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‘Steel committee’ to be set up to monitor AMSA’s ‘fair pricing’ pledge

By: Terence Creamer     Updated 3 hours ago Government would, within weeks, finalise a “fair pricing” agreement with steel producer ArcelorMittal South Africa (AMSA) and establish a “steel committee” to monitor implementation of the formula, which would be based on a basket of selling prices in Europe, Asia and North America. Department of... 

‘Steel committee’ to be set up to monitor AMSA’s ‘fair pricing’ pledge
Photo by Duane Daws
DTI deputy director-general for industrial policy Garth Strachan

Metals sector forfeiting billions as imports capture 55% domestic market share

By: Terence Creamer     Updated 5 hours ago The share held by South African metals and engineering producers of the domestic market fell to just 45% last year as imports continued to rise, representing a material decline from a peak of over 65% in 2002. In fact, Steel and Engineering Industries Federation of Southern Africa chief economist... 

Metals sector forfeiting billions as imports capture 55% domestic market share
Photo by Duane Daws
Former President Kgalema Motlanthe

Truck market to drop 13% in 2016; 2017 to offer little reprieve – ITSA

By: Irma Venter     Updated 5 hours ago The South African new-truck market will probably drop 13.2% in 2016, to 26 500 units, compared with 2015, says Isuzu Trucks South Africa (ITSA) COO Craig Uren. Next year holds little promise for recovery, with the market currently forecast at around 27 500 units or less, he adds. 

Truck market to drop 13% in 2016; 2017 to offer little reprieve – ITSA
Craig Uren

Fitch warns South Africa of 'quick fixes' in run up to local elections

By: Reuters     Updated 5 hours ago South African authorities should avoid populist measures such as introducing a minimum wage in the run up to local elections in August, ratings agency Fitch said on Thursday. Fitch, which rates the debt of Africa's most industrialised country at BBB-, one notch above speculative grade, is... 

Fitch warns South Africa of 'quick fixes' in run up to local elections

South Africa sold 10m barrels of oil to traders in December

By: Reuters     Updated 6 hours ago South Africa defended the sale of ten-million barrels of crude oil from its strategic reserves at below market prices in December, saying on Thursday it still had reserves for 90 days. The state-run Strategic Fuel Fund (SFF) sold ten-million barrels of crude at $28 a barrel to a unit of Glencore,... 

Democratic Alliance wants AG to probe fuel stock sale

By: African News Agency      Updated 5 hours ago The Democratic Alliance will ask the Auditor-General to investigate the Strategic Fuel Fund’s sale of most of the country’s crude oil stock pile without permission from National Treasury. DA MP Pieter van Dalen said the sale of ten-million barrels of crude breached section 54 (2d) of the Public... 

Competition Commission sets sights on paper packaging companies

By: Creamer Media Reporter      Updated 5 hours ago The Competition Commission on Thursday said it was investigating packaging paper products producers Mpact and New Era Packaging over allegations of collusion. A search and seizure operation of the parties’ Gauteng and Free State premises got under way on Thursday after warrants were obtained from... 

Competition Commission sets sights on paper packaging companies

Esor returns to FY profitability

By: Natasha Odendaal     Updated 7 hours ago Civils and construction group Esor on Thursday posted a return to profitability for the year ended February 29, 2016, after a “painful” restructuring that set the JSE-listed group on a more stable path for recovery and growth. Esor swung to a profit of R3.7-million for the year under review, from... 

Sasol begins drilling of Mozambique PSA licence

By: Anine Kilian     Updated 4 hours ago Drilling is under way at Sasol’s production sharing agreement (PSA) licence in Inhambane province, Mozambique, in terms of its field development plan (FDP), which was approved earlier this year,  the petroleum giant announced Thursday. Adjacent to Sasol’s current producing petroleum production... 

Sasol begins drilling of Mozambique PSA licence

Famous Brands buys Western Cape potato processor

By: Tracy Hancock     Updated 7 hours ago Although the South African potato processing industry is growing rapidly to meet increasingly strong demand fuelled by the brisk growth in food services and the convenience market, JSE-listed Famous Brands says it lagged its peer industries in developed countries, illustrating the growth... 

Famous Brands buys Western Cape potato processor

Massmart to open 13 new stores in 2016 despite tough conditions

By: News24Wire      26th May 2016 Massmart said it will open 13 stores in 2016, despite tough economic trading conditions caused by high inflation and low economic growth in South Africa. Massmart CEO Guy Hayward told investors on Thursday that the new stores are in addition to the seven stores they have opened since 2015, “most... 

Massmart to open 13 new stores in 2016 despite tough conditions

Vukile delivers 7% growth in FY distributions

By: Anine Kilian     Updated 5 hours ago JSE-listed real estate investment trust (Reit) Vukile Property Fund grew its distributions for the year ended March 31 by 7% to 146.35c a share. Locally, most of Vukile’s activity was inward focused, improving vacancies across its portfolio from 4.6% to 3.9% of gross lettable area.   In addition,... 

Vukile delivers 7% growth in FY distributions
Vukile CEO Luarence Rapp

Transnet launches bursary drive

By: Anine Kilian     Updated 4 hours ago State-owned Transnet has invited eligible students to apply for 171 bursaries, as well as for a training programme for chartered accountants.   This was in line with the company’s commitment to expand and strengthen its skills base, with a particular focus on scarce skills in the engineering and... 

Transnet launches bursary drive

Gibbs upgrades Mkuze water treatment facility

By: Anine Kilian     Updated 3 hours ago The northern KwaZulu-Natal town of Mkuze’s water treatment facility will be upgraded by engineering firm Gibb, resulting in a larger output of clean water and improved water quality. Gibb announced on Thursday that the upgrading of the plant was earmarked to unlock growth and development within... 

Gibbs upgrades Mkuze water treatment facility

Pan African raising cash for BEE toughening, funding headroom

By: Martin Creamer     Updated 5 hours ago Gold-, platinum- and coal-mining company Pan African Resources told shareholders on Thursday that it would be raising equity capital to cement its black economic-empowerment (BEE) compliance and provide it with financial headroom for swift access to organic and acquisitive growth opportunities.... 

Pan African raising cash for BEE toughening, funding headroom
Photo by Duane Daws
Pan African CEO Cobus Loots

Continually flipped Moz gold project goes for $17.5m

By: Martin Creamer     Updated 4 hours ago The Manica gold project in Mozambique, which has been bought and sold several times in recent years, is being disposed of once more. On two occasions the disposals have been conducted under the same management head – Jan Nelson, who announced on Thursday that his London Aim-listed Xtract had... 

Continually flipped Moz gold project goes for $17.5m
Photo by Duane Daws
Xtract CEO Jan Nelson

Report finds World Heritage sites threatened by climate change

By: David Oliveira     Updated 3 hours ago Climate change is fast becoming one of the most significant risks for World Heritage sites, according to a report released by the United Nations Educational, Scientific and Cultural Organisation (Unesco), the United Nations Environment Programme and the Union of Concerned Scientists (UCS).... 

Wind power potential in South Africa on par with solar – CSIR

By: Anine Kilian     Updated 4 hours ago The potential to produce electricity from wind turbines in South Africa is more widely spread than initially thought, a study by the Council for Scientific and Industrial Research (CSIR) has determined. The study conducted by the CSIR in collaboration with the South African Energy Development... 

Wind power potential in South Africa on par with solar – CSIR

Repp, Opic team up for renewable-energy project development

By: Creamer Media Reporter      Updated 4 hours ago The Renewable Energy Performance Platform (Repp) and the US development finance institution Overseas Private Investment Corporation (Opic) have inked a memorandum of understanding that supports the development of renewable-energy projects in sub-Saharan Africa. The parties would jointly identify... 

Repp, Opic team up for renewable-energy project development

China the promised land for South African winemakers

By: Reuters     26th May 2016 South African tycoon Koos Bekker sells wine from his vineyard all over the world, but a small detail offers a clue as to where his priorities may lie - all the bottles are labelled in Mandarin. Other producers along the Stellenbosch wine routes where his 

China the promised land for South African winemakers

Engineering News iPhone and Android Apps available for free download

By: Creamer Media Reporter      26th May 2016 Creamer Media’s readers continue to be part of the mobile revolution.  Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers an Engineering News Online app for iPhone and Android users.  These apps... 

Engineering News iPhone and Android Apps available for free download

Cabinet optimistic about ratings prospects

By: African News Agency      Updated 5 hours ago Government was optimistic about South Africa’s prospects ahead of a review by ratings agency Standard & Poor (S&P) being published next week, Minister in the Presidency Jeff Radebe said on Thursday. Briefing journalists on cabinet’s fortnightly meeting, Radebe said government was confident it had... 

Cabinet optimistic about ratings prospects
Photo by Duane Daws
Minister in the Presidency Jeff Radebe

Gordhan says cannot predict S&P, Fitch ratings outcomes – report

By: Reuters     26th May 2016 Finance Minister Pravin Gordhan has said it was still unclear whether South Africa's debt could be downgraded by Standard & Poor's and Fitch after holding discussions with the rating agencies last week, the Financial Mail reported on Thursday. A team from S&P met officials in Africa's most... 

Gordhan says cannot predict S&P, Fitch ratings outcomes – report

Ministers stall on banks intervention over Gupta blacklisting

By: News24Wire      26th May 2016 The ministers tasked with intervening in the ongoing stand-off between South Africa’s big four banks and the Gupta-owned Oakbay Investments have missed their deadline. Minister in the Presidency Jeff Radebe told Parliament via a written reply to the Democratic Alliance on Wednesday that the... 

Ministers stall on banks intervention over Gupta blacklisting

The role of gas in SA’s energy mix

By: Creamer Media Reporter      26th May 2016 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about plans to increase the role of gas in South Africa’s energy mix. 

No way to avoid buying Zuma a new jet – Minister

By: News24Wire      26th May 2016 Getting a new presidential jet seems to be unavoidable, Defence Minister Nosiviwe Mapisa-Nqakula said in Parliament on Wednesday. "It seems to me, honourable members, this is a matter we have to talk about and agree on and close it,'' she said in Parliament. 

No way to avoid buying Zuma a new jet – Minister
Defence Minister Nosiviwe Mapisa-Nqakula

Quantum Foods reports H1 loss

By: Anine Kilian     25th May 2016 Citing unfavorable trading conditions and a challenging economic environment, JSE-listed Quantum Foods reported a loss in headline earnings a share decreased to 15c for the six months ended March 2016, down 11c from the 26c a share reported in 2015. Cash outflow from operations amounted to... 

Quantum Foods reports H1 loss

New acid mine water process has huge agri potential in arid areas  

By: Martin Creamer     25th May 2016 The newly developed process that yields handsome profits by converting acid mine water into valuable fertiliser materials, also has the potential to process South Africa’s large volumes of currently unusable brackish groundwater. The use of the process that eradicates acid mine drainage (AMD) for... 

Manufacturing sector sentiment tumbles in Q1

By: Natasha Odendaal     25th May 2016 Falling sales, rising unsold inventory levels and increased costs marred the sentiment of the manufacturing sector during the first quarter of the year. The Manufacturing Circle’s 2016 first quarter manufacturing survey, released on Wednesday, showed a deterioration in sentiment over the past... 

Political uncertainty, corruption drive financial distress – survey

By: Anine Kilian     25th May 2016 Political uncertainty, high unemployment rates, slow economic growth and severe drought have created a perfect storm of economic and political events for South Africa, according to advisory firm Deloitte, which published its South African Restructuring Outlook Survey 2016 on Wednesday.... 

Political uncertainty, corruption drive financial distress – survey

AMSA insists fair pricing does not equate to no price increases

By: Terence Creamer     25th May 2016 Steel producer ArcelorMittal South Africa (AMSA) dismissed suggestions again on Wednesday that its deal with government to raise steel import protection in return for fairer pricing – as well as jobs and investment guarantees – precluded it from increasing prices. The JSE-listed company was... 

AMSA insists fair pricing does not equate to no price increases
AMSA chairperson Mpho Makwana

Pivotal lifts FY NAVPS

By: Anine Kilian     25th May 2016 Development focused investment fund Pivotal Fund achieved a 23.91% increase in its net asset value per share (NAVPS) to R22.80 for the year ended February 29. “The growth in our NAVPS was attributable to the revaluation of the income producing properties, fair value adjustments on current... 

Pivotal lifts FY NAVPS
Pivotal Fund CE Jacki van Niekerk

GDID opens infrastructure projects monitoring centre 

By: Ilan Solomons     25th May 2016 The Gauteng Department of Infrastructure Development (GDID) has officially opened its electronic infrastructure projects management centre, giving the GDID the ability to monitor, in real-time, the R30-billion in infrastructure projects under its management in Gauteng. Speaking at the opening in... 

GDID opens infrastructure projects monitoring centre

Cornubia Interchange to create significant benefits for businesses

By: Anine Kilian     25th May 2016 The Cornubia link bridge and interchange, scheduled for completion in the first quarter of 2017, will provide businesses in the area unencumbered access to main arterial routes and a dedicated link into the heart of the uMhlanga new town centre. The multibillion-rand Cornubia human settlement... 

Cornubia Interchange to create significant benefits for businesses

Taste Holdings takes knock as it aims for growth 

By: Tracy Hancock     25th May 2016 JSE-listed Taste Holdings reported an operating loss of R78.7-million for the year ended February 29, compared with a R31.6-million profit in the year ended February 28, 2015. In 24 months, Taste Holdings had become the licensee of the worlds’ leading pizza delivery and ecommerce brand, Domino’s... 

Taste Holdings takes knock as it aims for growth

European Commissions approves AB InBev’s SABMiller buyout

By: Anine Kilian     25th May 2016 The European Commission (EC) has approved the proposed acquisition of JSE-listed SABMiller by Anheuser-Busch InBev (AB inBev). “EC approval in Phase I of the European Union merger review process is a significant milestone for the deal in keeping with AB InBev’s ambition to secure the necessary... 

European Commissions approves AB InBev’s SABMiller buyout

South African companies urged to up the ante on anticorruption programmes’ transparency

By: Natasha Odendaal     25th May 2016 A new report by Corruption Watch has revealed that, while South African companies are fairly transparent when it comes to certain anticorruption reporting practices when compared with their global counterparts, much could be done to improve disclosure and accountability in other areas where... 

South African companies urged to up the ante on anticorruption programmes’ transparency

More X’Trapolis Mega trains delivered to PRASA

By: David Oliveira     25th May 2016 The Passenger Rail Agency of South Africa (PRASA) has, to date, taken delivery of five X’Trapolis Mega train sets being manufactured by the Gibela Rail Transportation Consortium, in Brazil. A further two of the train sets, each comprising six coaches, were en route to South Africa, while the... 

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The role of gas in SA’s energy mix

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