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Latest News

SACP denounces disinvesting General Motors acting in bad faith

By: African News Agency      24th May 2017 The South African Communist Party (SACP) came out in support of workers at General Motors South Africa (GMSA) and its supply chain on Wednesday, denouncing the disinvesting company for allegedly acting unilaterally and in bad faith towards the labour movement. “The SACP expresses its message of... 

AfriBusiness launches investigation into Transnet’s multiproduct pipeline 

By: Megan van Wyngaardt     24th May 2017 Nonprofit business rights watchdog AfriBusiness will launch an application against Transnet regarding the new multi-product pipeline’s (NMPP’s) completion and implementation. The NMPP, which entailed the building of a pipeline for the transportation of various fuels from Durban, in KwaZulu-Natal,... 

NNR CEO elected president of nuclear safety convention review meeting

By: Megan van Wyngaardt     24th May 2017 National Nuclear Regulator (NNR) CEO Dr Bismark Tyobeka has been elected to serve as president of the sixth review meeting of the Joint Convention on the Safety of Spent Nuclear Fuel Management and Safety of Radioactive Waste Management. The joint convention was adopted on September 5, 1997, and... 

AMSA secures R4.5bn funding facility

By: Megan van Wyngaardt     24th May 2017 ArcelorMittal South Africa (AMSA) has secured a R4.5-billion revolving structured commodity trade finance facility, which will allow the steel manufacturer to finance its working capital as part of its balance sheet restructuring. CEO Wim de Klerk said in a statement that the company had... 

Adcorp posts significant loss owing to labour law changes

By: Megan van Wyngaardt     24th May 2017 Management consultancy company Adcorp’s shares fell as much as 8% on Wednesday morning to R10.80 a share, from Tuesday’s close of R11.74 a share, after it posted a headline loss a share of 27.9c for the year ended February 28. Its normalised earnings a share decreased by 76% year-on-year to... 

Adcorp posts significant loss owing to labour law changes

Numsa demands full disclosure of GM deal with Isuzu

By: African News Agency      24th May 2017 The National Union of Metalworkers of South Africa (Numsa) said on Wednesday that it was demanding full disclosure on General Motors' (GM's) deal with Isuzu. This comes after the Numsa officials met with GM employees on Tuesday in Port Elizabeth to discuss details of the company’s decision to... 

Master Plastics lists on AltX

By: Creamer Media Reporter      24th May 2017 Master Plastics, which was unbundled from JSE-listed Astrapak, has listed on the JSE’s AltX board in the Containers and Packaging sector.   Master Plastics represents a group of manufacturing operations that produce flexible packaging and knitted synthetic fabrics for the agricultural, retail and... 

Puma Energy sponsors South Africa’s Flying Lions aerobatic team 

     24th May 2017 International oil company Puma Energy recently announced, at Rand Airport in Germiston, east of Johannesburg, that it was sponsoring the Flying Lions aerobatic team. Keith Campbell reports. 

Puma Energy sponsors South Africa’s Flying Lions aerobatic team
Puma Energy sponsors South Africa’s Flying Lions aerobatic team

Arrowhead delivers higher H1 dividend

By: Natasha Odendaal     24th May 2017 JSE-listed residential real estate investment trust Arrowhead on Wednesday declared a dividend of 43.24c a share for the six months ended March 31, 2017 – representing a 6.01% increase year-on-year. The Reit is “solidly” on track to meet its full-year dividend forecast. 

Vedanta hits production high spot at Black Mountain

By: Martin Creamer     24th May 2017 Diversified mining company Vedanta has achieved its highest quarterly production in four years at Black Mountain in South Africa, where the Gamsberg zinc project is on track to begin production towards the middle of next year. In addition, mobilisation on the Skorpion pit layback, in neighbouring... 

Vedanta hits production high spot at Black Mountain
Photo by Bloomberg
Vedanta chairperson Anil Agarwal

MPs fume as water dept fails to explain R1.5bn debt

By: News24Wire      24th May 2017 MPs across the political spectrum slammed the department of water and sanitation on Tuesday after its officials failed to explain how the department still owed contractors R1.5-billion. The department was due before the portfolio committee on Tuesday to discuss, among other things, outstanding... 

Maswanganyi vows bold State intervention to drive transformation

By: News24Wire      24th May 2017 Radical economic transformation was the theme of new Transport Minister Joe Maswanganyi's first budget and policy statement to the National Assembly. "Transport will play a leading role in radical economic transformation," Maswanganyi said on Tuesday. 

Westinghouse reaches deal for $800m US bankruptcy loan

By: Reuters     24th May 2017 Westinghouse Electric Co told a US court on Tuesday the nuclear power company had reached a deal to borrow $800-million after allaying creditors' concerns that the money would be flowing to non-bankrupt affiliates overseas. Westinghouse, a unit of Japan's Toshiba Corp, filed for bankruptcy in... 

Ethiopian wins vote to be first African head of WHO

By: Reuters     24th May 2017 Tedros Adhanom Ghebreyesus, a former health minister and foreign minister of Ethiopia, won an election on Tuesday to head the World Health Organisation (WHO), the first African to do so, edging out a veteran insider from Britain. A jubiliant Ethiopian official emerged from the closed-door meeting... 

Cape Town to spend more than R300m over 3 years to tackle drought

By: News24Wire      24th May 2017 City of Cape Town Mayor Patricia de Lille says the city plans to spend R315-million in the next three financial years to deal with the ongoing drought in the region. This came after Western Cape Premier Helen Zille declared the Western Cape a disaster zone last week to accelerate the deployment... 

Cape Town to spend more than R300m over 3 years to tackle drought

Group Five appoints Mosai as CEO

By: Megan van Wyngaardt     23rd May 2017 JSE-listed construction company Group Five has appointed Themba Mosai, who has been acting CEO of the group since March, as CEO, effective immediately. He takes over the reins from Eric Vemer, who moved on to new opportunities. 

DTI refuses to release list of black industrialist scheme beneficiaries for fear they will be ‘harassed’ 

By: Terence Creamer     23rd May 2017 Trade and Industry Minister Dr Rob Davies showcased four recipients of government’s flagship Black Industrialist programme (BIP) during his Budget Vote on Tuesday, but astonishingly refused to release the names of all 46 recipients of the non-refundable government grants and concessional loans.... 

DTI refuses to release list of black industrialist scheme beneficiaries for fear they will be ‘harassed’
Photo by Duane Daws
Trade and Industry Minister Dr Rob Davies

Eskom tests microgrid technology in Free State

By: Megan van Wyngaardt     23rd May 2017 The Eskom Research, Testing and Development (RT&D) unit is building a MicroGrid technology demonstration plant in a rural unelectrified village, near Ficksburg, in the Free State. “This project is a demonstration of next-horizon technology that supports Eskom’s future strategic objectives, as... 

ANC dismisses Zuma removal report as 'fabrication'

By: Reuters     23rd May 2017 South Africa's ruling African National Congress (ANC) dismissed a media report on Tuesday that President Jacob Zuma's removal would be discussed at a key party meeting this weekend as untrue. Opposition to Zuma inside the ANC and from opposition parties and civil society groups has swelled since... 

ANC dismisses Zuma removal report as 'fabrication'
Photo by Duane Daws
President Jacob Zuma

Gigaba punts financial sector reform

By: African News Agency      23rd May 2017 Finance Minister Malusi Gigaba on Tuesday said National Treasury would support parliamentary processes aimed at regulating the South African financial sector to make the industry inclusive. “The financial sector plays a critical role in our country, but this must be enhanced to achieve the... 

Solidarity, Hospersa worried about proposed bail-out plans for SAA

By: Megan van Wyngaardt     23rd May 2017 Trade union Solidarity is demanding answers about whether the Government Employees Pension Fund (GEPF) is considering recapitalising “sinking ship” South African Airways (SAA) through the Public Investment Corporation (PIC), as the union’s members have a direct interest in the proper management... 

Solidarity, Hospersa worried about proposed bail-out plans for SAA

Global steel production rises 5% y/y in April

By: Creamer Media Reporter      23rd May 2017 Global steel production, as reported by the 67 member countries of the World Steel Association (worldsteel), rose by 5% year-on-year to 142.1-million tonnes in April. China’s steel production increased by 4.9% to 72.8-million tonnes, while Japan’s output rose 3% year-on-year to 8.8-million tonnes. 

Influx of job seekers to Gauteng threatens economic momentum

By: Megan van Wyngaardt     23rd May 2017 Although it has made “remarkable progress” in creating jobs over the mid-term, between May 2014 and November 2016, the Gauteng provincial government (GPG) still faced a rapid increase in the economically active population owing to migration, Premier David Makhura said in his Midterm Report on... 

Rand firms on rumours that ANC to discuss Zuma's removal

By: Reuters     23rd May 2017 South Africa's rand firmed more than 1.5 percent against the US dollar on Tuesday on rumours that the African National Congress (ANC) will discuss the removal of President Jacob Zuma at a major party meeting. An ANC spokesperson said the rumours were a "complete fabrication". 

Rand firms on rumours that ANC to discuss Zuma's removal
President Jacob Zuma

Denel set on expanding business in Asia-Pacific region

By: Megan van Wyngaardt     23rd May 2017 State-owned Denel on Tuesday said it was dead set on expanding its business in the Asia-Pacific markets, despite an affidavit, lodged by former Treasury director-general Lungisa Fuzile, stating that its joint venture (JV) partner is a technically insolvent company. The aerospace and defence... 

Verimark enters fortieth year with one of its best improved financial performances 

By: Natasha Odendaal     23rd May 2017 After some years of static growth and marginal declines, and now in its fortieth year of operation, JSE-listed Verimark on Tuesday reported “one of its best” financial outcomes for the year ended February 28, aided by sales price increases and the strengthening of the rand. Verimark’s headline... 

Verimark enters fortieth year with one of its best improved financial performances
Verimark CEO and MD Michael van Straaten discusses the highlights of the year ended February 28, 2017. Camerawork and videoediting: Nicholas Boyd. Date recorded: 23.05.2017.

Rezidor Group targets 60% jump in Africa hotels by 2020

By: Reuters     23rd May 2017 Sweden's Rezidor Group plans to increase by 60% the number of hotels it operates in sub-Saharan Africa to 120 in the next four years to take advantage of growing business travel, its regional head said on Tuesday. The company has been focusing on Africa due to growing demand for well-known... 

Company climate risk disclosure could become mandatory in a few years

By: Reuters     23rd May 2017 Companies' disclosure of risks to their business from climate change could become mandatory in a few years as investor pressure gathers pace, climate finance experts said on Tuesday. Investors have urged companies, particularly those operating in the oil, gas and coal sectors, to disclose the... 

Thos Begbie’s global quality status boosted by on-the-spot Dekra 

By: Martin Creamer     23rd May 2017 The same-site working relationship that Thos Begbie has established with global quality inspectorate Dekra Industrial RSA is giving the prolific exporter of copper castings a commercial edge in its global dealings with mining and smelter-related customers worldwide. Thos Begbie now hosts the... 

Thos Begbie’s global quality status boosted by on-the-spot Dekra
Engineering News Online’s Martin Creamer talks to Thos Begbie’s Edwin Dreyer and Dekra’s Johan Gerber. Photographs: Duane Daws. Video: Nicholas Boyd. Video Editing: Lionel da Silva.

South African Weather Service welcomes new CEO

By: Megan van Wyngaardt     23rd May 2017 The South African Weather Service (SAWS) has appointed Jeremiah Lengoasa CEO. He returns to SAWS after 12 years, after he left the organisation to join the World Meteorological Organisation, in Geneva, Switzerland, as assistant secretary-general in August 2005. 

Solidarity approaches court to revoke Eskom’s employment equity plan

By: Megan van Wyngaardt     23rd May 2017 Trade union Solidarity will on Friday approach the Labour Court in Johannesburg to have State-owned power provider Eskom’s current employment equity plan declared invalid and revoked. Eskom’s employment equity plan is expected to be in force until 2020. Solidarity Centre for Fair Labour Practices... 

Gordhan lays into Eskom board over Molefe

By: African News Agency      23rd May 2017 Former Finance Minister Pravin Gordhan on Tuesday called for the Eskom board to be fired and a full investigation into not only Brian Molefe’s return to the power utility, but his actions in his previous job at Transnet. Gordhan told Parliament’s portfolio committee on public enterprises, of... 

Gordhan lays into Eskom board over Molefe
Photo by Duane Daws
Former Finance Minister Pravin Gordhan

South Africans spoilt for choice when buying new vehicles 

By: Irma Venter     23rd May 2017 South African car buyers had access to 55 passenger car brands in 2016, with 3 458 model derivatives to choose from, says National Association of Automobile Manufacturers of South Africa (Naamsa) executive manager Dr Norman Lamprecht. “This afforded car buyers the widest choice to market-size... 

South Africans spoilt for choice when buying new vehicles

Rhodes Food attributes strong interim results to organic growth

By: Megan van Wyngaardt     23rd May 2017 JSE-listed Rhodes Food on Tuesday posted a 14.6% year-on-year increase in net profit to R125-million for the six months ended April 2, while headline earnings rose 15.9% to R126-million. The food producer attributed the growth to sustained strong organic growth in the regional segment, with fresh... 

'Massive' load-shedding looms in Zim as Zesa fails to settle $80m debt to Eskom

By: Reuters     23rd May 2017 "Massive" load-shedding could begin as early as next week in Zimbabwe - because the cash-strapped authorities still haven't settled an $80-million debt to Eskom, the Herald reports. The State-run Zimbabwe Electricity Supply Authority (Zesa) has been unable to keep up with a payment plan agreed... 

I was under the impression that Molefe had resigned, Brown reveals 

     23rd May 2017 When Eskom’s Board approached me to inform me of its decision to bring Mr Molefe back, I said I would support it on the proviso that it was legal. I also made this point repeatedly when addressing media on the matter, though – curiously – none of them thought it worthy of reporting. 

I was under the impression that Molefe had resigned, Brown reveals
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Brown drops opposition to legal challenge to Molefe’s reappointment

By: African News Agency      23rd May 2017 Public Enterprises Minister Lynne Brown has withdrawn her opposition to the court application for the reappointment of Brian Molefe as CEO of Eskom be set aside. “I will abide by the decision of the court,” Brown told Parliament’s portfolio committee on public enterprises on Tuesday morning. 

Brown drops opposition to legal challenge to Molefe’s reappointment
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Sasol says maintains output after refinery blast

By: Reuters     23rd May 2017 South African petrochemicals group Sasol said on Tuesday it had enough oil reserves to meet market requirements following an explosion at its 108 000 bbl/d Natref refinery on Monday. The blast at the country's only inland refinery, a venture between Sasol and a South African unit of France's... 

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