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Tax administration developments ‘deeply disturbing’, Davis warns

By: Terence Creamer     24th February 2017 Judge Dennis Davis, who heads Davis Tax Committee, set up in 2013 to assess South Africa’s tax policy framework, has added his voice to concerns about the state of tax administration in South Africa, particularly in light of the R30-billion under-recovery in 2016/17 relative to the estimate... 

Tax administration developments ‘deeply disturbing’, Davis warns
Photo by Duane Daws
Judge Dennis Davis

AMSA unveils interim steel rail hub

By: Natasha Odendaal     Updated 4 hours ago The official unveiling of the Isando Distribution Centre, in Germiston, on Friday, marked the next step in steel producer ArcelorMittal South Africa’s (AMSA’s) long-term initiative to migrate the bulk of domestic final product steel distribution from road to rail. Dedicated rail links between... 

AMSA unveils interim steel rail hub

Sanral CEO looks to regain South Africa’s trust despite ongoing e-toll tussle 

By: Irma Venter     24th February 2017 Not too long ago, the South African National Roads Agency Limited (Sanral) was a firm darling among its peers. It was a well-funded State-owned enterprise (SOE) almost never under fire, seldom in retreat, grinding ever onward in its task to manage and expand the country’s road network. Then came... 

Sanral CEO looks to regain South Africa’s trust despite ongoing e-toll tussle

Monyane asks Zuma to intervene in finance minister dispute

By: African News Agency      Updated 5 hours ago South African Revenue Service (Sars) Commissioner Tom Moyane on Friday disputed Finance Minister Pravin Gordhan’s assertion that there was a tax collection shortfall of over R30-billion which had contributed to the budget deficit. Instead, Monyane accused his boss, Gordhan, of interfering in the... 

Monyane asks Zuma to intervene in finance minister dispute
Photo by Duane Daws
Sars Commissioner Tom Moyane

Design for the South African Navy’s new survey ship confirmed

By: Keith Campbell     Updated 5 hours ago Norwegian ship design and shipbuilding company Vard Marine, a subsidiary of Italy’s Fincantiere group (which holds 55.63% of the Norwegian enterprise), has confirmed that its VARD 9 105 hydrographic/oceanographic ship design is the one offered to the South African Navy (SAN) by Southern African... 

Design for the South African Navy’s new survey ship confirmed
Photo by Vard Marine
The VARD 9 105 survey ship, depicted in the traditional South African Navy hydrographic ship paint scheme

Public Works implements remedial plan at Bluff Naval base

By: Megan van Wyngaardt     Updated 5 hours ago The Department of Public Works (DPW) has appointed a team to prepare a remedial plan for the faulty pump station at the Bluff Naval base, in Durban, following an incident last week in which six people died. The deceased, three contract workers and three South African National Defence Force... 

Zuma says to amend laws to expropriate land without compensation

By: Reuters     Updated 7 hours ago South Africa will amend its laws to expropriate land without compensating landowners as it seeks to speed the process of distributing land to the black majority, President Jacob Zuma said on Friday. "We need to take bold steps that will transform our economy, including land ownership, very fast,"... 

Zuma says to amend laws to expropriate land without compensation

Chicken imports contribute to 21.9% decrease in RCL Foods’ interim Ebitda

By: Megan van Wyngaardt     Updated 6 hours ago The widely reported issues facing the domestic poultry industry have significantly decimated JSE-listed RCL Foods’ profits, with the company reporting a 21.9% decrease in earnings before interest, taxes, depreciation and amortisation (Ebitda) to R900.4-million for the six months ended December... 

Johannesburg’s City Power MD takes leave pending investigation

By: African News Agency      24th February 2017 Sicelo Xulu, the MD of City Power, has taken leave to allow for the completion of a forensic investigation into fraud and corruption. The announcement was made on Thursday in a statement issued by City Power, the Johannesburg municipal entity that supplies Johannesburg with electricity. 

South African dams recovering as torrential rains continue

By: Megan van Wyngaardt     24th February 2017 The Vaal dam is expected to reach 100% capacity soon, if current rainfall volumes continue, the Department of Water and Sanitation (DWS) said on Friday. The dam was 81.6% full by Friday and water levels were rising fast, owing to the torrential rains of the last two weeks. 

South African dams recovering as torrential rains continue

Petrol, diesel pump price to fall in March

By: Reuters     Updated 5 hours ago he retail price of petrol and the wholesale price of diesel in South Africa will fall from March 1, the energy department said on Friday. The price of 95 octane petrol will fall by 8c to R13.54 a litre in the commercial hub of Gauteng province, while diesel will go down by 2c to R11.60 a litre,... 

WTO trade facilitation agreement comes into force

By: Megan van Wyngaardt     24th February 2017 Having received four more ratifications for the Trade Facilitation Agreement (TFA), the World Trade Organisation (WTO) has now obtained the two-thirds of acceptances needed from its 164 members to bring the TFA into force, which could boost global trade by up to $1-trillion each year, with the... 

African companies are models for ingenuity and innovation – report

By: Megan van Wyngaardt     Updated 5 hours ago Sustainable business models could open up economic opportunities of up to $12-trillion across 60 global hot spots, and contribute to an increase in employment of up to 380-million jobs by 2030, the Business and Sustainable Development Commission’s ‘Better Business, Better World’ report states.... 

Engineering News iPhone and Android Apps available for free download

By: Creamer Media Reporter      24th February 2017 Creamer Media’s readers continue to be part of the mobile revolution.  Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers an Engineering News Online app for iPhone and Android users.  These apps... 

Engineering News iPhone and Android Apps available for free download

VW's controlling clan backs brand boss despite criticism – sources

By: Reuters     Updated 4 hours ago Volkswagen's embattled VW brand chief Herbert Diess still has the backing of the clan that controls the carmaker, despite his recurring clashes with labor leaders over cost-cutting plans, sources said. VW labour bosses earlier this month had accused Diess of breaking promises made under a... 

Busa welcomes Budget, commits to playing a role in country’s economic transformation

By: Megan van Wyngaardt     23rd February 2017 Business Unity South Africa (Busa) on Thursday welcomed the prioritisation of education and social spending, as well as the reforms in public procurement outlined by Finance Minister Pravin Gordhan in his Budget speech on Wednesday. Busa believes these measures will generate improved efficiencies... 

Analysts acclaim Glencore’s performance as good fundamentals return

By: Martin Creamer     23rd February 2017 Commodity market fundamentals are improving against a backdrop of better than expected demand and limited, if any, inventory build through the trough of the cycle, diversified mining and marketing company Glencore said on Thursday. This comes against the background of the London-, Hong Kong- and... 

Analysts acclaim Glencore’s performance as good fundamentals return
Glencore CEO Ivan Glasenberg

Cell C rejects Telkom’s buy-out offer  

By: Creamer Media Reporter      23rd February 2017 Mobile operator Cell C on Thursday confirmed that it had rejected an unsolicited nonbinding and conditional acquisition proposal from telecommunications giant Telkom. Media reports emerged this week that Telkom was planning to throw its hat in the ring for the buy-out of Cell C, which is being... 

Electricity-mix model shows South Africa won’t need to trade off clean for low-cost 

By: Terence Creamer     23rd February 2017 The steep decline in wind and solar photovoltaic (PV) costs means that South Africa will not need to make the traditional trade-off between investing in either clean or least-cost electricity production, as the “cost-optimal mix” for South Africa is now also the cleanest, research conducted by... 

Electricity-mix model shows South Africa won’t need to trade off clean for low-cost

Bidcorp expects upward momentum in the second half of FY17

By: Natasha Odendaal     23rd February 2017 After maintaining a strong upward trajectory across all geographies during the six months ended December 31, JSE-listed Bidcorp is optimistic about its future prospects With a global rebranding effort to ‘Bidfood’ under way to reinforce its image as “value-add food people”, Bidcorp’s foodservice... 

Erin Energy CEO resigns

By: Megan van Wyngaardt     23rd February 2017 Segun Omidele has resigned as CEO of dual-listed oil and gas company Erin Energy Corporation, with immediate effect. His departure is expected in the coming weeks, during which time he will assist in the orderly transition of his duties and responsibilities to interim CEO Jean-Michel Malek, who... 

Solidarity to launch campaign to support the local steel industry

By: Megan van Wyngaardt     23rd February 2017 Trade union Solidarity has set its sights on the expansion and sustainability of South Africa’s domestic steel industry for the year ahead and will soon launch a Support Our Steel (SOS) campaign. The domestic steel industry had suffered significant setbacks in recent times, particularly after the... 

Association highlights the negative impact of poultry imports on the feed industry

By: Megan van Wyngaardt     23rd February 2017 Poultry meat imported into South Africa during 2016 displaced around 1.5-million tonnes of broiler feed, worth an estimated R8.2-billion or the equivalent of 15 medium-sized feed mills, which could have been locally manufactured, Animal Feed Manufacturers Association of South Africa (AFMA) said... 

Association highlights the negative impact of poultry imports on the feed industry

Aton share buying spree 'opportunity, not threat', says M&R’s Laas

By: Irma Venter     23rd February 2017 Murray & Roberts (M&R) CEO Henry Laas views ATM Holding’s acquisition of a 25.5% shareholding in M&R, as “an opportunity, not a threat”. “I’m pretty relaxed about what is happening.” 

Aton share buying spree 'opportunity, not threat', says M&R’s Laas
Photo by Duane Daws
Henry Laas

Barclays Africa CEO 'deeply regrets' role in FX rigging

By: Reuters     23rd February 2017 South African lender Barclays Africa asked for forgiveness on Thursday for its role in rigging the local currency, a scandal that has raised questions over the dominance of four big local banks. "We deeply regret that this conduct took place within our organisation," Chief Executive Maria Ramos... 

Nersa allows Eskom to raise tariffs by 2.2% in 2017/18

By: Anine Kilian     23rd February 2017 The National Energy Regulator of South Africa (Nersa) has allowed State-owned Eskom to raise its tariffs by 2.2% for the 2017/18 year. Nersa chairperson Jacob Modise on Wednesday said the regulator had confirmed Eskom’s allowable revenues of R205-billion for the period. 

Nersa allows Eskom to raise tariffs by 2.2% in 2017/18

Wage deadlock in rail sector

By: African News Agency      23rd February 2017 Wage negotiations between two transport unions and the Passenger Rail Agency of South Africa (PRASA) have deadlocked, the United National Transport Union (UNTU) said on Thursday. The union said it was demanding a 20% salary increase, while the employer was offering 3%. 

Amplats launches new Chrome Recovery Plant 

     23rd February 2017 Anglo American Platinum launched its newly commissioned chrome recovery plant earlier in January at its Thabazimbi-based Amandelbult complex in Limpopo.  

Amplats launches new Chrome Recovery Plant

Manufacturing sector to benefit from nuclear new build programme – Lesedi

By: Megan van Wyngaardt     23rd February 2017 Government and the broader public should realise that nuclear is “the right way to go” to meet South Africa’s future energy needs, says Lesedi Nuclear Services CEO Francis Carruthers, adding that the nuclear new build programme will hold significant downstream benefits in terms of local... 

Sasa calls for greater public input in sugar tax deliberations

By: Anine Kilian     23rd February 2017 The South African Sugar Association (Sasa) believes there has been insufficient public involvement in discussions on the implementation of the proposed tax on sugar-sweetened beverages. Finance Minister Pravin Gordhan on Wednesday confirmed that the proposed tax, which will be levied at a rate of... 

Frankfurt Airport aims to increase its business with South Africa

By: Keith Campbell     23rd February 2017 Germany’s number one international airport, Frankfurt, is seeking to increase its two-way air cargo trade with South Africa. This was highlighted at a media briefing at the 2017 Air Cargo Africa conference in Kempton Park, east of Johannesburg, by Fraport AG chief operating officer Anke Giesen.... 

Frankfurt Airport aims to increase its business with South Africa
Photo by Fraport
Anke Giesen

Standard Bank in talks with Competition Commission in rand-rigging probe

By: Reuters     23rd February 2017 South Africa's Standard Bank said on Thursday it was engaging with the Competition Commission about an investigation into alleged rigging of rand currency trading and had not suspended any employees to date. "Pending the outcome of these engagements and in the light of these historic allegations... 

South Africa's govt drawdowns rising, pose risks to fiscal position – Moody's

By: Reuters     23rd February 2017 Moody's has warned that South African government drawdowns are rising and represent increasing risks to its fiscal position, a day after Treasury targeted the wealthy with tax hikes in a bid to rein in the budget deficit. Zuzana Brixiova, a lead analyst for South Africa, said the budget aimed to... 

South Africa's govt drawdowns rising, pose risks to fiscal position – Moody's

Budget’s withholding tax rise may alter Sibanye’s dividend stance

By: Martin Creamer     23rd February 2017 The change in the withholding tax position introduced in Wednesday's Budget may result in precious metals mining company Sibanye changing its stance on dividends. Up to now, Sibanye’s first call on free cash after stay-in-business capital expenditure has been to pay dividends amounting to at... 

Budget’s withholding tax rise may alter Sibanye’s dividend stance
Photo by Duane Daws
Sibanye CEO Neal Froneman

Brian Molefe sworn in as ANC MP

By: News24Wire      23rd February 2017 Former Eskom CEO Brian Molefe has been sworn in as African National Congress member of Parliament. Two sources from Parliament confirmed to News24 that the swearing in took place in the Speaker's office on Thursday morning. 

Brian Molefe sworn in as ANC MP
Photo by Duane Daws
ANC MP Brian Molefe

Massmart reports 16% jump in FY profit

By: Reuters     23rd February 2017 South African retailer Massmart reported an almost 16% rise in full-year profit on Thursday, as the firm controlled costs and closed some of its less profitable stores in a tough economic environment. Massmart, majority-owned by Wal-Mart Stores Inc, posted diluted headline earnings per share of... 

Mondi's 2016 profit rises, company see challenges ahead

By: Reuters     23rd February 2017 South African paper and packaging company Mondi's 2016 underlying profit rose, helped by good performance in all its businesses despite pricing pressure in a number of key paper grades. Mondi, which is also listed in London, said underlying operating profit rose 3% to €981-million ($1-billion)in... 

Bidcorp continues to achieve earnings growth in H1

By: Natasha Odendaal     23rd February 2017 JSE-listed Bid Corporation (Bidcorp), the food services unit that was unbundled from international services, trading and distribution firm Bidvest last year, delivered a distribution of 250c a share for the six months to December 31. The reported financials show “very pleasing” results for the... 

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