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Economy News

Indluplace exceeds guidance, declares handsome dividend

By: Megan van Wyngaardt     9th November 2016 JSE-listed residential real estate investment trust Indluplace Properties on Wednesday declared a dividend of 92.61c a share for the year ended September 30, up 10.5% on its prelisting forecast. This, FD Terry Kaplan said, was also higher than the company’s guidance of 92.55c. 

South Africa has not reached tipping point - Mbeki

By: News24Wire      9th November 2016 Former President, Thabo Mbeki, said on Tuesday while the country was in a general crisis, it had not reached tipping point. “I have argued that our country is immersed in a general crisis. Fortunately we have not as yet arrived at the tipping point when the country becomes ungovernable, with... 

South Africa has not reached tipping point - Mbeki
Photo by Duane Daws
Former President Thabo Mbeki

Central Energy Fund grilled by lawmakers on controversial fuel stock sale

By: Kim Cloete     8th November 2016 The management and board of the Central Energy Fund (CEF) have been grilled by Parliament’s Portfolio Committee on Energy, particularly on its controversial sale of 10-million barrels of crude oil reserves. The CEF has, however, been unable to come up with many answers. The main point of... 

Central Energy Fund grilled by lawmakers on controversial fuel stock sale
CEF says PetroSA is burning cash

Economic diversification critical to growth success – Davies

By: Natasha Odendaal     8th November 2016 As the Department of Trade and Industry (DTI) works to develop a dedicated agroprocessing incentive to attract investment, Trade and Industry Minister Dr Rob Davies has reiterated the importance of diversifying South Africa’s economy. The development and revitalisation of South Africa’s... 

Cape Town emerging as a 'smart city'

By: Megan van Wyngaardt     8th November 2016 While Cape Town is emerging as a 'smart city', it has much to learn from other cities about the potential of using Internet of Things (IoT) applications to make its operations more efficient, technology company Nokia said on Tuesday. Its latest 'The Smart City Playbook' report examines the... 

Cape Town emerging as a 'smart city'

Investors not dwelling on State of Capture report - Davies 

By: News24Wire      8th November 2016 Foreign direct investors have not bolted due to allegations in the Public Protector's State of Capture report, Trade and Industry Minister Rob Davies said on Tuesday. "Foreign direct investors do not respond to those things very much. Nobody is withdrawing as a result of those developments," he... 

Investors not dwelling on State of Capture report - Davies
Photo by Duane Daws
Trade & Industry Minister Rob Davies

Massmart maintains sales growth despite tough trading conditions

By: Megan van Wyngaardt     8th November 2016 Retail management group Massmart’s sales for the 44 weeks to October 30 increased to R73.2-billion, representing growth of 7.6% over the comparable prior-year period. The company, which owns local brands such as Game, Makro, Builders Warehouse and CBW, on Tuesday said comparable stores’ sales... 

A credit downgrade will hit everyone in South Africa – Jonas 

By: News24Wire      8th November 2016 Preserving the investment grade credit rating is not just important for “white capitalists” but it is equally important for the poor and middle class, said Deputy Finance Minister Mcebisi Jonas. Jonas was speaking at the Association of Black Securities and Investment Professionals (Absip)... 

A credit downgrade will hit everyone in South Africa – Jonas
Photo by Duane Daws
Deputy Finance Minister Mcebisi Jonas

Zuma to face fifth motion of no confidence on Thursday 

By: African News Agency      8th November 2016 President Jacob Zuma will on Thursday face his fifth motion of no confidence since 2012 after Speaker Baleke Mbete agreed to a debate called for by the Democratic Alliance. “I wish to inform you that the motion is scheduled for 10 November 2016,” her office confirmed in a letter to DA chief whip... 

Zuma to face fifth motion of no confidence on Thursday
Photo by Duane Daws
President Jacob Zuma

Botswana VP questions relevance of development finance institutions

By: African News Agency      8th November 2016 Botswana Vice-President Mokgweetsi Masisi has called on Development Finance Institutions (DFIs) to redefine their objectives, warning their relevance as development facilitators was threatened by evolving shifts in demographic, societal needs, economic and market conditions. Officially opening... 

Botswana VP questions relevance of development finance institutions

AMSA reiterates call for safeguards as Itac probe advances

By: Terence Creamer     8th November 2016 JSE-listed steel producer ArcelorMittal South Africa (AMSA) has reiterated its call for additional import protection through safeguard duties, despite a “slight fall” in imports during the third quarter. In a quarterly operational update, CEO Wim de Klerk argued that imports remained high,... 

AMSA reiterates call for safeguards as Itac probe advances
Photo by Duane Daws
AMSA CEO Wim de Klerk

SA needs a “less corrupt” government to boost growth – Jonas 

By: News24Wire      8th November 2016 Growth has been slowing down since 2011, and “erratic politics” is not helping the situation. Instead it undermines business and public confidence and perpetuates uncertainty, said Deputy Finance Minister, Mcebisi Jonas. Jonas was speaking at the Association of Black Securities and Investment... 

SA needs a “less corrupt” government to boost growth – Jonas
Photo by Duane Daws
Deputy Finance Minister Mcebisi Jonas

Presidency denies receiving letter requesting inquiry into NPA boss

By: News24Wire      8th November 2016 The Presidency on Monday said that it had not received a letter from the Helen Suzman Foundation and Freedom Under Law requesting an inquiry into the fitness of the National Director of Public Prosecutions (NDPP) to hold office. The civil organisations reportedly gave President Jacob Zuma an... 

Presidency denies receiving letter requesting inquiry into NPA boss
Photo by Reuters
NPA head Shaun Abrahams

Most Transnet lenders agree to relax downgrade triggers

By: Terence Creamer     7th November 2016 South Africa’s freight logistics utility Transnet has reached agreement with the majority of lenders to relax covenant triggers in respect of R30.1-billion in debt. These triggers would otherwise be brought into play in the event that South Africa is downgraded to junk in December. Transnet’s... 

Most Transnet lenders agree to relax downgrade triggers
Photo by Duane Daws
Transnet CFO Garry Pita

Transnet to terminate Trillian relationship, seeks Futuregrowth apology  

By: Terence Creamer     7th November 2016 State-owned logistics group Transnet will be terminating its relationship with both Trillian Capital and Regiments Capital in light of the current fallout surrounding the two companies – developments that are reflected in the Public Protector’s ‘State of Capture’ report and is currently also the... 

Transnet to terminate Trillian relationship, seeks Futuregrowth apology
Transnet CEO Siyabonga Gama on Trillian contracts and relations with Futuregrowth. Camera Work & Editing: Nicholas Boyd. Recorded: 7.11.2016

Transnet sets up R20bn acquisitions war chest, as it pulls in capex horns 

By: Terence Creamer     7th November 2016 State-owned freight logistics group Transnet has set aside a R20-billion war chest for mergers and acquisitions inside South Africa and the rest of the continent, owing to “limited” prospects for organic growth domestically. Specific merger and acquisition (M&A) targets have been identified as... 

Transnet sets up R20bn acquisitions war chest, as it pulls in capex horns
Transnet CEO Siyabonga Gama on the group's R20-billion M&A war chest. Camera Work & Editing: Nicholas Boyd. Recorded: 7.11.2016

Futuregrowth lifts lending suspension on IDC

By: Terence Creamer     7th November 2016 The Industrial Development Corporation (IDC) reported on Monday that Futuregrowth Asset Management’s suspension of lending activities to the State-owned development financier had been lifted with immediate effect. On August 31, Futuregrowth announced that it was freezing all lending to the IDC,... 

Futuregrowth lifts lending suspension on IDC
Photo by Duane Daws
IDC CFO Nonkululeko Dlamini

Sarb deputy governor reappointed

By: Sashnee Moodley     7th November 2016 South African Reserve Bank (Sarb) Deputy Governor Francois Groepe has been reappointed in the position by President Jacob Zuma for five years from January 1, 2017. Groepe is the chairperson of the South African Bank Note Company and the South African Mint Company, which are subsidiaries of Sarb.... 

Sarb deputy governor reappointed
Photo by Bloomberg
Sarb Deputy Governor Francois Groepe

Eskom board still considering whether to take State of Capture report on review 

By: Terence Creamer     4th November 2016 The Eskom board reported on Friday that it was taking legal advice on “inconsistencies” in the Public Protector’s ‘State of Capture’ report, including whether or not to take the report on legal review. The board also insisted that all directors had declared conflicts of interest, complied with... 

Eskom board still considering whether to take State of Capture report on review
Eskom board member Dr Pat Naidoo

Eskom reports interim results amid State Capture controversy 

     4th November 2016 Creamer Media’s Samantha Herbst talks to Engineering News editor Terence Creamer about the power utility’s results following the release of the former Public Protector Thuli Madonsela’s State of Capture report. 

Eskom reports interim results amid State Capture controversy
Eskom reports interim results amid State Capture controversy

Eskom in desperate search for industrial customers as surplus grows 

By: Terence Creamer     4th November 2016 Amid weak economic growth, falling industrial and mining demand and a rise in plant availability, Eskom has appealed to industrial customers to approach it for new connections, saying it is “open for business”. The State-owned utility announced a recovery in the energy availability factor (EAF)... 

Eskom in desperate search for industrial customers as surplus grows

Best practice guideline aims at enabling global competitiveness

By: Nadine James     4th November 2016 National resource efficiency programme the National Cleaner Production Centre of South Africa (NCPC-SA) has released its resource efficiency and cleaner production  (RECP) best practice guideline for the South African valve manufacturing industry. The objectives of the guideline are to ensure... 

Best practice guideline aims at enabling global competitiveness
VICTOR MANAVHELA The best practice guideline has been well received by the valves manufacturing industry

Company experiences growth despite difficult environment

     4th November 2016 Valve distributor TTV Fluval Group of companies is celebrating 18 years of success in the South African market, further illustrated and encapsulated by this year’s numerous successfully completed projects resulting in a total invoicing for valves and actuators amounting to more than R180-million.... 

Company experiences growth despite  difficult environment
SUBSEA VALVES Some of the valves supplied to national oil company PetroSA’s Mossel Bay FO Fields for R60-million

Custom-made hoses to be used by railway groups

     4th November 2016 Benoni-based automotive tyre and industrial rubber products producer Dunlop Industrial Products has a high penetration in the African continent where it supplies custom-made solutions, such as the design and supply of vacuum and air brake hoses for State-owned utility Transnet, Passenger Rail... 

Custom-made hoses to be used by railway groups
CUSTOM MADE Dunlop Industrial Products supply custom-made solutions for railway groups and companies globally.

Liberty using 'agile innovation' to create investment products

By: Schalk Burger     4th November 2016 Financial services firm Liberty is using a form of agile innovation to develop new investment products for people outside the affluent and mass affluent categories who do not typically invest because investment products do not suit their lifestyles. Comparing the investment milieu of South Africa... 

Liberty using 'agile innovation' to create investment products
DAVID LLOYD Taking a product that is successful in one sector and transplanting it to another does not constitute innovation

Lithuania seeking trade partnership with South Africa

By: Keith Campbell     4th November 2016 The first ever trade mission to South Africa from Lithuania, although small, represented no fewer than six sectors of the latter country’s economy. The just-concluded mission is part of the small European country’s programme of diversifying its trade and investment partners and expanding into the... 

Subcontractor working on expansion and skills development programmes

By: Simone Liedtke     4th November 2016 Tier-two subcontract manufacturer to original-equipment manufacturers (OEMs) IEC Holden, which supplies electric motors and generators to the railway, power generation, oil and gas, and mining industries, is currently directly contracted to OEMs that supply the Transnet Freight Rail rail... 

Subcontractor working  on expansion and skills  development programmes
PRODUCT SUPPLY A drive for electric freight locomotive, tested and ready for dispatch

Transnet ranked a top employer in S Africa

     4th November 2016 Last month, State-owned freight and logistics company Transnet was ranked one of South Africa’s top employers for providing its employees with an exceptional working environment. 

Valves supplier to extend foothold in municipal market

By: Nadine James     4th November 2016 Valve and steel supplier Stewarts and Lloyds (S&L) hopes to extend its market share in the municipal and civil engineering sectors, as it expects that the drive by government to effectively manage and optimise the water resources sector will result in several supply opportunities for local... 

Valves supplier to extend foothold in  municipal market
SALVALVE PRODUCTS The range includes several butterfly, gate, ball and resilient seal valves, strictly manufactured to local and international standards

Welding certification to become unavoidable for rail industry

By: Simone Liedtke     4th November 2016 With infrastructure development planned to take place rapidly in the rail industry, the Southern African Institute of Welding (SAIW) believes that EN 15085 certification is crucial to upholding the quality and safety of railway vehicles and components in the local industry.  

Welding certification  to become unavoidable  for rail industry
WELDING CERTIFICATION SAIW offers training, qualification and certification programmes to meet international requirements

Eskom continues to bemoan renewables costs as IPP uncertainty lingers

By: Terence Creamer     3rd November 2016 State-owned electricity utility Eskom offered little certainty on Wednesday about how its current stand-off with renewable-energy independent power producers (IPPs) would be resolved, while continuing to bemoan the high costs associated with its current contracts. However, CEO Brian Molefe did... 

Eskom continues to bemoan renewables costs as IPP uncertainty lingers

Emotional Molefe weighs judicial review and future after damning Public Protector report  

By: Terence Creamer     3rd November 2016 Eskom CEO Brian Molefe has indicated that he is weighing his future options as head of the State-owned electricity producer following the release of a Public Protector report, which raises serious questions about his role in facilitating a coal deal involving Tegeta, a mining company linked to... 

Emotional Molefe weighs judicial review and future after damning Public Protector report
Eskom CEO Brian Molefe outlines his unhappiness with the Public Protector's State of Capture report. Camera Work and Editing: Nicholas Boyd. 3.11.2016

V&A to spend another R37m on cruise terminal

By: African News Agency      3rd November 2016 The V&A Waterfront on Thursday marked the launch of 2016/17 cruise season by announcing that another R37-million would be invested in the terminal that receives passengers. As the first passengers disembarked from the German luxury liner, the Europa, the first arrival of the season, David Green,... 

Zwane's 'mystery' Dubai trip

By: News24Wire      3rd November 2016 A series of unused flights during a "mysterious" trip abroad by Mining Minister Mosebenzi Zwane, during which he allegedly escorted a member of the Gupta family to a meeting with an international mining company, may have cost taxpayers nearly R100 000 in possibly fruitless or wasteful... 

Zwane's 'mystery' Dubai trip
Photo by Duane Daws
Mining Minister Mosebenzi Zwane

Guptas considered Treasury a 'stumbling block'

By: News24Wire      3rd November 2016 The Treasury was a "stumbling block" to the Guptas' business ambitions and the family asked Deputy Finance Minister Mcebisi Jonas to sack its director general, according to former Public Protector Thuli Madonsela’s "state capture" report. He would have had to do this if he had accepted the... 

Guptas considered Treasury a 'stumbling block'
Photo by Duane Daws
Deputy Finance Minister Mcebisi Jonas

Sawea considers legal options to get Eskom to sign PPAs

By: Kim Cloete     2nd November 2016 The South African Wind Energy Association (Sawea) is considering legal options in a bid to get Eskom CEO Brian Molefe to sign power purchase agreements (PPAs) for round four of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). Sawea says 26 projects totalling... 

Sawea considers legal options to get Eskom to sign PPAs

Madonsela recommends judicial inquiry into State capture

By: News24Wire      2nd November 2016 Former public protector Thuli Madonsela has instructed President Jacob Zuma to appoint a judicial commission of inquiry into state capture. Chief justice Mogoeng Mogoeng must decide which judge should head the commission. 

Madonsela recommends judicial inquiry into State capture
Photo by Duane Daws
Former Public Protector Thuli Madonsela

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