R/€ = 14.64
R/$ = 10.59
Au 1284.10 $/oz
Pt 1405.00 $/oz
Oct 28, 2008
Daily podcas– October 28, 2008Back
Johannesburg|Transnet|South Africa|Scrap Metal Export Restrictions|Transport|Transport Group|National Recyclers Organisation|Fred Phaswana|Maria Ramos|Sello Mahlangu|Koss R-80 Consumer Headphones
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Tuesday, October 28, 2008.
From Creamer Media in Johannesburg, I'm Shannon O'Donnell.
Making headlines today:
State-owned transport group Transnet was pushing ahead with its R80-billion investment programme. It had not revised any of its projects. But, on Tuesday, the group hinted at possible future changes to its business plans as a result of the likely impact of a global economic slowdown.
Chairperson Fred Phaswana said that the group's board continued "to assess the impact of the global economic environment on Transnet's business plans and will make necessary amendments to these plans if circumstances require these".
His comments appeared to act as a replacement for any clear guidance on the future outlook for the group.
However, CEO Maria Ramos said that the group's R80-billion, five-year capital programme had intensified during the interim period. She said the group's balance sheet remained robust enough for it to begin relying increasingly on the debt capital markets for funding.
The National Recyclers Organisation said that government would await the results of an independent study before taking any further action in terms of implementing scrap metal export restrictions. The NRO represents ferrous and non-ferrous scrap metal recyclers and dealers.
In June, Minister of Trade and Industry, Mandisi Mpahlwa, said that government was considering measures to limit the exportation of scrap metal. This is to allow for sufficient supply to the domestic market.
NRO chairperson Sello Mahlangu said that the Department of Trade and Industry has agreed that restrictions would not be implemented until an "informed decision" could be taken in partnership with the industry.
A spokesperson for the DTI confirmed that the government had postponed the implementation of export restrictions.
Also making headlines:
Non-residential building plan approvals are starting to slow.
The Competition Tribunal chairperson warns that the ill-considered industrial policy could undermine competition in South Africa.
The National Regulator for Compulsory Specifications warns that substandard products entering South Africa are on the rise.
And, building materials firm Infrasors issues a profit warning.
That's a round up of news making headlines today. For more on these and other stories please visit engineeringnews.co.za.
Edited by: Creamer Media Reporter© Reuse this Comment Guidelines
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