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Mozambique seeks to handle commodity price falls and secret debt crisis

By: Keith Campbell     Updated 6 hours ago A Mozambican government minister has called on mining companies working in the country to focus on the future as it battles though the current economic downturn. Justice Minister Isaque Chande urged them to plan and execute structural measures to secure their investments. He was speaking at a... 

Nothing new in latest Ipap iteration

By: Riaan de Lange     Updated 6 hours ago It is said that the English expression 'same old, same old', which means nothing has changed, evolved from the 1950s Japanese expression, samo, samo – but I am certain that this is so. Then there is the English expression 'much of a muchness', which is a great way of saying that two things are so... 

SA’s relative economic decline undermines its diplomatic ambitions

By: Keith Campbell     Updated 6 hours ago The news, released earlier this month, that Egypt had become Africa’s second largest economy, pushing South Africa into third place, did not create all that much of a stir. There were two good reason for this. The huge shock had been to lose first place to Nigeria, back in 2014, whose economy was... 

Report finds World Heritage sites threatened by climate change

By: David Oliveira     26th May 2016 Climate change is fast becoming one of the most significant risks for World Heritage sites, according to a report released by the United Nations Educational, Scientific and Cultural Organisation (Unesco), the United Nations Environment Programme and the Union of Concerned Scientists (UCS).... 

Famous Brands buys Western Cape potato processor

By: Tracy Hancock     26th May 2016 Although the South African potato processing industry is growing rapidly to meet increasingly strong demand fuelled by the brisk growth in food services and the convenience market, JSE-listed Famous Brands says it lagged its peer industries in developed countries, illustrating the growth... 

AMSA insists fair pricing does not equate to no price increases

By: Terence Creamer     25th May 2016 Steel producer ArcelorMittal South Africa (AMSA) dismissed suggestions again on Wednesday that its deal with government to raise steel import protection in return for fairer pricing – as well as jobs and investment guarantees – precluded it from increasing prices. The JSE-listed company was... 

Fitch downgrades Mozambique amid hidden debt concerns 

By: Anine Kilian     24th May 2016 Ratings agency Fitch Ratings has downgraded Mozambique's long-term foreign and local currency Issuer Default Ratings to CC from CCC, it said in a statement on Tuesday. The disclosure of hidden public debt revealed significant short-term repayment obligations, which could precipitate a near-term... 

S&P's downgrade will tip South Africa into job-shedding recession, bank economist warns 

By: Terence Creamer     23rd May 2016 A downgrade of South Africa’s credit rating to junk was currently only partially priced in, a leading bank economist warned on Monday, arguing that a negative assessment by Standard & Poor’s (S&P’s) on June 3 would most probably trigger a recession and precipitate the shedding on around 200 000... 

Dürsot Food Corporation opens R100m tomato processing plant

By: Anine Kilian     23rd May 2016 Eastern Trading Company, trading as Dürsot Food Corporation, the controlling shareholder of AH-Vest, which produces All Joy products, on Monday launched a R100-million tomato processing plant in Modjadjiskloof, Tzaneen, to meet rising demand for tomato paste in South Africa. South Africa was... 

Tanzania to start building $3bn fertiliser plant this year

By: Reuters     20th May 2016 Tanzania plans to start work this year on a $3-billion fertiliser plant, which it said on Friday will be Africa's largest, as part of an effort to increase its agricultural production. The factory, which Tanzania is building along with a consortium from Germany, Denmark and Pakistan, will use... 

Russia eyes $1.3bn proceeds from Alrosa, Sovkomflot stake sales - reports

By: Reuters     20th May 2016 The Russian government aims to make over 84-billion roubles ($1.3-billion) from selling its stakes in diamond miner Alrosa and the shipping firm Sovkomflot this year, Economy Minister Alexei Ulyukayev was quoted as saying on Friday. Russia plans a major privatisation push this year in a move to... 

African aviation warms to carbon reduction – Iata

By: News24Wire      20th May 2016 African countries seem to be coming around to a global scheme to offset carbon emissions in the aviation industry, Tony Tyler, CEO of the International Air Transport Association (Iata), told Fin24 on Wednesday. “In the past a lot of African countries were anxious and concerned about such a carbon... 

Report outlines transformation framework for construction globally

By: David Oliveira     20th May 2016 Thirty measures that form part of a construction industry transformation framework are detailed in a new report called ‘Shaping the Future of Construction: A Breakthrough in Mindset and Technology’, which was compiled by the World Economic Forum (WEC), in collaboration with The Boston Consulting... 

Big potential for SA to use ICT investments to stimulate growth

By: Schalk Burger     20th May 2016 South Africa is among the top three developing countries that have the most potential to use information and communication technology (ICT) to boost their economic growth, along with China and Chile, according to the 2015 Global Connectivity Index, says information technology firm In2IT... 

Chile economy grows 1.3% in Q1, slightly above forecast

By: Reuters     18th May 2016 Chile's gross domestic product grew by 1.3% in the first quarter from the last quarter of 2015, the central bank said on Wednesday, boosted by rising exports. 

Small businesses bullish about the future, despite challenges

By: Anine Kilian     17th May 2016 South Africa’s small businesses are optimistic about the future, with 58% expecting to grow in the next year, 29% expecting to stay the same and only 12% expecting to shrink, according to a survey released by accounting software company Xero. Four-hundred South African small businesses across 22... 

Importance of research undervalued, impacting economic development

     17th May 2016 National research institution the Council for Scientific and Industrial Research's (CSIR's) Built Environment division executive director Dr Cornelius Ruiters says countries that do not adequately invest in research, development and innovation (R&D&I) will not develop economically. 'In South... 

End of commodities boom hits African countries

By: Keith Campbell     13th May 2016 The global commodities super cycle has come to an end, sharply lowering the price of oil, gas, metals and minerals,” stated the World Bank in its most recent ‘Regional Overview for Africa’ review (published in late March). “As a net commodities exporter, Africa is deeply affected by falling... 

Vedanta pegs capex at $1bn in hope of offsetting 17% drop in 2016 revenue

By: Samantha Herbst     12th May 2016 In the face of “exceptionally challenging” global commodity markets experienced in the 2015/16 financial year, global diversified metals and mining company Vedanta Resources aims to focus its efforts on reducing net debt in the 2016/17 financial year. To do so, the miner has pegged its 2017... 

Global energy consumption forecast to rise 48% by 2040 – EIA

By: Henry Lazenby     11th May 2016 The world’s hunger for energy is insatiable and is expected to rise by about 48% between 2012 and 2040 – an increase of about 1.4% a year, as global economies grow and populations expand. The US-based Centre for Strategic and International Studies on Wednesday published its updated projections of... 

Acciona Energy key player in job creation in South Africa

By: Anine Kilian     6th May 2016 A survey conducted by EY show that Acciona Energy's activities in South Africa have contributed $295-million to the country's gross domestic product (GDP) and created over 9 500 jobs. The goal of the survey, entitled ‘Acciona Energy in South Africa: A business strategy with social value’, was... 

Lesotho aiming to be a major diamond producer in next few years

By: Ilan Solomons     6th May 2016 The mining industry in Lesotho is still in its infancy, but it is developing and has a lot of potential, says Lesotho Mining Minister Lebohang Thotanyana. In 2015, Lesotho adopted the Minerals and Mining Policy – the first time that the country has developed a policy specifically focused on its... 

SADC’s real state of power and the case for renewable energy

By: Creamer Media Reporter      6th May 2016 By Greg Austin Agility, flexibility and new thinking are required to solve the power-stressed Southern African region’s energy crisis 

Regulation could deter investment in Internet economy, new report finds

By: Natasha Odendaal     5th May 2016 Regulation is increasingly becoming a critical factor when investors mull opportunities for investment in the digital economy and South Africa would do well to take a watered down approach when pursuing new rules for Internet businesses. A new report by Silicon Valley-based Fifth Era,... 

Gordhan confident of meeting fiscal targets

By: Reuters     4th May 2016 South Africa's Finance Minister Pravin Gordhan said on Wednesday he was confident of meeting fiscal targets for 2016, but that stronger economic growth remained a challenge. In a speech to parliament, Gordhan said the budget deficit would be reduced to 2.4% of gross domestic product over the next... 

Aus resources sector receives A$100m exploration boost

By: Esmarie Swanepoel     4th May 2016 The Australian resources sector has welcomed the federal government’s 2016/17 Budget, which saw Treasurer Scott Morrison assigning A$100-million to Geoscience Australia to boost the productivity and competitiveness of the minerals sector. Resources and Energy Minister Josh Frydenberg said the... 

Growth is a thirsty business, World Bank water report warns 

By: Terence Creamer     3rd May 2016 A new World Bank report warns that some regions of the world, including parts of Africa, could see their growth rates decline by as much as 6% by 2050 as a result of water-related losses, with water scarcity also exacerbated by climate change. Titled ‘High and Dry: Climate Change, Water and the... 

Job creation, energy cost reduction key to achieving AU vision

     29th April 2016 In order to achieve the African Union’s (AU’s) vision of an integrated, prosperous and peaceful Africa, driven by its own citizens and representing a dynamic force in the global arena by 2063, it is imperative to source innovative means to reduce the costs of sustainable energy and mobility and,... 

Partnership aims to use Joburg offices as a catalyst for redevelopment

By: Dylan Slater     29th April 2016 State-owned company the Johannesburg Property Company (JPC) is partnering with the South African Property Owners Association (Sapoa) in a municipal property development project valued at R12-billion, which aims to enhance the use of municipal-owned land within the City of Johannesburg’s (CoJ’s)... 

Renewables programme showcases benefits of public–private collaboration

By: David Oliveira     29th April 2016 The success of the Department of Energy’s (DoE) Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) is a shining example of South Africa’s ability to undertake large infrastructure programmes to boost the local economy, despite the current period of slow growth... 

South Africa’s auto exports rose strongly in 2015 to nearly R152bn

By: Irma Venter     29th April 2016 Automotive exports from South Africa increased by R35.8 billion – or 30.9% – to R151.5-billion, in 2015, up from the R115.7-billion recorded in 2014. The 2015 numbers mean that auto exports accounted for 14.6% of South Africa’s total export earnings, says National Association of Automobile... 

Why invest in South Africa?

By: Riaan de Lange     29th April 2016 Have you ever wondered why anyone would want to invest in South Africa? The economic reasoning for such a decision, that is. In recent weeks, I have been asking myself this question with increased regularity.  On April 13, I decided to employ Google to see the results it delivers for ‘Why invest... 

How SA could avoid junk status

By: News24Wire      25th April 2016 There are ways SA could avoid a ratings downgrade to junk status and turn the tide on the decline, according to Lesiba Mothata, chief economist at Investment Solutions. He pointed out that about $1.1-trillion left emerging markets (EMs) between the fourth quarter of 2014 and the third quarter of... 

Gas-to-power an industrial milestone for South Africa

     22nd April 2016 The South African government’s bold bid to procure energy from gas could position the country as an African gas leader. The Department of Energy (DoE) says development of South Africa’s gas industry could be anchored on the demand from its imminent gas-to-power programme. This makes gas-to-power... 

SA defence company partners Saudi Arabian counterpart in new factory

By: Keith Campbell     22nd April 2016 South African defence company Rheinmetall Denel Munition (RDM) has helped set up a munitions manufacturing plant in Saudi Arabia in a venture with that country’s Military Industries Corporation (MIC), the Saudi Press Agency has reported. According to MIC head Mohammad Almadhi the establishment of... 

EU, South Africa move ahead with innovation programmes

By: Kim Cloete     20th April 2016 The European Union (EU) has reiterated its committed to continuing its support for South Africa in the field of science and technology. “Science and technology is a lynchpin in our collaboration. We’ve witnessed how South Africa is gradually but consistently moving ahead towards a knowledge-based... 

Pandor worried about small science and technology budget

By: Kim Cloete     19th April 2016 Science and Technology Minister Naledi Pandor on Tuesday lamented the small budget that has been allocated to her department, warning that it could hurt the economy.  The Department of Science and Technology was allocated a R7.4-billion budget for 2016/17, the same as for 2015/16. 

Fortune's board welcomes former NT minister

By: Henry Lazenby     18th April 2016 TSX-listed project promoter Fortune Minerals has appointed former minister of the Northwest Territories government (GNWT) David Ramsay to the company's board. 

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