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Gordhan announces whistleblower hotline to boost fight against corruption

By: News24Wire      15th August 2018 Stabilising State-owned enterprises could take six months or longer, depending on the extent of corruption, said Public Enterprises Minister Pravin Gordhan. The minister on Wednesday briefed the portfolio committee on public enterprises on the progress made in addressing governance challenges at... 

Gordhan announces whistleblower hotline to boost fight against corruption
Photo by Dylan Slater
Public Enterprises Minister Pravin Gordhan

Rand slumps as Moody's says fiscal consolidation slows

By: Reuters     Updated 7 hours ago The rand slumped on Wednesday as ratings agency Moody's warned that the pace of fiscal consolidation in Africa's most industrialised economy had slowed. Moody's is the only one of the "big three" ratings agencies which still has South Africa's sovereign rating in investment grade, so any hint... 

Davies endorses Itac’s recommendation of increase in sugar import duties

By: Simone Liedtke     15th August 2018 Trade and Industry Minister Dr Rob Davies has endorsed the International Trade Administration Commission of South Africa’s (Itac’s) recommendation for an increase in import duties on sugar to $680/t. While the level is not at the maximum bound rate, as initially requested by the industry in the... 

Trade prospects deteriorate further in July – Sacci

By: Marleny Arnoldi     15th August 2018 Trade prospects have deteriorated further in July, from the already negative outlook in June, the South African Chamber of Commerce and Industry (Sacci) reported on Wednesday, following the release of its latest Trade Conditions Survey. Trade expectations for the next six months, as reflected... 

Rand rout threatens fuel price stability, warns AA

By: News24Wire      Updated 6 hours ago Substantial rand weakness could undo recent fuel price stability, the Automobile Association (AA) warned on Wednesday. It was commenting on unaudited mid-month fuel price data released by the Central Energy Fund (CEF). "Almost two months of modestly improving rand strength ended in a dramatic... 

Municipalities owed R139bn for services – Cogta

By: News24Wire      15th August 2018 Minister of Cooperative Governance and Traditional Affairs Zweli Mkhize has revealed that municipalities are owed R139-billion for municipal services rendered. He said that the outstanding billions made it difficult for them to pay money owed to Eskom. Mkhize was responding to questions in the... 

ANC chairperson wants state to seize land from those with over 12 000 ha

By: Reuters     Updated 6 hours ago National Chairperson of the African National Congress (ANC) Gwede Mantashe gestures at the end of the 54th National Conference of the ruling ANC at the Nasrec Expo Centre in Johannesburg, South Africa, December 21, 2017. REUTERS/Siphiwe Sibeko JOHANNESBURG (Reuters) - The chairman of South... 

Emira delivers positive FY18 performance with 2.53% distribution increase

By: Simone Liedtke     Updated 5 hours ago Real estate investment trust (Reit) Emira Property Fund’s distributions for the financial year ended June 30, increased by 2.53% year-on-year, despite persistently tough trading conditions. This increase, CFO Greg Booyens said on Wednesday, reaffirms the company’s turnaround and return to... 

Freedom Property subsidiary sells noncore residential units

By: Anine Kilian     Updated 6 hours ago Zambesa Investments, a wholly owned subsidiary of JSE-listed Freedom Property Fund, has agreed to sell eight residential units and 33 service stands, collectively called Tubatse Homes, in Burgersfort. The purchase consideration is R12.6-million and comprises a deposit of R2.52-million, which is... 

South African black property owners want certainty over land reform policy

By: African News Agency      Updated 7 hours ago South Africa's black practitioners in the property development sector do not have any qualms about an amendment of the Constitution to expropriate land without compensation, but they want certainty over the policy and decisive action if it is to be implemented.  Nkuli Bogopa, president of the... 

ARB acquires Radiant Group

By: Natasha Odendaal     15th August 2018 JSE-listed ARB Holdings and its subsidiary Eurolux have taken the next step towards acquiring 100% of the total issued share capital of Radiant Group from South Ocean Holdings. The parties on Wednesday announced the signing of the definitive agreements, which outlined that the purchase price for... 

M&R expects to report higher FY18 earnings

By: Anine Kilian     Updated 7 hours ago JSE-listed Murray & Roberts (M&R) expects its results for the financial year ended June 30, to show an improvement of at least 20% year-on-year in diluted and basic earnings a share and headline earnings a share. The group said on Wednesday that it also expects to report cash, net of debt, of at... 

Kibo to acquire 60% stake in UK energy company

By: Simone Liedtke     15th August 2018 Africa-focussed energy company Kibo Energy has signed a memorandum of understanding (MoU) for the acquisition of a 60% equity interest in UK company Mast Energy Developments (MED). Under the terms of the MoU, Kibo can acquire a 60% shareholding in MED for £300 000 payable to existing MED... 

Orion turbocharges Prieska study

By: Martin Creamer     Updated 5 hours ago The Sydney- and Johannesburg-listed exploration and development company Orion Minerals, which is developing a zinc and copper project at Prieska in the Northern Cape, on Wednesday announced the second tranche of its two-tranche share issuance to raise $7.86-million. The total $11-million capital... 

Orion turbocharges Prieska study
Photo by Creamer Media
Orion Minerals CEO Errol Smart

Two workers die at Dubai aluminium furnace, EGA says

By: Reuters     Updated 6 hours ago Two workers died at an industrial furnace in Dubai, reportedly by burning to death, the operator of the plant said on Tuesday. Emirates Global Aluminium said the accident took place on Monday as the men "were working at an industrial furnace, which was shut down for routine maintenance and was... 

What is driving a rally in EU carbon permit prices?

By: Reuters     Updated 7 hours ago The Benchmark European carbon price hit a 10-year high on Wednesday, marking a near 130% rise this year, with prices set to continue climbing over the next few years. The European Union's Emissions Trading System (ETS) charges power plants and factories for every tonne of carbon dioxide (CO2)... 

SA Express flights to take off next week – Gordhan

By: News24Wire      15th August 2018 Grounded SA Express will be ready to take off next week, said Public Enterprises Minister Pravin Gordhan. He was briefing the portfolio committee on public enterprises in Parliament on Wednesday, on the progress made in addressing governance challenges at various state-owned enterprises. Speaking... 

City of Joburg’s inner city revitalisation 

15th August 2018 Creamer Media's Chanel de Bruyn speaks to Creamer Media Online Writer Marleny Arnoldi about the latest developments with regard to the City of Joburg’s inner city revitalisation project. 

City of Joburg’s inner city revitalisation

South Africa's 2018 growth to be 'much lower' than initial forecasts – SARB

By: Reuters     15th August 2018 South Africa's economic growth this year will be "much lower" than initial expectations, the South African Reserve Bank (SARB) said in a presentation to Parliament on Wednesday, calling any recovery "weak and choppy". The SARB added that fixed investment was not expected to pick up meaningfully... 

South Africa's 2018 growth to be 'much lower' than initial forecasts – SARB

Cable theft disrupts Metrorail's Joburg-Pretoria train service

By: Reuters     15th August 2018 Metrorail has said its technical teams are busy replacing stolen cables after its train service between Pretoria and Johannesburg was disrupted on Wednesday morning due to missing overhead wires on both lines at Olifantsfontein. As a result, trains from Johannesburg are turning around at... 

SAPA to continue to campaign for chicken to be exempt from VAT

By: Anine Kilian     14th August 2018 The South African Poultry Association will continue to campaign for chicken to be exempt from value-added tax (VAT) because it believes it is in the interests of the country and lower-income households, it said in a statement on Tuesday.   SAPA is disappointed that the Woolard panel did not... 

Research chairs established to assist South African waste sector

By: Simone Liedtke     14th August 2018 The South African waste sector is in desperate need of change, says Council for Scientific and Industrial Research (CSIR) Waste Research, Development and Innovation (RDI) Roadmap Implementation Unit manager Professor Linda Godfrey. Speaking at the launch of South Africa’s first research chairs in... 

Research chairs established to assist South African waste sector
Photo by Dylan Slater
University of the Western Cape professor Catherina Schenk

Tiger Brands class action lawsuits combined into one certification application

By: Marleny Arnoldi     14th August 2018 The attorneys acting on behalf of the different applicants in two separate listeriosis class action lawsuits against Tiger Brands over the listeriosis outbreak have agreed to combine the lawsuits into a single certification application. Tiger Brands on Tuesday said its legal representatives... 

City of Joburg makes 71 inner city properties available for private sector development

By: Marleny Arnoldi     14th August 2018 Johannesburg executive mayor Herman Mashaba has declared Johannesburg’s inner city open for business by putting 71 properties out to tender for private sector development into mixed-income housing, student accommodation and small business rental space. This forms part of City of Joburg’s inner... 

Ford produces milestone 500 000 Rangers in South Africa

By: Schalk Burger     14th August 2018 Ford Motor Company of Southern Africa’s (FMCSA’s) Silverton assembly plant, in Pretoria, has produced its 500 000th Ford Ranger. “The current Ford Ranger has been a remarkable success story for FMCSA, and we are delighted to have reached the 500 000 mark for this vehicle programme,” Ford Middle... 

Ford produces milestone 500 000 Rangers in South Africa
FORD RANGER 2017

Montego expands Eastern Cape pet food factory

By: Schalk Burger     14th August 2018 Local pet food manufacturer Montego Pet Nutrition increased production at its Graaff-Reinet facility, in the Eastern Cape, by 30%. The R70-million expansion, which will also create 30 more direct jobs, included a new 3 600 m2, R15-million depot, divided equally for use as a warehouse and treats... 

Nigeria's State-owned oil company considers refinery partnerships

By: Reuters     14th August 2018 Nigerian National Petroleum Corporation (NNPC) could allow private investors to install two refineries on two of its sites, the State-owned oil company said on Tuesday. NNPC said in a statement that it was considering plans to establish a 100 000 bbl/d brownfield refinery at its Port-Harcourt and... 

Lazard drafting plan to bolster Eskom's balance sheet – sources

By: Reuters     14th August 2018 State-owned power firm Eskom has hired financial adviser Lazard to draft a plan to shore up its balance sheet as it struggles to emerge from a financial crisis, two banking sources told Reuters. Cash-strapped Eskom is critical to Africa's most industrialised economy as it supplies more than 90%... 

Rwanda and global airline body partner to improve air safety

By: Rebecca Campbell     14th August 2018 The Rwanda Civil Aviation Authority (CAA) has signed a Memorandum of Understanding (MoU) with the International Air Transport Association, to partner to improve aviation safety, it was announced on Tuesday. The MoU will allow the two sides to jointly establish a framework for the employment of... 

Rwanda and global airline body partner to improve air safety
Photo by Creative Commons
Kigali International Airport, Rwanda

Union takes illicit cigarettes trade fight to National Treasury

By: African News Agency      14th August 2018 Members of the Food and Allied Workers’ Union (Fawu) joined by tobacco farmers and informal traders on Tuesday as they marched to the National Treasury offices in Pretoria CBD, protesting about the thriving inflow of illegal cigarettes into the South African market, suffocating the local... 

Ramaphosa proposes new sovereign wealth fund – party officials

By: Reuters     14th August 2018 President Cyril Ramaphosa has proposed setting up a sovereign wealth fund to help boost economic growth, and his ruling African National Congress (ANC) backs the plan, two senior party officials said on Tuesday. Ramaphosa, who replaced scandal-plagued Jacob Zuma as ANC leader late last year, is... 

Energy committee blasts department for ‘boycott’ of meeting on fuel prices

By: Kim Cloete     14th August 2018 Energy Minister Jeff Radebe and his department’s failure, on Tuesday, to show up at a hotly anticipated meeting in Parliament on the fuel price has been described as a “boycott” and “a disgrace” by Parliament’s Portfolio Committee on Energy. Neither the Minister, nor his deputy Thembisile Majola,... 

Energy committee blasts department for ‘boycott’ of meeting on fuel prices

Ecowas moves to address gap in energy sector

By: African News Agency      14th August 2018 The Commission of the Economic Community of West African States (Ecowas) has moved to validate its regional strategy to popularise liquefied petroleum gas in West Africa to improve its economy and address health challenges and environmental degradation associated with the lack of access to the... 

Ethiopia plans to build new airport in Oromia region – Fana

By: Reuters     14th August 2018 Ethiopian Airlines plans to build a new airport with annual capacity of 80 million passengers in Bishoftu, about 48km southeast of the capital Addis Ababa, State-affiliated media said on Tuesday. Fana Broadcasting Corporation quoted Ethiopian Airlines CEO Tewolde Gebremariam saying that... 

Samsa investigates loss of 13 cargo containers off Durban coast

By: African News Agency      14th August 2018 The South African Maritime Safety Authority (Samsa) has launched an investigation into the loss of more than a dozen cargo containers that reportedly fell off a container ship some 22 nautical miles off the coast of Durban a week ago. Samsa on Monday issued an urgent alert warning to vessels... 

WG Wearne CFO resigns

By: Simone Liedtke     14th August 2018 Building materials company WG Wearne’s CFO Marius Bierman has resigned as a director with effect from August 11. His resignation follows a mutual agreement between Bierman and the board of WG Wearne. 

Rand rebounds two percent as Turkey-led rout eases

By: Reuters     14th August 2018 South Africa's rand gained more than 2% on Tuesday, bouncing off a two-year low struck a day before, when investors dumped emerging market assets because of fears over the Turkish economy. At 0705 GMT, the rand traded at 14.0800 versus the dollar, around 2.3% stronger on the day and more than 11%... 

Rand rebounds two percent as Turkey-led rout eases

Rukwa plant upgrade set for completion in September

By: Simone Liedtke     14th August 2018 Aim-listed Edenville Energy is planning to complete the upgrade of the processing plant at its Rukwa coal project, in Tanzania, by the end of September, which will allow for increased throughput. A Lamella clarifier water treatment plant is nearing assembly stage completion and will be installed... 

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