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Sars lifts tax return threshold from R350 000 to R500 000

By: News24Wire 4th June 2019 The South African Revenue Service announced on Tuesday that it has lifted the tax return threshold from R350 000 to R500 000. This means that people who earn less than R500 000 per year, and meet certain other criteria, will not need to file tax returns, commissioner Edward Kieswetter said at a... →

Departures at State firms could drag out Ramaphosa's reforms

By: Reuters 4th June 2019 President Cyril Ramaphosa's mission to fix two of South Africa's most troubled state companies, power firm Eskom and South African Airways, could take longer than planned after their chief executives quit within a week of each other. Investors say the CEOs' resignations could slow the... →

President Cyril Ramaphosa

MTN top investor forced board shakeup in push for fewer disputes

By: Bloomberg 4th June 2019 MTN Group's biggest shareholder is pushing for changes at Africa’s largest mobile-phone company to avoid the regulatory, legal and political disputes that have cut its share price by more than half over the past four years. The Public Investment Corporation built a 26% stake in Johannesburg-based... →

Three things to learn from Jarana's exit as CEO of SAA

By: Bloomberg 4th June 2019 South African Airways’ (SAA's) prospects of surviving in its current form took a hit over the weekend when news broke that CEO Vuyani Jarana quit over a lack of government support. The National Treasury isn’t committing to an agreement to put R21.7-billion toward the State-owned carrier’s 2021... →

Global manufacturing shrinks amid Wall Street recession warning

By: Bloomberg 4th June 2019 Global manufacturing was the weakest since 2012 last month, a victim of mounting trade tensions and further reason to worry that the world economy is weakening. With softness in Germany, Japan, the UK – as well as the lowest US result in a decade – IHS Markit’s global Purchasing Managers Index... →

IMF urges South Africa to speed up reforms to boost growth

By: Reuters 3rd June 2019 South Africa's subdued economic growth could be reignited if the implementation of structural reforms, including at troubled state power utility Eskom, is accelerated, the International Monetary Fund said on Monday. The fund said following President Cyril Ramaphosa's re-election last month, a... →

Organisations call for strong leadership at SAA following CEO’s resignation

By: Tasneem Bulbulia 3rd June 2019 The South African Airways Pilots Association (Saapa) has expressed concern about reports that outgoing South African Airways (SAA) CEO Vuyani Jarana’s turnaround plan had been “sabotaged internally and externally”. “In the end, the CEO was hobbled by inflexible and restrictive government policy,... →

Companies merge into Sola Group to meet renewable energy demand

By: Tasneem Bulbulia 3rd June 2019 Aurora Power Solutions and Sola Future Energy are combining forces to form Sola Group, bringing together a large solar project pipeline, including 48 MW in Zambia and 79 MW in South Africa. The two companies merged in March 2018 and, as of June 1, have consolidated their offering as a vertically... →

Solar farm

AMSA to face emissions charges

By: Reuters 3rd June 2019 ArcelorMittal South Africa said on Monday it had received a summons instituting criminal proceedings for three charges relating to transgressions of its atmospheric emissions licence at its Vanderbijlpark operations. The charges relate to allegedly conducting certain activities without the... →

Brazilian VP says Brics should focus on economics, not politics

By: Rebecca Campbell 3rd June 2019 In comments made in Beijing on May 24, which appear not to have been much, if at all, reported outside his home country, Brazilian Vice-President Hamilton Mourão called on the Brazil, Russia, India, China, South Africa (Brics) alignment to switch away from political issues and focus instead on... →

Efora reports ‘disappointing’ full-year results

By: Nadine James 3rd June 2019 A below-par performance from its key business, Afric Oil, resulted in “disappointing” financial results for JSE-listed oil and gas company Efora Energy for the year ended February 28. The company on Monday reported a net loss of R579.9-million, a loss per share of 69.91c and a headline loss a... →

CEO looks back on Thyssenkrupp’s 60 years of success in South Africa

By: Marleny Arnoldi 3rd June 2019 Engineering and steel production company Thyssenkrupp Industrial Solutions South Africa this year celebrates 60 successful years of engineering excellence in Africa. The company on Monday said this milestone was testament to the diversified industrial group’s enduring commitment to delivering... →

Hulisani says GRI division’s prospects improving

By: Marleny Arnoldi 3rd June 2019 JSE-listed energy investment firm Hulisani increased its dividends for the financial year ended February 28, to R36.9-million, from R18.1-million in the prior financial year. This was on the back of 60% higher dividends received from the Kouga Wind Farm, at R24-million, while those from... →

Jarana’s resignation a sign SAA is almost irredeemable – Outa

By: News24Wire 3rd June 2019 The Organisation Undoing Tax Abuse has responded to South African Airways group CEO Vuyani Jarana’s resignation, saying it is a sign that the national carrier cannot be saved as long as it is wholly State-owned. SAA confirmed Jarana’s resignation on Sunday evening, adding that his four-page... →

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SAA Group CEO Vuyani Jarana

Exports, new-vehicle sales both down in May

By: Irma Venter 3rd June 2019 In a double whammy for the South African automotive industry, new-vehicle sales contracted yet again in May, with exports also putting in a negative performance for the first time this year. The South African new-vehicle market declined by 5.7% in May, to 40 506 units, compared with the same... →

Globeleq kicks off solar PV project construction in Kenya

By: Marleny Arnoldi 3rd June 2019 Africa-focused independent power producer (IPP) Globeleq has started construction of its 40 MW Malindi solar photovoltaic (PV) project in Malindi, Kenya. The $69-million project, located about 120 km northeast of Mombasa, recently reached financial close. →

Commission refers settlement with Sonae Arauco to tribunal for confirmation

By: Marleny Arnoldi 3rd June 2019 The Competition Commission has referred a consent settlement agreement between itself and wood-based panel manufacturer Sonae Arauco to the Competition Tribunal for confirmation. The commission on Monday said Sonae had admitted to price fixing and collusive conduct in the wood-based commodity... →

Second Lake Charles facility reaches beneficial operation

By: Nadine James 3rd June 2019 Petrochemicals company Sasol on Monday said the new ethylene oxide/ ethylene glycol (EO/EG) production facility at its Lake Charles Chemicals Project (LCCP), in Louisiana, in the US, had reached beneficial operation. The EO/EG unit is the second of seven LCCP production facilities to come on stream. →

Seifsa welcomes operational phase of African Continental Free Trade Area

By: Marleny Arnoldi 3rd June 2019 The Steel and Engineering Industries Federation of South Africa has welcomed the official start of the African Continental Free Trade Area (AfCFTA) at the end of May. AfCFTA provides access to a continent-wide market of around 1.2-billion people, and is worth $2.5-trillion. →

Imperial Logistics restructures its South African business further

By: Irma Venter 3rd June 2019 Faced with “increasingly competitive and challenging economic conditions” in South Africa, Imperial Logistics says it is intensifying the restructuring of its South African business. As part of this process, Imperial will further rationalise its loss-making Consumer Packaged Goods business by... →

AMSA continues to increase environmental capex

By: Marleny Arnoldi 3rd June 2019 Primary steel producer ArcelorMittal South Africa (AMSA) has, over the past ten years, invested more than R1.3-billion in environmental capital expenditure (capex) and maintenance projects to improve the company’s environmental footprint. AMSA tells Engineering News Online that it continues to... →

Deterioration in headline PMI worrying, says Seifsa

By: Nadine James 3rd June 2019 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) erased most of last month’s gain and fell to 45.4 index points in May from 47.2 points in April, which – excluding the drop to 45 points in March – is the weakest level since October 2018. The decline brought the average PMI for the... →

Provinces increase overall spending of allocated budgets in 2018/19

By: African News Agency 3rd June 2019 The nine provinces have spent R591.2-billion, or 98.8%, of their adjusted budget of R598.6-billion, according to the preliminary outcomes of the provincial revenue and expenditure report for 2018/19. "This represents an increase of 6.3%, or R35.1-billion, compared to the R556.1-billion spent in... →

Defence and military veterans minister Mapisa-Nqakula says corruption allegations receiving attention

By: African News Agency 3rd June 2019 The military veterans department is attending to allegations of corruption within the department, Defence and Military Veterans Minister Nosiviwe Mapisa-Nqakula said on Saturday. Mapisa-Nqakula had noted the allegation circulating on social media alleging corruption in the department of military... →

Environmental affairs department welcomes SCA ruling in Interwaste and FG landfill site

By: African News Agency 3rd June 2019 The environmental affairs department (DEA) has welcomed the Supreme Court of Appeal (SCA) in Bloemfontein's judgment this week upholding, with costs, the appeal by the Gauteng agriculture and rural development department (GDARD) against the findings of the High Court in Pretoria with respect to... →

Mbalula wants urgent probe into Pretoria Metrorail and Transnet tamping machine crash

By: African News Agency 3rd June 2019 Transport Minister Fikile Mbalula has instructed the Railway Safety Regulator (RSR) to prioritise its investigation into the crash involving a Transnet tamping machine carrying out railway track maintenance and a new Metrorail train at Eerste Fabrieke Station in Mamelodi in Pretoria, injuring at... →

Nigeria financial watchdog sets up interim management team at oil firm Oando – statement

By: Reuters 3rd June 2019 Nigeria's Securities and Exchange Commission (SEC) has set up an interim management team to oversee local oil company Oando, the financial watchdog said on Sunday. It said in a statement the team would conduct an extraordinary general meeting on or before July 1 to appoint new directors. →

Aspen Pharmacare completes divestment of nutritionals business to Lactalis

By: African News Agency 3rd June 2019 Drugs company Aspen Pharmacare said on Monday it had completed the divestment of its nutritionals business to the Lactalis Group for €740-million on May 31. "The estimated net cash inflows from the transaction, after payment of transaction related taxes, the buy-out of minority shareholders and... →

LafargeHolcim shareholders opt for 73% payout in new shares

By: Reuters 3rd June 2019 LafargeHolcim on Monday said nearly three quarters of its payout for 2018 will be made in newly created shares. Some 72.98% of the 2018 dividend will be made in new stock and the rest in cash, the Swiss company said after shareholders' period to exercise the rights expired on May 31. →

SAA's Jarana quits over lack of State support

By: Bloomberg 3rd June 2019 South African Airways (SAA) CEO Vuyani Jarana quit the financially stricken State-owned company, citing a lack of funding and drop in government support for the carrier’s turnaround plan. The former Vodacom Group executive was brought in about 18 months ago to lead a recovery at the airline,... →

Photo by Reuters
Vuyani Jarana

IHHA conference to ‘better equip’ Transnet to take advantage of global knowledge, technology

By: Simone Liedtke 31st May 2019 As it keeps the Fourth Industrial Revolution (4IR) in mind, Transnet Freight Rail (TFR) is hopeful that the upcoming International Heavy Haul Association (IHHA) conference will provide the State-owned entity with an opportunity to not just showcase South African capabilities and potential to the... →

TIPS Forum discusses how 4IR is helping efficiency, environment

By: Marleny Arnoldi 31st May 2019 Industrialisation leads to socioeconomic growth, often at a cost to the environment in the form of emissions and pollution, and, therefore, the Fourth Industrial Revolution (4IR) presents a promising opportunity for sustainable development. Speaking at the Trade and Industry Policy Strategies... →

Photo by Creamer Media's Dylan Slater
TIPS researcher Bhavna Deonarain

‘Blanket deviation’ does not exempt 1 MW to 10 MW projects from licensing process – Nersa

By: Terence Creamer 31st May 2019 The National Energy Regulator of South Africa (Nersa) is ready to consider licence applications for small-scale embedded generator (SSEG) plants between 1 MW and 10 MW in line with the “blanket deviation” from the Integrated Resources Plan (IRP) provided by former Energy Minister Jeff Radebe in a... →

Tongaat’s shares fall as it announces plans to restate 2018 financial statements

By: Tasneem Bulbulia 31st May 2019 JSE-listed Tongaat Hulett's share price on the JSE fell by nearly 10% on Friday afternoon after it announced that it would have to restate its financial statements for the financial year ended March 31, 2018, as a strategic and financial review had revealed “past practices which are of... →

Consortium appointed to manage climate resilience fund

By: Tasneem Bulbulia 31st May 2019 A consortium of Dutch nongovernmental organisations and financiers has been awarded the tender to manage the €160-million Dutch Fund for Climate and Development (DFCD), which aims to help developing countries build climate resilient economies. The consortium comprises Dutch development bank FMO,... →

Independent power producer association hails Mantashe's appointment

By: Martin Creamer 31st May 2019 The appointment of Gwede Mantashe as the Minister of Mineral Resources and Energy has been welcomed by the South African Independent Power Producer Association (SAIPPA), which described as “massive” the challenges he, Deputy Mineral Resources and Energy Minister Bavelile Hlongwa and the rest of... →

Comair buys aircraft leasing, maintenance companies

By: Rebecca Campbell 31st May 2019 South African private-sector airline group Comair announced on Friday, via a Stock Exchange News Service release at the Johannesburg Stock Exchange, that it was acquiring the “shares and claims” of Star Air Maintenance (Proprietary) Limited ((Pty) Ltd) and Star Air Cargo (Pty) Ltd. The deal... →

Photo by Duane Daws/Creamer Media
A Boeing 737-800 of Kulula

Department of Transport congratulates Mbalula and Magadzi on ministerial appointments

By: African News Agency 31st May 2019 The National Department of Transport on Friday congratulated Fikile Mbalula on his appointment as Minister of Transport and Dikeledi Magadzi as Deputy Minister. The appointments of Mbalula and Magadzi were announced by President Cyril Ramaphosa Wednesday night. The department's spokesperson said... →

Transport Minister Fikile Mbalula

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