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Mboweni warns extra R59bn allocated to Eskom comes at 'huge' cost to fiscus 

By: Kim Cloete     23rd July 2019 Finance Minister Tito Mboweni has allocated an additional R26-billion to debt-ridden Eskom for 2019/20 and R33-billion for 2020/21 in a bid to help the utility meet its financial obligations. “Eskom’s funding plan is dependent on Eskom raising additional finance from the market, which in turn... 

Mboweni warns extra R59bn allocated to Eskom comes at 'huge' cost to fiscus
Finance Minister Tito Mboweni

Transnet and IFC team up in effort to catalyse Richards Bay LNG PPP  

By: Terence Creamer     Updated 6 hours ago The International Finance Corporation (IFC) has made a $2-million cost-sharing commitment to support the completion, by Transnet, of a feasibility study into the development of a liquefied natural gas (LNG) storage and regasification terminal at the Port of Richards Bay, in KwaZulu-Natal by 2024.... 

In this video, IFC and Transnet officials outline the central role that the private sector is expected to play in the construction and operation of new liquefied natural gas (LNG) infrastructure at the Port of Richards Bay, in KwaZulu-Natal. The proposed project is the subject of a feasibility study that is being jointly funded by the two organisations. It is proposed that the LNG infrastructure be developed by a private-sector-led special purpose vehicle, which will emerge following a competitive bidding process. Camera Work & Editing: Darlene Creamer. Recorded: 23.7.2019

Global growth to remain subdued, says IMF 

By: Simone Liedtke     Updated 5 hours ago While global economic growth is expected to remain subdued, at 3.2%, this year, the International Monetary Fund’s latest edition of the ‘World Economic Outlook (WEO)’ points to anticipated growth of 3.4% for sub-Saharan Africa. With global growth expected to pick up to 3.5% in 2020, sub-Saharan... 

Crucial policy missteps have taken place – Ramaphosa   

By: Sane Dhlamini     Updated 7 hours ago President Cyril Ramaphosa said on Tuesday that, while South Africa has come a long way 25 years into democracy, there have been crucial policy missteps, and he admitted that government has, at times, failed to implement coherent policy or delayed doing so. He was addressing delegates at the 25... 

President Cyril Ramaphosa address the 25 Years of Democracy Conference. (Camera & editing: Nicholas Boyd)

DBSA issues statement on departure of Breytenbach as IPP Office head

Updated 5 hours ago Below is the full statement, released by the Development Bank of Southern Africa (DBSA), following news that Karen Breytenbach had been asked to leave her post as head of the Independent Power Producers Office. 

Survey confirms South African building, construction industry’s ‘woeful state’

By: Simone Liedtke     Updated 5 hours ago The Construction Industry Development Board’s (CIDB’s) small and medium-sized enterprises (SME) conditions survey for the second quarter has confirmed the “woeful state” of the South African building and construction industry. Building confidence decreased to 30 index points, from 33 in the first... 

Major salmon-farming project announced for Lesotho

By: Rebecca Campbell     Updated 6 hours ago Fresh-water salmon fish-farming company Pure Salmon has announced a major investment in Lesotho, to establish a recirculating aquaculture system salmon farm in the country’s highland Butha-Buthe region. The project is worth $250-million and is being undertaken in partnership with the Lesotho... 

First turbine at Kangnas Wind Farm erected ahead of schedule

By: Simone Liedtke     Updated 6 hours ago Kangnas Wind Farm, in the Northern Cape, on Tuesday celebrated the simultaneous completion of two major construction milestones – the erection of the first of its 61 wind turbines and the completion of its final turbine foundation. Both of these milestones have been completed slightly ahead of... 

First turbine at Kangnas Wind Farm erected ahead of schedule

Sessa warns consumers to choose wisely when hiring a solar PV system installer

By: Marleny Arnoldi     Updated 7 hours ago The Sustainable Energy Society of Southern Africa (Sessa) has launched an awareness campaign called “Clued-up on solar”, which aims to raise consumer awareness about the importance of choosing credible solar infrastructure suppliers and installers. Sessa has urged consumers to check suppliers and... 

PwC study finds record CEO turnover; dismissals owing to misconduct rising

By: Marleny Arnoldi     Updated 7 hours ago The turnover rate of CEOs hit a record 17.5% in 2018, but a group of executives are holding steady, says consultancy firm PricewaterhouseCoopers (PwC). PwC in its ‘2018 CEO Success Study’, published on Tuesday, analysed CEO succession at the world’s 2 500 largest public companies. 

Mondi anticipates increase of up to 37% in interim basic earnings

By: Simone Liedtke     23rd July 2019 LSE- and JSE-listed packaging and paper group Mondi expects its basic earnings per share (EPS) and headline earnings per share (HEPS) for the six months ended June 30, to reflect increases of between 28% and 37%, and 9% and 16%, respectively. EPS and HEPS are expected to be between €0.93 and... 

EIA public process for proposed Richards Bay power plant open for comment

By: Simone Liedtke     23rd July 2019 A revised environmental-impact assessment (EIA) report for the proposed development of State-owned Eskom’s Richards Bay combined cycle power plant (CCPP), and its associated infrastructure, is available for review and comment from July 24 to August 26. Subsequent to the report’s initial release... 

Bushbuckridge youth benefit from YES initiative

By: Yvonne Silaule     Updated 7 hours ago The Youth Employment Services (YES) is helping to create jobs for the Bushbuckridge youth within the tourism and hospitality industry. YES CEO Tashmia Ismail says more than 18 000 jobs have been created across the country through the YES initiative since its launch in March 2018. 

Bushbuckridge youth benefit from YES initiative
Photo by Creamer Media's Dylan Slater
YES CEO Tashmia Ismail

Importance of good-quality lighting emphasised

By: Tasneem Bulbulia     Updated 5 hours ago Good, high-quality lighting is an important factor for any business, as it directly impacts on productivity and the wellbeing of employees, BEKA Schréder product development manager Daniel Kasper said during the company’s Lightability Seminar, in Pretoria, on Tuesday. He emphasised the importance... 

World’s first satellite mass-production plant opened in the US

By: Rebecca Campbell     23rd July 2019 Europe-based major aerospace group Airbus and US-based global internet communications company OneWeb have announced that their joint venture, OneWeb Satellites, officially opened the world’s first-ever high-speed and high-volume satellite production facility on Monday. The facility is located at... 

World’s first satellite mass-production plant opened in the US
Photo by OneWeb Satellites
The new satellite mass-production facility

Go George makes changes to routes in George, assists passengers

By: Simone Liedtke     Updated 6 hours ago Public bus service Go George has implemented changes to its route from Pacaltsdorp to the industrial area on Route 14, in the Western Cape, while simultaneously also moving a few stops at the Protea terminus, to in front of Hypersave, in Pacaltsdorp.  Go George manager James Robb on Tuesday said... 

Go George makes changes to routes in George, assists passengers
Go George community liason officer Simphiwe Schaap (far left) explaining to staff how to use the bidirectional routing on Route 14 to their benefit

Aspiring rare-earth producers should focus on niche products – F&S

By: Creamer Media Reporter      23rd July 2019 Aspiring rare earth material producers aiming to compete with the likes of Australia’s Lynas Corporation and Iluka Resources will have to focus on manufacturing customised products for clients to break into the market. This is according to research and consulting firm Frost and Sullivan (F&S),... 

IFC contributing $9m to Zambian hotel, conference centre development

By: Simone Liedtke     Updated 5 hours ago The International Finance Corporation (IFC) on Tuesday announced that it would contribute $9-million towards the construction of a hotel and conference centre on the outskirts of Lusaka, in Zambia. Being built by Protea Hotels Zambia, the new hotel will help meet the growing demand for business... 

Kenya moves closer to goal of 100% renewable energy generation by 2030

By: African News Agency      23rd July 2019 Kenya has boosted its power generation capacity and is one giant step closer to reaching its goal of 100 percent renewable energy generation by 2030 after it launched the continent’s largest wind farm. Set to contribute 310 MW to the national grid, the $680-million privately-funded Lake Turkana... 

Nigeria's NNPC secures $3.15bn to develop oil mining licence

By: Reuters     Updated 6 hours ago Nigeria's State oil company has secured $3.15-billion from Sterling Oil Exploration and Energy Production Company Limited to develop oil mining licence 13, it said in a statement on Twitter on Tuesday. OML 13 is a wholly owned asset of NPDC, the upstream subsidiary of Nigerian National Petroleum... 

Kenya's Parliament accepts proposal to nationalise Kenya Airways

By: Reuters     Updated 6 hours ago Kenya's Parliament voted on Tuesday to accept a proposal to nationalise Kenya Airways as a way of rescuing it from mounting debts. The loss-making carrier, which is 48.9% government-owned and 7.8% held by Air France-KLM, has been struggling to return to profitability and growth. A failed... 

Two take empty passenger train for Friday night joyride

By: News24Wire      Updated 7 hours ago Two unknown suspects went off the rails on Friday night and stole an empty passenger train before driving it from eMkhomazi to Umgababa in KwaZulu-Natal – a distance of 12 km. Passenger Rail Agency Agency of South Africa (PRASA) spokesperson Zama Nomnganga confirmed the incident to News24, saying... 

Boris Johnson wins race to be next UK prime minister

By: News24Wire      23rd July 2019 Boris Johnson has been elected leader of the United Kingdom's Conservative Party and, by default, the country's next prime minister. The Brexit hardliner, a former London mayor, on Tuesday won the votes of 92 153 members of the ruling party, while his rival, Foreign Minister Jeremy Hunt, won 46 656. 

Boris Johnson wins race to be next UK prime minister
Photo by Bloomberg
Newly elected UK Prime Minister Boris Johnson

Mkhwebane report caused 'irreparable harm', Gordhan argues 

By: News24Wire      23rd July 2019 Minister of Public Enterprises Pravin Gordhan has argued in the High Court in Pretoria that the remedial orders issued by the Public Protector in a report against him are "erroneous" and have caused "irreparable harm" to his reputation. The minister is asking the court to suspend Busisiwe... 

 Mkhwebane report caused 'irreparable harm', Gordhan argues
Photo by Creamer Media's Dylan Slater
Public Enterprises Minister Pravin Gordhan

SA's troubled parastatals to be placed under curatorship as it receives billions in State funding

By: African News Agency      23rd July 2019 Finance Minister Tito Mboweni is making good on his promise that cash-strapped State-owned companies receiving bailouts from government would be placed under curatorship, announcing on Tuesday that chief restructuring officers would be appointed within 48 hours for Eskom, Denel, the South African... 

SA's troubled parastatals to be placed under curatorship as it receives billions in State funding
Finance Minister Tito Mboweni

PIC lost $333m through 'poor investment' in Erin Energy

By: Bloomberg     23rd July 2019 The former head of Africa’s largest money manager said the company lost $333-million after a “poor investment” in Erin Energy Corporation, accusing the US oil explorer of deliberately withholding information about its prospects ahead of a listing in Johannesburg. South Africa’s Public Investment... 

Mboweni confirms R59bn for Eskom  

By: News24Wire      23rd July 2019 Finance Minister Tito Mboweni on Tuesday tabled a special appropriation bill for Eskom, which will see the debt-ridden power utility benefit with an additional allocation of R59-billion in funding. The bill provides for an additional amount of money to be made available to the department of... 

 Mboweni confirms R59bn for Eskom
Photo by Reuters
Finance Minister Tito Mboweni

Eskom restores power supply to cooperating areas in Gauteng

By: African News Agency      23rd July 2019 Eskom said on Monday it has restored power supply to some parts of Gauteng where communities have allowed its technicians safe access to conduct audits, remove illegal connections, disconnect non-paying customers and issue fines. This is after the power utility cut electricity in some parts of... 

Inquiry into fatal Durban building collapse nears completion

By: African News Agency      23rd July 2019 An inquiry into the collapse of a building in the south of Durban last year that left four people dead is set to conclude next week, the department of employment and labour has said.  The collapse of the Imperial Logistics Construction building resulted in the deaths of Bhekuyise Moses Sibiya,... 

Government committed to working with business to achieve national goals, says Patel

By: African News Agency      23rd July 2019 Trade and Industry Minister Ebrahim Patel, told businesspeople at meeting hosted by Business Leadership South Africa in Sandton on Monday that the government was committed to working in close partnership with the private sector to achieve the country’s national goals.   The meeting, which was... 

'Role model par excellence' – UCT vice-chancellor receives honorary degree from UK university

By: News24Wire      23rd July 2019 The University of Cape Town's (UCT's) vice-chancellor, Professor Mamokgethi Phakeng, has dedicated her honorary Doctor of Science degree from the University of Bristol to the people who contributed in one way or another to her life and career. Addressing the hall of graduates, academics, friends... 

'Role model par excellence' – UCT vice-chancellor receives honorary degree from UK university
UCT vice-chancellor Mamokgethi Phakeng

Solidarity mulls possible legal action against Denel

By: Creamer Media Reporter      22nd July 2019 Trade union Solidarity says Denel has informed employees that their July salaries might not be paid on time. “Not paying salaries on time is totally unacceptable and we condemn it. The implications are immense and far-reaching and Solidarity is ready for the fight,” Solidarity Defence and... 

Tribunal approves economic alliance between WBHO, Trencon

By: Marleny Arnoldi     22nd July 2019 The Competition Tribunal has approved the formation of an economic alliance between WBHO Construction and Trencon Construction. Trencon will replace Fikile Construction as an emerging contractor in the WBHO Alliance, with which WBHO initially entered into an agreement. 

Respected head of IPP Office, Breytenbach, asked to leave post

By: Terence Creamer     22nd July 2019 The respected head of South Africa’s Independent Power Producer (IPP) Office, Karen Breytenbach, has confirmed to Engineering News Online that she has been asked to vacate her position by the Department of Energy (DOE) and the Development Bank of Southern Africa (DBSA). News of her departure was... 

Respected head of IPP Office, Breytenbach, asked to leave post
Photo by Creamer Media's Dylan Slater
Karen Breytenbach

Sappi appoints new CEO of North American operations

By: Tasneem Bulbulia     22nd July 2019 JSE-listed Sappi on Monday announced the appointment of Michael Haws as president and CEO of Sappi North America, effective October 1. Haws, who is currently Sappi North America manufacturing VP, will succeed Mark Gardner, who will retire at the end of September, following 12 years in his position. 

Comprop offers R1.8bn in Safari takeover bid

By: Marleny Arnoldi     22nd July 2019 Specialist investment company Futuregrowth Asset Management subsidiary Community Property Company has offered R1.8-billion to acquire the entire issued share capital of JSE-listed retail property fund Safari Investments. This follows after Safari announced a share-for-share reverse takeover... 

Nigeria, Siemens agree roadmap to increase power – Buhari

By: Reuters     22nd July 2019 Nigeria and German company Siemens have agreed a roadmap to increase Nigeria's "reliable" power supply to 11 000 MW by 2023, President Muhammadu Buhari said on Monday. The president of the West African country said that at present, "only an average of 4 000 MW reliably reaches consumers". 

Commission recommends Clover buyout be approved with conditions

By: Tasneem Bulbulia     22nd July 2019 The Competition Commission has recommended to the Competition Tribunal that the proposed merger, whereby Milco SA intends to acquire Clover, be approved, with conditions. Milco SA, a special purpose firm incorporated in South Africa, is controlled by Mauritius International (MMI). Clover’s... 

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