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Latest News

Nampak delivers ‘credible’ FY17 performance despite difficult trading environment

By: Megan van Wyngaardt     28th November 2017 In light of the current macroeconomic circumstances, packaging company Nampak has delivered a “credible” financial performance for the year ended September 30, CEO André de Ruyter said on Tuesday, adding that the company had increased its trading profit by 2% to R2-billion. He further noted... 

Grid operators turning to batteries as costs fall and need for flexibility rises

By: Terence Creamer     28th November 2017 The standalone cost of battery energy storage remains above South Africa’s prevailing, albeit rising, electricity tariffs, but could already be commercially viable in some instances when the “stacked benefits” of the technology are taken into account. A levelised cost of electricity (LCOE) study... 

Grid operators turning to batteries as costs fall and need for flexibility rises
Photo by Duane Daws
Eskom's battery energy storage test site at Rosherville, in Gauteng

DTI warns large-scale job creation not as simple as it seems

By: Dylan Slater     28th November 2017 The structure of the South African economy does not allow for the creation of large numbers of jobs, nor can it support a large number of new jobs at appropriate skills levels, the ‘State of Manufacturing 2017’ report has shown. One of the major reasons for the inability to create a large number... 

Long4Life acquires beverage producer Chill

By: Natasha Odendaal     28th November 2017 JSE-listed Long4Life has acquired beverage producer, packer and distributor Chill Holdings from Chill’s management, Africa Beverage Ventures and Raubenbe, for at least R452-million, after deducting net debt of R182-million. The transaction, effective from the locked-box date of July 1, 2017,... 

AfDB launches youth advisory group to tackle joblessness

By: African News Agency      28th November 2017 The President of the African Development Bank Group (AfDB) in Côte d'Ivoire, Akinwumi Adesina, has launched the Presidential Youth Advisory Group (PYAG) to provide insights and innovative solutions for job creation for Africa’s youth. In a statement on Tuesday, AfDB said the “Jobs for Youth in... 

MPs call for Parliamentary probe into Transnet–Gupta links

By: African News Agency      28th November 2017 Members of Parliament (MPs) from across the political divide on Tuesday called for a probe into allegations of State capture at South African State-owned freight and logistics company, Transnet. Transnet group chief executive Siyabonga Gama and his team appeared before Parliament’s standing... 

Huge Group appoints new Huge Telecom MD

By: Natasha Odendaal     28th November 2017 JSE-listed Huge Group has appointed MTN deputy CFO Gunter Engling MD of Huge Telecom. His appointment will be effective April 1, 2018, following the completion of his notice period with MTN. 

Omnia delivers double-digit H1 growth

By: Natasha Odendaal     28th November 2017 JSE-listed Omnia on Tuesday posted double-digit growth in earnings for the first half of the 2018 financial year as the agriculture segment normalised after harsh drought conditions ended and the mining segment started to show signs of improvement. Profit after tax increased by 27% to... 

Ramos hits back after Public Protector guns for ABSA

By: News24Wire      28th November 2017 ABSA CEO Maria Ramos said the bank will seek a punitive cost order if Public Protector Busisiwe Mkhwebane continues to defend the Bankorp/CIEX report. This was revealed in ABSA’s responding affidavit in the North Gauteng High Court on Monday, which accused Mkhwebane of unlawful conduct in her... 

 Ramos hits back after Public Protector guns for ABSA
ABSA CEO Maria Ramos

Volvo Cars owner buys US flying car aspirant, targets 2019 launch

By: Irma Venter     28th November 2017 China’s Zhejiang Geely Holding Group (Geely) will acquire the operations and assets of Terrafugia, a US-based company focused on the engineering and production of flying cars and other future technologies. Geely also owns Lotus and Volvo Cars, and sells taxis under the London Taxi brand. 

Volvo Cars owner buys US flying car aspirant, targets 2019 launch
The Terrafugia VTOL

Eskom links Medupi new coal-fired unit to national grid

By: Reuters     28th November 2017 Eskom has linked unit four of its Medupi coal power station, which has been marred by delays, to the grid, the State-owned power utility said on Tuesday. The coal-fired unit in South Africa's Limpopo province is a rare example of a Medupi project that has been completed ahead of time. It was... 

South Africa's Q4 business confidence slips slightly

By: Reuters     28th November 2017 South African business confidence slipped deeper into negative territory in the fourth quarter, with an improvement in motor trade confidence offset by weakness in retail, building contractors and manufacturing, a survey showed. The Rand Merchant Bank (RMB) business confidence index compiled by... 

Rand bulls hold sway, at least until ANC's December ballot

By: News24Wire      28th November 2017 Rand bulls will win out over rand bears, at least for the next few weeks. That’s the view of analysts from Credit Agricole CIB and Toronto-Dominion Bank on the back on the rand’s best day in almost two years after Moody’s Investors Service kept South Africa’s local rating investment grade.... 

 Rand bulls hold sway, at least until ANC's December ballot

De Aar wind projects connected to the grid

By: Megan van Wyngaardt     28th November 2017 The 96.48 MW De Aar and the 138.96 MW De Aar 2 North wind projects have successfully reached early operations and have been connected to the Hydra transmission substation. The projects, located near De Aar, in the Northern Cape, were selected as preferred bidders under Round 3 of the Renewable... 

De Aar wind projects connected to the grid

WesBank, Haval sign finance agreement

By: Irma Venter     28th November 2017 WesBank, a division of First Rand Bank, has concluded an agreement with Haval Motors South Africa (HMSA) to provide finance products for the brand’s expanding customer base in South Africa. The Chinese vehicle manufacturer Great Wall Motors (GWM) has traded in South Africa since 2007. 

WesBank, Haval sign finance agreement

Withdrawal of entire MPRDA only constitutionally acceptable solution – Leon

By: Martin Creamer     28th November 2017 The process of reconsidering the Mineral and Petroleum Resources Development Act (MPRDA) Amendment Bill has generated a new range of procedural missteps and failed to address any of the substantive problems in the Bill, leaving the entire withdrawal of the Bill as the only constitutionally... 

Withdrawal of entire MPRDA only constitutionally acceptable solution – Leon
Photo by Duane Daws
Herbert Smith Freehills Africa co-chair and partner Peter Leon.

BAIC’s investment into South African vehicle assembly project bolstering bilateral investment

By: Anine Kilian     28th November 2017 Chinese vehicle manufacturer Beijing Automotive Group’s (BAIC’s) decision to invest in a vehicle assembly plant, in the Coega Industrial Development Zone (IDZ), near Port Elizabeth, could help drive further investment by Chinese firms in South Africa. This is according to South African Embassy in... 

BAIC’s investment into South African vehicle assembly project bolstering bilateral investment
BAIC D20 hatchback

Mkhwebane has abused Public Protector office – Sarb

By: News24Wire      28th November 2017 The South African Reserve Bank (Sarb) has applied for a declaratory order from the North Gauteng High Court that Advocate Busisiwe Mkhwebane abused the office of the Public Protector, and wants her to pay legal costs independently. This was revealed in Sarb’s responding affidavit on Monday, which... 

 Mkhwebane has abused Public Protector office – Sarb
Photo by Reuters
Public Protector Busisiwe Mkhwebane

Western Cape dam levels drop in spite of recent rain

By: News24Wire      28th November 2017 After all the rain, and even hail in some parts of the Western Cape last week, average dam levels went down, not up – falling from 34.66% full to 34.49%, the Western Cape government said on Monday. James-Brent Styan, spokesperson for Anton Bredell, the MEC for local government, environmental... 

Volkswagen's talks with cobalt producers end without deal

By: Reuters     28th November 2017 Meetings last week between major cobalt producers including mining giant Glencore to supply the world's largest automaker Volkswagen with the material used to make batteries for electric vehicles ended without a deal, cobalt industry sources said. In September, Reuters reported exclusively that... 

Vale, partner Mitsui ink $2.7bn Nacala coal corridor funding

By: Henry Lazenby     28th November 2017 Brazil’s largest diversified miner Vale has announced that it, together with its Japanese partner Mitsui & Co, has signed a $2.73-billion funding deal to finance the Nacala Logistics Corridor (NLC), that will connect the Mozambique-based Moatize coal mine, to the Nacala port. Vale said in a press... 

Mahlobo’s call for ‘modular’ electricity roll-out at odds with nuclear ambition

By: Terence Creamer     27th November 2017 Energy Minister David Mahlobo’s latest Parliamentary reply, in which he argues that there is no longer a need to build large generation units, owing to the availability of low-cost smaller generation options, is at odds with his support for a large-scale nuclear build programme. In response to... 

Mahlobo’s call for ‘modular’ electricity roll-out at odds with nuclear ambition
Photo by Duane Daws
Energy Minister David Mahlobo

PRASA, French rail agency enter R6m partnership

By: Creamer Media Reporter      27th November 2017 South African parastatal Passenger Rail Agency of South Africa (PRASA) and French national State-owned railway company SNCF, as well as the French Development Agency (AFD), have signed a tripartite financial partnership agreement amounting to R6.15-million in the form of a grant. SNCF will... 

Eskom inquiry cancelled for this week

By: Reuters     27th November 2017 Parliament announced on Monday that the inquiry into the mismanagement of funds at state power utility Eskom will not sit this week. In a statement, Parliament said the Portfolio Committee on Public Enterprises will not meet this week to conduct its inquiry on Eskom into the mismanagement of... 

Waterfall City development for Deloitte Africa HQ kicks off

By: Natasha Odendaal     27th November 2017 Construction has started on Deloitte Africa’s new headquarters, which will consolidate the current Woodmead and Pretoria offices into a single central location at Waterfall City. Developers Atterbury Property and Attacq expect to complete the 42 500 m2 ultra‐modern offices in the first quarter of... 

Indian steel firms can meet railways' needs - government panel

By: Reuters     27th November 2017 Indian steel companies can meet the needs of the country's railways and local rail market entrants such as Jindal Steel and Power should be given a chance, a government panel said in a document seen by Reuters. Jindal Steel told the committee this month it could supply up to 600 000 tonnes of... 

Oil slips on US drilling but Opec cuts support market

By: Reuters     27th November 2017 Oil prices slipped on Monday, with US crude easing from two-year highs on prospects of higher output but losses were limited before an OPEC meeting that is expected to extend output limits. Brent crude oil LCOc1 was down 25 cents at $63.61 a barrel by 1110 GMT. US light crude was 45 cents lower... 

Airbus set to poach Rolls exec to head jetliner sales – sources

By: Reuters     27th November 2017 Airbus is poised to hire the head of Rolls-Royce’s civil engines unit, Eric Schulz, to lead its commercial jetliner sales, after months of uncertainty over the successor to sales kingpin John Leahy, three people familiar with the matter said. Schulz, president of the civil engines division at the... 

Water dept will throttle water supply to 30 municipalities as R10.7bn debt piles up

By: Megan van Wyngaardt     27th November 2017 An ongoing culture of nonpayment by local municipalities has exacerbated the water troubles South Africa faces, with the Department of Water and Sanitation currently owed R10.7-billion, Minister Nomvula Mokonyane revealed on Thursday. She pointed out that R3.9-billion is owed to the department’s... 

Water dept will throttle water supply to 30 municipalities as R10.7bn debt piles up

De Beers’ Voorspoed diamond mine on market

By: Martin Creamer     27th November 2017 The decision of diamond giant De Beers to place its Voorspoed diamond mine on the market opens the way for a lower-cost operator to buy the mine and potentially extend its life, the company said on Monday, when it invited expressions of interest from prospective buyers and appointed Standard Bank... 

De Beers’ Voorspoed diamond mine on market
Voorspoed Diamond Mine in Kroonstad, Free State.

ACSA appoints new COO

By: Creamer Media Reporter      27th November 2017 Airports Company South Africa (ACSA) has appointed Fundi Sithebe COO, effective December 1. Sithebe, currently the ACSA chief of staff reporting to CEO Bongani Maseko, holds a Bachelor of Business Administration from Midrand University, and a Post Graduate Diploma in Management (Business... 

CSIR nanotechnology centre: foundations laid, future challenging

By: Keith Campbell     27th November 2017 A key success of the National Centre for Nanostructured Materials (NCNSM), a joint initiative of the Department of Science and Technology (DST) and the Council for Scientific and Industrial Research (CSIR) has been its role in developing skilled researchers. This was highlighted on Monday by... 

Icasa tables new draft Number Portability Regulations for comment

By: Natasha Odendaal     27th November 2017 The Independent Communications Authority of South Africa (Icasa) has published its Draft Number Portability Regulations for public comment. This followed a review, completed in March, that showed while number portability has positively evolved in South Africa since its launch more than ten years... 

Airlink to seek regulatory approval to merge with low-cost airline Safair

By: African News Agency      27th November 2017 Airlink and Safair, two independent South African aviation groups, have said that they will on Tuesday apply to the Competition Commission for approval to unite under the common umbrella of the Airlink group of companies. The proposal sees the Airlink and low-cost FlySafair airlines and Safair's... 

BCX, GE deploy agritech solution

By: Creamer Media Reporter      27th November 2017 Information and communication technology group BCX and NYSE-listed digital industrial company GE have teamed up to provide integrated, tailored, end-to-end digital technological solutions to the South African agroprocessing sector. The jointly developed agritech solution, dubbed the Digital Farm,... 

Metair launches SA lithium-ion battery production programme

By: Irma Venter     27th November 2017 Energy storage and automotive component specialist Metair has launched a programme to produce lithium-ion (li-ion) batteries across its operations in South Africa, Turkey and Romania. The programme will see Metair partner with universities and industry agencies for the production and... 

Metair launches SA lithium-ion battery production programme

New initiative aims to create 100 000 jobs for the youth in 2018

By: Natasha Odendaal     27th November 2017 With unemployment in South Africa reaching crisis levels that further threaten an already embattled economy, a new initiative, bringing together 20 industries, aims to create at least 100 000 jobs for unemployed youth in 2018. Launched on Monday, the multisector Jobs Summit initiative aims to... 

Sasol the most successful service station brand in SA, says Lightstone Explore

By: Irma Venter     27th November 2017 Sasol service stations are attracting the most feet per service station in South Africa, with Shell service stations in second position. Engen, with its much larger service station footprint, attracts more visitors, in total, than any other brand. 

 Sasol the most successful service station brand in SA, says Lightstone Explore

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