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Latest News

African nations join majority in opposing US blockage at WTO

By: Reuters     Updated 27 minutes ago African countries have joined the list of nations wanting an end to a US veto on judicial appointments at the World Trade Organization (WTO), a statement showed on Wednesday, meaning a large majority of WTO member States now openly oppose the US position. The US is blocking new appointments... 

Kibo acquires 100% of Bordersley power generation project

By: Creamer Media Reporter      Updated 1 hour 5 minutes ago Africa-focused energy company Kibo Energy on Wednesday announced that it had acquired a direct 100% interest in the shovel-ready Bordersley reserve power generation project, in the UK, sending its share prices on the JSE and LSE higher. The Bordersley project will comprise a 5 MW gas-fuelled... 

Union threatens strikes as municipalities, SOEs and provinces battle to pay bills 

By: News24Wire      Updated 1 hour 48 minutes ago Municipal staff and officials at State-owned entities are suffering as a seemingly countrywide delay in paying salaries has hit home. On Wednesday, the South African Municipal Workers' Union threatened strike action if all workers at around 30 municipalities around the country were not paid... 

Union threatens strikes as municipalities, SOEs and provinces battle to pay bills

PPC appoints CEO with global experience

By: Creamer Media Reporter      Updated 1 hour 56 minutes ago Cement producer PPC has appointed Roland van Wijnen to succeed Johan Claassen as CEO of the group. Van Wijnen is a Dutch national, whose listed company experience and exposure to international global best practice is expected to broaden the management practices of PPC. 

PPC appoints CEO with global experience
Roland van Wijnen

Irregular spend at municipalities at R25.2bn, but could climb – AG

By: African News Agency      Updated 2 hours 7 minutes ago Auditor General Kimi Makwetu on Wednesday revealed irregular spending at South Africa's municipalities decreased from R29.7-billion to R25.2-billion, but added the latter figure was likely to climb. Releasing the 2017/18 audit outcomes of municipalities, Makwetu said the irregular spend... 

Irregular spend at municipalities at R25.2bn, but could climb – AG
Auditor General Kimi Makwetu

Exxaro says Eskom woes to hit coal production

By: Reuters     Updated 3 hours ago Exxaro Resources expects its coal production to fall by 5% by volume in the first half of 2019, mainly due to reduced demand from struggling state-owned power utility Eskom, it said on Wednesday. It added it expects domestic coal demand and pricing to remain stable for the remainder of the year,... 

Concerns about not being employed trouble 39% of graduates – PPS Index

By: Thabi Madiba     Updated 4 hours ago Financial services provider PPS has revealed that 39% of students are concerned that they may not be employed immediately after their tertiary education. PPS released its 2018 Student Confidence Index, which revealed that 36% of professionals thought the government should draft conducive policies... 

Concerns about not being employed trouble 39% of graduates – PPS Index

Audit outcomes for South African municipalities continue to decline

By: African News Agency      Updated 4 hours ago The audit outcomes of South Africans municipalities continued to deteriorate with only 18 of them achieving clean audits for 2017/18, Auditor General Kimi Makwetu said on Wednesday. Releasing the municipal audit outcomes in a media briefing, Makwetu said of the 257 municipalities and 21 municipal... 

Audit outcomes for South African municipalities continue to decline
Auditor General Kimi Makwetu

‘Platinum Valley’ SEZ in three months – Patel 

By: Martin Creamer     Updated 4 hours ago The legal entity for the Bojanala Platinum Valley Special Economic Zone (SEZ) in North West, which already has an investment pipeline in place, will be set up in the next three months, Trade and Industry Minister Ebrahim Patel promised on Tuesday evening. Fuel cell development is listed as the... 

‘Platinum Valley’ SEZ in three months – Patel
Photo by Creamer Media's Dylan Slater
Trade and Industry Minister Ebrahim Patel

Nigerian court adjourns tax case between MTN and attorney general

By: Reuters     Updated 4 hours ago A Nigerian judge on Wednesday adjourned until October 29 a case to resolve a $2-billion tax dispute between South African telecoms company MTN Group and Nigeria's attorney general. The attorney general has demanded MTN pay the $2-billion in September. The company has said the tax demand is... 

Sephaku expects weak construction materials demand to continue

By: Tasneem Bulbulia     Updated 5 hours 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... 

Sephaku expects weak construction materials demand to continue
Photo by Creamer Media
Sephaku CEO Dr Lelau Mohuba

4IR becoming integral to African countries’ competitiveness strategies

By: Simone Liedtke     Updated 6 hours 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 6 hours 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... 

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

By: Martin Creamer     Updated 7 hours 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

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

By: Reuters     Updated 7 hours 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... 

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

By: News24Wire      Updated 7 hours 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... 

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

By: Bloomberg     26th June 2019 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     26th June 2019 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,... 

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

By: News24Wire      26th June 2019 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

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,... 

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