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Latest News

Expanded trade key to Africa’s future – Bush

By: Martin Czernowalow     10th July 2003 US President George W Bush yesterday said his country and South Africa were working to expand trade, adding that he believes trade is the key to Africa’s economic future. 

EU may drop GMO ban – Italian minister

     10th July 2003 Italian Agriculture Minister Giovanni Alemanno said yesterday he expected the European Union to drop its informal ban on most biotech products in the near future. 

Canadian oil group discovers big Nigeria reserve

     9th July 2003 Nexen, Canada's No. 4 oil explorer and producer, said on Monday two of its recent discoveries off Nigeria had large recoverable reserves, including one with at least 300-million barrels. 

GDP growth outpaces population growth

By: Martin Czernowalow     9th July 2003 South Africa’s gross domestic product (GDP) grew at a greater rate than the country’s population during the last five years, Finance Minister Trevor Manuel said in Pretoria yesterday. 

Indian telecoms firm bids for Mauritius licence

     9th July 2003 Indian state-run telecoms giant Mahanagar Telephone Nigam (MTNL) said yesterday it plans to bid for a license to provide telecom services in Mauritius as part of its overseas expansion drive to boost growth. 

Pechiney board to meet to hatch Alcan bid response

     9th July 2003 The board of French aluminium maker Pechiney would have met yesterday to thrash out a formal response to a hostile takeover bid from Canada's Alcan that it has already called unfriendly and underpriced. 

Empowerment deal for transport sector announced

     9th July 2003 South African cmpany Cargo Carriers this week announced an empowerment initiative involving the formation of Ezethu Logistics. 

Human Development Shock for SA

By: Keith Campbell     9th July 2003 South Africa has slid to 111th out of 175 countries in terms of human development, the UNDP reported yesterday – down from 107th last year and 90th in 1997. 

R30m substation project for Cape Town

     9th July 2003 Power and automation group ABB has received a R30-million order to supply a 145kV gas-insulated switchgear (GIS) substation for Epping’s switching station from the City of Cape Town. 

€50m Algeria energy contract awarded

     9th July 2003 Energy and transport infrastructure company Alstom has won a €50-million turnkey contract to install Algeria's first ever 400 kV gas-insulated substation, linking it to the Mediterranean regional 400 kV grid. 

Pechiney board says Alcan offer inadequate

     9th July 2003 French aluminium company Pechiney said today an unsolicited 3,4-billion euro takeover offer from Canadian rival Alcan was inadequate and against shareholder, staff and its own interests. 

Major western Egypt gas field discovered

     9th July 2003 Independent oil and gas driller Apache on Monday announced one of its largest-ever wildcat discoveries, a gas field in Egypt's western desert it said may establish the region as a major production zone. 

ABB upbeat as asbestos deal seen this week

     8th July 2003 Engineering group ABB said yesterday it was encouraged by a district judge's likely calling of a status conference on its proposed $1,3-billion asbestos settlement, indicating preliminary approval would come soon. 

Oil prices watch as Nigeria strike continues

     8th July 2003 US oil prices slipped on Monday in catch-up play with the London market, but held above $30 a barrel as a general strike in Nigeria entered a second week, threatening crude exports from the Opec member. 

Global blueprint for radiocomms emerges

     8th July 2003 The World Radiocommunication Conference 2003 (WRC) concluded, after four-weeks of negotiations, with a blueprint for the global radiocommunication sector that reflects its current and future needs. 

Mapungubwe’s new status a landmark in African renaissance

     8th July 2003 Environmental Affairs and Tourism Minister Mohammed Valli Moosa has welcomed the declaration of Mapungubwe as the World Heritage site. 

Community reaps benefits from marula project

     8th July 2003 A special trust fund has been created for villagers who are supporting a marula project in deep rural Limpopo. 

Alcan launches hostile bid for Pechiney

     8th July 2003 Canada's Alcan yesterday launched a hostile 3,4-billion euro cash-and-stock bid for French rival Pechiney, in a deal that would create the world's largest aluminium group by revenues. 

Doha deal urgent – WTO report

     8th July 2003 The outlook for this year remains challenging not only to the global economy, but also the international institutions that underpin it, The World Trade Organisation (WTO) states in its newly-released annual report. 

Strong trade and investment focus expected for Mbeki-Bush meet

By: Terence Creamer     8th July 2003 Trade issues – particularly those relating to the current logjam at the World Trade Organisation (WTO) and America’s position with regard to access, by developing countries, to cost-effective medication – are likely to feature prominently when Thabo Mbeki and George W Bush meet... 

Maize market falls on weather

     8th July 2003 South Africa's maize market fell yesterday following good harvesting weather over the weekend, and traders said fundamentals still pointed to lower prices. 

Tourism council releases empowerment review

By: Martin Czernowalow     8th July 2003 The Tourism Business Council of South Africa (TBCSA) released its second Annual Review of Empowerment and Transformation in the tourism industry yesterday. 

Bush’s Ford visit may be prelude to announcement

By: Irma Venter     8th July 2003 US president George Bush has included a visit to the Ford Motor Company of Southern Africa (FMCSA) in his short trip to the country. 

SA's other offset programme

     7th July 2003 The distinction of being the parastatal which makes the most purchases in foreign-denominated currencies is likely to remain with South African Airways (SAA) depite the Spoornet locomotive investment programme and other tenders which are to be awarded shortly. 

ABB building systems sale nets $170m

     7th July 2003 ABB said on Friday it would net some $170-million from selling part of its building systems unit, taking a small step in its turnaround programme and boosting the troubled engineering group's shares. 

Dry spell hits SA wheat, large imports seen

     7th July 2003 Low rainfall will hurt South Africa's wheat crop this year and the country will need to import the winter grain, traders and analysts said on Friday. 

Big roads renaissance under way in KZN

By: laurian clemence     7th July 2003 The head of implementation at the Kwazulu-Natal Roads Department Chris Hlabisa reports that extensive progress has been made in its R1-billion “African Renaissance Road Upgrading Programme (Arrup)”, since its initial start-up in 2000. 

World’s biggest lignin plant opens in South Africa

By: Martin Creamer     7th July 2003 A South African-Norwegian joint venture on Friday became the world’s largest single producer of special lignin chemical when Trade and Industry Minister Alec Erwin officially opened the R350-million expansion of Lignotech South Africa’s new plant in Kwazulu-Natal. 

India sets up fund to support Nepad projects

     7th July 2003 India has committed at least R1,5-billion to the New Partnership for Africa’s Development (Nepad) through the newly created India-Africa Fund, in the form of loans, to enhance economic interaction in Africa. 

Tanzania seeks backing for transport project

By: Martin Czernowalow     4th July 2003 In a bid to improve its transport network, Tanzania has approached the World Bank for assistance with the proposed $66-million Central Transport Corridor Project. 

Sappi probes expansion of Ngodwana mill

By: Martin Czernowalow     4th July 2003 Paper and pulp producer Sappi has launched an environmental-impact assessment (EIA) study along with a feasibility study into a proposed expansion of its Ngodwana Mill near Nelspruit, Mpumalanga Province. 

Indonesia says Opec likely to keep output unchanged

     4th July 2003 Indonesia said yesterday the Opec producers' cartel was likely to leave official crude production limits unchanged when it meets at the end of July if oil prices stayed at current levels. 

Trailer maker ordered to pay out retrenched workers

     4th July 2003 Trailer manufacturer Hendred Fruehaulf of Germiston has been ordered by the Johannesburg Labour Court to pay nearly R3-million to 53 National Union of Metalworkers South Africa (Numsa) members. 

Stainless valves empowerment firm created

     4th July 2003 A Black Economic Empowerment (BEE) company has been established following the launch by Southern Africa Stainless Steel Development Association (Sassda) and the Department of Trade and Industry (dti) of a BEE/SME development programme. 

Asian refiners see no immediate effect from Nigeria

     4th July 2003 Asian oil refiners and traders said a Nigerian union's threat to shut down the country's oil exports was unlikely to leave the region short of crude, but it could cause logistical headaches. 

Auto sector wage talks hit a snag

     4th July 2003 Wage confirmation talks in the automotive industry appear to be in trouble. 

Three component firms commit to auto park

By: Zonika Botha     4th July 2003 Three international automotive component suppliers will soon open up shop at the Automotive Supplier Park (ASP) in Rosslyn, near Pretoria. 

Deal reached in bid to ease port congestion

     4th July 2003 The Department of Public Enterprises (DPE) announced yesterday that key stakeholders have agreed several measures to address port congestion, following a meeting chaired by director general Eugene Mokeyane. 

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