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Aveng reports strong market interest in most of its noncore assets 

By: Terence Creamer     Updated 1 hour 58 minutes ago Following a series of capital markets transactions, which have helped stabilise Aveng’s precarious balance sheet, the JSE-listed infrastructure group has turned its attention to the disposal, by June 2019, of several noncore businesses, including its well-known construction business,... 

Aveng executive chairperson Eric Diack in conversation with Engineering News editor Terence Creamer on prospects for the group following some major interventions aimed at stabilising the balance sheet and turning around the struggling business. Camera Work & Editing: Nicholas Boyd. Recorded: 26.09.2018

SAA states it is ahead of plan in terms of trading performance

By: Rebecca Campbell     Updated 55 minutes ago Embattled State-owned national carrier South African Airways affirmed in a press release on Wednesday that its turnaround strategy was “on track”. It reported that its results for the first quarter indicated that it was “ahead of the plan in its trading performance”. But the release did not give... 

Stats SA reports SA lost 69 000 jobs in second quarter

By: News24Wire      Updated 5 hours ago Employment in South African's non-agricultural formal sector dropped by 69 000 between March and June 2018, Stats SA announced on Wednesday in its  latest Quarterly Employment Statistics (QES) bulletin.  The QES results, published quarterly, are based on a sample survey conducted by Stats SA and... 

 Stats SA reports SA lost 69 000 jobs in second quarter

Interest rates would hurt South African economy, central banker says

By: Reuters     Updated 2 hours 41 minutes ago South Africa's central bank should stick to targeting inflation rather than trying to stimulate the economy, because an abrupt change in policy would damage its credibility and push up prices, a policymaker at the bank said late on Tuesday. The speech by Deputy Governor Francois Groepe came after... 

Job creation depends on B-BBEE compliance – Commissioner

By: Sane Dhlamini     Updated 1 hour 2 minutes ago The Commissioner of the Broad-Based Black Economic Empowerment (B-BBEE) Commission Zodwa Ntuli said job creation, as outlined in President Cyril Ramaphosa’s economic stimulus and recovery plan, would be easily achieved if companies were B-BBEE complaint. Ntuli was addressing the media in... 

Job creation depends on B-BBEE compliance – Commissioner
Photo by Sane Dhlamini
Commission's head of investigation and enforcement Joseph Melodi, Commissioner Zodwa Ntuli, senior manager for compliance Lindiwe Madonsela and senior manager on organisational strategy and performance Thembakazi Dondashe

Cwele, Icasa settle spectrum litigation

By: Simone Liedtke     Updated 30 minutes ago Telecommunications and Postal Services Minister Dr Siyabonga Cwele and the Independent Communications Authority of South Africa (Icasa) council have agreed to settle the court matter involving Icasa’s July 2016 invitation to apply (ITA) for the allocation of high-demand spectrum. In terms of the... 

Total to roll out solar-powered service stations in Kruger National Park

By: Marleny Arnoldi     Updated 1 hour 44 minutes ago Total South Africa (Total SA) on Wednesday revealed a demonstration model of its solar-powered service station at the Skukuza camp, in the Kruger National Park, in Mpumalanga, on the occasion of celebrating a 60-year partnership with South African National Parks (SANParks). The demonstration... 

Total to roll out solar-powered service stations in Kruger National Park

E-toll summonses up nearly 20-fold in 3 years

By: News24Wire      Updated 1 hour 12 minutes ago Summonses issued for e-toll nonpayments have increased nearly 20-fold over the past three years but collections are down, according to data supplied by the minister of transport to members of Parliament. Transport Minister Blade Nzimande gave details on the number of summonses issued by the South... 

 E-toll summonses up nearly 20-fold in 3 years

AfDB seeks partnerships to lift 1bn people out of hunger

By: Simone Liedtke     Updated 33 minutes ago The African Development Bank (AfDB) has called on global partners to join hands to lift one-billion people globally out of hunger. The finance institution said in a statement that it was leading the way by investing $24-billion in African agriculture over the next decade. 

Howden Africa considers possible delisting from JSE

By: Simone Liedtke     Updated 2 hours 43 minutes ago Industrial equipment supplier Howden Africa is considering delisting from the JSE. In a statement published on Wednesday, Howden says its board of directors has been considering the continued viability of the company’s listing on the main board of the JSE. 

Three UCT lecturers participate in international Solar Decathlon competition

By: Simone Liedtke     Updated 2 hours 50 minutes ago Thee lecturers from the University of Cape Town (UCT) are part of Team Mahali, the only team representing sub-Saharan Africa in the international Solar Decathlon competition, which will be held in Morocco next year. The Solar Decathlon is an international competition to design and build a fully... 

Link Solar launches portable solar panels suitable for outdoor, marine use

By: Simone Liedtke     Updated 6 hours ago There is a lack of portable solar panels in the market, says specialised solar product manufacturer Link Solar, which has released of its own portable solar panel range for outdoor use and marine grade level use. These solar panels, the company explained, are specifically created to serve as an... 

ABB digital technology to help enhance Egypt’s power grid

By: Simone Liedtke     Updated 1 hour 34 minutes ago Multinational automation company ABB has been selected by the Egyptian Electricity Transmission Company (EETC) to help upgrade and digitalise the electrical grid in the Port Said region, located along Egypt’s Mediterranean coast. The area includes the landmark Suez Canal. 

Opec will balance oil markets, but spare capacity limited – Nigerian official

By: Reuters     Updated 2 hours 55 minutes ago The Organization of the Petroleum Exporting Countries (Opec) will act to balance the market after oil prices hit their highest in four years, but its options may be limited by available spare capacity, a Nigerian oil industry official said on Wednesday. "It's obvious that if you have high prices... 

Sibanye highlights Lonmin, DRDGold deal attractions at Denver

By: Martin Creamer     Updated 1 hour 1 minute ago The progressing Lonmin acquisition and the already done DRDGold deal have been highlighted to the Denver Gold Forum by Sibanye-Stillwater, which is currently hosting investors and analysts at its Stillwater mine in Montana. The forum heard how the Lonmin acquisition would add significantly to... 

Sibanye highlights Lonmin, DRDGold deal attractions at Denver
Photo by Creamer Media
Sibanye-Stillwater CEO Neal Froneman

Hyatt Hotels to more than double its Africa hotels by 2020

By: Reuters     Updated 2 hours 39 minutes ago Hyatt Hotels Corp plans to more than double its hotels in Africa by 2020 to capitalise on improved travel links and robust economic growth that is boosting demand for rooms, the company's regional vice president said on Wednesday. Hyatt currently has nine hotels in Africa but lags far behind... 

EU regulators to rule on Thyssenkrupp, Tata Steel venture by Oct 30

By: Reuters     Updated 2 hours 43 minutes ago European Union (EU) antitrust regulators will decide by October 30 whether to allow Germany's Thyssenkrupp and India's Tata Steel to create Europe's No. 2 steelmaker, the European Commission said on Wednesday. The companies unveiled their plan for a steel joint venture in July after two years of... 

Fastjet flags dwindling cash resources, may end Tanzania operations

By: Reuters     Updated 2 hours 52 minutes ago African airline Fastjet said on Wednesday its available cash resources were minimal and said it was in talks with major shareholders regarding potential equity fundraising. The company also said it was evaluating its Tanzanian operations and could cease operations in country. 

Climate-related financial disclosure becoming more mainstream – G20 task force

By: Reuters     Updated 2 hours 57 minutes ago Climate-related disclosure is becoming mainstream as more firms support and align their financial reporting to recommendations by a global task force though few disclose the financial impact on the company, a survey shows. The Task Force on Climate-Related Financial Disclosures (TCFD) was set up... 

Mastercard introduces cashless payment for SA's prepaid utility services

By: African News Agency      Updated 5 hours ago Mastercard said on Wednesday South Africans could now buy prepaid utility services or pay their accounts from about 600 bill issuers with the new EasyPay mobile app using Masterpass, the global digital payment service from the financial services firm. The initiative marks a milestone in... 

Mastercard introduces cashless payment for SA's prepaid utility services

Harmony Gold shows off growing portfolio quality in Denver

By: Martin Creamer     Updated 6 hours ago Harmony Gold’s Moab Khotsong mine in South Africa and Hidden Valley mine in Papua New Guinea will together produce a third of the guided 1.5-million ounces in the 12 months to end June, with the projected 500 000 oz from these two operations being produced at an all-in sustaining cost of $950/oz,... 

Harmony Gold shows off growing portfolio quality in Denver
Photo by Creamer Media
Harmony Gold CEO Peter Steenkamp

Kibo’s shares rise as Mbeya coal mine recommended for special mining licence

By: Simone Liedtke     Updated 6 hours ago Aim- and JSE-listed Kibo Energy’s share price on the LSE increased by 10.69% on Wednesday morning after the company announced that the Mbeya coal mine, which comprises the mining component of the Mbeya coal-to-power project (MCPP), has been recommended for the grant of a special mining licence... 

Mantashe to unpack finalised Mining Charter on Thursday

By: News24Wire      Updated 7 hours ago Minister of Mineral Resources Gwede Mantashe will on Thursday morning brief members of the media on the finalised version of the Mining Charter. The long-awaited release of a renewed charter comes a week after Minister of Communications Nomvula Mokonyane confirmed that it had been approved by... 

Mantashe to unpack finalised Mining Charter on Thursday
Mineral Resources Minister Gwede Mantashe

Embattled South African construction firm Aveng reports wider FY operating loss

By: Reuters     26th September 2018 South Africa's Aveng reported on Tuesday a wider annual net operating loss due to declining revenue in two business units in its manufacturing business as well as under-performance of three key contracts in its core mining Moolmans unit. After market close, the construction firm reported a net... 

Embattled South African construction firm Aveng reports wider FY operating loss

York Timbers lifts FY18 Ebitda by 12%

By: Simone Liedtke     25th September 2018 Despite challenging market conditions, integrated forestry company York Timbers increased its earnings before interest, taxes, depreciation and amortisation (Ebitda) and core earnings by 12% and 59%, respectively, for the full year ended June 30. The company on Tuesday pointed out that the Ebitda... 

Visa regulation amendments to ease entry for business travellers, tourists

By: Tasneem Bulbulia     25th September 2018 The Department of Home Affairs (DHA) is pursuing new regulations to make it easier for business travellers, tourists and academia to enter South Africa, but South African minors leaving the country will still need consent from both parents when leaving the country. The announcement of the new... 

Visa regulation amendments to ease entry for business travellers, tourists
Photo by Bloomberg
Home Affairs Minister Malusi Gigaba

Global crude steel production rises 2.6% y/y in August

By: Simone Liedtke     25th September 2018 Global crude steel production increased by 2.6% year-on-year to 151.7-million tonnes in August, the World Steel Association (worldsteel) reports. According to the data, which was released on Tuesday, China’s crude steel production for August was 80.3-million tonnes, an increase of 2.7% compared... 

KSB Pumps and Valves obtains Level 1 BBBEE certification

By: Simone Liedtke     25th September 2018 Global pump manufacturer KSB Pumps and Valves has obtained Level 1 broad-based black economic empowerment (BBBEE) certification. This follows the acquisition of a 30% equity stake in the company by black women-owned firm Insikazi Synergies, which has joined the KSB board to play an active role in... 

KSB Pumps and Valves obtains Level 1 BBBEE certification

Wind body seeks right to contest Nersa report on delayed renewables projects

By: Creamer Media Reporter      25th September 2018 The National Energy Regulator of South Africa (Nersa) Tribunal has invited the South African Wind Energy Association (SAWEA) to present its case this week as to why the tribunal should hear the association’s arguments in opposition to a 2017 Nersa panel report. The document in question concluded... 

Wind body seeks right to contest Nersa report on delayed renewables projects

Ascendis launches new strategic focus, announces positive FY18 results 

By: Nadine James     25th September 2018 JSE-listed pharmaceutical company Ascendis Health on Tuesday announced a new strategic focus prioritising pharmaceutical and consumer healthcare. The company, which also reported on its results for the financial year ended June 30, plans to divest its biosciences businesses. 

CEO Thomas Thomsen discussing the company's new strategy and the need for divestment. Video and editing: Nicholas Boyd

Altron to post double-digit growth in H1 earnings

By: Natasha Odendaal     25th September 2018 JSE-listed Allied Electronics (Altron) on Tuesday said it expects a double-digit improvement in earnings for the six months ended August 31. Following the restructure of a number of core businesses, and the financial division of continuing and discontinued operations, the bulk of Altron’s... 

New Eskom strategy to include pan-African expansion roadmap

By: Terence Creamer     25th September 2018 State-owned electricity utility Eskom has confirmed that its new strategy, which will involve far-reaching changes to its business model, will seek to position the company for opportunities arising in the rest of Africa. “Growth opportunities for Eskom are not restricted to South Africa. To grow... 

New Eskom strategy to include pan-African expansion roadmap

Rand steady ahead of Fed rates announcement on Wednesday

By: News24Wire      25th September 2018 The rand held steady over the long weekend, opening at R14.37 on Tuesday morning following the public holiday on Monday. The local currency was trading at R14.38 to the greenback by 11:23. 

 Rand steady ahead of Fed rates announcement on Wednesday

South African portfolio inflows plummet in second quarter

By: Reuters     25th September 2018 Portfolio investments into the South African economy fell sharply in the second quarter, as investor risk aversion towards emerging markets was rising, central bank data showed on Tuesday. Inward investment into South African bonds and equities shrank to R16.6-billion ($1.16-billion) from... 

South Africa to relax visa rules to boost investment, tourism

By: Reuters     25th September 2018 South Africa will ease some immigration rules, including agreeing visa waiver agreements with more countries, in an effort to boost investment and tourism, Home Affairs Minister Malusi Gigaba said on Tuesday. The changes are part of a broader economic turnaround programme announced by President... 

South Africa to relax visa rules to boost investment, tourism
Home Affairs Minister Malusi Gigaba

Tullow Oil abandons first Namibian well, keeps options open

By: Reuters     25th September 2018 Africa-focused Tullow Oil will abandon its first well in Namibia, but data gathered in the project indicated it might strike lucky in another attempt, it said on Monday. "The Cormorant-1 exploration well in the PEL-37 licence, offshore Namibia, encountered non-commercial hydrocarbons and the well... 

South African phosphate miner plans London IPO by year-end – CEO

By: Reuters     25th September 2018 South African phosphate miner, Kropz, is on track to list on London's Aim Stock Exchange by the end of the year as it prepares for first production from its main asset in 2019, its chief executive said on Tuesday. Kropz wants to raise cash to pay down debt and further develop its Elandsfontein... 

PRASA 'indefinitely' suspends trains in KZN

By: News24Wire      25th September 2018 There will be no trains in the entire province of KwaZulu-Natal on Tuesday, the Passenger Rail Agency of South Africa (PRASA) confirmed to News24 on Monday evening. PRASA provincial spokesperson Zama Nomnganga said they have indefinitely suspended all their operations in KZN. "Yes, we have done... 

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