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Latest News

Arrowhead appoints interim CFO, declares lower interim dividend

By: Marleny Arnoldi     29th May 2019 JSE-listed real estate investment trust (Reit) Arrowhead Properties on Wednesday announced the resignation of its CFO Imraam Suleman, following an instance of unauthorised use of company resources. The company has appointed Arend de Kock as interim CFO in Suleman’s place. 

Global innovation challenge launched to tackle irrigation water loss

By: Simone Liedtke     29th May 2019 As part of its commitment to reducing its environment footprint, global sugar producer AB Sugar has opened a call for ideas to tackle irrigation water loss through the Innovate Irrigation Challenge, an initiative launched in partnership with WaterAid and the Centre for Industrial Sustainability... 

Naspers to list consumer internet business on Euronext in July

By: Reuters     29th May 2019 South African media and tech group Naspers said on Wednesday it aims to float its consumer internet businesses on the Euronext stock exchange in Amsterdam on July 17. Naspers will retain a 73% stake in the new company, which will have a market capitalisation in excess of €100-billion and will... 

Rand tumbles on Cabinet anxiety, risk aversion

By: Reuters     29th May 2019 South Africa's rand tumbled to a five-month low against the dollar early on Wednesday, extending losses in the previous session as global risk aversion and uncertainty over Cabinet appointments hurt sentiment. At 06:48 GMT, the rand traded at 14.8575 per dollar, 0.9% weaker than its New York... 

South African solar tracker receives international certification

By: Simone Liedtke     29th May 2019 Solar tracking system manufacturer PiA Solar is now the first, in both the southern hemisphere and in Africa, to qualify for the international design standard IEC 62817 certification. In order to qualify for the certification PiA Solar built a climate test chamber in Port Elizabeth, where... 

South African solar tracker receives international certification

Nampak glass business sale taking 'longer than anticipated'

By: Creamer Media Reporter      29th May 2019 The negotiation process for the sale of Nampak’s glass business is taking longer than anticipated, the JSE-listed company said on Wednesday, but reaffirmed the parties’ commitment to conclude the transaction. The group explained in a cautionary announcement that the delay was as a result of... 

Boeing tells key Max buyer that jet will be back in air by July

By: Bloomberg     29th May 2019 Boeing has told one of the biggest 737 Max buyers, Indian budget carrier SpiceJet, that the grounded jet should be back in the air by July, signaling a quicker return for the plane than many in the industry expect. “The timeline that’s been communicated to us based on their experience is July --... 

South Africa's inflation expectations 'encouraging', SARB says

By: Bloomberg     29th May 2019 Inflation expectations are showing an “encouraging” decline toward the midpoint of the central bank’s target range while the country’s financial system remains stable, according to South African Reserve Bank Deputy Governor Daniel Mminele. “In contrast to many other emerging markets, inflows of... 

Gauteng's new MECs 

By: News24Wire      29th May 2019 Gauteng Premier David Makhura on Wednesday announced the list of MECs who will be sworn in on Thursday. In a statement, Makhura said: "Since assuming office as Premier of Gauteng exactly a week ago and having clearly understood the new mandate given to the 6th Administration, I have given serious... 

Gauteng's new MECs
Gauteng Premier David Makhura

Gordhan poised to return to Cabinet after Mkhwebane findings  

By: News24Wire      29th May 2019 Pravin Gordhan seems poised to resume his Cabinet position as public enterprises minister, after filing a review application in the Gauteng High Court in Pretoria on Tuesday seeking to set aside a report by the Public Protector which found he violated the Constitution. This, despite an onslaught... 

Gordhan poised to return to Cabinet after Mkhwebane findings
Public Enterprises Minister Pravin Gordhan

YES adds Blossom Care, Buddibox initiatives to its Tembisa hub

By: Marleny Arnoldi     28th May 2019 The Youth Employment Service (YES) on Tuesday launched two additional initiatives at its flagship hub in Tembisa. The additions of Blossom Care Solutions and Buddibox will result in an additional 50 direct and 300 indirect jobs being created. 

YES adds Blossom Care, Buddibox initiatives to its Tembisa hub
Photo by Creamer Media's Marleny Arnoldi
Buddibox delivers grocery hampers on order to Tembisa households

Satawu plans ‘total shutdown’ of South Africa’s ports 

By: Simone Liedtke     28th May 2019 South African Transport and Allied Workers Union (Satawu) members are set to down tools at all of South Africa’s ports from 06:00 on Thursday, May 30. Satawu on Monday served the Transnet National Ports Authority (TNPA) with a strike notice after the Commission for Conciliation, Mediation and... 

GVK to pay R6m administrative penalty

By: Simone Liedtke     28th May 2019 Construction company GVK-Siya Zama has admitted to collusion and agreed to pay an administrative penalty of just over R6-million, the Competition Commission said on Tuesday. GVK was charged with price fixing, market division and collusive conduct in the construction industry in contravention of... 

Cartrack continues growth streak

By: Simone Liedtke     28th May 2019 Data analytics solutions provider Cartrack on Tuesday reported another solid set of results for its financial year ended February 28, marking the company’s sixth year of consecutive double-digit growth in companywide, as well as subscription, revenue. Subscription revenue as a percentage of total... 

Transformation deal enhances Talbot & Talbot’s position in the water sector

By: Tasneem Bulbulia     28th May 2019 Black-owned investment holding company Thesele Group’s acquisition of a 35% stake in South African water and wastewater solutions provider Talbot & Talbot opens the door for Talbot & Talbot to access opportunities in the South African public sector and positions the company well among its peers... 

We need serious overhaul of Cabinet to attract foreign investment – Prof Duvenhage

By: Sane Dhlamini     28th May 2019 President Cyril Ramaphosa needs to introduce a major overhaul of his Cabinet if he is to attract foreign investment, says political analyst Professor Andre Duvenhage. Duvenhage was addressing members of the business organisation Sakeliga in Centurion on Tuesday as the country anticipates the... 

We need serious overhaul of Cabinet to attract foreign investment – Prof Duvenhage
President Cyril Ramaphosa

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... 

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

Collective SA effort needed to spotlight platinum’s deftness in climate change battle
Photo by Reuters
Inner workings of platinum-using electric vehicle

Airtel Africa looks at $1bn London listing

By: Reuters     28th May 2019 Airtel Africa, a subsidiary of Indian telecoms group Bharti Airtel, is considering a stock market flotation in London, it said on Tuesday, part of efforts to expand its data and mobile money services across Africa. The company is aiming to raise around $1-billion in a June equity offering, a... 

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 insiders provide 'very limited' choices to replace CEO
Photo by Creamer Media's Dylan Slater
Eskom CFO Calib Cassim

Brazilians score following African Utility Week

By: Kim Cloete     28th May 2019 Brazilian companies are expected to generate business of $5.3-million over the next year as a result of the recent African Utility Week and PowerGEN Africa conference and exhibition. The Brazilian Trade and Investment Promotion Agency, Apex-Brasil, in partnership with the Brazilian Association of... 

Brazilians score following African Utility Week
Delegates from Brazil attended the African Utility Week in South Africa

Egypt mulling Blackstone unit's offer to take over power plants

By: Bloomberg     28th May 2019 Egypt is considering offers from a Blackstone Group unit and Edra Power Holdings of Malaysia to take over three power plants co-built by Siemens – a move that could cut the North African nation’s debts while bringing in much-needed foreign investment. Both Blackstone’s Zarou and Edra have voiced... 

Vodacom permit dispute threatens to disconnect Congo clients

By: Bloomberg     28th May 2019 Vodacom Group’s unit in the Democratic Republic of Congo (DRC) will lose the right to provide second-generation (2G) services this week unless it renews a disputed licence, according to a government order. The directive threatens to disconnect some of Vodacom Congo’s 11.8-million customers who’ve... 

Telkom to seek an equity partner to help boost towers growth

By: Bloomberg     28th May 2019 Telkom is seeking an equity partner to help build more mobile-network towers as the former South African phone monopoly seeks new ways to increase revenue away from its core, fixed-line business. The Pretoria-based company may also sell some of its 1 332 properties to raise cash for the project,... 

EU eyes end-run around US action set to hobble WTO influence

By: Bloomberg     28th May 2019 The European Union (EU) on Monday will take steps to get around a stranglehold the US has placed on the World Trade Organization’s (WTO's) appellate body, which would allow countries to continue to adjudicate disputes within the international system. Trade ministers from the 28-nation EU are... 

Lekwa municipality water supply problems hit Astral Foods poultry processing plant

By: African News Agency      28th May 2019 Integrated poultry producer Astral Foods said on Tuesday the water supply constraints stemming from the deterioration of infrastructure in the Lekwa municipality which supplies its processing plant in Standerton were having significant cost implications for the company. In its recently reported... 

Aveng says has received R133m for sale of Aveng Rail

By: African News Agency      28th May 2019 South African conglomerate Aveng said on Tuesday the sale of Aveng Rail as a going concern to Mathupha Capital had now become unconditional and the cash consideration of R133-million was received on May 24. Aveng, which is involved in steel, engineering, manufacturing, mining, concessions, public... 

Kenya engages World Bank for $750m loan for budget support

By: Reuters     28th May 2019 Kenya is negotiating with the World Bank for a $750-million loan for budgetary support, documents on the proposed funding posted on the lender's website showed on Tuesday. The East African nation has multiple development funding programmes, worth billions of dollars, with the Washington-based... 

MTN to sell interest in Amadeus to HarbourVest for R1.2bn

By: Reuters     28th May 2019 South African telecoms company MTN said on Tuesday it would sell its interest in investment fund Amadeus to private equity firm HarbourVest for around R1.2-billion. MTN said the sale, which also includes its associated holding in online travel booking website TravelStart, was part of a plan to... 

Mkhwebane not fit for office – BLSA  

By: Sashnee Moodley     28th May 2019 Business Leadership South Africa said on Tuesday that it had lost trust in Public Protector Busisiwe Mkhwebane and called for her removal, citing her continued lack of objectivity and "egregious character" as problems. BLSA further accused Mkhwebane of politicking and said her “political... 

Mkhwebane not fit for office – BLSA
Photo by Reuters
Public Protector Busisiwe Mkhwebane

Uncertainty around Cabinet delay starts to spook rand

By: News24Wire      28th May 2019 The rand weakened in early trade on Tuesday, with uncertainty around the makeup of South Africa's Cabinet starting to filter into the forex market as the UK and US returned from public holidays on Monday.  At 09:15 the local currency was trading at R14.52/$, down 0.7% on the day.  The rand opened... 

 Uncertainty around Cabinet delay starts to spook rand

South African seafarers given reprieve after 'white list' jobs scare – for now

By: News24Wire      28th May 2019 Thousands of South African seafarers who faced being axed from the International Maritime Organistion's (IMO's) "white list", can breathe easy again after the organisation agreed to shelve changes to the list for the next two years. This means the 5 000 South African-trained seafarers and South... 

Adjudicator says any security defence of US auto tariffs at WTO 'very difficult'

By: Reuters     28th May 2019 The US will find it "very difficult" to defend President's Donald Trump's proposed car tariff against any challenge at the World Trade Organization (WTO), a veteran trade adjudicator who has ruled on a related case told Reuters. Trump said this month that some imported vehicles and parts pose a... 

Transnet became 'captive client' after selling off comms network, inquiry hears

By: News24Wire      28th May 2019 Transnet should never have sold off its vital fibre communications network to an external service provider in 2007, the state capture commission has heard. The commission of inquiry has been investigating allegations of state capture, corruption and fraud since August 2018. Subscribe to Fin24’s... 

Transnet became 'captive client' after selling off comms network, inquiry hears

IEA urges support for research into small modular reactors

By: Terence Creamer     28th May 2019 The International Energy Agency (IEA) says countries intending to retain nuclear power as an option in their clean-energy transitions should support innovative new reactor designs with lower capital costs and shorter lead times, such as small modular reactors (SMRs). The recommendation is made in... 

Global crude steel production rises by 6.4% y/y

By: Marleny Arnoldi     27th May 2019 Crude steel production in the 64 countries that report to the World Steel Association (worldsteel) increased by 6.4% year-on-year to 156.7-million tonnes in April, worldsteel reports. China’s crude steel production for April was 85-million tonnes – a 12.7% year-on-year increase. 

CEO of Kenya Airways resigns, to leave at year end - internal memo

By: Reuters     27th May 2019 The chief executive of Kenya Airways has resigned, an internal memo seen by Reuters on Friday said, a potentially destabilising development for the national flag carrier that has been struggling to recover from years of financial losses. In the statement, Sebastian Mikosz said the decision was a... 

DEA declares 20 marine protected areas

By: Marleny Arnoldi     27th May 2019 The Department of Environmental Affairs officially declared 20 marine protected areas (MPAs) in South Africa last week. The department said in a statement on Monday that the declaration of these MPAs was similar to an insurance policy for the benefit of the current and future generations.  

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