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Latest News

SA appoints top official to oversee new SNO bid

6th February 2003 The South African Department of Communications has appointed a top official to oversee the second bidding process to find a suitable investor for a 51% equity stake in the second national operator (SNO) in the country’s telecommunications sector. 

Pechiney seeks partners for SA smelter

5th February 2003 French aluminium maker Pechiney said on yesterday that it was seeking partners to fund a new €2-billion ($2,15-billion) smelter in South Africa, as it shuts plants and cuts capacity at home. 

Land route to South Pole gets under way

5th February 2003 A US team using dynamite and radar-equipped vehicles has begun carving out the first permanent land route to the South Pole, the Antarctica Star reported yesterday. 

Tunisia’s 2002 direct investment rises strongly

5th February 2003 Tunisian foreign direct investment rose 50,8% to 1,055-billion dinars ($812,16-million) in 2002 over the previous year, government figures showed yesterday. 

Asset misappropriation a concern to companies

5th February 2003 Organisations are significantly more concerned about asset misappropriation than any other type of fraud, global audit and accounting firm Ernst & Young's eighth International Fraud Survey has found. 

Iscor expects auto-pricing resolution this month

By: Terence Creamer     5th February 2003 South African steel producer, Iscor, is optimistic that it will have concluded price discussions with the automotive industry by mid- to late-February when a final pricing package for 2003 will be put in place. 

Petroleum market declines in fourth quarter

5th February 2003 Following the significant growth in the third quarter (5,4%), the South African petroleum market declined again in the fourth quarter of 2002. 

Pechiney awards $600m contract for E Cape smelter

5th February 2003 French energy services group Technip-Coflexip, in a 50-50 joint venture with Bateman of South Africa, has been awarded, by Pechiney, a general construction and management contract valued at $600-million for the construction of an aluminium smelter in the Republic of South Africa. 

Tshwane’s rail signals set for upgrade

4th February 2003 The South African Rail Commuter Corporation (SARCC) will be upgrading the signalling system on the commuter routes in the Tshwane area over the next few months. 

New optical network standards launched

4th February 2003 Two new standards from ITU will allow service-providers to offer a raft of new services. 

Zambia’s $6,5bn debt stifling growth – Minister

4th February 2003 Western lenders should write off Zambia's $6,5-billion foreign debt and the country must diversify from copper mining to agriculture to boost growth, Finance Minister Emmanuel Kasonde said. 

Maize prices set to decline

4th February 2003 A ripening harvest and growing maize surplus in South Africa are forcing prices of the cereal down, with a further decline likely, operators said last week. 

Sappi’s Q1 profit falls in tough market

4th February 2003 South African pulp and paper giant Sappi said on yesterday its first-quarter headline earnings per share (EPS) fell 28% due to tough market conditions and that it expected a similar trend in the second quarter. 

SA auto firm bids to be production base for new model

4th February 2003 Carmaker DaimlerChrysler South Africa (DCSA) is currently involved in a bidding process for the manufacture of the next generation Mercedes-Benz C-Class that, if successful, would result in substantial investment in it production facilities in East London. 

SA to focus on five missions in new R&D push

By: Irma Venter     3rd February 2003 Neil Armstrong’s 1969 moon-landing was the direct result of the US government investing time and money in a project of immense magnitude. 

Minister mulls new SNO option

By: Martin Czernowalow     3rd February 2003 The recommendations made by the Independent Communications Authority of South Africa (Icasa) last week, to reject both bids for a second network operator (SNO), were upheld by the South African Minister of Communications on Friday. 

Nigeria invites bids for stake in car plant

3rd February 2003 Nigeria invited local and international firms on Friday to express interest in acquiring a 35% stake in its rundown car assembly plant, Volkswagen Nigeria (VWON). 

Talisman’s Sudan sale delayed again

3rd February 2003 Talisman Energy said last week the $758-million sale of its stake in Sudan's major oil project to India's national oil company would not be completed this week as planned, marking the second time the deal has been pushed back. 

Telkom could raise R6,8bn through listings

By: Martin Czernowalow     31st January 2003 South African phone utility Telkom announced yesterday it expected to raise up to R6,8-billion ($776-million) through its initial public offering (IPO). 

Sasol awards $675m GTL construction contract

31st January 2003 South African-based petrochemicals group Sasol, along with its partner Qatar Petroleum (QP), awarded a $675-million engineering, procurement and construction (EPC) contract to Technip-Coflexip, of Italy, for construction of the world’s largest and most advanced natural gas-to-liquid (GTL)... 

New Algerian oil find announced

31st January 2003 An oil discovery in Algeria was announced on Wednesday by Anadarko Petroleum, Algerian State-owned firm Sonatrach and partners Maersk Oil and ENI/Lasmo Oil (Algeria). 

SA donates 100 000 t of maize to food agency

31st January 2003 The Minister of Agriculture and Land Affairs, Thoko Didiza, announced that the South African government will provide a financial contribution to the World Food Programme (WFP) for the purchase of 100 000 t of maize to be used in the Southern African emergency operation. 

Tunisia airline postpones fleet expansion

31st January 2003 Flag carrier Tunisair has shelved a 700-million dinars ($543,05-million) plan to buy 12 aircraft because of a downturn in air travel, its chief executive said on Thursday. 

Icasa recommends that both SNO bids be rejected

By: Martin Czernowalow     30th January 2003 The Independent Communications Authority of South Africa (Icasa), the country’s telecoms regulator, yesterday recommended that neither bid be accepted for a majority stake in a licence to rival State-run phone utility Telkom. 

Nigeria invites bids for stake in car plant

30th January 2003 Nigeria's privatisation agency yesterday invited expressions of interest in a 35% stake in the Anambra Motor Manufacturing Company (ANAMMCO) – one of few Nigerian car plants still running. 

SA paper group’s earnings expected to fall

30th January 2003 South Africa's Sappi is expected to report lower first quarter earnings next week, and the trend is likely to continue for the rest of 2003 due to pricing pressure on coated wood-free paper, analysts said. 

Cape ostrich farmers benefit from exchange rate

30th January 2003 The Mossel Bay-based Mosstrich Group, the world’s second largest producer of ostrich products, increased its turnover by 45% to R212-million (2001: R146,1-million) in the year ended September 2002. 

EU ministers approve WTO negotiations on farm aid reform

30th January 2003 After a difficult start, the European Commission stands ready to join the upcoming World Trade Organisations (WTO) negotiations on agriculture initiated in Doha, a German newspaper reports. 

Iscor minorities clash over new LNM partial offer

30th January 2003 Minority investors in South African steel producer Iscor locked horns yesterday over a revised partial offer by steel giant LNM Holdings, sparking a slide in the share price. 

Iscor minorities clash over new LNM partial offer

29th January 2003 Minority investors in South African steel producer Iscor locked horns yesterday over a revised partial offer by steel giant LNM Holdings, sparking a slide in the share price. 

Cape Town to host big water symposium

29th January 2003 The City of Cape Town and the University of the Western Cape are to host the first ever symposium on Integrated Urban Water Management. 

Joint quality, enviro auditing standard launched

29th January 2003 The eagerly awaited joint auditing standard for both quality and environmental management systems, recently published as an international standard by ISO (ISO 19011) has been adopted as a South African national standard (SANS 19011). 

Tribunal sets BEE condition to bottle-top merger

29th January 2003 The Competition Tribunal has conditionally approved the large merger between Coleus Packaging and Rheem Crown Plant, a division of Highveld Steel and Vanadium Corporation. 

Mozambique SA's No 1 trading partner in Africa

By: nkolola halwindi     29th January 2003 Mozambique has become the main destination for South Africa’s exports into Africa, while trade with Nigeria is on the upswing – recording a 500% growth in the last four years, reports Whitehouse exports and imports researcher Duncan Bonnett. 

BEE construction firm bullish for 2003

29th January 2003 Black empowerment construction company, Rainbow Construction kicks off 2003 with a healthy order book having grown both in turnover and profits over the last few years. 

Shilowa leads Japanese investment mission

29th January 2003 Gauteng Premier Mbhazima Shilowa is currently on a weeklong visit to Japan, in a bid to lure potential investors to the province. 

Bearing's giant reports earnings rise

29th January 2003 SKF, the world's biggest roller bearing maker, posted a 19 percent rise in fourth quarter pre-tax profit to 979-million crowns ($114,6-million) on Tuesday, slightly less than expected. 

Icasa to make second-network recommendation today

29th January 2003 South Africa's telecoms regulator said it would announce on Wednesday its recommendation on which bid, if any, the government should accept for a stake in a new fixed-line operator to rival state-run utility Telkom. 

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