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Latest News

Economic downturn hurts LNG prospects

30th October 2001 This time last year energy companies were rushing to unveil multimillion- dollar liquefied natural gas (LNG) schemes but the heady talk has given way to a more sober mood as a chill light falls on the economic landscape. 

New Egyptian well begins producing

30th October 2001 US Ocean Energy has begun production at its newly-discovered find offshore, Egypt, which will almost double the firm's output in the country, a company official said. 

Sharp drop in world trade growth forecast

29th October 2001 Growth in world merchandise trade is expected to slow in volume terms to only 2% in 2001 – compared with 12% in 2000. 

Strong call for ‘Development Round’ at Doha

29th October 2001 Removing barriers to trade, the topic of WTO meetings in Doha in early November could significantly boost the long-term prospects of developing countries, many of which are suffering from the fall-out of the September 11 attacks and worldwide slowdown, according to a new World Bank report. 

Big gas pipeline project approved

29th October 2001 Resources giant BHP Billiton announced approval for the construction of a fourth Bass Strait gas pipeline from the Bream field into the BHP Billiton/Esso Australia joint venture’s Gippsla 

Industrial development mandate for the continent

26th October 2001 With regard to African economic development, South Africa's President Thabo Mbeki is a firm believer in the old adage that action speaks louder than words. 

Petrol fuel-cell alliance announced

26th October 2001 The world’s largest car manufacturer, General Motors (GM) and ChevronTexaco formed a pact to speed the pace of introducing petrol fuel-cells in cars, a technology that cuts emissions of greenhouse gas carbon dioxide in half. 

R95m SA procurement offer from UN agency

26th October 2001 South African businesses received R95-million in 2001 from the United Nations Children’s Fund (Unicef) for the procurement of supplies – a figure that has risen more than five-fold in two years 

New CSIR head announced

26th October 2001 Trade and Industry minister Alec Erwin announced the appointment of Dr Sibusiso Sibisi as the new president of the CSIR. 

Eleventh-hour changes to telecoms law

26th October 2001 South Africa revised the groundrules for enhanced telecoms competition, tabling changes to a law that will encourage competition among fixed-line phone operators and protect mobile operators. 

World Bank – Tanzanian gas deal

25th October 2001 Tanzania has signed a development credit agreement with the World Bank in Washington under which the International Development Association (IDA) will make available some $183-million, for the Songo Songo gas project in Tanzania. 

Nigeria plans big LPG investment

25th October 2001 Techno Oil Nigeria has concluded arrangements to establish a liquefied petroleum gas (LPG) extraction plant worth about R50-million in the Niger Delta in order to boost operations of the company. 

September PPI slows down to 7,8%

25th October 2001 Lower annual rates of increase in petroleum and coal, basic metals and electricity helped to lower the Production Price Index (PPI) for all commodities for South African consumption to 7,8% in September 2001. 

Southern African aluminium workers strike

25th October 2001 The National Union of Metalworkers of South Africa (Numsa) said it would proceed with a strike at BHP Billiton’s Bayside and Hillside aluminium smelters today despite a restraining court order. 

Nigeria's gas flaring ban deadline is extended

24th October 2001 Nigeria has extended the deadline for oil operators in the country to end gas flaring to 2008 from 2004, vice-president Atiku Abubakar said. 

Zim telecoms firm discouraged by SA law

24th October 2001 Zimbabwean telecoms company Econet Wireless International (EWI) said it was not ready to consider bidding for a fixed-line licence in South Africa under the current draft of a controversial new telecoms law. 

WTO meeting on for Qatar

24th October 2001 After two days of meeting with Qatari officials in Doha, director-general Mike Moore said that WTO’s fourth ministerial conference will go ahead despite security fears in the wake of the suicide hijackings. 

US moves to project steel sector

24th October 2001 A US trade panel cleared the way for President George W Bush to impose import restrictions on key steel products by early next year. 

Airport Development, Western Cape

24th October 2001 Airports Company South Africa (Acsa) is extending and upgrading the international departures terminal at Cape Town International Airport into a world class facility in a construction contract with an overall value of over R50-million. 

WTO meeting on for Qatar

23rd October 2001 After two days of meeting with Qatari officials in Doha, director-general Mike Moore said that WTO’s fourth ministerial conference will go ahead despite security fears in the wake of the suicide hijackings. 

Unhappiness over telecoms law lingers

23rd October 2001 Potential bidders for a South African fixed-line phone licence and analysts slammed the final text of a draft law that will lay the foundation for the listing of State-run Telkom, saying it was anti-competitive. 

Asia-Pacific leaders back new trade round

23rd October 2001 The 21 ministers meeting in Shanghai for the Asia-Pacific Economic Cooperation (Apec) forum “expressed firm and explicit support for the launch” of a new round of world trade talks at the WTO, said Chinese Foreign Minister Tang Jiaxuan. 

Initial work begins at Coega

23rd October 2001 Construction has started on a portable water break-pressure tank and pipelines to provide water to the proposed Coega Industrial Development Zone (IDZ) once full-scale construction gets under way in the zone. 

Construction board appoints new CEO

23rd October 2001 The Construction Industry Development Board (CIDB) has appointed architect Spencer Hodgson as its first CEO, with effect from December 1. 

SAA announces cost-cutting measures

23rd October 2001 South African Airways (SAA) announced a series of cost-cutting measures in the wake of a global decline in airline business after the September 11 attacks on the US. 

Nairobi agency to lower African risk

22nd October 2001 Despite significant economic liberalisation, Africa accounted for less than 1% of global FDI flows in 2000, according to estimates from the United Nations Conference on Trade and Development. 

Outcome soon on Injaka bridge tragedy

22nd October 2001 The Department of Labour’s (DoL) inquiry into the collapse of the Injaka bridge in Mpumalanga two years ago is to be concluded on November 30, says DoL presiding officer Larry Kloppenborg. 

New State oil company by March

By: Martin Zhuwakinyu     22nd October 2001 The long-awaited merger between synfuel producer Mossgas and oil and gas explorer Soekor, both State-owned companies, is expected to be concluded by March next year. 

Biotech: is it the key to feeding Africa?

19th October 2001 The promises and the perils aside, biotechnology is regarded by many as the 'next big thing' and is anticipated to have even more of a revolutionary impact on society than agriculture, industrialisation, or information technology. 

Oil firms to prospect Africa’s northwest waters

19th October 2001 Oil companies intent on laying claim to the next big African frontier have set their sights on coastline bounded by tiny Ginea-Bissau on the south and Mauritania to the north – thinly explored and completely untapped. 

New economy cynics speak out

19th October 2001 The strong productivity gains of the late 1990s were concentrated in only 30% of the private sector and are likely to be whittled away in the coming months and years, according to a study released yesterday by McKinsey & Company, the consulting firm. 

Telecoms law text finalised

19th October 2001 South African legislators finalised the text of a telecoms law that will set the stage for the listing of state-run Telkom, but which critics said pulled the plug on plans to licence a rival phone firm next year. 

SA may borrow R10bn if privatisation falters

18th October 2001 South Africa should achieve economic growth of 2,5% to 3% this fiscal year, higher than analysts’ forecasts, after buoyant growth in exports, Deputy Finance Minister Mandisi Mpahlwa said. 

Mobile network launched in Nigeria

18th October 2001 State-run telecoms company Nitel launched Nigeria’s third GSM digital cellular phone network with an initial 5 000 lines and a pledge to connect 120 000 lines by December. 

R2,2bn grant for water projects

18th October 2001 The Eastern Cape, KwaZulu-Natal and the Northern Province are set to benefit from a R2,2-billion grant for the improvement of water services over the next three years, reports Bua News. 

Call on investment to participate in SA's first heritage site

18th October 2001 International and local investors have been scuba diving, going on safari, whale watching and exploring the cultural riches of Maputaland as the Greater St Lucia Wetland Park Authority in KwaZulu-Natal pulls out all the stops to mobilise millions of Rands in investment. 

Ports concessioning edges closer

18th October 2001 The promotion of private sector involvement in South African harbours, especially in operations, is a key objective of the National Department of Transport’s new Draft White Paper on National Commercial Ports Policy, which was drafted in line with the recommendations of the White Paper on... 

Telkom listing ‘technically ready’

17th October 2001 South Africa was ‘technically ready’ to list part of phone utility Telkom this fiscal year, but market conditions would decide the exact timing of the privatisation move, a senior official said. 

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