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Energy committee blasts department for ‘boycott’ of meeting on fuel prices

By: Kim Cloete     14th August 2018 Energy Minister Jeff Radebe and his department’s failure, on Tuesday, to show up at a hotly awaited meeting in Parliament on the fuel price has been described as a “boycott” and “a disgrace” by Parliament’s Portfolio Committee on Energy. Neither the Minister, nor his deputy Thembisile Majola,... 

Energy committee blasts department for ‘boycott’ of meeting on fuel prices

Ramaphosa proposes new sovereign wealth fund – party officials

By: Reuters     14th August 2018 President Cyril Ramaphosa has proposed setting up a sovereign wealth fund to help boost economic growth, and his ruling African National Congress (ANC) backs the plan, two senior party officials said on Tuesday. Ramaphosa, who replaced scandal-plagued Jacob Zuma as ANC leader late last year, is... 

Lazard drafting plan to bolster Eskom's balance sheet – sources

By: Reuters     14th August 2018 State-owned power firm Eskom has hired financial adviser Lazard to draft a plan to shore up its balance sheet as it struggles to emerge from a financial crisis, two banking sources told Reuters. Cash-strapped Eskom is critical to Africa's most industrialised economy as it supplies more than 90%... 

City of Joburg makes 71 inner city properties available for private sector development

By: Marleny Arnoldi     14th August 2018 Johannesburg executive mayor Herman Mashaba has declared Johannesburg’s inner city open for business by putting 71 properties out to tender for private sector development into mixed-income housing, student accommodation and small business rental space. This forms part of City of Joburg’s inner... 

Tiger Brands class action lawsuits combined into one certification application

By: Marleny Arnoldi     14th August 2018 The attorneys acting on behalf of the different applicants in two separate listeriosis class action lawsuits against Tiger Brands over the listeriosis outbreak have agreed to combine the lawsuits into a single certification application. Tiger Brands on Tuesday said its legal representatives... 

Research chairs established to assist South African waste sector

By: Simone Liedtke     14th August 2018 The South African waste sector is in desperate need of change, says Council for Scientific and Industrial Research (CSIR) Waste Research, Development and Innovation (RDI) Roadmap Implementation Unit manager Professor Linda Godfrey. Speaking at the launch of South Africa’s first research chairs in... 

Research chairs established to assist South African waste sector
Photo by Dylan Slater
University of the Western Cape professor Catherina Schenk

SAPA to continue to campaign for chicken to be exempt from VAT

By: Anine Kilian     14th August 2018 The South African Poultry Association will continue to campaign for chicken to be exempt from value-added tax (VAT) because it believes it is in the interests of the country and lower-income households, it said in a statement on Tuesday.   SAPA is disappointed that the Woolard panel did not... 

Ford produces milestone 500 000 Rangers in South Africa

By: Schalk Burger     14th August 2018 Ford Motor Company of Southern Africa’s (FMCSA’s) Silverton assembly plant, in Pretoria, has produced its 500 000th Ford Ranger. “The current Ford Ranger has been a remarkable success story for FMCSA, and we are delighted to have reached the 500 000 mark for this vehicle programme,” Ford Middle... 

Ford produces milestone 500 000 Rangers in South Africa
FORD RANGER 2017

Fund manager Vantage provides R2bn for six South African renewable energy projects

By: African News Agency      14th August 2018 Fund manager Vantage said late on Monday it had, through its renewable energy fund Vantage GreenX Note II, provided R2.05-billion of funding to six solar and wind energy projects in South Africa with a combined capacity of 433 MW. The projects, which are part of South Africa's Renewable Energy... 

Kudu gas project might not be viable for Namibia – Energy Minister

By: Reuters     14th August 2018 Namibia's long-delayed Kudu gas-to-power project, seen as key to boosting electricity security in the southwest African country, might not be viable, Mines and Energy Minister Tom Alweendo said on Monday. Namibia's offshore Kudu Gas Fields have proven and probable recoverable reserves estimated... 

Montego expands Eastern Cape pet food factory

By: Schalk Burger     14th August 2018 Local pet food manufacturer Montego Pet Nutrition increased production at its Graaff-Reinet facility, in the Eastern Cape, by 30%. The R70-million expansion, which will also create 30 more direct jobs, included a new 3 600 m2, R15-million depot, divided equally for use as a warehouse and treats... 

WG Wearne CFO resigns

By: Simone Liedtke     14th August 2018 Building materials company WG Wearne’s CFO Marius Bierman has resigned as a director with effect from August 11. His resignation follows a mutual agreement between Bierman and the board of WG Wearne. 

Rwanda and global airline body partner to improve air safety

By: Rebecca Campbell     14th August 2018 The Rwanda Civil Aviation Authority (CAA) has signed a Memorandum of Understanding (MoU) with the International Air Transport Association, to partner to improve aviation safety, it was announced on Tuesday. The MoU will allow the two sides to jointly establish a framework for the employment of... 

Rwanda and global airline body partner to improve air safety
Photo by Creative Commons
Kigali International Airport, Rwanda

Nigeria's State-owned oil company considers refinery partnerships

By: Reuters     14th August 2018 Nigerian National Petroleum Corporation (NNPC) could allow private investors to install two refineries on two of its sites, the State-owned oil company said on Tuesday. NNPC said in a statement that it was considering plans to establish a 100 000 bbl/d brownfield refinery at its Port-Harcourt and... 

Union takes illicit cigarettes trade fight to National Treasury

By: African News Agency      14th August 2018 Members of the Food and Allied Workers’ Union (Fawu) joined by tobacco farmers and informal traders on Tuesday as they marched to the National Treasury offices in Pretoria CBD, protesting about the thriving inflow of illegal cigarettes into the South African market, suffocating the local... 

Ecowas moves to address gap in energy sector

By: African News Agency      14th August 2018 The Commission of the Economic Community of West African States (Ecowas) has moved to validate its regional strategy to popularise liquefied petroleum gas in West Africa to improve its economy and address health challenges and environmental degradation associated with the lack of access to the... 

Ethiopia plans to build new airport in Oromia region – Fana

By: Reuters     14th August 2018 Ethiopian Airlines plans to build a new airport with annual capacity of 80 million passengers in Bishoftu, about 48km southeast of the capital Addis Ababa, State-affiliated media said on Tuesday. Fana Broadcasting Corporation quoted Ethiopian Airlines CEO Tewolde Gebremariam saying that... 

Samsa investigates loss of 13 cargo containers off Durban coast

By: African News Agency      14th August 2018 The South African Maritime Safety Authority (Samsa) has launched an investigation into the loss of more than a dozen cargo containers that reportedly fell off a container ship some 22 nautical miles off the coast of Durban a week ago. Samsa on Monday issued an urgent alert warning to vessels... 

Rand rebounds two percent as Turkey-led rout eases

By: Reuters     14th August 2018 South Africa's rand gained more than 2% on Tuesday, bouncing off a two-year low struck a day before, when investors dumped emerging market assets because of fears over the Turkish economy. At 0705 GMT, the rand traded at 14.0800 versus the dollar, around 2.3% stronger on the day and more than 11%... 

Rand rebounds two percent as Turkey-led rout eases

Rukwa plant upgrade set for completion in September

By: Simone Liedtke     14th August 2018 Aim-listed Edenville Energy is planning to complete the upgrade of the processing plant at its Rukwa coal project, in Tanzania, by the end of September, which will allow for increased throughput. A Lamella clarifier water treatment plant is nearing assembly stage completion and will be installed... 

Minister decries Gold Fields’ job-cut plan at cash-burning South Deep

By: Martin Creamer     14th August 2018 They say South Deep will be the last gold mine standing, but every report coming out of it indicates that it is an extremely hard nut to crack, with production hopelessly below guidance. Since 2006, Gold Fields has pumped R32-billion into South Deep without even breaking even, let alone making a... 

Minister decries Gold Fields’ job-cut plan at cash-burning South Deep
Photo by Creamer Media
Gold Fields CEO Nick Holland

Low rainfall hampering dam level recovery - City of Cape Town

By: African News Agency      14th August 2018 The City of Cape Town on Monday said it was concerned about a water consumption increase from 505-million to 519-million litres per day and urged residents to continue with water saving efforts to protect Cape Town’s fragile dam system. In a statement, the City said it has been a dry start to... 

SARB 'nowhere near' intervention on rand – deputy governor

By: Reuters     13th August 2018 The South African Reserve Bank was surprised by the magnitude of the rand weakness early on Monday but forex market conditions where "nowhere near" requiring the bank to intervene, deputy governor Daniel Mminele told Reuters. The rand slid more than 10% to a two-year low against the dollar in... 

Juwi to build, operate three REIPPPP Round 4 solar PV projects

By: Simone Liedtke     13th August 2018 Solar energy equipment supplier juwi Renewable Energies has concluded three engineering, procurement and construction (EPC) and operation and maintenance (O&M) contracts, with a combined value of R3-billion, with African Infrastructure Investment Managers (AIIM), which will deliver 250 MW of... 

Juwi to build, operate three REIPPPP Round 4 solar PV projects

India's Tata Steel Q1 profit more than doubles, lags forecasts

By: Reuters     13th August 2018 Indian steelmaker Tata Steel said on Monday quarterly net profit more than doubled, but it was well below market expectations as a result of a one-off charge. Net profit was 19.34-billion rupees ($276-million), compared to a profit of 9.21-billion rupees a year earlier, Tata said. 

Esor’s share price plummets as major subsidiary files for business rescue

By: Simone Liedtke     13th August 2018 JSE-listed Esor’s share price plummeted on Monday by 62.5% as the company announced the start of business rescue proceedings for its Esor Construction subsidiary, which holds the group’s infrastructure, building and housing, pipelines, sanitation and pipe services businesses. The decision follows... 

Sappi shares fall on lower Q3 profit

By: Simone Liedtke     13th August 2018 Dissolving wood pulp (DWP), paper and pulp producer Sappi’s share price on the JSE fell by as much as 10.4% on Monday after the company reported a 12% year-on-year decrease in net profit to $51-million for the third quarter ended June 30, compared with a net profit of $58-million reported for the... 

Sappi shares fall on lower Q3 profit
Sappi CEO Steve Binnie

Lithium-ion batteries, energy storage on strong demand growth trajectory

By: Marleny Arnoldi     13th August 2018 The automotive industry’s use of lithium-ion batteries is on track to grow seven-fold to 650 GWh by 2025, from 70 GWh in 2017; the increase in energy storage, although from a lower base, will add to this, says specialist international publisher Metal Bulletin. It adds that the electrification of... 

Lithium-ion batteries, energy storage on strong demand growth trajectory

Petronas acquires 30% equity in Senegal oil, gas block

By: Reuters     13th August 2018 Malaysian oil and gas company Petroliam Nasional (Petronas) said on Monday it has acquired a 30% stake in Senegal's Rufisque Offshore Profond block, its first project in the West African nation. Oil major Total will maintain operatorship of the block with a 60% ownership, Petronas said in a... 

Kenya charges top officials with fraud over new $3bn railway

By: Reuters     13th August 2018 A Kenyan court on Monday charged the heads of the agency that manages public land and of the state railway with fraud over land allocation for a new $3-billion train line linking the capital with East Africa's biggest port. The line between Nairobi and Mombasa, funded by China, is one of the... 

Gautrain strike over after workers accept 8% wage offer

By: African News Agency      13th August 2018 A two-week strike by Gautrain workers ended on Monday after workers accepted an offer by the Bombela Concession Company, operator of the high speed commuter rail system, of a one-year wage offer of eight% salary increments for about 90% of employees. Gautrain workers downed tools on July 30,... 

Water dept to prioritise SRSS as part of improving state of Vaal river

By: Marleny Arnoldi     13th August 2018 The Department of Water and Sanitation (DWS) has assured that it, together with Rand Water, the Gauteng provincial government, and the Sedibeng district and Emfuleni local municipalities are working towards improving the state of the Vaal river and the Vaal dam. Rand Water stated that reports... 

Water dept to prioritise SRSS as part of improving state of Vaal river
Photo by Dylan Slater
Water and Sanitation Minister Gugile Nkwinti

Eskom prices oversubscribed $1.5bn notes offering

By: Marleny Arnoldi     13th August 2018 State-owned power utility Eskom has successfully priced a two-tranche ten-year $1.5-billion global bond, under its $4-billion global medium-term note programme, following a series of investor meetings held by the utility, the Department of Public Enterprises, and Europe and US National... 

Imperial to repurchase preference shares at R85 apiece

By: Marleny Arnoldi     13th August 2018 JSE-listed Imperial Holdings is offering to repurchase its preference shares for R85.53 a share, which is a 29% premium to Friday’s closing price of R64.29. The company on Monday stated that the offer price values the preference shares at R83, with an accrued dividend of R2.53 since June.  

Increasing nontaxed items could damage tax base, warns Parsons

By: Marleny Arnoldi     13th August 2018 North-West University Business School economist Professor Raymond Parsons says the independent panel’s recent recommendations for the zero-rating of several additional food and nonfood commodities under value-added tax (VAT) poses a wider challenge to the existing fiscal framework. Finance... 

Tribunal to pursue alleged price-fixing, collusion in R240m Eskom tender

By: Marleny Arnoldi     13th August 2018 The Competition Tribunal has refused an application to dismiss a complaint against companies accused of alleged price-fixing and tender collusion in a R240-million tender issued by State-owned power utility Eskom in March 2015. The tender was for the supply, installation and dismantling of... 

Futuregrowth, Citiq Treasury, Citiq Property Services merger gets green light

By: Marleny Arnoldi     13th August 2018 The Competition Tribunal has approved a merger between Futuregrowth Asset Management, Citiq Treasury and Citiq Property Services. Futuregrowth is the acting agent for Old Mutual Assurance company, wholly-owned by Old Mutual Investment Group Holdings.  

Tribunal approves Zaad, Hygrotech merger

By: Marleny Arnoldi     13th August 2018 The Competition Tribunal has approved the merger of Zaad Holdings and Hygrotech Properties, which are both involved in the breeding, producing, processing and distribution of agricultural seeds. Zaad, which will be the controlling company, specialises in forage seeds, and is also involved in... 

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