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Eskom may be ‘too big to support’, S&P warns  

By: Terence Creamer     6th June 2019 S&P Global Ratings has warned that, while South Africa’s State-owned electricity utility Eskom is currently considered too big to fail, it may well also be “too big to support”, owing to the costs associated with stabilising the group’s finances. Speaking during a webcast on Thursday, sovereign... 

Eskom may be ‘too big to support’, S&P warns

Risk of South African economy hitting recession in 2019 high, says Moody's  

By: News24Wire      6th June 2019 The odds that the South African economy could experience a technical recession in 2019 are high, according to Moody's. The ratings agency released its latest Global Macro Outlook on Thursday. The quarterly Global Macro Outlook presents its latest growth forecasts and assesses the impact of the... 

Risk of South African economy hitting recession in 2019 high, says Moody's

South African current account deficit widens in Q1 

By: Reuters     6th June 2019 South Africa's current account deficit widened to 2.9% of gross domestic product (GDP) in the first quarter of 2019, from a 2.2% shortfall in the fourth quarter of the previous year, central bank data showed on Thursday. The quarterly deficit came in slightly below the 3.05% of GDP forecast by... 

Southern Palace-led consortium named preferred bidder for R2.5bn Tambo Springs container terminal 

By: Terence Creamer     5th June 2019 State-owned freight logistics utility Transnet has named a consortium led by black-empowerment group Southern Palace as the preferred bidder for a 20-year concession to build and operate a new R2.5-billion inland container terminal in southern Gauteng. The public­–private partnership, dubbed the... 

Southern Palace-led consortium named preferred bidder for R2.5bn Tambo Springs container terminal

Commemorative coin series launched to celebrate South Africa’s 25 years of democracy   

By: Simone Liedtke     5th June 2019 In partnership with the South African Reserve Bank (SARB), the South African Mint on Wednesday launched a series of six new commemorative circulation coins as part of its ‘SA25 – Celebrating South Africa’ coin series. The new circulation coins, which were unveiled by SARB governor Lesetja... 

SARB governor Lesetja Kganyago (left), Justice Edwin Cameron (middle) and South African Mint MD Tumi Tsehlo (right)
South African Mint Tumi Tsehlo speaks about the new commemorative coin series as part of the 'SA25 - Celebrating South Africa' coin series at the launch event. Video & Editing: Creamer Media's Nicholas Boyd

The world’s most powerful Ferrari and the South African investment company 

By: Irma Venter     5th June 2019 The most powerful Ferrari ever has the tiniest bit of a South African rainbow hidden under the hood. The new SF90 Stradale – Ferrari’s first series production plug-in hybrid electric vehicle – is powered by a 4-l twin-turbocharged engine delivering 574 kW of power and 800 Nm of torque, taking it... 

The SF90 Stradale
The SF90 Stradale

ANC says ten sectors to be prioritised under ‘re-imagined industrial strategy’  

By: Terence Creamer     4th June 2019 The African National Congress (ANC) has unveiled what it describes as a “re-imagined industrial strategy” as part of a broader five-year programme of action agreed at the party’s three-day lekgotla, which concluded in Gauteng on Tuesday. In a statement released following the gathering, the ANC... 

ANC says ten sectors to be prioritised under ‘re-imagined industrial strategy’

Parsons warns of possible ‘technical recession’ after first-quarter GDP contraction   

By: Tasneem Bulbulia     4th June 2019 South Africa’s gross domestic product (GDP) is unlikely to grow by more than about 1% this year, North West University Business School economist Professor Raymond Parsons said on Tuesday, following the announcement by Statistics South Africa (Stats SA) that GDP had contracted by 3.2% in the first... 

Parsons warns of possible ‘technical recession’ after first-quarter GDP contraction

Departures at State firms could drag out Ramaphosa's reforms  

By: Reuters     4th June 2019 President Cyril Ramaphosa's mission to fix two of South Africa's most troubled state companies, power firm Eskom and South African Airways, could take longer than planned after their chief executives quit within a week of each other. Investors say the CEOs' resignations could slow the... 

President Cyril Ramaphosa
President Cyril Ramaphosa

Organisations call for strong leadership at SAA following CEO’s resignation  

By: Tasneem Bulbulia     3rd June 2019 The South African Airways Pilots Association (Saapa) has expressed concern about reports that outgoing South African Airways (SAA) CEO Vuyani Jarana’s turnaround plan had been “sabotaged internally and externally”. “In the end, the CEO was hobbled by inflexible and restrictive government policy,... 

Exports, new-vehicle sales both down in May 

By: Irma Venter     3rd June 2019 In a double whammy for the South African automotive industry, new-vehicle sales contracted yet again in May, with exports also putting in a negative performance for the first time this year. The South African new-vehicle market declined by 5.7% in May, to 40 506 units, compared with the same... 

Exports, new-vehicle sales both down in May

Deterioration in headline PMI worrying, says Seifsa 

By: Nadine James     3rd June 2019 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) erased most of last month’s gain and fell to 45.4 index points in May from 47.2 points in April, which – excluding the drop to 45 points in March – is the weakest level since October 2018. The decline brought the average PMI for the... 

Deterioration in headline PMI worrying, says Seifsa

‘Blanket deviation’ does not exempt 1 MW to 10 MW projects from licensing process – Nersa  

By: Terence Creamer     31st May 2019 The National Energy Regulator of South Africa (Nersa) is ready to consider licence applications for small-scale embedded generator (SSEG) plants between 1 MW and 10 MW in line with the “blanket deviation” from the Integrated Resources Plan (IRP) provided by former Energy Minister Jeff Radebe in a... 

‘Blanket deviation’ does not exempt 1 MW to 10 MW projects from licensing process – Nersa

Tongaat’s shares fall as it announces plans to restate 2018 financial statements  

By: Tasneem Bulbulia     31st May 2019 JSE-listed Tongaat Hulett's share price on the JSE fell by nearly 10% on Friday afternoon after it announced that it would have to restate its financial statements for the financial year ended March 31, 2018, as a strategic and financial review had revealed “past practices which are of... 

Richards Bay storage facility to bolster reliability of LPG supply 

By: Tasneem Bulbulia     31st May 2019 Bulk liquid storage operator Bidvest Tank Terminals’ (BTT’s) R1-billion mounded liquefied petroleum gas (LPG) storage facility in Richards Bay, KwaZulu-Natal, is set to house the largest tanks in the world and is expected to greatly enhance LPG supply in Southern Africa once completed, the... 

Richards Bay storage facility to bolster reliability of LPG supply

As resistance to plastic bottles mounts, Nampak offers cans and cartons as alternatives 

By: Terence Creamer     30th May 2019 Packaging group Nampak believes there is a significant opportunity to replace plastic bottles, particularly those used for noncarbonated and carbonated water, with aluminium beverage cans and paperboard cartons as consumer resistance to plastic grows. The JSE-listed company, which reported... 

As resistance to plastic bottles mounts, Nampak offers cans and cartons as alternatives

Industry generally welcomes Gwede Mantashe as Minerals and Energy Minister 

By: Simone Liedtke     30th May 2019 In a move that has, so far, generally been welcomed by the mining industry, President Cyril Ramaphosa has appointed Gwede Mantashe as the Mineral Resources and Energy Minister. This, law firm Herbert Smith Freehills director Patrick Leyden says, follows on the back of Mantashe having made... 

Mineral Resources and Energy Minister Gwede Mantashe
Mineral Resources and Energy Minister Gwede Mantashe

What trade war? Africa sidesteps tariffs, starts free-trade pact  

By: Bloomberg     30th May 2019 Africa, largely ignored in a US-China trade war that could roil economies worldwide, is quietly piecing together the world’s largest free-trade zone. The African Continental Free Trade Area comes into force on paper on Thursday after the required 22 countries ratified the deal a month ago. Once... 

What trade war? Africa sidesteps tariffs, starts free-trade pact

Ramaphosa consolidates economic cluster as part of streamlined Cabinet 

By: Terence Creamer     29th May 2019 The 28-member streamlined Cabinet unveiled by President Cyril Ramaphosa on Wednesday night includes a new-look economic cluster, which consolidates the departments of Trade and Industry and Economic Development, as well as the departments of Mineral Resources and Energy. As was widely... 

Ramaphosa consolidates economic cluster as part of streamlined Cabinet

Broad stakeholder engagement necessary to effect 'new dawn' – Cesa 

By: Marleny Arnoldi     29th May 2019 In keeping with President Cyril Ramaphosa’s call for a “new dawn” in South Africa’s economy, Consulting Engineers South Africa (Cesa) says it would like to see the reinstatement of stakeholder engagement processes in especially the construction industry. These processes are aimed at creating a... 

Cesa CEO Chris Campbell
Cesa CEO Chris Campbell

Renergen raises $10m in Australia IPO for South Africa gas project 

By: Marleny Arnoldi     29th May 2019 JSE-listed Renergen has raised $10-million in its secondary listing on Australia’s stock exchange, the emerging liquid helium and liquid natural gas (LNG) producer announced on Wednesday. The company, which is developing South Africa’s first commercial LNG project, said it had raised $10-million... 

Establishing the Gauteng Transport Authority board Van der Merwe’s first priority  

By: Irma Venter     28th May 2019 The first two tasks Jack van der Merwe has to tackle in establishing the Gauteng Transport Authority (GTA) is to secure the appointment of the GTA board, followed by updating the Gauteng transport model. Addressing the Intelligent Transport Society of South Africa in Midrand on Tuesday, he said... 

Jack van der Merwe
Photo by Creamer Media
Jack van der Merwe

Collective SA effort needed to spotlight platinum’s deftness in climate change battle  

By: Martin Creamer     28th May 2019 More vehicle manufacturers are acknowledging that platinum-catalysed hydrogen fuel cells are the sole route to 100% carbon-free driving. But platinum’s own catalytic prowess is in danger of being under-acknowledged. 

Inner workings of platinum-using electric vehicle
Photo by Reuters
Inner workings of platinum-using electric vehicle

Eskom insiders provide 'very limited' choices to replace CEO  

By: Bloomberg     28th May 2019 Eskom Holdings’ 96-year history is replete with former CEOs who rose from within South Africa’s debt-laden State utility to run the company. There are few obvious choices for the next CEO to come from those same ranks. Two possible candidates from Eskom’s executive team to replace Phakamani... 

Eskom CFO Calib Cassim
Photo by Creamer Media's Dylan Slater
Eskom CFO Calib Cassim

These are the balls Ramaphosa will have to juggle ahead of Cabinet announcement 

By: News24Wire      27th May 2019 While President Cyril Ramaphosa is officially the man charge at the Union Buildings, there won't be any time for him to bask in any glory. His first major task is the announcement of his deputy president and the rest of his Cabinet. Ramaphosa is walking a tightrope as he balances the need to... 

President Cyril Ramaphosa
President Cyril Ramaphosa

Telkom’s mobile division lifts group’s full-year performance  

By: Natasha Odendaal     27th May 2019 Telecommunications group Telkom’s mobile division elevated its overall operating revenue, headline earnings and earnings before interest, taxes, depreciation and amortisation (Ebitda) for the financial year ended March 31. The group on Monday posted a 22.6% surge in headline earnings a share to... 

Telkom CEO Sipho Maseko
Telkom CEO Sipho Maseko talks about the company's full-year financial performance. Video and editing: Nicholas Boyd.

Carbon Tax Act signed into law, effective from June 1 

By: News24Wire      27th May 2019 President Cyril Ramaphosa has signed the Carbon Tax Act into law and it will come into effect on June 1, the National Treasury said on Sunday. The Act was gazetted on May 23, together with the Customs and Excise Amendment Act, the Treasury said in a statement. "Climate change represents one of... 

President Cyril Ramaphosa
President Cyril Ramaphosa

Davies sees rising unilateralism as trade war escalates 

By: African News Agency      24th May 2019 South Africa, like the rest of the global economy, will continue to be collateral damage in the escalating trade war between China and the US, Trade and Industry Minister Dr Rob Davies has said, predicting a worrying rise in unilateral actions by individual states. Davies cast doubt on the World... 

Amended Act a ‘second revolution’ for competition law in South Africa 

By: Terence Creamer     24th May 2019 The Competition Amendment Act, which was signed into law by President Cyril Ramaphosa in February, represents a “second revolution” for competition law in South Africa and will require practitioners to enter territory that is unchartered globally, Justice David Unterhalter argues. Speaking during... 

Nicola Theron, Norman Manoim, Liberty Mncube and Justice David Unterhalter
Nicola Theron, Norman Manoim, Liberty Mncube and Justice David Unterhalter

New Port of Ngqura liquid bulk facility to serve South African and African markets 

By: Schalk Burger     24th May 2019 A new liquid bulk handling facility at the deep-water Port of Ngqura, in the Eastern Cape, will be built to assist with the predicted future growth of petroleum product consumption in Africa. The terminal – for which civil construction is scheduled to start in July – will serve as a strategic... 

New Port of Ngqura liquid bulk facility to serve South African and African markets

Enviro dept invites public comment on sulphur dioxide emissions amendment  

By: Marleny Arnoldi     23rd May 2019 The Environmental Affairs Minister has temporarily withdrawn a provision that would have allowed for a doubling in the amount of harmful pollutant sulphur dioxide companies may emit. This follows environmental organisation GroundWork’s litigation, instituted last month, seeking to have the... 

Enviro dept invites public comment on sulphur dioxide emissions amendment

Reserve Bank again keeps repo rate unchanged at 6.75% 

By: News24Wire      23rd May 2019 The South African Reserve Bank's monetary policy committee has again decided to keep the repo rate unchanged at 6.75%, a decision widely expected by analysts.  The central bank's governor Lesetja Kganyago made the announcement at a media briefing in Pretoria on Thursday afternoon. The repo rate... 

SARB governor Lesetja Kganyago
Photo by Bloomberg
SARB governor Lesetja Kganyago

South Africa’s fiscal crisis, price volatility among top energy risks for this year 

By: Kim Cloete     23rd May 2019 The South African National Energy Association (Sanea) has outlined its nine top energy risks for 2019, with price volatility and uncertainty, and South Africa’s fiscal crisis, among the top risks at both the country and industry level. The issue of price volatility and uncertainty was significant... 

South Africa’s fiscal crisis, price volatility among top energy risks for this year

Nersa to host workshop to clarify licensing process for small-scale power plants 

By: Terence Creamer     22nd May 2019 The National Energy Regulator of South Africa (Nersa) says it will, in due course, host a stakeholder workshop in order to provide clarity on the processes it will follows, as well as information it requires, in order to register or licence small-scale embedded generators (SSEGs). In a statement... 

Nersa to host workshop to clarify licensing process for small-scale power plants

Eskom keeps investors in the dark as debt speculation mounts 

By: Bloomberg     22nd May 2019 As speculation swirls about plans to deal with Eskom Holdings’ crippling debt load, one group of stakeholders hasn’t been consulted – owners of the company’s R243-billion of bonds. South Africa’s State-owned power utility is groaning under almost R500-billion of bond and loan debt, according to... 

Sasol to accelerate $2bn asset disposal plan as capex on US project leaps by another $1.3bn 

By: Terence Creamer     22nd May 2019 Energy and chemicals group Sasol, which announced another large increase in the capital cost of its Lake Charles Chemicals Project (LCCP) being built in the US, will accelerate its $2-billion noncore asset disposal programme and will used the proceeds to deleverage its balance sheet. Joint... 

Joint presidents and CEOs Bongani Nqwababa and Stephen Cornell
Photo by Creamer Media
Joint presidents and CEOs Bongani Nqwababa and Stephen Cornell

BBBEE Commission says most broad-based schemes failing ‘ownership test’ 

By: Terence Creamer     21st May 2019 The regulatory body overseeing the implementation of South Africa’s broad-based black economic empowerment (BBBEE) legislation has dismissed suggestions that changes have been made to the rules governing the treatment of trusts and other broad-based structures under the ownership element of the... 

BBBEE Commission says most broad-based schemes failing ‘ownership test’

Gautrain will not reissue rolling stock tender 

By: Irma Venter     21st May 2019 The tender for the procurement of new 12 new four-car trains for the Gautrain system will not be reissued, says Gautrain Management Agency communication and marketing senior executive manager Dr Barbara Jensen. An almost three-year tender process, initiated in February 2016, to secure additional... 

Gautrain will not reissue rolling stock tender
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