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Latest News

Inclusive growth represents a $7tn opportunity – Mastercard

By: Natasha Odendaal     18th January 2018 The ingredients that allow for inclusive growth to take place are already lined up, but it will be up to the private sector, governments and civil society to start the dialogue and determine the degree of intention to take growth to the next level. The pursuit of inclusive growth needed to be... 

Cape Town cuts water allowance to daily 50 litres as Day Zero nears

By: African News Agency      18th January 2018 Cape Town on Thursday drastically cut water restrictions from 87 litres per person per day to 50 litres -- about two-and-a-half standard buckets -- as South Africa's mother city continues to struggle with a three-year-long drought that could see it become the first major modern city in the world... 

Cape Town cuts water allowance to daily 50 litres as Day Zero nears

Eskom challenges need to be addressed urgently, or South Africa will sink – Gigaba

By: Megan van Wyngaardt     18th January 2018 Finance Minister Malusi Gigaba on Thursday painted a grim picture of the financial challenges facing power utility Eskom, stating that the national fiscus would be unable to bail the State-owned enterprise (SOE) out in the event of a default. Speaking at a pre-World Economic Forum (WEF)... 

Eskom challenges need to be addressed urgently, or South Africa will sink – Gigaba
Photo by Duane Daws
Deputy President Cyril Ramaphosa and Finance Minister Malusi Gigaba

Editorial: Eskom requires surgery not a Band-Aid

By: Terence Creamer     18th January 2018 Eskom’s debt refinancing is undoubtedly a critical burning platform. The clock is most definitely ticking and the consequences of not closing the immediate financial chasm will be dire not only for the utility, but also for citizens. That said, government is extremely unlikely to allow Eskom to... 

Editorial: Eskom requires surgery not a Band-Aid

New ‘disruptive’ mine borer heads for Indaba unveiling

By: Martin Creamer     18th January 2018 A new Proudly South African mine tunnel borer that requires no blasting, delivers higher production advances, comes with a collaboration imprimatur and can be retrofitted to existing operations, will be unveiled at next month’s Mining Indaba in Cape Town and commissioned in the third quarter of... 

New ‘disruptive’ mine borer heads for Indaba unveiling
Photo by Duane Daws
Danie Pretorius

Resumption of Cape Town Prasa service marred by train derailment

By: African News Agency      18th January 2018 The resumption of the Passenger Rail Agency of South Africa (Prasa) services on Thursday morning was marred when a train came off the rails along the notorious Central Line in Cape Town The train service had been suspended for nearly two weeks because of safety concerns sparked by the shooting of... 

MTN optimistic about Africa’s future growth

By: Natasha Odendaal     18th January 2018 Nine months after taking the reins as president and CEO of MTN, Rob Shuter remains confident of the future of the company and its opportunities across its 22 markets in the Middle East and Africa. Addressing delegates at Deloitte’s yearly Africa Outlook conference, Shuter said there were more... 

Capture of State-owned enterprises totally unacceptable – Ramaphosa

By: African News Agency      18th January 2018 South Africa's deputy president and new leader of the ruling African National Congress (ANC), Cyril Ramaphosa, said on Thursday it was "totally unacceptable" that State-owned companies had fallen prey to criminal elements, resulting in sovereign credit rating downgrades to sub-investment status.... 

Capture of State-owned enterprises totally unacceptable – Ramaphosa
Deputy President Cyril Ramaphosa

Congo Republic plans to join Opec oil cartel

By: Reuters     18th January 2018 Congo Republic plans to join the Opec oil cartel, the government said, as the former French colony presses ahead with projects that could help it become the third-largest oil producer in sub-Saharan Africa. "The Republic of Congo has decided to accede to the Organization of the Petroleum... 

WEF 2018 meeting to feature record number of world leaders

By: African News Agency      18th January 2018 A record number of heads of state, government and international organisations, as well as leaders from business, civil society, academia, the arts and media, are set to attend the World Economic Forum’s (WEF) 48th annual meeting taking place in Davos-Klosters, Switzerland, from January 23 to 26.... 

Massmart says 2017 sales increase 2.7% to R93.7bn

By: African News Agency      18th January 2018 Retail group Massmart said on Thursday total sales for the 53 weeks to 31 December 2017 increased by 2.7% to R93.7-billion compared with the 52 weeks to 25 December 2016. The company noted that its 2017 financial year was a 53-week trading period ended 31 December 2017, which complicated useful... 

Tracking Europe's waste: 'There's gold in them landfills'

By: Reuters     18th January 2018 Some of Europe's richest deposits of valuable materials are in the trash, ranging from gold in smartphones to cobalt in electric car batteries, according to a survey of urban mining published on Wednesday. Scrap vehicles, batteries, computers, fridges and other electronic and electrical waste... 

Tribunal approves JV between three international shipping companies

By: Anine Kilian     17th January 2018 The Competition Tribunal has approved, with conditions, the intermediate merger whereby Nippon Yusen Kabushiki Kaisha (NYK), Mitsui OSK Lines (MOL) and Kawasaki Kisen Kaisha (KL) intend to merge their container liner shipping businesses to form a joint venture (JV) in the shipping market. NYK,... 

Chinese demand drives construction boom in Cambodia

By: Reuters     17th January 2018 The value of construction projects in Cambodia rose more than 22 percent to $6.4 billion in 2017 from the previous year, according to official figures released on Tuesday that showed the impact of a boom driven by Chinese investors. The Ministry of Land Management, Urban Planning and Construction... 

Denmark will increase defence spending to counter Russia - PM

By: Reuters     17th January 2018 The Danish government expects to win backing for a substantial increase in defence spending next month, to counter Russia’s intensified military activity in eastern and northern Europe, the NATO-member’s prime minister said Monday. Denmark last week deployed 200 troops to a UK-led NATO mission in... 

WEF report cautions on positive headline economic indicators

By: Natasha Odendaal     17th January 2018 While the world seems to be getting back on track ten years after the global financial crisis, the thirteenth edition of the Global Risks report 2018 reveals that the positive headline economic indicators mask numerous concerns. The World Economic Forum (WEF) report, tabling a new question to... 

WEF report cautions on positive headline economic indicators

CTRG reaches financial close with lenders

By: Creamer Media Reporter      17th January 2018 Mozambique-based Central Térmica de Ressano Garcia (CTRG), a joint venture between Sasol Energy and Electricidade de Moçambique (EDM) has reached financial close on a $189-million project finance transaction with its lenders. CTRG, in which EDM holds a 51% stake and Sasol Energy the balance,... 

Niger Delta Avengers say they will attack Nigeria's oil sector within days

By: Reuters     17th January 2018 Nigerian militant group Niger Delta Avengers said on Wednesday it planned to launch attacks on the country's oil sector in the next few days. The group claimed responsibility for most attacks on oil facilities in the Niger Delta in 2016, which cut Nigeria's crude production from a peak of... 

DRA expands Asia-Pacific footprint

By: Martin Creamer     17th January 2018 Global engineering, project delivery, contract operations specialist and asset management group DRA’s acquisition of Perth-based Minnovo expands its Australian footprint and adds depth to its metallurgical, engineering, procurement, project management, construction and commissioning capabilities... 

DRA expands Asia-Pacific footprint
Photo by Duane Daws
DRA CEO Wray Carvelas

Davos paper attacks Trump's views on trade

By: Reuters     17th January 2018 US President Donald Trump's view of world trade will be challenged next week when he visits the World Economic Forum (WEF) at Davos, judging by a paper seen by Reuters on Wednesday that is aimed squarely at his "America First" stance. The "Strategic Brief on Misconceptions around Trade Balances"... 

Volvo aims for climate-neutral automotive manufacturing

By: Megan van Wyngaardt     17th January 2018 Volvo Cars' engine factory in Skövde, Sweden, has become the company's first climate-neutral manufacturing plant, having switched to renewable heating on January 1. The car manufacturer noted that this marked a significant step towards its vision of having climate-neutral global manufacturing... 

Gigaba must refuse De Lille's drought levy proposal – Western Cape ANC

By: News24Wire      17th January 2018 The African National Congress (ANC) in the Western Cape wants Finance Minister Malusi Gigaba to refuse embattled Cape Town Mayor Patricia De Lille's bid to replace R1.6-billion in lost revenue through a drought levy, given the allegations of corruption swirling around the council. "They are using... 

Gigaba must refuse De Lille's drought levy proposal – Western Cape ANC
Photo by Bloomberg
Finance Minister Malusi Gigaba

Cape Town confronts looming 'Day Zero' water crisis

By: News24Wire      17th January 2018 Like many others in Cape Town, Sandra Dickson has no other option but to get creative. "We catch water from our showers in buckets, and throw it into our toilets," Dickson, who has been living in the South African city for the last 24 years, told Al Jazeera. 

Cape Town confronts looming 'Day Zero' water crisis

Illovo appoints new South Africa MD

By: Anine Kilian     17th January 2018 Illovo Sugar South Africa has appointed Mamongae Mahlare MD, effective March 1. She will succeed Dave Howells who stepped down to focus on his role as corporate and external affairs executive within the broader Illovo Sugar Africa Group.   Mahlare previously held commercial, operational and... 

Gupta-linked company denies getting asset seizure order from NPA

By: News24Wire      17th January 2018 Gupta-linked companies Trillian and McKinsey have until Thursday to submit to the National Prosecuting Authority (NPA) a list of its assets to be frozen or seized. They were officially served with a preservation order to freeze assets worth R1.6-billion. 

Gupta-linked company denies getting asset seizure order from NPA

South Africa’s dam levels continue to drop

By: Anine Kilian     17th January 2018 South Africa’s dam levels continue to decrease, with data released by the Department of Water and Sanitation (DWS), on Wednesday, showing that average dam levels had dropped from 60.2% last week to 58% this week. In the Western Cape, dams have reached critically low levels, with the average dam... 

Gibela moves to Dunnottar plant; takes first manufacturing steps

By: Irma Venter     17th January 2018 Gibela has initiated manufacturing trials of the first locally made train car at the Gibela train factory, in Dunnottar, on the East Rand. The first train’s car body shell – essentially, its panel-clad metal frame – is expected to be completed by the end of the first quarter of 2018, with the... 

Gibela moves to Dunnottar plant; takes first manufacturing steps
Photo by Duane Daws
Work on the first car-body shell has started

Eskom inquiry to hear testimony from Singh, Koko next week

By: African News Agency      17th January 2018 The parliamentary inquiry into alleged corruption at Eskom will resume next week with testimony from suspended chief financial officer Anoj Singh and former acting chief executive Matshela Koko, the chairperson of the public enterprises committee Zukiswa Rantho said on Wednesday. "The Committee... 

Trade expectations improve – Sacci

By: Anine Kilian     17th January 2018 Amid an improving business mood, the South African Chamber of Commerce and Industry’s (Sacci’s) latest Trade Conditions Survey for December saw the Trade Expectations Index (TEI) for the next six months retaining a level well into positive territory, at 60 index points. This is one point higher... 

Marathon mineral rights tangle goes to Constitutional Court

By: Martin Creamer     17th January 2018 The Constitutional Court of South Africa is being asked to pronounce on a marathon mineral rights entanglement that lower courts have failed to resolve. What the High Court proclaimed, the Supreme Court of Appeal overturned, and now Chinese subsidiary company Aquila Steel has applied to the... 

Marathon mineral rights tangle goes to Constitutional Court
Mineral rights case before Constitutional Court

KPMG appoints new chairperson

By: Anine Kilian     17th January 2018 Auditing firm KPMG South Africa has appointed University of Pretoria chancellor Professor Wiseman Nkuhlu chairperson and Ansie Ramalho independent director. Both individuals will assume their roles on March 1.   Nkuhlu has over 30 years' experience working in both the public and private sectors... 

S African households' net wealth up in third quarter of 2017 – report

By: African News Agency      17th January 2018 The real value of South African households’ net wealth increased on a year-on-year basis in the third quarter of 2017 after six consecutive quarters of decline, a report showed on Wednesday. Real net household wealth grew by an estimated 2.5 percent in Q3 2017, compared with the same period in... 

 S African households' net wealth up in third quarter of 2017 – report

South African regulator pursuing criminal complaints against SAP, KPMG, McKinsey

By: Reuters     17th January 2018 South Africa's companies registry office is pursuing criminal complaints against SAP, KPMG and McKinsey on suspicion that business they conducted with friends of President Jacob Zuma broke the companies act, it said on Wednesday. The Companies and Intellectual Property Commission (CIPC)submitted... 

SA’s renewables production costs minimised at high penetration levels, NREL study shows

By: Terence Creamer     17th January 2018 A new independent study published by the National Renewable Energy Laboratory (NREL), in the US, concludes that significant production cost savings could be achieved if South Africa added between 60 GW and 100 GW of additional variable renewable energy (VRE) by 2035. The NREL study is a pure... 

SA’s renewables production costs minimised at high penetration levels, NREL study shows
NREL research engineer Erol Chartan

Sarb appoints new MPC adviser

By: Megan van Wyngaardt     16th January 2018 The South African Reserve Bank (Sarb) has appointed Fundi Tshazibana an adviser to the bank’s governors, effective February 19, making her the seventh member of the bank’s Monetary Policy Committee (MPC). With 17 years of experience in public policy analysis and formulation, Tshazibana has worked... 

SABC says COO being finalised

By: African News Agency      16th January 2018 The appointment of the chief operating officer at the South African Broadcasting Corporation (SABC) is soon to be finalised as per the high court order on appointment of executives at the public broadcaster, the SABC board said on Tuesday. “The board wishes to state for the record that it has... 

SABC says COO being finalised

Gauteng education dept says it has placed only a fraction of learners for 2018

By: African News Agency      16th January 2018 The Gauteng province’s education department has placed only 2,565 new learners in schools for the 2018 academic year out of 32,935 applicants, provincial head Panyaza Lesufi said on Tuesday. “Notwithstanding our efforts to get all parents to apply on time so that we can improve on our planning... 

Gauteng education dept says it has placed only a fraction of learners for 2018

Grindrod facing delays with separate listing of shipping unit, but still positive about H1 completion

By: Megan van Wyngaardt     16th January 2018 Owing to the cross jurisdictional nature of a proposed international listing by Grindrod, through which it is aiming to launch a separate listing of its shipping business, the various processes required by regulators in the different relevant jurisdictions are taking longer than initially... 

Grindrod facing delays with separate listing of shipping unit, but still positive about H1 completion

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