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Latest News

Fuel prices to decrease on Wednesday

By: African News Agency      30th June 2019 Fuel prices will decrease on Wednesday the department of energy has announced. In a statement on Friday the department said the combined cumulative petrol and diesel slate balances at the end of May 2019 amounted to a negative balance of R469-million.  

Working visit to G20 Summit in Japan successful, says Ramaphosa

By: African News Agency      30th June 2019 President Cyril Ramaphosa has described his working visit to Japan for the G20 Summit as a success and congratulated Japan on hosting a well-organised summit, the presidency said on Sunday. Ramaphosa on Sunday concluded the two-day working visit to Osaka in Japan, where he led the South African... 

Opec+ is close to finalising a charter for long-term cooperation

By: Bloomberg     30th June 2019 Opec+ nations are close to finalizing a “charter” for a long-term alliance, with a document likely to be signed as soon as this week, said two delegates. Members of the group received a revised draft of the document on Sunday that appeared to have broad support, one of the delegates said, asking... 

Petrol price to drop by 96c a litre

By: African News Agency      28th June 2019 Fuel prices will decrease on Wednesday the department of energy has announced. In a statement on Friday the department said the combined cumulative petrol and diesel slate balances at the end of May 2019 amounted to a negative balance of R469-million.  

Biggest concrete pour in UK history completed at nuclear plant site

By: Bloomberg     28th June 2019 Electricite de France has completed the biggest single pour of concrete in Britain at the site of a new nuclear power plant in Somerset. The utility poured 9 000 cubic meters of the material at Hinkley Point, exceeding the amount of concrete that went into the Shard skyscraper in London. It was... 

Tackling youth unemployment requires cohesive, holistic measures

By: Tasneem Bulbulia     28th June 2019 Tackling youth unemployment will require input from multiple stakeholders and measures, programmes and initiatives that pursue job creation will need to be effectively structured to ensure meaningful outcomes. This was a key message from a roundtable discussion held at the Directors Event, in... 

Tackling youth unemployment requires cohesive, holistic measures

Solidarity serves Denel with demand to take legal action  

By: African News Agency      28th June 2019 Trade union Solidarity on Friday said it had served state arms manufacturer Denel with a demand under section 165 of the Companies Act to take immediate legal action against those responsible for the financial muddle it finds itself in. The demand was served after Denel earlier this week... 

Solidarity serves Denel with demand to take legal action

South Africa needs return to a proper value system, says Chief Justice Mogoeng 

By: Tasneem Bulbulia     28th June 2019 Chief Justice Mogoeng Mogoeng on Friday lamented the high level of unemployment in South Africa, stating that it was at odds with a country with vast natural resources and hardworking people, as evidenced by their display of mettle to do the “unthinkable” and transition from Apartheid to a... 

South Africa needs return to a proper value system, says Chief Justice Mogoeng
Chief Justice Mogoeng Mogoeng

Union demands Denel take action against those responsible for irregularities

By: Rebecca Campbell     28th June 2019 Trade union Solidarity announced on Friday that it had served a demand on Denel to institute legal proceedings against people who caused, or who contributed to, the financial straits the State-owned defence group is currently in. The demand was served in terms of Section 165 of the Companies Act.... 

PPC reports ‘solid’ results despite challenging trading conditions

By: Simone Liedtke     28th June 2019 Despite having had to navigate through challenging trading conditions across the markets in which it operates, cement producer PPC on Friday reported a 60% increase in its basic earnings a share to 16c, and a 33% increase in its headline earnings a share to 20c for the financial year ended March... 

South Africa’s oil reserves safe for now – Outa

By: Simone Liedtke     28th June 2019 The Organisation Undoing Tax Abuse (Outa) on Friday reported that the Central Energy Fund (CEF) and multinational commodity trader Glencore had agreed not to proceed with their case, which had been scheduled to be heard in the Cape High Court on Friday. The CEF had filed an affidavit earlier this... 

South Africa posts R1.74bn trade surplus in May

By: Reuters     28th June 2019 South Africa recorded a R1.74-billion trade surplus in May after a revised R3.53-billion deficit in April, data from the revenue service showed on Friday. Exports rose 8.1% on a month-on-month basis to R112.1-billion rand in May, while imports climbed 3% to R110.3-billion, the South African... 

Hudaco says it remains resilient despite continued economic downturn

By: Marleny Arnoldi     28th June 2019 JSE-listed engineering consumables supplier Hudaco stresses that its prospects are dependent on how the economy performs and warns that it expects the economy’s performance for the remainder of this year and next to be no different to that of the past 18 months. Nevertheless, the company, which... 

Outa says SA's fuel reserves safe for now

By: African News Agency      28th June 2019 The Organisation Undoing Tax Abuse on Friday welcomed the halting of a court proceedings regarding the illegal sale of South Africa's fuel reserves more than three years ago. The matter was set to be heard in the high court in Cape Town on Friday. The fuel reserves are being held in storage at... 

Outa says SA's fuel reserves safe for now

Everyone has a choice to indulge in corrupt behaviour or not – Gordhan 

By: Thabi Madiba     28th June 2019 Public Enterprises Minister Pravin Gordon on Thursday evening distinguished between corruption as a concept and the moral choices made by individuals that enable corruption to take effect. Gordon was joined by EOH CEO Stephen van Coller, EOH chief commercial officer Fatima Newman and National... 

Everyone has a choice to indulge in corrupt behaviour or not – Gordhan
Public Enterprises Minister Pravin Gordon

Nigeria’s Buhari says made-in-africa key to success of free-trade deal

By: Bloomberg     28th June 2019 he success of a continental free-trade deal hinges on Africa developing its manufacturing base, Nigerian President Muhammadu Buhari said. Africa’s largest economy won’t rush into joining the Africa Continental Free Trade Area until it finishes extensive consultations with all stakeholders, Buhari... 

UAE strengthens bilateral trade, investment ties with SA

By: African News Agency      28th June 2019 The United Arab Emirates has confirmed its commitment to injecting billions of dollars in the South African economy and solidify its place as the country's largest trading partner in the Arab world. This as the two countries held their annual SA-UAE Business Forum, this year in Johannesburg, in... 

UAE strengthens bilateral trade, investment ties with SA

South Africa's entire coal line to be shut for maintenance – Transnet

By: Reuters     28th June 2019 South Africa will shut down its entire rail network transporting coal from pits to customers for almost two weeks to undertake scheduled repairs, State-owned freight rail logistics firm Transnet said on Friday. Transnet Freight Rail said the shutdown, from July 2 to 11, would cover the entire... 

Conco wins eSwatini solar power project

By: Reuters     28th June 2019 South Africa's Consolidated Infrastructure Group (Conco) has won a $16-million contract to build a 10 MW solar project, in eSwatini, the firm said late on Thursday. The kingdom, formerly known as Swaziland, imports 80% of its electricity from South Africa's troubled utility Eskom but is looking... 

Factory of the Year recognises world-class excellence in South African manufacturing

By: Schalk Burger     28th June 2019 Multinational management consulting firm AT Kearney’s Factory of the Year competition recognises world-class excellence and performance in manufacturing and provides participants with a confidential evaluation of their competitive position as part of the assessment of all finalists, says AT... 

Factory of the Year recognises world-class excellence in South African manufacturing
3D-printed Factory of the Year trophies

World airline body calls for international alignment on restoring airworthiness of 737 MAX

By: Rebecca Campbell     28th June 2019 National aviation safety regulators should continue to align their technical validation timelines and requirements for the safe restoration to service of the Boeing 737 MAX airliner, the International Air Transport Association (Iata) has urged. The association also urged that there be alignment... 

World airline body calls for international alignment on restoring airworthiness of 737 MAX
Photo by Comair
The first Boeing 737 MAX acquired by South African operator Comair, in British Airways colours

Natura welcomes Namibia’s new energy framework

By: Marleny Arnoldi     28th June 2019 Natura Energy on Friday announced that the company was forging ahead with the development and implementation of the 50 MW TeraSun energy solar photovoltaic power park initiative to sell, across the national grid, competitively priced electricity to large power users in Namibia. The decision... 

BLSA appoints new CEO

By: Marleny Arnoldi     28th June 2019 Business Leadership South Africa has appointed Busisiwe Mavuso CEO, effective July 1. Mavuso has been serving as BLSA’s COO since November 2017 and succeeds Bonang Mohale, who is retiring to pursue farming. Prior to joining BLSA, Mavuso was MD of the Black Management Forum.  

Basil Read’s business rescue on track

By: Marleny Arnoldi     28th June 2019 JSE-listed construction company Basil Read on Friday announced that the implementation of its business rescue plan was progressing well. From February to May, the company continued to complete three contracts, while five contracts were in the process of being descoped or ceded to other... 

Sanral extends olive branch to smaller contractors, communities

By: Shirley le Guern     28th June 2019 The massive turnout at the South African National Roads Agency Limited's (Sanral's) N2/N3 information corridor roadshow across KwaZulu-Natal this week saw the roads agency extend an olive branch to local contractors and communities, as well as controversial business forums that had disrupted... 

At least five N2, N3 tenders to open by financial year-end, says Sanral 

By: Shirley le Guern     28th June 2019 At least five tenders for the upgrade of the N3 and N2 highways in KwaZulu-Natal will go out before the end of South African National Road Agency Limited's (Sanral’s) current financial year, Sanral Eastern Region design, planning and construction manager Ravi Ronny told a business briefing... 

At least five N2, N3 tenders to open by financial year-end, says Sanral
Sanral Eastern Region design, planning and construction manager Ravi Ronny

Improving SA’s Doing Business ranking requires acceleration of reforms

By: Nadine James     28th June 2019 During his State of the Nation Address in February, President Cyril Ramaphosa stated that “the World Bank’s annual Doing Business Report (DBR) currently ranks South Africa 82 out of 190 countries . . . we have set ourselves the target of being among the top 50 global performers within the next... 

Improving SA’s Doing Business ranking requires acceleration of reforms

Group Five business rescue plan publication delayed to August 30

By: Tasneem Bulbulia     27th June 2019 The business rescue practitioners for Group Five have received approval from the requisite majority of the company’s creditors to delay the publication date of a business rescue plan for the embattled construction firm to August 30. The plan had been due to be published on June 28. 

Blyvoor to begin producing gold again from Q4 – Skeat 

By: Martin Creamer     27th June 2019 Gold mining is to resume at the old Blyvooruitzicht gold mine in the last quarter of this year, Blyvoor Gold executive chairperson Peter Skeat has told Mining Weekly Online. “We’ve worked very hard and we’re at the point of moving ahead. We’ve got cash, we’ve got no debt, and the employees and... 

Blyvoor to begin producing gold again from Q4 – Skeat
Photo by Creamer Media's Dylan Slater
From left Martin Creamer, Peter Skeat, Alan Smith and Richard Floyd.

EPP closes tranche two of M1 transaction

By: Tasneem Bulbulia     27th June 2019 JSE-listed Property company EPP has successfully completed the purchase of four M1 shopping centres, in Poland, closing tranche two of its multiyear M1 transaction. The M1 transaction, first announced to the market in 2017, involves EPP acquiring eight shopping centres and four retail parks with... 

EPP closes tranche two of M1 transaction
Hadley Dean

Growth in remuneration at an all-time low, says PwC

By: Marleny Arnoldi     27th June 2019 The South African Reserve Bank’s (SARB’s) latest quarterly bulletin showed that growth in remuneration paid to workers in the private and public sector had dropped from 5.5% year-on-year in the third quarter of 2018 to 4.6% year-on-year in the fourth quarter. Consultancy PwC on Thursday... 

S&P’s downgrades Cell C’s rating again

By: Marleny Arnoldi     27th June 2019 Ratings agency Standard & Poors’ Global Ratings (S&P’s) has downgraded telecoms operator Cell C’s debt rating to ‘CC’ and its partial debt restructuring to ‘SD’. This followed after Cell C amended the terms of its R1.4-billion private airtime facility agreement to delay the timing of selected... 

S&P’s downgrades Cell C’s rating again

Former Tongaat official scrutinised in echo of Steinhoff scandal 

By: Bloomberg     27th June 2019 Tongaat Hulett said South African police are investigating an unnamed former executive for his role in an accounting scandal that’s forced the sugar maker to restate financials and ask for its shares to be suspended. A criminal case has been opened against the individual, Tongaat said, without... 

Bridgestone South Africa appoints new CEO

By: Marleny Arnoldi     27th June 2019 Bridgestone South Africa has appointed Jacques Fourie CEO, effective July 1. He succeeds Gavin Young, who stepped down on June 7.  

Bridgestone South Africa appoints new CEO
Bridgestone CEO Jacques Fourie

Rural man’s innovation translates sign language into audio

By: African News Agency      27th June 2019 Having struggled throughout his childhood to communicate with his deaf parents, Lucky Netshidzati (26) created a hand glove which translates South African sign language into voice, text, and voice-to-sign language animation to improve communication between him and his parents.  Netshidzati’s... 

Fastjet's hope for profit pinned on Zimbabwe currency – CEO

By: Reuters     27th June 2019 Low-cost African airline Fastjet Plc expects to be profitable on an underlying basis in 2019, Chief Executive Officer Nico Bezuidenhout said on Thursday, a year after a cash crunch nearly drove the carrier into administration, The airline, which operates in South Africa, Mozambique and Zimbabwe,... 

Large fuel price drop expected for July says AA

By: News24Wire      27th June 2019 Lower international oil prices have set up a substantial fuel price drop for July, according to the Automobile Association. In a fuel price prediction on Thursday, the association said it is expecting the petrol to drop by 86 cents a litre, diesel by 68 cents, and illuminating paraffin by 58... 

 Large fuel price drop expected for July says AA

Denel rescued by local commercial bank, reports Minister’s spokesperson 

By: Rebecca Campbell     27th June 2019 The spokesperson for Public Enterprises Minister Pravin Gordhan, Adrian Lackay, has clarified to “Engineering News Online” that the lender who came to the assistance of beleaguered State-owned defence industrial group Denel, allowing it to pay its staff their full salaries for this month, was “a... 

Denel rescued by local commercial bank, reports Minister’s spokesperson
Photo by Duane Daws/Creamer Media
Two Denel products: the A-Darter air-to-air missile and, behind, the Seeker unmanned aerial vehicle
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