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Nuclear on hold as government mulls putting Eskom in charge of the project

By: African News Agency      29th September 2016 Government will not be issuing a call for proposals for its nuclear power expansion programme on Friday to allow for more time for consultations, which could mean shifting responsibility for implementation of the project from the Department of Energy to Eskom, Minister in the Presidency Jeff... 

Nuclear on hold as government mulls putting Eskom in charge of the project
Minister in the Presidency Jeff Radebe

‘Slipping’ South Africa contributes to Africa’s big 2016 growth downgrade to 1.6%

By: Terence Creamer     29th September 2016 The World Bank has lowered its 2016 growth forecast for Africa to only 1.6%, a dramatic downward revision from the 3% figure projected in April. The new forecast represents the lowest level of growth for sub-Saharan Africa (SSA) in over two decades and is also below expected regional population... 

‘Slipping’ South Africa contributes to Africa’s big 2016 growth downgrade to 1.6%

National Treasury developing contingency plans for possible Brexit effects on S Africa

By: Keith Campbell     29th September 2016 The National Treasury is busy discussing the possible impact on the South African economy of Britain’s decision to leave the European Union (EU), known as “Brexit” for short. At the moment, it is not at all clear what the UK’s future economic relationship with the EU will look like. The UK is... 

National Treasury developing contingency plans for possible Brexit effects on S Africa

S Africa's political uncertainty, reform of State firms a concern – S&P

By: Reuters     29th September 2016 The slow reform of South Africa's state-owned firms and the upheaval swirling around the Finance Minister pose risks to the country's investment grade credit rating, an executive from Standard & Poor's said on Thursday. "We have said before that we take comfort from the targets set by the... 

Astrapak strategy bears fruit as interim profit rises

By: Megan van Wyngaardt     29th September 2016 Packaging company Astrapak on Thursday reported a 25.4% year-on-year increase in its profit of R27.6-million for the six months ended August 31, while its revenue rose 15.2% year-on-year to R734-million. The increases came on the back of the company having exited all noncore businesses and... 

Astrapak strategy bears fruit as interim profit rises
Photo by Duane Daws
Astrapak CEO Robin Moore

Eskom, IDC to collaborate on validating use of vegetable oils in utility transformers

By: Schalk Burger     29th September 2016 Power utility Eskom and the Industrial Development Corporation (IDC) on Thursday signed a memorandum of agreement at a technical workshop at the Eskom Academy of Learning, in Midrand, to complete feasibility studies to enable the adoption and use of natural esters, or vegetable oils, as... 

Competition Commission extends LPG market inquiry completion date

By: Megan van Wyngaardt     29th September 2016 The Competition Commission has amended the completion date for the liquefied petroleum gas (LPG) market inquiry to December 20, to allow sufficient time for it to finalise its report outlining the findings. In August 2014, the commission issued the terms of reference for the market inquiry,... 

DTI to launch latest industrial park revitalisation

By: Megan van Wyngaardt     29th September 2016 The first phase of the R49-million Isithebe Industrial Park revitalisation in Mandeni, KwaZulu-Natal will be launched on October 4. Isithebe is one of ten industrial parks that has been prioritised by the Department of Trade and Industry for upgrading under its Industrial Parks Revitalisation... 

Western Cape dam levels still low

By: African News Agency      29th September 2016 Despite recent spring rainfall, dam levels in the Western Cape have only increased marginally, Environmental Affairs MEC Anton Bredell said on Thursday. Bredell said he was concerned because as of Monday dams were 61.4% full compared to 90.9% at the same time last year. 

Productivity SA suspends CFO

By: Megan van Wyngaardt     29th September 2016 Productivity SA has suspended CFO Bheki Dlamini following alleged irregularities pertaining to the management of funds provided by the Unemployment Insurance Fund (UIF) for employment growth. Since 2010, the UIF provided the government entity, tasked with employment growth and productivity... 

Twenty Home Affairs officials arrested for fraud, corruption

By: Megan van Wyngaardt     29th September 2016 Twenty Home Affairs officials, and six civilians, were arrested in Bloemfontein on Thursday on grounds of fraud and corruption, Home Affairs Minister Malusi Gigaba has announced. The crackdown formed part of government’s Operation Bvisa Masina, launched in July last year. Prior to Thursday’s... 

Datatec reports H1 earnings contraction

By: Natasha Odendaal     29th September 2016 JSE- and LSE-listed Datatec on Thursday reported double-digit drops in earnings for the six months to August 31; however, a rally in the second half of the year is expected to boost earnings for the full financial year above that of the prior year. The group, which would release its interim... 

SAA offers more flights to Mauritius

By: Megan van Wyngaardt     29th September 2016 Embattled South African Airways (SAA) has added capacity on its Mauritius route, with the introduction of the bigger Airbus A330-200. From October 1, the airline will use the new aeroplane, which adds extra capacity of 200 seats a week, operating flights SA190/SA191 on Mondays, Wednesdays and... 

SAA offers more flights to Mauritius

Mozambique's Energy Minister sacked ahead of huge gas deals

By: Reuters     29th September 2016 Mozambique Energy Minister Pedro Couto has been sacked, the Presidency said on Thursday, a month before Italy's Eni is due to finalise an offshore gas project worth tens of billions of dollars. No reason was given for the dismissal of Couto, who had held the energy portfolio since January 2015. 

Gas shortages turn Nigeria's Dangote to coal to power cement

By: Reuters     29th September 2016 Nigeria's Dangote Cement has turned to locally-mined coal to power its plants in a bid to end disruptions caused by gas shortages and lower its production costs. "All our cement plants have been converted to coal," Aliko Dangote, the company's billionaire majority owner and chairman, told a... 

25th school bridge building competition demonstrates value of hands-on engineering training 

     29th September 2016 From Creamer Media in Johannesburg, this is the Real Economy Report. Sashnee Moodley: The South African Institute of Civil Engineering has held its 25th yearly school bridge building competition, which sees pupils from across Southern Africa competing and aims to get children to apply engineering... 

25th school bridge building competition demonstrates value of hands-on engineering training

Edenville raises £500 000

By: Natasha Odendaal     29th September 2016 Aim-listed Edenville Energy has raised £500 000 through an oversubscribed placing to new and existing shareholders to advance commercial mining operations at its Rukwa coal-to-power project, in south-west Tanzania. The raising will also be used to continue the project’s technical and regulatory... 

Hitachi, Toshiba, Mitsubishi in final talks to merge nuclear units

By: Reuters     29th September 2016 Hitachi, Toshiba and Mitsubishi Heavy Industries are in final talks to merge their nuclear fuel businesses as early as spring, the Nikkei business daily reported. The merger is expected to keep the nuclear operations of these companies afloat, even though most of Japan's nuclear reactors remain... 

GBCSA reaches 200 certifications in ten years, eyes 2 500 certifications

By: Natasha Odendaal     28th September 2016 As the Green Building Council South Africa (GBCSA) achieves a milestone of 200 Green Star South Africa certifications, the now ten-year-old organisation is targeting 2 500 commercial green building certifications and 10 000 residential green building certified homes by 2020. Currently, green... 

Construction confidence rises back above 50 in Q3

By: Megan van Wyngaardt     28th September 2016 Despite soft growth in the construction industry, the First National Bank (FNB)/Bureau of Economic Research Civil Confidence Index gained 11 points to 52 in the third quarter, 24 points higher than the first quarter of this year. This indicates that slightly more than half of respondents are... 

AMSA insists R2.27bn empowerment deal meets highest governance standards

By: Terence Creamer     28th September 2016 Steel producer ArcelorMittal South Africa (AMSA) has unwrapped its long-awaited R2.27-billion broad-based black economic empowerment (BBBEE) transaction, which chairperson Mpho Makwana insists meets the highest standards of probity and governance. An earlier 2010 attempt by the JSE-listed company... 

AMSA insists R2.27bn empowerment deal meets highest governance standards
AMSA's Wim de Klerk and Mpho Makwana with Likamva's Noluthando Gosa and Leslie Maasdorp

PPPFA to be repealed

By: Anine Kilian     28th September 2016 The Preferential Procurement Policy Framework Act (PPPFA) will be repealed in favour of a Public Procurement Act owing to various shortcomings in the existing Act, President Jacob Zuma has said. Speaking at the Black Business Council Awards in Johannesburg, this week, he said that in the past... 

Wescoal secures long-term coal export business

By: Martin Creamer     28th September 2016 Coal mining and marketing company Wescoal has finalised a series of coal contracts in line with its stated intention of supplying a million tonnes of coal a year into the export market. The coal purchase confirmations, which involve the supply of more than five-million tonnes of coal from... 

Wescoal secures long-term coal export business
Photo by Duane Daws
Wescoal CEO Waheed Sulaiman

York lifts FY Ebitda by 22%

By: Anine Kilian     28th September 2016 By opening up new market channels, strengthening its wholesale division and focusing on service delivery to its existing client base, JSE-listed York Timbers has achieved a 22% year-on-year increase in earnings before interest, taxes, depreciation and amortisation (Ebitda). Ebitda increased from... 

Project house DRA appoints new CEO

By: Martin Creamer     28th September 2016 Project house DRA on Wednesday announced the appointment of Wray Carvelas as its new CEO. Carvelas, who has been CEO of DRA Americas for the past five years, has served the company in various key capacities since 2001. 

Project house DRA appoints new CEO
New DRA CEO Wray Carvelas

SABMiller shareholders comfortably back AB InBev takeover offer

By: Reuters     28th September 2016 SABMiller shareholders backed the brewer's $100-billion-plus takeover by rival Anheuser-Busch InBev by a large majority on Wednesday, paving the way for one of the biggest corporate mergers in history. The £79-billion deal was comfortably passed by the SAB shareholders who voted. It had required... 

One-year countdown to the opening of Cape Town’s Zeitz Museum

By: Kim Cloete     28th September 2016 The largest art museum to be built in Africa in more than 100 years will open during Heritage weekend, in Cape Town, in September 2017. Cape Town mayor Patricia de Lille on Tuesday marked the one-year countdown to the opening of the Zeitz Museum of Contemporary Art Africa (MOCAA). 

One-year countdown to the opening of Cape Town’s Zeitz Museum
Photo by V&A Waterfront
The Zeitz MOCAA

South Africa improves slightly in global competitiveness rankings

By: Natasha Odendaal     28th September 2016 South Africa has slightly improved its competitiveness score and ranking in the World Economic Forum’s (WEF’s) latest Global Competitiveness Index (GCI), registering marginal improvements in almost all aspects of competitiveness. The 2016/17 GCI shows the African powerhouse moving up two rankings... 

South Africa improves slightly in global competitiveness rankings

Competition Commission raids cargo shipping companies

     28th September 2016 The Competition Commission on Wednesday conducted a search and seizure operation at the premises of six cargo shipping companies in the Western Cape and KwaZulu-Natal.   The commission said it suspects that Hamburg Sud South Africa, Maersk South Africa, Safmarine, Mediterranean Shipping Company,... 

Competition Commission raids cargo shipping companies

Fraud case at Accéntuate wrapped up; operating profit jumps to R13.4m

By: Irma Venter     28th September 2016 Accéntuate has wrapped up the fraud case that saw R70-million disappear at the JSE-listed flooring, water and chemicals specialist. CEO Fred Platt said on Wednesday that the guilty party – a director at its East London operation – had been charged and found guilty of fraud and theft. Sentencing... 

Fraud case at Accéntuate wrapped up; operating profit jumps to R13.4m
Accentuate CEO Fred Platt

Funding South Africa’s nuclear programme 

     28th September 2016 Creamer Media's Chanel de Bruyn speaks to Engineering News Senior Deputy Editor Keith Campbell about Eskom’s stated intention to help fund and develop South Africa’s nuclear new build programme. 

Funding South Africa’s nuclear programme

2017 car of the year finalists announced

By: Irma Venter     28th September 2016 The South African Guild of Motoring Journalists (SAGMJ) has announced the finalists for the 2017 WesBank South African Car of the Year (COTY) competition. The announcement follows a voting process by a 28-member jury from the SAGMJ. 

2017 car of the year finalists announced
Volkswagen Tiguan

MTN Nigeria denies illegal transfer allegations

By: Creamer Media Reporter      28th September 2016 Telecommunications giant MTN has dismissed media reports of the alleged “improper” repatriation of $13.92-billion out of Nigeria. Recent reports have suggested that MTN Nigeria is under investigation for illegally repatriating the funds in collusion with a number of commercial banks out of... 

MTN Nigeria denies illegal transfer allegations

PRASA owes suppliers and service providers R796m

By: African News Agency      28th September 2016 The Passenger Rail Service of South Africa (PRASA) owes Transnet and muncipalities some R796-million on accounts that have been outstanding for more than 30 days, and is not sure when it will be able to settle. This was according to a response from Transport Minister Dipuo Peters to Democratic... 

Brown: Unless economy in hands of majority, it's going nowhere

By: News24Wire      28th September 2016 The economy must be controlled by the black majority, said Public Enterprises Minister Lynne Brown. Brown spoke to media briefly following a closed meeting with the Black Business Council (BBC) in Sandton on Tuesday. 

Brown: Unless economy in hands of majority, it's going nowhere
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Hulisani invests in Kouga wind farm through R145.2m acquisition

By: Megan van Wyngaardt     27th September 2016 JSE-listed Hulisani plans to acquire the entire issued share capital of Red Cape Investment and Eurocape Renewables for a combined R145.2-million. Through the subscription of 400 ordinary shares in Red Cap, valued at R118.9-million, and 100 ordinary shares in Eurocape valued at R26.3-million,... 

Property sector contributes significantly to South Africa’s economy

By: Anine Kilian     27th September 2016 Recent figures show the South African property sector contributes as much as R191-billion to the country’s gross domestic product (GDP) and R46-billion to the fiscus, Property Sector Charter Council CEO Portia Tau-Sekati said on Tuesday. Addressing an audience at the sixteenth Rode-REIM Property... 

Govt departments spent whopping R35bn despite Gordhan's cost cut plans 

By: News24Wire      27th September 2016 Despite Finance Minister Pravin Gordhan’s stringent cost containment measures, government departments continue to spend vast amounts of money on consultants, travel, catering and entertainment. In a parliamentary question posed by the DA’s David Maynier, Gordhan said preliminary spending for... 

Govt departments spent whopping R35bn despite Gordhan's cost cut plans
Photo by Duane Daws
Finance Minister Pravin Gordhan

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