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Moody’s says fixing Eskom is complex, will take time

By: Bloomberg Updated 5 hours ago Fixing loss-making power utility Eskom Holdings is complex and it will take time for the government and the company to agree to a plan, according to Moody’s Investors Service. The energy firm, which supplies about 95% of the country’s power, has R450-billion of debt and is surviving on state... →

Moody's: 'Low likelihood' of SA downgrade to junk

By: News24Wire Updated 2 hours 42 minutes ago Ratings agency Moody’s sees a "low likelihood" of a downgrade in South Africa's credit rating, and expects that government debt will stabilise. The agency's lead analyst for South Africa, Lucie Villa, told a journalist during a meeting in Johannesburg on Tuesday that the country's "stable outlook... →

South Africa on slippery slope, Jonas warns

By: Bloomberg Updated 5 hours ago South Africa is in a precarious state and urgent action is needed to stabilize its finances, according to former Deputy Finance Minister Mcebisi Jonas. “Our political and economic problems are chronic,” Jonas told the Cape Town Press Club on Monday. “Our problem is that as we decline, we... →

Proactively managing South Africa’s energy transition

Updated 5 hours ago In this article, South African Independent Power Producer Association (SAIPPA) members Tommy Garner and Brenda Martin outline the organisation’s approach to the energy transition and explains the programme it is launching to manage the transition. →

Tommy Garner and Brenda Martin

Surging trade uncertainties about ten times previous peaks – IMF

By: Bloomberg Updated 5 hours ago Concerns about global trade have reached nearly ten times the peaks seen in previous decades and could shave about 0.75 percentage point off world economic growth this year, according to data compiled by the International Monetary Fund. The Americas and Asia-Pacific are most affected by concerns... →

The massive cost of not adapting to climate change

By: Bloomberg Updated 5 hours ago Slowing the planetary march toward climate catastrophe – and the multitrillion-dollar investment required to do it – has become a central issue of global and national debate. But there’s the equally expensive matter of dealing with the here and now: From historic wildfires to unprecedented... →

Master Drilling remains focused on regional growth strategy

By: Marleny Arnoldi Updated 2 hours 50 minutes ago JSE-listed drilling solutions company Master Drilling’s acquisition of Atlantis Group helped to boost its revenue and regional operations in the six months ended June 30. CEO Danie Pretorius on Tuesday said the company has remained committed to diversifying its presence across geographies,... →

Photo by Creamer Media
Master Drilling CEO Danie Pretorius

Magnesium bone implants gradually replacing titanium implants globally

By: Marleny Arnoldi Updated 5 hours ago The globally unique magnesium-based implant technology successfully developed by Germany-based Syntellix has already obtained product registration and market approval in over 56 countries worldwide, including South Africa where it was introduced in 2015. The company late last month signed a... →

Magnezix bone implant, made from magnesium

Water tariffs to be reassessed, but resident's must keep saving, City of Cape Town says

By: News24Wire Updated 20 minutes ago Water tariffs will be reassessed at a meeting of all users of the Western Cape's water supply system around November, the City of Cape Town's mayoral committee member for water and waste Xanthea Limberg said. "We acknowledge residents' calls to lower water tariffs," she said. →

New app contributes to efficient waste recycling

By: Simone Liedtke Updated 3 hours ago A fast-growing app-based service, the Waste Recycling App (Wrapp), is bringing convenience and simplicity to businesses and professionals who need waste removed from worksites. National roll-out of the app is planned for the end of this year, with the service currently available to more than 700... →

Kewin Petersen and Clive Amsel

Uganda seeks $3.5bn in private money for power transmission

By: Bloomberg Updated 1 hour 33 minutes ago Uganda is seeking $3.5-billion in private investment to expand its power-transmission network in attempt to curb spending without slowing its economic growth. Liberalizing transmission will provide additional resources needed to transmit power from new generation projects including the 600 MW... →

Kenya Airways to cut flights on shortage of pilots

By: Bloomberg Updated 5 hours ago Kenya Airways said it will cut flights in the next few weeks because cancellations, resulting from a shortage of pilots, cost the airline an estimated $50-million annually. The airline has 435 pilots while its flights currently require 497, Director of Operations Paul Njoroge said in a letter to... →

Treasury's economic turnaround plan lacks 'inclusivity', says BBC

By: Marleny Arnoldi 9th September 2019 In reviewing Finance Minister Tito Mboweni’s 77-page economic growth policy paper, industry organisation, the Black Business Council says the policy is lacking in inclusivity, specific detail and ambition. Mboweni released the document, titled 'Economic Transformation, Inclusive Growth and... →

BBC president Sandile Zungu discusses key concerns about Finance Minister Tito Mboweni's economic policy. Video done by Kutlwano Matlala; editing done by Nicholas Boyd.

S&P warns of governance risk at Sasol

By: Tasneem Bulbulia 9th September 2019 A further delay in the release of South Africa-based integrated chemicals and energy group Sasol’s year-end results indicates greater management and governance risk, and suggests potential disclosure restatements in last year’s financial statements, says S&P Global Ratings. The company rates... →

Lawlessness should be addressed through shared responsibility – business leaders, govt

By: Simone Liedtke 9th September 2019 Following the recent spate of violence across South Africa, Police Minister Bheki Cele on Monday reiterated that government considered this form of behaviour to be “acts of criminality”. He added that government was not denying the undercurrent of anti-foreign national sentiment among those... →

ABB’s Alrode motor, generator factory meets local sourcing requirements

By: Tasneem Bulbulia 9th September 2019 Following a recent investment and transfer of knowledge and skills, ABB South Africa’s motor and generator factory, in Alrode, near Johannesburg, is now fully compliant with the Department of Trade, Industry and Competition’s (DTIC’s) “greater than 70% local sourcing” regulations. In a statement... →

SA business community condemns xenophobic attacks

By: African News Agency 9th September 2019 South Africa's business community on Monday condemned the xenophobic attacks which have spread across Johannesburg and other parts of Gauteng. Police Minister Bheki Cele met with business executives from Multichoice, Vodacom, MTN, as well as the South African Chamber of Commerce and Industry, to... →

Volkswagen reaches production of its 200 000th new Polo

By: Tasneem Bulbulia 9th September 2019 Volkswagen Group South Africa (VWSA) on September 6 marked a historic milestone when it produced the 200 000th unit of the current Volkswagen Polo at the Uitenhage plant, in the Eastern Cape. The VWSA production plant has been manufacturing Polos since 1996, when it started local production on... →

Bell to launch South African-made small truck in Las Vegas in 2020

By: Irma Venter 9th September 2019 Capital equipment manufacturer Bell Equipment (Bell) will in March launch a new addition to its product portfolio in Las Vegas, in the US. Bell CEO Leon Goosen said on Monday that the “small truck of less than 30 t gross vehicle mass will be manufactured at Bell’s Richards Bay plant, in... →

Leon Goosen

Union says PRASA's 'war room' is ineffective

By: African News Agency 9th September 2019 The Passenger Rail Service Agency of South Africa's state-of-the-art nerve centre known as a "war room" is ineffective and has had no impact on the train services, the United National Transport Union said on Monday. Transport Minister Fikile Mbalula launched the Germiston-based nerve centre... →

Mboweni's economic policy paper just a copy of OECD's 'elite, capitalist' proposals – SACP

By: News24Wire 9th September 2019 The South African Communist Party's augmented central committee meeting this weekend has resolved that Finance Minister Tito Mboweni's economic paper violates the manner in which alliance partners are expected to consult each other. The SACP had not outright rejected the economic paper, but... →

Finance Minister Tito Mboweni

Committee calls for nominations of persons to fill Icasa council vacancies

By: Tasneem Bulbulia 9th September 2019 The Portfolio Committee on Communications has called for members of the public and organisations to nominate suitable persons to fill five vacancies at the council of the Independent Communications Authority of South Africa (Icasa). One of the five vacancies will be filled immediately, and the... →

Kibo receives preliminary approval to proceed with UK power plant project

By: Simone Liedtke 9th September 2019 Africa-focused Kibo Energy has received a preliminary notice to proceed with the construction and commissioning of its 5 MW gas-fueled power generation plant at Bordersley Power, in the UK. The notice was issued by the company’s 60%-owned subsidiary, Mast Energy Developments (MED), which is the... →

S&P's advice to South Africa: Beware what you say about Eskom debt

By: Bloomberg 9th September 2019 Talks around restructuring Eskom Holdings’ bonds must be approached carefully to avoid spooking the market, according to S&P Global Ratings. Public Enterprises Minister Pravin Gordhan said on Thursday the government will consult with the power utility’s debt holders on any reorganization and that... →

Denel appoints CFO to strengthen its management team

By: Creamer Media Reporter 9th September 2019 State-owned defence group Denel has appointed Carmen le Grange CFO. The group on Monday said the appointment of a seasoned chartered accountant as the CFO would strengthen its management team and contribute to a strong culture of corporate governance. →

Isuzu South Africa explores alternative fuel solutions for trucks

By: Irma Venter 9th September 2019 Isuzu Motors South Africa (IMSAF) has started evaluating two types of trucks that use alternative propulsion technologies, with a view to determine their suitability for the African market. Isuzu is currently testing a compressed natural gas (CNG) fuel truck, and a dual-fuel-powered truck... →

Former Necsa director responds to earlier CIPC release

By: Marleny Arnoldi 9th September 2019 Former South African Nuclear Energy Corporation (Necsa) director CEO Phumulani Zwane has raised concern that a number of pertinent aspects were not included in an earlier article. On August 12, Engineering News Online published an article, based on a release issued by the Companies and... →

Denel to exit some businesses within months

By: Reuters 6th September 2019 South Africa's struggling State-owned defence company Denel aims to begin disposing of equity stakes and exiting loss-making businesses within months as part of its turnaround strategy, it told a parliamentary committee. Denel, which makes ammunition, missiles and armoured vehicles for South... →

Durban Aerotropolis Master Plan to be unveiled next week

By: Simone Liedtke 6th September 2019 The 50-year Durban Aerotropolis Master Plan is set to be unveiled at the official launch of the all-new Durban Aerotropolis Visitor Centre next week. The centre, which will feature a scale model of the aerotropolis, will be launched during a special function at the Dube TradePort Special Economic... →

Heartwood increases portfolio value to R157m in FY19

By: Marleny Arnoldi 6th September 2019 Commercial property developer Heartwood Properties increased its portfolio value by 30% and its net asset value by 29% within the first year of being listed on the 4 Africa Exchange (4AX). Heartwood was the first property company to list on 4AX, in March 2018, with a portfolio value of... →

SACPCMP to launch building inspector registration

By: Tasneem Bulbulia 6th September 2019 The South African Council of Project and Construction Management Professionals (SACPCMP) will in October launch a registration category for building inspectors, in an effort to protect the public from substandard building practices, as well as improve professionalism in the sector. The council... →

Abland adds to Westend Office Park development

By: Tasneem Bulbulia 6th September 2019 Property developer Abland is continuing to break new ground in Centurion as it adds additional buildings to its Westend Office Park. The park will comprise six A-Grade office buildings, which will total 37 000 m² in lettable spaces. →

Centurion Junction perspective

Korea electricity utility offers knowledge and equipment to South Africa

By: Schalk Burger 6th September 2019 National utility Korea Electric Power Corporation (Kepco) stands ready to provide electricity and equipment services in South Africa as part of its goal of growing its export business, Kepco Africa director Gang-Hyun Yoon said on Thursday. The utility has experience in managing a diverse mixture... →

EPP’s interim distributable income up 9% y/y

By: Tasneem Bulbulia 6th September 2019 JSE-listed EPP’s distributable income earnings for the six months ended June 30, increased by 9% year-on-year to €52.6-million. The company also recorded distributions of €0.058 a share, in line with market guidance. →

Hadley Dean

Altron places subsidiary executives on pre-cautionary suspension

By: Creamer Media Reporter 6th September 2019 JSE-listed Allied Electronics (Altron) on Friday announced the pre-cautionary suspension of three Altron Nexus senior executives. This follows an investigation at the subsidiary that revealed potential internal irregularities. →

Trade wars continue to hurt air freight, except in Africa and Latin America

By: Rebecca Campbell 6th September 2019 The International Air Transport Association (IATA) has reported that the ongoing and deepening trade war between the US and China has continued to drive air freight demand down. Air cargo is measured in terms of freight (metric) ton kilometres (FTKs). (FTKs are the number of metric tons carried... →

Photo by IATA
Alexandre de Juniac

Sasol delays release of financial results again

By: Simone Liedtke 6th September 2019 Petrochemicals company Sasol on Friday announced that it had again decided to delay the announcement of its 2019 financial results to October. The company had initially been due to release its results for the year ended June 30, on August 19, but, only days before, postponed it to September 19,... →

The Lake Charles Chemicals project

Rustenburg Mall to open in April 2021

By: Marleny Arnoldi 6th September 2019 The first phase of the Rustenburg Mall is set to be complete by April 2021, accommodating 120 retailers over 40 000 m2 of gross leasable area (GLA). Property managers and developers, the Moolman Group, Twin City and JB Holdings, are jointly developing the shopping centre and started bulk... →

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