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Latest News

Norwegian firm in Sao Tome oil deal

6th March 2003 Norway's Petroleum Geo-Services (PSG) has signed a revised offshore oil exploration pact with the African island nation of Sao Tome e Principe, Portuguese news agency Lusa reported. 

Zimbabwe unveils plan to revive economy

6th March 2003 The Zimbabwean government unveiled a new economic plan that it hoped would moderate a four-year recession that has mired the country's economy in its worst crisis in decades. 

Rand hits Grintek, but order book grows to R1,8bn

6th March 2003 The results of JSE Securities Exchange-listed Grintek for the six months to 31 December 2002 were hurt by appreciation in the value of the rand, the group reported yesterday. 

WTO chief sees gridlock in trade talks

6th March 2003 World Trade Organisation (WTO) chief Supachai Panitchpakdi warned the body's 145 member countries on Tuesday the year-old Doha Round of free trade talks was running into gridlock, reports Reuters. 

127 000 South Africans participate in Telkom IPO

By: Martin Czernowalow     5th March 2003 Shares in South Africa’s phone utility started trading at R29,10 yesterday morning, as dignitaries gathered at the JSE Securities Exchange to celebrate Telkom’s listing in Johannesburg, as well as on the New York Stock Exchange – the first listing of a State-owned enterprise in... 

Unions condemn possible job losses as Telkom lists

5th March 2003 Trade unions greeted the listing of Telkom yesterday with disquiet, amid reports of another round of large-scale jobs cuts at the fixed-line telephone operator. 

Eskom sees partial privatisation by 2006

5th March 2003 South Africa's Eskom Holdings said it would sell 30% of its generation capacity by 2006, contradicting earlier government announcements which put the time frame around 2003/04. 

SA oil sector worried about future profitability

5th March 2003 The South African oil industry earned operating profits of R5,687-billion in 2001, says the latest South African Petroleum Association (Sapia) report published yesterday. 

IST contract with Kuwait oil-company extended

5th March 2003 Pretoria-based asset management solutions provider MST, which was acquired by the IST Group in December 2002, has had its contract to assist the Kuwait National Petroleum Company (KNPC) with the rollout of a new integrated asset management system initiative extended, to provide KNPC with data... 

War will force Kuwait to cut back oil output

5th March 2003 Kuwait said it would close as much as a third of its oil output if war erupts in Iraq, underlining concerns that more than just Iraqi supplies will be stopped during a conflict. 

Disappointing vehicle sales figures for Feb

5th March 2003 The National Association of Automobile Manufacturers of South Africa (Naamsa) said yesterday that new vehicle sales for February, 2003, had been disappointing, coming in at the lower end of industry expectations. 

KZN’s Budget rises to R32,8bn

5th March 2003 KwaZulu-Natal Premier Lionel Mtshali has announced that the province’s Budget will increase from R27,1-billion to R32,8-billion, this year. 

Southern Africa faces food crisis - US ambassador

5th March 2003 Southern Africa was facing an unprecedented humanitarian emergency and devastating food shortages, caused in large part by economic mismanagement and restrictions on commercial markets, American ambassador to South African Cameron Hume said on Wednesday. 

Quality leaves boost East African tea auction

5th March 2003 Superior leaf quality pushed up demand at the east African tea auction this week, but prices remained fairly stable, brokers said today. 

Van Vught appointed to Altron board

5th March 2003 Outgoing AECI CE Lex van Vught has been appointed non-executive director of engineering and electronics holding company Altron. 

Gauteng budgets R5bn for capex

By: Martin Czernowalow     4th March 2003 The Gauteng Provincial Government will today announce a Budget of more than R27-billion for the 2003/4 financial year, slightly higher than the R24-billion Budget for last year. 

Eskom mulls Zim power-plant purchase

By: Martin Zhuwakinyu     4th March 2003 A third of the 30% of Eskom’s generation business that is to be offered to private investors will be set aside for black economic-empowerment companies, Public Enterprises Minister Jeff Radebe said yesterday. 

Money set aside for Gautrain in Budget

By: Martin Czernowalow     4th March 2003 Gauteng Province will set aside money for the Gautrain Rapid-Rail project during the 2003/4 financial year, the province’s MEC for Finance and Economic Affairs, Jabu Moleketi, told a media briefing yesterday. 

Big ICT partnership launched

4th March 2003 A move to market South Africa's capacity in information and communication technologies and electronics kicked off yesterday, with the launch of Savant, public-private partnership between government and several key players in technology industry. 

Strong rand puts Sappi’s margins under pressure

4th March 2003 South African pulp and paper manufacturer Sappi said yesterday it expected flat earnings in the current quarter, but saw an improvement in the full year as a strong rand put pressure on margins. 

World Bank announces water-for-growth strategy

4th March 2003 The World Bank last week unanimously endorsed a new Water Resources Strategy, aimed at providing more effective assistance to countries, using water as a vehicle for increasing growth and reducing poverty in a socially and environmentally responsible manner. 

Polish paper firm to raise dividends

4th March 2003 Polish paper firm Frantschach Swiecie said it planned to spend 239,5-million zlotys ($62-million) on its annual dividend, indicating its payout per share would nearly triple from last year. 

Runway maintenance delays flights at JIA

By: Irma Venter     4th March 2003 Air travellers yesterday encountered delays of several hours as one of the runways at Johannesburg International Airport had to close for maintenance work due to a crack that formed over the weekend. 

Telkom listing raises $485m for SA

4th March 2003 South Africa priced the initial public offering of phone utility Telkom at R28 a share today, near the lower end of its range and raising R3,9-billion ($485-million) ahead of its listing. 

Fostering appropriate indigenous design remains a challenge

By: Joanne Delaurentis     3rd March 2003 Africa has a long and proud history of ingenious design. 

Boart reports solid earnings

3rd March 2003 Despite tough conditions in most of its markets, Boart Longyear – manufacturer and supplier of products, systems and services to the natural resource industry – reported solid results for the financial year, says group chairperson Mike Moore. 

No clarity yet on extent of corvette delay

By: Keith Campbell     3rd March 2003 It is still not clear just how much the South African Navy’s corvette programme will be delayed as a result of the faulty cabling found in the first ship in the class, the SAS Amatola, Engineering News can report. 

SA to launch environmental court this week

3rd March 2003 The South African Minister of Environmental Affairs and Tourism, Mohammed Valli Moosa, and the Minister of Justice and Constitutional Development, Penuel Maduna, will launch a special environmental court on Thursday this week, in Hermanus, in the Western Cape. 

N Cape announces R4bn mining procurement deal

3rd March 2003 In a move set to impact positively on previously disadvantaged businesses, the Northern Cape has secured a R4-billion deal with mining companies in the province. 

Chad oilfield due onstream ahead of plan mid-2003

3rd March 2003 An oilfield being developed in Chad by an ExxonMobil Corporation-led group will come onstream six months ahead of schedule in mid-2003, the company said on Friday. 

Agriculture impasse 'threatens Doha'

3rd March 2003 World Trade Organization talks last week on agricultural trade reform have made no visible progress in bridging the divide between free traders and protectionists, threatening to derail the entire Doha round of global trade negotiations, reports the Financial Times. 

SA cuts Telkom IPO price range

3rd March 2003 South Africa today cut the price range for the listing of phone utility Telkom, its landmark privatisation, to R27-R30 a share, in reaction to a volatile market caused by fears of a possible war in Iraq. 

Road maintenance secures income for poor

3rd March 2003 Households can secure a steady income for themselves by maintaining sections of the provincial roads in the Eastern Cape on behalf of the department of roads and public works. 

New engineering fees structure announced

3rd March 2003 The Engineering Council of South Africa (ECSA) has published new guideline fee scales, which see increases of between 0 and 15 percent for percentage fee scales and significant increases in indicative time based fees 

10% of Eskom to be set aside for BEE

3rd March 2003 Ten percent of Eskom's assets earmarked for sale as part of the electricity utility's restructuring plan, will be allocated to black economic empowerment, Public Enterprises Minister Jeff Radebe said on Monday. 

Angry response to toll tariff increases

By: Martin Czernowalow     28th February 2003 The Automobile Association of South Africa has reacted strongly to toll tariff increases announced by the South African National Roads Agency Limited (Sanral), saying that tariffs should be realistic and not out of reach for the average motorist. 

US luminary joins local profit-doubling construction company

By: Martin Creamer     28th February 2003 South African construction and engineering company Murray & Roberts has appointed the former US minister counselor to South Africa, Millard Arnold, as an executive director, CE Brian Bruce announced after communicating a doubled operating profit of R261-million in the six months to December 2002. 

Engineering sector says budget will stimulate growth

28th February 2003 In his National Budget speech, the South African Minister of Finance, Trevor Manual, highlighted government’s efforts over the past 10 years to promote sound economic governance, which has laid the groundwork for sustainable growth in South Africa in contrast to the currently deteriorating... 

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