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TNPA to add container capacity at Durban harbour as it puts dig-out port on hold

By: Terence Creamer     Updated 46 minutes ago Having pulled back from any immediate development of the so-called Durban Dig-Out Port (DDOP), Transnet National Ports Authority (TNPA) is moving ahead with two more modest projects to expand the container capacity at the Port of Durban. Transnet CEO Siyabonga Gama has indicated that the DDOP is... 

TNPA to add container capacity at Durban harbour as it puts dig-out port on hold

South Africa needs to increase value-added exports – Davies

By: Natasha Odendaal     Updated 2 hours 29 minutes ago Amid growing global economic uncertainty and volatility, it has become ever more imperative for South Africa to industrialise, diversify and break its dependence on exporting its raw resources. Even if the country faced a better economic climate, there was an urgent need to deal with the... 

South Africa needs to increase value-added exports – Davies
Photo by Duane Daws
Trade and Industry Minister Dr Rob Davies

Automotive sector part of South Africa’s manufacturing success story – Davies

By: Natasha Odendaal     Updated 23 minutes ago South Africa’s automotive sector is a success story in an embattled manufacturing industry. Trade and Industry Minister Dr Rob Davies on Tuesday credited the success of the sector, in part, to the country’s long-term policy certainty and incentives developed under the Industrial Policy Action... 

Liquid Telecom, Royal Bafokeng Holdings to buy Neotel in R6.55bn deal

By: Creamer Media Reporter      Updated 6 hours ago Pan-African telecommunications group Liquid Telecom and South African empowerment investment group Royal Bafokeng Holdings (RBH) will acquire South African communications network operator Neotel for R6.55-billion. Liquid Telecom has entered into an agreement with Neotel’s parent company Tata... 

Liquid Telecom, Royal Bafokeng Holdings to buy Neotel in R6.55bn deal

Investment from China on the rise in Africa, despite growth wobble

By: Irma Venter     Updated 3 hours ago Despite talk that the Chinese economy was in trouble and that China’s investment in Africa had subsided, investment by Chinese companies in Africa was, in fact, on the rise. China had indeed seen its economy slow down from 9% growth to 6% or 7%, but it was “still robust by any account”, said... 

Rand recovers after two days of Brexit volatility

By: Reuters     Updated 5 hours ago South Africa's rand recovered its footing against the dollar on Tuesday after two days of volatile trading spurred by Britain's decision to leave the European Union. The stock market also got off to a firm start at 0700 GMT, with the Top-40 index adding 1.3%, while the All-share index was up 1%. 

Johannesburg among top cities for women entrepreneurs

By: News24Wire      Updated 7 hours ago Johannesburg is among the top 25 cities in the world which fosters high potential women entrepreneurs, according to the latest 2016 Women Entrepreneur Cities Index (WE Cities). The index looks at a city’s ability to attract and foster growth in firms founded by women entrepreneurs. The findings... 

Fastjet investors block attempt to remove chairperson

By: Reuters     Updated 5 hours ago Fastjet investors voted to retain chairperson Colin Child, defeating a move by the African budget carrier's second-largest shareholder to force out a second top executive within three months. The airline's London-listed shares fell to a record low after the company said it would have to raise... 

China threatens WTO case over US steel duties

By: Reuters     Updated 5 hours ago China could file suit at the World Trade Organization in order to protect its steel industry, the Commerce Ministry said on Tuesday, after the United States said some steel imports from China were hitting US producers. The US International Trade Commission said on Friday that imports of... 

Volkswagen's US diesel emissions settlement to cost $15bn – source

By: Reuters     Updated 5 hours ago Volkswagen AG's settlement with nearly 500 000 US diesel owners and government regulators over polluting vehicles is valued at more than $15-billion cash, two sources briefed on the matter said on Monday. The settlement, to be announced on Tuesday in Washington, includes $10.03-billion to offer... 

Zimbabwe loses half its daily power supply after technical hitch

By: Reuters     Updated 4 hours ago Zimbabwe lost half of its daily power supply on Tuesday after a technical hitch, the State power company said, disrupting business in an economy struggling to overcome a commodities downturn and severe drought. The power firm said a total of 800 MW of electricity was lost due to the fault on its... 

Creamer Media publishes Real Economy Insight 2016: Water report

     27th June 2016 This eight-page brief is a synopsis of key developments in South Africa’s water sector over the past 12 months. It provides details on South Africa’s water crisis, government planning and regulation, infrastructure, water supply, as well as prospects for the sector. 

Creamer Media publishes Real Economy Insight 2016: Water report

Transnet Engineering hands over passenger coaches to Botswana Railways

By: Samantha Herbst     27th June 2016 The engineering unit of State-owned freight logistics group Transnet on Monday released the last batch of passenger coaches to Botswana Railways at a handing-over ceremony in Salt River, Cape Town. This followed the initial staggered delivery of 22 coaches to the Botswana utility this year, which... 

Transnet Engineering hands over passenger coaches to Botswana Railways

Renewable-energy costs rapidly decreasing – SolarReserve

By: Anine Kilian     27th June 2016 Concentrated solar power (CSP) plants with storage systems are expected to result in lower installation costs as global deployment accelerates. Proposed projects for future development were already seeing a 30% reduction in capital costs, utility-scale solar power project developer SolarReserve... 

Creditors to receive Highveld business rescue update on July 11

By: Terence Creamer     27th June 2016 The business rescue practitioners at Highveld Steel and Vanadium will hold a meeting in early July to update creditors and shareholders of the progress being made regarding the sale of assets, following the failure of an earlier proposal to sell the business as a going concern. The meeting will... 

Creditors to receive Highveld business rescue update on July 11

Vandalised assets costing PRASA millions, raises concern over risk to new rolling stock

By: Natasha Odendaal     27th June 2016 The Passenger Rail Agency of South Africa (PRASA) on Monday said extensive, ongoing incidences of vandalism against, and theft of, its assets had severely impacted on services, threatened safety and cost the operator some R331-million it could ill afford to lose. The ongoing incidents of... 

Vandalised assets costing PRASA millions, raises concern over risk to new rolling stock
Photo by Duane Daws
PRASA acting CEO Nathi Khena

Call for investigation into alleged procurement irregularities at Eskom

By: Sane Dhlamini     27th June 2016 Nonprofit organisation Corruption Watch last week issued an urgent request to the National Treasury to investigate the manner in which State-owned power utility Eskom managed its contracts with existing suppliers and its general adherence to supply chain processes, including its vetting... 

Call for investigation into alleged procurement irregularities at Eskom
Photo by Duane Daws
Corruption Watch Director, David Lewis

Treasury says Zuma should pay R7.8m for upgrades to Nkandla

By: Reuters     27th June 2016 National Treasury has found that President Jacob Zuma should pay R7.8 million for non-security upgrades to his private Nkandla home, a local talk radio station eported on Monday. The top court in Africa's most industrialised country in March ordered Zuma to pay back some of the R246-million of... 

Treasury says Zuma should pay R7.8m for upgrades to Nkandla
Photo by Duane Daws
President Jacob Zuma

Metair acquires 25% of East African battery and solar power group

By: Irma Venter     27th June 2016 Manufacturer, distributor and retailer of energy storage solutions and automotive components, Metair, announced on Monday that it had acquired 25% of Kenya-based Associated Battery Manufacturers East Africa (Abmeal), and its subsidiaries, at a price tag of $7.3-million. “This transaction ticked... 

Metair acquires 25% of East African battery and solar power group

First new PRASA trains to enter service in Pretoria in October

By: Irma Venter     27th June 2016 The first new passenger trains to be delivered according to a multibillionrand contact signed between Gibela and the Passenger Rail Agency of South Africa (PRASA), were set to enter service in October, said PRASA strategic asset development group executive Piet Sebola on Monday. Speaking at a... 

First new PRASA trains to enter service in Pretoria in October
Photo by Duane Daws
PRASA strategic asset development group executive Piet Sebola

South African CEOs bullish about future, but aware of challenges

By: Natasha Odendaal     27th June 2016 South African CEOs are relatively bullish about future prospects; however, local leaders shared a level of concern over various challenges, advisory firm KPMG’s latest Global CEO Outlook showed. Although confident of growth in their industries and companies over the next year, local CEOs’... 

Substantive mineral law issues still far from resolved – Herbert Smith Freehills 

By: Martin Creamer     27th June 2016 The content and the implications of the Minerals and Petroleum Resources Development Act (MPRDA) Amendment Bill are extraordinarily complicated. Three issues, which embody the most significant negative implications for the mining industry and South Africa, have been delaying the finalisation of... 

Transnet pares back capex as commodity slump impacts demand 

By: Terence Creamer     27th June 2016 State-owned freight logistics group Transnet has pared back its 2016/17 capital expenditure (capex) plan in line with its strategy of “validating” demand ahead of moving ahead with major investments. The rail, ports and pipelines utility expects to invest around R22.8-billion during the 2017... 

Huge Brexit bonanzas for AngloGold, Gold Fields – Moody’s

By: Martin Creamer     27th June 2016 As a result of Britain deciding to exit the European Union, two South African gold mining companies are heading for huge free cash bonanzas, ratings agency Moody’s said on Monday. AngloGold Ashanti is set to generate an additional $120-million in free cash flow in the second half of 2016 and Gold... 

Huge Brexit bonanzas for AngloGold, Gold Fields – Moody’s
Photo by Duane Daws
AngloGold Ashanti CEO Srinivasan Venkatakrishnan (Venkat)

Eskom tackles recurring localised power outages

By: Natasha Odendaal     27th June 2016 With several recurring power outages, particularly across Gauteng in recent months, State-owned power utility Eskom is taking a three-pronged approach to recover, stabilise and improve the performance of the electricity distribution network. Illegal connections causing overloading, cable theft,... 

Accelerate rides out economic pressures, reports 9.1% distribution growth

By: Natasha Odendaal     27th June 2016 JSE-listed real estate investment trust (Reit) Accelerate Property Fund has delivered 9.1% year-on-year distribution growth to 53.67c a share for the year ended March 31. The strong 2016 financial year-end results achieved by the company also included 24% growth in the value of Accelerate’s... 

Accelerate rides out economic pressures, reports 9.1% distribution growth
Accelerate COO Andrew Costa

PPC enters into standby underwriting agreement in support of R4bn rights offer

By: Creamer Media Reporter      27th June 2016 The share price of JSE-listed cement producer PPC rose by 8.9% on Monday morning after the company announced that it had entered into a standby underwriting agreement to support its proposed R4-billion rights offer. PPC had appointed a syndicate of banks, including Standard Bank South Africa,... 

PPC enters into standby underwriting agreement in support of R4bn rights offer
Photo by Duane Daws
PPC CEO Darryll Castle

Panama opens canal extension amid growth risks, cost battle

By: Reuters     27th June 2016 Panama opened the long-delayed $5.4-billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping industry and a heated battle over billions in cost overruns. At 07:50 (12:50 GMT), the Chinese container ship "Cosco Shipping Panama"... 

Volatile rand dives over Brexit as Fed silver lining emerges

By: News24Wire      27th June 2016 The rand remained the worst performing emerging market currency on Monday, but an analyst said there is a silver lining for the local unit. It continued to show its volatile nature on Monday, after losses against the dollar swung between 2% and 8.5% on Friday. 

Volatile rand dives over Brexit as Fed silver lining emerges

Businesses are experiencing uncertainty – Gordhan

By: News24Wire      27th June 2016 Finance Minister Pravin Gordhan said following the result of the Brexit referendum, in which 52% of Britons voted to leave the European Union, developing countries, including South Africa, were experiencing volatility in business. In an interview with Power FM on Sunday, Gordhan said the jumping... 

Businesses are experiencing uncertainty – Gordhan
Photo by Duane Daws
Finance Minister Pravin Gordhan

Will Brexit break up the African Union? 

By: News24Wire      27th June 2016 African Union Commission chairperson Nkosazana Dlamini-Zuma’s Twitter timeline was quiet on Friday morning, even as #Brexit was trending. The African Union, too, did not immediately issue a statement. 

Will Brexit break up the African Union?
African Union Commission chairperson Nkosazana Dlamini Zuma

South Africa has lost respect in Africa – Mbeki

By: News24Wire      27th June 2016 Former President Thabo Mbeki said South Africa has lost the respect of countries, both in Africa and globally,  which had invested in its success. Speaking in Johannesburg on Friday night at the launch of The Thabo Mbeki I Know , a book written by various contributors about him, Mbeki said it... 

South Africa has lost respect in Africa – Mbeki
Photo by Duane Daws
Former President Thabo Mbeki

Big ‘focus’ on ensuring rail OEMs meet local-content commitments 

By: Terence Creamer     24th June 2016 A senior Department of Trade and Industry (DTI) official “promised” on Friday that the department was giving focused attention to ensuring that the local-content targets associated with Transnet’s R50-billion locomotive procurement programme were met. Chief director for industrial procurement Dr... 

Big ‘focus’ on ensuring rail OEMs meet local-content commitments

Brexit deals 'resilient' South Africa a new complication  

By: Natasha Odendaal     24th June 2016 As the UK’s decision to withdraw from the European Union (EU) this week sent ripples of uncertainty and volatility across an already unsteady global economy, South Africa’s Finance Minister Pravin Gordhan has moved to assure the public of the country’s strong trade ties and resilience. However,... 

‘Staggering’ uncertainty driving gold – World Gold Council

By: Martin Creamer     24th June 2016 With Britain voting to exit the European Union, the World Gold Council expects to see strong and sustained inflows into the gold market driven by the "staggering" level of protracted uncertainty that investors now face. The council said on Friday that gold’s surge to $1 313.85/oz was providing... 

‘Staggering’ uncertainty driving gold – World Gold Council

Gauteng endorses creation of single provincial transport authority

By: Anine Kilian     24th June 2016 Gauteng Premier David Makhura on Friday signed a declaration with mayors in the Gauteng City Region (GCR) endorsing the establishment of a single transport authority for the GCR. Makhura said the signing of the declaration was an important step taken by government towards ensuring that all... 

Portfolio committee chair questions DTI’s exclusion from ‘steel committee’

By: Terence Creamer     24th June 2016 The Portfolio Committee on Trade and Industry has raised serious concern about the exclusion of the Department of Trade and Industry (DTI) as a direct participant in so-called ‘steel committee’ set up to monitor interventions made to shore up the domestic primary steel industry, which is under... 

Portfolio committee chair questions DTI’s exclusion from ‘steel committee’

Worldsteel head sees no massive impact from Brexit in EU for now

By: Reuters     24th June 2016 Britain's decision to leave the European Union will not immediately have a strong effect on the European steel industry, the chairman of the World Steel Association said on Friday. "There is no massive direct impact to be expected for the European steel industry in the short term," Wolfgang Eder,... 

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