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Latest News

One in three chance of South Africa recession this year

By: Reuters     23rd August 2018 South Africa's economy probably struggled to gain traction in the second quarter after shrinking at the start of 2018, according to a Reuters poll of economists who said there was a one in three chance of recession this year. Around 30 economists polled expect Africa's second-largest economy to... 

Sibanye half-year results surprise on upside

By: Martin Creamer     23rd August 2018 Precious metals mining company Sibanye-Stillwater surprised on the upside with positive basic earnings of R77-million and headline earnings of R101-million in the six months ended June 30. Group adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) were up 26% to... 

Sibanye half-year results surprise on upside
Photo by Creamer Media
Sibanye-Stillwater CEO Neal Froneman

Linde, Praxair try to save $83bn merger after antitrust blow

By: Reuters     22nd August 2018 Industrial gases giants Linde and Praxair are in talks to try to salvage their $83-billion merger after US competition regulators demanded they sell assets that generate more than $4.3-billion in sales. Linde said on Wednesday the divestments were expected to reach a level that would allow either... 

Gauteng rapid land release programme to be launched next week

By: Simone Liedtke     22nd August 2018 Gauteng Premier David Makhura will, on August 31, launch the province’s rapid land release programme, in which he plans to make provincial land and buildings available for the development of human settlements and for urban agriculture projects. Speaking at the Johannesburg Chamber of Commerce and... 

Blue Label holds its own in tough environment

By: Natasha Odendaal     22nd August 2018 JSE-listed Blue Label’s achievement of relatively strong growth in a “tough year” illustrates the technology group’s resilience and robustness to weather the storm, joint CEO Mark Levy told media on Wednesday. Speaking at the group’s financial results presentation for the year ended May 31, he... 

DTI commits to increasing export council funding

By: Marleny Arnoldi     22nd August 2018 The Department of Trade and Industry (DTI) has committed to increasing funding to the export councils to drive the transformation agenda in different sectors. The commitment emanated from the export councils meeting that was hosted by DTI director-general Lionel October, in Pretoria.  

Eskom warns of load-shedding on Wednesday evening 

By: African News Agency      22nd August 2018 Power utility Eskom said the risk of load-shedding remained high on Wednesday, especially for the evening peak period from 5pm to 9pm, due to a number of its generating units being out on maintenance and possibly not being back in time to meet the evening peak period. "We encourage residents and... 

 Eskom warns of load-shedding on Wednesday evening

Gama sent by Transnet to brief MPs on corruption probes 

By: African News Agency      22nd August 2018 Parliament's portfolio committee on public enterprises on Wednesday, cut short a briefing by Transnet on its corruption investigations because of the presence of freight rail company CEO Siyabonga Gama. The Transnet board last week served Gama, chief procurement officer Thamsanqa Jiyane and... 

 Gama sent by Transnet to brief MPs on corruption probes
Photo by Dylan Slater
Transnet CEO Siyabonga Gama

Fortress builds on strong logistics portfolio, targets increased share distribution

By: Marleny Arnoldi     22nd August 2018 Real estate investment trust Fortress has reported an increase of 4.53% to 141.8c apiece for its A-share distribution for the year ended June 30, while its B-share distribution increased by 4.07% to 179c apiece. Fortress is active in high-growth nodes that have prime logistic warehousing,... 

Enel starts construction of its first power plant in Zambia

By: Anine Kilian     22nd August 2018 Enel Group’s global renewable energy division Enel Green Power (EGP) has started construction on the 34 MW Ngonye solar photovoltaic (PV) plant, which is the group’s first power plant in Zambia. The PV facility, which is located in Lusaka South Multi-Facility Economic Zone in the country’s south,... 

Grindrod appoints Andrew Waller as CEO

By: Marleny Arnoldi     22nd August 2018 Following the unbundling of its shipping business into a separate entity, Grindrod has appointed Grindrod Freight Services CEO Andrew Waller as group CEO. Grindrod Shipping listed in the industrial-transportation services sector of the JSE on June 19 and on the Nasdaq on June 18, while Grindrod... 

Addressing historic debt could lead to higher e-toll compliance, says ETC 

By: Irma Venter     22nd August 2018 A big game changer to ensure higher compliance on Gauteng’s open-road toll network (GORT) is to find a solution for the historic debt accumulated within the system, says Electronic Toll Collection (ETC) CEO Coenie Vermaak. He says research done within ETC has shown that a number of people are... 

 Addressing historic debt could lead to higher e-toll compliance, says ETC

Bidvest expects to report up to 22% lower EPS for FY18

By: Marleny Arnoldi     22nd August 2018 JSE-listed services, trading and distribution company Bidvest expects its earnings per share (EPS) for the year ended June 30 to be between 19% and 22% lower at between R1.11 and R1.15 apiece, compared with R1.43 apiece in the prior year. The lower EPS can be attributed to a contraction in the... 

Bidcorp FY18 headline earnings rise 9% y/y

By: Anine Kilian     22nd August 2018 JSE-listed Bidcorp on Wednesday reported a 9% year-on-year increase in headline earnings a share to R12.86 for the year ended June 30. Group CE Bernard Berson said the company achieved solid results, backed by strong operational cash flows and a positive trading performance in all regions in... 

Engineering milestone as $100m Lesotho dam achieves full capacity

By: Anine Kilian     22nd August 2018 The new $100-million Metolong dam, in Lesotho, has achieved a significant project success this year, with the dam spilling for the first time since its completion in 2016.  Spilling occurs when the dam is at full capacity, and the dam’s spillway – meant to direct excess water downstream during... 

Eskom execs grilled on tender processes

By: News24Wire      22nd August 2018 Members of Parliament wasted no time in trying to get to the bottom of questionable contracts at Eskom on Wednesday, however executives at the power utility seemed less prepared - fumbling answers and even requesting time to regroup. The Standing on Public Accounts (Scopa) was being briefed by... 

Eskom execs grilled on tender processes

Italtile delivers resilient FY18 performance despite subdued consumer sentiment

By: Marleny Arnoldi     22nd August 2018 JSE-listed Italtile has declared an ordinary dividend a share of 38c for the year ended June 30, which is a 27% increase on the dividend of 30c declared for the prior financial year. The higher dividend follows a strong trading profit of R1.5-billion, which is up 43% on the trading profit of... 

EAIF backs billion-dollar Nigeria fertiliser plant

By: Anine Kilian     22nd August 2018 The Emerging Africa Infrastructure Fund (EAIF) on Wednesday announced the financial close of its 11-year $35-million loan to Indorama Eleme Fertiliser & Chemicals (IEFCL). The transaction is part of the financing of a $1.1-billion expansion of IEFCL’s existing fertiliser plant at Port Harcourt,... 

Nene unpacks SOE failures, remedial measures 

By: Marleny Arnoldi     22nd August 2018 Finance Minister Nhlanhla Nene on Tuesday addressed governance challenges in State-owned enterprises (SOEs) during a National Council of Provinces gathering, stating that rebuilding should focus on the institutions, rather than individuals. “Given the dire situation in which some of these SOEs... 

Nene unpacks SOE failures, remedial measures
Photo by Creamer Media
Finance Minister Nhlanhla Nene

Transpaco raises FY18 operating profit 14% despite harsh trading conditions

By: Marleny Arnoldi     22nd August 2018 JSE-listed plastic and packaging group Transpaco’s operating profits rose 14.4% to R139-million for the year ended June 30, compared with R121.7-million in the prior year, despite selling price deflation, reduced customer spend and continued stagnant demand for recycled material. Transpaco... 

Free gold on cards at Harmony’s Wafi-Golpu project 

By: Martin Creamer     22nd August 2018 South Africa’s Harmony Gold is now in the next significant special-mining-lease milestone on the journey towards the co-development of the rich Wafi-Golpu project in Papua New Guinea (PNG), 65 km south-west of the Port of Lae, PNG’s industrial hub and second largest city. Harmony owns 50% of this... 

Free gold on cards at Harmony’s Wafi-Golpu project
Mining Weekly Online Editor Martin Creamer interviewing Harmony Gold CEO Peter Steenkamp. Video & Video Editing: Darlene Creamer. Photograph: Creamer Media Chief Photographer Dylan Slater.

US poultry industry to urge retaliation if South Africa ends quota

By: Reuters     22nd August 2018 The United States poultry industry will press its government to retaliate if South Africa suspends a quota that excludes some US imports from an anti-dumping tariff, the head of a poultry trade group said. The South African Poultry Association (SAPA) has filed a lawsuit seeking to force the... 

SA annual consumer inflation rises to 5.1 percent in July 

By: African News Agency      22nd August 2018 South Africa's headline annual consumer inflation rose to 5.1 percent in July from 4.6 percent in June, official data showed, edging towards the top end of the central bank's 3-6 percent target range. On average, prices increased by 0.8 percent between June and July, Statistics South Africa said. 

 SA annual consumer inflation rises to 5.1 percent in July

National minimum wage bill clears parliamentary passage

By: News24Wire      22nd August 2018 The National Minimum Wage Bill was approved by the National Council of Provinces on Tuesday and will now go to President Cyril Ramaphosa to be signed into law. The adoption of the bill, along with enabling the Basic Conditions of Employment Amendment bill, was welcomed by the Congress of South... 

 National minimum wage bill clears parliamentary passage

No concrete plans for now to douse high petrol price

By: Kim Cloete     21st August 2018 Energy Minister Jeff Radebe has lamented the sharp rise in the petrol price but has not announced any concrete plans to douse the situation. He says a cluster of Ministers has been seconded to see what government can do to mitigate high petrol prices. He expects the Ministers to report back to... 

Poultry group seeks to suspend US import quota

By: Reuters     21st August 2018 The South African Poultry Association (SAPA) has filed a legal action to force the government to suspend a quota that excluded imports of US poultry from South Africa's anti-dumping tariff, a senior official with the association said on Tuesday. The decision by SAPA was a response to the Trump... 

South Africa's new coal-fired plants must have emissions technology

By: Reuters     21st August 2018 South Africa's first privately built coal-fired power plants must have the latest technology to reduce harmful emissions, the energy minister said on Tuesday, as a wave of court challenges threaten to derail the projects. Environmental activists have taken legal action against the new Thabametsi... 

South African govt to release long-term energy plan

By: African News Agency      21st August 2018 Government will release the reviewed Integrated Resource Plan later this week, Energy Minister Jeff Radebe said on Tuesday. Radebe told reporters the energy blueprint would be tabled to Cabinet on Wednesday and made public later in the week, "probably on Friday". 

South African govt to release long-term energy plan
Photo by Dylan Slater
Energy Minister Jeff Radebe

Mobile consumer survey reveals industry change

By: Simone Liedtke     21st August 2018 The mobile industry is changing at an exponential rate as new influences shape the way consumer expectations rise and the competition, new and old, pile on advancements such as artificial intelligence, Deloitte’s ‘South Africa Mobile Consumer Survey 2017’ shows. Deloitte global telecoms, media... 

No land grabs allowed – ANC assures AgriSA  

By: Sashnee Moodley     21st August 2018 Agricultural industry association AgriSA said on Tuesday that it welcomed the African National Congress’s (ANC’s) policy commitments regarding agrarian reform and agricultural property with respect to the ongoing debate on the expropriation of land without compensation. AgriSA and representatives... 

No land grabs allowed – ANC assures AgriSA
AgriSA executive director Omri van Zyl

Survey finds healthcare workers are uninformed about NHI scheme

By: Anine Kilian     21st August 2018 Nearly half of healthcare workers surveyed by the Solidarity Research Institute (SRI) have said they are not well informed about the proposed National Health Insurance (NHI) scheme. Unpacking key findings of its ‘Healthcare Workers’ Knowledge, Insight and Opinion on the Proposed NHI’ report, in... 

New tech blurring human-machine lines – Gartner

By: Schalk Burger     21st August 2018 Five emerging technology trends will blur the lines between humans and machines, says market research multinational Gartner. Technologies, such as artificial intelligence (AI) for example, play a critical role in enabling companies to be ubiquitous, always available and connected to business... 

AfriForum launches petition against planned CSIR biogas plant

By: Marleny Arnoldi     21st August 2018 AfriForum has launched a petition against the planned new biogas plant that the Council for Scientific and Industrial Research (CSIR) intends to build at its campus, in Pretoria. AfriForum, as well as residents, are concerned that the plant might be unsafe and pollute the area, which borders... 

SA looking to Equatorial Guinea, South Sudan and Algeria for oil

By: African News Agency      21st August 2018 South Africa is looking to Algeria, Equatorial-Guinea and South Sudan for crude oil sources closer to home as the country experiences its highest fuel prices in history, Energy Minister Jeff Radebe said on Tuesday. "We are looking very aggressively to other countries, Equatorial Guinea, Algeria,... 

 SA looking to Equatorial Guinea, South Sudan and Algeria for oil
Energy Minister Jeff Radebe

NHI will negatively impact on South Africa’s healthcare systems – Solidarity  

By: Anine Kilian     21st August 2018 Trade union Solidarity believes the power of medical services in South Africa will be negatively impacted if government decides to centralise the healthcare system through the National Health Insurance (NHI) Bill. Speaking at a Healthcare Crisis Summit organised by Solidarity, in Pretoria, on... 

AgriSA meeting with the ANC "successful"

By: News24Wire      21st August 2018 AgriSA president Dan Kriek met President Cyril Ramaphosa in Cape Town on Tuesday, while the organisation's CEO, Omri van Zyl, held talks with Deputy President David Mabuza in Johannesburg. The meetings were part of two separate consultation processes: Kriek met Ramaphosa as part of the... 

AgriSA meeting with the ANC
AgriSA President Dan Kriek

Imperial unbundling to be implemented in Q4, says Akoojee

By: Irma Venter     21st August 2018 It is anticipated that the unbundling of the Imperial group will be implemented in the fourth quarter of this calendar year, says Imperial acting CEO Mohammed Akoojee. Speaking at the company’s annual results announcement in Johannesburg on Tuesday, he said Imperial Holdings would be renamed... 

Imperial unbundling to be implemented in Q4, says Akoojee
Mohammed Akoojee

Set up special tribunal for officials abusing tender system – State capture inquiry witness 

By: News24Wire      21st August 2018 The government's procurement system is intentionally not followed in at least 50% of all tenders, chief procurement officer Willie Mathebula told the commission of inquiry into allegations of State capture on Tuesday. Mathebula has proposed a special tribunal to deal with those who transgress and... 

Set up special tribunal for officials abusing tender system – State capture inquiry witness

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