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Nersa committee recommends that RCA judgment be appealed

By: Terence Creamer     24th August 2016 The National Energy Regulator of South Africa’s (Nersa’s) electricity subcommittee will recommend that the Energy Regulator, which meets on Thursday, appeal the recent High Court judgment setting arise its Regulatory Clearing Account (RCA) determination, which enabled Eskom to increase its tariff... 

Nersa committee recommends that RCA judgment be appealed
Photo by Duane Daws
Nersa’s Thembani Bukula

I am under no legal obligation to present myself to Hawks – Gordhan

     24th August 2016 I confirm that on 22 August 2016, my attorneys received a letter from the Directorate for Priority Crime Investigations (“the HAWKS”) requesting that I present myself at their offices on 25 August 2016, at 14h00 in order that a warning statement may be obtained from me. The letter from the HAWKS... 

I am under no legal obligation to present myself to Hawks – Gordhan
Photo by Duane Daws
Finance Minister Pravin Gordhan

BLSA, Basa warn of negative consequences surrounding Hawks' action against Gordhan

By: Natasha Odendaal     24th August 2016 The confidence of investors in South Africa, which has been steadily recovering on the back of joint action by government, business and labour in recent months, is now in jeopardy, says Business Leadership South Africa (BLSA). This follows media reports that the South African priority crimes... 

BLSA, Basa warn of negative consequences surrounding Hawks' action against Gordhan
Photo by Duane Daws
Finance Minister Pravin Gordhan

Eskom, Outa at odds over nuclear-site licensing notices

By: Creamer Media Reporter      24th August 2016 Eskom insists it has complied with the National Nuclear Regulator’s (NNR’s) prescribed processes in its application for Nuclear Installation Site Licences (NISL) at Thyspunt, in the Eastern Cape, and Duynefontein, in the Western Cape. However, a civil society campaigner, Organisation Undoing Tax... 

Eskom, Outa at odds over nuclear-site licensing notices
Photo by Duane Daws
One of the proposed sites, Duynefontein, is near to the existing Koeberg plant

M&R to sell building, manufacturing units to focus on global resources

By: Terence Creamer     24th August 2016 Construction and engineering group Murray & Roberts (M&R) has announced its intention to sell its infrastructure and building units, as well as manufacturing business Genrec as part of ongoing moves to focus on the global natural resources markets of oil and gas, metals and minerals and power and... 

M&R to sell building, manufacturing units to focus on global resources
Photo by Duane Daws
M&R CEO Henry Laas

eHomeAffairs portal now available to all South African citizens

By: Anine Kilian     24th August 2016 The Department of Home Affairs (DHA) has officially opened its eHomeAffairs portal to the public at large, enabling all South African citizens to apply for their Smart ID cards and passports online. DHA initially launched the portal in April, inviting citizens between the ages of 30 and 35 to be... 

Tenderpreneurship the root of South Africa’s economic problems – Madonsela

By: Megan van Wyngaardt     24th August 2016 Tenderpreneurship is one of the biggest contributors to corruption and unemployment in South Africa, as it encourages businesspersons to be corrupt, outgoing Public Protector Advocate Thuli Madonsela said on Wednesday. She outlined to delegates attending the twenty-ninth yearly Labour Law... 

Tenderpreneurship the root of South Africa’s economic problems – Madonsela
Photo by Duane Daws
Outgoing Public Protector Thuli Madonsela

Labour reforms needed to bolster employment – Kganyago

By: Megan van Wyngaardt     24th August 2016 Removing unusually high barriers to entry for new business, while lowering costs in network industries such as telecommunications, energy and transport, will counter strong wage, salary and price pressures. This would, in turn, add to growth in employment and the economy, Reserve Bank Governor... 

Fuso imports second truck from India, looks toward imminent local assembly

By: Irma Venter     24th August 2016 Fuso Trucks Southern Africa (FTSA), a division of Daimler Trucks & Buses Southern Africa (DTBSA), has launched its second made-in-India truck in South Africa. The Fuso FJ 16-230 follows in the footsteps of the FA 9-137, introduced last year. 

Fuso imports second truck from India, looks toward imminent local assembly
The Fuso FJ 16-230

Denel Asia confirmed as Denel Group looks to the East for markets

By: Keith Campbell     24th August 2016 Denel acting CFO Odwa Mhlwana has confirmed that the creation of Denel Asia, a joint venture with South African private-sector company VR Laser, has been approved by the relevant governmental authorities. Furthermore, they have agreed that nothing wrong was done in setting up the company, which... 

Denel Asia confirmed as Denel Group looks to the East for markets
Photo by Duane Daws/Creamer Media
A G6 155 mm self-propelled gun on display outside the Denel corporate office

Denel optimistic about its regional aircraft project

By: Keith Campbell     24th August 2016 The Denel Group, South Africa’s State-owned defence and aerospace business, is upbeat on the future of its Small African Regional Aircraft (Sara) project. “We have progressed well on the Small African Regional Aircraft concept, and have developed a full-scale mock-up as part of the R&D [research... 

Denel optimistic about its regional aircraft project
Photo by Duane Daws/Creamer Media
A model of the Denel Sara

Blue Label delivers double-digit FY growth

By: Natasha Odendaal     24th August 2016 JSE-listed Blue Label Telecoms on Wednesday posted double-digit increases across the board in the 12 months to May 31, mostly on the back of organic growth. Headline and core headline earnings a share increased 22% to 100.35c and 21% to 102.85c respectively, while earnings a share rose 20% to... 

Blue Label delivers double-digit FY growth
Blue Label joint CEOs Mark and Brett Levy

Outa, SAA whistleblower claim victory over SAA

By: Sane Dhlamini     24th August 2016 State-owned South African Airways (SAA) on Monday agreed to hold suspended SAA group treasurer Cynthia Stimpel’s disciplinary hearing at the Commission for Conciliation, Mediation and Arbitration (CCMA) following her defensive challenge in the Labour Court. The matter will be heard by an... 

Outa, SAA whistleblower claim victory over SAA

Gauteng government receives clean bill of health from Auditor General

By: African News Agency      24th August 2016 All 12 Gauteng provincial departments and public entities have received clean audit status for the 2015/16 financial year, a first for the province in 13 years, provincial Premier David Makhura said on Wednesday. Makhura was speaking during a release of the audit outcomes of the provincial... 

Gauteng government receives clean bill of health from Auditor General
Photo by Duane Daws
Gauteng Premier David Makhura

Bidcorp achieves FY profit increase

By: Anine Kilian     24th August 2016 JSE-listed Bidcorp reported a 32.5% year-on-year increase in its headline earnings a share to R10.80, while basic earnings a share increased by 26.1% year-on-year to R10.34 for the year ended June 30. The company, which was spun out of Bidvest and listed on the JSE in May, announced a 20.8%... 

ARB posts FY earnings increases

By: Natasha Odendaal     24th August 2016 JSE-listed ARB Holdings achieved higher earnings for the year ended June 30, ending the period with a declaration of a special dividend to return excess cash to shareholders. The investment and property holding company on Wednesday announced a year-end dividend of 23.1c a share, along with a... 

Tesla touts speed and driving range with new upgraded battery

By: Reuters     24th August 2016 Tesla Motors crowned itself the maker of the world's fastest production car on Tuesday, saying a new version of its Model S all-electric sedan can accelerate from 0 to 60 miles an hour in just two-and-a-half seconds. Tesla CE Elon Musk said the company will offer a larger upgraded battery pack... 

Tightening supply should bode well for commodity prices – Glencore

By: Martin Creamer     24th August 2016 Diversified mining and marketing company Glencore, now with a significantly reduced debt profile, is producing its key commodities at exceptionally low operational cost, exemplified by the unit cost of the zinc it produced in the six months to June 30 coming in at the negative unit cost figure of... 

Tightening supply should bode well for commodity prices – Glencore
Photo by Bloomberg
Glencore CEO Ivan Glasenberg

Denel on a ‘sustainable growth trajectory’ 

     24th August 2016 Creamer Media’s Samantha Herbst talks to Engineering News journalist Keith Campbell about defence industrial group Denel’s annual results. 

Denel on a ‘sustainable growth trajectory’

South African assets sink after police summon Finance Minister

By: Reuters     24th August 2016 South African assets slumped on Wednesday a day after an elite police unit summoned Finance Minister Pravin Gordhan over an investigation into a suspected rogue unit of the tax service, fuelling speculation that there was a plot to oust him. Gordhan and other former officials at the South African... 

South African assets sink after police summon Finance Minister
Photo by Duane Daws
Finance Minister Pravin Gordhan

Govt sheds light on Zuma's role as head of SOCs

By: News24Wire      24th August 2016 The government clarified President Jacob Zuma’s role in the leadership of state owned companies (SOCs) on Tuesday, amid allegations of state capture where the Guptas use their friendship with Zuma as a way of winning contracts in the critical sector. The Guptas have been central figures in the... 

Govt sheds light on Zuma's role as head of SOCs
Photo by Duane Daws
President Jacob Zuma

Govt, AMSA reach accord on steel price basket

By: Kim Cloete     23rd August 2016 Steel producer ArcelorMittal South Africa (AMSA) and government have agreed to remove import parity pricing with immediate effect in a bid to boost South Africa’s steel industry. The local price for flat steel products will be based on an import-weighted basket. 

Govt, AMSA reach accord on steel price basket

Cracker ‘fundamentals intact’ despite cost rise to worst-case $11bn

By: Terence Creamer     23rd August 2016 Sasol joint CEO Stephen Cornell insists that the “fundamentals” of the Lake Charles Chemical Project (LCCP), in the US state of Louisiana, remain intact despite confirmation that the project’s costs have increased to the ‘worst case’ projection of $11-billion, from an initial forecast of... 

Cracker ‘fundamentals intact’ despite cost rise to worst-case $11bn
Photo by Duane Daws
Sasol joint CEO Stephen Cornell

TNPA to launch marine training centre in Cape Town

By: Megan van Wyngaardt     23rd August 2016 As part of government’s Operation Phakisa programme aimed at fast-tracking economic growth in the oceans economy, the Transnet National Ports Authority (TNPA) is creating a marine training centre at the port of Cape Town for skills development and job creation. The new facility will be located at... 

South Africa not surrendering its steel industry, says Davies

By: Kim Cloete     23rd August 2016 South Africa’s steel industry is facing some serious challenges, brought on by a global steel glut of 44-million tons a year, but it is vital for the country to do everything possible to maintain a sustainable, competitive steel industry as it is of strategic importance to the country, says Trade... 

South Africa not surrendering its steel industry, says Davies
Photo by Duane Daws
Trade and Industry Minister Dr Rob Davies

Liberty eyes year-end listing on JSE for property portfolio

By: Creamer Media Reporter      23rd August 2016 Financial services company Liberty Holdings plans to list part of its property portfolio as a real estate investment trust (Reit) to be called Liberty Two Degrees, with an expected net asset value of R10-billion, on the Johannesburg bourse by the end of the year. The listing of Liberty’s property... 

Imperial FY profits steady as restructured group enters new era

By: Natasha Odendaal     23rd August 2016 JSE-listed Imperial Holdings has held its profits steady and generated record revenue in the year to June 30, in an environment under pressure, while preparing to kick off the new financial year with a restructured group to ride out the sombre economic environment. The group is hoping to break... 

Transpaco headline earnings up 38%

By: Anine Kilian     23rd August 2016 Despite challenging economic conditions, JSE-listed packaging manufacturer Transpaco saw double-digit growth for the year ended June 30, with headline earnings up 38% to R108.4-million. Headline earnings a share grew 36% to 330 c, up from 243.3 c during the same period last year. 

Denel continues to deliver improving results

By: Keith Campbell     23rd August 2016 South African State-owned defence industrial group Denel on Tuesday unveiled significantly improved annual results. Revenues in the financial year 2015/2016 jumped by 41% to R8.228-billion. Net profit increased by R125-million in comparison to the previous financial year, to R395-million.... 

Denel continues to deliver improving results
Photo by Duane Daws/Creamer Media
Zwelakhe Ntshepe

Ingula’s second unit in operation 

By: Megan van Wyngaardt     23rd August 2016 The second unit at State-owned electricity provider Eskom’s Ingula pumped storage scheme has entered into commercial operation. The second unit has been contributing 333 MW to the national power grid since May, while in a testing phase. 

Entrepreneurs pursuing gold dump projects, ‘pennyweight’ opportunities at depth 

By: Martin Creamer     23rd August 2016 Fresh from developing seven superb gold projects in Africa, mining project company DRA is excited about new gold project opportunities opening up in South Africa, where its sees much potential in gold tailings retreatment and also in underground gold deposits that are still rated in the... 

DRA global executive process Glenn Bezuidenhout outlines gold project potential to Mining Weekly’s Martin Creamer. Photographs: Duane Daws. Video: Nicholas Boyd.

Sugar tax ‘unfair and regressive’ – BevSA 

By: Anine Kilian     23rd August 2016 The Beverages Association of South Africa (BevSA) believes that the proposed 20% tax on sugar sweetened beverages (SSBs) could trigger between 62 000 and 72 000 job losses, hurting the South African economy and exacerbating the broader fiscal and societal costs associated with unemployment.... 

Sugar tax ‘unfair and regressive’ – BevSA

Basil Read intensifies focus on integrated housing development to strengthen order book

By: Megan van Wyngaardt     23rd August 2016 Construction company Basil Read will be focusing in particular on the integrated housing development sector to drive future growth and strengthen its order book, as this “is a real opportunity for South Africa”. Speaking to Engineering News Online on Tuesday, CEO Neville Nicolau highlighted that... 

Kganyago: SARB ‘open’ to blockchain technology

By: News24Wire      23rd August 2016 South African Reserve Bank (SARB) Governor Lesetja Kganyago has expressed openness to blockchain technologies which underlie cryptocurrencies like bitcoin. Blockchain technology acts as a digital distributed ledger to confirm batches of transactions for the likes of bitcoin and other... 

UK court says SABMiller shareholders can be split into two classes

By: Reuters     23rd August 2016 SABMiller shareholders can be treated as two separate groups when they vote on the brewer's £79-billion ($103-billion) takeover by Anheuser Busch InBev, a court in London ruled on Tuesday, granting a request from SAB aimed at making the vote as fair as possible. The marriage of the world's... 

‘Transformational’ deal to change Aveng Grinaker-LTA’s look-and-feel, not tick BEE boxes 

By: Terence Creamer     23rd August 2016 South African construction and engineering group Aveng expects to conclude an empowerment transaction within months to further transform its Aveng Grinaker-LTA business, which is on the cusp of moving into the black for the first time since 2011. CEO Kobus Verster believes the transaction to be... 

Aveng CEO Kobus Verster on the thinking behind a planned 'transformational' deal involving Aveng Grinaker-LTA. Camera Work: Nicholas Boyd. Editing: Lionel da Silva. Recorded: 23.8.2016

VW, suppliers settle dispute after marathon talks

By: Reuters     23rd August 2016 Volkswagen and two of its parts suppliers on Tuesday resolved a contract dispute that had hit output at more than half of the carmaker's German plants and threatened to undermine its recovery from a diesel emissions scandal. After more than 20 hours of negotiations that went on through the night,... 

Oil price drop helps rand get over early week blues

By: News24Wire      23rd August 2016 While the rand’s early week blues are over, it is still a matter of wait-and-see until Friday, when the US Federal Reserve will announce an interest rate decision. That is according to RMB analyst John Cairns on Tuesday, as the rand strengthened 0.2% to R13.47 by 08:30, an improved performance... 

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