http://www.engineeringnews.co.za
R/€ = 15.09 Change: -14.94
R/$ = 12.97 Change: -12.84
Au 1253.06 $/oz Change: -2.11
Pt 929.00 $/oz Change: -3.00
 

Topic

Petra eyes double-digit growth in FY18 production

By: Natasha Odendaal     24th July 2017 Diamond miner Petra Diamonds has tabled a production guidance for the 2018 financial year of between 4.8-million and five-million carats, up 23% on the year ended June 30, 2017, on the back of the continued roll-out of expansion programmes. With continual increases in production, the company set... 

Iron’s surge to $70 draws out sceptics as prices reverse

By: Bloomberg     21st July 2017 Iron-ore’s strong start to the second half and surge above $70 a metric ton will probably fade through the year-end as demand from top buyer China slows and global mine supplies remain robust, according to Sucden Financial and Bank Julius Baer & Co. “Any significant uptick in seaborne cargoes... 

Reserve Bank cuts repo rate, denies political pressure

By: Reuters     20th July 2017 South Africa's central bank unexpectedly cut its benchmark lending rate for the first time in five years on Thursday, citing weak growth and easing inflation, and denied any pressure from recent political attacks against its mandate. South Africa's main anti-graft watchdog recommended last month... 

Africa's major central banks embarking on policy easing cycle ride

By: Reuters     20th July 2017 Africa's major central banks are entering an easing cycle as they try to stimulate growth after months of drought, austerity drives and confidence issues across the continent, a Reuters poll found on Thursday. Much of southern and eastern Africa is still recovering after an El Niño-related... 

Africa’s energy funding costs, capital access, risk profile under the spotlight

By: Natasha Odendaal     18th July 2017 Aligning power generation and distribution projects with the host country and government’s mandate is a step forward in attracting more internal and external financing to develop comprehensive energy and power infrastructure. This is one of the messages emerging from this year’s PowerGen Africa... 

Congo central bank announces penalties for miners that fail to repatriate revenue

By: Reuters     18th July 2017 Democratic Republic of Congo's central bank has announced stiff new financial penalties for companies that fail to repatriate at least 40% of their revenues from mineral exports, a decree seen by Reuters on Tuesday showed. Congo, Africa's top copper producer, has been hit hard by low commodity... 

Historic diamond hub feels the brunt as Americans buy fewer gems

By: Bloomberg     14th July 2017 An ugly year for diamonds in the vital US market is piling pressure on Europe’s historic center of the $80-billion global trade. Diamond trading companies in the Belgian port city of Antwerp, which has been the industry’s trading capital for five centuries, were already feeling the pinch from a... 

A 50-year-old hole in the wall transformation

By: Martin Zhuwakinyu     14th July 2017 Without question, the word that currently ranks, and undisputedly so, as the most overused word is ‘transformation’. Everything today has to be transformed; that is the fashion. As to what needs to be transformed, and then to what . . . well, that is quite a different matter. The risk of its... 

Malawi central bank seeks forex reporting system

By: Marcel Chimwala     14th July 2017 Malawi's central bank is inviting bids for the supply, installation and commissioning of a cross-border foreign exchange reporting system (CFERS) and for the supply and installation of a transformer and ring main unit. The bank is also looking to appoint a contractor to supply, install and... 

Tokwe Mukosi dam project, Zimbabwe

By: Sheila Barradas     14th July 2017 The Tokwe Mukosi dam is the largest artificial lake in Zimbabwe. 

Gold edges up after Yellen rate hike view

By: Reuters     13th July 2017 Gold edged higher on Thursday on a weaker dollar and lower US yields, with investors wagering that policy tightening in the United States would be glacial at best, though gains were capped by surging global stock markets. The dollar was steady against a currency basket, having fallen to its... 

McDonald’s launches new instore design 

     13th July 2017 Food and beverage giant McDonald’s South Africa has unveiled its first newly built, revamped restaurant at Stoneridge shopping centre, in Johannesburg.  

Russia's Sberbank begins physical gold trading on Shanghai exchange

By: Reuters     13th July 2017 Russia's biggest bank Sberbank said on Thursday its Swiss subsidiary had begun trading physical gold on the Shanghai Gold Exchange. Sberbank was granted international membership of the Shanghai exchange in September last year and in July completed a pilot transaction with 200 kg of gold kilobars... 

Netshield SA ups the local fibre game with release of QSFP28 100G compatible transceiver module range

     13th July 2017 Networking and fibre specialists looking to take their environment to the next level can now do so with the release of the Netshield QSFP 100G range of compatible transceiver modules, ideal for bandwidth intense networking environments, from Netshield South Africa a WestconGroup Southern Africa... 

Congo to double capacity of Inga 3 hydro project in bid to cut costs

By: Reuters     12th July 2017 Democratic Republic of Congo has decided to more than double the size of its planned Inga 3 hydroelectric plant to make it more economical, after the $14-billion project was hit by financing problems. Inga 3 is part of a $50-billion to $80-billion project to expand hydroelectric dams along the... 

Detour rounds up $500m bank debt facility

By: Henry Lazenby     11th July 2017 Intermediate Canadian mine Detour Gold has secured a $500-million senior secured credit facility with its existing bank group, the company announced on Tuesday. The debt facility comprises a four-year $300-million revolving credit facility and a $200-million term loan over three years. The bank... 

South Africa’s policy uncertainty pushed further into negative territory

By: Natasha Odendaal     11th July 2017 The heightened policy uncertainty, revealed by the North West University (NWU) School of Business and Governance’s latest quarterly Policy Uncertainty Index (PUI), shows an urgent need for South Africa to “get the politics right in order to get the economics right” to promote the policy certainty... 

Reserve Bank to proceed with court bid to review Public Protector’s report

By: News24Wire      11th July 2017 The South African Reserve Bank (Sarb) on Tuesday said it will proceed with an application for the review of the Public Protector’s report into Bankorp regarding “evidential factual inaccuracies”. This follows the announcement by Public Protector Busisiwe Mkhwebane that she will not oppose the... 

Gold drops to lowest in nearly 4 months as higher US yields fuel risk appetite

By: Reuters     10th July 2017 Gold slid to its lowest in nearly four months on Monday after the latest US jobs data boosted stock markets and Treasury yields, crimping demand for safe-haven bullion. Spot gold had fallen 0.5% to $1 207.03/oz by 07:38 GMT. It earlier touched its lowest since March 15 at $1 204.45. 

Australia's Joyce sees merit in government taking stakes in coal

By: Bloomberg     10th July 2017 Australia’s Deputy Prime Minister Barnaby Joyce indicated he supports the government being an equity partner in any new coal-fired power station, and said that lenders are willing to finance fossil fuel-based electricity generation. “I have got nothing against taking equity in it,” Joyce told Sky... 

Reserve Bank independence must be protected, says banking association

By: African News Agency      7th July 2017 The Banking Association South Africa (Basa) said on Friday that it had noted statements made during the  African National Congress (ANC) National Policy Conference about the South African Reserve Bank (SARB). This comes after the chairperson of the ANC’s economic transformation commission, Enoch... 

Explorer seeking partners to support its efforts to tap Mauritania’s mineral wealth

By: Ilan Solomons     7th July 2017 Mauritania has many mining investment opportunities, with economic, social and political conditions conducive to the pursuit of developing a sector considered strategic by the country’s government, says Oil, Energy and Mines Minister Dr Mohamed Abdel Vetah. He points out that the Mauritania... 

AfDB approves $15m equity investment to support inclusive growth

By: Mia Breytenbach     7th July 2017 The African Development Bank (AfDB) has approved a $15-million investment in multinational private equity fund Shore Capital Fund III (ShoreCap III), which promotes financial inclusion by supporting financial institutions serving Africa’s low-income and emerging middle-class communities. The... 

Nigerian university expansion project receives AfDB loan

By: David Oliveira     7th July 2017 The African Development Bank (AfDB) last month signed agreements for a corporate loan to finance the expansion of Afe Babalola University (ABUAD) in Ado Ekiti, Nigeria. The expansion project consists of the construction of new facilities – including a 400-bed teaching hospital, an industrial... 

Standardisation a critical ingredient for financial cybersecurity

By: Schalk Burger     7th July 2017 The consolidation of systems and efforts to achieve standardisation across organisations have become increasingly important for financial organisations to achieve greater control and lower the risk of cyberattacks, says industrial technology firm Johnson Controls Africa Building Efficiency GM... 

Public Protector defends bid to weaken SARB inflation mandate

By: Reuters     6th July 2017 South Africa's main public watchdog stood by its bid to force the central bank to target growth rather than inflation, dismissing a legal challenge that the move was unconstitutional. The head of the Public Protector Busisiwe Mkhwebane, set off a political row last month when she said the South... 

Eskom expects DFIs to form ‘backbone’ of capital-raising effort in coming three years

By: Terence Creamer     6th July 2017 State-owned power utility Eskom indicated that funding from development finance institutions (DFIs) is likely to form the backbone of its capital-raising effort over the coming five years, during which its debt is expected to peak at R500-billion. However, Eskom followed fellow State-owned... 

Top gold forecaster sees bulls heading for heartbreak on Fed

By: Bloomberg     6th July 2017 For top gold forecaster BNP Paribas SA, bullion bulls are up against a clear and present danger – the US Federal Reserve. The central bank’s plan to raise interest rates again this year while potentially reducing its balance sheet is negative for the non-interest bearing asset, says Harry... 

SARB defends inflation targeting

By: Reuters     6th July 2017 Inflation targeting has its flaws but is "the least bad option" for South Africa as monetary policy should be used to create price stability, central bank deputy governor Kuben Naidoo said on Thursday. "Inflation targeting has its flaws but I think it's the least bad option for South Africa in... 

Rand weak on ANC policy plans, stocks set to open lower 

By: Reuters     6th July 2017 South Africa's rand hovered near seven-week lows against the dollar in early trade on Thursday after the ruling party proposed at a policy conference to nationalise the central bank and expropriate land without compensation. At 0653 GMT, the rand traded at 13.4350 per dollar, 0.37% weaker from... 

ANC affirms Reserve Bank's independence

By: African News Agency      5th July 2017 The African National Congress policy conference agreed not to tamper with the independence of the SA Reserve Bank (SARB), but raised concerns about its private ownership, the party’s head of economic transformation said on Wednesday. ”The commission agreed that the Reserve Bank’s independence... 

Gigaba to challenge proposal on SARB mandate in court

By: Reuters     5th July 2017 South Africa's Finance Minister Malusi Gigaba said on Wednesday he would challenge in court a proposal by the anti-graft watchdog to change the central bank's mandate of maintaining currency and price stability to focus instead on growth. "The Minister believes that the proposed constitutional... 

QRC wants states that buckle under activist pressure penalised

By: Esmarie Swanepoel     5th July 2017 The Queensland Resources Council (QRC) has called on the Australian government to penalise states that do not develop resources because of pressure from foreign-funded green activists. Speaking at the Queensland Media Club, QRC CEO Ian Macfarlane noted that both Queensland and Western Australia... 

Economic chaos fuels gold mining rush in war-torn South Sudan

By: Bloomberg     5th July 2017 After South Sudan’s peace deal collapsed, gun battles rocked the capital and soldiers ransacked his clothing store, Ahmed al-Nur faced the economic crisis in a trade that’s had an unexpected boost from the new wave of violence: gold. With inflation soaring and the currency collapsing, the... 

Belgian bank KBC seizes assets from storied Antwerp diamond firm

By: Bloomberg     4th July 2017 Belgian bank KBC Group seized assets from one of the diamond industry’s most storied names as it seeks to recover unpaid loans, according to court documents. KBC is seeking to recover €26-million ($29-million) from Exelco, and had bailiffs search the firm’s Antwerp offices as well as offices... 

Governor of South African central bank defends its independence

By: Reuters     4th July 2017 South African Reserve Bank Governor Lesetja Kganyago defended its independence on Monday in the face of a recommendation by the country's main anti-graft watchdog agency that the central bank's mandate should be changed. Public Protector Busisiwe Mkhwebane set off a political row this month when... 

World Bank approves $345m loan for Tanzania port expansion

By: Reuters     3rd July 2017 The World Bank said on Sunday it had approved a $345-million loan for the expansion of a port in Tanzania's commercial capital Dar es Salaam, which the East African country aims to turn into a regional gateway. Dar es Salaam is vying with the port of Mombasa in Kenya to become the trade hub for... 

Printing money would trigger painful South African recession – Kganyago

By: Reuters     3rd July 2017 South Africa risks slipping into a long and painful economic recession if the central bank is forced to abandon its policy of reducing inflation and protecting the currency, Reserve Bank governor Lesetja Kganyago said on Sunday. In an editorial article published in the Sunday Times newspaper,... 

First
Prev
1
2 3 4 5 6 7 8 9 Next Last

Latest News

more

Latest Videos

more

About

Engineering News is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Mining Weekly
Research Channel Africa
Polity

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Engineering News is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Subscribe Now for $119 Close