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Economist warns of consequences of low growth, potential tax hikes

By: Ilan Solomons     Updated 56 minutes ago It is well known that the South African economy is having serious growth challenges, which is unlikely to improve over the next three years, with best estimates that the country’s gross domestic product (GDP) will grow by just 2% during this period. This is according to financial services company... 

Economist warns of consequences of low growth, potential tax hikes
Photo by Duane Daws
Citibank South Africa chief economist Gina Schoeman

Zwane to Parliament – Am I being investigated?

By: News24Wire      Updated 6 hours ago "Am I being investigated? I need to know so that we can start dealing with facts and not allegations that are in the media." Those were the introductory remarks from Mineral Resources Minister Mosebenzi Zwane who is currently appearing before Parliament's portfolio committee on mineral resources... 

‘You are too late’ – Dames on State capture inquiry

By: News24Wire      Updated 6 hours ago Former Eskom chief executive Brian Dames told Parliament’s State capture inquiry on Wednesday that while the process is a great move, it was too late. “You are too late,” he said. “You should have done this a long time ago.” 

‘You are too late’ – Dames on State capture inquiry
Photo by Duane Daws
Former Eskom CEO Brian Dames

Opinion: No guarantee Zuma’s new ‘fission expedition’ will succeed

By: Terence Creamer     Updated 1 hour 50 minutes ago We know for certain what President Jacob Zuma’s latest Cabinet reshuffle was not. It was not about South Africa, or about good governance. It was not about doing what is necessary to place the economy back on a growth trajectory. It was not about dealing with the triple scourge of poverty,... 

Opinion: No guarantee Zuma’s new ‘fission expedition’ will succeed
Photo by Duane Daws
Energy Minister David Mahlobo

South African egg output tumbles, jobs cut after avian flu

By: Reuters     Updated 30 minutes ago Commercial egg production in South Africa has tumbled 17% and over 1 000 workers have lost their jobs in the wake of an outbreak of avian flu in June, industry experts said on Wednesday. Commercial egg production per day has dropped to 17-million from 20.4-million after an outbreak of the H5N8... 

11% of government departments may not be able to operate in future - AG

By: News24Wire      Updated 7 hours ago Auditor General Kimi Makwetu has revealed in Parliament that 11% of government departments face "material uncertainty" about their ability to continue operating in future. Makwetu was reporting before the Standing Committee on Public Accounts (Scopa), the Standing Committee on Appropriations, and... 

Mango strike continues, Solidarity and airline resume wage talks

By: African News Agency      Updated 6 hours ago Trade union Solidarity will on Wednesday return to the negotiating table with South African low-cost carrier, Mango Airline amid an ongoing pilots’ strike over wage hikes. Mango airline’s flight crews downed tools at 5 am on Monday morning after wage negotiations with Solidarity collapsed.... 

Icasa appoints new CEO

By: Creamer Media Reporter      Updated 4 hours ago Willington Ngwepe has been appointed CEO of the Independent Communications Authority of South Africa (Icasa), after having served as acting CEO from July 7. This follows after the suspension of former CEO Pakamile Pongwana, in July. Icasa and Pongwana in August agreed to a “mutual separation”. 

Wilken to join MAS Real Estate as CEO

By: Anine Kilian     Updated 6 hours ago Morné Wilken has been appointed CEO of JSE-listed MAS Real Estate, effective January 1, 2018. Lukas Nakos will continue as CEO until Wilken takes up his position. 

Nigeria's SEC orders suspension of Oando's shares

By: Reuters     Updated 2 hours 20 minutes ago Nigeria's Securities and Exchange Commission (SEC) said on Wednesday it had suspended trading in the shares of Oando after the regulator said it suspected insider dealing and discrepancies in the energy company's shareholding structure. The SEC ordered the Nigerian Stock Exchange to implement a... 

Diamond exploration intensifying close to mine that paid for itself in 3.5 days 

By: Martin Creamer     Updated 38 minutes ago London- and Botswana-listed Botswana Diamonds which is funding diamond exploration on three sites in South Africa, expects to declare an inferred resource by year-end at its Thorny River project in Limpopo, which is located very close to the Marsfontein mine that had an astonishing... 

Botswana Diamonds MD James Campbell talks to Mining Weekly Online's Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Lionel da Silva

VW's Seat abandons ambitions to enter Iranian market

By: Reuters     Updated 1 hour 50 minutes ago Volkswagen’s (VW's) Spanish division Seat is no longer looking at the possibility of entering the Iranian car market, saying on Wednesday that it needed to concentrate instead on boosting growth in its core markets in Europe and other regions. The decision was not taken as a result of US... 

Chamber files for review of 'disastrous' Mining Charter

By: News24Wire      Updated 4 hours ago The Chamber of Mines filed an application in the North Gauteng High court on Tuesday to have a judicial review and setting aside of the Mining Charter. According to the founding affidavit, the Charter released by Mineral Resources Minister Mosebenzi Zwane on June 15 had, and continues to have, a... 

Chamber files for review of 'disastrous' Mining Charter
Photo by Duane Daws
Chamber of Mines CEO Roger Baxter

Brian Dames: Gigaba adviser lured me to meet Guptas

By: News24Wire      Updated 4 hours ago Former Eskom CEO Brian Dames said he was asked to meet “some people” who turned out to be the Guptas by Finance Minister Malusi Gigaba’s adviser Siyabonga Mahlangu. “It was somewhere in Midrand and there was one other individual: I assume it was one of the brothers,” he said. “I was very angry... 

Brian Dames: Gigaba adviser lured me to meet Guptas
Former Eskom CEO Brian Dames

Europe aviation agency advises suspending use of Kobe Steel products

By: Reuters     Updated 6 hours ago Europe's aviation regulator has advised aircraft manufacturers to suspend using parts from Kobe Steel until their legitimacy can be proved, following revelations about data cheating at the Japanese company. The European Aviation Safety Agency (EASA) said the concern was not serious enough at this... 

China's CEFC eyes big league with Rosneft oil offtake deal

By: Reuters     18th October 2017 As part of its recent $9.1-billion investment in Russian oil giant Rosneft, little-known CEFC China Energy will have access to up to 260 000 bbl/d of Russian oil - giving it the sort of market clout to potentially challenge dominant Western oil traders like Vitol. For China, the world's top crude... 

Evidence of blatant corruption at Eskom unpacked at Parliament’s inquiry into State capture

By: Kim Cloete     17th October 2017 Parliament’s Portfolio Committee on Public Enterprises has kicked off its inquiry into alleged State capture with a report revealing “overwhelming evidence of grand corruption”, governance failure and a stream of irregularities at Eskom, South Africa’s largest State-owned entity. Research... 

Evidence of blatant corruption at Eskom unpacked at Parliament’s inquiry into State capture
Research professor Anton Eberhard

EU remains focused on progressive trade policies, transparency

By: Natasha Odendaal     17th October 2017 Transparency, as well as balanced, inclusive and progressive trade policies remain top priorities for the European Union (EU) Commission as it shifts its trade approach in an ever-changing world to harness globalisation fairly. In recent years, global trade has come under immense negative... 

EU remains focused on progressive trade policies, transparency
Photo by Bloomberg
European Union Commissioner for Trade Cecilia Malmström

Key witnesses in State capture inquiry will need to face the music, warns parliamentary committee chair

By: Kim Cloete     17th October 2017 Parliament’s Portfolio Committee on Public Enterprises has started its keenly awaited inquiry into allegations of State capture, with a warning that key witnesses will not be allowed to shy away from appearing before Parliament. “We have a right to subpoena a witness if we think that witness has... 

Key witnesses in State capture inquiry will need to face the music, warns parliamentary committee chair

Zambia energy regulator hikes fuel price for retail consumers

By: Reuters     17th October 2017 Zambia announced an increase in the retail price of fuel on Tuesday, citing rising international oil prices and depreciation of the kwacha. The pump price of petrol would be increased to 12.97 kwacha per litre from 11.67 kwacha, while that of diesel would rise to 11.09 kwacha per litre from 9.87... 

Citing data scandal, local govt delays Kobe Steel coal plant assessment

By: Reuters     17th October 2017 Japan's Kobe Steel, embroiled in a data falsification scandal in its metals business, was dealt a fresh blow as a local government suspended an environmental assessment of its plans to build a large coal-fired plant on the site of an old steelworks. The government of Hyogo in western Japan, where... 

Renergen interim losses widen

By: Anine Kilian     17th October 2017 JSE-listed alternative energy company Renergen expects to report a loss a share and headline loss a share of between 19.85c and 22.39c for the six months ended August 31. This reflects a 56% to 76% widening on the 12.73c loss a share and headline loss a share for the first half of the prior... 

Ramaphosa applauds Safcec’s efforts to transform the country’s built environment

By: Anine Kilian     17th October 2017 Deputy President Cyril Rampahosa has lauded the South African Forum of Civil Engineering Contractors (Safcec) for partnering with government to transform the country’s built environment. “I applaud the forum for leading the voluntary rebuilding programme, which led to a landmark agreement with... 

Defence and security industries need to work together – Armscor CEO

By: Keith Campbell     17th October 2017 In his address to South Africa's first Homeland Security Conference, in Pretoria, on Tuesday, Armscor CEO Kevin Wakeford highlighted that it marked the first time that the defence and security industries were "sitting together". He asserted that the two sectors needed to work together. "We've got... 

New border agency should have own budget, needs local technology – Mapisa-Nqakula

By: Keith Campbell     17th October 2017 South Africa's soon-to-be-created Border Management Authority (BMA) will "hopefully" be funded by a new budget line, Defence and Military Veterans Minister Nosiviwe Mapisa-Nqakula told Engineering News Online on the fringes of the the Homeland Security Conference 2017, in Pretoria on Tuesday. "It... 

China factories grapple with soaring prices as pollution crackdown bites

By: Reuters     17th October 2017 Chinese exporters at the country's biggest trade fair are more optimistic about global demand now than six months ago but Beijing's crackdown on pollution is ramping up costs and product prices, hurting smaller factories and foreign buyers. At the Canton Fair where some 25 000 manufacturers are... 

Airbnb injects $1m to boost community-led tourism projects in Africa

By: African News Agency      17th October 2017 Peer-to-peer property rental accommodation platform Airbnb on Tuesday announced that it will invest $1-million through 2020 to promote and support community-led tourism projects in Africa. Airbnb said this commitment is part of its vision to empower communities through home sharing and to promote... 

PIC has not ruled out investing in SAA

By: Reuters     17th October 2017 South Africa's Public Investment Corporation, one of the continent's largest asset managers, has not ruled out investing in struggling state-owned airline SAA, its chief executive said on Tuesday. "We are not closing the door on SAA," CEO Dan Matjila told parliament's finance committee, adding... 

PIC has not ruled out investing in SAA

Cabinet reshuffle about consolidating Zuma’s power – Vavi

By: African News Agency      17th October 2017 President Jacob Zuma’s latest Cabinet reshuffle was a self-serving bid to consolidate power with a view to the ruling party’s elective conference, with no consideration for the good of the country, trade union leader Zwelinzima Vavi said on Tuesday. “It is about Jacob Zuma first and the country... 

Cabinet reshuffle about consolidating Zuma’s power – Vavi
Photo by Duane Daws
SAFTU SG Zwelinzima Vavi

NUM members down tools at PPC Cement over wages

By: African News Agency      17th October 2017 The National Union of Mineworkers (NUM) said that its members at South Africa’s leading supplier of cement and related products, PPC Cement Slurry in Mafikeng, North West, have embarked on a strike over wages. This comes after the NUM gave PPC Cement a notice to strike on Sunday last week and... 

Malmström raises EU’s concern over South Africa's stance towards renewables IPPs

By: Terence Creamer     17th October 2017 European Commissioner for Trade Cecilia Malmström confirmed on Tuesday that she had communicated the European Union’s (EU’s) unhappiness over Eskom’s refusal to enter into contracts with renewable-energy independent power producers (IPPs), some of which are European, directly with the South... 

Malmström raises EU’s concern over South Africa's stance towards renewables IPPs

Rand drops on Zuma's suprise 'pro-nuclear' Cabinet reshuffle

By: News24Wire      17th October 2017 The rand lost more than 0.5% within minutes of President Jacob Zuma's announcement of yet another surprise Cabinet reshuffle. The biggest move is that of energy - Mmamoloko Kubayi has been moved from the energy portfolio to communications, with David Mahlobo now occupying the position of Minister... 

 Rand drops on Zuma's suprise 'pro-nuclear' Cabinet reshuffle

Clover appoints CFO designate

By: Anine Kilian     17th October 2017 Frantz Scheepers has been appointed CFO designate of JSE-listed Clover, effective November 1. He will succeed current CFO Elton Bosch. 

Van market retreats as economy takes toll on small businesses, households

By: Irma Venter     17th October 2017 The total South African new van market currently ranges between 19 000 and 20 000 units a year, estimates Mercedes-Benz Vans Southern Africa VP Nadia Trimmel. “Historically, the market used to be between 22 000 and 23 000 units, but this year we do not expect it to break 20 000. The general... 

Van market retreats as economy takes toll on small businesses, households
The Sprinter

Nzimande axed in another Cabinet reshuffle

By: Anine Kilian     17th October 2017 President Jacob Zuma has again made changes to his Cabinet. The Presidency said in a statement on Tuesday that Professor Hlengiwe Mkhize has been appointed Higher Education and Training Minister, Ayanda Dlodlo as Home Affairs Minister, Mmamaloko Kubayi as Communications Minister, David Mahlobo as... 

Nzimande axed in another Cabinet reshuffle
Blade Nzimande

PRASA says it’s on top of security problems

By: News24Wire      17th October 2017 The Passenger Rail Agency of South Africa (PRASA) has responded to the damning letter written by Ernest Hendricks, regional security manager of the Western Cape. In the letter, dated 31 May and addressed to PRASA's head office in Pretoria, Hendricks described problems with the security system,... 

McKinsey 'embarrassed' by failings in South Africa scandal

By: Reuters     17th October 2017 McKinsey said on Tuesday it was embarrassed by errors it made while working with South African utility Eskom on a R1.6-billion contract that is being investigated by Parliament and police over allegations of fraud. Privately-held McKinsey, the world's largest management consultancy, said it had... 

McKinsey 'embarrassed' by failings in South Africa scandal

SARB cautious about more rate cuts

By: Reuters     17th October 2017 The South African Reserve Bank (SARB) is taking a cautious approach to monetary policy as risks to the inflation outlook are on the upside, deputy governor Daniel Mminele said. South Africa's consumer price inflation stood at 4.8% year-on-year in August. Statistics South Africa is due to publish... 

SARB cautious about more rate cuts
Photo by Bloomberg
SARB deputy governor Daniel Mminele

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