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Thursday, October 1, 2009.

From Creamer Media in Johannesburg, I'm Shannon de Ryhove.

Making headlines today:

Absa Vehicle and Asset Finance and the Industrial Development Corporation have signed an agreement which sees Absa provide up to 300-million-rand in funding to emerging taxi-operators and black entrepreneurs wishing to enter the industry.

The IDC has agreed to underwrite up to 50% of any losses incurred by Absa, if clients financed under the scheme default on their payments.

IDC services sector divisional head Katinka Schumann says the scheme places emphasis on local manufacture, while IDC transportation account manager Luke Carelse says that 100% imported vehicles won't qualify for financing under the scheme.

Taxi operators will have to be in possession of a valid operating licence to be considered for the scheme, and the viability of the route they operate on will also be investigated.

Insurance also automatically forms part of the deal.

South Africa's financially stressed power utility Eskom delivered its formal application for tariff increases for its 2010/11 and 2011/12 financial years just ahead of yesterday's deadline.

Earlier in the day, it emerged that the utility had applied for an extension to the deadline, but that the National Energy Regulator of South Africa had refused to grant one.

The regulator set a cut-off date of September 30 for receipt of a full application under the so-called second multiyear price determination period, on June 25, after approving an average ‘interim' price increase of 31,3% for the 2009/10 financial year.

Engineering News Online wasn't able to immediately confirm the quantum of increases requested. But it is understood that various tariff scenarios were presented by Eskom, at least one of which involved a request for tariff adjustments exceeding 60%.

Also making headlines:

There are calls for Carbon Capture and Storage technology to be included under the Clean Development Mechanism.
Neotel launches Africa's first public telepresence facility.
Information communications technology group Altech sees strong demand for cable capacity in East Africa.
And, Transnet Freight Rail CEO Siyabonga Gama's bid to have his suspension lifted is postponed by the High Court in Johannesburg.

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