This podcast is brought to you by BMG - South Africa's finest source of quality engineering components and expertise.

Wednesday, September 30, 2009.

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

Making headlines today:

Growth in demand for credit by South Africa's private sector slowed sharply in the year to August as households and companies' finances remained under strain despite lower interest rates.

At 2,34% year-on-year in August, the annual growth in credit demand was at its lowest rate since May 1966 according to the central bank, from a revised 3,31% in July.

The central bank has cut the repo rate by 500 basis points to 7% since December, totally reversing rate increases in the two years to June 2008 to try and stimulate an economy that is experiencing its first recession in 17 years.

Former South African Airways CEO Khaya Ngqula was paid a total of 13,651-million-rand in the past financial year, it emerged on Tuesday.

According to SAA's 2009 annual report, which was tabled in Parliament, Ngqula was paid a salary of 3,831-million-rand and termination of contract benefits of 9,35-million-rand.

The balance was made up of fund contributions and a retention premium.

SAA board chairperson Jakes Gerwel says significant progress had been made into investigating the alleged mismanagement of the former CEO.

Also making headlines:

Energy Minister Dipuo Peters says that Carbon Capture and Storage technology can help South Africa reduce emissions.
Independent power plant developer Ipsa's financial concerns continue as it battles to sell the Coega turbines.
The Post Office reports a 363-million-rand profit, but mail volumes drop.
And, Sanral battles cable thieves as it marches on with Gauteng freeway project.

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