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Latest News

Plan for new Lagos-Joburg flight service

22nd April 2002 Troubled flag carrier Nigeria Airways has finalised plans to operate the profitable Lagos to Johannesburg route, Aviation Minister Kema Chikwe announced. 

World Bank sees grave danger from Nigeria budget

22nd April 2002 The World Bank said Nigeria's $9,13-billion 2002 budget posed a grave danger for the country's economic stability and efforts to tackle poverty in Africa's most populous country. 

Rail company does rate U-turn

22nd April 2002 South African rail utility Spoornet said it had scaled back increases in grain freight rates for the year in response to concerns that rising inflation was hitting staple food costs for the poor. 

Construction may start this year on Gauteng theme park

19th April 2002 Construction of Africa’s own Disneyland-type theme park could start as early as the last quarter of this year. 

Watchdogs rules that paper giant refile on penalty

19th April 2002 South Africa’s Competition Tribunal ruled that a lower watchdog must refile its recommendation within ten days to penalise pulp and paper group Sappi, by providing more details. 

Techno agreements signed for $1,3bn Nigeria GTL project

19th April 2002 Oil firm ChevronTexaco said it had signed technology agreements with its Nigerian joint venture partner, marking the start of work on its $1,3-billion Escravos Gas to Liquids plant. 

Nigeria, Namibia to discuss joint oil refinery

19th April 2002 Officials from Nigeria and Namibia are scheduled to meet in London next week for preliminary talks on a planned joint oil refinery, Nigerian petroleum ministry officials said. 

New-look industrial policy document released

By: Terence Creamer     19th April 2002 The Department of Trade and Industry (DTI) yesterday released the latest version of its industrial policy, which more or less overhauls a previous discussion document released last May. 

Global steel talks resume today

18th April 2002 The South African government will join more than 38 nations in Paris today when the Organisation for Economic Cooperation and Development (OECD) hosts a meeting designed to continue work on improving the conditions in world steel markets and to confirm the directions of their future work. 

SA armoured vehicles to make N.American debut

18th April 2002 The first RG-12 multipurpose armoured vehicle, manufactured by Vickers OMC in Benoni, on the East Rand, will soon begin operating in North America. 

Moroccan oil drilling programme to start this year

18th April 2002 Malaysia’s State oil firm Petronas will start drilling for oil in two exploration blocks offshore Morocco by the end of this year, the official Bernama news agency reported. 

Africa's first gas-emission deal

18th April 2002 In the first gas emission deal in Africa, the World Bank and a Dutch firm have undertaken to buy carbon from two projects in Uganda. 

4m Southern Africans face food shortage

18th April 2002 More than four-million people in southern Africa face serious food shortages due to prolonged dry spells, floods and disruption of farming, the United Nations world food body said. 

Road construction costs to soar on rand's weakness

17th April 2002 The cost of road construction in South Africa is likely to soar after the recent depreciation in the value of the rand. According to Paul Theessen, executive chairperson of the roads and earthworks division of WBHO, the cost of imported plant, fuels and bitumen represents some 50% of the overall... 

Japanese firm wins big gas-to-liquids contract

17th April 2002 Japan’s Ishikawajima-Harima Heavy Industries (IHI) and Nissho Iwai will begin supplying gas-to-liquids (GTL) reactors to South Africa’s Sasol. 

Seven point development-revival plan from World Bank

17th April 2002 The president of the World Bank, James Wolfensohn, has proposed a seven-point action plan for translating the revived spirit of international support for development into results for the world’s poor. 

Nigerian lawmakers fight court ruling on oil JV funding

17th April 2002 A supreme court ruling on revenue sharing in Nigeria could hold up the government’s funding of oil joint venture budgets and debt service, lawmakers said. 

New oil empowerment move in downstream sector

17th April 2002 A merger of Shell South Africa’s downstream operations with black empowerment firm Tepco Petroleum will enable it to double its fuel retailing businesses this year. 

US investor withdraws from SA nuclear project

17th April 2002 US investor, Exelon Generation Company, notified the board of the Pebble Bed Modular Reactor (PBMR) that, due to a change in their strategic focus, they would not be participating in the project beyond the current phase. 

De Beer steps down as Eskom Enterprises CEO

16th April 2002 The Chief Executive Officer (CEO) of Eskom Enterprises, Jan De Beer, has confirmed to Engineering News Online that he will be leaving the company when his contract expires at the end of this year 

Ghana seeks investor for telecoms firm

16th April 2002 Ghana is seeking a strategic investor to buy part of its 70% in national phone provider Ghana Telecom after deciding not to renew a management deal with Telekom Malaysia. 

Cape industrialists to attend US oil, gas convention

16th April 2002 Western Cape industrialists have responded with enthusiasm to an invitation to join a delegation to Houston, Texas, where they will look at business opportunities in the oil and gas industry, especially in the booming West African offshore oilfields. 

Black firms bid for stake in SA's second telecoms firm

16th April 2002 Ten black South African businesses submitted bids for a 19% stake in a telecoms operator to rival State-run utility Telkom, marking a step towards competition in the fixed-line market. 

SA steel group in successful rights issue

16th April 2002 Steel firm Iscor announced the successful conclusion of its rights offer in which the company raised R1,67-billion in additional capital. 

German giant no longer interested in financial services acquisition

16th April 2002 German industrial conglomerate Siemens said it was no longer interested in buying the financial services unit of its peer ABB. 

New home for antenna maker

16th April 2002 SATCOM antenna supplier Omnipless opened its new facility in Westlake Business Park in the Western Cape on April 10. 

High-flying entrepeneur still investing hundreds of millions in South Africa

15th April 2002 A company which today supplies one in every five vehicle exhausts sold in the world had humble beginnings right here in South Africa – and this year it will plough another R330-million into its South African operations. 

Manuel slams low US overseas aid

15th April 2002 South African Finance Minister Trevor Manuel, calling for more spending on the vaccination of children against common diseases, criticised the low level of official US development aid. 

SA, Nigerian IT firms pool resources

15th April 2002 Leading IT firm, arivia.kom has signed a collaboration agreement with a consortium of Nigerian companies, which will see arivia.kom and Nigerian companies pooling their resources to form a consortium to leverage opportunities in Nigeria. 

Energy groups eye SA electricity slice

15th April 2002 US energy groups Cinergy Corporation and AES Corporation are among global power companies who have set up offices in South Africa in anticipation of the government’s opening up of the local market, which is at present dominated by State-owned Eskom. 

Gauteng agency aims to facilitate investments worth R1,5bn/yr

15th April 2002 The MEC for Finance and Economic Affairs and chairperson of the Gauteng Economic Development Agency (GEDA), Jabu Moleketi, announced that GEDA has set itself the goal of facilitating new investment of R1,5-billion a year into Gauteng from this year onwards. 

Staff realignment last hurdle in State oil merger

12th April 2002 The State’s new national petrochemical company, PetroSA, has issued documentation to the effect that the merger between the former Soekor and Mossgas is complete and official, but a company spokesperson for the company says there are still some outstanding issues. 

Black business struggle in 2001 – report

12th April 2002 Tough market conditions in South Africa significantly reduced the performance of black economic empowerment firms in 2001 and inhibited new entrants, an economic thinktank said. 

R200m for E.Cape power projects

12th April 2002 Power utility Eskom will invest a total of R200-million on growing and improving the Eastern Cape’s electricity supply during this year alone. 

SA firm to sell stake in pigment producer

12th April 2002 South African chemicals, fibres and explosives group AECI and Huntsman Tioxide of the UK have reached agreement, in principle, for Huntsman to acquire AECI’s 40% minority shareholding in Huntsman Tioxide Southern Africa (HTSA). 

SA's land distribution will be legal

12th April 2002 The South African Government remains committed to correcting the distortions in land ownership through a clear and legal framework, which does not disrupt business, said MEC for agriculture, conservation and environment Mashego Dlamini at the sugar season ceremony in Kwazulu-Natal yesterday. 

Aids to hit SA brewer

12th April 2002 South African Breweries (SAB) must expand because its domestic market is literally dying. 

Ten bid for Gauteng speed train

11th April 2002 Ten companies have presented bids following a request for prequalification (RFQ) submissions for the Gauteng Rapid Rail Project. 

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