Tuesday, September 2, 2008.

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

Making headlines today:

On Monday night, the Department of Trade and Industry released further details on its proposed successor to the Motor industry Development Programme. It said that the new scheme would be taken to Cabinet for approval soon.

The Automotive Industry Programme set a 50 000-unit-a-year threshold for manufacturers seeking to import components duty free. It also placed greater emphasis on component localisation, and could well embrace components for medium- and heavy-commercial vehicles. These were excluded under the MIDP.

National Association of Automobile Manufacturers of South Africa executive director Nico Vermeulen said that while he was convinced the AIP would be a "robust programme" that would be supportive of increased production and further investment, it would be premature to comment until all the details were released. This would only be possible once Cabinet had approved the scheme.

An index tracking median house prices in South Africa fell 1,8% in August from a year earlier as tough financial conditions continued to weigh on the sector.

The Standard Bank's monthly residential property gauge has been in negative territory since March. Higher interest rates and stricter credit laws introduced on June 1, 2007, have weighed on the sector.

Property affordability has fallen since the central bank has raised rates by five percentage points in the past two years, stretching consumers to the limit at a time when they already face high inflation.

The median house price was R550 000 while the five-month moving average fell by 7,7% year-on-year.

Platinum giant Anglo Platinum has appointed Bongani Nqwababa, currently financial director of State power utility Eskom, as new chief financial officer and executive director of the board.

Nqwababa will join the world's largest platinum producer in January.

He will replace Norman Mbazima, who was recently appointed CEO of Scaw Metals, Anglo American's diversified steel products business.

Also making headlines:

WBHO eyes growth as its earnings more than double
Bidvest says that ‘tougher times create greater opportunities'
August's manufacturing conditions improve
ARM CEO says the company is considering ‘a number of platinum opportunities' in Zimbabwe
Two workers are killed at Harmony's Elandsrand mine
And, the Waterberg region is to significantly boost South Africa's coal reserves as the deadline for depletion looms

In political news:

The EU is to warn Russia on future ties with the bloc
A study reveals that circumcision problems impair HIV prevention
The Republican convention is off to a slow start
And, the new UN rights chief 'will speak out for victims'

That's a round up of news making headlines today. For more on these and other stories, visit engineeringnews.co.za, miningweekly.com and polity.org.za