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Busa outlines vision for deracialised economy as it makes transformation mea culpa

By: Terence Creamer     27th June 2017 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... 

Busa outlines vision for deracialised economy as it makes transformation mea culpa
Photo by Duane Daws
Busa president Jabu Mabuza

National taxi strike looming, warns Santaco KZN

By: News24Wire      Updated 5 hours ago The SA National Taxi Council (Santaco) in KwaZulu-Natal has reiterated that members may stage a national taxi strike in July if a meeting with government representatives does not go in their favour. Santaco KZN spokesperson Mandla Mzelemu told News24 on Tuesday that the strike on July 12 will go... 

Acting Umgeni Water chief executive appointed

By: News24Wire      Updated 6 hours ago General manager for operations at Umgeni Water, Msizi Cele, has been appointed as acting chief executive following the recent suspension of Msizi Gamede, who faces corruption allegations, the Water and Sanitation department said on Tuesday. Gamede, who has headed up Umgeni Water for nearly five... 

Water declaration signed by WCape provincial and municipal leadership

By: African News Agency      Updated 3 minutes ago Western Cape Premier Helen Zille, provincial ministers, as well as mayors from across the province, on Wednesday signed a municipal water declaration as part of efforts to secure the region’s water security. The declaration, which was signed in Worcester, was a result of the outcomes of the... 

Civil confidence falls to lowest level since 2011 – BER

By: Megan van Wyngaardt     Updated 1 hour 47 minutes ago The First National Bank (FNB)/Bureau for Economic Research’s (BER’s) Civil Confidence Index fell to 28 in the second quarter, from 40 in the first quarter, indicating that more than 70% of respondents are dissatisfied with prevailing business conditions. This, along with the first quarter of... 

Civil confidence falls to lowest level since 2011 – BER

Govt launches R1bn agroprocessing investment support programme

By: Megan van Wyngaardt     Updated 2 hours 24 minutes ago Government’s R1-billion agroprocessing support scheme (APSS), aimed at supporting brown- and greenfield investments in the local industry, was launched by Trade and Industry Minister Dr Rob Davies at the Africa Big 7 Food Forum and Saitex, in Midrand, on Wednesday. The APSS further seeks to... 

Commission denies withdrawing FX rigging charges against some banks

By: Reuters     Updated 2 hours 44 minutes ago South Africa's competition watchdog denied on Wednesday withdrawing charges against some of the 14 banks accused of rigging the rand currency, its spokesperson said. Bloomberg reported late on Tuesday that the Competition Commission would revoke its complaint against some of the lenders. 

Tullow cuts debt, raises profit under new CEO but weak oil prices weigh

By: Reuters     Updated 5 hours ago Africa-focused oil explorer Tullow Oil reduced debt in the first half of the year and reported a rise in gross profit under new CEO Paul McDade but a recent drop in oil prices means the company's bottom line remains under threat. Tullow has been under pressure to lower its mounting debt pile,... 

Black junior Wescoal set to soar 

By: Martin Creamer     Updated 5 hours ago Stripping out Wescoal’s once-off nonrecurring costs paints a pretty picture of the performance of this black-controlled coal-mining and coal-marketing junior, which has declared a dividend payout of R22-million compared with R10-million last year The once-off costs of R90-million arose from the... 

Mining Weekly Online’s Martin Creamer talks to Wescoal CEO Waheed Sulaiman on the company’s results in the 12 months to March 31. Video and Video Editing: Lionel da Silva

Tanzania eyes hydropower project in game reserve despite criticism

By: Reuters     Updated 6 hours ago Tanzania said on Tuesday it plans to build a long-delayed 2 100 MW hydroelectric plant in a World Heritage site renowned for its animal populations and variety of wildlife habitats despite opposition from environmentalists. The East African nation considers the project at Stiegler's Gorge in the... 

Coca Cola’s Appletiser plant to double yearly production

By: Megan van Wyngaardt     27th June 2017 Coca-Cola Beverages South Africa’s (CCBSA’s ) Elgin-based Appletiser plant, in the Western Cape, is set to double its yearly production by October, owing to the beverage’s integration into the CCBSA supply chain grid. Appletiser SA is a wholly owned subsidiary of CCBSA, following last year’s... 

Coca Cola’s Appletiser plant to double yearly production

Activist shareholder says loses faith in South Africa's Group Five after resignations

By: Reuters     27th June 2017 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... 

IEA recognises ECSA for a further six years for Washington Accord

By: Anine Kilian     27th June 2017 The International Engineering Alliance (IEA) has recognised the Engineering Council of South Africa’s (ECSA‘s) standards and processes for the Washington Accord for an additional six years. “The recognition of ECSA by the IEA reaffirms that ECSA conforms to global engineering education and... 

Numsa reiterates demands as it prepares for further negotiations in metals, engineering sector

By: Anine Kilian     27th June 2017 The National Union of Metalworkers of South Africa (Numsa) has confirmed it will participate in further meetings with employers in the metals and engineering sector to resolve a wage disputes. Further negotiations will take place on June 28 and 29, and again on July 5 and 6. 

Govt will spend R1.8bn to increase university lodgings by 2020

By: Megan van Wyngaardt     27th June 2017 The Department of Higher Education and Training has allocated around R1.8-billion to increase the number of available beds at public universities by 28 690 by 2020. In response to a Parliamentary question by opposition party, the Democratic Alliance, Higher Education and Training Minister Dr... 

Eskom rolls out new smart meter technology to fight electricity theft

By: Anine Kilian     27th June 2017 With South Africa losing R20-billion a year to electricity theft, State-owned power utility Eskom is deploying new technologies in a bid to mitigate theft-related losses. Addressing media during a tour of Eskom’s Research and Innovation Centre in Johannesburg on Tuesday, Eskom anti-electricity... 

Formal jobs decline by 48 000 in Q1 – Stats SA

By: Megan van Wyngaardt     27th June 2017 Jobs in the formal nonagricultural sector declined by 48 000, or 0.5%, to 9.64-million in the quarter ended March 31, Statistics South Africa’s (Stats SA’s) Quarterly Employment Statistics (QES) report has revealed. This was mainly driven by trade and finance and business services, which lost 32... 

EAC-Sacu tariffs negotiations to conclude by end-July

By: Natasha Odendaal     27th June 2017 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... 

South Africa's neighbours ban poultry imports after bird flu outbreak

By: Reuters     27th June 2017 Zimbabwe, Namibia and Botswana on Tuesday suspended poultry imports from South Africa with immediate effect following outbreaks of highly contagious H5N8 bird flu. South Africa has confirmed outbreaks of avian flu, which is often transmitted by wild birds, on at least two farms. South Africa and... 

SARB files court challenge against proposal over its mandate

By: Reuters     27th June 2017 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... 

Libya's oil production rises above 900 000 bbl/d – sources

By: Reuters     27th June 2017 Libya's oil production stands at about 935 000 bbl/d this week after touching as high as 950 000 bbl/d late last week, Libyan oil sources said on Tuesday. The National Oil Corporation (NOC), which is targeting one-million barrels a day by the end of July, received a boost this month when it... 

South Africa’s manufacturing sector ‘woefully underperforming’ – De Ruyter

By: Natasha Odendaal     27th June 2017 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... 

South Africa’s manufacturing sector ‘woefully underperforming’ – De Ruyter
Photo by Duane Daws
Manufacturing Circle chairperson Andre de Ruyter

Mokonyane fires Overberg Water board

By: Megan van Wyngaardt     27th June 2017 Water and Sanitation Minister Nomvula Mokonyane has terminated Overberg Water’s entire board, with immediate effect, citing financial irregularities. Overberg Water acting CEO Nthabiseng Fundakubi has also been recalled from her position. 

Mokonyane fires Overberg Water board

New global consumption class could stimulate new manufacturing opportunities, says Ekurhuleni MMC

By: Natasha Odendaal     27th June 2017 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... 

Knysna residents, clean-up crews warned not to touch hazardous asbestos

By: News24Wire      27th June 2017 Residents and crews cleaning up after the Knysna fire not touch or work with any asbestos they find because it is a health hazard, the Eden District Municipality said on Tuesday. A specialist registered with the Department of Labour started an assessment last Thursday of the about 650 structures... 

Cell C appoints new CFO

By: Megan van Wyngaardt     27th June 2017 Mobile services provider Cell C has appointed Tyrone Soondarjee CFO, effective July 1. “We are excited to welcome such an esteemed member of the financial services industry to lead Cell C into its next phase as a business,” said Cell C CEO Jose Dos Santos.    Soondarjee brings 30 years of... 

TNPA unveils R255m admin building at Ngqura

By: Megan van Wyngaardt     27th June 2017 State-owned Transnet National Ports Authority (TNPA) has unveiled a new R255-million administration building – eMendi – at the Port of Ngqura, in the Eastern Cape. Speaking at the unveiling, TNPA CEO Richard Vallihu said the 10 000 m2 building was named in reference to the SS Mendi troop ship... 

TNPA unveils R255m admin building at Ngqura

Treasury talks with banks to roll over SAA debt

By: Reuters     27th June 2017 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... 

Omnia FY17 results pinched by tough economy

By: Megan van Wyngaardt     27th June 2017 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. 

Omnia FY17 results pinched by tough economy
Photo by Duane Daws
Omnia chairperson Rod Humphris

Blue Label to acquire mobile device distributor in R1.9bn deal

By: Megan van Wyngaardt     27th June 2017 Local telecommunications firm Blue Label will, through its The Prepaid Company subsidiary, acquire mobile device distributor 3G Mobile for R1.9-billion. The shares in 3G Mobile will be acquired in two stages, with the initial acquisition of 47.37% of the issued share capital for R900-million,... 

Volvo Trucks expands self-driving vehicle tests to sugar cane farms 

By: Irma Venter     27th June 2017 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... 

The Volvo self-driving truck at work in a Brazilian sugar cane field

BMW unveils new X3 that will be built in SA and the US

By: Irma Venter     27th June 2017 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... 

BMW unveils new X3 that will be built in SA and the US
The new BMW X3

Omnia profit drops against tough economic backdrop

By: Reuters     27th June 2017 South African diversified chemicals maker Omnia Holdings' full-year profit dropped 7% as a tough economic environment hit its mining and chemicals divisions, the company said on Tuesday. Headline earnings per share (EPS), the main profit measure in South Africa that strips out certain one-off... 

Omnia profit drops against tough economic backdrop

Musina Intermodal Terminal to improve cross-border trade

By: Schalk Burger     26th June 2017 The Musina Intermodal Terminal (MIT), launched on Monday, is set to reduce the cost of cross-border trade, especially for bulk commodities, on the North-South trade corridor. The terminal, about 3 km outside Musina and about 13 km from the Beitbridge border post, will serve to move commodities,... 

Musina Intermodal Terminal to improve cross-border trade
Photo by Duane Daws
Trade and Industry Minister Dr Rob Davies is taken on a tour of the Beitbridge Border Post on Monday

Executive pay under scrutiny in Deloitte report

By: Anine Kilian     26th June 2017 With the growing inequality between organisations’ top brass and their general workforce under intense scrutiny, consulting and advisory firm Deloitte has found that increases to CEOs’ guaranteed pay over the last five increase periods have exceeded inflation by a considerable margin,  with... 

Greenhouse tightening as govt imposes Paris agreement – Exxaro

By: Martin Creamer     26th June 2017 The legislative changes around emission of greenhouse gases is becoming more onerous as the South African government implements the Paris Agreement, diversified black-owned resources group Exxaro said on Monday, when the coal-mining major announced that “good progress” had been made finalising... 

Greenhouse tightening as govt imposes Paris agreement – Exxaro
Photo by Duane Daws
Exxaro CEO Mxolisi Mgojo

Europe will retaliate if hit by US steel controls – EU trade chief

By: Reuters     26th June 2017 The European Union would retaliate if European steelmakers suffered collateral damage from import restrictions the administration of US President Donald Trump is considering, EU trade chief Cecilia Malmstrom said on Monday. A US investigation into whether foreign-made steel imports pose a rise to... 

Finance platforms available to SMMEs, entrepreneurs need to take a more involved approach 

By: Natasha Odendaal     26th June 2017 It is not a lack of or access to development financing in South Africa that is holding back small, medium-sized and microenterprises (SMMEs), but rather entrepreneurs’ understanding of and approach toward accessing financing, a panel of speakers told delegates at the Small Business Indaba on... 

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