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Reserve Bank cuts repo rate, denies political pressure

By: Reuters     Updated 2 hours 46 minutes ago South Africa's central bank unexpectedly cut its benchmark lending rate for the first time in five years on Thursday, citing weak growth and easing inflation, and denied any pressure from recent political attacks against its mandate. South Africa's main anti-graft watchdog recommended last month... 

Reserve Bank cuts repo rate, denies political pressure
Photo by Reuters
Lesetja Kganyago

UK reassures SACU about future trade relations

By: Keith Campbell     Updated 6 hours ago The Southern African Customs Union (SACU) has welcomed the UK’s intention of preventing disruption of trade relations with other countries as it leaves the European Union (EU). This was affirmed in a Joint Statement issued by SACU and the UK following discussions between Trade Ministers from the... 

Mercedes-Benz seeks ‘fair share’ of growing bakkie market with new X-Class 

By: Irma Venter     Updated 7 hours ago With a new-bakkie market of roughly 110 000 units a year, Mercedes-Benz South Africa (MBSA) would like to secure its “fair share” of this lucrative, “but highly competitive” segment with the launch of the new X-Class in the local market in the first half of next year, says Mercedes-Benz Vans... 

A preview of the new X-Class, to be launched in South Africa in 2018

Vodacom Q1 revenue rises on South African operation’s strong performance

By: Creamer Media Reporter      Updated 7 hours ago Strong revenue growth in its South African operation boosted telecommunications group Vodacom’s group revenue for the quarter ended June 30, by 3.9% year-on-year to R20.7-billion. In South Africa, revenue grew by 7.8% year-on-year to R16.65-billion, underpinned by a 17% increase in equipment... 

Vodacom Q1 revenue rises on South African operation’s strong performance
Photo by Duane Daws
Vodacom CEO Shameel Joosub

AMSA predicts sharply higher H1 loss

By: Reuters     Updated 3 hours ago Steelmaker ArcelorMittal South Africa expects first-half headline losses to increase by over 200% because of higher costs, the company said on Thursday. The company, majority-owned by ArcelorMittal, forecast a headline loss per share in a range of 143 and 152 cents for the six months ended 30... 

Numsa has no desire to avoid strike action – Saefa

By: Anine Kilian     Updated 2 hours 4 minutes ago Responding to the National Union of Metalworkers of South Africa’s (Numsa’s) alleged intention to take industrial action to “shut down” the country’s engineering sector, the South African Engineers and Founders Association (Saefa) feels that the trade union has no desire to avoid strike action,... 

New approach needed to develop Africa’s energy landscape

By: Natasha Odendaal     Updated 1 hour 56 minutes ago Emerging from the closing panel at the PowerGen Africa conference is a strong new message – a different approach is needed to unlock 100% electricity access across Africa. There was no more time for discussions, no more time for political ramblings and no more time to rely on the traditional... 

Energy Minister, Sapia hold talks to strengthen shareholder relations

By: Anine Kilian     Updated 1 hour 50 minutes ago In an attempt find lasting solutions to the challenges facing South Africa’s petroleum sector, Energy Minister Mmamoloko Kubayi held an informative introductory meeting with the South African Petroleum Industry Association’s (Sapia’s) board of governors on Thursday. The meeting, aimed at... 

CompComm invites public to comment on information exchange guidelines

By: Anine Kilian     Updated 1 hour 18 minutes ago The Competition Commission is inviting the public to comment on draft guidelines regarding the exchange of information between competing companies. The guidelines are aimed at identifying what constitutes a permissible and impermissible exchange of information under the Competition Act, as well... 

Cape Town housing expansion not linked to water crisis

By: News24Wire      20th July 2017 Cape Town's water restrictions cannot be blamed on new housing projects popping up around the city, the city's mayoral committee member in charge of water and sanitation said. "Despite our population growth almost doubling since 1996, our water demand remained relatively flat," said Xanthea... 

Africa's major central banks embarking on policy easing cycle ride

By: Reuters     20th July 2017 Africa's major central banks are entering an easing cycle as they try to stimulate growth after months of drought, austerity drives and confidence issues across the continent, a Reuters poll found on Thursday. Much of southern and eastern Africa is still recovering after an El Niño-related... 

Shell launches Dynaflex technology in South Africa

By: Anine Kilian     Updated 2 hours 30 minutes ago Shell South Africa on Thursday launched its next generation of advanced fuel formulations enhanced with Dynaflex technology. The Dynaflex technology includes a new additive for Shell V-Power 50 ppm. 

Global steel output up 3.2% y/y in June

     Updated 2 hours 51 minutes ago Global steel production rose by 3.2% year-on-year to 141-million tonnes in June, the World Steel Association (worldsteel) has reported. This brought global steel output for the six months to June 30 to 836-million tonnes, a 4.5% year-on-year increase. 

Sharp Pan African gold production rise on way

By: Martin Creamer     Updated 3 hours ago Gold-mining company Pan African Resources is looking forward to a much improved performance in 2018 with a substantial increase in gold production. The group’s gold production guidance for the financial year ending June 30, 2018, is 190 000 oz-plus, a 10% increase on 2017 gold production. 

Sharp Pan African gold production rise on way
Photo by Duane Daws
Pan African CEO Cobus Loots

New screening processor launched to South African Market 

     Updated 3 hours ago New screening technology to the South African mining market, the MS 703 EVO, has been introduced by mobile crushing and screening equipment supplier Kleemann in June. Victor Moolman tells us more. 

New screening processor launched to South African Market

Diamond output leap helps Anglo

By: Martin Creamer     Updated 6 hours ago A sharp rise in rough diamond production at a time of stable diamond trading conditions has boosted diversified mining company Anglo American in the three months to June 30, when overall production was 8% up on a copper-equivalent basis. Rough diamond production increased by 36% to 8.7 million... 

Diamond output leap helps Anglo
Photo by Duane Daws
Anglo American CEO Mark Cutifani

Eskom ‘galloping’ towards financial distress, says Num

By: African News Agency      Updated 6 hours ago The National Union of Mineworkers (Num) on Thursday said Eskom was heading for financial distress despite the power utility’s assurances this week that it was on firm financial footing. Eskom released its 2016/17 financial results on Wednesday in which it said earnings before interest, taxes,... 

Eskom ‘galloping’ towards financial distress, says Num

Eskom’s reputational platform is burning 

By: Terence Creamer     Updated 6 hours ago Arguably one of the most telling statements made at this week’s Eskom results presentation was the public assurance given by interim CEO Johnny Dladla that “no decision would, in future, be taken outside the executive committee meetings. “Whatever decision is taken, it will be a decision that is... 

Second Take: Eskom’s reputational platform is burning

Amplats own-mine output up, sales down in two-fatality quarter

By: Martin Creamer     20th July 2017 Performance from its own mine operations helped platinum production from Anglo American Platinum (Amplats) to increase in the three months to June 30, but sales volumes fell sharply on technical problems and two mineworkers succumbed to fatal injuries. Full-year production guidance remains... 

Guinea Bissau reaches $47m deal on submarine cable

By: Reuters     20th July 2017 Guinea Bissau has agreed a memorandum of understanding with the World Bank, Orange and MTN for a $47-million project to link the country to a submarine telecoms cable connecting Africa with Europe, the government said on Wednesday. Under the agreement, French telecoms company Orange and South... 

US steel tariffs likely to trigger swift EU 'safeguard' – sources

By: Reuters     20th July 2017 US President Donald Trump's plan to impose steel import tariffs for national security reasons would likely trigger a swift "safeguard" action by the European Union, political and industry sources said. Resorting to a Cold War-era law, Trump has initiated a 'Section 232' review of the US steel... 

State capture casts long shadow over Eskom’s results  

By: Terence Creamer     19th July 2017 South Africa’s worst kept corporate secret was confirmed on Wednesday, when Eskom reported a sharp fall in after-tax profits to R888-million in 2017, from over R5-billion in the previous financial year. However, the results were overshadowed by serious allegations of corruption and... 

Interim Eskom CEO Johnny Dladla on his first 21 days and his main priorities for the embattled utility. Camera Work & Editing: Darlene Creamer. Recorded: 19.7.2017

Developed economy methodologies not the key to solving Africa’s energy poverty

By: Anine Kilian     19th July 2017 To overcome energy poverty, Africa will have to stop relying on Western solutions, that are appropriate for developed economies, to ensure access to electricity for citizens. Energy Security Services Africa head Gareth Gregory on Wednesday told delegates at the PowerGen Africa conference, in... 

Pallinghurst setting out to revitalise Gemfields as 100% owner

By: Martin Creamer     19th July 2017 Owning 100% of Gemfields will allow diversified mining company Pallinghurst to revitalise the coloured gemstones mining and marketing entity and to unlock synergies, Pallinghurst CEO Arne Frandsen said on Wednesday, when the London Stock Exchange aspirant commenced its compulsory take up of the... 

Pallinghurst setting out to revitalise Gemfields as 100% owner
Photo by Duane Daws
Pallinghurst CEO Arne Frandsen

Nuclear is essential to Africa’s energy mix – Rosatom 

By: Natasha Odendaal     19th July 2017 If Africa is to ensure it places itself on its expected path of becoming the future growth market of the world, nuclear energy needs to be included into its plans, as a lack of energy access is a major hurdle for the continent, Rosatom regional VP of sub-Saharan Africa Viktor Polikarpov said on... 

Vodacom Tanzania extends deadline for stock market listing

By: Reuters     19th July 2017 Vodacom Tanzania has extended the offer period for its initial public offering for a second time to allow foreign investors to take part, the telecom operator said on Wednesday. The company, a subsidiary of South Africa's Vodacom Group, said it had received approval from Tanzania's capital... 

Hybrid solutions key for Africa’s energy growth

By: Anine Kilian     19th July 2017 Solar photovoltaic (PV) hybrid technology is fast becoming a cost- and energy efficient solution for remote locations throughout sub-Saharan Africa. There is huge demand for electricity across the continent; however, poor and unreliable grid infrastructure is becoming a major challenge in... 

Africa’s energy future lies in solar energy, says CEO

By: Anine Kilian     19th July 2017 The future of Africa’s energy sector must rest in solar power if it is going to overcome the obstacles it currently faces, according to Zimbabwe-based renewable energy company Samansco CEO Nyasha Bamhare. Addressing delegates at the PowerGen Africa conference, which is taking place in Sandton... 

Nuclear is not just about energy – Niasa MD

By: Natasha Odendaal     19th July 2017 South Africa’s controversial nuclear energy plans have overwhelmingly overshadowed the more expansive, overall industry that has quietly developed in the country, which has become a world leader in nuclear medicine. Speaking at the one-day nuclear forum on the sidelines of the PowerGen Africa... 

Africa, Asia still lagging in Internet, electrification, banking access

By: Natasha Odendaal     19th July 2017 With a worldwide focus on connecting the last four-billion of the world’s unconnected population to the Internet, a push to ensure the last 1.2-billion people have access to electricity and unlocking the world of finance to the world’s 2.5-billion unbanked, there is a need to start thinking... 

Rosatom, African Young Generation in Nuclear ink MoU

By: Natasha Odendaal     19th July 2017 International nuclear firm Rosatom and the newly established nonprofit organisation African Young Generation in Nuclear (AYGN) have signed a memorandum of understanding (MoU) for the further development of awareness of opportunities for youth in the nuclear industry. AYGN was established earlier... 

What is government doing about Cape Town’s water crisis?

By: News24Wire      19th July 2017 Cape Town's dam levels were at just over 26% on July 17, almost 17% down on the same week last year. The City says it is hard to use the last 10% of water in dams, meaning the dam levels are essentially about 16%, GroundUp reported. For a city that relies on historically wet winters, these... 

Over halfway into the year, steel outshines oil markets

By: Reuters     19th July 2017 Over halfway into 2017, China's steel market has been the best performer among key Asian commodities because of cuts in low-grade steel production capacity that have reduced supply as demand has remained surprisingly strong. However, oil markets have been the worst performer despite a pledge by... 

Ethiopia plans to offer firms shares in road projects – finance minister

By: Reuters     19th July 2017 Ethiopia plans to offer shares in its road-building and maintenance projects to private investors, its finance minister said on Tuesday, the latest step to open up and modernise the state-led economy. The Horn of Africa country has over 113 000 km (68 000 miles) of paved roads and plans to... 

Mercedes-Benz lifts veil on production version of new X-Class bakkie

By: Irma Venter     19th July 2017 The premium market finally has a bakkie. German manufacturer Daimler on Tuesday evening in Cape Town lifted the veil on the production version of its Mercedes-Benz X-Class pickup, scheduled to launch in South Africa in the first quarter of 2018. 

Mercedes-Benz lifts veil on production version of new X-Class bakkie
Mercedes-Benz X-Class Pure

Mbalula, Maswanganyi to step into Uber feud 

By: News24Wire      19th July 2017 Police Minister Fikile Mbalula is to intervene in the apparent conflict between Uber drivers and meter taxi drivers. This after violence escalated recently, resulting in the death of an Uber driver due to injuries he sustained during an attack near Loftus Versveld Stadium in Pretoria on June 10. 

Construction on Exxaro’s new offices to start in September

By: Anine Kilian     18th July 2017 Real estate investment trust Growthpoint Properties has started the multimillion-rand development of a new head office for diversified miner Exxaro Resources. Exxaro’s new corporate headquarters will consolidate its current offices in Pretoria and Johannesburg into a single workspace, located at... 

Request for SIU probe of Eskom submitted to President Zuma

By: Terence Creamer     18th July 2017 Public Enterprises Minister Lynne Brown confirmed on Tuesday that she had submitted a formal request to President Jacob Zuma for the establishment of a Special Investigations Unit (SIU) investigation into allegations of impropriety at State-owned utility Eskom. Speaking on the sidelines of the... 

Request for SIU probe of Eskom submitted to President Zuma
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

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New screening processor launched to South African Market

Eskom’s reputational platform is burning

Mercedes-Benz seeks ‘fair share’ of growing bakkie market with new X-Class

State capture casts long shadow over Eskom’s results

On-The-Air (14/07/2017)

Defence rakes in R19bn, despite major headwinds

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