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Restructuring Eskom top of South Africa's agenda – Nene

By: Reuters     22nd June 2018 Restructuring State-run power firm Eskom is "on top of the agenda" for South Africa, Finance Minister Nhlanhla Nene said on Friday, though he said recent outages likely had very little impact on the economy. Africa's most industrialised economy suffered power outages earlier in June because of... 

Trans Hex posts R187m loss for FY18

By: Nadine James     21st June 2018 JSE-listed diamond miner Trans Hex on Thursday reported a R186.8-million loss for the financial year ended March 31, 2018, with its loss a share amounting to 175.6c and its headline loss a share to 216.5c. The group’s net loss from discontinued operations, including retrenchment costs of... 

Current account deficit widens in Q1 as exports slump

By: Reuters     21st June 2018 South Africa's current account deficit widened more than expected in the first quarter to register its largest shortfall in two years as the trade balance swung to a deficit after a steep decline in exports, the central bank said on Thursday. Investor sentiment in South Africa picked up after... 

WeFix Responds to Burgeoning Local Demand for Reconditioned Devices with i2 Range of Refurbished iPhones

19th June 2018 Affordability and environmental consciousness drives relatively new trend in South Africa Local device repair specialists weFix have re-launched their i2 range of refurbished iPhones, enabling consumers to enjoy one of the world’s most popular mobile devices without breaking the bank. 

Cash-in-transit heists could lead to losses of R470m, Parliament hears

By: News24Wire      14th June 2018 Cash-in-transit heists will lead to cash losses of R470-million this year if the current trend continues, the Portfolio Committee on Police heard on Wednesday. The meeting brought together a range of stakeholders concerned with cash-in-transit heists, including the South African Banking Risk... 

Upgraded Main Road 118 brings relief to residents of Oranjemund, Namibia

12th June 2018 VKE Namibia Consulting Engineers, part of the SMEC Group, was contracted by the Namibian Roads Authority to carry out the design work and to supervise the construction phase of the Main Road 118 upgrade. The SMEC Group is a global consultancy delivering engineering excellence, design innovation... 

Germany sees no quick solution to trade row with US, open to talks

By: Reuters     11th June 2018 Germany sees no immediate solution to the trade dispute between the United States and other major economies but remains open to talks "among friends", Economy Minister Peter Altmaier said on Monday, seeking to head off a full-blown global trade war. US President Donald Trump backed out of a joint... 

The Principles for Effective Combustion Control in Fired Heaters

11th June 2018 The Principles for Effective Combustion Control in Fired HeatersFired heaters are integral to hydrocarbon processing. Specifically designed for the reaction of fuel and air to produce extremely high gas temperatures, heaters transfer this energy to potentially highly flammable process fluids via... 

Cobalt battery boom wavers as prices slide in top user China

By: Bloomberg     11th June 2018 Cobalt is facing its first major test since an impending demand boom from electric vehicles triggered a two-year surge, with prices retreating in top consumer China amid signs there’s still enough material to go around. The price for cobalt sulfate – the chemical form used in car batteries and... 

Demand rising for funding for grid-tied renewables

By: Schalk Burger     8th June 2018 Financing to build renewable-energy systems for use by businesses in South Africa is growing, with many projects showing good financial viability and return on investment, says financial institution Absa renewable-energy head Justin Schmidt. The return on investment for well-designed energy... 

Botswana central bank urges tax reform before diamonds dwindle

By: Bloomberg     4th June 2018 Botswana’s central bank has urged the government to overhaul the southern African nation’s tax regime and prepare the economy for declining contributions from diamonds. Botswana relies on the gemstones for almost a fifth of its gross domestic product and used the revenue generated from sales to... 

Peru cenbank urges government to help revive mining projects

By: Reuters     1st June 2018 The manager of Peru's central bank urged the government of President Martin Vizcarra on Thursday to do more to revive mining projects that have been derailed by protests. Renzo Rossini, of the central bank, said three suspended mining projects – Southern Copper Corp's Tia Maria, Newmont Mining... 

Congo copper production in Q1 rises 8%; cobalt output up 34%

By: Reuters     31st May 2018 Democratic Republic of Congo produced 296 717 t of copper in the first quarter of 2018, up 8.2% over the same period last year, the central bank said in a report on Thursday. Cobalt production in the first quarter of 2018 rose 34.4% to 23 921 t, the bank said. 

Brics’ New Development Bank approves six project loans totalling $1.6bn

By: Marleny Arnoldi     29th May 2018 Multilateral development bank, the New Development Bank (NDB), on Monday held its third yearly meeting of the NDB board of governors (BoG) and the fourteenth meeting of the NDB board of directors (BoD), in Shanghai, China.  

Guinea retains mining minister in Cabinet reshuffle

By: Bloomberg     28th May 2018 Guinea’s President Alpha Conde appointed a new 33-member Cabinet in which Abdoulaye Magassouba was retained as mines and geology minister, according to a decree read on the West African country’s state-owned broadcaster on Saturday. Mamady Camara, who was Guinea’s ambassador to South Africa, was... 

Sanctioned tycoon Deripaska resigns as director of his firm Rusal

By: Reuters     25th May 2018 Russian metals tycoon Oleg Deripaska stepped down as a director of his aluminum firm Rusal as part of a choreographed series of steps which he hopes will persuade the US government to rescind sanctions that have crippled his businesses. Deripaska is now actively preparing the next step: reducing... 

SARB keeps repurchase rate at 6.5%

By: African News Agency      24th May 2018 South Africa's Reserve Bank (SARB) kept its benchmark repurchase rate at which it lends to commercial banks unchanged at 6.5% on Thursday, saying the stance was appropriate given the forecast inflation trajectory and the current state of the economy. The move follows a 25 basis point decrease at... 

20 years of the Africa Energy Forum: a catalyst for progress within the industry

24th May 2018 Just before the Africa Energy Forum (AEF) arrives in Mauritius from 19-22 June to celebrate its 20th anniversary, we hear from some of the energy industry’s most respected decision-makers on how the Forum provided a platform for the development of Africa’s energy sector. 

AfDB, Aims partner to strengthen, leverage maths, science skills in Africa

By: Marleny Arnoldi     23rd May 2018 The African Development Bank (AfDB) has signed a letter of intent (LoI) with the African Institute for Mathematical Sciences (Aims) aimed at identifying opportunities for potential partnership between the two institutions.  

AfDB, Unido sign MoU to improve Africa’s industrialisation

By: Marleny Arnoldi     21st May 2018 The African Development Bank (AfDB) and the United Nations Industrial Development Organisation (Unido) have signed a memorandum of understanding (MoU) to step up collaboration that will boost Africa’s industrialisation. 

Anadarko seeks to raise $14bn to $15bn for Mozambique LNG project

By: Reuters     18th May 2018 Anadarko Petroleum is seeking to raise a record $14-billion to $15-billion from banks and export credit agencies for its huge liquefied natural gas (LNG) project in Mozambique, sources close to the matter said. Fast-growing gas demand from China and Southeast Asia is reassuring export project... 

Tanzanite miner gets bill as Tanzania cracks down on lost mineral revenues

By: Reuters     17th May 2018 Tanzanian gemstone miner Tanzanite One has agreed to pay compensation and overdue taxes to the government after unspecified violations led to losses in public revenues, the President's office said. President John Magufuli's government accuses mining firms of cheating Tanzania out of its fair... 

Nigeria awards $7bn rail project to Chinese state rail firm – Xinhua

By: Reuters     16th May 2018 Nigeria has awarded a $6.68-billion contract to the China Civil Engineering Construction Corporation (CCECC) for work on a major segment of a railway linking the country's commercial hub Lagos, in the southwest, and Kano in the north, Xinhua reported. "The signing of the ... segment contract... 

South Africa issues $2bn bonds in global markets – National Treasury

By: African News Agency      16th May 2018 South Africa on Tuesday successfully placed $2 billion in notes maturing in 2030 and 2048 in the international capital markets, the National Treasury said on Wednesday. The Treasury said the total issuance consisted of $1.4 billion on the 12-year tranche and $600-million on the 30-year paper. The... 

Uganda power distributor Umeme to spend $1.2bn to expand grid

By: Reuters     16th May 2018 Ugandan power distributor Umeme plans to spend $1.2-billion in the next seven years to revamp and expand the grid and has hired an adviser to explore options for raising the money, the company's chief executive said on Wednesday. The investments will be used to prepare for an expected rise in... 

LBMA suspends Russian precious metals refinery from 'good delivery' lists

By: Reuters     15th May 2018 The London Bullion Market Association said on Tuesday it had suspended the Ekaterinburg Non-Ferrous Metals Processing Plant from its gold and silver good delivery lists due to "ownership related issues". The refinery in Russia is controlled by Moscow-based conglomerate Renova Group, which along... 

Equatorial Guinea may strip Ophir of LNG project due to finance delays

By: Reuters     14th May 2018 Equatorial Guinea will force Ophir Energy out of the company's flagship liquefied natural gas (LNG) project and may scrap it entirely unless long-delayed financing deals worth $1.2-billion are presented to the government by December. The ultimatum is a blow to UK-listed Ophir, which has set aside... 

Social compact an ‘essential foundation’ for overcoming poverty, inequality in South Africa 

By: Terence Creamer     14th May 2018 A new World Bank report describes President Cyril Ramaphosa’s plan for crafting a new social compact with business, labour and civil society as an “essential foundation” for overcoming the country’s legacy of racial exclusion, which remained the main cause of chronic poverty and worsening... 

Berkeley appoints COO

By: Creamer Media Reporter      14th May 2018 Uranium-focused Berkeley Energia has appointed corporate executive Sean Wade as COO to identify and lead strategic business development opportunities. Prior to joining Berkeley, Wade was director of international media and investor relations at Georgia’s largest bank, TBC. During his time at the... 

AfDB officially launches Africa Investment Forum

By: Anine Kilian     8th May 2018 The African Development Bank (AfDB) on Tuesday launched its Africa Investment Forum (AIF), which will seek to attract investment and public–private partnerships aimed at transformative development on the continent. “The AfDB is championing the AIF as a platform to actively engage the private... 

More banks needed in SA, including State-owned bank – Ramaphosa 

By: African News Agency      8th May 2018 President Cyril Ramaphosa on Tuesday expressed support for a legislative amendment to create a State-owned bank and breaking the monopoly of the big four commercial banks in South Africa.  "We need to move away from the monopoly of just four banks in our country and create more banks so there is... 

FNB to roll out biometric banking transaction points in South African townships

By: Schalk Burger     7th May 2018 Financial services firm First National Bank (FNB) will roll out 50 self-service kiosks that use fingerprint biometrics to verify a user’s identity in South African townships over the next six months, FNB Points of Presence CEO Lee-Anne van Zyl said on Monday. The “TouchPoint” is a self-service... 

Ford’s new CEO tackles brand revitalisation in wake of Kuga recall

By: Irma Venter     4th May 2018 Ford Motor Company of South Africa (FMCSA) will lure South Africans back to the blue oval not with special deals or big promises, but by the steadfast improvement of every customer interface. When former CEO Jeff Nemeth departed FMCSA in 2017, he did so at the end of a seven-year tenure, and in... 

Ford’s new CEO tackles brand revitalisation in wake of Kuga recall

By: Irma Venter     4th May 2018 Ford Motor Company of South Africa (FMCSA) will lure South Africans back to the blue oval not with special deals or big promises, but by the steadfast improvement of every customer interface. When former CEO Jeff Nemeth departed FMCSA in 2017, he did so at the end of a seven-year tenure, and in... 

Deripaska offers to cut En+ stake in bid for sanctions relief

By: Bloomberg     30th April 2018 Oleg Deripaska offered to make concessions on his ownership of En+ Group Plc, which owns almost half of Russian aluminum giant United Co Rusal, as he seeks to cast off the yoke of US sanctions. The Russian billionaire agreed “in principle” to cut his stake in En+ to less than 50% and plans to... 

Some opportunities

By: Terry Mackenzie-hoy     27th April 2018 An unusual quiz: you are asked a set of questions which are largely hypothetical but, nevertheless, interesting. The questions are (as far as I remember) as follows: Would you chose to be (a) invisible (b) be able to predict the future (c) be able to read a person's mind but only briefly (d) be... 

Russia, betting on EU-Trump talks, keeps powder dry in Rusal row for now

By: Reuters     26th April 2018 Moscow is holding off on taking retaliatory measures against the United States for imposing sanctions on Rusal, hoping the EU can persuade Washington to ease restrictions against the world's second largest aluminium producer further, sources told Reuters. The United States on Monday gave... 

Cryptocurrencies – will regulation create more value?

25th April 2018 By Christine Rodrigues, partner, and Craig de Bruyn, candidate attorney, at Hogan Lovells (South Africa) Society has evolved from the time that people would barter to buy goods and procure services. It was a matter of time before people realised that bartering was not a viable form to obtaining... 

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