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Inclusion of strategic partner in grid company ‘not privatisation’

By: Terence Creamer     Updated 58 minutes ago Finance Minister Tito Mboweni insists that the inclusion of a strategic equity partner in the national grid company to be formed in mid-2019 as a result of the unbundling of Eskom into three separate State-owned entities does not amount to privatisation. The proposal is, nevertheless, likely to... 

Inclusion of strategic partner in grid company ‘not privatisation’

Eskom bailout could reach R150bn over ten years

By: Reuters     Updated 2 hours 20 minutes ago A bailout for struggling South African state utility Eskom could reach as much as R150-billion over ten years, a senior National Treasury official told Reuters. The Treasury said on Wednesday that it would provide Eskom with R69-billion of financial support over three years. 

Eskom bailout could reach R150bn over ten years

Business Unity SA says Mboweni's budget is not bold enough

By: African News Agency      21st February 2019 Business Unity South Africa (Busa) said on Wednesday that it was disappointed at the lack of bold steps to contain government debt in the budget, saying that the budget lacked reforms to turn the tide on low economic growth. Busa president Sipho Pityana, in a statement, said finance minister Tito... 

Business Unity SA says Mboweni's budget is not bold enough
Busa President Sipho Pityana

Sugar tax will shrink the industry, says South African sugar association

By: African News Agency      Updated 6 hours ago The South African Sugar Association (SASA) said on Thursday it was disappointed by the announcement that there will be an increase in the Health Promotion Levy (HPL), commonly known as "sugar tax".             During his budget speech on Thursday, Finance Minister Tito Mboweni said government has... 

Intervention needed as chicken imports reach record high – poultry association

By: African News Agency      Updated 6 hours ago Chicken imports reached a new record high in 2018 which placed further pressure on the local market, according to the South African Poultry Association (SAPA). An imports' report drawn up by SAPA based on official SA Revenue Service statistics showed that imports in 2018 totalled 538 434 tons, an... 

ANC Gauteng calls for accelerated release of provincial land for student accommodation

By: News24Wire      Updated 6 hours ago The ANC in Gauteng says one of the ways that tackling the rising lack of student accommodation for higher education students can be fast-tracked is if the provincial government releases land and property it owns. This would be through a rapid land release programme, the subcommittee on education,... 

MTN says chief of Iranian associate to retire

By: Reuters     Updated 5 hours ago South African telecoms group MTN said the head of its Iranian associate MTN Irancell is to retire, to be replaced by an academic with expertise in the sector. MTN said Alireza Ghalambor Dezfouli, who had headed MTN Irancell since its 2005 inception, had been integral in building Irancell into the... 

Hydrologist strikes again: Dr Groenewald's unconventional methods of finding water in drought-stricken regions

By: News24Wire      Updated 6 hours ago Dr Gideon Groenewald has an unconventional way of finding water in drought-stricken regions. But while the hydrologist, geologist and palaeontologist's methods may be somewhat unusual, they have resulted in more than 200 boreholes being drilled with 90% accuracy over eight months. Oom Gideon, as... 

Nigeria hits oil majors with billions in back taxes

By: Reuters     Updated 2 hours 17 minutes ago Nigeria has ordered foreign oil and gas companies to pay nearly $20-billion in taxes it says are owed to local states, industry and government sources said, in a move that could deter investment in Africa's largest economy. In a letter sent to the companies earlier this year via a debt-collection... 

Zambia, Zimbabwe shortlist foreign firms to build hydro plant

By: Reuters     Updated 5 hours ago Zambia and Zimbabwe have shortlisted American, European and Chinese companies to build the Batoka Gorge hydro power plant, the ministry of finance said in statement on Wednesday. Preparatory studies, including engineering feasibility, for the 2 400 MW power station will be completed by end of the... 

UG2 outperfoms as Sibanye-Stillwater positions for new world ­

By: Martin Creamer     Updated 20 minutes ago The soaring prices of rhodium and palladium have put new focus on the upper group two (UG2) reef, for long the poor cousin of Merensky reef in the hierarchy of platinum group metals (PGMs) mining. Merensky's predominant platinum content has made it the preferred reef for decades but UG2 is... 

UG2 outperfoms as Sibanye-Stillwater positions for new world ­
Photo by Creamer Media Chief Photographer Dylan Slater
Sibanye-Stillwater CEO Neal Froneman

Sasol appoints Ngonyama Capital as market maker for empowerment shares

By: Marleny Arnoldi     Updated 34 minutes ago Petrochemicals giant Sasol on Thursday announced the appointment of Ngonyama Capital to provide market making services for Sasol’s black economic empowerment ordinary (Solbe1) shares. Ngonyama’s appointment is expected to enhance the value proposition of Solbe1 shares and increase liquidity of... 

Treasury support for Eskom will come to R230bn over a decade – Mboweni

By: African News Agency      Updated 39 minutes ago National Treasury's cash injections to Eskom to the tune of R23-billion a year to help it cover its debt are likely to continue for a decade, Finance Minister Tito Mboweni told MPs on Thursday. "It will be for ten years, so R230-billion. I think in the book we put R69-billion," Mboweni said in a... 

Treasury support for Eskom will come to R230bn over a decade – Mboweni
Finance Minister Tito Mboweni

Numsa wants Gordhan fired over Eskom's power stations cost overruns

By: African News Agency      Updated 1 hour 20 minutes ago The National Union of Metalworkers of South Africa (Numsa) on Thursday called for minister of public enterprises Pravin Gordhan to be dismissed immediately for his alleged role in the cost overruns at struggling power utility Eskom. Last week, Gordhan said the two new multi-billion rand... 

Numsa wants Gordhan fired over Eskom's power stations cost overruns
Public Enterprises Minister Pravin Gordhan

There is no 'endless supply of cash' Mboweni tells Parliament

By: News24Wire      Updated 1 hour 52 minutes ago Finance Minister Tito Mboweni told MPs on Thursday there is "no endless supply of cash" in government, and the state has no printing press to magic new funds.  Following on from his maiden Budget speech on Wednesday, Mboweni told a joint sitting of various oversight committees that the biggest... 

There is no 'endless supply of cash' Mboweni tells Parliament
Photo by Reuters
Finance Minister Tito Mboweni

Shareholders petition Amsterdam court to launch inquiry into Steinhoff

By: African News Agency      Updated 2 hours 5 minutes ago Embattled retail giant Steinhoff International said on Thursday that it has received a petition by a group of shareholders for inquiry proceedings before the Enterprise Chamber of the Amsterdam Court of Appeal. "The petition includes a request to appoint an investigator as well as an additional... 

ACSA starts Western Precinct development at OR Tambo 

Updated 4 hours ago Airports Company South Africa has announced that construction of Phase 1 of its Western Precinct development will start later this month, with a target completion planned for March 2020. Marleny Arnoldi has the story. 

ACSA starts Western Precinct development at OR Tambo

Strike-hit but upbeat Sibanye confident of value uplift as precious metals shine

By: Martin Creamer     Updated 7 hours ago Precious metals company Sibanye-Stillwater expressed confidence on Thursday that the global precious metals surge would enable it to deliver value despite the prolonged strike challenge that the company is contending with. The company reported 8%-lower earnings before interest, taxes,... 

Strike-hit but upbeat Sibanye confident of value uplift as precious metals shine
Photo by Creamer Media
Sibanye-Stillwater CEO Neal Froneman

Africa still slow to take up EVs, energy storage solutions

By: Marleny Arnoldi     20th February 2019 Globally, there is a rise in the uptake of electric vehicles (EVs) and battery storage systems, especially in regions where there is a lack of constant, reliable energy supply or more economically feasible solutions, Electric Vehicle Industry Association representative Carel Snyman said during a... 

Industries and municipalities contribute to Vaal river pollution, SAHRC hears

By: Schalk Burger     20th February 2019 There is continued unlawful spillage, mainly sewage, into waterways that run into the Vaal river from the Emfuleni region, the South African Human Rights Commission (SAHRC) was told on Wednesday, during the final sitting of its inquiry into the contamination of the river. South African National... 

There is scope for more IPPs in Africa, South Africa – SAPP CEO

By: Tasneem Bulbulia     20th February 2019 There is a need to increase electricity trading to deal with imbalances in the electricity sector, South African Power Pool (SAPP) CEO Stephen Dehwa said at a South African Independent Power Producers Association (Saippa) seminar on Wednesday. To ensure that there was adequate energy at any given... 

Glencore auditing 140 slimes dams 

By: Martin Creamer     20th February 2019 Diversified mining and marketing company Glencore is auditing 140 slimes dams, 65 of them active and 75 of them closed. The company has been undertaking detailed assessments and audits of all material tailings storage facilities (TSFs) over the past three years, after accumulating a TSF... 

Glencore auditing 140 slimes dams
Photo by Glencore
Fifty-one percent of Glencore's tailings storage faciities are upstream dams.

Coal capped at 150 Mt/y – Glencore 

By: Martin Creamer     20th February 2019 Diversified mining and marketing company Glencore has capped its coal capacity at 150-million tonnes of coal a year, a figure that it is close to and which it will not exceed. The company has been working on the cap with its investors since 2016 in the interests of the transitioning to a low... 

Coal capped at 150 Mt/y – Glencore
Photo by Glencore
Glencore is using wind turbine generated energy in Canada and Australia

South Africa to increase spending on health insurance to R3bn by 2021/22

By: African News Agency      20th February 2019 South Africa will increase spending on its National Health Insurance programme at an average annual rate of 36.6 percent, from R1.2-billion in 2018/19 to R3-billion in 2021/22, the National Treasury said on Wednesday. In its 2019 budget review, the Treasury said the allocations for national... 

South Africa to increase spending on health insurance to R3bn by 2021/22
Finance Minister Tito Mboweni

VWSA to reach record production this year, says Schäfer

By: Irma Venter     20th February 2019 Volkswagen Group South Africa (VWSA) should this year produce a record number of vehicles at its Uitenhage plant, in the Eastern Cape, says CEO Thomas Schäfer. He says the local arm of the German car maker should produce 161 900 vehicles, of which 108 000 are scheduled to be exported. 

VWSA to reach record production this year, says Schäfer
The VWSA plant in Uitenhage

Eskom bailout a dominant theme in 2019 Budget 

20th February 2019 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about Finance Minister Tito Mboweni’s announcement of a R69-billion bailout for Eskom over three years, how this has impacted on the country’s fiscal framework and how it is likely to affect South Africa’s credit... 

Eskom bailout a dominant theme in 2019 Budget. Camerawork and Editing: Creamer Media's Nicholas Boyd.

Budget frees up R1.8bn for urgent land reform projects

By: African News Agency      20th February 2019 The national budget allocates R1.8-billion for 262 priority land reform projects over the next three years, Finance Minister Tito Mboweni announced on Wednesday. A further R3.7-billion will go to emerging farmers seeking to acquire land. 

Budget frees up R1.8bn for urgent land reform projects

Single air transport market essential for African air cargo sector

By: Rebecca Campbell     20th February 2019 The Single African Air Transport Market (SAATM) initiative, which has so far been signed by 28 countries, is of great significance for the continent's air transport sector. So affirmed participants in a panel discussion at the Air Cargo Africa 2019 conference and exhibition. "SAATM is a very... 

Govt encourages early retirement for up to 30 000 public servants

By: Simone Liedtke     20th February 2019 Given an “unsustainable” wage bill, the National Treasury has shifted expenditure to investment, meaning that national and provincial compensation budgets will be reduced by R27-billion over the next three years. According to Finance Minister Tito Mboweni, who delivered his maiden Budget speech... 

R567bn allocated for social grants to mitigate poverty, inequality

By: Simone Liedtke     20th February 2019 In the fight against poverty and inequality, government has allocated R567-billion for social grant payments. In 2019, grants for old age, disability, war veterans and care dependency grants will increase by R80. 

Govt revises contingency reserve to support cash-strapped SoEs 

By: Simone Liedtke     20th February 2019 With State-owned entities (SOEs) posing very serious risks to the fiscal framework, Finance Minister Tito Mboweni on Wednesday said that National Treasury was “taking very serious steps to fix the fiscal position and SoEs”. With funding requests from South African Airways (SAA), the South... 

Govt revises contingency reserve to support cash-strapped SoEs

Govt allocates R19.8bn to support business incentives

By: Simone Liedtke     20th February 2019 Government has made a three-year allocation of R19.8-billion to support industrial business incentives, 48% of which goes to manufacturing development, the National Treasury announced on Wednesday. The medium-term expenditure framework (MTEF) allocation includes a reprioritised amount of... 

R100bn to be injected into infrastructure fund over ten years 

By: Simone Liedtke     20th February 2019 National Treasury will be reprioritising resources towards President Cyril Ramaphosa’s infrastructure fund and away from the wage bill, Finance Minister Tito Mboweni said on Wednesday, with government committing R100-billion over the next decade towards the building and operation of key... 

R100bn to be injected into infrastructure fund over ten years

Another fuel levy increase lies ahead, carbon tax to be implemented 

By: Simone Liedtke     20th February 2019 A carbon tax on fuel of 9c/l on petrol and 10c/l on diesel will become effective from June 5, Finance Minister Tito Mboweni said on Wednesday. Further, the general fuel levy will increase by 15c/l for petrol and diesel from April 3, while the Road Accident Fund (RAF) levy will be increased by... 

‘No quick fixes’, Mboweni warns as Eskom bailout widens deficit 

By: Terence Creamer     20th February 2019 Finance Minister Tito Mboweni used his inaugural Budget address on Wednesday to outline the “tough steps” required to fix South Africa’s deteriorating fiscal position and the country’s failing State-owned enterprises (SoEs). He told lawmakers there were “no quick fixes”, while confirming a... 

‘No quick fixes’, Mboweni warns as Eskom bailout widens deficit
Photo by Bloomberg
Finance Minister Tito Mboweni

R69bn in support for Eskom made conditional on restructuring 

By: Terence Creamer     20th February 2019 Finance Minister Tito Mboweni has turned down a proposal for R100-billion of Eskom’s debt to be transferred across to the National Treasury, but has instead announced R23-billion a year in financial assistance for the debt-laden utility that is directly tied to a restructuring of the business.... 

R69bn in support for Eskom made conditional on restructuring
Photo by Bloomberg
Finance Minister Tito Mboweni

Power pools could benefit Africa’s regions

By: Marleny Arnoldi     20th February 2019 Power pooling is an effective means of mitigating electricity supply risk over a large area served by numerous utilities, information technology services company EOH divisional manager Rob Surtees said during the second day of the Africa Energy Indaba. During a panel discussion on energy trading... 

South African new-vehicle market to decline by 0.4% in 2019, says Toyota

By: Irma Venter     20th February 2019 South Africa’s new-vehicle market should reach roughly 550 000 units this year, 0.4% down from last year’s 552 226 units, says Toyota South Africa Motors (TSAM) president and CEO Andrew Kirby. He says TSAM expects the first half of 2019 to be tough, especially with elections looming in May. 

South African new-vehicle market to decline by 0.4% in 2019, says Toyota

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