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Latest News

South Africa’s 112 000 gold mineworkers earn R30bn yearly

By: Martin Creamer     5th February 2018 Despite South Africa no longer being a significant producer of gold on a global scale, gold mining remained a key part of the South Africa economy by providing jobs for more than 112 000 people who earn R30-billion a year, Chamber of Mines of South Africa CEO Roger Baxter said on Monday. Speaking... 

PIC advances R5bn bridging loan to fund Eskom through February

By: Terence Creamer     5th February 2018 The Public Investment Corporation (PIC) announced on Monday that it is advancing R5-billion to cash-strapped power utility Eskom in the form of bridging finance to fund the company’s operations during February. The one-month loan, which has been advanced on behalf of the Government Employees... 

PIC advances R5bn bridging loan to fund Eskom through February

UK car sales fell 6% in January as diesel demand slumps

By: Reuters     5th February 2018 British new car registrations fell 6.3% in January, in part due to customers being put off from buying diesel models which politicians have targeted over air quality concerns, an industry body said. Total new sales stood at 163,615 units with demand for diesel vehicles declining by an annual... 

Steel workers approve Thyssenkrupp-Tata Steel labour deal – source

By: Reuters     5th February 2018 Steel workers at Thyssenkrupp have voted in favour of a labour agreement that will safeguard jobs and plants in a planned joint venture with Tata Steel, a person familiar with the matter told Reuters on Monday. About 20,500 members of German union IG Metall had been asked to vote on the... 

Cape Town’s Day Zero could be moved out to May

By: Natasha Odendaal     5th February 2018 A drop in agricultural water use has pushed out Cape Town’s dreaded Day Zero to mid-May; however, with no significant decline in urban water use, the city has moved forward with its level 6B water restrictions and tariffs to limit water use to 50 ℓ/d per person. The City of Cape on Monday moved... 

Quantum Foods performing well, despite avian flu outbreak

By: Anine Kilian     5th February 2018 JSE-listed Quantum Foods’ South African-based feeds business performed satisfactorily in the four months to January 31, with stable rand-per-tonne margins and profitability compared with the previous year. In a trading update on Monday, the company reported that the favourable feed raw material... 

Sea Harvest to make big arrival with maiden full year results

By: Megan van Wyngaardt     5th February 2018 Seafood processing company Sea Harvest on Monday said it expects to report basic earnings per share (EPS) of between 110c and 124c for the year ended December 31, paired with headline earnings per share (HEPS) of between 99c and 113c apiece. This will be the company's maiden full-year results... 

AfDB boosts ALBC Fund books with R140m loan

By: Megan van Wyngaardt     5th February 2018 To further enhance the African Local Currency Bond Fund (ALCB Fund) portfolio and promote the development of domestic capital markets across the continent, the African Development Bank (AfDB) has approved a loan of R140-million. The senior loan, with a seven-year tenor including a two-year grace... 

Mbazima urges immediate dialogue on rail, port expansion

By: Martin Creamer     5th February 2018 South Africa’s ability to revitalise crucial infrastructure, especially rail and port networks, is among the key actions needed to bring investment back into the South African mining industry, Anglo American South Africa deputy chairperson Norman Mbazima said on Monday. Speaking on first day of... 

Mbazima urges immediate dialogue on rail, port expansion
Photo by Duane Daws
Anglo American South Africa deputy chairperson Norman Mbazima

Capitec defends its loan book as Viceroy takes aim at SARB

By: News24Wire      5th February 2018 Capitec defended the robustness of its loan book on Monday, while US-based short seller Viceroy Research criticised the South African Reserve Bank (SARB) for previously vouching for the bank. Viceroy in late January published a report labelling Capitec a “loan shark” with bad debt that should be... 

 Capitec defends its loan book as Viceroy takes aim at SARB

Total sells 25% stake in South African offshore prospect to Qatar Petroleum

By: Creamer Media Reporter      5th February 2018 International energy group Total announced on Monday that it would sell, subject to regulatory approval, a 25% interest in Exploration Block 11B/12B, offshore South Africa, to Qatar Petroleum. The block is located in the Outeniqua basin, around 175 km off the southern coast of South Africa. It... 

Total sells 25% stake in South African offshore prospect to Qatar Petroleum

Standard Bank PMI remains below 50-point mark

By: Megan van Wyngaardt     5th February 2018 Business conditions in South Africa continue to deteriorate, with activity in the private sector decreasing further amid lower client demand, Standard Bank and IHS Markit's latest Purchasing Managers Index (PMI) revealed on Monday. The index was recorded at 49 points in January, only marginally... 

Standard Bank PMI remains below 50-point mark

Beaufort West municipality to be handed fresh water resource – Zwane

By: African News Agency      5th February 2018 Mineral Resources Minister Mosebenzi Zwane announced on Monday that his department would be handing over the newly-discovered fresh water resource in Beaufort West to the municipality. Last year, the Council for Geoscience (CGS), a statutory science council under the Department of Mineral... 

Mining essential to human progress – Rio Tinto

By: Martin Creamer     5th February 2018 The images of large yellow mine trucks flashed across the big screen at this year’s Mining Indaba looked pretty ordinary. But that misperception was quickly cut short when Rio Tinto CE Energy and Minerals Bold Baatar told the full-house audience: "What you're watching are robots on wheels.... 

Mining essential to human progress – Rio Tinto
Rio Tinto CE Energy and Minerals Bold Baatar

Treasury asks South Africans to submit their tips for 2018 Budget

By: Simone Liedtke     5th February 2018 The National Treasury on Monday encouraged South Africans to share their views about the country's economy and other issues they would like government to highlight when Finance Minister Malusi Gigaba delivers his 2018 Budget Speech, in Parliament, on February 21. South Africans are invited to... 

Treasury asks South Africans to submit their tips for 2018 Budget
Photo by Bloomberg
Finance Minster Malusi Gigaba

South African table grape harvest seen stable despite drought

By: African News Agency      5th February 2018 The South African Table Grape Industry (SATI) said on Monday that the country’s harvest would be stable in the 2017/2018 season despite the drought. “The country’s harvest is resilient with volumes stabilising despite the worst drought in decades,” SATI said in a statement. 

Petrol, diesel prices drop for February

By: African News Agency      5th February 2018 The price of all grades of petrol will drop by 30c/l with effect from midnight on Tuesday. Diesel (0.05 percent sulphur) will drop by 17c/l, as will diesel (0.005 percent sulphur), the energy department said in a statement on Sunday. 

Johannesburg City launches operation to enforce city by-laws

By: African News Agency      5th February 2018 The City of Johannesburg has announced the launch of "Operation Buya Mthetho" on Monday to "enforce by-laws and to bring back the rule of law". In a statement the City said the operation will be led by the new municipal chief of police, David Tembe, supported by senior officials from the... 

 Johannesburg City launches operation to enforce city by-laws
Johannesburg Mayor Herman Mashaba

KfW, RMB create specialised debt fund vehicle for small-scale renewables projects

By: Anine Kilian     2nd February 2018 German government-owned KfW Development Bank and Rand Merchant Bank (RMB) on Thursday signed an agreement that establishes South Africa’s first specialised debt fund vehicle for small-scale renewables projects. Known as The Facility for Investment in Renewable Small Transactions (First), this... 

Hudaco profit rises in FY17  

By: Anine Kilian     2nd February 2018 JSE-listed Hudaco on Friday reported a 7% increase in sales to R5.9-billion for the financial year ended November 30, 2017, while operating profit rose 6% to R676-million. CEO Graham Dunford told Engineering News Online on Friday that comparable earnings a share were up by 7% to 1 251c, while... 

Hudaco profit rises in FY17
Hudaco CEO Graham Dunford talks about the group's end of year financial results

Eskom given go ahead to sign stalled deals with renewables IPPs

By: Terence Creamer     2nd February 2018 Public Enterprises Minister Lynne Brown announced on Friday that Eskom’s application to purchase additional renewable energy from independent power producers (IPPs) had been approved, clearing the way for the signing of power purchase agreements (PPAs) for 27 wind and solar projects procured by... 

Eskom given go ahead to sign stalled deals with renewables IPPs

Cape Town's water crisis hitting tourism – officials

By: Reuters     2nd February 2018 A chronic drought that could leave South Africa's Cape Town without water within weeks is hurting visitor numbers and knocking a rare economic bright spot, officials said on Friday. With experts predicting Cape Town will run out of water in mid-April, residents have been told to limit usage to 50... 

Cape Town's water crisis hitting tourism – officials

Underground mining division to drive more than 20% uptick in M&R's interim earnings

By: Megan van Wyngaardt     2nd February 2018 JSE-listed Murray & Roberts (M&R) expects to have achieved at least a 20% year-on-year improvement in its diluted and basic earnings per share and headline earnings per share for the is months to December 31. The uptick in results is attributed to its underground mining division, which is... 

Aveng Grinaker-LTA to retrench 120 employees

By: Simone Liedtke     2nd February 2018 Aveng Grinaker-LTA on Friday confirmed that it would be retrenching some employees, but disputed the number of retrenchments reported by the National Union of Mineworkers (NUM) on Thursday. The NUM on Thursday called on Aveng Grinaker-LTA to rethink its position to retrench, noting that it was... 

Albeit modest, metals sector poised for second consecutive year of growth 

By: Terence Creamer     2nd February 2018 South Africa’s metals and engineering sector is poised for a second consecutive year of modest growth, with the Steel and Engineering Federation of Southern Africa (Seifsa) forecasting a 1.1% expansion for 2018. The sector grew by 2.7% in 2017, breaking a streak of three consecutive years of... 

Albeit modest, metals sector poised for second consecutive year of growth
Seifsa chief economist Dr Michael Ade on the outlook for the metals and engineering sector in 2018. Camera Work: Nicholas Boyd. Editing: Christo Greyling. Recorded: 2.2.2018

BMW SA opens R73m training centre at Rosslyn plant

By: Irma Venter     2nd February 2018 BMW Group South Africa (BMW SA) on Friday cut the ribbon on a new, R73-million training academy at its Rosslyn plant, in Pretoria. The 6 000 m2 facility can host 300 apprentices a year. 

BMW SA opens R73m training centre at Rosslyn plant
Photo by Irma Venter
Merseta CEO Raymond Patel, Higher Education and Training Minister Professor Hlengiwe Mkhize and BMW SA CEO Tim Abbott

PPC supported by Africa growth, while local sales dwindle

By: Megan van Wyngaardt     2nd February 2018 Construction materials supplier PPC's revenue for the nine months ended December 31, 2017, improved on that of the prior comparable period, with interim CEO Johan Claassen noting on Friday that the company continued to make good progress in terms of its deliverables. However, PPC noted that the... 

PPC supported by Africa growth, while local sales dwindle

R3.5bn empowerment venture fund to be launched in auto sector this year

By: Irma Venter     2nd February 2018 South Africa’s seven light vehicle manufacturers plan to launch a R3.5-billion venture fund this year, aimed at boosting black economic empowerment in the domestic automotive manufacturing industry. The seven manufacturers are BMW, Ford, Toyota, Mercedes-Benz, Isuzu, Nissan and Volkswagen. They... 

R3.5bn empowerment venture fund to be launched in auto sector this year
BMW Group South Africa CEO Tim Abbott

National carrier makes changes on Johannesburg/London route

By: Rebecca Campbell     2nd February 2018 South African Airways (SAA) announced on Thursday that it was assigning its new Airbus A330-300 wide-body airliners to its Johannesburg/London route, with effect from March 25. It also announced that it was cutting the daily frequency of its flights between Johannesburg and London to one, from... 

National carrier makes changes on Johannesburg/London route
Photo by Airbus
One of SAA’s new A330-300 airliners

New coal terminal planned for Beira could be a gateway to the east

By: Kim Cloete     2nd February 2018 A coal terminal planned for construction at Mozambique’s Beira port could be a gateway for imports and exports from the landlocked countries of Zimbabwe, Zambia, the Democratic Republic of Congo, Malawi and Botswana and could greatly boost coal exports to India. Essar Ports CEO Tej Nargundkar... 

Transnet signals it’s on track to free up coal export routes

By: Kim Cloete     2nd February 2018 Transnet is moving ahead with projects to boost the volume of coal carried from the coalfields to the port of Richards Bay and Maputo, says GM of Capital Planning Brian Monakali. He told delegates attending the IHS Markit South African Coal Export Conference, in Cape Town, this week, that some of... 

PPC Imaginarium Awards takes over prestigious Des Baker Award

By: Megan van Wyngaardt     2nd February 2018 Architecture schools in South Africa have been invited to send in submissions for the first PPC Imaginarium Awards for Architecture, being held on May 3, at 012Central, Pretoria. Following the same format of the esteemed Des Baker Award for outstanding architectural design by students, which has... 

We are getting to a stage when we will be uninsurable – PRASA

By: African News Agency      2nd February 2018 State-owned Passenger Rail Agency of South Africa (PRASA) on Thursday said it would soon be “uninsurable” if criminal activity, leading to-millions of rands in loss and damage, was not halted. Cromet Molepo, the acting group chief executive for PRASA made the comments at a media briefing in... 

National Treasury slams Viceroy for 'reckless' report on Capitec

By: African News Agency      2nd February 2018 South Africa's National Treasury on Thursday said it noted the "reckless manner" in which US-based trader Viceroy reported on Capitec bank and traded shares ahead of the release. It said Viceroy stood to gain substantially from forcing the Capitec share price to fall by publishing its speculative... 

Rush to get Cape Town's temporary desalination plants online

By: News24Wire      2nd February 2018 The City of Cape Town's R240m temporary desalination plant at Strandfontein Pavilion is on track, but it will only start producing the first two million litres of an expected seven million a day in March. This is according to the City's mayoral committee member for water, Xanthea Limberg, who was... 

Britain proposes unlimited fines for car emissions cheaters

By: Reuters     2nd February 2018 Carmakers that try to cheat vehicle emissions tests could face unlimited fines and criminal charges under proposals set out on Thursday by the British government. The announcement is aimed at addressing criticism that the government was toothless in dealing with Volkswagen after a scandal that... 

The actions being taken and considered as ‘Day Zero’ looms for Cape Town

By: Kim Cloete     2nd February 2018 As dam levels drop and water becomes even more scarce, Cape Town is racing against time to deal with the worst drought in the city’s history. Over the past few weeks, Capetonians have been hurtling towards Day Zero, when the City of Cape Town has warned that water to households will be cut off.... 

The actions being taken and considered as ‘Day Zero’ looms for Cape Town

Eskom expects to sign emergency funding deals in ‘day or two’ 

By: Terence Creamer     1st February 2018 Cash-strapped State-owned power utility Eskom confirmed on Thursday that its negotiations with funders to meet immediate debt-repayment obligations were at an advanced stage and that it expected to sign-off on the deals “in a day or two”. Eskom acting CEO Phakamani Hadebe revealed this week that... 

Eskom expects to sign emergency funding deals in ‘day or two’
Eskom chairperson Jabu Mabuza and acting CEO Phakamani Hadebe on the options being considered to improve the group's capital structure. Camera work & editing Darlene Creamer.

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