name='viewport'> <base target='_blank'> <script src='https://cdn.jsdelivr.net/npm/@speechkit/speechkit-audio-player@latest/dist/speechkit-player.js' type='text/javascript'></script> <style> </style> </head> <body> <div id='speechkit-player'></div> <script> (function() { var podcasts = [{ 'id': '5f55f79a-117d-4133-962e-2c745b6e4b38', 'podcast_id': 212047, 'url': 'http://www.engineeringnews.co.za/article/sa-must-do-a-lot-more-work-to-improve-credit-ratings-sp-2019-04-12', 'title': 'SA must do \'a lot more\' work to improve credit ratings – S\u0026P;', 'author': 'News24Wire', 'summary': 'It has been two years since Standard \u0026 Poor\'s (S\u0026P;) downgraded South Africa\'s foreign currency debt to junk status, and the sticking point is its weak economic performance, an official of S\u0026P; Global Ra...', 'image': null, 'published_at': '2019-04-12T12:52:51.167Z', 'body': 'It has been two years since Standard \u0026 Poor\'s (S\u0026P;) downgraded South Africa\'s foreign currency debt to junk status, and the sticking point is its weak economic performance, an official of S\u0026P; Global Ratings has said. Speaking during a panel discussion at the S\u0026P; Global Annual South Africa Conference held in Cape Town on Thursday, associate director of sovereign and IPF ratings Gardner Rusike shared views on SA\'s economic growth. "The major point for SA\'s Achilles heel is weak economic performance, which impacts on ratings negatively," Rusike said, who added that poor economic growth is constraining ratings from improving from junk status. S\u0026P; first downgraded the foreign currency debt from BBB- to BB+ in April 2017, following a Cabinet reshuffle by former president Jacob Zuma which resulted in the removal of finance minister Pravin Gordhan and deputy minister Mcebisi Jonas. At the time, S\u0026P; said that the move by Zuma had put at risk fiscal and growth outcomes. In November 2017, S\u0026P; downgraded the foreign currency debt to BB and downgraded local currency debt from BBB- to BB+. The ratings agency had expected further deterioration of public finances and the economic outlook, Fin24 previously reported. \'A lot more\' to be done. S\u0026P; projects SA\'s growth to be 1.6% this year. Rusike said "a lot more needs to be done" to get growth on a higher path to have a positive effect on the rating. "The slowdown in growth has put pressure on the fiscal performance and the sovereign rating," he emphasised. If growth remains negative, or lower than 5% - it poses a risk to public finances, fiscal consolidation and debt stabilisation and is ultimately a downside risk to the credit rating, he said. The changes in government administration last year, and adjustments expected this year following elections, could be an opportunity for government to consolidate reform efforts that could result in higher growth and have a positive impact to the ratings, Rusike said. The change in sentiment due to the construction of a new administration could translate into private sector investment and by extension higher growth, but this will take time, Rusike said. Politics affects policy choices, which in turn affect economic outcomes, he added. "A reform-minded and united majority party will be good for the economic outlook.". It is important that reforms are implemented to have a better economic outlook, he stressed. Apart from economic growth, the fiscal performance of the government is also an important factor influencing the credit rating, Rusike said. This has to do with government\'s ability to reduce the fiscal deficit and stabilise debt.', 'state': 'processed', 'share_url': 'https://spkt.io/a/212047', 'share_version': 'v2', 'media': [{ 'id': 1920931, 'role': 'body', 'content_type': 'application/x-mpegURL', 'url': 'https://d22tbkdovk5ea2.cloudfront.net/audio/projects/902/podcasts/212047/media/0f794e7cc87bcd32d89a1005f361c27c.m3u8', 'created_at': '2019-04-12T12:53:01.363Z', 'updated_at': '2019-04-12T12:53:04.807Z', 'state': 'processed', 'duration': 176.914827, 'voice': { 'id': 34, 'language': 'en_GB', 'name': 'Amy' }, }, { 'id': 1920930, 'role': 'body', 'content_type': 'audio/mpeg', 'url': 'https://d22tbkdovk5ea2.cloudfront.net/audio/projects/902/podcasts/212047/media/ab27c353e09054be7c12ffba42f9af13_compiled.mp3', 'created_at': '2019-04-12T12:52:59.534Z', 'updated_at': '2019-04-12T12:53:01.184Z', 'state': 'processed', 'duration': 176.927347, 'voice': { 'id': 34, 'language': 'en_GB', 'name': 'Amy' }, }], 'player_type': 'MinimalPlayer', 'next_podcast_external_id': null, }, { 'id': '14c33104-b2e7-465e-b3c0-01d10d591dc5', 'podcast_id': 212046, 'url': 'http://www.engineeringnews.co.za/article/supportive-policy-held-up-as-key-to-unlocking-africas-auto-ambitions-2019-04-12', 'title': 'Supportive policy held up as key to unlocking Africa’s auto ambitions', 'author': 'Irma Venter', 'summary': 'Policy certainty and flexible thinking will play an important role as Africa increasingly looks to the automotive industry to grow its industrialisation footprint, says Thomas Schaefer, chairperson and...', 'image': null, 'published_at': '2019-04-12T12:52:22.719Z', 'body': 'Policy certainty and flexible thinking will play an important role as Africa increasingly looks to the automotive industry to grow its industrialisation footprint, says Thomas Schaefer, chairperson and MD at Volkswagen Group South Africa (VWSA), as well as chairperson of the African Association of Automotive Manufacturers (AAAM). Under Schaefer’s leadership, the German automaker has been investigating expanding its business reach beyond South Africa to a number of African countries, including Ghana, Nigeria, Rwanda and Ethiopia. Schaefer says VWSA is “really happy” with its position and profitability in the South African market, as it provides the company with the opportunity to “look more into Africa”. On the home front, the South African government’s newly approved and revised Automotive Production and Development Programme (APDP) provides guidance and stability for the industry up to 2035, allowing for continued investment. “The policy is in good shape. It will help the country and the industry to move to the next level,” says Schaefer. The APDP works towards an ideal target of 60% local parts content – not to be enforced – on all vehicles assembled in South Africa, as its seeks to expand the industry’s industrial footprint and employment numbers. Schaefer says VWSA has the highest local content of all vehicle manufacturers in South Africa at about 45%. “We are well off in this game. Can we get to 60%? Not without an engine. If you take out the value of the engine, gearbox and infotainment system in a car, you are probably already at 50% of the value of the vehicle.”. He adds, however, that the APDP allows vehicle manufacturers to build extra parts and to export these to earn additional benefits. In other words, manufacturers do not need to consume all the parts in their vehicles. “We can localise seat covers, for example, and export them to the VW head office and this value will be acknowledged.”. This means VW and other South Africa-based vehicle manufacturers can create suppliers to produce large numbers of parts for their parent companies abroad. “But now we have to ask: What parts do we want to strategically localise and produce in South Africa?”. He says leather seat covers are an option, while the country also has manganese for batteries used in electric vehicles and platinum-group metals used in catalytic converters. “We have Sasol. What about plastics? We can do plastics no matter what the propulsion of the vehicle is – whether it is petrol or electric.”. Schaefer says Malaysia decided years ago to focus on semiconductors and electronic equipment. “And guess what? They are the market leader now. “So, what is our plan in South Africa? And in the context of the greater Africa?”. Schaefer believes that scale plays an important role when selecting parts to localise. “Bosch will not invest in an injector plant if it is below a million parts a year. So we should talk about why we don’t open this up on a larger scale? We need producers where volumes are a million units, not 50000 here and 25000 there. “In Africa, certain countries could be part of the automotive value chain.”. Schaefer says Ghana could consider producing tyres from its rubber resources. Zambia has copper resources and could produce cable harnesses. “If we think of Africa differently, we could work together and have the numbers to support large-scale plants. “We just need a bit of flexible thinking.”. Policy Is Key. One key factor still holding back many African countries from participating in the global automotive industry is a lack of supporting policy – something which VWSA, Schaefer and the AAAM have been lobbying to change. The AAAM deals with the development of business and trade relations in the automotive field, including vehicle and components manu- facturing, between South Africa and other African countries. The organisation also assists a number of African countries with the formulation of automotive development policy options. Using the assistance on offer from Nissan and VW, for example, Ghana has drafted an auto policy which Schaefer regards “as probably the best on the continent”. “It should be signed into law in the next few weeks. This is really encouraging.”. Under this new policy, Ghana will tackle one of the biggest obstacles to vehicle assembly in Africa – the large-scale importation of second- hand vehicles from markets such as Asia. With the new policy, Ghana will start to restrict the age of the vehicles to be imported as part of a phase-out period. “It is unbelievable what they are trying to get done,” says Schaefer. In Nigeria, efforts by auto manufacturers to sway policymakers in Africa’s largest economy have had little success. That country’s new automotive policy was completed in 2014, but remains on the President’s desk, says Schaefer. In an attempt to convince those in power of the merits of such a policy, VWSA invited members of the Nigerian government to South Africa last year to show them the advanced Eastern Cape VW plant that produces the Polo and the Polo Vivo. VWSA indicated that such a domestic plant requires local market demand for new vehicles, which fails to exist if a country imports cheap second-hand vehicles. “Nigeria can replace all the taxis on its roads, for example,” says Schaefer. “They can do a cash-for-clunkers programme. They could implement government purchasing policies.”. To date, however, there has still not been any movement in creating policy able to foster a domestic automotive industry in Nigeria. Nigeria’s automotive industry has the potential to be three times the size of the South African industry, says Schaefer. “But they are not strong on political will and implementation.”. Schaefer believes there are two African countries that could potentially make a “major difference” to the continent’s automotive landscape – Nigeria and Ethiopia. “They could sustain automotive industries of their own.”. A $4-billion hydroelectric project on the Nile river is consuming almost all the country’s forex, says Schaefer. “They have a great duty structure. It would make sense to do completely knocked-down (CKD) assembly there, but we can’t. They can’t even pay for the CKD kits.”. Schaefer says VW is working with the Ethiopian government to “unlock their potential”. The answer may be found in the country’s cotton industry. “There is a massive textile industry in the country. Why not do seat covers for us? Why not stitch a million covers and ship them to VW? This can create forex to kick-start an automotive industry. They seem keen to get it done.”. What Is Missing in SA?. If South Africa has solid, supportive policy in the form of the APDP, why does it sometimes seem unable to become a bigger player in the global automotive industry?. Local production is currently 0.6% of global output. “We have unaligned industry players. In many other countries, such as China or Korea, they are pretty aligned,” says Schaefer. In South Africa, however, banks, unions, government and industry will sometimes work against each other. “I believe we could play a major role . We have the workforce we need, and wonderful resources,” says Schaefer. One solution is to produce electric car batteries in South Africa. “But we need to work together strategically and stop fiddling around with small nuts and bolts. Forget that. Other people do that better – people with cheaper labour costs. That is not us. We are already on a par with the labour costs of the Czech Republic. We can’t compete. But we can compete in other fields.”. Moroccan Threat. While South Africa is currently still responsible for much of new-vehicle production in Africa, this situation may soon change, says Deloitte Africa Automotive Sector head Dr Martyn Davies. Morocco, in North Africa, is also – similar to South Africa – aiming for production of more than one-million vehicles a year. “They are ahead of us, and closer to Europe,” says Davies. “And the bulk of our exports do not go to Africa – they go to Asia and Europe.”. Davies adds that South Africa also faces the challenge of a disabling regional environment. Asia’s growth engine include economies such as Thailand, Vietnam and Indonesia. “Just imagine if we have Mozambique, Tanzania and Zimbabwe firing on all cylinders for a generation? That is South-East Asia. We have a lot of regional headwinds,” notes Davies. African Exports. While some African markets are looking to start their own automotive industries, others have been long-term clients of South Africa’s industry. The continent is only now starting to recover from a prolonged and strong downturn in oil and other commodity prices, which stymied the growth of personal mobility in a large number of countries. New-vehicle export numbers from South Africa to the rest of Africa reflect this trend. Exports improved by 9.8% in 2018, compared with 2017, “following a number of years of sharp decline”, says the National Association of Automobile Manufacturers of South Africa (Naamsa). Export sales to the rest of Africa reached 61015 units in 2014, dropping to 41431 units in 2015 and 21848 units in 2017. In 2018, new-vehicle export sales to Africa inched up to 23988 units. Naamsa says the improvement suggests that demand from the rest of Africa has stabilised and “is starting to recover, albeit from a low base”. Toyota South Africa Motors (TSAM) has historically been a strong exporter to Africa. TSAM president and CEO Andrew Kirby, who is also the Naamsa president, says the rest of Africa should really be the core market for any automotive company based in South Africa. TSAM had strong sales in the rest of Africa in 2012, declining to a low in 2016. Since then, the market has managed a slight improvement. For 2019, there has been a 38% increase in orders received by the company from the rest of Africa, compared with 2018. “This is encouraging. We are starting to see some lift from a low base,” says Kirby. “We are working with markets to try to understand what their customers want from a product point of view,” he adds. “We have developed a test track that replicates some of the driving conditions in Africa. In that way, we can do some advanced testing.”. About 50% of all Toyotas sold in Africa are made in South Africa.', 'state': 'processed', 'share_url': 'https://spkt.io/a/212046', 'share_version': 'v2', 'media': [{ 'id': 1920929, 'role': 'body', 'content_type': 'application/x-mpegURL', 'url': 'https://d22tbkdovk5ea2.cloudfront.net/audio/projects/902/podcasts/212046/media/50a5b7e8cbffc3aff3a68f5486a8c1c5.m3u8', 'created_at': '2019-04-12T12:52:54.784Z', 'updated_at': '2019-04-12T12:53:09.769Z', 'state': 'processed', 'duration': 680.212964, 'voice': { 'id': 34, 'language': 'en_GB', 'name': 'Amy' }, }, { 'id': 1920928, 'role': 'body', 'content_type': 'audio/mpeg', 'url': 'https://d22tbkdovk5ea2.cloudfront.net/audio/projects/902/podcasts/212046/media/6b813d21ff546daa20ec270409d41fe0_compiled.mp3', 'created_at': '2019-04-12T12:52:48.232Z', 'updated_at': '2019-04-12T12:52:54.484Z', 'state': 'processed', 'duration': 680.176327, 'voice': { 'id': 34, 'language': 'en_GB', 'name': 'Amy' }, }], 'player_type': 'MinimalPlayer', 'next_podcast_external_id': null, }, { 'id': 'b45b00ad-e505-405b-aa77-f0998680161b', 'podcast_id': 212042, 'url': 'http://www.engineeringnews.co.za/article/transnet-to-meet-oems-this-month-in-bid-to-reach-settlement-on-unlawful-locomotive-contracts-2019-04-12', 'title': 'Transnet to meet OEMs this month in bid to reach settlement on ‘unlawful’ locomotive contracts', 'author': 'Terence Creamer', 'summary': 'State-owned logistics group Transnet will, during the course of April and May, seek to secure “just and equitable” negotiations with the four original equipment manufacturers (OEMs) supplying it with 1...', 'image': null, 'published_at': '2019-04-12T12:48:00.631Z', 'body': 'State-owned logistics group Transnet will, during the course of April and May, seek to secure “just and equitable” negotiations with the four original equipment manufacturers (OEMs) supplying it with 1064 diesel and electric locomotives under a 49-billion rand procurement programme concluded in 2015. General Electric was awarded a contract to supply 233 of the 365 diesel locomotives ordered, while China North Rail was contracted to supply the 232. China South Rail was awarded a contract for 359 of the 599 electric locomotives ordered, with Bombardier Transportation to supply 240. Legal opinion secured by Transnet states that the contracts are “irregular and unlawful” and can, thus, be terminated. However, the group, which has already taken delivery of 525 locomotives under the contract and has made payments of 30-billion rand, is eager to avoid a protected legal dispute with the suppliers. It will, therefore, seek to negotiate settlement agreements with the OEMs, which will be presented to the court for ratification. In December, Transnet wrote to the OEMs informing them of the unlawful nature of the contracts. In the letter, it requested urgent meetings with the companies to begin settlement talks. To date, however, Transnet has only been able to secure meetings with two of the OEMs. It is understood, though, that several meetings are scheduled for April and May with some of the OEMs. The scale and delivery schedule of the outstanding contracts could be affected, however. In addition, the State-owned utility may demand a downward revision in contract payments, if the emergence of evidence suggesting that corrupt dealings resulted in inflated prices. In parallel, the so-called ‘10-64 contracts’ will feature when Transnet appears, in early May, before the Commission of Inquiry into State Capture being chaired by Deputy Chief Justice Raymond Zondo. It is also pursuing several criminal and civil cases against organisations and individuals implicated in corruption at the business in recent years, including former CEOs Brian Molefe and Siyabonga Gama, as well as former CFO Anoj Singh. The group is also poised to announce yet another big increases in irregular expenditure, which surged to over 8-billion rand in 2017/18, but did not include, for instance, the 49-billion rand 10-64 contract. Transnet’s auditors have not to date been able to assess whether the irregular expenditure figure outlined in last year’s financial statements were “complete and accurate”, which led to a qualification of Transnet’s financial results. As a result, the group had to set up urgent processes to ensure that the qualification did not trigger an immediate recall of bond by several debt providers. These processes will have to be sustained should the 2018/19 financial statements again be qualified.', 'state': 'processed', 'share_url': 'https://spkt.io/a/212042', 'share_version': 'v2', 'media': [{ 'id': 1920919, 'role': 'body', 'content_type': 'application/x-mpegURL', 'url': 'https://d22tbkdovk5ea2.cloudfront.net/audio/projects/902/podcasts/212042/media/d9dd0476f24e87634a114e94f75207c2.m3u8', 'created_at': '2019-04-12T12:48:11.021Z', 'updated_at': '2019-04-12T12:48:14.391Z', 'state': 'processed', 'duration': 190.473705, 'voice': { 'id': 34, 'language': 'en_GB', 'name': 'Amy' }, }, { 'id': 1920918, 'role': 'body', 'content_type': 'audio/mpeg', 'url': 'https://d22tbkdovk5ea2.cloudfront.net/audio/projects/902/podcasts/212042/media/5b89d761b0e30b707553ee0afdf838d4_compiled.mp3', 'created_at': '2019-04-12T12:48:09.237Z', 'updated_at': '2019-04-12T12:48:10.904Z', 'state': 'processed', 'duration': 190.484898, 'voice': { 'id': 34, 'language': 'en_GB', 'name': 'Amy' }, }], 'player_type': 'MinimalPlayer', 'next_podcast_external_id': null, }, { 'id': '84b51fbfa83cd0753aa7e027c4950c69f072d24a', 'podcast_id': 211521, 'url': 'http://www.engineeringnews.co.za/', 'title': '12 April 2019. Welcome to the daily audio edition of Creamer Media\'s Engineering News. Starting with today\'s top story', 'author': 'Creamer Media - Engineering News Newsletter', 'summary': 'Seifsa ‘disappointed’ by slower Feb manufacturing output growth . The latest preliminary data published by Statistics South Africa (Stats SA) indicates that production in the broader manufacturing sec...', 'image': null, 'published_at': '2019-04-11T15:31:16.133Z', 'body': 'Seifsa ‘disappointed’ by slower Feb manufacturing output growth . The latest preliminary data published by Statistics South Africa (Stats SA) indicates that production in the broader manufacturing sector grew at a slower pace in February than in January. On a continuous three-monthly basis, output in the manufacturing sector has been volatile, increasing from 0% in December 2018 to a 0.9% year-on-year increase in January and then slowing to a 0.6% year-on-year increase in February. Next Story. SME sector ‘critical’ to growing South Africa’s economy – Pityana . Business Unity South Africa (Busa) president Sipho Pityana on Thursday said the organisation would convene a Small Business Working Group to obtain the view of small and medium-sized enterprises (SMEs) to further determine the challenges facing the SME sector and seek solutions to those challenges. In this regard, Busa would work with entities such as the Small Business Institute and the South African Chamber of Commerce and Industry. In Other News. Brexit deadline extension positive for South Africa – Parsons . The extension of the Brexit deadline to October 31 and avoiding a “no deal” Brexit outcome this week will give South Africa space to maintain continuity and predictability in its important trade relations with the UK and the European Union (EU), says North West University (NWU) Business School economist Professor Raymond Parsons. He notes that the EU, as a bloc, is South Africa’s largest trading partner, with the UK as the country’s second-biggest trading partner in the EU; therefore, a smooth and orderly Brexit is in the country’s best interests. Also Making Headlines. Sasol names Sipho Nkosi as next chairperson. Sasol appointed Sipho Nkosi to its board and said the former coal-industry executive will become chairperson in November when Dr Mandla Gantsho steps down. The change of leadership comes during a vital year for Sasol, as the South African fuel and chemical manufacturer nears completion on its $11.8-billion Lake Charles project, in the US, an ethylene plant that will further diversify the company from its liquid-fuels business. Next Story. Goldman says Eskom\'s crisis leaves no time for unbundling plan. South African President Cyril Ramaphosa’s plan to split the State-owned power utility into generation, distribution and transmission divisions will take longer than the government has to revive the business, according to Goldman Sachs Group. Eskom Holdings is focusing on trying to avoid implementing power cuts through the year, as it attempts to fix ageing power plants and defective new units. Ramaphosa has rolled out a 69-billion rand bailout for Eskom over the next three years and a plan to split the business into three. In Other News. Ctrack launches truck video monitoring system. Vehicle telematics and tracking services provider, Ctrack, has launched a customisable video monitoring solution for rental vehicles, light delivery vehicles, fleet vehicles, trucks, general machinery and buses. With Ctrack Iris, the number of side or back cameras used within the solution can be specified by individual customers, says Ctrack MD Hein Jordt. Also Making Headlines. Hydrogen and platinum at centre of climate change solution – Anglo . Hydrogen is at the centre of the solution to climate change and platinum, in turn, is at the centre of hydrogen, London-based Anglo American executive head of market development Benny Oeyen emphasised when he spoke to Mining Weekly Online on the sidelines of this week’s Platinum Group Metals (PGM) Industry Day. Interviewed shortly after Anglo American Platinum CEO Chris Griffith revealed, in a convincing keynote address, that “very real and credible progress is being made in the development of the hydrogen economy”, Oeyen was unequivocal about hydrogen being the sole route to 100% carbon-free driving. (Also watch attached Creamer Media video.) Next Story. 4IRSA announces launch of South Africa’s first digital economy summit. The launch of South Africa’s first digital economy summit, endorsed by Cabinet, was announced on Thursday at the Wits Tshimologong Digital Innovation Hub by Communications Minister Stella Ndabeni-Abrahams. The summit is due to take place at the end of June. In Other News. Manufacturing Indaba to focus on negative effects of power outages. Organisers of the Manufacturing Indaba 2019 said on Thursday that this year\'s conference is set to unpack promising solutions that manufacturers can implement in an attempt to recover their losses resulting from the nation\'s rolling blackouts. Major concerns have surfaced among South African manufacturers regarding the sustainability of their operations, along with the ripple effect it will have on the country\'s economy, in response to Eskom\'s recent power outages. Also Making Headlines. Intu appoints interim CFO. Intu Properties on Thursday announced the appointment of Barbara Gibbes as interim CFO with effect from April 29. Gibbes joined Intu as FD in January 2017. Next Story. Electricity 2019: A review of South Africa\'s electricity sector (PDF Report)|Creamer Media’s Electricity 2019 Report provides an overview of South Africa’s electricity sector, with a focus on Eskom’s generation and financial performance and recently announced unbundling. It also looks at the changing electricity landscape and the role of independent power producers and embedded generation in the country’s energy mix, as well as other areas such as transmission, distribution and electrification. Thank you for listening.', 'state': 'processed', 'share_url': 'https://spkt.io/a/211521', 'share_version': 'v2', 'media': [{ 'id': 1919321, 'role': 'body', 'content_type': 'application/x-mpegURL', 'url': 'https://d22tbkdovk5ea2.cloudfront.net/audio/projects/1419/podcasts/211521/media/9713af63c74e0dd3cadc3a7f1821a629.m3u8', 'created_at': '2019-04-11T15:31:36.650Z', 'updated_at': '2019-04-11T15:31:44.182Z', 'state': 'processed', 'duration': 371.441588, 'voice': { 'id': 34, 'language': 'en_GB', 'name': 'Amy' }, }, { 'id': 1919319, 'role': 'body', 'content_type': 'audio/mpeg', 'url': 'https://d22tbkdovk5ea2.cloudfront.net/audio/projects/1419/podcasts/211521/media/19d6dfbd9293e9c380f7d514dfda4d0d_compiled.mp3', 'created_at': '2019-04-11T15:31:33.284Z', 'updated_at': '2019-04-11T15:31:36.505Z', 'state': 'processed', 'duration': 371.435102, 'voice': { 'id': 34, 'language': 'en_GB', 'name': 'Amy' }, }], 'player_type': 'MinimalPlayer', 'next_podcast_external_id': null, }, { 'id': 'e2691d7a-f26f-44ce-839e-db691e1de646', 'podcast_id': 211481, 'url': 'http://www.engineeringnews.co.za/article/sme-sector-critical-to-growing-south-africas-economy-pityana-2019-04-11', 'title': 'SME sector ‘critical’ to growing South Africa’s economy – Pityana', 'author': 'Simone Liedtke', 'summary': 'Business Unity South Africa (Busa) president Sipho Pityana on Thursday said the organisation would convene a Small Business Working Group to obtain the view of small and medium-sized enterprises (SMEs)...', 'image': null, 'published_at': '2019-04-11T14:38:33.777Z', 'body': 'Business Unity South Africa (Busa) president Sipho Pityana on Thursday said the organisation would convene a Small Business Working Group to obtain the view of small and medium-sized enterprises (SMEs) on the challenges facing the SME sector and to seek solutions to those challenges. In this regard, Busa would work with entities such as the Small Business Institute (SBI) and the South African Chamber of Commerce and Industry (Sacci). Busa intends to engage with the research work done by the SBI, including its forthcoming ‘Baseline Study of Small Businesses in South Africa’. During his keynote address at SBI’s SME Indaba, in Bryanston, Pityana acknowledged that the SME sector had an important role to play in growing South Africa’s economy. He highlighted that the SBI study was a “long overdue contribution to the literature and a necessary precondition to addressing the legislative, regulatory and policy changes needed to grow the sector”. The SME sector, he added, was a “critical component of an inclusive economy”. The SME sector employs 47% of South Africa’s workforce and contributes more than 20% to the country’s gross domestic product (GDP) and pays about 6% of corporate taxes. Despite this, Pityana lamented that the South African economy does not favour SMEs, which are often burdened with structural hurdles including access to funding, lack of access to markets, inadequate skills, uncompetitive regulatory frameworks and technological disruptions. According to a survey conducted by the World Bank on the ease of starting a business, it takes 45 days for a local entrepreneur to meet the regulatory requirements to get a business up and running. In contrast, it takes less than 20 days in 130 other countries. Since 2015, South Africa’s position in the World Bank Index on the ease of doing business plummeted to 136 out of 190. This illustrates the need for a concerted effort from government and other social partners to make it easier for SMEs to operate and thrive, especially if one wishes to address the issue of job creation, Pityana told delegates. In achieving this, immense growth and employment opportunities could be created in South Africa, and would fall in line with the National Development Plan, which envisages an SME sector that should create about 90% of new jobs by 2030. Owing to this, Pityana averred that the prospects of achieving inclusive growth are greater in sectors in which the poor work, where they live, and using the factors of production that the poor possess while also reducing the prices of consumption items that the poor consume. However, he warned that this would involve structural economic changes away from an economy that is dominated by extractive industries and monopolies towards one that supports labour-intensive growth geared to meeting the needs of local and global markets. “It also means ensuring that incomes, assets and education are improved for all South Africans and that the gap between the rich and the poor narrows.”. To achieve this, Pityana stated that government would need to make it easier for small businesses to operate; as well as consider the most effective way of channelling the billions of rands in investment recently secured into the sector, while ensuring that government processes are free of corruption and remain fair and create whole new industries and jobs. Additionally, he highlighted that the Fourth Industrial Revolution policy framework would need to be geared to “unleash the potential of small enterprises”. Owing to this difficult environment, Pityana told delegates that business, labour, civil society and government had to have “all hands on deck” to turn the South African economy around. And in doing so, businesses would need to be organised, have a common purpose and have a “strong voice”. He also explained that by giving effect to Section 18 of the National Small Business Act, Cabinet members would be required to conduct an assessment of the impact of legislation, regulations and policy on SMEs. Publishing these results, he noted, would contribute to better engagement with the public and SMEs. Busa also intends to conduct a study on the main tax constraints affecting SMEs and propose solutions to the National Treasury.', 'state': 'processed', 'share_url': 'https://spkt.io/a/211481', 'share_version': 'v2', 'media': [{ 'id': 1919203, 'role': 'body', 'content_type': 'application/x-mpegURL', 'url': 'https://d22tbkdovk5ea2.cloudfront.net/audio/projects/902/podcasts/211481/media/b845748a86bfd6504a6a4157bc589f02.m3u8', 'created_at': '2019-04-11T14:38:47.310Z', 'updated_at': '2019-04-11T14:38:51.572Z', 'state': 'processed', 'duration': 264.720952, 'voice': { 'id': 34, 'language': 'en_GB', 'name': 'Amy' }, }, { 'id': 1919202, 'role': 'body', 'content_type': 'audio/mpeg', 'url': 'https://d22tbkdovk5ea2.cloudfront.net/audio/projects/902/podcasts/211481/media/02a87130b4ea7d329634ee37d9281324_compiled.mp3', 'created_at': '2019-04-11T14:38:45.124Z', 'updated_at': '2019-04-11T14:38:47.215Z', 'state': 'processed', 'duration': 264.724898, 'voice': { 'id': 34, 'language': 'en_GB', 'name': 'Amy' }, }], 'player_type': 'MinimalPlayer', 'next_podcast_external_id': null, }, { 'id': '7dbba9f0-39bd-4a6e-97de-65a510fd77f8', 'podcast_id': 211477, 'url': 'http://www.engineeringnews.co.za/article/brexit-deadline-extension-positive-for-south-africa-parsons-2019-04-11', 'title': 'Brexit deadline extension positive for South Africa – Parsons', 'author': 'Tasneem Bulbulia', 'summary': 'The extension of the Brexit deadline to October 31 and avoiding a “no deal” Brexit outcome this week will give South Africa space to maintain continuity and predictability in its important trade relati...', 'image': null, 'published_at': '2019-04-11T14:33:53.415Z', 'body': 'The extension of the Brexit deadline to October 31 and avoiding a “no deal” Brexit outcome this week will give South Africa space to maintain continuity and predictability in its important trade relations with the UK and the European Union (EU), says North West University (NWU) Business School economist Professor Raymond Parsons. He notes that the EU, as a bloc, is South Africa’s largest trading partner, with the UK as the country’s second-biggest trading partner in the EU; therefore, a smooth and orderly Brexit is in the country’s best interests. He posited that a “no deal” Brexit outcome on April 12 would generally have caused negative economic consequences, not least because of its ripple effects on the world trading system as a whole. He indicated that, in this scenario, the UK would have exited the EU overnight and immediately fallen under the World Trade Organisation’s (WTO’s) generalised tariff rules, which would have created much uncertainty and confusion. Moreover, with Britain also intending to unilaterally impose emergency overall tariffs, a proportion of these would have caused collateral damage to some sectors of South Africa’s economy, such as its automotive industry, Parsons noted. Although there is still uncertainty as to what the outcome on or before the deadline may be, Parsons acclaimed that the UK now, at least, has a valuable extra period in which to politically decide on its “controversial” future relationship with the EU. He also called for South Africa to use this time to reaffirm, adjust or renegotiate, where necessary, its existing trade agreements with the UK and the EU to ensure continuity and predictability in its existing trade relationships with these entities. Further, he noted that the Department of Trade and Industry, business associations and South African businesses with links to the UK economy must continue to monitor further Brexit developments as they unfold in the coming months.', 'state': 'processed', 'share_url': 'https://spkt.io/a/211477', 'share_version': 'v2', 'media': [{ 'id': 1919192, 'role': 'body', 'content_type': 'application/x-mpegURL', 'url': 'https://d22tbkdovk5ea2.cloudfront.net/audio/projects/902/podcasts/211477/media/ddcc0d2e5765fbcf5b8481fef778b0cb.m3u8', 'created_at': '2019-04-11T14:34:03.260Z', 'updated_at': '2019-04-11T14:34:06.712Z', 'state': 'processed', 'duration': 122.548704, 'voice': { 'id': 34, 'language': 'en_GB', 'name': 'Amy' }, }, { 'id': 1919191, 'role': 'body', 'content_type': 'audio/mpeg', 'url': 'https://d22tbkdovk5ea2.cloudfront.net/audio/projects/902/podcasts/211477/media/3c10e30a47257f6fde0361478e389cc8_compiled.mp3', 'created_at': '2019-04-11T14:34:00.976Z', 'updated_at': '2019-04-11T14:34:03.026Z', 'state': 'processed', 'duration': 122.566531, 'voice': { 'id': 34, 'language': 'en_GB', 'name': 'Amy' }, }], 'player_type': 'MinimalPlayer', 'next_podcast_external_id': null, }, { 'id': '7de260ec-332f-4973-be15-c1590065e2d6', 'podcast_id': 211476, 'url': 'http://www.engineeringnews.co.za/article/seifsa-disappointed-by-slower-feb-manufacturing-output-growth-2019-04-11', 'title': 'Seifsa ‘disappointed’ by slower Feb manufacturing output growth', 'author': 'Marleny Arnoldi', 'summary': 'The latest preliminary data published by Statistics South Africa (Stats SA) indicates that production in the broader manufacturing sector grew at a slower pace in February than in January. On a cont...', 'image': null, 'published_at': '2019-04-11T14:33:00.931Z', 'body': 'The latest preliminary data published by Statistics South Africa (Stats SA) indicates that production in the broader manufacturing sector grew at a slower pace in February than in January. On a continuous three-monthly basis, output in the manufacturing sector has been volatile, increasing from 0% in December 2018 to a 0.9% year-on-year increase in January and then slowing to a 0.6% year-on-year increase in February. The monthly data reflects a high level of volatility, the Steel and Engineering Industries Federation of Southern Africa (Seifsa) said on Thursday. Seifsa economist Michael Ade stated that manufacturing production was “disappointing” and does not augur well for both the metals and engineering cluster of industries and the broader manufacturing sector. He added that the metals and engineering cluster continuously faces headwinds underpinned by low domestic demand, unpredictable energy supply and high petrol prices. These all add to the increasing logistics costs of companies. However, in spite of the difficult operational environment, Ade remains confident that companies within the metals and engineering cluster would stay resilient and navigate the challenges posed by a “spluttering economy”. Meanwhile, Stats SA’s data, which was released on Thursday, showed that the seasonally adjusted manufacturing production decreased by 1.8% in February compared with January. This followed month-on-month changes of -1.6% in January and 0.5% in December 2018. Seasonally adjusted manufacturing production decreased by 0.6% in the three months ended February, compared with the previous three months. The largest negative contributions were made by basic iron and steel, nonferrous metal products, metal products and machinery, with -2.6% and contributing -0.5 of a percentage point; and wood and wood products, paper, publishing and printing, with -3.2% and contributing -0.4 of a percentage point. Six of the ten manufacturing divisions reported negative growth rates over the period. However, manufacturing production increased by 0.6% in February when compared with February 2018. The largest positive contributions were made by food and beverages, with 3.2% and contributing 0.8 of a percentage point; and petroleum, chemical products, rubber and plastic products, with 2.9% and contributing 0.7 of a percentage point.', 'state': 'processed', 'share_url': 'https://spkt.io/a/211476', 'share_version': 'v2', 'media': [{ 'id': 1919188, 'role': 'body', 'content_type': 'application/x-mpegURL', 'url': 'https://d22tbkdovk5ea2.cloudfront.net/audio/projects/902/podcasts/211476/media/f96c115ed63030eb6ad5c99b97947a5f.m3u8', 'created_at': '2019-04-11T14:33:11.156Z', 'updated_at': '2019-04-11T14:33:14.375Z', 'state': 'processed', 'duration': 161.657827, 'voice': { 'id': 34, 'language': 'en_GB', 'name': 'Amy' }, }, { 'id': 1919187, 'role': 'body', 'content_type': 'audio/mpeg', 'url': 'https://d22tbkdovk5ea2.cloudfront.net/audio/projects/902/podcasts/211476/media/496229d7a74ff99b8c90cea0478385fe_compiled.mp3', 'created_at': '2019-04-11T14:33:09.133Z', 'updated_at': '2019-04-11T14:33:11.033Z', 'state': 'processed', 'duration': 161.671837, 'voice': { 'id': 34, 'language': 'en_GB', 'name': 'Amy' }, }], 'player_type': 'MinimalPlayer', 'next_podcast_external_id': null, }, { 'id': '2bbe4792699b14c087e5cea6b95fab9ff6a6b62a', 'podcast_id': 210858, 'url': 'http://www.engineeringnews.co.za/', 'title': '11 April 2019. Welcome to the daily audio edition of Creamer Media\'s Engineering News. Starting with today\'s top story', 'author': 'Creamer Media - Engineering News Newsletter', 'summary': 'Nissan invests 3 billion rand in Rosslyn plant to build Navara pickup . Japanese vehicle manufacturer Nissan will invest 3-billion rand to prepare its Rosslyn plant, in Pretoria, for production of the Navara pickup...', 'image': null, 'published_at': '2019-04-10T15:31:07.464Z', 'body': 'Nissan invests 3 billion rand in Rosslyn plant to build Navara pickup . Japanese vehicle manufacturer Nissan will invest 3-billion rand to prepare its Rosslyn plant, in Pretoria, for production of the Navara pickup. Assembly will start in November 2020, and will add to current production of the NP300 one-ton bakkie and NP200 half-ton bakkie, which is set to continue. Next Story. First ever image of Black Hole released by international consortium . The international science consortium called the Event Horizon Telescope (EHT) on Wednesday unveiled, in six simultaneous press conference around the world, the first image ever taken of a Black Hole. The object imaged was the supermassive Black Hole in the centre of the M87 galaxy, 55-million light years from Earth. "You cannot see a Black Hole," noted EHT Science Council chairperson Professor Heino Falcke. "But you can see its shadow." In Other News. Business climate to remain in suspense until after elections – Sacci . The South African Chamber of Commerce and Industry’s Business Confidence Index declined by 1.6 points month-on-month to 91.8 in March. The index is also 5.8 points below the March 2018 figure of 97.6. Also Making Headlines. Corruption has eroded pillars of democracy – report . While South Africans commemorate the late freedom fighter Chris Hani, who was assassinated 26 years ago, civil society organisation Corruption Watch on Wednesday released a report on how corruption has eroded the pillars of democracy. This comes before South Africans cast their votes on May 8 in the national election. The report titled ‘Upholding Democracy’ highlights the role of civil society and members of the public in 2018, in exposing corruption and holding leaders to account. Next Story. Transnet executive resigns following suspension. Transnet has announced that its chief executive for Freight Rail, Ravi Nair has resigned following his suspension in March. Nair was one of four executive committee members who was suspended with immediate effect at the time. In Other News. Elmacast Engineering- Invests 134 rand million into autonomous upgrades in foundry|Elmacast Engineering (PTY) LTD, a foundry situated in Springs, South Africa, has recently completed phase one of its expansion project which entailed the installation of 4 new induction furnaces, automated continuous caster and a fully integrated double line heat treatment plant. The cost of the project totalled 134-million rand which increased the foundry’s capacity to produce in excess of 2500 tons a month of chrome casted grinding media for ball mills. Next story: M\u0026R JV issued arbitral award in Dubai airport dispute. Murray \u0026 Roberts (M\u0026R) has announced that an arbitral award has been issued in relation to a dispute between the Al Habtoor M\u0026R Takenana (HMRT) joint venture (JV) and Dubai Civil Aviation (DCA) regarding a construction contract at the Dubai International Airport. The Dubai International Arbitration Centre tribunal in its award, announced on April 3, made a number of determinations, dealing with many claims and counterclaims of the HMRT JV and DCA. Also Making Headlines. Tribunal dismisses commission’s application to amend West Cape referral. The Competition Tribunal on Tuesday dismissed an application made by the Competition Commission to amend and supplement a complaint referral relating to alleged collusion by construction companies on a tender for the South African National Roads Agency Limited (Sanral). The tribunal in August 2018 heard the commission’s application to extend the scope of the complaint referral such that Power Construction would be cited as having contravened the Competition Act by engaging in collusive conduct. Next Story. SANDF to craft industry transformation framework. The South African National Defence Force will on Friday host a broad-based black-economic empowerment event at the Council for Scientific and Industrial Research convention centre, in Pretoria. The purpose of the event is to create a framework for meaningful and sustainable transformation. In Other News. Redefine demonstrates why its investment strategy works. JSE-listed Redefine Properties continues to thrive amid a subdued environment, as a result of its strategy of investing where it believes the best market opportunities lie, while also catering to the demands of tenants. This is according to CEO Andrew Konig, who cautioned that, especially in Rosebank, “cognisance must be taken of the future impact on municipal infrastructure and roads that are not being upgraded by council”. Also Making Headlines. The future of procurement under the spotlight. Leaders and employees in supply chain management and procurement are hoping to ramp up their roles, achieve increased savings and become more influential players within their organisations. The Smart Procurement World conference, in Cape Town, has brought together people from the public and private sectors with this in mind. Next Story. Construction 2019: A review of South Africa\'s construction sector (PDF Report)|Creamer Media’s Construction 2019 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment in the construction sector, key participants, local demand, international expansion, competition commission activities, corporate activity of the country’s major construction companies, and issues such transformation, the shortage of skills and safety. Thank you for listening.', 'state': 'processed', 'share_url': 'https://spkt.io/a/210858', 'share_version': 'v2', 'media': [{ 'id': 1917188, 'role': 'body', 'content_type': 'application/x-mpegURL', 'url': 'https://d22tbkdovk5ea2.cloudfront.net/audio/projects/1419/podcasts/210858/media/a69f549167780d86c39abdae516bfdfa.m3u8', 'created_at': '2019-04-10T15:31:26.894Z', 'updated_at': '2019-04-10T15:31:33.602Z', 'state': 'processed', 'duration': 373.296455, 'voice': { 'id': 34, 'language': 'en_GB', 'name': 'Amy' }, }, { 'id': 1917187, 'role': 'body', 'content_type': 'audio/mpeg', 'url': 'https://d22tbkdovk5ea2.cloudfront.net/audio/projects/1419/podcasts/210858/media/646ac3b3ec370bc17b99918321709905_compiled.mp3', 'created_at': '2019-04-10T15:31:23.488Z