Top 5 on Fin24: Ex-Transnet board member takes on Gordhan, SA is not actually in a recession says an economist

Cape Town - A roundup of Friday's top economic and finance reads on Fin24.

Storm clouds gathering for SA consumers, economists warn

Storm clouds are gathering and are about to burst for consumers, economists warned, after poor GDP data released this week confirmed that South Africa was in a technical recession.

Isaah Mhlanga, newly appointed Executive Chief Economist at Alexander Forbes, told Fin24 the recession was the result of a process already occurring - meaning South Africans had already been feeling the effects of soaring fuel and food prices and higher unemployment.

• READ: Storm clouds gathering for SA consumers, economists warn

Ex-Transnet board member takes on Gordhan over 'racism' as case heads to court

Former Transnet board member Seth Radebe will on Monday head to court to challenge his dismissal by Public Enterprises Minister Pravin Gordhan, accusing him of racism.

The racism dispute stems from the manner in which he says Gordhan removed him, while fellow board member, Arlana Kinley, who was appointed at the same time as Radebe in December 2017 - survived the axe.

• READ: Ex-Transnet board member takes on Gordhan over 'racism' as case heads to court

SA is not actually in a recession - economist Roelof Botha

South Africa is not in a recession, despite the latest gross domestic product (GDP) figures released by Statistics SA, economist Roelof Botha said on Thursday.

SA slipped into what is generally considered a technical recession - defined as two successive quarters of negative GDP growth - on Tuesday, after GDP growth decreased by 0.7% in the second quarter of the year. This follows a restated contraction of -2.6% in the first quarter. But according to Botha there is more than one way to define what a recession is.

• READ: SA is not actually in a recession - economist Roelof Botha

Engineering body removes CEO for comments about women

The South African Institution of Civil Engineering (SAICE) has terminated Manglin Pillay’s position as CEO with immediate effect, following public outrage over his comments questioning whether women are suited to high-powered careers.

SAICE president Errol Kerst said in a statement on Thursday that the board has spent many hours “carefully deliberating the matter” after receiving “numerous responses” from concerned members about Pillay.

• READ:Engineering body removes CEO for comments about women
  

Why a policy expert says SA's current phase of chaos is 'normal'

South Africa is currently in a period of chaos – a normal phase to go through after years of neglect, corruption and weak leadership.

This is the view of policy specialist Theo Venter of the North West University School of Business and Governance. He was one of the speakers at the Momentum Consult annual conference on Thursday.

“I subscribe to the view of a range of possibilities for SA’s future where one sees cyclical movements followed by periods of chaos. It shows how difficult it is to deal with a situation like the country is in now,” said Venter.

• READ: Why a policy expert says SA's current phase of chaos is 'normal'