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Eskom was the 'main stage in the theatre of corruption', says Mabuza 

By: African News Agency      Updated 54 minutes ago Eskom chairperson Jabu Mabuza told the Zondo Inquiry on Friday that the current board of directors discovered that the power utility was "the main stage in the theatre of corruption" when it was appointed in January 2018. Asked by evidence leader Vincent Maleka to detail the state of affairs when... 

Eskom was the 'main stage in the theatre of corruption', says Mabuza
Photo by Creamer Media
Eskom chairperson Jabu Mabuza

Transnet sets up war room to combat infrastructure-theft surge and line sabotage 

By: Terence Creamer     Updated 3 hours ago Transnet Freight Rail (TFR) has set up a war room together with the South Africa Police Service (SAPS) in a bid to deal with a surge in infrastructure theft, as well as recent acts of sabotage and vandalism on its key coal corridor from Ermelo, in Mpumalanga, to Richards Bay, in KwaZulu-Natal. On... 

Transnet sets up war room to combat infrastructure-theft surge and line sabotage

South African central bank sees CPI target staying as range

By: Bloomberg     Updated 4 hours ago South Africa’s central bank is unlikely to officially pursue a single point-inflation target soon even though it prefers to anchor price growth close to the 4.5% mid-point of its goal range, an adviser to Governor Lesetja Kganyago said. The target range of 3% to 6% allows for flexibility in... 

Cell C signs term sheet with Buffet Consortium, Dos Santos to step down

By: Creamer Media Reporter      Updated 2 hours 8 minutes ago Jose Dos Santos will step down as Cell C CEO, effective March 1. He will take up a role as a consultant offering strategic advice to the Cell C chairperson. In this role, he will be involved in the delivery of Cell C’s strategic intent, which includes the reshaping of Cell C’s debt to ensure the... 

EOH CEO in fight to save graft-tainted South African IT company

By: Bloomberg     Updated 4 hours ago EOH Holdings CEO Stephen Van Coller is in a race against the clock to restructure the sprawling South African IT business before shareholders and lenders run out of patience. Van Coller, a former executive at Barclays Africa Group and MTN Group, was brought in to turn around the troubled business... 

Client choice and protection at heart of bank’s approach to fintech regulation

By: Schalk Burger     Updated 7 hours ago Financial technology (fintech) services are growing worldwide and reshaping the definition of money, financial services and economies. However, while the disruptions roil existing business models, companies and industries, increasing the choice of fintech services for users while protecting their... 

Client choice and protection at heart of bank’s approach to fintech regulation

Construction gets under way at new Ngqura liquid bulk terminal

By: Tasneem Bulbulia     Updated 34 minutes ago Oiltanking Grindrod Calulo (OTGC) and the Transnet National Ports Authority (TNPA) on Thursday turned the first sod at the site of the Port of Ngqura’s future liquid bulk tank farm and main access road. This comes ahead of the planned decommissioning and rehabilitation of the existing liquid bulk... 

Joburg adopts inclusionary housing framework where rich and poor will live side by side

By: African News Agency      Updated 6 hours ago Joburg Metro mayor Herman Mashaba has announced the Inclusionary Housing: Incentives, Regulations and Mechanisms Framework, which ushers in a housing plan that will make 30% of new residential developments available for affordable housing.  The scheme will see 'mixed' housing with lower income... 

Ennerdale school shut amid collapse fears

By: News24Wire      Updated 6 hours ago The Gauteng department of education has done nothing to address crumbling infrastructure at Ennerdale Secondary School, putting more than 1 200 pupils' lives at risk, say parents at the school. The parents have lambasted the department and its MEC, Panyaza Lesufi, saying their dithering could see... 

Hyundai opens assembly plant in Ethiopia

By: Reuters     Updated 6 hours ago South Korea's Hyundai Motor Co opened a 10 000-a-year vehicle capacity assembly plant in the Ethiopian capital Addis Ababa on Thursday, its first factory in East Africa. While second-hand vehicles dominate sales in the Horn of Africa country, Hyundai hopes locally-assembled cars could prove... 

EU is said to expect may to request three-month delay to Brexit

By: Bloomberg     Updated 4 hours ago The European Union expects UK Prime Minister Theresa May to be forced to request a three-month delay to Brexit, two EU officials said. Discussions between the two sides suggest May will ask for an extension to the two-year negotiating period if the British Parliament backs the Brexit deal but it... 

Engineering News iPhone and Android Apps available for free download

By: Creamer Media Reporter      22nd February 2019 Creamer Media’s readers continue to be part of the mobile revolution.  Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers an Engineering News Online app for iPhone and Android users.  These apps... 

Engineering News iPhone and Android Apps available for free download

Rand firms after Moody's hints at ratings reprieve

By: Reuters     Updated 4 hours ago The rand strengthened against the dollar on Friday, putting it on track to end a week marked by the annual budget higher, after Moody's signalled the nation's spending plans didn't weaken its policy credibility. The rand rose 0.36 percent to 13.9700 to the dollar by 0651 GMT compared with the... 

Sasol denies claims it intentionally polluted Vaal River

By: News24Wire      Updated 5 hours ago A whistleblower's claims that Sasol is to blame for the intentional pollution of the Vaal River, were vehemently denied by the petrochemical giant at a South African Human Rights Commission (SAHRC) inquiry on Wednesday. The SAHRC established the inquiry in September 2018 to determine whether the... 

Armed forces day displays capabilities, readiness of SA's armed forces – Ramaphosa

By: African News Agency      Updated 6 hours ago President Cyril Ramaphosa on Thursday said the aim of national armed forces day was to display the capabilities and state of readiness of the country’s armed forces. “We also want to expand the public’s understanding of the military’s function and purpose in our society. The roles that the... 

Eskom support will weigh on South Africa's finances – S&P Global

By: Reuters     Updated 6 hours ago South Africa's support plan for struggling state-owned electricity firm Eskom will put further strain on the country's finances, rating agency S&P Global said on Thursday, although it should be offset to a degree by easing external pressures. In his maiden budget speech on Wednesday Finance... 

Higher South African spending limit will not weaken policy credibility – Moody's

By: Reuters     Updated 6 hours ago Ratings agency Moody's said on Thursday that it did not believe that South Africa's decision in its 2019 budget to raise the expenditure ceiling by around R16-billion over three years would weaken fiscal policy credibility. Moody's, the last of the big three ratings agencies to rate South Africa... 

Adcock’s H1 trading profit rises 17% y/y to R485m 

By: Marleny Arnoldi     21st February 2019 JSE-listed pharmaceuticals manufacturer Adcock Ingram on Thursday reported a 17% increase in trading profit to R485-million for the six months ended December 31, 2018, compared with the R416-million profit posted in the comparable period of 2017. The company also reported a 16% increase in... 

AfriSam expects ‘tough 2019’ amid continuing political, policy uncertainty  

By: Simone Liedtke     21st February 2019 Construction materials company AfriSam CEO Rob Wessels expects “a tough 2019”, especially amid ongoing political and policy uncertainty. Wessels was, on Thursday, joined by political analyst Aubrey Matshiqi and AfriSam sales and marketing executive Richard Tomes at a briefing post Finance... 

AfriSam sales and marketing executive Richard Tomes discusses AfriSam and its expectations for 2019. Video: Perfect Directions. Editing: Creamer Media's Christo Greyling

UAVs, e-commerce, set to transform air cargo

By: Rebecca Campbell     21st February 2019 Unmanned aerial vehicles, popularly called drones, and e-commerce (particularly the global giant e-commerce enterprises such as Amazon and Alibaba) look set to transform the air freight industry worldwide, including in Africa. This was the general opinion at a panel discussion on the third and... 

UG2 outperforms as Sibanye positions for new world ­  

By: Martin Creamer     21st February 2019 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... 

Sibanye-Stillwater CEO Neal Froneman's results presentation reported on by Mining Weekly Online's Martin Creamer. Photograph: Creamer Media's Dylan Slater. Video: Creamer Media's Darlene Creamer.

Sasol appoints Ngonyama Capital as market maker for empowerment shares

By: Marleny Arnoldi     21st February 2019 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      21st February 2019 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

Inclusion of strategic partner in grid company ‘not privatisation’ 

By: Terence Creamer     21st February 2019 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’

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

By: African News Agency      21st February 2019 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      21st February 2019 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      21st February 2019 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... 

Nigeria hits oil majors with billions in back taxes

By: Reuters     21st February 2019 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... 

Eskom bailout could reach R150bn over ten years

By: Reuters     21st February 2019 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

ACSA starts Western Precinct development at OR Tambo 

21st February 2019 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

MTN says chief of Iranian associate to retire

By: Reuters     21st February 2019 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... 

Zambia, Zimbabwe shortlist foreign firms to build hydro plant

By: Reuters     21st February 2019 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... 

Intervention needed as chicken imports reach record high – poultry association

By: African News Agency      21st February 2019 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... 

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

By: African News Agency      21st February 2019 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... 

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

By: News24Wire      21st February 2019 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,... 

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

By: News24Wire      21st February 2019 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... 

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

By: Martin Creamer     21st February 2019 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

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

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Eskom bailout a dominant theme in 2019 Budget

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