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Latest News

Johnnic to unbundle MTN stake

     17th February 2003 Johnnic Holdings said on Friday it would unbundle its 36,5% stake in cellphone operator MTN Group and distribute it to shareholders, a move it hopes would unlock value for its investors. 

Sasol supports new fuel pricing mechanism

     17th February 2003 The South African Minister of Minerals and Energy, Phumzile Mlambo-Ngcuka, announced that a new fuel pricing mechanism is to replace the In-Bond Land Cost (IBLC) with effect from April 2, 2003. 

Lack of maintenance likely cause of Duvha explosion

By: Martin Czernowalow     14th February 2003 It appears likely that a lack of maintenance led to the explosion at Eskom’s Duvha power station last month, but the South African power utility has not confirmed this. 

Nepad infrastructure forum next month

     14th February 2003 A forum for engagement between local infrastructure firms and governments on the New Partnership for Africa’s Development (Nepad) will be held in Mozambique next month. 

Finnish trade visit to boost SA ties

     14th February 2003 Finland's Minister for Foreign Trade, Jari Vilen, will lead a Finnish business delegation to South Africa from February 18 to 20. 

Angola to host oil, gas summit

     14th February 2003 The seventh edition of the African Oil and Gas, Trade and Finance Conference and Showcase is to be held in Angola and will be jointly organised by a team combining both international and local expertise. 

Egypt to host big telecoms meet

     14th February 2003 Secretary-General of the International Telecommunication Union (ITU), Yoshio Utsumi signed an agreement with Na 

Roche cuts Aids drug price

     14th February 2003 Healthcare group Roche Holdings is slashing the price of its Aids drugs, Viracept, in the developing world, following intense lobbying from activists, the Swiss company said yesterday. 

R12bn privatisation target within reach – Gouden

     14th February 2003 South Africa is likely to come close its target of earning R12-billion ($1,44-billion) from the sale of State assets this fiscal year, thanks mainly to the Telkom listing, a senior official said yesterday. 

SA’s FDI rises marginally in 2002

     14th February 2003 Foreign direct investment (FDI) rose marginally in South Africa last year, but remains low by global standards for a variety of reasons, including Aids and crime, consultancy BusinessMap said yesterday. 

Group Five optimistic about SA prospects in 2003

By: Irma Venter     13th February 2003 Despite cross-border work causing construction company Group Five some headaches in the last few months, CEO Mike Lomas believes the money being spent globally in construction ensures the company has a solid three years ahead of it. 

Global auto slump will impact SA

By: Martin Czernowalow     13th February 2003 The latest KPMG survey of top vehicle manufacturers and supplier executives found that the international automotive industry is facing the most difficult market in half a decade, with a mixture of “worry and determination”. 

Iscor investors approve LNM waiver request

     13th February 2003 Minority shareholders in South African steel producer Iscor agreed yesterday to waive a requirement that steel heavyweight LNM Holdings offer to buy out all minorities once its stake exceeds 35%. 

China’s power surge spurs aluminium explosion

     13th February 2003 The rapid expansion of power generation has fuelled an explosion in aluminium production in China, which has now become a firm net exporter, a senior Chinese executive said. 

Land approval for innovation hub

     13th February 2003 The development of The Innovation Hub in Pretoria has been approved in the final report of the Development Facilitation Act (DFA) Tribunal, released recently. 

DBSA signs MoU with Angolan project facilitator

     13th February 2003 The Development Bank of Southern Africa (DBSA) and the Banco de Poupan 

Waste management firm reports rise in earnings

     12th February 2003 Waste management group EnviroServ yesterday announced its financial results for the six months ended December 31, 2002. 

Zinc body to pursue new markets

     12th February 2003 The establishment of the International Zinc Association Southern Africa (Izasa) last year has provided a forum for facilitating greater utilisation of zinc in all its forms. 

Nepad secretariat to host science, technology workshop

     12th February 2003 The South African Department of Arts, Culture, Science and Technology will be hosting the New Partnership for African Development (NEPAD) Workshop on Science and Technology from February 17 to 19. 

Hi-tech map boosts conservation efforts

     12th February 2003 A new computer based conservation map could put an end to irresponsible development in KwaZulu-Natal and improve environmental protection. 

UK company invests in SA nuclear consultancy

     12th February 2003 UK company, NNC Holdings Limited has acquired a 50% stake in the South African-based company, Nuclear Consultants International (NCI). 

SA steel consumption growth boosts Hiveld

     12th February 2003 South Africa’s second-largest steel producer, Highveld Steel and Vanadium, reported a significantly higher operating profit for the year ended December 2002, on the back of a strong local steel market, improved export steel and ferroalloy selling prices, and a weaker rand. 

Deadline for Komatiland privatisation approaches

By: Martin Czernowalow     11th February 2003 The cut-off date for submitting non-binding expressions of interest for a major stake of Komatiland Forests Limited in on February 28, the South African Department of Public Enterprises (DPE) says. 

Sappi appoints Leslie new CEO

     11th February 2003 South African pulp and paper giant Sappi said yesterday it had appointed Jonathan Leslie to succeed Eugene van As as CE from April this year, ending months of speculation. 

Aluminium project confirms SADC as investment site of choice

By: Martin Zhuwakinyu     11th February 2003 The team implementing the $449-million expansion at the Hillside Aluminium smelter in Richards Bay has completed the civil and structural steel works, and is about to embark on the installation of mechanical and instrumentation equipment. 

Entrepreneurs upbeat about 2003

     11th February 2003 South African specialised investment group for small and medium enterprises, Business Partners, reports that, contrary to international trends, South African entrepreneurs are upbeat about the prospects for business success in 2003. 

BHP Billiton returns positive drill results from Mexico programme

     11th February 2003 The world’s largest diversified miner, BHP Billiton, has announced the results of appraisal well GC 743-5 (Atlantis-6) and approved full funding for the development of the Atlantis field. 

Telekom Malaysia seeks arbitration over Ghana deal

     11th February 2003 Telekom Malaysia said yesterday it has sought international arbitration for its dispute with the Ghanaian government over investment in Ghana Telecom. 

R8,5m switchgear contracts awarded

     11th February 2003 Two contracts, worth a total of R8,5-million, have been awarded to the medium voltage division of ABB Power Technology for the supply, installation and commissioning of electrical switchgear systems for two new plants being constructed for Sasol, one in Secunda and the other in Sasolburg. 

Big energy-market shake-up in the offing

By: Joanne Delaurentis     10th February 2003 South Africa could soon have its own independent wholesale electricity trading exchange, able to facilitate a number of competitive electricity suppliers and consumers in one integrated multimarket model (MMM). 

Coega port project concludes labour deal

     10th February 2003 The Coega port project has signed an agreement to standardise relations between labour and employers in the deepwater port of Ngqura construction site, near Port Elizabeth. 

Iraq war could undermine Nepad

By: Martin Czernowalow     10th February 2003 The South African Chamber of Business (Sacob) warned that the threat of war in the Middle East is having a negative effect on world markets, with the resultant fluctuations in the price of crude oil fuelling recessionary world economic trends, particularly in the US. 

Extended Gautrain enviro study this month

     10th February 2003 The public has been requested to comment on two draft reports concerning the Gautrain Rapid Rail Link’s Tshwane route alignment. 

Steel firm seeks to cut supply to auto giant

     10th February 2003 US steel producer AK Steel Holding Corporation is asking an Ohio judge to allow it to stop shipping steel to General Motors, because of a contract dispute, said media reports on Friday. 

Small airlines will struggle to meet noise regulations

     10th February 2003 Noise abatement procedures that are expected to be implemented by the South African government this year, to make aircraft quieter and safer, are expected to have serious implications for both local and international airlines. 

Truck maker bearish on world economic recovery

     10th February 2003 Sweden's AB Volvo, the world's second-biggest truck producer, reported better than expected fourth quarter pre-tax profits on Friday, but said there would be no swift recovery in its two key markets. 

Zim telecom group eyes growth in Africa, New Zealand

     10th February 2003 African operator Econet Wireless International (EWI) said it would use 2003 to build up its telecoms operations on the continent, the world's fastest-growing market, and launch its New Zealand network. 

SA explores cheap Aids drug plan

     7th February 2003 The South African government, under growing pressure to supply anti-Aids drugs nationwide, said this week it was exploring a cost-effective way of providing life-saving anti-retroviral medications. 

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