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Sasol says relations with Moz in ‘good space’ as new oil-find notice is issued

By: Terence Creamer     Updated 5 hours ago Sasol joint president and CEO Stephen Cornell has described the group’s relations with the Mozambique government as being in a “good space”, despite the country’s current fiscal difficulties, as well as periodic criticism that the country is not benefiting fully from the South African energy and... 

Sasol says relations with Moz in ‘good space’ as new oil-find notice is issued
Drilling in Mozambique

Stronger rand flagged by Sasol as a key earnings risk for second half

By: Terence Creamer     27th February 2017 Fuels and chemicals group Sasol has cautioned that ongoing rand/dollar volatility could pose an earnings risk for the second half its 2017 financial year, but reports that hedges are already in place to protect it from any downward oil price pressures. The JSE-listed group reported a 38% fall in... 

Stronger rand flagged by Sasol as a key earnings risk for second half
Photo by Duane Daws
Sasol joint presidents and CEOs Bongani Nqwababa and Stephen Cornell

Hulamin FY results shine on record sales, triple-digit earnings rise

By: Natasha Odendaal     27th February 2017 Despite uncertain trading conditions, JSE-listed Hulamin delivered a “record” set of financial results for the year ended December 31, with an improved sales and manufacturing performance expected to roll over into this year. Hulamin ended the 2016 financial year with record sales, triple-digit... 

Opinion: Eskom supports renewables, but flags cost-recovery uncertainty as a worry

     Updated 5 hours ago Eskom has noted with concern various misleading reports in the media regarding the signing and execution of budget quotations and power purchase agreements with independent power producers (IPPs) participating in the Department of Energy’s procurement programmes. In 2012, Eskom established the... 

Opinion: Eskom supports renewables, but flags cost-recovery uncertainty as a worry
Photo by Duane Daws
Thava Govender,

Toll freeways, build more Gautrain links and reinvent PRASA, says economist

By: Irma Venter     27th February 2017 Gauteng-based transport economist Andrew Marsay earlier this month detailed his vision for a high-density, high-value public transport system in South Africa, delivered in a presentation at the i-Transport and UATP conference, held in Sandton. Engineering News senior deputy editor Irma Venter... 

 Toll freeways, build more Gautrain links and reinvent PRASA, says economist
Photo by Duane Daws
Andrew Marsay

PRASA fires acting CEO, Collins Lestoalo

By: African News Agency      Updated 2 hours 40 minutes ago The Passenger Rail Agency of South Africa (PRASA) has fired the acting group chief executive, Collins Letsoalo, with immediate effect following a unanimous board decision to terminate the secondment at the rail agency. This comes after the controversy behind the remuneration package of Letsoalo... 

Ekurhuleni launches new R8.9bn housing settlement in Boksburg 

By: Megan van Wyngaardt     Updated 6 hours ago A new R8.9-billion housing development project on the East Rand of Gauteng is set to provide 22 000 houses over the next seven years. The Leeuwpoort project, just off Rondebult road, comprises three integrated residential development areas, with two parts in the north, Parkdene Ext 7 and Reiger... 

Ekurhuleni government has launched a R8.9-billion housing project. Video and editing: Nicholas Boyd. 27/02/2017

Accéntuate sees profits drop as elections freeze govt work

By: Irma Venter     Updated 6 hours ago The six months to end December 31 was one of the most difficult periods for Accéntuate in its just more than ten years as a JSE-listed company, says CEO Fred Platt. Speaking at a results briefing in Johannesburg on Monday, he said the flooring and chemicals company experienced particularly poor... 

Accéntuate sees profits drop as elections freeze govt work
Photo by Duane Daws
Accéntuate CEO Fred Platt

Blue Label Telecom signs deal to lower Cell C's debt

By: Reuters     Updated 6 hours ago South Africa's Cell C and its creditors have agreed a deal with Blue Label Telecoms and an unnamed investor that would lower the mobile phone firm's debt to R6-billion ($463-million), Blue Label said in a statement. Cell C is South Africa's third-0largest mobile phone company but a debt burden of... 

Blue Label Telecom signs deal to lower Cell C's debt

Bidvest lifts H1 headline earnings, revenue

By: Anine Kilian     27th February 2017 JSE-listed Bidvest’s headline earnings increased by 5.6% to R1.7-billion for the six months ended December 31, while revenue increased 4.1% to R3-billion. Despite the competitive and difficult operating environment, five of the group’s divisions managed to maintain or increase margins through... 

Mokonyane lifts Gauteng water restrictions

By: African News Agency      27th February 2017 The Minister of Water and Sanitation Nomvula Mokonyane on Monday announced the lifting of water restrictions in Gauteng with immediate effect. She made the announcement following the sharp rise in dam levels as a result of torrential rains recently. The Vaal Dam which supplies the province with... 

Mokonyane lifts Gauteng water restrictions
Photo by Duane Daws
Water & Sanitation Minister Nomvula Mokonyane

Free Market Foundation calls into question department’s claims of support for ICT policy proposals

By: Natasha Odendaal     27th February 2017 The Free Market Foundation (FMF) on Monday said the Department of Telecommunications and Postal Services (DTPS) was incorrect in asserting that the new National Integrated Information and Communication Technology (ICT) Policy White Paper had the support and backing of industry. The ICT White... 

MTN quantifies FY16 loss

By: Natasha Odendaal     27th February 2017 JSE-listed MTN on Monday provided better guidance on its expected loss for the financial year ended December 31, as its Nigerian regulatory fine, foreign exchange losses and charges relating to MTN Zakhele Futhi bites. In a trading update to shareholders, MTN said a basic headline loss a share of... 

Cold weather curbs armyworm outbreak in South Africa – Grain SA

By: Reuters     27th February 2017 Cold weather, rains and resilient genetically-modified crops (GMO) have limited the damage caused by an armyworm outbreak in South Africa, the head of Grain SA Jannie de Villiers said on Monday. Neighbouring countries, such as Zambia and Zimbabwe, who do not grow GMO crops, are suffering larger... 

Cold weather curbs armyworm outbreak in South Africa – Grain SA

Embrace automation to stay ahead, advises Omron

By: Kim Cloete     27th February 2017 South African companies will increasingly need to embrace automation and rapidly expanding technologies to maintain their global competitiveness, says Omron Electronics Country GM Victor Marques. “The world is moving fast in this direction and developing countries like South Africa will need to... 

World debt to increase to $44tr – S&P

By: News24Wire      Updated 5 hours ago Absolute debt levels of countries continue to increase and total outstanding global sovereign commercial debt stock will rise to reach an all-time high of $44-trillion by the end of this year, according to rating agency Standard & Poor's (S&P). In a report entitled Sovereign Debt 2017, S&P... 

Price weakness stemmed from excess capital dole out – Glencore

By: Martin Creamer     Updated 5 hours ago The commodity price weakness from 2012 to 2015 was the result of an over-allocation of capital from 2006 to 2012, Glencore CEO Ivan Glasenberg told an American audience on Monday. In an address to the BMO Metals and Mining Conference, in Miami, Glasenberg said that capital over-allocation in the... 

Price weakness stemmed from excess capital dole out – Glencore
Glencore CEO Ivan Glasenberg

China iron-ore, steel resume rally amid steel curbs, demand pickup

By: Reuters     Updated 5 hours ago Iron-ore and steel futures in China jumped more than 4% on Monday, resuming their rally, amid planned curbs in steel production in key areas and a pickup in seasonal demand. Rebar prices pushed to a fresh three-year high and iron-ore neared a record peak, as both commodities benefited from... 

Froneman shows Sibanye off in US as Stillwater deal advances

By: Martin Creamer     Updated 5 hours ago Sibanye CEO Neal Froneman on Monday showed off the low-cost performance of this gold and platinum-mining company to a top-level audience in America at a time when the South African company’s proposed acquisition of Stillwater Mining Company of the US is edging forward. In an address to the BMO... 

Froneman shows Sibanye off in US as Stillwater deal advances
Photo by Duane Daws
Sibanye CEO Neal Froneman

Deputy finance minister named in police probe – newspaper

By: Reuters     27th February 2017 Deputy Finance Minister Mcebisi Jonas is being investigated by the Hawks elite police unit as part of a probe into allegations of corruption at state-owned South African Airways (SAA), the City Press newspaper reported on Sunday. As part of the probe into SAA, the unit is investigating... 

Deputy finance minister named in police probe – newspaper
Photo by Reuters
Deputy Finance Minister Mcebisi Jonas

Russian nuclear deal places massive liability on South Africans

By: News24Wire      27th February 2017 A nuclear agreement with Russia has far-reaching consequences for the budget the Western Cape High Court heard on Friday, as it places all liability for a nuclear accident on South Africa, while indemnifying Russia completely. David Unterhalter, SC, appearing for Earthlife Africa and the Southern... 

VW's controlling clan backs brand boss despite criticism – sources

By: Reuters     24th February 2017 Volkswagen's embattled VW brand chief Herbert Diess still has the backing of the clan that controls the carmaker, despite his recurring clashes with labor leaders over cost-cutting plans, sources said. VW labour bosses earlier this month had accused Diess of breaking promises made under a... 

AMSA unveils interim steel rail hub

By: Natasha Odendaal     24th February 2017 The official unveiling of the Isando Distribution Centre, in Germiston, on Friday, marked the next step in steel producer ArcelorMittal South Africa’s (AMSA’s) long-term initiative to migrate the bulk of domestic final product steel distribution from road to rail. Dedicated rail links between... 

AMSA unveils interim steel rail hub

Public Works implements remedial plan at Bluff Naval base 

By: Megan van Wyngaardt     24th February 2017 The Department of Public Works (DPW) has appointed a team to prepare a remedial plan for the faulty pump station at the Bluff Naval base, in Durban, following an incident last week in which six people died. The deceased, three contract workers and three South African National Defence Force... 

Petrol, diesel pump price to fall in March

By: Reuters     24th February 2017 he retail price of petrol and the wholesale price of diesel in South Africa will fall from March 1, the energy department said on Friday. The price of 95 octane petrol will fall by 8c to R13.54 a litre in the commercial hub of Gauteng province, while diesel will go down by 2c to R11.60 a litre,... 

African companies are models for ingenuity and innovation – report

By: Megan van Wyngaardt     24th February 2017 Sustainable business models could open up economic opportunities of up to $12-trillion across 60 global hot spots, and contribute to an increase in employment of up to 380-million jobs by 2030, the Business and Sustainable Development Commission’s ‘Better Business, Better World’ report states.... 

Design for the South African Navy’s new survey ship confirmed

By: Keith Campbell     24th February 2017 Norwegian ship design and shipbuilding company Vard Marine, a subsidiary of Italy’s Fincantiere group (which holds 55.63% of the Norwegian enterprise), has confirmed that its VARD 9 105 hydrographic/oceanographic ship design is the one offered to the South African Navy (SAN) by Southern African... 

Design for the South African Navy’s new survey ship confirmed
Photo by Vard Marine
The VARD 9 105 survey ship, depicted in the traditional South African Navy hydrographic ship paint scheme

Monyane asks Zuma to intervene in finance minister dispute

By: African News Agency      24th February 2017 South African Revenue Service (Sars) Commissioner Tom Moyane on Friday disputed Finance Minister Pravin Gordhan’s assertion that there was a tax collection shortfall of over R30-billion which had contributed to the budget deficit. Instead, Monyane accused his boss, Gordhan, of interfering in the... 

Monyane asks Zuma to intervene in finance minister dispute
Photo by Duane Daws
Sars Commissioner Tom Moyane

Chicken imports contribute to 21.9% decrease in RCL Foods’ interim Ebitda

By: Megan van Wyngaardt     24th February 2017 The widely reported issues facing the domestic poultry industry have significantly decimated JSE-listed RCL Foods’ profits, with the company reporting a 21.9% decrease in earnings before interest, taxes, depreciation and amortisation (Ebitda) to R900.4-million for the six months ended December... 

Zuma says to amend laws to expropriate land without compensation 

By: Reuters     24th February 2017 South Africa will amend its laws to expropriate land without compensating landowners as it seeks to speed the process of distributing land to the black majority, President Jacob Zuma said on Friday. "We need to take bold steps that will transform our economy, including land ownership, very fast,"... 

Zuma says to amend laws to expropriate land without compensation

Tax administration developments ‘deeply disturbing’, Davis warns 

By: Terence Creamer     24th February 2017 Judge Dennis Davis, who heads Davis Tax Committee, set up in 2013 to assess South Africa’s tax policy framework, has added his voice to concerns about the state of tax administration in South Africa, particularly in light of the R30-billion under-recovery in 2016/17 relative to the estimate... 

Tax administration developments ‘deeply disturbing’, Davis warns
Photo by Duane Daws
Judge Dennis Davis

WTO trade facilitation agreement comes into force 

By: Megan van Wyngaardt     24th February 2017 Having received four more ratifications for the Trade Facilitation Agreement (TFA), the World Trade Organisation (WTO) has now obtained the two-thirds of acceptances needed from its 164 members to bring the TFA into force, which could boost global trade by up to $1-trillion each year, with the... 

South African dams recovering as torrential rains continue

By: Megan van Wyngaardt     24th February 2017 The Vaal dam is expected to reach 100% capacity soon, if current rainfall volumes continue, the Department of Water and Sanitation (DWS) said on Friday. The dam was 81.6% full by Friday and water levels were rising fast, owing to the torrential rains of the last two weeks. 

South African dams recovering as torrential rains continue

Johannesburg’s City Power MD takes leave pending investigation

By: African News Agency      24th February 2017 Sicelo Xulu, the MD of City Power, has taken leave to allow for the completion of a forensic investigation into fraud and corruption. The announcement was made on Thursday in a statement issued by City Power, the Johannesburg municipal entity that supplies Johannesburg with electricity. 

Sanral CEO looks to regain South Africa’s trust despite ongoing e-toll tussle 

By: Irma Venter     24th February 2017 Not too long ago, the South African National Roads Agency Limited (Sanral) was a firm darling among its peers. It was a well-funded State-owned enterprise (SOE) almost never under fire, seldom in retreat, grinding ever onward in its task to manage and expand the country’s road network. Then came... 

Sanral CEO looks to regain South Africa’s trust despite ongoing e-toll tussle

Engineering News iPhone and Android Apps available for free download

By: Creamer Media Reporter      24th February 2017 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

Busa welcomes Budget, commits to playing a role in country’s economic transformation

By: Megan van Wyngaardt     23rd February 2017 Business Unity South Africa (Busa) on Thursday welcomed the prioritisation of education and social spending, as well as the reforms in public procurement outlined by Finance Minister Pravin Gordhan in his Budget speech on Wednesday. Busa believes these measures will generate improved efficiencies... 

Analysts acclaim Glencore’s performance as good fundamentals return

By: Martin Creamer     23rd February 2017 Commodity market fundamentals are improving against a backdrop of better than expected demand and limited, if any, inventory build through the trough of the cycle, diversified mining and marketing company Glencore said on Thursday. This comes against the background of the London-, Hong Kong- and... 

Analysts acclaim Glencore’s performance as good fundamentals return
Glencore CEO Ivan Glasenberg

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