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Latest News

Record performance by South Africa’s biggest private-sector airline

By: Rebecca Campbell     13th February 2018 South African private-sector airline group Comair, operator of the British Airways in South Africa and Kulula low cost carrier brands, announced on Tuesday that it had achieved a record performance for the first half of the current financial year (July 1 to December 31, 2017). Earnings before... 

Trade conditions remain strong – Sacci

By: Dylan Slater     13th February 2018 With general business confidence at its highest level in two-and-a-half years, trade expectations have maintained an improved level going into this year, the South Africa Chamber of Commerce and Industry (Sacci) said on Tuesday.  

Warning of ‘seismic’ tax hikes, spending cuts to close R50bn 2018 Budget hole 

By: Terence Creamer     13th February 2018 Standard Bank chief economist Goolam Ballim is warning that the upcoming Budget will include “seismic” tax increases and spending cuts to address a menacing “fiscal cleavage” that, in nominal terms, is unprecedented in South Africa’s history. The Budget is scheduled for release on February 21 and... 

Warning of ‘seismic’ tax hikes, spending cuts to close R50bn 2018 Budget hole
Standard Bank chief economist Goolam Ballim on the “seismic” tax increases and spending cuts needed to correct the Budget balance. Camera Work & Editing: Nicholas Boyd. Recorded: 13.2.2018

Day Zero pushed back to June as water users cut back

By: Natasha Odendaal     13th February 2018 Cape Town’s looming Day Zero has been pushed back to June 4, as Cape Town reduced its water use over the past week to an average of 529-million litres a day – the lowest daily consumption achieved to date. Last week, Day Zero, which had initially been expected to occur in April, had been further... 

ANC recalls Zuma

By: African News Agency      13th February 2018 African National Congress (ANC) has recalled President Jacob Zuma, the party's secretary-general Ace Magashule announced on Tuesday in Johannesburg. ''The national executive committee decided to recall the president in accordance with rule 12.2 of the ANC, which allows the ANC to recall it’s... 

WSP to develop 330 kV Zambia-DRC electricity transmission line

By: Dylan Slater     13th February 2018 The Southern African Power Pool has appointed UK-based engineering consultancy WSP to develop a proposed 330 kV electricity interconnector between Zambia and the Democratic Republic of Congo (DRC).  

Unemployment rate improves to 26.7% in Q4

By: Simone Liedtke     13th February 2018 South Africa's unemployment rate improved to 26.7% in the fourth quarter of 2017. This was a one percentage point improvement on the unemployment rate of 27.7% recorded in the third quarter of the year. 

Unemployment rate improves to 26.7% in Q4

China urges US to rein in 'trade remedy measures' for steel

By: Reuters     13th February 2018 China has expressed concerns over excessive protectionism in the steel sector by the United States, and urged it to show restraint in using trade remedy measures, an official with Chinese Ministry of Commerce (Mofcom) said on Tuesday. Wang Hejun, the head of Mofcom's Trade Remedy and... 

Harmony's headline earnings soar, eight die, Moab transferred

By: Martin Creamer     13th February 2018 Harmony Gold on Tuesday reported improved earnings, production, grade and costs in the six months to December 31, but regrettably also eight fatalities. While Mining Weekly Online was engaged in the media conference, the transfer of ownership of Moab Khotsong assets to Harmony became official,... 

Harmony's headline earnings soar, eight die, Moab transferred
Photo by Duane Daws
Harmony Gold CEO Peter Steenkamp

Zuma defiant till the end as party moves to recall him

By: News24Wire      13th February 2018 A defiant President Jacob Zuma has refused to resign immediately as head of state, daring the African National Congress's (ANC's) National Executive Committee (NEC) to recall him. The party's highest decision making body resolved to recall him, invoking the clause in the African National Congress... 

Zuma defiant till the end as party moves to recall him
Photo by Reuters
SA President Jacob Zuma

Proposed sugar levy unlikely to make sizeable dent in fiscal deficit – PwC economists

By: African News Agency      13th February 2018 Economists on Monday predicted that the proposed levy on sugar-sweetened beverages (SSBs) set to take effect in April this year in South Africa was unlikely to make a sizeable dent in the fiscal deficit. In 2016, National Treasury announced a Sugar Beverage Levy (SBL) on sugar-sweetened beverages... 

Proposed sugar levy unlikely to make sizeable dent in fiscal deficit – PwC economists

ANC to make announcement on Zuma exit at noon

By: African News Agency      13th February 2018 The African National Congress (ANC) said in a terse statement that it will on Tuesday at noon pronounce on President Jacob Zuma's fate. All indications are that the ruling party's top brass has decided to force Zuma out after a marathon 13-hour closed meeting. 

 ANC to make announcement on Zuma exit at noon
SA President Jacob Zuma

VEHS presents opportunity to change energy landscape

By: Simone Liedtke     12th February 2018 With South Africa's electricity largely still generated from fossil fuels and the lengthy processes involved in commissioning renewable-energy, civil engineering company Epitome Consulting GM Clement Mokoenene says transferring high volumes of traffic energy into electricity could significantly... 

VEHS presents opportunity to change energy landscape
Epitome Consulting GM Clement Mokoenene

EOH acquires LSD IT to lead open source works in Africa

By: Schalk Burger     12th February 2018 JSE-listed information and communication technology (ICT) multinational EOH has acquired Linux-focused enterprise open-source technology company LSD Information Technology (IT) to lead its open-source offerings in Africa. The acquisition, the value of which was not disclosed, addresses an... 

Oracle Power gets approval for next step in coal, power plant development

By: Megan van Wyngaardt     12th February 2018 The Private Power and Infrastructure Board (PPIB) of Pakistan has approved the issue of notice to proceed (NTP) and letter of intent (LoI) for a coal mine and mine-mouth power plant in Block VI of the Thar desert, UK-based Oracle Power reported on Monday. The project is being developed in a... 

Opposition parties want Parliament dissolved

By: News24Wire      12th February 2018 Opposition parties on Monday agreed that Parliament should be dissolved following a motion of no confidence in President Jacob Zuma. After the opposition parties represented in Parliament met on Monday, Democratic Alliance leader Mmusi Maimane said they have resolved that they want the motion of... 

Opposition parties want Parliament dissolved

RCL Foods reports uptick as chicken processing business improves

By: Megan van Wyngaardt     12th February 2018 South African food producer RCL Foods expects to report an upswing in its financial results for the six months ended December 31, with its headline earnings a share to be between 46% and 66% higher year-on-year at between 69.5c and 79c. Earnings a share are expected to increase by between 93.5%... 

Taste Holdings appoints new CEO

By: Anine Kilian     12th February 2018 Tyrone Moodley has been appointed Taste Holdings' CEO, effective immediately. He will succeed Carlo Gonzaga, who has resigned. 

KAP gears up for growth, announces solid interim results

By: Schalk Burger     12th February 2018 Diversified industrial group KAP Industrial Holdings has raised R2-billion through the issuance of three- to five-year bond tenures to fund its future growth, the firm stated in its six-month interim results for the period ended December 31. The group on Monday reported that its revenue from... 

Wind energy installations continue to grow – WWEA

By: Megan van Wyngaardt     12th February 2018 The overall capacity of all wind turbines installed worldwide by the end of 2017 reached 539 291 MW, preliminary statistics published by World Wind Energy Association (WWEA) has shown. A WWEA report, released on Monday, further showed that 52 552 MW of wind energy capacity were added last year,... 

Wind energy installations continue to grow – WWEA

City of Cape Town announces winning bidder for foreshore redevelopment

By: African News Agency      12th February 2018 The City of Cape Town on Monday announced that Mitchell Du Plessis Associates (MDA) have been chosen as the winning bid for the redevelopment of the Foreshore Freeway Precinct, which includes completing the unfinished flyover that has marked the city's skyline for more than 40 years. The City... 

SARB to launch commemorative banknotes in honour of Nelson Mandela's centenary

By: Simone Liedtke     12th February 2018 The South African Reserve Bank (SARB) will this year launch a set of commemorative South African banknotes, which will cover all denominations - R10, R20, R50, R100 and R200 - in honour of what would have been Nelson Mandela's centenary. The South African Mint, a subsidiary of the SARB, will... 

SARB to launch commemorative banknotes in honour of Nelson Mandela's centenary
Photo by Duane Daws
Current commemorative South African banknotes

New CEO must position Eskom for ‘evolving energy markets and technologies’

By: Terence Creamer     12th February 2018 The newspaper advertisement calling for applications for the positions of CEO and CFO at State-owned power utility Eskom includes definite signs of the reforms that the newly appointed board is aiming to implement at the beleaguered organisation. The advertisement calls on appropriately qualified... 

New CEO must position Eskom for ‘evolving energy markets and technologies’
Photo by Dylan Slater
Eskom chairperson Jabu Mabuza

Gemfields transparent, proactive in rebutting rights allegations

By: Martin Creamer     12th February 2018 Coloured gemstones company Gemfields has been transparently proactive in rebutting claims of human rights abuses in Mozambique, where it mines rubies. "We've voluntarily elected to issue this statement," Gemfields, headed by CEO Sean Gilbertson, commented in a release on Monday about UK-based law... 

Gemfields transparent, proactive in rebutting rights allegations
Gemfields CEO Sean Gilbertson

Entries for Seifsa Awards for Excellence now open

By: Anine Kilian     12th February 2018 The Steel and Engineering Industries Federation of Southern Africa (Seifsa) has invited manufacturers operating in the metals and engineering sector to submit their entries for the 2018 Seifsa Awards for Excellence. Entries are open to all companies in the sector, including those which are not... 

BMW close to ten-year supply deal for battery minerals – FAZ

By: Reuters     12th February 2018 BMW is close to signing a ten-year supply contract for lithium and cobalt, the company's procurement chief told Germany's Frankfurter Allgemeine Zeitung, amid an industry-wide scramble for raw materials needed for electric car batteries. "The aim is to secure the supply all the way down to the... 

Jasco delivers weaker H1 results

By: Natasha Odendaal     12th February 2018 JSE-listed Jasco Electronics on Monday posted weaker first-half financial results as the company faces tough market conditions. For the six months ended December 31, Jasco reported an 81% decline in headline earnings per share (HEPS) to 1.2c and a fall of 68% in earnings per share (EPS) to 2c. 

SANDF members alleged to have committed torture and assault in DRC

By: News24Wire      12th February 2018 South African National Defence Force members serving in the Democratic Republic of Congo (DRC) have been accused of assault and torture, its spokesperson said on Sunday. "The SANDF has been alerted to reports of torture and assault in the Democratic Republic of Congo allegedly committed by some... 

MyCiTi commuters to bear brunt of attacks on bus stations

By: News24Wire      12th February 2018 The City of Cape Town has condemned what it termed "orchestrated attacks" by protesters on two MyCiTi bus stations. Brett Herron, Mayoral Committee Member for Transport and Urban Development, said the attacks on the MyCiTi bus stations would cause major inconveniences to commuters. 

India's Tata Steel Q3 profit surges on volume growth

By: Reuters     9th February 2018 India's Tata Steel on Friday posted a five-fold rise in third-quarter profit, boosted by strong volume growth in India and increasing steel prices. "Global steel prices have been buoyant with improved trade position in China along with cost push from raw materials," Chief Executive Officer T V... 

State procurement to come under spotlight at BBBEE Commission conference

By: Anine Kilian     9th February 2018 State procurement will come under the spotlight at the Broad-Based Black Economic Empowerment (BBBEE) Commission’s annual conference, taking place at the Gallagher Convention Centre in Midrand on March 15. The conference theme, Improving State Procurement for Real Empowerment, is aimed at finding... 

AfriBusiness believes new competition legislation will harm large businesses

By: Megan van Wyngaardt     9th February 2018 The proposed Competition Amendment Bill will transform South Africa's competition authorities into instruments for black economic empowerment (BEE), argues business lobby AfriBusiness. CEO Piet le Roux said the Amendment Bill was "explicitly crafted with transformation in mind. It significantly... 

Zuma releases State capture inquiry regulations

By: News24Wire      9th February 2018 President Jacob Zuma released the regulations for the judicial commission of inquiry into State capture, said Justice Minister Michael Masutha. Masutha announced on Friday that Zuma's regulations have been published in the Government Gazette on February 9. 

Zuma releases State capture inquiry regulations
President Jacob Zuma

Budget is watershed moment for South Africa's economy - economist

By: Megan van Wyngaardt     9th February 2018 While there are early signs of a recovery in the local economy, with expected business conditions improving, government now needs to show - through its Budget later this month - that it has the credibility to take the country forward and build business and consumer confidence. Speaking at a... 

Budget is watershed moment for South Africa's economy - economist

Dedicated unit set up to combat crime on Cape Town trains

By: African News Agency      9th February 2018 The City of Cape Town, the Passenger Rail Agency of South Africa (PRASA), and the Western Cape Government on Friday agreed to establish a dedicated unit to secure the safety of Metrorail commuters and key infrastructure. Metrorail's Central Line, which serves largely poor and working class... 

Collective bargaining to determine wages above set minimum wage – labour dept

By: African News Agency      9th February 2018 The department of labour says wages above the national minimum wage will be increased through collective bargaining once the remuneration target comes into force on May 1. The national minimum wage (NMW) agreed at the National Economic Development and Labour Council (Nedlac) is pegged at R20 an... 

Ramaphosa pursues "pressing matters" in push for Zuma exit

By: Reuters     9th February 2018 African National Congress (ANC) leader Cyril Ramaphosa pulled out of public events to focus on "pressing matters" on Friday, fuelling speculation that Ramaphosa was making a final push to force Jacob Zuma to step down as South Africa's head of state. Zuma, in power since 2009 and battling... 

Ramaphosa pursues
Photo by WEF
ANC President Cyril Ramaphosa

Ford lifts veil on new Ranger Raptor, set for production at Pretoria plant

By: Irma Venter     9th February 2018 The first-ever Ranger Raptor, Ford’s new off-road, performance pick-up bakkie, was unveiled in Thailand this week. The Raptor will be produced at Ford Motor Company of Southern Africa's (FMCSA’s) Silverton plant, in Pretoria, as part of a $220-million investment announced late last year, aimed at... 

 Ford lifts veil on new Ranger Raptor, set for production at Pretoria plant
The Ranger Raptor

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