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Dismissive of 2037 nuclear timeline in IRP base case, Eskom to release RFP by year-end

By: Terence Creamer 22nd November 2016 State-owned power utility Eskom indicated on Tuesday that it planned to move ahead with a controversial request for proposals (RFP) for nuclear before the end of 2016, despite the base case in a draft Integrated Resource Plan (IRP) update indicating that the first reactor would only be required... →

Energy Minister Tina Joemat-Pettersson

Q3 unemployment hits 27.1%, highest since 2003

By: Reuters 22nd November 2016 South Africa's unemployment rose to its highest in 13 years in the third quarter, with manufacturing, mining and agriculture sectors all shedding jobs, the statistics agency said on Tuesday. Africa's most industrialised economy has grown lethargically over the last six years, making it hard to... →

Creecy unveils R250bn Gauteng budget, warns on risk late invoice payments pose

By: Megan van Wyngaardt 22nd November 2016 Departmental accruals, where invoices from one financial year are forwarded for payment in the following financial year, pose a threat to the overall financial health of the Gauteng provincial government (GPG) and its R250-billion Medium Term Budget, Finance MEC Barbara Creecy said on Tuesday.... →

South Africa matters to the US – Ambassador Gaspard

By: Natasha Odendaal 22nd November 2016 In the wake of concerns and uncertainties surrounding South Africa’s future US trade structure since billionaire businessperson and US President-elect Donald Trump won what was described as the most personality-driven political election in US history, US Ambassador to South Africa Patrick Gaspard... →

Components makers, retail industry sign wage agreement with Numsa

By: Irma Venter 22nd November 2016 South Africa’s component makers and retail motor industry have reached a new three-year wage agreement with the National Union of Metalworkers of South Africa (Numsa) and the Motor Industry Staff Association. The settlement will see wage increases at component manufacturers of 8.5% in year... →

Consultants appointed to help government decide future course for SAA, SA Express

By: Keith Campbell 22nd November 2016 A notice (NT008-2016) on the website of National Treasury has confirmed that a joint venture between Bain and Company South Africa and Abacus Advisory has been appointed the “professional service provider(s) for developing the optimal group corporate structure for the realignment of the... →

Photo by Duane Daws/Creamer Media
Airbus A340-600 of SAA at OR Tambo International Airport

GDID to hold first auction for noncore properties this month

By: Anine Kilian 22nd November 2016 The Gauteng Department of Infrastructure Development (GDID) will, this month, begin disposing of 413 noncore residential and strategic properties that are owned by the department. Addressing journalists at a media briefing in Johannesburg, Gauteng Infrastructure Development MEC Jacob Mamabolo... →

Five W Cape municipalities declared ‘disaster areas’ as drought persists

By: Anine Kilian 22nd November 2016 The ongoing drought taking a toll on the Southern African region is impacting significantly on the Western Cape, which has declared five municipalities local disaster areas, according to Western Cape Local Government, Environmental Affairs and Development Planning Minister Anton Bredell, who... →

Recent rainfall improves dam levels

By: Megan van Wyngaardt 22nd November 2016 As a result of increased rainfall in recent weeks, the total volume of water in storage across South Africa’s dams and water systems increased this week from 47.9% to 48.7%, according to the Department of Water and Sanitation (DWS). The department further confirmed that water released from the... →

Third time lucky for Division of Revenue Amendment Bill

By: African News Agency 22nd November 2016 The Division of Revenue Amendment (Dora) Bill was finally passed in the National Assembly (NA) on Tuesday following two failed attempts last week due to the absence of African National Congress (ANC) Members of Parliament (MPs) during the vote. On Tuesday and Wednesday last week, the Dora bill... →

Treasury to seek clarity from Sars regarding rogue unit

By: African News Agency 22nd November 2016 National Treasury on Tuesday said it would be seeking clarity about a reports of a rogue unit at the South African Revenue Service (SARS), similar to the so-called rogue unit that pitted Finance Minister Pravin Gordhan against the Directorate for Priority Crime investigation (Hawks) earlier this... →

MTN Zakhele Futhi to close this week

By: Creamer Media Reporter 22nd November 2016 The final implementation of the 2016 edition of MTN’s new black economic empowerment scheme, MTN Zakhele Futhi, has started, with the expectation that it will close this week. MTN Zakhele Futhi opened to qualifying black investors and groups in September, with the public offer raising some... →

Reunert posts higher FY earnings

By: Natasha Odendaal 22nd November 2016 JSE-listed Reunert on Tuesday posted an increase in normalised earnings for its continuing operations for the year ended September 30, as the group makes good progress on its strategy. The company reported normalised headline earnings per share (HEPS) of 662c for the year under review, a 14%... →

Africa still behind on ICT rankings, despite improvements

By: Natasha Odendaal 22nd November 2016 As the world increasingly becomes more connected, the latest International Telecommunications Union (ITU) report shows that nearly all 175 countries surveyed during the past year have improved their information and communication technology (ICT) development index (IDI) compared with 2015. The... →

Stor-Age declares higher-than-forecast interim dividend

By: Anine Kilian 22nd November 2016 Real estate investment trust (Reit) Stor-Age, which listed on the JSE in November 2015, on Tuesday declared a dividend of 43.04c for the six months to September 30, outperforming the prospectus forecast by more than 6%. The Reit owns and operates a portfolio valued at R1.4-billion and comprising... →

ABB delivers R1.2m substation to CPUT

By: Megan van Wyngaardt 22nd November 2016 Power and automation group ABB will this month deliver a R1.2-million UniPack compact substation to the Cape Peninsula University of Technology’s (CPUT’s) chemical engineering building, aimed at improving the university’s electrical network monitoring. The substation, the first to be supplied by... →

Fibre-to-the-home rolled out in Namibian estate

By: Megan van Wyngaardt 22nd November 2016 Pan-African telecommunications operator Paratus Telecoms has connected residents in the Finkenstein estate, east of Windhoek, with fibre-to-the-home (FTTH) – a first in Namibia. The developers of Finkenstein Manor and Finkenstein Village have partnered with Paratus Telecom to create the... →

Zimbabwe power utility expects loss to widen to $224m

By: Reuters 22nd November 2016 Zimbabwean national power company ZESA Holding's loss will widen to $224-million this year from $112-million in 2015 due to higher electricity imports and because it is selling power at below cost, the chief executive said on Monday. The southern African nation's economy is struggling from a... →

Global steel production rises 3.3% y/y in October

By: Anine Kilian 22nd November 2016 Global crude steel production, as reported by the 65 member countries of the World Steel Association (worldsteel), increased by 3.3% year-on-year to 136.5-million tons in October. South Africa’s crude steel output rose by 13.8% year-on-year to 534 000 t in October, while Egypt lifted its... →

Stinging attack on Ramaphosa over 'slave wages'

By: African News Agency 22nd November 2016 National Union of Metalworkers (Numsa) on Tuesday criticised Deputy President Cyril Ramaphosa for trying to legislate what it calls "slave wages for blacks and Africans”. The proposed R3 500 minimum wage Ramaphosa announced at the National Economic Development and Labour Council (Nedlac) on... →

Photo by Reuters
Deputy President Cyril Ramaphosa

MAS acquires mall in Poland

By: Anine Kilian 21st November 2016 Property development company MAS Real Estate has acquired the Nova Park Mall, in Poland. The company said in a statement released Monday that the acquisition was an important step in achieving its updated strategy to deliver sustainable growing income distributions - up at least 30% a year for... →

Foreign exchange losses lead to 48% y/y drop in Nampak’s FY HEPS

By: Anine Kilian 21st November 2016 JSE-listed packaging group Nampak on Monday reported a 48% decline in headline earnings per share (HEPS) to 107.6c for the year ended September 30, mainly owing to foreign exchange losses, which adversely impacted HEPS by 86.1c. Basic earnings per share for the period increased by 11% benefiting... →

Sasol unveils R1.1bn polypropylene expansion project

By: Megan van Wyngaardt 21st November 2016 Petrochemicals group Sasol on Monday inaugurated its C3 expansion project, which enables it to expand Secunda Chemicals Operations polypropylene production by 103 000 t/y to just over 625 000 t/y. The R1.1-billion, Secunda-based project was lauded as a major capital investment in tough economic... →

Sasol CEO Stephen Cornell speaks on the launch of the new C3 expansion project. Cameraperson: Nicholas Boyd Editing: Vincent Pestana

Gauteng roads department and CSIR team up to accelerate transport service delivery

By: Anine Kilian 21st November 2016 The Gauteng Department of Roads and Transport and the Council for Scientific and Industrial Research (CSIR) on Monday announced that they were embarking on several transport-related research projects that will address some of the province’s public transport challenges. “Three projects in... →

National Treasury makes further strides in bringing down supplier costs

By: Natasha Odendaal 21st November 2016 In an effort to bring down supplier costs, National Treasury’s Office of the Chief Procurement Officer (OCPO) has successfully renegotiated an existing contract with Telkom-owned Business Connexion (BCX). It is expected that the renegotiated fixed-line telecommunication services contract will... →

Gold from woodchips, grease, mine muck surprises on upside

By: Martin Creamer 21st November 2016 The recovery of gold from mine waste at Goldplat Recovery in Benoni generates a surprisingly high level of revenue while simultaneously protecting the environment and providing hundreds of valuable jobs. The London Aim-listed Goldplat, a bona fide junior producer from secondary material, last... →

Goldplat CEO Gerard Kisbey-Green talks to Mining Weekly Online’s Martin Creamer at the company’s Benoni site. Photographs: Duane Daws. Video and Video Editing: Nicholas Boyd.

Rhodes Food sets sights on concluding two largest acquisitions yet

By: Natasha Odendaal 21st November 2016 JSE-listed Rhodes Food Group has prioritised wrapping up its two largest acquisitions yet, as it reports a year-end profit surge of 70% on the back of organic and acquisitive growth. The food conglomerate is currently undertaking due diligence and seeking competition authority approval for the... →

Minimum wage adds stability that local economy needs – Jonas

By: Megan van Wyngaardt 21st November 2016 The newly proposed national minimum wage of R3 500 will not only establish greater labour stability in South Africa, but it will also evoke positive collaboration between business, labour and government, Deputy Finance Minister Mcebisi Jonas said on Monday. Speaking on the sidelines of a media... →

Deputy Finance Minister Mcebisi Jonas speaks to Engineering News Online about the state of South Africa. Camerawork: Nicholas Boyd. Editing: Vincent Pestana

Some green shoots visible in mining sector, says Barloworld’s Thomson

By: Irma Venter 21st November 2016 For the first time in four years some green shoots are starting to appear in the mining industry, says Barloworld CE Clive Thomson. Discussing the JSE-listed group’s financial results for the year ended September 30, in Johannesburg, he said he believed the current cycle had reached its bottom. →

Photo by Duane Daws
Clive Thomson

Agri confidence declines marginally in Q4, but business is still positive

By: Anine Kilian 21st November 2016 While the Agricultural Business Chamber (Agbiz)/IDC Agribusiness Confidence Index declined by five index points in the fourth quarter of this year to 55 index points, any index above 50 still indicates expansion in South African agribusiness, said Agbiz in a statement released Monday. The chamber... →

Pioneer Foods lifts FY profit, despite drought impact

By: Anine Kilian 21st November 2016 JSE-listed Pioneer Foods posted solid results for the 2016 financial year, despite the impact of the drought on maize and other crops, a higher wheat import duty and rand volatility. It posted a net profit of R1.69-billion for the year ended September 20, compared with a profit of R1.13-billion... →

Futuregrowth lifts DBSA lending suspension

By: Terence Creamer 21st November 2016 The Development Bank of Southern Africa (DBSA) has become the third public entity to confirm that Futuregrowth Asset Management has lifted a lending suspension imposed on it and five other State-owned companies (SoCs) earlier in the year. On August 31, Futuregrowth announced that, owing to... →

Photo by Duane Daws
DBSA CEO Patrick Dlamini

Protecting Gordhan's job could deter ratings downgrade – economist

By: News24Wire 21st November 2016 Ratings agencies will in all likelihood hold off on a sovereign ratings downgrade, as such a move could justify the removal of Finance Minister Pravin Gordhan. This is the view of Gina Schoeman, South Africa economist of global bank Citi, who said in a company note issued on Monday that ratings... →

Photo by Duane Daws
Finance Minister Pravin Gordhan

Agri SA proposes more consultation on proposed national minimum wage

By: African News Agency 21st November 2016 Agri SA said on Monday that it would consult widely across the agricultural sector regarding the proposed National Minimum Wage. This comes after the National Economic Development and Labour Council (Nedlac) Advisory Panel on Sunday proposed a new national minimum wage rate of R20 an hour, or... →

Kibo, GE sign collaboration agreement

By: Anine Kilian 21st November 2016 Tanzania-focused mineral exploration and development company Kibo Mining has signed a collaboration agreement with General Electric International (GE), which will supply equipment, technology and services to the Mbeya coal-to-power project (MCPP) power plant. GE will also assist Kibo in... →

Eni signs off on plans for Mozambique gas development

By: Reuters 21st November 2016 Eni on Friday finalised plans to develop Mozambique's Coral South offshore gas project, part of a larger scheme that will see Italy's top energy company and partners spend an estimated $50-billion. Eni has discovered huge gas reserves in its Area 4 concession, offering Mozambique, one of the... →

Mixed reaction to minimum wage panel report

By: African News Agency 21st November 2016 The report of the National Economic Development and Labour Council (Nedlac) advisory panel on a national minimum wage, which has proposed a figure of R3500 a month and R20 an hour, was welcomed by some but rejected by others on Sunday. Deputy President Cyril Ramaphosa released the report at a... →

Volkswagen CEO says sees case for building own battery factory – paper

By: Reuters 21st November 2016 Europe's largest carmaker Volkswagen sees building its own factory to make electronic vehicle batteries as a logical move as it expands production of low-emission cars after its emissions scandal. Volkswagen and its labour unions agreed on Friday to cut 30 000 jobs at the core VW brand in... →

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