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Gordhan says SOEs in dire straits, threatens boards and CEOs with intervention

By: News24Wire      Updated 2 hours 29 minutes ago South Africa’s State-owned companies are in a parlous state and if the boards and management of these organisations do not do what government expects of them, it won’t hesitate to intervene to ensure proper governance and financial management, says Public Enterprises Minister Pravin Gordhan. He... 

Gordhan says SOEs in dire straits, threatens boards and CEOs with intervention
Photo by Reuters
Public Enterprises Minister Pravin Gordhan

South Africa working on new oil, gas policy to enable growth

By: Bloomberg     Updated 2 hours 11 minutes ago South Africa is working on a policy to govern the development of oil and gas resources after calls by potential investors to shield the industry from a long-running debate over laws that apply to mining exploration. The finalising of oil legislation has become more urgent since Total announced... 

South Africa working on new oil, gas policy to enable growth
Mineral Resources and Energy Minister Gwede Mantashe

Botswana stock market to list, government to cede control

By: Bloomberg     Updated 2 hours 15 minutes ago The Botswana Stock Exchange plans to list its stock within two years and expects the government to cede control of the institution to private investors, CEO Thapelo Tsheole said. The Gaborone-based exchange, which has 34 traded companies and 49 bonds, is currently about 80% owned by the state,... 

Pollution on our plate: How waste is ending up in fish caught off the Cape coast

By: News24Wire      Updated 1 hour 57 minutes ago The ocean around Cape Town is so polluted that pharmaceutical and industrial chemical compounds are accumulating in the flesh of fish caught off the coast, reports GroundUp . Meanwhile, the City of Cape Town's water quality reports remain hidden from the public. Scientists from the University of... 

4IR becoming integral to African countries’ competitiveness strategies

By: Simone Liedtke     Updated 52 minutes ago The Fourth Industrial Revolution (4IR) has become somewhat of a buzzword in Africa and countries are making it an integral part of their strategies to increase competitiveness, the Council for Scientific and Industrial Research’s Dr Rachel Chikwamba told delegates attending the Manufacturing... 

4IR becoming integral to African countries’ competitiveness strategies
Photo by Creamer Media's Dylan Slater
Rudeon Snell

AfDB to fund upgrades to South Sudan water, sanitation infrastructure

By: African News Agency      Updated 1 hour 6 minutes ago South Sudan’s water and sanitation infrastructure is to be upgraded thanks to a decision by the African Development Bank to provide $24.7-million in funding. The bank’s Strategic Water Supply and Sanitation Improvement Project will support the rehabilitation of about 50 km of the capital Juba’s... 

Large carmakers including VW, FCA could face 2021 EU emissions fines – study

By: Reuters     Updated 1 hour 45 minutes ago Volkswagen and FiatChrysler could face penalties of up to €1.83-billion and €746-million respectively, if they fail to meet the European Union's emissions targets set for 2021, according to AlixPartners. The study by the consulting firm, which was published on Wednesday, shows how hard it is for... 

Sephaku expects weak construction materials demand to continue

By: Tasneem Bulbulia     Updated 1 minute ago Amid weak demand, JSE-listed Sephaku Holdings focused on lowering its debt, defending its share of the market and improving cost efficiencies during the financial year ended March 31. Sephaku CEO Dr Lelau Mohuba on Wednesday said local building and construction materials manufacturers continued... 

Northam to restart operations at Eland’s fully funded Kukama shaft

By: Martin Creamer     Updated 1 hour 26 minutes ago Platinum group metals mining and marketing company Northam Platinum on Wednesday announced the company’s decision to recommence operations in the new 2020 financial year at the Kukama shaft situated at the Eland mine complex in Brits. Total developmental capital expenditure is estimated at... 

Northam to restart operations at Eland’s fully funded Kukama shaft
Photo by Creamer Media
Northam CE Paul Dunne

Prescribed assets not feasible for benefit funds – Alexander Forbes

By: Tasneem Bulbulia     25th June 2019 Alexander Forbes Investments says the proposed introduction of a prescription requiring investors to invest into specified assets is inefficient and will not result in efficient allocation of capital, but will rather lead to suboptimal investment outcomes. This was the key message expounded at... 

Outa calls on Mantashe to intervene to save crude oil reserves

By: Marleny Arnoldi     25th June 2019 The Organisation Undoing Tax Abuse (Outa) says a Cape High Court case on Friday will determine the fate of South Africa’s strategic crude oil reserves that are worth more than R9.3-billion. Outa states that, between December 2015 and January 2016, South Africa’s strategic oil reserves had been... 

AfCFTA, collaboration key to increasing trade in Africa – panel 

By: Simone Liedtke     25th June 2019 The African Continental Free Trade Area plays a role in increasing intra-African trade, but Kenyan ambassador to South Africa Jean Kamau told delegates attending the Manufacturing Indaba, on Tuesday, that negotiations and collaboration between countries and the private sector were key to... 

AfCFTA, collaboration key to increasing trade in Africa – panel
Photo by Creamer Media's Dylan Slater
Kenyan Ambassador to South Africa Jean Kamau

Kibo signs PPA with Statkraft

By: Marleny Arnoldi     25th June 2019 JSE-listed Kibo Energy’s UK-based subsidiary MAST Energy Developments (MED) has signed a five-year power purchase agreement (PPA) with Statkraft Markets for MED’s planned 5 MW gas-fuelled Bordersley Reserve power generation project. MED plans to commission the project by the end of the first... 

Minister responds to Astral water constraints in Lekwa municipality

By: Marleny Arnoldi     25th June 2019 Human Settlements, Water and Sanitation Minister Lindiwe Sisulu has asked two officials to submit a full report on the water challenges affecting the Lekwa municipality, in Standerton, Mpumalanga, as well as business in the area. This follows after poultry producer Astral Foods on Monday... 

Minister responds to Astral water constraints in Lekwa municipality
Photo by Creamer Media
Human Settlements, Water and Sanitation Minister Lindiwe Sisulu

Airline body regional head highlights importance of aviation to Africa’s development

By: Rebecca Campbell     25th June 2019 The importance and potential of, and challenges facing, commercial aviation in Africa were highlighted at the International Air Transport Association (Iata) Regional Aviation Forum, in Accra, Ghana, on Monday. “Aviation is a key enabler for economic and social prosperity in Africa,” highlighted... 

Jobs spin-offs in focus as South Africa’s rooftop solar installed base grows beyond 400 MW 

By: Terence Creamer     25th June 2019 An analysis conducted by the Council for Scientific and Industrial Research (CSIR) Energy Centre outlines significant potential to create thousands of fulltime jobs and to nurture hundreds of small enterprises by supporting the further deployment of small-scale embedded generation (SSEG) plants.... 

Jobs spin-offs in focus as South Africa’s rooftop solar installed base grows beyond 400 MW

Omnia to restructure as it seeks to reduce overextended balance sheet 

By: Schalk Burger     25th June 2019 Diversified chemicals group Omnia will, over the next two years, focus on improving the profit margins of its companies’ services and products, ensuring that its assets and investments deliver value, as well as on pursuing international expansion of intellectual property-based businesses that... 

Campaign groups accuse Total of breaching French corporate duty law in Uganda

By: Reuters     25th June 2019 French and Ugandan campaign groups including Friends of the Earth have filed a legal notification with Total, claiming it has failed to address the human and environmental impact of its Ugandan operations as required by French law. Under France's Corporate Duty of Vigilance regulation, large... 

Aveng finalises water business sale

By: Marleny Arnoldi     25th June 2019 JSE-listed construction company Aveng on Tuesday received R85-million from Infinity Partners as payment for the sale of the Aveng Water business. Aveng announced the sale to the 100% black-owned company in January, with an original selling price of R95-million, which was subsequently reduced... 

Mining, renewable energy the construction sector’s only hope – FNB

By: Marleny Arnoldi     25th June 2019 The First National Bank (FNB)/Bureau for Economic Research Civil Confidence Index (CCI) remained at an all-time low during the second quarter of the year. Underpinning the depressed confidence in the industry was a further decline in construction activity, which led to paper-thin profit margins.  

Kenya government, Tullow Oil, Africa Oil and Total sign deal to develop crude oil facility

By: Reuters     25th June 2019 Kenya's government, and oil firms Tullow Oil, Total and Africa Oil Corp have signed agreements for the development of a 60 000 bbl/d to 80 000 bbl/d crude oil processing facility for oil discovered in the country's north west, the Petroleum and Mining Ministry said on Tuesday. The ministry said... 

Etion profit falls on economic troubles

By: Natasha Odendaal     25th June 2019 A “severe” downturn in South Africa’s economic environment plunged JSE-listed Etion into the red for the financial year ended March 31. The group on Tuesday posted a headline and basic loss a share of 0.56c, a 108% decline on the basic earnings a share of 7.26c reported for the prior financial year. 

Amsol continues to make strides on economic empowerment

By: Marleny Arnoldi     25th June 2019 Specialist marine solutions provider African Marine Solutions’ (Amsol’s) employee share ownership scheme has benefited about 370 employees, who own shares for the first time. The scheme was introduced in 2016 and has developed into a catalyst for economic empowerment and shared value creation... 

Glencore cuts out agents and dealmakers as scrutiny grows 

By: Bloomberg     25th June 2019 Glencore is cutting out many of its intermediaries – the agents and dealmakers once essential to cracking the toughest markets – amid growing scrutiny of its operations around the world. Under pressure from its compliance division, Glencore is dismantling much of its global network of trading... 

Group Five chair, three directors quit amid business rescue

By: African News Agency      25th June 2019 Embattled construction engineering company, Group Five, on Tuesday announced the resignation of four directors, including board chairperson Nonyameko Mandindi with immediate effect.  The group said that other non-executive directors who have resigned were Michael Upton, Edward Williams and Cora... 

Work to end Joburg water shutdown progressing as scheduled – Rand Water

By: News24Wire      25th June 2019 Johannesburg’s leading bulk water supplier, Rand Water, says its work on the B11 pipeline shutdown is progressing according to schedule.  "The technical teams worked throughout the night and achieved the set project milestones. The work is on target," spokesperson Justice Mohale said, as the... 

Work to end Joburg water shutdown progressing as scheduled – Rand Water

SA adds 22 000 jobs in first quarter of 2019 – Stats SA 

By: News24Wire      25th June 2019 Employment in South Africa's non-agricultural formal sector grew by 22 000 in the first quarter of 2019, Stats SA announced on Tuesday in its latest Quarterly Employment Statistics bulletin. This follows an increase of 87 000 jobs in the last quarter of 2018. Stats SA reported that employment... 

SA adds 22 000 jobs in first quarter of 2019 – Stats SA

Oil steadies as Iran tensions mingle with economic concerns

By: Bloomberg     25th June 2019 Oil steadied after rallying almost 8% in three days as investors weighed the risks of a supply disruption in the Middle East against concerns over the global economy and demand. Futures were little changed near $58/bl in New York. President Donald Trump imposed sanctions on Iran’s supreme leader,... 

EPP forms JV to manage Poland office buildings

By: Creamer Media Reporter      25th June 2019 JSE-listed property company EPP has established a joint venture with pan-European private equity real estate platform Henderson Park, which will acquire a 70% interest in EPP's Polish office building portfolio. EPP will retain a 30% interest in the portfolio, which comprises 11 newly built office... 

Extreme weather is shaking up Africa's corn trade

By: Bloomberg     25th June 2019 At least three African nations will need to import more corn this year after extreme weather from cyclones to drought devastated crops, sparking some unusual trade flows. Corn is a staple grain across much of sub-Saharan Africa, where it’s milled and cooked with water to form a porridge or stiff... 

SABS warns of delays in issuing customer test certificates

By: Creamer Media Reporter      25th June 2019 The South African Bureau of Standards (SABS) has warned of delays in testing and the issuing of customer test certificates after electrical cable theft in the Pretoria area disrupted testing conditions in its laboratories. The cable theft in the Groenkloof area of Pretoria, in May, caused a power... 

Omnia posts full-year loss on mix of negative drivers

By: Reuters     25th June 2019 Omnia Holdings, a South African chemicals and fertiliser maker, reported a full-year loss on Tuesday as a volatile currency, droughts, changes in the mining industry and difficult global trading conditions dented its business. The company, which also produces explosives, posted a headline loss... 

BMW SA investigates software solution to counter problematic GridCars chargers

By: Irma Venter     25th June 2019 BMW Group South Africa (BMW SA) will investigate updating the software on the 60 Ah version of the BMW i3 electric car, in an effort to assist with some older models of the vehicle apparently struggling to make use of selected GridCars fast chargers. The problem was first highlighted by the South... 

 BMW SA investigates software solution to counter problematic GridCars chargers

Denel confirms salary cut; union expresses shock and concern

By: Rebecca Campbell     25th June 2019 State-owned defence industrial group Denel confirmed on Tuesday that it will pay its staff only 85% of their salaries for this month. “Due to ongoing liquidity challenges we are now faced with unfortunate reality that the company is not in a position to fulfil the 100% salary obligation,” stated... 

Denel confirms salary cut; union expresses shock and concern
Photo by Duane Daws/Creamer Media
Some of the Denel Group’s products on display – in the foreground, an Umkhonto naval surface-to-air missile, with a Badger infantry fighting vehicle behind, and just visible in the left background, a Seeker unmanned aerial vehicle

Nelson Mandela Bay municipality vows to clean up filthy city

By: African News Agency      25th June 2019 Nelson Mandela Bay Municipality has embarked on a  campaign to clean up the city by budgeting R40-million for the 2019/20 financial year.  Forty three co-operatives will be paid as part of its “Clean and Green Programme”. 

Water department going to court to stop EC municipality 'polluting' Great Fish River

By: African News Agency      25th June 2019 The Department of Water and Sanitation (DWS) is taking legal action to force an Eastern Cape municipality to stop polluting the Great Fish River, it said on Monday.  DWS’ Andrew Lucas, responsible for water regulation in the Eastern Cape, said in a statement that legal action was being taken... 

WeWork opens second South African location in Cape Town

By: Marleny Arnoldi     24th June 2019 Global space, community and services company WeWork has established an office in Cape Town, the second city in South Africa where it is launching a presence. WeWork will take up four floors in the city’s eleven-floor 80 Strand street property, which is co-owned by Emira Property Fund and Swish... 

Pleasing Orion bankable points to fast project payback 

By: Martin Creamer     24th June 2019 Zinc and copper exploration and development company Orion Minerals pleasantly surprised the market on Monday when it announced a bankable feasibility study (BFS) that paves the way for financing, concentrate offtake and mine construction of the Prieska project in the Northern Cape. The BFS... 

Pleasing Orion bankable points to fast project payback
Photo by Creamer Media
Orion Minerals CEO Errol Smart

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