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SA on 'almost inevitable' path to junk – economist

By: News24Wire      Updated 6 hours ago South Africa is on an "almost inevitable" path to junk status without a large enough crisis to jolt it into gear and engender fundamental change in how things are done, Peter Attard Montalto, emerging markets economist at Nomura, said on Friday. "It is a story of the grinding underperformance of... 

SA on 'almost inevitable' path to junk – economist

Ansys records FY surge on Parsec acquisition

By: Natasha Odendaal     Updated 3 hours ago JSE-listed Ansys on Monday reported across-the-board double-digit growth for the 12 months to February 29, bolstered by the nine-month inclusion of technology investment group Parsec, which it bought in 2015. Group headline earnings a share increased 11.5% from 4.44c in 2015 to 4.95c in the 2016... 

Police deny Gordhan inquiry moved to new unit

By: Reuters     Updated 6 hours ago South Africa's elite Hawks police unit denied on Sunday a report that an investigation involving Finance Minister Pravin Gordhan, which has helped to weaken the rand, has been transferred to another part of the force. Citing an unnamed source, the City Press newspaper said the police crime... 

Police deny Gordhan inquiry moved to new unit
Finance Minister Pravin Gordhan

Mixed bag for Q1 cross-border M&A activity

By: Creamer Media Reporter      Updated 1 hour 20 minutes ago The weaker rand is expected to result in a slowdown in South Africa’s outbound mergers and acquisitions (M&A) activity into developed countries and shift outbound investment toward developing countries. Law firm Baker & McKenzie partner Morné van der Merwe on Monday said a weaker rand should,... 

Huge hike in petrol, diesel prices

By: News24Wire      Updated 4 hours ago The pump price of petrol will rise by 52c/l for all grades, while diesel will increase by a whopping 76 c/l, the department of energy announced on Monday. The main reasons for the spike are the continued upward march of international petroleum prices and the weakening rand / US dollar exchange rate. 

Huge hike in petrol, diesel prices

Eskom on track to meet winter electricity demand

By: Natasha Odendaal     Updated 3 hours ago State-owned power utility Eskom has reiterated its commitment to keeping unplanned breakdowns below 4 000 MW and ensuring no load-shedding for the rest of the year, as it revises its weekend maintenance plans in line with dropping temperatures. As winter temperatures start to set in, the... 

Eskom on track to meet winter electricity demand

Airbus: new design airliner soon unlikely, but not impossible

By: Keith Campbell     Updated 4 hours ago European airliner manufacturer Airbus, part of the wider Airbus Group, is not currently planning a new airline design. But that does not mean that there is no thinking about a new design. "If there is [to be] a new plane, it will be a single-aisle [airliner]," Airbus Germany board chairperson... 

Airbus: new design airliner soon unlikely, but not impossible

G7: Global economic growth an 'urgent priority'

By: News24Wire      Updated 5 hours ago The leaders of the G7 group have said the world economy is an urgent priority and warned that a British vote to leave the European Union would seriously threaten global growth. In a statement following a two-day summit in the Japanese resort of Ise-Shima, the world's seven leading industrial... 

Botswana's economy to return to growth this year – central bank

By: Reuters     Updated 3 hours ago Botswana's economy will return to growth this year after contracting in 2015 as water and electricity supply stabilise, the central bank said on Monday. Consumer prices in the southern African country will remain within the bank's target of between 3% and 6%, the Bank of Botswana's Kealeboga... 

New online floor plan launched for Electra Mining Africa 2016

     Updated 5 hours ago For the first time, this year Creamer Media introduced an interactive floor plan and exhibitor listing for Electra Mining Africa 2016, taking pace from 12 to 16 September. The floor plan and exhibitor listing will be hosted on MiningWeekly.com.  

New online floor plan launched for Electra Mining Africa 2016

Drought persists despite May rainfall

By: Reuters     Updated 5 minutes ago South Africa's is still suffering the effects of a drought despite increased rainfall in May, leaving dam water levels low and crop supplies scant, the agricultural ministry said on Monday. The persistence of a severe drought across southern Africa will result in widening cereal deficits due to... 

Drought persists despite May rainfall

South Africa needs to 'reduce noise' in its political system – Treasury official

By: Reuters     27th May 2016 South Africa has to reduce the "noise" in its politics in order to attract investment and improve confidence, a senior Treasury official said on Friday. "We have got to reduce the amount of noise in our political system, especially as it pertains to various policies that are under consideration... 

Swiss, French agencies establish €3m programme to help finance S African renewable-energy projects

     27th May 2016 The Swiss State Secretariat for Economic Affairs (Seco) and Agence Française de Développement  (AFD) have agreed on a €3-million technical assistance programme to assist banks in financing small-scale renewable-energy and energy efficiency projects in South Africa. The finance would be provided... 

Nigerian billionaire pledges to transform agriculture in Africa

By: African News Agency      27th May 2016 Nigerian billionaire businessman and philanthropist Tony Elumelu on Friday pledged his support to transforming the agricultural sector in Africa, saying entrepreneurs in agriculture should be up-skilled with more focus given to vocational and technical education. Elumelu, chairperson of Heirs... 

Nigerian billionaire pledges to transform agriculture in Africa

NDP credibility needs to be rebuilt, consistency key 

By: Natasha Odendaal     27th May 2016 There is an urgent need to revive and rebuild the credibility and certainty afforded by – and more rapidly and consistently implement – South Africa’s National Development Plan (NDP), as potential downgrades by credit agencies further threaten the country’s economic growth. North West University... 

NDP credibility needs to be rebuilt, consistency key
Photo by Duane Daws
North West University School of Business and Governance Professor Raymond Parsons

Zuma not 'at war' with Gordhan – Presidency 

By: Reuters     27th May 2016 South Africa's President Jacob Zuma is not "at war" with Finance Minister Pravin Gordhan over the control of the National Treasury, the presidency said on Friday in response to widespread media reports. Recent media reports have spoken of a clash between Zuma and Gordhan, who is embroiled in an... 

Zuma not 'at war' with Gordhan – Presidency
Photo by Duane Daws
President Jacob Zuma

mLab partners with CSIR to foster mobile health development

By: Anine Kilian     27th May 2016 Mobile solutions laboratory mLab Southern Africa has joined forces with the Council for Scientific and Industrial Research (CSIR) to stimulate more open innovation and development within the mobile health (mHealth) and wellness sector. The partnership, announced Friday, would include a number of... 

mLab partners with CSIR to foster mobile health development

Huge Group lifts FY headline earnings 45%

By: Anine Kilian     27th May 2016 The headline earnings a share of JSE-listed Huge Group increased by 45% year-on-year to 18.5c for the year ended February 29. Revenue increased by 6% to R216.5-million, compared with R204.6-million in the prior period. The group’s Huge Telecom division was its biggest revenue and profit generator. 

DTI hopeful of continental free trade area agreement conclusion in two years

By: Natasha Odendaal     27th May 2016 South Africa’s Department of Trade and Industry (DTI) is hopeful of concluding the continental free trade area agreement within two years to facilitate Africa-wide ease of trade among country peers. Speaking on the final day of the Southern African Metals and Engineering Indaba, held in Sandton,... 

DTI hopeful of continental free trade area agreement conclusion in two years
Photo by Duane Daws
DTI chief director for Africa multilateral economic relations Wamkele Mene

New-look Kyalami to host first race in October

By: Irma Venter     27th May 2016 The Kyalami Grand Prix Circuit on Friday announced that the first race event to be held on the refurbished, new-look track would take place from October 21 to 23. The October race meeting would form part of the Motorsport South Africa Extreme Festival National Racing Roadshow, and would feature... 

New-look Kyalami to host first race in October

Audi, VW owners happiest new-car buyers, shows survey

By: Irma Venter     27th May 2016 Audi and Volkswagen new-car buyers are happiest with their purchasing experience, while much the same is true for new Isuzu, Nissan, Toyota and Volkswagen light commercial vehicle (LCV) owners in South Africa. The newest annual Ipsos customer satisfaction survey also awarded Audi the top customer... 

Audi, VW owners happiest new-car buyers, shows survey

Cleaver is new De Beers CEO

By: Martin Creamer     27th May 2016 Bruce Cleaver, 51, is the new CEO-designate of De Beers. He will take over from Philippe Mellier on July 1. After a half-decade at the helm, Mellier, who is ten years Cleaver’s senior, has honoured his commitment to step down as CEO after five years. 

SA won't end up like Venezuela – Gordhan

By: News24Wire      27th May 2016 South Africa will not turn into “another Venezuela”, Finance Minister Pravin Gordhan said in Parliament on Thursday. “We are miles away from Venezuela. We are a well-managed fiscus,” Gordhan said at the end of a long debate on South Africa's economy. 

SA won't end up like Venezuela – Gordhan
Finance Minister Pravin Gordhan

Disused Saldanha quarry emerging as new liquid petroleum gas hub 

By: Dylan Slater     27th May 2016 A liquid petroleum gas (LPG) terminal and import infrastructure is being constructed by energy infrastructure company Sunrise Energy in Saldanha Bay, in the Western Cape, to curb historical LPG shortages and meet potential future requirements for gas-fired power plants and other industrial energy... 

Disused Saldanha quarry emerging as new liquid petroleum gas hub

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

By: Terence Creamer     26th May 2016 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... 

Gibb upgrades Mkuze water treatment facility

By: Anine Kilian     26th May 2016 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... 

Gibb upgrades Mkuze water treatment facility

Report finds World Heritage sites threatened by climate change

By: David Oliveira     26th May 2016 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).... 

Continually flipped Moz gold project goes for $17.5m

By: Martin Creamer     26th May 2016 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

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

By: Anine Kilian     26th May 2016 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      26th May 2016 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

Sasol begins drilling of Mozambique PSA licence

By: Anine Kilian     26th May 2016 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

Transnet launches bursary drive

By: Anine Kilian     26th May 2016 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

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

By: Terence Creamer     26th May 2016 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... 

Vukile delivers 7% growth in FY distributions

By: Anine Kilian     26th May 2016 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

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

By: Irma Venter     26th May 2016 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

Cabinet optimistic about ratings prospects

By: African News Agency      26th May 2016 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

Democratic Alliance wants AG to probe fuel stock sale 

By: African News Agency      26th May 2016 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      26th May 2016 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

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