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Latest News

$450m for DRC reconstruction

     3rd May 2002 The World Bank has approved a $450-million credit line for the Democratic Republic of Congo (DRC) aimed at rebuilding the central African country’s war-ravaged economy, AFP reports official sources said in Kinshasa. 

Peru postpones $61,4m highway

     3rd May 2002 Peru postponed for the second time the bidding for a highway project that will require an estimated investment of $61,4-million until May 24, the country’s privatisation board COPRI said. 

Two consortia prequalify for Gauteng rapid-rail project

     3rd May 2002 Two consortia have prequalified to participate in the rest of the tender phase of the Gauteng rapid-rail link. 

SA-France create new aerospace company

     3rd May 2002 South Africa’s defence parastatal Denel and Turbomeca, part of the Snecma group of France, created a new company, Turbomeca Africa, for the manufacture of engine components and maintenance of helicopter engines and industrial turbines for trains and cogeneration. 

Cement producer reports 33% earnings rise

     2nd May 2002 South African cement producer, Pretoria Portland Cement (PPC), reported a 33% rise in operating profit to R247,5-million in the six months to March, despite stagnant domestic demand for cement and upheaval in Zimbabwe. 

Parastatals call for interim telecoms liberalisation

     2nd May 2002 News of the Department of Communications (DoC) and the Independent Communications Authority of South Africa (Icasa) resolving their differences over aspects of the SNO Process was welcomed by Vusi Ngubeni, executive director telecommunications. 

Iron-ore deal boosts steel company

     2nd May 2002 The iron-ore procurement deal struck during the unbundling of South African steel company Iscor last year is beginning to show through on the company’s financial results, despite the inclusion of an operating loss from Saldanha Steel. 

Algeria builds $80m helium plant

     1st May 2002 Algerian State-owned oil and gas company Sonatrach selected German firm Linde to build and operate a $80-million helium plant that would double the country’s output. 

Nigerian oil sector faces funding crisis

     1st May 2002 Nigerian oil output could fall further if a funding crisis resulting from a recent Supreme Court ruling persists, oil industry sources said. 

Malawi says third mobile licence wil be issued in May

     1st May 2002 Malawi’s telecoms regulator said it would licence by the end of May a third mobile phone firm to operate in the impoverished southern African country. 

Public symposium on post-Doha results

     30th April 2002 The future of the global trading system and the economic, developmental, social and environmental impact of trade negotiations will be the focus of three days of discussion and debate, which started yesterday. 

Joburg to demolish four derelict buildings

     30th April 2002 As part of the Johannesburg Inner City Regeneration and Rejuvenation Project, the Johannesburg Metropolitan Council is targeting all old, potentially dangerous buildings in the city for demolition. So far, four derelict buildings in the inner city have been identified and are earmarked for... 

Morocco launches $3,8bn tourism project

     30th April 2002 Morocco launched a campaign aimed at selecting local and foreign partners for a development plan of five seaside tourist resorts, requiring an investment of at least $3,85-billion. 

SA energy group buys stake in E Guinea oil prospect

     30th April 2002 South African synthetic fuels group Sasol said it had acquired a 20% stake in Equatorial Guinea’s Block H, boosting its oil exploration interests in the tiny west African country. 

SA firm to spend R350m on global acquisitions

By: Terence Creamer     30th April 2002 South African telecoms, multimedia and technology (TMT) company, Altech, has set aside R350-million for acquisitions in the international telecoms environment, CE Craig Venter reports. 

Firming SA economy boosts gas giant

     30th April 2002 Gas firm Afrox turned in good results for the six months ended March 2002, with revenue up 21% to R3,1-billion, with operating profit 23% higher at R440-million and headline earnings per share up a healthy 26%. 

Debt judgments approach R1bn

     30th April 2002 Civil debt judgements registered an all-time high of R995-million in February and experts warn that the prognosis going forward is bleak. 

Building collapses have industry in shock

By: Irma Venter     29th April 2002 The South African Institution of Civil Engineering, the Association of Consulting Engineers, the Engineering Council of South Africa (Ecsa), the Institute for Timber Construction and the Institute for Municipal Engineers are preparing to lobby for stricter compliance with building regulations. 

Third Middle-East contract for SA armoured vehicle maker

     29th April 2002 Defence equipment maker Vickers OMC announced its third contract for RG-12 multipurpose vehicles in the Middle East in the last six months. 

June tender date for Moroccan fixed phone licence

     29th April 2002 Morocco will launch an international tender for the sale of a second fixed phone licence on June 11, telecoms watchdog ANRT said. 

Stainless firm forecasts better prices

     29th April 2002 The world’s third-largest stainless steel maker AvestaPolarit says stainless prices were likely to rise in the near term. 

Packaging firm in R1,9bn bid

     29th April 2002 South African packaging firm Nampak said it had refined an offer to buy smaller rival Malbak for R1,97-billion, a premium of 31,2% on the share prices of both companies. 

Local techie rockets SA life sciences into orbit

By: Keith Campbell     26th April 2002 South African life sciences have been presented with an unprecedented opportunity by South African entrepreneur Mark Shuttleworth's flight into space. 

First investment by SA biotech fund

     26th April 2002 South Africa’s first biotechnology venture capital fund, Bioventures, has made its first investment in a company involved in the development of novel drug delivery systems. 

R53,3m for municipal development projects

     26th April 2002 Mpumalanga has budgeted more than R35,3-million for development projects in Kungwini municipality near Bronkhorstspruit. 

World's most economical car demonstrated

     26th April 2002 The world’s most economical car was shown to shareholders attending the 42nd annual general meeting of Volkswagen in Hamburg. 

Southern Africa woos energy-intensive industry

     26th April 2002 At its 11th meeting, the executive committee of the Southern African Power Pool resolved to intensify its efforts to attract energy-intensive users into the region to take advantage of the low cost, high quality, and reliable electrical energy. 

Concerns raised about Chad-Cameroon oil project

     25th April 2002 The construction of a proposed $3,5-billion Chad-Cameroon oil development project has hit a major setback as a US Congress subcommittee on Africa met last week to discuss the effects of the project on both the environment and the people of the world’s poorest continent. 

US techno group awards space contract to SA agency

     25th April 2002 US-based technology giant Lockheed Martin has selected the CSIR Satellite Applications Centre (SAC) as a satellite ground support station for the Nasa Solar Radiation and Climate Explorer (Sorce) mission and Space Infrared Telescope Facility (SIRTF) mission. 

SA defence parastatal to restructure by June

     25th April 2002 South Africa hopes to conclude separate strategic partnerships between its Denel Aerospace Group, Britain’s BAE Systems and Turbomeca of France by the end of June, officials told legislators. 

Techno group plans big bond issue

     25th April 2002 Beleaguered industrial engineering group ABB will launch a bond issue next week to shore up its finances, bankers said. 

186 anti-dumping cases in six months

     24th April 2002 The World Trade Organisation (WTO) Secretariat reported that in the period July 1, 2001 to December 31, 2001, 19 members initiated 186 anti-dumping investigations against exports from a total of 55 different countries or customs territories. 

SA's science education is inadequate

     24th April 2002 Most South African teachers’ training and teaching in science is inadequate, said Deputy Education Minister Mosebudi Mangena. 

State infrastructure to boost SA construction

     24th April 2002 South Africa’s construction industry is expected to get a boost in the next three years from government plans to raise infrastructure spending, the Bureau for Economic Research (BER) said. 

Michigan hopes to be centre of fuel-cell universe

     24th April 2002 Michigan governor John Engler unveiled a plan to make the state the center of research and development for fuel cells – power devices with the potential to replace internal combustion engines. 

Big inter-agency science, technology pact

     24th April 2002 In what Dr Ramesh Mashelkar, director-general of CSIR India called a “meeting of minds and heart”, the heads of leading international knowledge-intensive research and technology organisations yesterday signed a declaration in which they committed to jointly undertake large impact... 

SA's telecoms watchdog agree deal

     24th April 2002 South African regulator Icasa and the Competition Commission signed an agreement on their concurrent jurisdiction on competition matters in the telecoms and broadcasting sectors. 

SA to be a major manufacturing nation – Erwin

     24th April 2002 South Africa published a draft manufacturing strategy to boost its share of global trade and identified eight industrial sectors for a special focus on efficiency and international competitiveness. 

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