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Rand rebounds two percent as Turkey-led rout eases

By: Reuters     Updated 56 minutes ago 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

Gold Fields may cut 1 500 jobs at cash-burning South Deep

By: Martin Creamer     Updated 1 hour 7 minutes ago They say South Deep will be the last gold mine standing but every report coming out of it indicates that it is a much harder nut to crack than anticipated. The upshot has been a loss of R4-billion over five years and the need now to cut more jobs at the troubled mine, which the company, headed by... 

Gold Fields may cut 1 500 jobs at cash-burning South Deep
Photo by Creamer Media
Gold Fields CEO Nick Holland

Kudu gas project might not be viable for Namibia – Energy Minister

By: Reuters     Updated 1 hour 51 minutes ago Namibia's long-delayed Kudu gas-to-power project, seen as key to boosting electricity security in the southwest African country, might not be viable, Mines and Energy Minister Tom Alweendo said on Monday. Namibia's offshore Kudu Gas Fields have proven and probable recoverable reserves estimated... 

Fund manager Vantage provides R2bn for six South African renewable energy projects

By: African News Agency      Updated 1 hour 47 minutes ago Fund manager Vantage said late on Monday it had, through its renewable energy fund Vantage GreenX Note II, provided R2.05-billion of funding to six solar and wind energy projects in South Africa with a combined capacity of 433 MW. The projects, which are part of South Africa's Renewable Energy... 

Low rainfall hampering dam level recovery - City of Cape Town

By: African News Agency      Updated 1 hour 44 minutes ago The City of Cape Town on Monday said it was concerned about a water consumption increase from 505-million to 519-million litres per day and urged residents to continue with water saving efforts to protect Cape Town’s fragile dam system. In a statement, the City said it has been a dry start to... 

Rukwa plant upgrade set for completion in September

By: Simone Liedtke     Updated 1 hour 2 minutes ago 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... 

WG Wearne CFO resigns

By: Simone Liedtke     Updated 48 minutes ago 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. 

SARB 'nowhere near' intervention on rand – deputy governor

By: Reuters     13th August 2018 The South African Reserve Bank was surprised by the magnitude of the rand weakness early on Monday but forex market conditions where "nowhere near" requiring the bank to intervene, deputy governor Daniel Mminele told Reuters. The rand slid more than 10% to a two-year low against the dollar in... 

Juwi to build, operate three REIPPPP Round 4 solar PV projects

By: Simone Liedtke     13th August 2018 Solar energy equipment supplier juwi Renewable Energies has concluded three engineering, procurement and construction (EPC) and operation and maintenance (O&M) contracts, with a combined value of R3-billion, with African Infrastructure Investment Managers (AIIM), which will deliver 250 MW of... 

Juwi to build, operate three REIPPPP Round 4 solar PV projects

India's Tata Steel Q1 profit more than doubles, lags forecasts

By: Reuters     13th August 2018 Indian steelmaker Tata Steel said on Monday quarterly net profit more than doubled, but it was well below market expectations as a result of a one-off charge. Net profit was 19.34-billion rupees ($276-million), compared to a profit of 9.21-billion rupees a year earlier, Tata said. 

Esor’s share price plummets as major subsidiary files for business rescue

By: Simone Liedtke     13th August 2018 JSE-listed Esor’s share price plummeted on Monday by 62.5% as the company announced the start of business rescue proceedings for its Esor Construction subsidiary, which holds the group’s infrastructure, building and housing, pipelines, sanitation and pipe services businesses. The decision follows... 

Sappi shares fall on lower Q3 profit

By: Simone Liedtke     13th August 2018 Dissolving wood pulp (DWP), paper and pulp producer Sappi’s share price on the JSE fell by as much as 10.4% on Monday after the company reported a 12% year-on-year decrease in net profit to $51-million for the third quarter ended June 30, compared with a net profit of $58-million reported for the... 

Sappi shares fall on lower Q3 profit
Sappi CEO Steve Binnie

Lithium-ion batteries, energy storage on strong demand growth trajectory

By: Marleny Arnoldi     13th August 2018 The automotive industry’s use of lithium-ion batteries is on track to grow seven-fold to 650 GWh by 2025, from 70 GWh in 2017; the increase in energy storage, although from a lower base, will add to this, says specialist international publisher Metal Bulletin. It adds that the electrification of... 

Lithium-ion batteries, energy storage on strong demand growth trajectory

Petronas acquires 30% equity in Senegal oil, gas block

By: Reuters     13th August 2018 Malaysian oil and gas company Petroliam Nasional (Petronas) said on Monday it has acquired a 30% stake in Senegal's Rufisque Offshore Profond block, its first project in the West African nation. Oil major Total will maintain operatorship of the block with a 60% ownership, Petronas said in a... 

Kenya charges top officials with fraud over new $3bn railway

By: Reuters     13th August 2018 A Kenyan court on Monday charged the heads of the agency that manages public land and of the state railway with fraud over land allocation for a new $3-billion train line linking the capital with East Africa's biggest port. The line between Nairobi and Mombasa, funded by China, is one of the... 

Gautrain strike over after workers accept 8% wage offer

By: African News Agency      13th August 2018 A two-week strike by Gautrain workers ended on Monday after workers accepted an offer by the Bombela Concession Company, operator of the high speed commuter rail system, of a one-year wage offer of eight% salary increments for about 90% of employees. Gautrain workers downed tools on July 30,... 

Water dept to prioritise SRSS as part of improving state of Vaal river

By: Marleny Arnoldi     13th August 2018 The Department of Water and Sanitation (DWS) has assured that it, together with Rand Water, the Gauteng provincial government, and the Sedibeng district and Emfuleni local municipalities are working towards improving the state of the Vaal river and the Vaal dam. Rand Water stated that reports... 

Water dept to prioritise SRSS as part of improving state of Vaal river
Photo by Dylan Slater
Water and Sanitation Minister Gugile Nkwinti

Eskom prices oversubscribed $1.5bn notes offering

By: Marleny Arnoldi     13th August 2018 State-owned power utility Eskom has successfully priced a two-tranche ten-year $1.5-billion global bond, under its $4-billion global medium-term note programme, following a series of investor meetings held by the utility, the Department of Public Enterprises, and Europe and US National... 

Imperial to repurchase preference shares at R85 apiece

By: Marleny Arnoldi     13th August 2018 JSE-listed Imperial Holdings is offering to repurchase its preference shares for R85.53 a share, which is a 29% premium to Friday’s closing price of R64.29. The company on Monday stated that the offer price values the preference shares at R83, with an accrued dividend of R2.53 since June.  

Increasing nontaxed items could damage tax base, warns Parsons

By: Marleny Arnoldi     13th August 2018 North-West University Business School economist Professor Raymond Parsons says the independent panel’s recent recommendations for the zero-rating of several additional food and nonfood commodities under value-added tax (VAT) poses a wider challenge to the existing fiscal framework. Finance... 

Tribunal to pursue alleged price-fixing, collusion in R240m Eskom tender

By: Marleny Arnoldi     13th August 2018 The Competition Tribunal has refused an application to dismiss a complaint against companies accused of alleged price-fixing and tender collusion in a R240-million tender issued by State-owned power utility Eskom in March 2015. The tender was for the supply, installation and dismantling of... 

Futuregrowth, Citiq Treasury, Citiq Property Services merger gets green light

By: Marleny Arnoldi     13th August 2018 The Competition Tribunal has approved a merger between Futuregrowth Asset Management, Citiq Treasury and Citiq Property Services. Futuregrowth is the acting agent for Old Mutual Assurance company, wholly-owned by Old Mutual Investment Group Holdings.  

Tribunal approves Zaad, Hygrotech merger

By: Marleny Arnoldi     13th August 2018 The Competition Tribunal has approved the merger of Zaad Holdings and Hygrotech Properties, which are both involved in the breeding, producing, processing and distribution of agricultural seeds. Zaad, which will be the controlling company, specialises in forage seeds, and is also involved in... 

Algeria's State oil firm gets new management, targets brain drain

By: Reuters     13th August 2018 The head of Algerian State oil firm Sonatrach has assembled a new leadership team, a senior company source said, aiming to reverse a flow of talent from an unwieldy state enterprise that keeps the country afloat. President Abdelaziz Bouteflika put US-trained Abdelmoumen Ould Kaddour in charge of... 

Eskom vows to take disciplinary action against striking workers

By: African News Agency      13th August 2018 Eskom on Monday vowed to take disciplinary action against its workers who embarked on industrial action and damaged infrastructure last week as the power utility and unions failed to reach an agreement in protracted wage negotiations. The National Union of Metalworkers of South Africa (Numsa)... 

Eskom vows to take disciplinary action against striking workers

Rand hits 2-year low, bonds stumble as Turkey contagion spreads

By: Reuters     13th August 2018 South Africa's rand plunged to a 2-year low against the dollar in early trade on Monday and government bonds weakened sharply as massive falls in the Turkish lira spread to other emerging market currencies. The rand slid earlier in the day more than 10% to hit a session low of 15.7000 per dollar,... 

Rand hits 2-year low, bonds stumble as Turkey contagion spreads

Randgold looking across the Atlantic

By: Martin Creamer     10th August 2018 African gold mining company Randgold Resources is looking across the Atlantic along the northern edge of South America, which effectively hosts the same geology as West Africa, where the London-listed company has its biggest gold-mining base. This is in addition to intensifying exploration... 

Randgold looking across the Atlantic
Randgold CEO Mark Bristow (left) with Inter Oriental Builders' Feni Matsando Samuel, who built the new hydropower plant on time and on budget with an all-Congolese team.

VAT panel recommends zero-rating of white bread, sanitary products and nappies

By: Anine Kilian     10th August 2018 The independent panel established to review the current list of items that are zero-rated for value-added tax (VAT) has recommended that white bread, flour, cake flour, sanitary products, school uniforms and nappies be included in the list of zero-rated items. Finance Minister Nhlanhla Nene on... 

VAT panel recommends zero-rating of white bread, sanitary products and nappies
Nhlanhla Nene

Northern Cape wind farm funds FitzPatrick Institute bird study

By: Anine Kilian     10th August 2018 Kangnas Wind Farm and the FitzPatrick Institute of African Ornithology are working in partnership to gather data related to the Red Lark’s current status, its occurrence, habitat preferences and threats.  As an endemic species, Red Lark is one of only a few species solely confined to the Northern... 

Government changes shake up the sub-Saharan African construction sector

By: Anine Kilian     10th August 2018 International consultancy and construction company Mace has released its latest tender cost update for sub-Saharan Africa, showing mixed performances for the region’s two most prominent economies.    

Retailer pilots South Africa’s first in-store recycling vending machine

By: Simone Liedtke     10th August 2018 In line with its commitment to achieving zero packaging waste to landfill by 2022, retailer Woolworths has launched the customer trial of an integrated reverse vending machine in its flagship green store, Woolworths Palmyra, in Claremont. This, Woolworths says, is good news for the many South... 

Retailer pilots South Africa’s first in-store recycling vending machine

Sea Harvest to report up to 3% rise in H1 headline earnings

By: Anine Kilian     10th August 2018 JSE-listed Sea Harvest expects to report a 0% to 3% increase in its headline earnings for the six months ended June 30, to between R110.7-million and R114-million, after absorbing transaction costs related to its acquisition of Viking Fishing. Earnings per share (EPS) for the six months are,... 

Billionaire's huge Nigerian oil refinery likely delayed until 2022 – sources

By: Reuters     10th August 2018 A huge oil refinery being built in Nigeria by Africa's richest man is unlikely to start production until 2022, two years later than the target date, sources with direct knowledge of the matter said. The 650 000 bbl/d refinery near Lagos, set to be Africa's biggest, is expected to boost Nigeria's... 

AfDB head calls for agriculture technologies to optimize African farmers' output

By: African News Agency      10th August 2018 African farms should be given access to technologies that will enhance production, with evidence from countries such as Nigeria demonstrating that technology coupled with strong government backing are yielding positive results, African Development Bank (AfDB) president Akinwumi Adesina has said.... 

Sonatrach in talks with 14 foreign firms on trading venture – CEO

By: Reuters     10th August 2018 Algerian State energy firm Sonatrach is in talks with 14 international firms for a joint venture to trade oil and gas products after agreeing to buy its first overseas refinery, its CEO said on Thursday. "I am happy to say that 14 firms are on the list to do a JV on trading with us," Abdelmoumen... 

UAE to build oil pipeline between Eritrea and Ethiopia – Fana Broadcasting

By: Reuters     10th August 2018 The United Arab Emirates will build an oil pipeline connecting Eritrea's port city of Assab with Ethiopia's capital Addis Ababa, an Ethiopian state-affiliated broadcaster said on Friday. Fana Broadcasting said the information was revealed during a meeting in Addis Ababa between Ethiopia Prime... 

Western Cape transport department says begins R29m roadworks

By: African News Agency      10th August 2018 The Western Cape province's department of transport and public works (DTPW) said on Friday it had started periodic maintenance on the R341 road between De Rust and Uniondale, and that the R29 million project was expected to be complete by March. The road, last refurbished in 1995, provides access... 

Cape Town changing HID street lights with smart LED technology

By: African News Agency      10th August 2018 The programme to replace high intensity discharge (HID) lamps with light-emitting diode (LED) technology is progressing well, the City of Cape Town said on Thursday. In a statement, the City said it has budgeted approximately R20-million in this new financial year to replace more HID lamps with... 

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