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‘Rebasing’ for lower Eskom sales to trigger 9.4% hike even before any revenue adjustment

By: Terence Creamer     Updated 3 hours ago State-owned electricity utility Eskom has sounded that warning that, even if its allowable revenue is not increased at all for the 2018/19 year, tariffs will still need to rise by 9.4% simply to accommodate a “rebasing” electricity sales volumes when compared with those approved in the third... 

‘Rebasing’ for lower Eskom sales to trigger 9.4% hike even before any revenue adjustment

Sasol proposes new R21bn BBBEE ownership transaction 

By: Anine Kilian     Updated 3 hours ago JSE-listed Sasol on Wednesday announced a proposed new R21-billion broad-based black economic empowerment (BBBEE) ownership transaction, Sasol Khanyisa, which will replace Sasol’s debt-ridden Sasol Inzalo fund, which expires in June 2018. When Sasol Inzalo lapses, it will not be able to... 

Sasol joint president and CEO Stephen Cornell talks about the lessons learned from the Sasol Inzalo transaction and how the proposed new Sasol Khanyisa transaction will be different. Video and editing: Nicholas Boyd.

Gauteng freeway toll network nearly at capacity, says Sanral

By: Irma Venter     20th September 2017 The busiest section of the Gauteng open-road tolling (GORT) system is between the Buccleuch and Allandale interchanges, in Midrand. The traffic volume in both directions in 2016 reached 245 500 vehicles a day during the week, on average, says South African National Roads Agency Limited (Sanral)... 

Gauteng freeway toll network nearly at capacity, says Sanral

IFC provides $150m loan to assist BMW SA’s production plans

By: Irma Venter     Updated 3 hours ago The International Finance Corporation (IFC), a member of the World Bank, will assist in financing BMW Group South Africa’s (BMW SA’s) R6-billion investment in its Rosslyn plant, set to produce the new BMW X3. The $150 million loan comes as South Africa “seeks new sources of economic growth after... 

IFC provides $150m loan to assist BMW SA’s production plans

More British funds for trade with South Africa and renewed bilateral commitment to post-Brexit trade

By: Keith Campbell     Updated 2 hours 35 minutes ago British International Trade Secretary (equivalent to Minister in South Africa) Dr Liam Fox announced in Pretoria on Wednesday that his country’s export credit agency, UK Export Finance, has increased the funds available to South African enterprises buying British goods and to British companies... 

More British funds for trade with South Africa and renewed bilateral commitment to post-Brexit trade
Photo by Department of Trade and Industry
Dr Liam Fox (left) and Dr Rob Davies (right) outside the InvestSA One-Stop Shop in Pretoria

South Africa's AfriSam says merger offer for PPC 'fair'

By: Reuters     Updated 1 hour 47 minutes ago South African cement maker AfriSam said on Wednesday a merger proposal valuing its rival PPC at $700-million was fair, suggesting it has no intention of sweetening its offer. Shares in PPC dropped 2.52% to R6.19 at 1314 GMT, but still well above a R5.75 per share valuation in AfriSam's proposal... 

Brown receives outstanding information on Eskom’s relationship with Gupta-linked Trillian

By: African News Agency      Updated 2 hours 9 minutes ago Public Enterprises Minister Lynne Brown has received answers from Eskom to outstanding questions about its relationship with Trillian, a Gupta-linked company, her office said on Wednesday. “Minister Brown last night received Eskom’s responses to her queries. She noted  progress and Eskom will... 

Commission invites submissions for data services market inquiry

By: Creamer Media Reporter      Updated 1 hour 52 minutes ago The Competition Commission on Wednesday invited stakeholders wishing to participate in its market inquiry into data services to make formal submissions. Submissions would close on November 1. 

Seifsa supports Empowered Engineering and Manufacturing initiative

By: Creamer Media Reporter      Updated 7 hours ago The Steel and Engineering Industries Federation of Southern Africa (Seifsa) has partnered with Smart Procurement World to launch the Empowered Engineering and Manufacturing initiative, which is aimed at driving economic transformation and industrial progress in engineering and manufacturing. “The... 

ELB sees 143% increase in profitability

By: Anine Kilian     Updated 1 hour 29 minutes ago With profit for the year ended June 30 up 143% to R82-million, from a loss of R189-million in 2016, JSE-listed engineering services provider ELB has seen a 147% increase in headline earnings a share to 243c, from a loss per share of 519c. “Despite political uncertainty, the volatile currency and... 

Quantum Foods confirms avian flu outbreak at two Western Cape layer farms

By: Creamer Media Reporter      20th September 2017 Food and poultry company Quantum Foods will quarantine and depopulate two of its commercial layer farms in the Western Cape after an outbreak of avian influenza. Although the outbreak was confirmed at only two layer houses, the company has, as a preventive measure, decided to depopulate the two... 

Mozambique hopes to raise $500m for renewable energy projects

By: Reuters     20th September 2017 Mozambique offered a portfolio of small renewable energy projects to foreign investors on Tuesday which it hopes will attract $500 million in investment and give everyone in the southern African country electricity by 2030. Around 60% of people living in Mozambique, which is highly indebted, have... 

Johannesburg Water appoints new MD

     Updated 2 hours 31 minutes ago Ntshavheni Mukwevho has been appointed MD of Johannesburg Water, effective September 1. He joined Johannesburg Water as depot manager in 2003 and later served as divisional manager of investment delivery and GM of capital investment and infrastructure develoment. In 2012, he was appointed COO. 

Johannesburg Water appoints new MD
Ntshavheni Mukwevho

Glencore strikes multi-year purchase deal with Angola LNG

By: Reuters     Updated 4 hours ago Trading house Glencore is to buy liquefied natural gas (LNG) supplies from Angola LNG over a multi-year period, adding to similar recent deals between the producer and traders including Vitol. Angola LNG on Wednesday said the deal was another step toward building its sales book with the most... 

Third of Pan African gold from low-cost, low-risk surface tailings

By: Martin Creamer     Updated 1 hour 45 minutes ago More than a third of the yearly gold production of Pan African Resources is destined to arise from low-cost, low-risk tailings businesses, which have long lives ahead of them. Pan African CEO Cobus Loots told investors, analysts and journalists at the company’s presentation of financial results... 

Third of Pan African gold from low-cost, low-risk surface tailings
Photo by Duane Daws
Pan African Resources CEO Cobus Loots

Pan African poised for growth, proposes R185m final dividend

By: Martin Creamer     20th September 2017 Precious metals mining company Pan African, which on Wednesday proposed a R185-million final dividend, reports that it is poised for growth as remedial action regarding its operational challenges in the 12 months to June 30 delivers expected results. The London- and Johannesburg-listed company,... 

Pan African poised for growth, proposes R185m final dividend
Photo by Duane Daws
Pan African CEO Cobus Loots

Cementir sells Italian assets to HeidelbergCement for €315m

By: Reuters     20th September 2017 Italy's third-largest cement maker Cementir Holding has agreed to sell its domestic assets to Italcementi, owned by Germany's HeidelbergCement , it said on Tuesday. Cementir, controlled by the Caltagirone family, said the deal had an enterprise value of €315-million ($377-million). 

Thyssenkrupp considered breakup before plumping for Tata JV

By: Reuters     20th September 2017 German industrial group Thyssenkrupp considered options including a breakup of the company before deciding to pursue a European steel joint venture with Tata Steel, it said on Wednesday. "Before deciding on a joint venture the Thyssenkrupp executive board examined and worked out all the available... 

10 injured as train, diesel truck collide near Stellenbosch

By: News24Wire      20th September 2017 Ten people were injured when a diesel truck collided with a Metrorail passenger train near Muldersvlei station outside Stellenbosch on Tuesday afternoon, authorities said. The truck was attempting to cross the railway line when the incident occurred, Western Cape traffic department spokesperson... 

Two more firms fire KPMG as corporate South Africa weighs links with auditor

By: Reuters     19th September 2017 A South African broker and an energy investment firm fired KPMG on Tuesday, two of a host of local firms weighing whether to ditch the auditor to distance themselves from a scandal involving business friends of President Jacob Zuma. Sasfin and Hulisani, both relatively small financial companies... 

Cybercrime becoming a major threat in South Africa

By: Anine Kilian     19th September 2017 The US Federal Bureau of Investigation has ranked South Africa sixth and seventh on the cybercrime predator list, which means that there is an increasing amount of fraud being perpetrated from the country, says computer forensics company Cyanre CEO Danny Myburgh. Speaking at the ninth Chartered... 

Cybercrime becoming a major threat in South Africa

EOH focuses on own IP, Africa and Middle East for growth

By: Schalk Burger     19th September 2017 JSE-listed information technology (IT) firm EOH is growing its own software, services and solutions, while gradually expanding its presence in the rest of Africa and the Middle East. At a presentation of the group's financial results for the year ended June 30, on Tuesday, CEO Zunaid Mayet... 

Fuel cell buses expected to spur platinum demand – Implats

By: Martin Creamer     19th September 2017 Buses powered by platinum-catalysed fuel cells are attracting the attention of South Africans, who will visit Germany next month to update themselves on passenger carriers that emit zero pollution into the atmosphere. “There’s a lot of interest in fuel cell buses simply because the refuelling... 

Fuel cell buses expected to spur platinum demand – Implats
Photo by Duane Daws
Impala Platinum (Implats) group executive marketing Paul Finney

R2K picketers call for cellphone companies to ring in the changes

By: News24Wire      19th September 2017 Right2Know has led pickets outside the four major telecommunications companies in Gauteng on Tuesday, demanding affordable voice and data costs for South Africans. Tariffic, a research company, found that South Africa has the second highest data contract prices among seven countries, including... 

Imbalance in South African society driven by spatial inequality

By: Anine Kilian     19th September 2017 South Africa is fast approaching a perfect inequality rating on the Gini coefficient, University of the Witwatersrand School of Governance head Professor David Everatt said at the ninth Chartered Secretaries Southern Africa Corporate Governance conference, in Johannesburg, on Tuesday. The Gini... 

Corruption rampant in South Africa – Corruption Watch

By: Anine Kilian     19th September 2017 There is a multiplicity of factors that drive corruption in both public and private institutions throughout South Africa, nongovernmental organisation Corruption Watch chairperson Mavuso Msimang said on Tuesday. Addressing delegates at the ninth Chartered Secretaries Southern Africa Corporate... 

North West needs R17bn to upgrade road network

By: African News Agency      19th September 2017 The North West province needs R17-billion to upgrade its roads, provincial premier Supra Mahumapelo said on Tuesday. “We have given Transport Minister [Joe] Maswanganyi our total graveled road network. He is going to be coming to us on how we can work together to finance. The problem is we do not... 

Many Capetonians ignoring water restrictions – City

By: News24Wire      19th September 2017 Many Capetonians are failing to adhere to level 5 water restrictions, with only one out of two limiting their daily personal water consumption to 87 litres, the City of Cape Town said. The City of Cape Town announced level 5 water restrictions earlier this month. 

Building prospects in doldrums despite slight confidence uptick

By: News24Wire      19th September 2017 Sixty percent of respondents in a recent survey indicated that they are not happy with current business conditions. After declining by 11 points in the second quarter of 2017, the FNB/BER Building Confidence Index improved by 3 index points to 35 in the third quarter of the year. The uptick was... 

2018 Car of the Year finalists range from small to big, budget to luxury

By: Irma Venter     19th September 2017 The South African Guild of Motoring Journalists (SAGMJ) has announced the finalists in the 2018 WesBank Car of the Year competition. The announcement follows a voting process by a 30-member jury from the SAGMJ. The finalists are the Alfa Romeo Giulia; Audi Q5; BMW 5 Series; Kia Picanto; Land... 

 2018 Car of the Year finalists range from small to big, budget to luxury
The Volvo S90

Fighting kills at least 25 in oil region of South Sudan

By: Reuters     19th September 2017 Rebels in South Sudan attacked government forces in Unity State, where oil fields have been abandoned due to fighting, and 25 people including civilians were killed, a local government official said on Tuesday. South Sudan, which gained independence from Sudan in 2011 after protracted bloodshed,... 

World Bank blames lack of innovation for South Africa’s dismal productivity performance

By: Terence Creamer     19th September 2017 The World Bank’s tenth and latest South Africa Economic Update points to serious weaknesses in the area of domestic innovation, which it says lies at the heart of a worrying divergence in the country’s productivity performance when compared with both advanced economies and the country’s Brics... 

World Bank blames lack of innovation for South Africa’s dismal productivity performance
Photo by Duane Daws
World Bank program leader Sebastien Dessus

Consortium to acquire 30% stake in Ethos Private Equity

By: Creamer Media Reporter      19th September 2017 RMI Investment Managers and Royal Investment Managers (RIM) will, as the RMI & RIM Consortium, acquire a 30% interest in private equity investment firm Ethos Private Equity through a series of transactions. The transactions will include a vendor-facilitated black economic empowerment component... 

Sibanye-Stillwater announces $450m convertible bond offering

By: Martin Creamer     19th September 2017 Precious metals mining company Sibanye-Stillwater on Tuesday announced the impending launch of a $450-million convertible bond offering linked to the refinancing of the outstanding portion of the bridge loan the company raised to buy Stillwater Mining in the US. The senior unsecured guaranteed... 

Sibanye-Stillwater announces $450m convertible bond offering
Photo by Duane Daws
Sibanye-Stillwater CEO Neal Froneman

Former Eskom R&D GM to facilitate electric tech transfer in Africa – EPRI

By: Schalk Burger     19th September 2017 State-owned power utility Eskom’s former research, testing and development GM Barry MacColl has joined international nonprofit organisation, the Electric Power Research Institute (EPRI), as an EPRI International senior regional manager facilitating technology transfer in Africa. EPRI has... 

Daimler teams up with firm that promises five-minute EV charging

By: Irma Venter     19th September 2017 The trucks division of German mobility group Daimler has invested in Israeli firm StoreDot, in an effort to accelerate the adoption of FlashBattery technology in the electric vehicle (EV) market. StoreDot, a Tel Aviv-based company founded in 2012, is a nanotechnology materials firm focused on the... 

Daimler teams up with firm that promises five-minute EV charging
Charging the Fuso electric Canter truck

Thyssenkrupp works council softens opposition to Tata Steel deal

By: Reuters     19th September 2017 Thyssenkrupp's works council is prepared to consider a merger of the group's European steel operations with those of Tata Steel, even though it remains opposed to such a move as a way to restructure the business. "Negotiations will be difficult," Wilhelm Segerath, head of Thyssenkrupp's works... 

Zambia to tender for fourth voice mobile service provider

By: Reuters     19th September 2017 Zambia plans to invite bidders for a fourth mobile phone voice service provider following approval of a new licensing regime, the Minister of Transport and Communication said on Tuesday. Zambia approved a law in June allowing more mobile phone voice service providers to boost competition. 

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