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Cabinet approves extension of motor industry support programme to 2035

By: Irma Venter     Updated 59 minutes ago Cabinet announced on Thursday that it had approved the extension of the Automotive Production and Development Programme (APDP) from 2021 to 2035. The government support programme for the domestic vehicle manufacturing industry was originally scheduled to come to an end in 2020. 

Cabinet approves extension of motor industry support programme to 2035

Carbon Tax Bill provides for tax-free allowances of between 60% and 95%

By: Terence Creamer     Updated 2 hours 29 minutes ago South Africa’s National Treasury has included several transitional tax-free allowances in the Carbon Tax Bill tabled in Parliament this week. The allowances will result in an effective carbon tax rate of between R6/t and R48/t for carbon dioxide-equivalent (CO2e) emissions released by industrial... 

Carbon Tax Bill provides for tax-free allowances of between 60% and 95%

Ramaphosa to announce Cabinet reshuffle

By: News24Wire      Updated 2 hours 31 minutes ago President Cyril Ramaphosa is expected to announce changes to the National Executive at the Union Buildings, Pretoria, at 15:00 on Thursday. In a statement issued on Thursday morning the Presidency said "these changes have been occasioned by the passing away in September 2018 of the Minister of... 

Ramaphosa to announce Cabinet reshuffle
President Cyril Ramaphosa

PIC's Matjila offers to resign

By: Bloomberg     Updated 3 hours ago Daniel Matjila, head of South Africa’s Public Investment Corporation (PIC), has offered to resign from his role at Africa’s largest money manager, according to the country’s Ministry of Finance. The offer must now be considered by the PIC’s board and then approved by Finance Minister Tito... 

Central bank set to keep interest rates unchanged

By: African News Agency      Updated 4 hours ago South Africa's central bank is likely to keep interest rates unchanged on Thursday as inflation remains contained within target while economic growth is worryingly anaemic. The South African Reserve Bank's (SARB) monetary policy committee (MPC) is currently holding its last of six annual meetings... 

Central bank set to keep interest rates unchanged
Photo by Reuters
SARB governor Lesetja Kganyago

Defence Minister to visit Vaal river system rehabilitation project

By: Natasha Odendaal     Updated 3 hours ago Defence and Military Veterans Minister Nosiviwe Mapisa-Nqakula will on Friday visit the Vaal river system rehabilitation project that is currently under way in Sebokeng. This followed the deployment of the South African National Defence Force technical teams to restore infrastructure, including... 

Cell C turns to Blue Label, banks to refinance onerous debt

By: Bloomberg     Updated 3 hours ago Cell C said it’s refinanced R1.4-billion ($100-million) of debt on better terms with loans from its biggest shareholder and a consortium of banks as the South African wireless carrier considers a listing in 2020. South Africa’s third-largest operator is also in talks with vendors including Huawei... 

Risk of remote cyber control of vehicles growing, says cybersecurity firm VP

By: Irma Venter     Updated 1 hour 45 minutes ago The risk of remote cyber control of vehicles is growing as more cars become constantly connected to the Internet via a cellular link, says Inside Secure strategy VP Asaf Ashkenazi. Inside Secure is a France-based mobile and connected devices security solutions provider. 

 Risk of remote cyber control of vehicles growing, says cybersecurity firm VP
Asaf Ashkenazi

Nissan board to vote on Ghosn fate as alliance hangs in balance

By: Bloomberg     Updated 2 hours 58 minutes ago Nissan Motor Co.’s board meets Thursday on whether to dismiss Carlos Ghosn as its chairperson, as further details emerge over the allegations of financial misconduct that have put the car titan in a Japanese jail and rattled the powerful auto alliance he created. The board is due to vote this... 

China and US accuse each other of hypocrisy as WTO litigation begins

By: Reuters     Updated 3 hours ago The United States and China clashed on Wednesday at a World Trade Organization meeting with a US envoy accusing Beijing of using the WTO to pursue "non-market" policies and a Chinese official saying it was Washington that was flouting the rulebook. US President Donald Trump has outraged US... 

Tiger Brands to spin off 42% stake in Oceana

By: Reuters     Updated 10 minutes ago Tiger Brands, which is recovering from a food contamination crisis, said on Thursday it will spin off its 42.1% stake in Oceana Group worth $330-million to focus on growing its core food and drinks business. "The decision was taken following a review of Oceana's fit with the group's core business... 

Tiger Brands food revenues decline 52% to R1.1bn after products recall due to listera outbreak

By: African News Agency      Updated 12 minutes ago Packaged goods company Tiger Brands said on Thursday that its food revenue declined 52% to R1.1-billion for the year ended 30 September.  The company said it suffered abnormal losses of R422-million in this period, including the significant impact of the value-added meat products (VAMP) recall of... 

Motus’ empowerment scheme lists on EESE

By: Marleny Arnoldi     Updated 34 minutes ago Broad-based black economic empowerment (BBBEE) scheme Ukhamba 2 on Thursday listed on the Equity Express Securities Exchange (EESE). Ukhamba 2 is JSE-listed Motus’ employment empowerment scheme. Motus was unbundled from Imperial Holdings earlier this year and listed on the JSE on Thursday.  

Education, Health, Public Works finances are in a bad way, says Auditor-General

By: Kim Cloete     Updated 2 hours ago Auditor-General Kimi Makwetu has warned that the financial health of the provincial departments of health, education and public works are in a bad way and need urgent intervention. “Urgent intervention is needed to prevent the collapse of these key service delivery departments,” said Makwetu in... 

Audit outcomes of State-owned entities continue to regress

By: Kim Cloete     Updated 2 hours 4 minutes ago The audit outcomes of State-owned entities (SOEs) have regressed over the past financial year compared with both the previous year and 2014/15. The 2017/18 general report for the Auditor-General South Africa (AGSA) said there was an increase in noncompliance of the 16 SOEs it audited. It also... 

Audit results of government departments show a shocking decline 

By: Kim Cloete     21st November 2018 The Auditor-General has been given more powers to crack down on national and provincial government department and their entities. This follows another year of overall decline in their audit results, with a rise in wasteful and irregular expenditure and weak financial controls. Releasing his... 

Audit results of government departments show a shocking decline
Auditor-General Kimi Makwetu

TPT, AFGRI to enter concessions for port terminals

By: Tasneem Bulbulia     21st November 2018 Transnet Port Terminals (TPT) will enter into a 15-year concession agreement with AFGRI Operations for the operation and maintenance of landside operations. The agreement will focus on two strategic agri-ports in the country – the East London Grain Elevator in the Port of East London and the... 

Study under way to help shape policy needed to transition from coal-based to renewable energy systems

By: Simone Liedtke     21st November 2018 As more renewable energy capacity is added globally, thermal coal-fired power stations are likely to, in future, operate only for short periods of time to balance the shortfall in electricity when renewable capacity is not available, University of Johannesburg professor Bilainu Oboirien said at... 

Study under way to help shape policy needed to transition from coal-based to renewable energy systems
Photo by Dylan Slater
University of Johannesburg professor Bilainu Oboirien

SAHRC steps up efforts in water sector 

21st November 2018 Creamer Media's Chanel de Bruyn speaks to Creamer Media Senior Deputy Editor Natasha Odendaal about the South African Human Rights Commission’s investigation into the alleged violation of citizens’ right to clean water and a clean environment. 

SAHRC steps up efforts in water sector

Countries urged to embrace greener energy sources

By: Simone Liedtke     21st November 2018 Amid rising global energy demand, University of the Witwatersrand visiting adjunct professor Adam Luckos urges developing countries to embrace greener energy principles. To do this without jeopardising economic growth, he suggests that developing countries, where coal is the most viable... 

Countries urged to embrace greener energy sources
Photo by Dylan Slater
University of the Witwatersrand visiting adjunct professor Adam Luckos

WTO to set up panels to rule on US tariff disputes

By: Reuters     21st November 2018 The US and opponents of President Donald Trump's steel and aluminium tariffs both confirmed their wish to litigate on Wednesday, triggering the procedure for World Trade Organization dispute hearings, a Geneva trade official said. China, the European Union, Canada, Mexico, Norway, and Russia all... 

Coal to remain significant part of South Africa’s energy generation mix  

By: Simone Liedtke     21st November 2018 Notwithstanding recent and continued advances in the roll-out of renewable energy and energy efficiency measures, South African National Energy Development Institute (Sanedi) GM for cleaner fossil fuel use Professor Tony Surridge expects coal will continue to form a significant component of South... 

South African National Energy Development Institute GM for cleaner fossil fuel use Professor Tony Surridge speaks to Mining Weekly Online about South Africa's status quo surrounding carbon dioxide storage and utilisation. Video & Editing: Nicholas Boyd

Brazil, India to defy global slowdown of iron-ore production up to 2027

By: Marleny Arnoldi     21st November 2018 The global iron-ore market will stay well supplied up to 2027, supported by expanding output in Brazil and India, says Fitch Solutions’ Macro Research unit. Global iron-ore production will grow modestly from 3.36-billion tonnes to 3.41-billion tonnes by 2027, representing a yearly growth rate... 

PwC unpacks possible outcomes of final 2018 MPC meeting

By: Marleny Arnoldi     21st November 2018 The South African Reserve Bank’s (SARB’s) last Monetary Policy Committee (MPC) meeting for this year is under way, with SARB governor Lesetja Kganyago expected to announce the outcome on Thursday. Policymakers are considering the possibility of a rate hike in November, against the backdrop of... 

Eskom warns its debt could reach R550bn 

By: African News Agency      21st November 2018 Eskom's financial situation will remain dire for the next few years with a risk its debt burden would grow from R400-billion to some R550-billion in the foreseable future, the power utility's CEO Phakamani Hadebe conceded on Wednesday. "The institution is really under severe financial strain,"... 

 Eskom warns its debt could reach R550bn
Photo by Dylan Slater
Eskom CEO Phakamani Hadebe

Gemgrow delivers expected dividend growth for FY18

By: Marleny Arnoldi     21st November 2018 In line with guidance set, JSE-listed real estate investment trust Gemgrow Properties delivered dividend growth of 5% year-on-year to 106.91c apiece for A shares and 7% year-on-year to 78.7c apiece for B shares, for the financial year ended September 30. The company on Wednesday reported a... 

Datsun adds features to Go as competition heats up in entry-level market 

By: Irma Venter     21st November 2018 Datsun South Africa has sold just under 25 000 new Datsuns onto the local market since its launch in April 2014, says Datsun South Africa marketing manager Tessa Cooke. The revived entry-level Japanese brand has two products available in South Africa, namely the Go hatchback and the Go+... 

 Datsun adds features to Go as competition heats up in entry-level market
The refreshed Datsun Go

Irregular spend of national, provincial government, SOEs up to R51bn and counting

By: African News Agency      21st November 2018 Irregular expenditure for national and provincial government departments, as well as State-owned entities audited by the Auditor-General amounted to R51-billion and counting, it was revealed on Wednesday. Releasing the audit results for the 2017/18 financial year, Auditor-General Kimi Makwetu... 

Irregular spend of national, provincial government, SOEs up to R51bn and counting
Auditor-General Kimi Makwetu

Sasol anticipates rise in H1 earnings

By: Marleny Arnoldi     21st November 2018 Petrochemicals giant Sasol expects to deliver a solid set of results for the six months to end December 31, underpinned by higher Brent crude oil and product prices, a weaker average rand exchange rate and good performance from its global asset base. Sasol on Wednesday said it was likely to... 

Sasol anticipates rise in H1 earnings

SA annual consumer inflation rises to 5.1 percent in October

By: African News Agency      21st November 2018 Consumer price inflation rose to 5.1 percent year-on-year in October 2018 from 4.9 percent in September, Statistics South Africa said on Wednesday. On a month-on-month basis, the consumer price index increased by 0.5 percent in October. 

SA annual consumer inflation rises to 5.1 percent in October

New terminal at Accra’s Kotoka International Airport the pride of Ghana

By: African News Agency      21st November 2018 Ghana Airports Company Limited (GACL) MD John Attafuah is an animated man to whom words come freely, quickly and eloquently. But even he has to pause and gasp for a few seconds though, as he describes the impact the new Terminal 3 at Accra’s Kotoka International Airport has had on Ghanaians. The... 

Oil halts slide as signs of stockpile drop counter Opec doubts

By: Bloomberg     21st November 2018 Oil halted a slide near $54 a barrel as investors weighed industry data that showed US crude inventories unexpectedly fell last week against doubts over Opec’s plans to cut output. Futures in New York rose as much as 2%, after plunging more than 6% on Tuesday. The American Petroleum Institute was... 

Vaal River pollution: 'There have been challenges to compliance', Sasol says

By: News24Wire      21st November 2018 Petrochemicals giant Sasol has denied that it is responsible for pollution in the Vaal river. However, it has admitted struggling to interpret some compliance requirements with regard to regulations on the discharge of waste. According to a report by the Department of Water and Sanitation... 

Cape Town borrows R1.3bn from German bank for wastewater projects

By: News24Wire      21st November 2018 The City of Cape Town signed a R1.3-billion loan with the German government-owned KfW Development Bank for urban wastewater management, Mayor Dan Plato's office said. The unsecured loan will cost 8.107% in interest and is payable over 15 years. In a statement, the City said the interest rate was... 

Gauteng government seeks help spending its RDP budget

By: News24Wire      21st November 2018 Gauteng Human Settlements MEC Uhuru Moiloa has plans to exhaust the RDP construction budget by the end of the financial year and he needs help. According to Moiloa, for the first time in his department's history, more than 50% of the budget was spent in the third quarter of the financial year. He... 

Mashaba orders audit to establish legal status of those occupying City property

By: News24Wire      21st November 2018 City of Johannesburg Mayor Herman Mashaba says he has ordered an audit into the legal status of those occupying City properties. The audit would establish, among other things, whether tenants occupying buildings in the City were doing so legally and if any subletting was taking place. It would... 

Mashaba orders audit to establish legal status of those occupying City property
City of Johannesburg Mayor Herman Mashaba

Big plans afoot for training more young people in renewable energy

By: Kim Cloete     20th November 2018 The South African Renewable Energy Technology Centre (Saretec), which provides training for wind turbine service technicians and which has recently expanded into training solar photovoltaic (PV) installers, has been officially launched in Cape Town. The sophisticated and state-of-the-art training... 

Dipula delivers strong FY results

By: Tasneem Bulbulia     20th November 2018 Diversified real estate investment trust Dipula Income Fund on Tuesday reported double-digit growth in distributable earnings to R504.2-million for the year ended August 31. Dipula’s property portfolio ended the year with a 25% higher value at R8.6-billion. 

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