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Transnet results eclipsed by irregular expenditure, qualified audit and State capture

By: Terence Creamer     Updated 56 minutes ago A surge in irregular expenditure to over R8-billion triggered a qualification of Transnet’s 2018 financial results, all but eclipsing an otherwise strong financial and operational performance by the State-owned group. The irregular expenditure related primarily to procurement undertaken by... 

Transnet results eclipsed by irregular expenditure, qualified audit and State capture

Isuzu SA alive and well, says CEO Sacke

By: Irma Venter     20th August 2018 Isuzu is alive and well in South Africa, following the abrupt departure of General Motors (GM) from the country in 2017. Following the US company’s exit, Japan’s Isuzu Motors acquired General Motors South Africa’s (GMSA’s) Struandale manufacturing plant, in Port Elizabeth – where GMSA assembled... 

Isuzu SA alive and well, says CEO Sacke
Michael Sacke

Sasol says earnings down 22% in year to June

By: African News Agency      Updated 7 hours ago Global integrated chemicals and energy company Sasol said on Monday its headline earnings per share dropped 22% to R27.44 in the year to June 30. Earnings before interest, taxes, depreciation, and amortization rose 10% to R52-billion and the company declared a dividend per share of R12.90. 

Zondo appeals to South Africans to bring evidence on State capture

By: African News Agency      Updated 4 hours ago The chairperson of the commission of inquiry probing allegations of corruption and State capture, Deputy Chief Justice Raymond Zondo on Monday appealed to South Africans to come forward with any information and evidence they think might help the commission in its investigation. Zondo opened the... 

 Zondo appeals to South Africans to bring evidence on State capture
Deputy Chief Justice Raymond Zondo

Municipalities to blame for 'contamination of Vaal river system' – Parliament

By: News24Wire      Updated 7 hours ago A lack of maintenance in sewage infrastructure by municipalities is to blame for contamination into the Vaal River system, Parliament’s Portfolio Committee on Water and Sanitation said on Sunday. "The Sedibeng District and Emfuleni Local Municipalities [are] at the centre of crumbling current... 

Finance ministers fired by Zuma to testify at State capture inquiry

By: News24Wire      Updated 2 hours 17 minutes ago Two of the finance ministers who Jacob Zuma fired during his time as South Africa's president are expected to testify at the State capture commission of inquiry. Head of legal services, Paul Pretorius SC, told the commission that current Public Enterprises Minister Pravin Gordhan and current... 

Finance ministers fired by Zuma to testify at State capture inquiry
Finance Minister Nhlanhla Nene

M&R announces new appointments for underground mining platform

By: Simone Liedtke     Updated 3 hours ago Mike da Costa was appointed CEO of Murray & Robert’s (M&R’s) global underground mining platform, effective August 1, mining contracting company M&R Cementation reported on Monday. The M&R underground mining platform covers six continents and its service offering spans the project value chain... 

Gamtoos Irrigation Board, Environmental Affairs dept renew run-off management programme

By: Natasha Odendaal     Updated 4 hours ago The Department of Environmental Affairs has renewed the Gamtoos Irrigation Board’s (GIB’s) contract to continue deploying the ‘Working for Natural Resource Management’ programme across the Eastern Cape. Under the renewed three-year contract, GIB will manage four major project categories, namely... 

Cape Town to roll out water network pressure management technology

By: African News Agency      Updated 4 hours ago The City of Cape Town said on Monday it was, in response to the worst drought in its history, expediting the roll-out of pressure management technology to various parts of the water supply network. It said testing would take place in the Bellville Park, Upper Oakdale, Oakdale, Blomtuin, Bellair... 

 Cape Town to roll out water network pressure management technology

Uber says concerned over some proposed changes to transport law

By: African News Agency      Updated 3 hours ago Riding service Uber said on Monday it was concerned over some proposed amendments to the National Land Transport Act, including a clause instructing e-hailing operators to deny access to their systems to any driver without the necessary operating licence. Under the clause, ridesharing and... 

ANC, AgriSA to meet over expropriation, economy

By: News24Wire      Updated 6 hours ago The ANC and AgriSA, the country’s largest representative body of commercial farmers, will meet on Tuesday to discuss the heated issue of expropriation without compensation. This follows months of uncertainty in the agricultural sector and the broader economy after the ANC’s initial decision to... 

Ethiopian Airways plans to rule Africa’s skies

By: African News Agency      Updated 6 hours ago Ethiopian Airlines has signed joint venture agreements and business partnerships with at least 14 countries on the continent as part of its Vision 2025 growth plan, under which the carrier hopes to become “the leading aviation group in Africa”, the East African reported. From Zambia and Malawi in... 

China sells diesel to South Africa as refiners seek new export markets

By: Reuters     Updated 2 hours 15 minutes ago State-run oil company Sinopec is selling diesel as far afield as South Africa as China's refiners seek homes for their surplus fuel in the latest sign of troubles in the domestic refining business. Sinopec said on Monday it shipped its first 30 000 t of diesel from its Shanghai refinery heading... 

Nairobi Securities Exchange suspends trading of Kenya's ARM Cement

By: Reuters     Updated 6 hours ago The Nairobi Securities Exchange (NSE) said on Monday it had suspended trading of Kenya's ARM Cement three days after it was put under administration. "The suspension in trading of the company's shares takes effect from August 20, 2018," NSE said in a statement. "This suspension shall remain in... 

Sasol FY18 headline earnings fall 22%

By: Anine Kilian     Updated 5 minutes ago Integrated chemicals and energy company Sasol on Monday reported a 22% year-on-year decrease in its headline earnings a share to R27.44 for the financial year ended June 30. Speaking at a presentation of the group’s results on Wednesday, joint president and CEO Bongani Nqwababa said core headline... 

Only 6% of Joburg bridges are in good condition – JRA

By: News24Wire      Updated 27 minutes ago The City of Johannesburg says it is facing a major headache, after the Johannesburg Roads Agency (JRA) said that out of the 902 bridges managed by the City, only 6% are in good condition. The remaining 94% need immediate intervention. "The city is facing a R170-billion infrastructure backlog. Do... 

Only 6% of Joburg bridges are in good condition – JRA

AngloGold ups half-year earnings, cash flow

By: Martin Creamer     Updated 7 hours ago Solid production and cost performances helped gold-mining company AngloGold Ashanti to deliver higher earnings and cash flow in the first half of this year. The increase in headline earnings of $85-million compared with a loss of $93-million in the first half of 2017 for the company, which is... 

AngloGold ups half-year earnings, cash flow
Photo by Creamer Media
Outgoing AngloGold CEO Srinivasan Venkatakrishnan

State capture inquiry gets underway in Johannesburg

By: African News Agency      Updated 7 hours ago The judicial commission of inquiry into alleged capture of the South African State and its entities, referred to as ''State capture'', is set to begin on Monday in Johannesburg. At the centre of the hearings are the fugitive Gupta family, who have since left the country as allegations of... 

State capture inquiry gets underway in Johannesburg
Deputy Chief Justice Raymond Zondo

Women in construction sector need more support – Nxesi

By: Anine Kilian     17th August 2018 Public Works Minister Thulas Nxesi on Friday implored big contractors to support women in the construction industry through subcontracting work. Addressing women in the construction industry at a Construction Industry Development Board (CIBD) sponsored event, in Pretoria, he said it remained a... 

Get your house in order, MPs tell Transnet

By: Reuters     17th August 2018 Parliament's watchdog on public account on Friday said it had instructed the Transnet board and management to curb graft at the State-owned company. "The Standing Committee on Public Accounts (Scopa) has told the Transnet Board and management to stop the looting because the business is able to... 

Icasa publishes findings on priority markets inquiry

By: Natasha Odendaal     17th August 2018 Plans to undertake a market inquiry of the identified priority markets that may require regulation intervention in terms of the Electronic Communications Act will be announced in due course, the Independent Communications Authority of South Africa (Icasa) said on Friday. Mobile services, upstream... 

Key South African contribution in achieving milestone in development of SKA telescope

By: Rebecca Campbell     17th August 2018 The South African Radio Astronomy Observatory (SARAO) announced on Friday that the Square Kilometre Array (SKA) Telescope Manager (TM) Critical Design Review (CDR) had been completed. (The TM is a system, not a person.) The SKA is an international project to build the world’s biggest radio... 

Key South African contribution in achieving milestone in development of SKA telescope
Photo by South African Radio Astronomy Observatory
Precursor to the SKA: a recent photo of part of South Africa’s 64-dish MeerKAT radio telescope array, which falls under SARAO

BBBEE Commission to host first Women Empowerment Conference

By: Simone Liedtke     17th August 2018 The Broad-Based Black Economic Empowerment (BBBEE) Commission will host its first Women Empowerment Conference, in Pretoria, on August 24. The conference, held under the theme ‘Advancing Women Economic Empowerment through the BBBEE Act’, will be addressed by Trade and Industry Minister Dr Rob... 

Basil Read, Esor ask for JSE share trading suspension

By: Creamer Media Reporter      17th August 2018 Construction firms Basil Read and Esor, which have both entered into business rescue, on Friday asked the JSE to suspend trading in their shares. Basil Read requested the suspension until the effect of the business rescue on the listed business can be quantified, which it said is only likely once... 

New Asia market manager appointed for South African wines body

By: Schalk Burger     17th August 2018 Winemaker industry body Wines of South Africa (WoSA) has appointed Marcus Ford as its new Asia market manager, effective August 20. He will be based in Shanghai, China, and responsible for running all marketing activities throughout mainland China, Hong Kong and Japan, the organisation said on... 

Multimillion-rand South African telescope to investigate mysterious dark energy

By: News24Wire      17th August 2018 A new multimillion radio telescope will be launched on Friday to probe the deep mysteries of radio bursts and dark energy. The instrument, dubbed HIRAX for the Hydrogen Intensity and Real Time Analysis eXperiment, will have its nucleus of 1 024 6 m dishes in Carnarvon in the Northern Cape... 

Leftists rattle rand with plan to nationalise South Africa's SARB

By: Reuters     17th August 2018 Opposition firebrand Julius Malema introduced a bill to nationalise South Africa's central bank, raising pressure on the ruling ANC to go through with a plan it shelved this year and rattling markets wary of threats to the institution's independence. The rand fell more than 1 percent overnight... 

Toyota aims to increase exports into Africa as market recovers

By: Irma Venter     17th August 2018 Toyota South Africa Motors (TSAM) aims to export 100 000 vehicles a year from its Durban plant, says president and CEO Andrew Kirby. Total plant capacity is 242 000 units a year, which includes a 234 000-unit capacity for the Hilux, Fortuner and Corolla, 13 500 for the Ses’fikile minibus and 5... 

Toyota aims to increase exports into Africa as market recovers
Andrew Kirby

Fuel levy’s revenue-generating prowess to come under intense pressure

By: Irma Venter     17th August 2018 The fuel levy as income source for government is rapidly losing productivity to generate income, says Professor Stephan Krygsman of the University of Stellenbosch’s Department of Logistics (Transport Economics). Taking the year 2000 as starting point, with the fuel levy at 100% productivity,... 

Fuel levy’s revenue-generating prowess to come under intense pressure

Engineering News iPhone and Android Apps available for free download

By: Creamer Media Reporter      17th August 2018 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

PwC puts focus on gender pay gap

By: Anine Kilian     16th August 2018 Although South African companies are not required by law to report on the gender pay gap, many organisations have started taking steps to identify pay disparities at all levels, says PwC. “Many companies have also adopted a long-term view to ensure that diversity and, in particular, gender pay... 

Ramaphosa launches commission of inquiry into PIC

By: African News Agency      16th August 2018 President Cyril Ramaphosa will appoint a commission of inquiry to investigate the scandal-plagued Public Investment Corporation (PIC), it was announced on Thursday afternoon. The PIC invests government pensions and handles assets worth about R1.928-trillion. It is one of the biggest known funds... 

CESA Aon Awards adds Lifetime Industry Achievement category

By: Anine Kilian     16th August 2018 Ivor Evans was, on Wednesday, awarded the first ever Consulting Engineers South Africa (CESA) Lifetime Industry Achievement Award posthumously at the 2018 CESA Aon Engineering Excellence awards on Wednesday. This year close to 50 submissions were received and in celebration of Nelson Mandela’s... 

Kenya's ARM Cement CEO says to leave post, to stay as board member

By: Reuters     16th August 2018 The chief executive officer of Arm Cement said on Thursday he planned to leave his post as part of a management shake-up, but would stay on as a board member. "As founder shareholder and entrepreneur, I will be an active Board member and support the incoming CEO and the management team in... 

NUM says ready to sign Eskom's wage offer

By: Reuters     16th August 2018 The National Union of Mineworkers (NUM) said on Thursday it was ready to sign a three-year wage offer from state power firm Eskom provided the utility agrees not to discipline staff who went on strike illegally. Investors want to see a resolution to the standoff between workers and Eskom as any... 

Angola aims to boost oil output with new block sale agency

By: Reuters     16th August 2018 Angola will launch next year a new agency to handle oil concessions, the government said on Thursday, as President João Lourenço pushes ahead with reforms aimed at boosting production in Africa's second biggest oil industry. The creation of a National Agency of Petroleum and Gas to manage and... 

SA Express airline cleared to fly again

By: Rebecca Campbell     16th August 2018 Small, State-owned South African airline SA Express confirmed on Thursday that it would restart its operations on August 23. This announcement followed a statement by Public Enterprises Minister Pravin Gordhan to Parliament’s Portfolio Committee on Public Enterprises on Wednesday that the carrier... 

SA Express airline cleared to fly again
Photo by SA Express
A Bombardier CRJ700 of SA Express

Tiger Brands’ shares fall on lower FY18 earnings expectations

By: Simone Liedtke     16th August 2018 JSE-listed Tiger Brands’ share price fell by nearly 9.8% on Thursday morning after it announced that its earnings per share (EPS) and headline earnings per share (HEPS) for the financial year to end September 30 are likely to decrease by 22% to 37% year-on-year. It reported EPS of R19.15 and HEPS... 

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