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Thursday, November 13, 2008.

From Creamer Media in Johannesburg, I'm Shannon O'Donnell.

Making headlines today:

Finance Minister Trevor Manuel said that current market movements weren't rational. He said the rand's value didn't reflect the inherent strength or weakness of the South African economy.

He also criticised credit rating agencies for not taking South Africa's specific conditions into account when cutting its rating outlook to negative. This was as part of a wider review of major emerging markets earlier this week.

South Africa's rand has weakened sharply this year - and in particular since the acceleration of risk aversion over the past six weeks - with the currency tumbling around 35% against the dollar in 2008.

On Thursday, South Africa's Engen said it had shut down its refinery in the Durban Industrial Basin after a fire overnight. This is the country's second-largest refinery.

Engen spokesperson Herb Payne said that the fire started at about twenty past midnight and was put out around ten past three in the morning.

He said that the refinery would be shut down for some time because of repairs and the cause was being investigated. He said he was unsure how long it would take.

The refinery has a capacity of 120 000 barrels per day.

Also making headlines:

Sources reveal that China is to scrap the export tax on hot-rolled steel.
Power projects offer an ‘upside' to coking coal projects.
JSE-listed Highveld Steel & Vanadium's profit soars, but it says it is cutting output on weak demand.
And, Africa is dismayed at its exclusion from a crisis summit.

That's a round up of news making headlines today. For more on these and other stories please visit engineeringnews.co.za.

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