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State Companies News

Economy facing major challenges – Zuma

By: Sane Dhlamini     18th October 2016 South African President Jacob Zuma said the country’s economy was facing major challenges despite 3.3% growth in the global economy. He was speaking at the Heads of Missions conference in Pretoria on Tuesday where he addressed South African diplomatic missions that represented the country abroad.  

DA files complaint over SAA results

By: African News Agency      17th October 2016 The Democratic Alliance (DA) has filed a complaint with the Independent Regulatory Board for Auditors (IRBA) against the auditors of South African Airways, DA deputy finance spokesperson Alf Lees said on Monday. Lees said the opposition was asking the IRBA to consider the failure on the part of... 

DA files complaint over SAA results

Wind body wants Nersa to fine Eskom for failing to comply with IPP policy 

By: Terence Creamer     17th October 2016 The South African Wind Energy Association (Sawea) has lodged an official complaint with the National Energy Regulator of South Africa (Nersa) over Eskom’s refusal to enter into power purchase agreements (PPAs) with preferred bidders selected under the country’s highly regarded Renewable Energy... 

South African Wind Energy Association CEO Johan van den Berg
South African Wind Energy Association CEO Johan van den Berg

Necsa receives first R1.7m in settlement of Russian fabrication contract

By: Samantha Herbst     11th October 2016 State-owned nuclear company the South African Nuclear Energy Corporation (Necsa) has been paid the first R1.7-million of a fabrication contract to manufacture nuclear reactor components for Russia. The first items fabricated at the Pelindaba site of Necsa, outside Pretoria, have been delivered to... 

Necsa CEO Phumzile Tshelane
Necsa CEO Phumzile Tshelane

Consultancy proposes ways to kick-start South Africa’s GDP growth

By: David Oliveira     7th October 2016 Five actionable plans would be key to help kick-start South Africa’s gross domestic product (GDP) growth – currently standing at below 1% – and address the country’s triple threat of unemployment, inequality and poverty, delegates heard at business consultancy IQ Business’s smartgrowth.co.za... 

South Africa’s economic woes largely self-inflicted – CDE

By: David Oliveira     7th October 2016 While the historical legacy of apartheid and the global economic slowdown have contributed to South Africa’s poor economic growth, Centre for Development and Enterprise (CDE) executive director Ann Bernstein stated that South Africa’s economic woes were predominantly owing to government’s policy... 

SA Express won’t table results after failing auditor’s test 

By: News24Wire      30th September 2016 Public Enterprises Minister Lynne Brown said she won’t table the SA Express annual report for the 2015/16 financial year by the deadline on Friday as the airline failed to satisfy the auditor general's solvency and liquidity test. In a letter to the Speaker of Parliament Baleka Mbete on Thursday,... 

Eskom’s role and outstanding generation plan key to nuclear RFP delay 

By: Terence Creamer     30th September 2016 The issue of Eskom’s role in the procurement process for South Africa’s nuclear new build programme is said to lie at the heart of Cabinet’s surprise decision to delay the release of the controversial nuclear request for proposals (RFP), which was due for dissemination on September 30. However,... 

Statue at Eskom's head office in Johannesburg
Photo by Duane Daws
Statue at Eskom's head office in Johannesburg

Airbus to assist with Rooivalk upgrade, as it reaffirms Africa commitment

By: Keith Campbell     30th September 2016 The Airbus Group (parent of Airbus, Airbus Defence and Space and Airbus Helicopters) is committed to help develop aeronautical industries in Africa, because it believes that this makes good business sense. For the Group, Africa is defined as sub-Saharan Africa plus Moroco (with Egypt, Libya,... 

PRASA owes suppliers and service providers R796m

By: African News Agency      28th September 2016 The Passenger Rail Service of South Africa (PRASA) owes Transnet and muncipalities some R796-million on accounts that have been outstanding for more than 30 days, and is not sure when it will be able to settle. This was according to a response from Transport Minister Dipuo Peters to Democratic... 

Brown: Unless economy in hands of majority, it's going nowhere

By: News24Wire      28th September 2016 The economy must be controlled by the black majority, said Public Enterprises Minister Lynne Brown. Brown spoke to media briefly following a closed meeting with the Black Business Council (BBC) in Sandton on Tuesday. 

Public Enterprises Minister Lynne Brown
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Work under way to localise bimodal road-rail cargo technology 

By: Terence Creamer     27th September 2016 A domestic homologation process has been initiated for an innovative American bimodal transport solution, which integrates long-distance rail with ‘first- and last-mile’ road legs to provide a door-to-door cargo service. The process began following the recent announcement that South African... 

The RailRunner units carry standard shipping containers
The RailRunner units carry standard shipping containers

Tender may be issued this year for further development of Constitution Hill

By: Terence Creamer     26th September 2016 The Gauteng Growth and Development Agency (GGDA) is hoping to release a request for proposals (RFP) before the end of 2016 for the further development of the Constitution Hill precinct, on the border of Hillbrow and Braamfontein, in Johannesburg. GGDA CEO Saki Zamxaka says various property... 

Tender may be issued this year for further development of Constitution Hill

Futuregrowth lifts Land Bank lending freeze

By: Terence Creamer     26th September 2016 The Land Bank announced on Monday that Futuregrowth Asset Management had, with immediate effect, lifted a lending suspension controversially imposed on the bank, as well as five other State-owned companies (SoCs), on August 31. Besides the Land Bank, Futuregrowth also froze any new lending to the... 

Land Bank CEO TP Nchocho
Land Bank CEO TP Nchocho

ACSA starts with new strategy while reporting good results

By: Keith Campbell     23rd September 2016 Airports Company South Africa (ACSA) has started to implement elements of its new operational strategy, says chairperson Skhumbuzo Macozoma. "It's very important to have sound corporate governance in a company like ACSA," he said at a briefing on Friday. "I'm happy to announce we've finalised a... 

ACSA CEO Bongani Maseko
Photo by Duane Daws
ACSA CEO Bongani Maseko

Commission’s ports probe to place spotlight on Transnet’s economic impact

By: Mia Breytenbach     23rd September 2016 State-owned logistics company Transnet, which owns all commercial ports in South Africa and is the sole operator of the country’s container and automotive terminals, has naturally had a major influence over port operations and terminal handling charges. However, that role and dominance has often... 

Commission’s ports probe to place spotlight on Transnet’s economic impact

BLSA outlines three urgent interventions for restoring confidence

By: Terence Creamer     22nd September 2016 Business Leadership South Africa (BLSA), which is an association of the biggest domestic and multinational businesses in the country, urged government on Thursday to take three urgent steps to demonstrate its commitment to delivering on its promise to support the economy and restore investor... 

BLSA president Saki Macozoma
Photo by Duane Daws
BLSA president Saki Macozoma

Treasury postpones implementation of tyre levy to Feb 2017

By: Megan van Wyngaardt     22nd September 2016 The National Treasury has postponed the implementation of the environmental tyre levy to February 1. The levy had been due for implementation on October 1. 

DBSA aims to ‘catalyse’ funding to poor munis as it sets R100bn funding goal

By: Terence Creamer     22nd September 2016 The Development Bank of Southern Africa (DBSA) disbursed a record R17.1-billion during its 2016 financial year, up from R13-billion in 2015, with disbursements to the country’s eight metropolitan councils (metros) surging to R7.5-billion from R3.7-billion. CEO Patrick Dlamini said a total of... 

Finance Minister Pravin Gordhan and DBSA CEO Patrick Dlamini
Photo by Duane Daws
Finance Minister Pravin Gordhan and DBSA CEO Patrick Dlamini

Launch of Osprey marks halfway point in TNPA’s R1.4bn tug-building contract 

By: Shirley le Guern     20th September 2016 The launch of the Transnet National Ports Authority’s (TNPA’s) Osprey tugboat in Durban harbour on Tuesday marked the halfway point in the port authority’s R1.4-billion tug-building contract. Southern African Shipyards CEO Prasheen Maharaj said at the launch that the Osprey was tangible proof... 

Launch of Osprey marks halfway point in TNPA’s R1.4bn tug-building contract

SAA’s losses for 2014/15 almost R1bn more than R4.7bn guarantee

By: News24Wire      20th September 2016 SAA’s losses for the 2014/15 financial year was R5.6-billion – close to R1-billion more than the expected amount of R4.7-billion. This emerged when the national carrier presented its 2014 to 2015 interim financial statements to parliament’s standing committee on finance on Tuesday. 

SAA’s losses for 2014/15 almost R1bn more than R4.7bn guarantee

R5bn SAA guarantee staved off risk for all SOEs – Jonas 

By: News24Wire      20th September 2016 If South African Airways had not received a R5-billion going concern guarantee, it would have posed a systemic risk to all state-owned enterprises (SOEs) in South Africa, Deputy Finance Minister Mcebisi Jonas said on Tuesday. Jonas, who made a few introductory remarks, was part of a delegation... 

R5bn SAA guarantee staved off risk for all SOEs – Jonas

Myeni to be grilled at parly finance meeting

By: African News Agency      19th September 2016 The Democratic Alliance will attempt to get to the bottom of the myriad issues plaguing South African Airways (SAA) at the scheduled appearance of the SAA board and executive before Parliament’s finance standing committee on Tuesday. The 2014/15 SAA annual financial statements tabled late on... 

Black business pioneer raises concern about IPP uncertainty

By: Terence Creamer     16th September 2016 One of South Africa’s pioneering black-owned companies, Thebe Investment Corporation, says it is critical that the prevailing uncertainty surrounding the future of independent power producers (IPPs) be urgently resolved, saying that the current “confusion is not appreciated” by it and other... 

Thebe executive chairperson Vusi Khanyile
Thebe executive chairperson Vusi Khanyile

PRASA deal's European 'BEE' partner, arms deal links

By: News24Wire      16th September 2016 A Swiss consulting firm, whose owner had been named in a corruption probe in Italy, may have received at least R4-million thanks to its bizarre BEE stake in PRASA's R51-billion tender for new passenger coaches. Last week, News24 revealed that JSE-listed technology firm EOH had paid R16.5-million... 

Transnet to sue Futuregrowth 

By: African News Agency      15th September 2016 Transnet CEO Siyabonga Gama revealed in Parliament on Wednesday that the South African parastatal intends to sue Futuregrowth Asset Management for damages. Briefing Parliament’s portfolio committee on public enterprises, Gama said Transnet had written to Futuregrowth demanding an apology for its... 

Transnet CEO Siyabonga Gama
Photo by Duane Daws
Transnet CEO Siyabonga Gama

Will nuclear tender ‘lock in’ bid price, energy expert asks 

By: Terence Creamer     14th September 2016 A leading energy academic, who is opposed to the imminent issuance of a nuclear tender in the absence of an updated generation plan, says he will be paying close attention to whether the request for proposals (RFP) is a “genuine competitive tender for a fixed-price contract”, or simply a process... 

Professor Anton Eberhard
Photo by Duane Daws
Professor Anton Eberhard

Gordhan confirms SAA losses as MPs demand Myeni’s head

By: African News Agency      14th September 2016 Finance Minister Pravin Gordhan on Tuesday confirmed that South African Airways (SAA) suffered losses of R4.7-billion in 2014/2015 and a further R1.8-billion in the past financial year. Gordhan did so when he closed a bitter debate in the National Assembly on SAA that was dominated by demands... 

Gordhan confirms SAA losses as MPs demand Myeni’s head

Gordhan met Gupta-owned Oakbay on banks 4 months ago 

By: News24Wire      9th September 2016 Finance Minister Pravin Gordhan admitted meeting with Oakbay Investments in May this year. In a parliamentary question posed by the Democratic Alliance’s (DA's) David Maynier, Gordhan said he had met with Nazeem Howa, CEO of Oakbay Investments on 24 May. He was accompanied by National Treasury... 

Finance Minister Pravin Gordhan
Finance Minister Pravin Gordhan

Swedish and SA defence groups create joint air-defence system from their products

By: Keith Campbell     9th September 2016 Swedish aerospace and defence group Saab revealed on Friday that it and South African Defence group Denel had cooperated to integrate the former's Giraffe radar with the latter's Umkhonto surface-to-air missile. "It's producing a system that's going to be very hard to beat," affirmed Saab country... 

Denel's Umkhonto surface-to-air missile
Denel's Umkhonto surface-to-air missile

Ramaphosa warns State ‘at war with itself’ undermines stability 

By: Terence Creamer     9th September 2016 Deputy President Cyril Ramaphosa stressed on Friday that government was deeply aware of the “disquiet” within society about the current divisions within government, which had created an impression of a State “at war against itself”. Addressing the twenty-first summit of the National Economic... 

Ramaphosa warns State ‘at war with itself’ undermines stability

SAA is in good hands – Dudu Myeni 

By: News24Wire      9th September 2016 Embattled chairperson of South African Airways (SAA) Dudu Myeni has assured South Africans that the national carrier is in good hands, expressing confidence in the new board that was announced last week to work alongside her. "I want to assure you that this airline is in the right hands: I have... 

SAA chairperson Dudu Myeni
SAA chairperson Dudu Myeni

SA space agency mulls future course in rapidly changing sector 

By: Keith Campbell     9th September 2016 Space science and technology is developing ever more rapidly. And this has consequences for South Africa and especially the South African National Space Agency (Sansa). “We’re living in exciting times, in terms of space,” highlighted the founder-CEO of Sansa, Dr Sandile Malinga. “There are many... 

SA space agency mulls future course in rapidly changing sector

Medupi Unit 5 synchronised to South African grid

By: Terence Creamer     8th September 2016 Public Enterprises Minister Lynne Brown confirmed on Thursday that the second 800 MW unit at the Medupi coal-fired power station project, in Limpopo, had been synchronised to the grid. She said in a statement that Unit 5 – one of six being built as part of the 4 800 MW project – would become... 

Medupi Unit 5 synchronised to South African grid

Gordhan makes no bones about SAA 

By: News24Wire      8th September 2016 Finance Minister Pravin Gordhan made no bones about South African Airways (SAA) during an interview by political analyst Justice Malala at the Open Book Festival in Cape Town on Thursday. To this Gordhan replied that some kind of continuity had to be created. 

Gordhan makes no bones about SAA

Meeting between Brown, Old Mutual and Futuregrowth postponed to Sept 13

By: Creamer Media Reporter      8th September 2016 The Department of Public Enterprises reported on Thursday that a meeting between Minister Lynne Brown and the CEOs of Old Mutual and Futuregrowth Asset Management, which had been scheduled for September 8, had been postponed until September 13. Brown, who is Shareholder Minister for Eskom and... 

Public Enterprises Minister Lynne Brown
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Investec says release of updated IRP could ease IPP frustration and uncertainty

By: Terence Creamer     7th September 2016 Banking group Investec, which has supported various renewable energy and peaking power projects in South Africa, including the Avon and Dedisa open cycle gas turbines that recently entered commercial operation, remains convinced that the country will continue with its independent power producer... 

The Avon peaking power plant
The Avon peaking power plant
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