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Sanral CEO looks to regain South Africa’s trust despite ongoing e-toll tussle 

By: Irma Venter     Updated 4 hours ago Not too long ago, the South African National Roads Agency Limited (Sanral) was a firm darling among its peers. It was a well-funded State-owned enterprise (SOE) almost never under fire, seldom in retreat, grinding ever onward in its task to manage and expand the country’s road network. Then came... 

Sanral CEO looks to regain South Africa’s trust despite ongoing e-toll tussle

Johannesburg’s City Power MD takes leave pending investigation

By: African News Agency      Updated 4 hours ago Sicelo Xulu, the MD of City Power, has taken leave to allow for the completion of a forensic investigation into fraud and corruption. The announcement was made on Thursday in a statement issued by City Power, the Johannesburg municipal entity that supplies Johannesburg with electricity. 

Electricity-mix model shows South Africa won’t need to trade off clean for low-cost 

By: Terence Creamer     23rd February 2017 The steep decline in wind and solar photovoltaic (PV) costs means that South Africa will not need to make the traditional trade-off between investing in either clean or least-cost electricity production, as the “cost-optimal mix” for South Africa is now also the cleanest, research conducted by... 

Electricity-mix model shows South Africa won’t need to trade off clean for low-cost

Nersa allows Eskom to raise tariffs by 2.2% in 2017/18

By: Anine Kilian     23rd February 2017 The National Energy Regulator of South Africa (Nersa) has allowed State-owned Eskom to raise its tariffs by 2.2% for the 2017/18 year. Nersa chairperson Jacob Modise on Wednesday said the regulator had confirmed Eskom’s allowable revenues of R205-billion for the period. 

Nersa allows Eskom to raise tariffs by 2.2% in 2017/18

Aton share buying spree 'opportunity, not threat', says M&R’s Laas

By: Irma Venter     23rd February 2017 Murray & Roberts (M&R) CEO Henry Laas views ATM Holding’s acquisition of a 25.5% shareholding in M&R, as “an opportunity, not a threat”. “I’m pretty relaxed about what is happening.” 

Aton share buying spree 'opportunity, not threat', says M&R’s Laas
Photo by Duane Daws
Henry Laas

South Africa's govt drawdowns rising, pose risks to fiscal position – Moody's

By: Reuters     23rd February 2017 Moody's has warned that South African government drawdowns are rising and represent increasing risks to its fiscal position, a day after Treasury targeted the wealthy with tax hikes in a bid to rein in the budget deficit. Zuzana Brixiova, a lead analyst for South Africa, said the budget aimed to... 

South Africa's govt drawdowns rising, pose risks to fiscal position – Moody's

Brian Molefe sworn in as ANC MP

By: News24Wire      23rd February 2017 Former Eskom CEO Brian Molefe has been sworn in as African National Congress member of Parliament. Two sources from Parliament confirmed to News24 that the swearing in took place in the Speaker's office on Thursday morning. 

Brian Molefe sworn in as ANC MP
Photo by Duane Daws
ANC MP Brian Molefe

Standard Bank in talks with Competition Commission in rand-rigging probe

By: Reuters     23rd February 2017 South Africa's Standard Bank said on Thursday it was engaging with the Competition Commission about an investigation into alleged rigging of rand currency trading and had not suspended any employees to date. "Pending the outcome of these engagements and in the light of these historic allegations... 

Barclays Africa CEO 'deeply regrets' role in FX rigging

By: Reuters     23rd February 2017 South African lender Barclays Africa asked for forgiveness on Thursday for its role in rigging the local currency, a scandal that has raised questions over the dominance of four big local banks. "We deeply regret that this conduct took place within our organisation," Chief Executive Maria Ramos... 

Solidarity to launch campaign to support the local steel industry

By: Megan van Wyngaardt     23rd February 2017 Trade union Solidarity has set its sights on the expansion and sustainability of South Africa’s domestic steel industry for the year ahead and will soon launch a Support Our Steel (SOS) campaign. The domestic steel industry had suffered significant setbacks in recent times, particularly after the... 

Afrox weathers yet another difficult trading year

By: Megan van Wyngaardt     23rd February 2017 The benefits of its successful restructuring and the litigation settlement with ArcelorMittal South Africa (AMSA) resulted in gas company African Oxygen (Afrox) reporting a 23.2% year-on-year increase in earnings before interest, taxes, depreciation and amortisation (Ebitda) to R1.24-billion for... 

Bidcorp expects upward momentum in the second half of FY17

By: Natasha Odendaal     23rd February 2017 After maintaining a strong upward trajectory across all geographies during the six months ended December 31, JSE-listed Bidcorp is optimistic about its future prospects With a global rebranding effort to ‘Bidfood’ under way to reinforce its image as “value-add food people”, Bidcorp’s foodservice... 

Cell C rejects Telkom’s buy-out offer  

By: Creamer Media Reporter      23rd February 2017 Mobile operator Cell C on Thursday confirmed that it had rejected an unsolicited nonbinding and conditional acquisition proposal from telecommunications giant Telkom. Media reports emerged this week that Telkom was planning to throw its hat in the ring for the buy-out of Cell C, which is being... 

Mondi's 2016 profit rises, company see challenges ahead

By: Reuters     23rd February 2017 South African paper and packaging company Mondi's 2016 underlying profit rose, helped by good performance in all its businesses despite pricing pressure in a number of key paper grades. Mondi, which is also listed in London, said underlying operating profit rose 3% to €981-million ($1-billion)in... 

Busa welcomes Budget, commits to playing a role in country’s economic transformation

By: Megan van Wyngaardt     23rd February 2017 Business Unity South Africa (Busa) on Thursday welcomed the prioritisation of education and social spending, as well as the reforms in public procurement outlined by Finance Minister Pravin Gordhan in his Budget speech on Wednesday. Busa believes these measures will generate improved efficiencies... 

Treasury seeks to establish budgeting facility for large infrastructure projects

By: Natasha Odendaal     23rd February 2017 As South Africa’s government moves to strengthen its budget execution and improve in-year monitoring, while also bolstering infrastructure development, the National Treasury has proposed the establishment of a new facility to optimise large multiyear infrastructure project roll-outs that require... 

Treasury seeks to establish budgeting facility for large infrastructure projects

JRA tackles bridge rehabilitation after severe floods

By: Megan van Wyngaardt     23rd February 2017 The Johannesburg Roads Agency (JRA) has embarked on the R113.5-million rehabilitation, reconstruction and repair of six bridges across the city, following heavy rainfall and flash flooding in early January. The affected bridges include Belgrave, Joe Nhlanhla, Cork Avenue, Bridge Road, Spring Road... 

Shell’s Mohale steps down to pursue other opportunities

By: Megan van Wyngaardt     23rd February 2017 Shell South Africa chairperson and upstream VP Bonang Mohale will step down from his role, effective June 30, to pursue other opportunities. Mohale, who has been with Shell South Africa since 2009, will be succeeded by Hloniphizwe Mtolo, who is currently the South African business retail and the... 

Manufacturing sector to benefit from nuclear new build programme – Lesedi

By: Megan van Wyngaardt     23rd February 2017 Government and the broader public should realise that nuclear is “the right way to go” to meet South Africa’s future energy needs, says Lesedi Nuclear Services CEO Francis Carruthers, adding that the nuclear new build programme will hold significant downstream benefits in terms of local... 

Association highlights the negative impact of poultry imports on the feed industry

By: Megan van Wyngaardt     23rd February 2017 Poultry meat imported into South Africa during 2016 displaced around 1.5-million tonnes of broiler feed, worth an estimated R8.2-billion or the equivalent of 15 medium-sized feed mills, which could have been locally manufactured, Animal Feed Manufacturers Association of South Africa (AFMA) said... 

Association highlights the negative impact of poultry imports on the feed industry

Sasa calls for greater public input in sugar tax deliberations

By: Anine Kilian     23rd February 2017 The South African Sugar Association (Sasa) believes there has been insufficient public involvement in discussions on the implementation of the proposed tax on sugar-sweetened beverages. Finance Minister Pravin Gordhan on Wednesday confirmed that the proposed tax, which will be levied at a rate of... 

Frankfurt Airport aims to increase its business with South Africa

By: Keith Campbell     23rd February 2017 Germany’s number one international airport, Frankfurt, is seeking to increase its two-way air cargo trade with South Africa. This was highlighted at a media briefing at the 2017 Air Cargo Africa conference in Kempton Park, east of Johannesburg, by Fraport AG chief operating officer Anke Giesen.... 

Frankfurt Airport aims to increase its business with South Africa
Photo by Fraport
Anke Giesen

Massmart reports 16% jump in FY profit

By: Reuters     23rd February 2017 South African retailer Massmart reported an almost 16% rise in full-year profit on Thursday, as the firm controlled costs and closed some of its less profitable stores in a tough economic environment. Massmart, majority-owned by Wal-Mart Stores Inc, posted diluted headline earnings per share of... 

Erin Energy CEO resigns

By: Megan van Wyngaardt     23rd February 2017 Segun Omidele has resigned as CEO of dual-listed oil and gas company Erin Energy Corporation, with immediate effect. His departure is expected in the coming weeks, during which time he will assist in the orderly transition of his duties and responsibilities to interim CEO Jean-Michel Malek, who... 

Engineering News iPhone and Android Apps available for free download

By: Creamer Media Reporter      24th February 2017 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

Wage deadlock in rail sector

By: African News Agency      23rd February 2017 Wage negotiations between two transport unions and the Passenger Rail Agency of South Africa (PRASA) have deadlocked, the United National Transport Union (UNTU) said on Thursday. The union said it was demanding a 20% salary increase, while the employer was offering 3%. 

WTO trade facilitation agreement comes into force

By: Megan van Wyngaardt     Updated 1 minute ago After having received four more ratifications for the Trade Facilitation Agreement (TFA), the World Trade Organisation (WTO) has obtained the two-thirds of acceptances needed from its 164 members to bring the TFA into force, which could boost global trade by up to $1-trillion each year, with the... 

South African dams recovering as torrential rains continue

By: Megan van Wyngaardt     Updated 15 minutes ago The Vaal Dam is expected to reach 100% capacity soon, if current rainfall volumes continue, the Department of Water and Sanitation (DWS) said on Friday. The dam was 81.6% full by Friday and water levels were rising fast, owing to the torrential rains of the last two weeks. 

South African dams recovering as torrential rains continue

Analysts acclaim Glencore’s performance as good fundamentals return

By: Martin Creamer     23rd February 2017 Commodity market fundamentals are improving against a backdrop of better than expected demand and limited, if any, inventory build through the trough of the cycle, diversified mining and marketing company Glencore said on Thursday. This comes against the background of the London-, Hong Kong- and... 

Analysts acclaim Glencore’s performance as good fundamentals return
Glencore CEO Ivan Glasenberg

Amplats launches new Chrome Recovery Plant 

     23rd February 2017 Anglo American Platinum launched its newly commissioned chrome recovery plant earlier in January at its Thabazimbi-based Amandelbult complex in Limpopo.  

Amplats launches new Chrome Recovery Plant

Budget’s withholding tax rise may alter Sibanye’s dividend stance

By: Martin Creamer     23rd February 2017 The change in the withholding tax position introduced in Wednesday's Budget may result in precious metals mining company Sibanye changing its stance on dividends. Up to now, Sibanye’s first call on free cash after stay-in-business capital expenditure has been to pay dividends amounting to at... 

Budget’s withholding tax rise may alter Sibanye’s dividend stance
Photo by Duane Daws
Sibanye CEO Neal Froneman

Bidcorp continues to achieve earnings growth in H1

By: Natasha Odendaal     23rd February 2017 JSE-listed Bid Corporation (Bidcorp), the food services unit that was unbundled from international services, trading and distribution firm Bidvest last year, delivered a distribution of 250c a share for the six months to December 31. The reported financials show “very pleasing” results for the... 

Sibanye reports record operating profit, soaring earnings, good dividend

By: Martin Creamer     23rd February 2017 Precious metals mining company Sibanye on Thursday reported record operating profit of R10.5-billion for the six months and year ended December 31, 2016, a 60% increase on the previous year. Group operating profit of R5.1-billion for the second half of 2016 was 29% higher than for the comparable... 

Sibanye reports record operating profit, soaring earnings, good dividend
Photo by Duane Daws
Sibanye CEO Neal Froneman

Chamber notes Gordhan’s bemoaning of Section 54 stoppages 

By: Martin Creamer     22nd February 2017 The Chamber of Mines of South Africa has described Finance Minister Pravin Gordhan as having done an effective job of maintaining fiscal discipline with a budget deficit of 3.1% in these most trying of times. The chamber comments that the 2017/18 Budget demonstrates the truism that sustaining and... 

Continued support for renewables IPPs an economic boost – Sarec 

By: Megan van Wyngaardt     22nd February 2017 The South African Renewable Energy Council (Sarec) has welcomed the confirmation by Finance Minister Pravin Gordhan that the continuation of South Africa’s independent power producer (IPP) programme was imperative, given the need to boost investment in the short term. In a statement following... 

Murray & Roberts posts H1 loss

By: Anine Kilian     22nd February 2017 JSE-listed Murray & Roberts (M&R) on Wednesday reported an attributable loss of R60-million for the six months ended December 31. Revenue and profit from continuing operations were R10.7-billion and R119-million respectively for the period. 

Pan African CEO accuses union of ‘blatantly false’ safety statements 

By: Martin Creamer     22nd February 2017 The CEO of the London Aim- and Johannesburg-listed precious metals and coal mining company Pan African Resources on Wednesday accused the National Union of Mineworkers (NUM) of making statements that were “blatantly false” on safety practice at the Evander gold mine in Mpumalanga. “I will not say... 

Mining Weekly Online’s Martin Creamer on results presentation of Pan African Resources by CEO Cobus Loots. Photographs: Duane Daws. Video: Nicholas Boyd. Video Editing: Lionel da Silva.

Nuclear deal – The calm before the storm? 

By: News24Wire      22nd February 2017 National Treasury’s 2017 Budget Review and Finance Minister Pravin Gordhan’s speech kept a wide berth from mentioning nuclear energy, following President Jacob Zuma’s cue in his 2017 State of the Nation Address.As anti-nuclear energy protesters chanted "no, no nuclear power" outside Parliament on... 

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