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Latest News

Big ‘focus’ on ensuring rail OEMs meet local-content commitments

By: Terence Creamer     24th June 2016 A senior Department of Trade and Industry (DTI) official “promised” on Friday that the department was giving focused attention to ensuring that the local-content targets associated with Transnet’s R50-billion locomotive procurement programme were met. Chief director for industrial procurement Dr... 

Brexit deals 'resilient' South Africa a new complication 

By: Natasha Odendaal     24th June 2016 As the UK’s decision to withdraw from the European Union (EU) this week sent ripples of uncertainty and volatility across an already unsteady global economy, South Africa’s Finance Minister Pravin Gordhan has moved to assure the public of the country’s strong trade ties and resilience. However,... 

Brexit deals 'resilient' South Africa a new complication

‘Staggering’ uncertainty driving gold – World Gold Council

By: Martin Creamer     24th June 2016 With Britain voting to exit the European Union, the World Gold Council expects to see strong and sustained inflows into the gold market driven by the "staggering" level of protracted uncertainty that investors now face. The council said on Friday that gold’s surge to $1 313.85/oz was providing... 

‘Staggering’ uncertainty driving gold – World Gold Council

Gauteng endorses creation of single provincial transport authority

By: Anine Kilian     24th June 2016 Gauteng Premier David Makhura on Friday signed a declaration with mayors in the Gauteng City Region (GCR) endorsing the establishment of a single transport authority for the GCR. Makhura said the signing of the declaration was an important step taken by government towards ensuring that all... 

Portfolio committee chair questions DTI’s exclusion from ‘steel committee’

By: Terence Creamer     24th June 2016 The Portfolio Committee on Trade and Industry has raised serious concern about the exclusion of the Department of Trade and Industry (DTI) as a direct participant in so-called ‘steel committee’ set up to monitor interventions made to shore up the domestic primary steel industry, which is under... 

Portfolio committee chair questions DTI’s exclusion from ‘steel committee’

Worldsteel head sees no massive impact from Brexit in EU for now

By: Reuters     24th June 2016 Britain's decision to leave the European Union will not immediately have a strong effect on the European steel industry, the chairman of the World Steel Association said on Friday. "There is no massive direct impact to be expected for the European steel industry in the short term," Wolfgang Eder,... 

DoC takes firm stance on funding, support for community broadcasters

By: Natasha Odendaal     24th June 2016 The Department of Communications (DoC) has lent its support to community broadcasters, but warned that funds were limited in a stalled economic climate and that other sources of funding should be sought. Communications Minister Faith Muthambi on Friday told stakeholders at a community... 

DoC takes firm stance on funding, support for community broadcasters
Communications Minister Faith Muthambi

SA Innovation Summit competitions open for entries

By: Anine Kilian     24th June 2016 The organisers of the SA Innovation Summit 2016 have called on inventors, innovators and established companies to enter their prototype or product into the Inventors Garage and SA Innovation Legends Pitching Den competitions. The theme of this year’s summit is ‘Innovation acceleration – scaling... 

From beer to drugs to cars: Global business laments EU vote

By: Reuters     24th June 2016 Chief executives from Tokyo to Denver woke up on Friday to currency turmoil, plunging share prices and tough decisions after Britain's vote to leave the European Union raised widespread fears over economic growth. In Britain itself, businesses including aerospace, pharmaceuticals and... 

Nigeria's Dangote shifts focus from cement to oil and gas

By: Reuters     24th June 2016 Africa's richest man, Aliko Dangote, plans to launch Nigeria's first private crude oil refinery by 2019 while almost doubling his cement production on the continent by adding plants in eight countries as he shrugs off a regional economic downturn. Dangote told Reuters the $12-billion refinery... 

South African financial institutions can withstand Brexit shock – Zuma

By: Reuters     24th June 2016 South African banks and financial institutions can withstand shocks after Britons voted in favour of quitting the European Union, President Jacob Zuma said on Friday. Zuma said the Treasury and the central bank were in talks with financial institutions on the possible implications of the Brexit... 

South African financial institutions can withstand Brexit shock – Zuma

SARB says little room to defer policy response

By: Reuters     24th June 2016 South Africa's Reserve Bank (SARB) said on Friday there is little space to defer a monetary policy response as inflation expectations are already close to the top end of its target range. The central bank has raised lending rates by 200 basis points to 7% over the past two years in a bid to keep... 

SARB says little room to defer policy response
Photo by Reuters
Reserve Bank Governor Lesetja Kganyago

Rand to remain highly volatile on Brexit victory – analysts

By: News24Wire      24th June 2016 Analysts were shocked on Friday to see the rand dive more than the day President Jacob Zuma fired former finance minister Nhlanhla Nene as the UK voted to leave the European Union. Rand Merchant Bank analyst John Cairns was alarmed that the currency’s losses against the dollar had swung between... 

Britain votes to leave EU, Cameron quits

By: Reuters     24th June 2016 Britain has voted to leave the European Union, forcing the resignation of Prime David Cameron and dealing the biggest blow to the European project of greater unity since World War Two. Global financial markets plunged as results from Thursday's referendum showed a near 52% to 48% split for leaving. 

Britain votes to leave EU, Cameron quits
Photo by Reuters
British PM David Cameron

Rand slumps more than 8% as Brexit stuns markets

By: Reuters     24th June 2016 South Africa's rand slumped more than 8% against the dollar on Friday, on track to its biggest one-day%age fall since 2008, as Britain voted to leave the European Union, knocking appetite for riskier assets. At 0640 GMT, the rand traded at 15.3400 versus the dollar, 6.53% weaker from its New York... 

Rand slumps more than 8% as Brexit stuns markets

Zuma proud of megahousing project in KZN

By: News24Wire      24th June 2016 President Jacob Zuma on Thursday gave a "mega" housing project in Pietermaritzburg his stamp of approval. Zuma visited the Vulindlela rural area to celebrate the project that has built 12 300 houses since 2012. The project aims to deliver a total of 25 000 homes by completion in 2018. 

Union threatens to strike over SABMiller scheme

By: Reuters     24th June 2016 South Africa's Food and Allied Workers Union (Fawu) said on Thursday it will strike and may take legal action if no agreement is reached with brewer Anheuser-Busch InBev on SABMiller's plan to give blacks a larger role in the business. AB InBev, the world's largest brewer, last month gained... 

Oil prices dive as Britain votes to leave EU

By: Reuters     24th June 2016 Oil prices slumped by more than 6% on Friday after results of a landmark referendum showed Britain had voted to leave the European Union, causing huge market uncertainty and fracturing European efforts to forge greater unity. Financial markets have been racked for months by worries about what... 

Oil prices dive as Britain votes to leave EU

Cape Town doctor aiming to rewrite the sports safety-gear script

By: Irma Venter     24th June 2016 Fifteen years ago, Dr Chris Leatt witnessed the death of a fellow motorcycle rider a few weeks after his four-year-old son, Matthew, got on a bike and fell in love with the sport. “Alan Selby had fallen at the top of a hill and I travelled up with the paramedic to assist,” says Leatt from his... 

Cape Town doctor aiming to rewrite the sports safety-gear script

BevSA welcomes KPMG sugar report

By: Anine Kilian     23rd June 2016 The Beverage Association of South Africa (BevSA) has welcomed a report by accounting and auditing firm KPMG calling for a socioeconomic impact assessment (SEIAS) of the sugar tax proposed by National Treasury.   In the report, titled ‘Taxing your sweet tooth – Effective nudge or economic... 

At least 100 injured in KZN train collision

By: News24Wire      23rd June 2016 At least 100 people have been injured after two trains collided between the Mobeni and Havenside areas of KwaZulu-Natal on Thursday afternoon, Marshall Security said. The private security company said it was unclear what had caused the accident. 

Bank of England, offshore centres holding SA gold worth R75bn 

By: Martin Creamer     23rd June 2016 The Bank of England and other official sector institutions at offshore bullion centres are holding a large percentage of South Africa’s gold. At last count, these holdings totalled four-million ounces of South Africa’s gold, worth nearly $5-billion. 

Bank of England, offshore centres holding SA gold worth R75bn
DA Shadow Finance Minister David Maynier

Eskom sees deeper cost cuts after workers' pay hike

By: Reuters     23rd June 2016 South African power utility Eskom's latest pay hike offer could lead the cash-strapped power utility into deeper cost cuts, the state-owned firm said on Thursday. Eskom confirmed that it had offered to pay 7% more to all blue-collar workers, upping its offer from 5.75%, during negotiations with... 

Wits unveils first suite of free online courses

By: Natasha Odendaal     23rd June 2016 The University of the Witwatersrand (Wits) has launched the first batch of free online courses as part of a series of massive open online courses (MooCs) on the edX platform that will be launched over the next three years to bolster post-school education. The first three MooCs, namely System... 

Wits unveils first suite of free online courses

Study determines impact of algae on irrigation costs

By: Anine Kilian     23rd June 2016 The Council for Scientific and Industrial Research (CSIR) has estimated that commercial farmers in the Dwars River area of the Western Cape spend R600 000 a year ridding their irrigation systems of filamentous algae.   The CSIR was in the process of formulating a tradable permit system as a tool... 

South African, European competition commissions ink MoU

By: Natasha Odendaal     23rd June 2016 The South African Competition Commission and the European Commission’s Directorate-General for Competition have signed a deal to strengthen cooperation in competition law enforcement between the two agencies. The memorandum of understanding (MoU), cemented this week in Brussels, unlocked... 

South Africa guaranteed access to Agoa until 2025

By: African News Agency      23rd June 2016 South Africa has been guaranteed access to the African Growth and Opportunity Act (Agoa) until 2025, the Department of Trade and Industry (DTI) said on Thursday. The department’s spokesperson Sidwell Medupe said the country had resolved all of the issues regarding beef, poultry, and pork, "thus... 

South Africa guaranteed access to Agoa until 2025

AFC nets $150m loan facility

By: Natasha Odendaal     23rd June 2016 International investment grade multilateral finance institution Africa Finance Corporation (AFC) has secured a $150-million, 15-year loan facility from Germany’s KfW Development Bank (KfW) to refinance core projects in power, telecommunications, transport and heavy industries across Africa.... 

Austrian chancellor says need fair competition for steel exports

By: Reuters     23rd June 2016 Austrian Chancellor Christian Kern said he had agreed in talks with Germany's Angela Merkel on Thursday that a level playing field was needed for steel exports and that the two had discussed ways of tackling 'dumping' from China. "We discussed how to deal with steel exports given dumping... 

South Africa seen as attractive market amid surging global solar PV deployment

By: Terence Creamer     23rd June 2016 A new study assessing the future role of solar photovoltaics (PV) in the global electricity system suggests that the technology’s installed base could grow to between 1 760 GW and 2 500 GW by 2030 and identifies South Africa as among the most attractive markets for deployment. Solar PV capacity... 

South Africa seen as attractive market amid surging global solar PV deployment

Focus on economic growth and jobs will follow, advises Roodt

By: Natasha Odendaal     23rd June 2016 Efficient Group chief economist Dawie Roodt on Thursday voiced his concern over South Africa’s stumbling job creation ambitions amid an economic slump that has placed the nation on the brink of a recession. Addressing delegates at an Ekurhuleni Captains of Industry Forum morning meet, he... 

Focus on economic growth and jobs will follow, advises Roodt

Africa’s richest man got a fistful of dollars in Nigerian currency squeeze

By: Reuters     23rd June 2016 As Nigeria grapples with a foreign exchange crisis, one person stands out in the scramble to obtain hard currency: Aliko Dangote, Africa's richest man. When the government restricted the supply of dollars in June 2015 to prop up the value of the Nigerian naira, firms owned by Dangote landed a... 

Africa’s richest man got a fistful of dollars in Nigerian currency squeeze
Photo by Reuters
Businessperson Aliko Dangote

Muthambi 'confident' of ConCourt TV challenge

By: News24Wire      23rd June 2016 The department of communications is confident of winning its Constitutional Court appeal against encryption of set top boxes (STBs). The Supreme Court of Appeal (SCA) ruled recently that the decision by Communications Minister Faith Muthambi to drop encryption from the STBs amid a roll-out of... 

Muthambi 'confident' of ConCourt TV challenge

FDI into South Africa hits ten-year low 

     23rd June 2016 Creamer Media’s Samantha Herbst speaks to Engineering News editor Terence Creamer about the latest World Investment Report 

FDI into South Africa hits ten-year low

$117.5m renewables deal to support 1 300 MW Africa roll-out

By: Terence Creamer     23rd June 2016 Participants in a $117.5-million equity funding deal, announced on Thursday, say the transaction will support African-focused Lekela Power meet its goal of constructing over 1 300 MW of wind and solar capacity across the continent by 2018, including four wind farms in South Africa. Lekela Power... 

$117.5m renewables deal to support 1 300 MW Africa roll-out
Mainstream CEO Eddie O’Connor

Poland signs poultry deal with SA

By: African News Agency      23rd June 2016 The Polish government has negotiated a health certificate with the South African government, paving the way for the eastern European country to export poultry to South Africa. Poland’s deputy main animal health inspector Krzysztof Jażdżewski concluded the deal with his South African counterparts... 

Poland signs poultry deal with SA

Engineering News iPhone and Android Apps available for free download

By: Creamer Media Reporter      23rd June 2016 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

Commercial property adds R50bn to Gauteng GDP

By: News24Wire      23rd June 2016 It is important to remember that the commercial property sector contributes about R50bn to the gross domestic product (GDP) of Gauteng, Kobus van der Vyver, property development manager at Urban-Econ Development Economists said on Wednesday. The commercial property sector employs almost 350 000... 

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