Business Unity South Africa (Busa) released its vision on Tuesday for accelerating the deracialisation of the South African economy, acknowledging that the pace and depth of transformation had been insufficient, to date, and that business needed to be more proactive in driving a "culture" of transformation across industries. The framework has been endorsed by all Busa members and is outlined in an 18-page document titled 'Business Approach to Black Economic Transformation for Inclusive Growth'. The term 'black economic transformation' had been selected following vigorous internal debate, but was adopted to underline the imperative of addressing the economy's skewed racial demographics, as well as a belief within Busa that 80% of the country's transformation objectives could be met through a focus on deracialisation. view more

Chemicals producer Omnia on Tuesday reported a drop in headline earnings a share to 881c for the year ended March 31, from 944c in the prior financial year, owing to a tough economic environment. This resulted in an 8% drop in its profit before tax, to R856-million. view more

South Africa is stuck in a vicious deindustrialisation cycle which has left its manufacturing sector lagging at a level well below where it should be considering its developmental stage. The country's failure to pick itself up out of the low-growth trap can mean a missed opportunity to create 800 000 to 1.1-million jobs in the stalled sector. view more

The South African Reserve Bank (SARB) said on Tuesday it has filed an application to the High Court challenging a recommendation by the country's main anti-graft watchdog to change the bank regulator's mandate. Governor Lesetja Kganyago said in court filings that the proposal by Public Protector Busisiwe Mkhwebane to strip the bank's mandate of maintaining currency and price stability would undermine SARB's role in keeping the financial system stable. view more

South Africa's Treasury on Tuesday said it was in talks with banks to possibly roll over around R9-billion ($695-million) worth of maturing debt due by struggling State airliner South African Airways (SAA) at month-end, a senior official said. Treasury Director General Dondo Mogajane told legislators that should SAA fail to meet it debt obligations, it would have ripple effects on the government's entire guarantee framework. view more

The tariff schedule negotiations under the free trade agreement (FTA) between partners in the East African Community (EAC) and the Southern African Customs Union (Sacu) are expected to be concluded by the end of July. The tariff schedules were an important, commercially meaningful step towards the implementation of the tripartite, Common Market for Eastern and Southern Africa (Comesa), EAC and the Southern African Development Community (SADC) FTA, which will create a market of 26 countries, South African Trade and Industry Minister Dr Rob Davies said on the sidelines of the Manufacturing Indaba on Tuesday. view more

The global manufacturing sector is entering a dynamic phase that will bring about a range of new market opportunities in emerging economies by 2025 and result in the emergence of a new global consumption class. Driven by steady growth in the middle class, the development of a new consumption class will drive demand for value-added manufacturing and will require a greater need for product variation in the manufacturing sector, especially innovation in materials and processes in high-technology industries. view more

Activist shareholder Allan Gray said on Tuesday it had lost faith in South African construction company Group Five's board to act in the best interest of the firm following the resignation of several directors and its chief executive. More than 10 executive and non-executive directors at Group Five have resigned since February, including nonexecutive director Babalwa Ngonyama, chairperson of the firm's audit committee and Mark Thomson, remuneration committee chairperson. No reasons were given for the resignations. view more

German carmaker BMW on Monday lifted the veil on its 2018 X3 sports-utility vehicle (SUV) at its factory in Spartanburg, South Carolina, in the US. This new X3 is also the vehicle the Rosslyn plant is gearing up to produce for the local and export markets, after assembling several generations of 3 Series sedans at the Pretoria facility. The new BMW X3 will be launched in the US autumn. view more

Volvo Trucks is testing a self-steering truck for use in the sugar cane industry. This follows autonomous refuse collection trials in Gothenburg, Sweden, as well as self-steering vehicle tests at the Kristineberg mine, in northern Sweden.   Volvo Trucks believes its newest self-steering truck can boost productivity at Brazilian sugar-cane growers. The truck, which is used to transport newly harvested sugar cane, is steered through the fields, avoiding damage to the young plants that will form the following year's crop. view more

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