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Creamer Media Reporter

S&P downgrades South Africa to junk after Zuma’s Cabinet shuffle

3rd April 2017 S&P Global Ratings lowered South Africa sovereign credit rating on Monday to a subinvestent grade of BB+, from BBB-, on political and institutional uncertainty. It has also sustaiend a “negative outlook” on the country. The downgrade is in direct response President Jacob Zuma’s Cabinet shuffle,... 

Harmony tells striking Kusasalethu employees to return to work or face disciplinary action

3rd April 2017 Harmony Gold has issued an ultimatum, calling for striking workers at its Kusasalethu mine to return to work by Tuesday night or face disciplinary action. The Labour Court of South Africa on Friday granted an interdict declaring ongoing industrial action at the Kusasalethu mine unprotected and... 

Eskom cancels supplier contract owing to inferior coal

29th March 2017 State-owned power utility Eskom has terminated a contract with a major coal supplier to its Tutuka power station after discovering the coal supplied was not extracted from the contracted collieries. The parastatal, following strict monitoring of the coal quality to the station, revoked the... 

Huge appoints new CFO

27th March 2017 JSE-listed investment holding company Huge Group on Monday announced the appointment of Zunaid Bulbulia as CFO, effective immediately. Bulbulia, who has been a nonexecutive director at Huge since January 2016, shortly after his exit as group chief operations executive at MTN, is succeeding group... 

AVK grows local manufacturing footprint

27th March 2017 Valves and related solutions manufacturer AVK Holding Southern Africa has bolstered its manufacturing footprint and product offering after acquiring the Gunric brand and intellectual property (IP) for an undisclosed amount. The deal would provide AVK access to Gunric’s specialisation in the... 

TNPA undertakes R15m maintenance dredging campaign at Cape Town port

24th March 2017 The dredging services division of Transnet National Ports Authority (TNPA) has implemented a R15-million maintenance dredging campaign at the Port of Cape Town to restore the design depths inside the Duncan dock. The maintenance campaign, which was started two weeks ago and is scheduled for... 

ELB launches rotary breaker into Africa

24th March 2017 ELB Engineering Services (Pty) Ltd (ELB) is a accredited distributor and sales agent for Centrifugal & Mechanical Industries (CMI), a division of Elgin Separation Solutions, for sub-Equatorial Africa and Madagascar. The ELB Group, since its inception in 1919, has continuously grown on the back of... 

Sunrise Energy secures two international deals for LPG terminal

20th March 2017 Sunrise Energy has secured two commercial contracts with international traders and their South African joint venture partners for the sourcing and importation of liquefied petroleum gas (LPG) through its new import and storage facility in the Western Cape. The R1.2-billion open-access Sunrise... 

Eastplats opposes claim over 2007 agreement with Alpha Global

20th March 2017 TSX- and JSE-listed Eastern Platinum (Eastplats) on Monday said it was opposing a claim filed by Alpha Global Capital against it over a 2007 agreement. Alpha Global is seeking payment of and other relief following a 2007 agreement wherein Eastplats had acquired an additional 5% interest in... 

Commission welcomes Tribunal’s settlement agreement confirmation for Blinkwater

17th March 2017 The Competition Tribunal has confirmed a R10.1-million price-fixing settlement agreement between Mpumalanga-based maize milling firm Blinkwater Mills and the Competition Commission, to be paid in three instalments within a year. Blinkwater has agreed to pay the fine, representing 5% of its 2007... 

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