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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

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... 

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

Eskom to waive Soweto users’ debt, on condition

By: News24Wire      25th May 2016 Eskom will waive Soweto residents’ debt repayments as an incentive to convert to prepaid meters, it was revealed  in a written reply in Parliament by the Department of Public Enterprises (DPE) on Wednesday. The DPE was responding to a question by Democratic Alliance MP Natasha Mazzone, who asked... 

Eskom to waive Soweto users’ debt, on condition

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... 

MTN near to hiring new CEO

By: News24Wire      25th May 2016 Embattled mobile network MTN Group says it is near to hiring a new chief executive officer after the previous head of the company quit late last year. Local telecoms veteran Sifiso Dabengwa resigned as MTN Group CEO last November after Nigerian regulators slapped the company with a massive $5.2bn... 

MTN near to hiring new CEO
Photo by Duane Daws
MTN chairperson Phuthuma Nhleko

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

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

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

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

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

Half a million construction workers could be at risk

By: News24Wire      25th May 2016 About 500 000 workers are risking their lives on construction sites that do not comply with health and safety laws, Labour Minister Mildred Oliphant said on Tuesday. As much as 40% of the industry did not comply with these laws, which translated to about 5 000 construction sites across the country. 

Half a million construction workers could be at risk
Labour Minister Mildred Oliphant

Tongaat Mall collapse report to be given to NPA

By: News24Wire      25th May 2016 The findings of the 2013 Tongaat Mall collapse will be handed to the NPA for a decision on whether to prosecute anyone, Labour Minister Mildred Oliphant said on Tuesday. An investigation found contraventions of the Occupational Health and Safety Act and construction regulations. 

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... 

Africa could be the new frontier for GTL-technology-based lubricants – Shell

By: Kim Cloete     25th May 2016 Shell Lubricants is making the most of the growth in Africa’s power sector and sees the continent as a new frontier for its gas-to-liquids (GTL) technology in transformers and turbine oils. “We see tremendous potential for the right kind of oil among utilities in Africa, particularly as... 

Africa could be the new frontier for GTL-technology-based lubricants – Shell

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

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

Tanzania plans to invest $1.9bn/y in energy projects to 2025

By: Reuters     25th May 2016 Tanzania plans to invest $1.9-billion each year to 2025 in energy projects in a bid to end power shortages and boost industrial growth in East Africa's second-biggest economy, its prime minister said. Tanzania aims to boost power generation capacity to 10 000 MW from around 1 500 MW at present,... 

Tanzania plans to invest $1.9bn/y in energy projects to 2025

Zambia to complete $360m new airport terminal by October

By: African News Agency      25th May 2016 Zambia’s Kenneth Kaunda International Airport is set to have a new and modern terminal by October this year, the Zambian National Broadcasting Corporation reported on Tuesday. Zambia’s Minister of Works and Supply, Yamfwa Mukanga told the broadcaster that the terminal was part of the expansion... 

New online floor plan launched for Electra Mining Africa 2016

     23rd May 2016 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

DA urges IDC to give Guptas 'a wide berth'

By: News24Wire      25th May 2016 The Industrial Development Corporation (IDC) should “follow the lead of the commercial banks and give the president’s pals (the Guptas) a wide berth in future”, the Democratic Alliance (DA) said on Wednesday. DA MP Michael Cardo was officially responding to Economic Development Minister Ebrahim... 

DA urges IDC to give Guptas 'a wide berth'
Photo by Duane Daws
IDC CEO Geoffrey Qhena

RBCT CEO to stand down

By: Martin Creamer     24th May 2016 Richards Bay Coal Terminal (RBCT) CEO Nosipho Siwisa-Damasane will be stepping down after four years at the helm. RBCT said on Tuesday that GM finance Alan Waller would be taking over as CEO from July 1, when GM strategy and compliance Casper Mbuyazi would assume the finance role. 

RBCT CEO to stand down
RBCT CEO Nosipho Siwisa-Damasane

Anglo American Zimele, Jobs Fund support agricultural entrepreneurs

     24th May 2016 Anglo American’s enterprise development arm Zimele has collaborated with the National Treasury’s Jobs Fund to support the establishment of 490 agricultural entrepreneurs through projects such as the Lambasi agricultural initiative – a jointly owned farming operation trading as Fundirite, in the... 

Eskom permanently appoints Pule as HR exec

By: Anine Kilian     24th May 2016 State-owned Eskom has permanently appointed Elsie Pule as group executive for human resources (HR). She had been acting group HR executive since 2014.   CEO Brian Molefe said Pule would bring stability and continuity to the programmes that she had already initiated within her department.   

Eskom permanently appoints Pule as HR exec
ESKOM CEO Brian Molefe

New highly profitable acid mine water solution unveiled 

By: Martin Creamer     24th May 2016 A process has been developed that yields handsome profits by converting acid mine water into valuable fertiliser materials. The process, which purifies the water free of charge, removes all of the total dissolved solids and converts them into saleable products. 

MPs demand to see Davies over steel price hikes

By: African News Agency      24th May 2016 Opposition MPs on Tuesday accused Trade and Industry Minister Dr Rob Davies of turning a blind eye to repeated steel price increases and demanded that he be called to explain government’s inaction. Democratic Alliance MP Dean McPherson said four steel price increases so far this year violated an... 

MPs demand to see Davies over steel price hikes

ECDC unveils new quarry venture

By: Natasha Odendaal     24th May 2016 The Eastern Cape Development Corporation (ECDC) on Tuesday unveiled its latest mining investment play – a R200-million aggregate mine in Indwe, in the Eastern Cape, with two offtake agreements already inked. The development financier, which injected R736 000 to prepare the privately-owned farm... 

Fitch downgrades Mozambique amid hidden debt concerns

By: Anine Kilian     24th May 2016 Ratings agency Fitch Ratings has downgraded Mozambique's long-term foreign and local currency Issuer Default Ratings to CC from CCC, it said in a statement on Tuesday. The disclosure of hidden public debt revealed significant short-term repayment obligations, which could precipitate a near-term... 

Fitch downgrades Mozambique amid hidden debt concerns

Gauteng Transport Authority a step closer – Vadi

By: Natasha Odendaal     24th May 2016 The Gauteng government has made strides in advancing its ambitions of establishing an integrated transport authority and narrowing the fragmentation of the public transport system of South Africa’s most populous province. Addressing media prior to Gauteng Premier David Makhura’s Budget Vote for... 

Gauteng Transport Authority a step closer – Vadi
Photo by Duane Daws
Gauteng Roads and Transport MEC Dr Ismail Vadi

Tiger Brands lifts H1 profit, earnings from continuing operations

By: Anine Kilian     24th May 2016 Despite a sustained difficult operating environment, JSE-listed Tiger Brands on Tuesday reported flat headline earnings a share from continuing operations of 978c for the six months ended March 31. Earnings a share increased 7% to 1 021c, while the company’s after-tax profit increased 44% to... 

Tiger Brands lifts H1 profit, earnings from continuing operations

Dubai says opens world's first functioning 3D-printed office

By: Reuters     24th May 2016 Dubai has opened what it said was the world's first functioning 3D-printed office building, part of a drive by the Gulf's main tourism and business hub to develop technology that cuts costs and saves time. The printers – used industrially and also on a smaller scale to make digitally designed,... 

IDC met with Atul Gupta, but never at Saxonwold – CEO

By: News24Wire      24th May 2016 Industrial Development Corporation (IDC) officials met with Atul Gupta and members of his business ahead of providing financial assistance to Oakbay Resources & Energy, it was revealed on Tuesday. IDC CEO Geoffrey Qhena confirmed the meetings took place in a written reply provided by Economic... 

IDC met with Atul Gupta, but never at Saxonwold – CEO
Photo by Duane Daws
Atul Gupta

Ascendis Health acquires two European firms for R7.3bn

By: Creamer Media Reporter      24th May 2016 As part of its international growth strategy, JSE-listed Ascendis Health has acquired two major European health and care businesses, Remedica Holdings and Scitec International, for a combined R7.3-billion. “Our strategy is to complement growth in the domestic health and care market through... 

Ascendis Health acquires two European firms for R7.3bn
Ascendis Health CEO Dr Karsten Wellner

Next phase of auto policy to focus on black companies – Zuma

By: Irma Venter     24th May 2016 The next phase of automotive policy development would have a strong focus on creating black-owned suppliers in the automotive value chain, said President Jacob Zuma on Tuesday as he opened Toyota South Africa Motors’ (TSAM’s) new Fortuner and Hilux production lines in Durban. The Department of... 

Next phase of auto policy to focus on black companies – Zuma
Photo by Duane Daws
President Jacob Zuma

DA intensifies its campaign with mobile messaging

By: Sane Dhlamini     24th May 2016 Opposition party the Democratic Alliance (DA) has announced the use of mobile messaging in during its election campaign to interact with voters and campaigners and to secure its IT infrastructure with one-time passwords (OTPs) using mobile messaging and push notifications. The DA has secured the... 

DA intensifies its campaign with mobile messaging

Toyota SA opens R6.1bn Fortuner, Hilux assembly lines

By: Irma Venter     24th May 2016 President Jacob Zuma on Tuesday officially opened Toyota South Africa Motors’ (TSAM’s) new Fortuner and Hilux production lines. The Japanese manufacturer invested R6.1-billion to facilitate production of the two new models at its Prospecton plant, in Durban. 

Toyota SA opens R6.1bn Fortuner, Hilux assembly lines

Oil and gas discoveries at 64-year low as price slump hits exploration budgets

By: Creamer Media Reporter      24th May 2016 Conventional oil and gas discoveries outside North America have fallen to the lowest level since 1952, with recoverable resources of only 12-billion barrels of oil equivalent having been discovered in 2015. Analysis from NYSE-listed IHS, which was published on Tuesday, showed that the volume of... 

Zuma signs law to appease provident fund members

By: News24Wire      24th May 2016 President Jacob Zuma has signed the Revenue Laws Amendment Act into law to postpone annuitisation for provident funds, the National Treasury said on Tuesday. The new act affects provident fund members only, by delaying both the requirement for them to purchase an annuity at retirement and the... 

Zuma signs law to appease provident fund members
Photo by Duane Daws
President Jacob Zuma

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