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Latest News

Listing roadshow in October for SA telecoms group

16th September 2002 South Africa said on Friday it would launch a public education campaign for phone utility Telkom's listing in October, signalling its intention to proceed with the initial public offering (IPO) by next March. 

Call for the removal of maize import tariffs

By: Martin Czernowalow     13th September 2002 South African agricultural bodies have voiced concern about high import tariffs for maize, saying local importers are suffering due to the unnaturally inflated prices, which is hurting key agricultural sectors. 

Capital flows to emerging markets set to slide – report

13th September 2002 Private capital flows to developing economies, the elixir of growth for many countries, are likely to shrivel this year to the lowest level in a decade, reports the Institute for International Finance (IIF). 

WTO head gives Doha update

13th September 2002 Speaking at the first world Arab competitiveness meeting in Geneva on Monday, World Trade Organisation director-general Supachai Panitchpakdi gave an update on the Doha Development Agenda, with focus on challenges and opportunities for the Arab world. 

Two Energy Africa investors vow to block Petronas

13th September 2002 Investors with more than the 4% of shares needed to block a takeover of Energy Africa vowed on Wednesday to reject a 1,6-billion ($151-million) offer by Malaysia's state-owned Petronas. 

Oil cartel not sticking to quotas – report

13th September 2002 OPEC countries bound by production quotas lifted their output in August by 20 000 barrels per day (bpd) to produce 1,68-million bpd more than the official ceiling, the West's energy watchdog said on Wednesday. 

$14m Botswana telecoms contract awarded

13th September 2002 The Botswana Telecommunications Corporation (BTC) has awarded a contract valued at more than R150-million to AST Botswana, a subsidiary of the AST Group, and Siemens Telecommunications, for the provision of rural telecommunication services. 

SA telecoms group to retrain redundant workers

13th September 2002 South African phone utility Telkom, anxious to avoid labour disputes ahead of a forthcoming flotation, yesterday outlined plans to offer special training to workers set to lose their jobs. 

Lawmakers ratify regional tourism protocol

13th September 2002 South Africa re-committed itself to the development of tourism in Africa yesterday, when Parliament approved the ratification of the Protocol on the Development of Tourism in the Southern African Development Community. 

Skills are key to land transfer – Land Bank

13th September 2002 Emerging black farmers in South Africa may be worse off if they receive land without also acquiring the skills needed to develop it, the head of South Africa's State-owned Land Bank believes. 

Telecoms corporation expands into information security

12th September 2002 South African telecommunications company, Telkom has announced its intention to become a major player in the local information security business by turning its own experiences in information security into customer-specific solutions. 

US to offer plan to slash steel subsidies globally

12th September 2002 Six months after imposing its own sweeping steel tariffs, the Bush Administration plans to put forward an "ambitious agenda" to slash steel subsidies and protections around the world, the Wall Street Journal reports. 

Electronics firm wins R140m order to equip aircraft

12th September 2002 A company specialising in the design, development, manufacture and support of electronic self-protection systems, Avitronics, has been awarded a second export order worth more than R140-million, to equip C-130 transport aircraft with the fully integrated multi-sensor warning-based self-protection... 

Gauteng has spent R5bn on housing since 1994

By: Martin Czernowalow     12th September 2002 In his presentation of the annual departmental report, the Gauteng Housing MEC Paul Mashatile said on Tuesday the Gauteng Housing Department has spent approximately R 5-billion and delivered 275 383 serviced stands and 175 034 houses since 1994. 

Power utility to push for an African grid by 2010

12th September 2002 South African state-owned power utility, Eskom said on Tuesday it will lead a campaign to light up the continent with a unified grid by 2010 and possibly export excess capacity to Europe. 

SA oil explorer warns on takeover bid

12th September 2002 Energy Africa stepped up its battle with majority shareholder Petronas yesterday, by running a full-page newspaper advertisement urging minorities to wait before accepting a R1,6-billion ($150,9-million) takeover offer. 

World Bank sticks by Chad-Cameroon pipeline

12th September 2002 The World Bank's senior management is standing by a project to build an oil pipeline between Chad and Cameroon, despite an internal report suggesting the project was harming the environment and failing to meet other objectives. 

Engineering giant to stick to margin targets

11th September 2002 Engineering giant ABB insisted on Monday it would stick to its main financial targets as it struggled to counter growing investor fear that the group may have to row back on its goals. 

New oil strike in Equitorial Guinea

11th September 2002 Oil producer Amerada Hess said on Monday it had found oil in its latest appraisal well off Equatorial Guinea, allowing it to increase its estimates for the size of the Elon Field. 

Cape convention centre to be completed by April

11th September 2002 Cape Town’s International Convention Centre on the foreshore is nearing completion, as the deadline for the finalisation of the project approaches. 

R2,5bn support for exports to aluminium smelter

By: Martin Czernowalow     11th September 2002 South Africa’s State-owned Industrial Development Corporation (IDC) yesterday announced the conclusion of various foreign banks, thereby finalising the R2,5-billion ($250-million) foreign funding required for Mozfund. 

SA construction group in Indonesian legal battle

By: Martin Czernowalow     11th September 2002 South African construction giant, Murray & Roberts, has confirmed that its subsidiary, Booker Tate, is involved in a legal battle in Indonesia. 

Sale of KZN cement producer imminent

By: Martin Czernowalow     11th September 2002 Talks are under way between South Africa’s three leading cement companies and a Portuguese cement producer, for the sale of Natal Portland Cement (NPC). 

Petchem group to restructure for black investment

11th September 2002 South African petrochemical group Sasol said on Tuesday it planned to restructure its R10-billion ($945-million) liquid fuels business next year and to offer a 25% stake to black-owned companies. 

Techno group in talks on cell stake

11th September 2002 Technology and telecommunications investment company, VenFin, today announced strong results for the 15-month period ended 30 June 2002. 

Timber firm announces increased earnings

11th September 2002 A sharp improvement in exports and tighter asset-management allowed Yorkcor to post a four-fold increase in earnings for the six months to June 30, 2002. 

Natref refinery to resume next week

11th September 2002 South African petrochemicals group Sasol said on Monday its Natref refinery would re-open next week, with an expanded capacity of 105 000 barrels a day, but would not reach this new output level for some time. 

French oil major joins empowerment march

10th September 2002 Oil firm Total South Africa expects to begin detailed negotiations within about two weeks on a price of a 25% stake in the company for black consortium, Tosaco, CE Didier Harel said last Friday. 

Engineering group in no hurry to sell oil and gas unit

10th September 2002 European engineering giant ABB is in no rush to sell its oil, gas and petrochemicals business as it drives ahead with its focus on the core areas of automation and energy, new CE Juergen Dormann said. 

R259m for Mpumalanga sports projects

10th September 2002 National sports and recreation Minister, Ngconde Balfour, launched national poverty alleviation projects worth R259-million in Mpumalanga last week. 

Construction group’s non-SA earnings rise to 45%

10th September 2002 South Africa’s largest construction group, Aveng, that now earns 45% of its revenue outside of southern Africa, yesterday reported another set of excellent results, with diluted headline earnings a share 24% ahead of a year ago 

Fuel disruptions to continue – report

10th September 2002 Over the next several weeks, the inland supply of fuel will remain difficult, the South African Petroleum Industry Association (SAPIA) said. 

Big skills push from motor component sector

10th September 2002 Motor component manufacturing company Dorbyl has joined Merseta's growing number of learnership supporters, following the signing of agreements by a record 124 learners at a function in Port Elizabeth this week. 

Petchem giant to list in New York next year

10th September 2002 Petrochemicals giant, Sasol, has confirmed its position as the biggest single investor in the southern African region. 

SA cell giant will not pursue fixed line

10th September 2002 Shares in South African mobile phone group M-Cell jumped as much as 6,4% yesterday, on news that it would not pursue an investment in a fixed-line licence to rival state-controlled monopoly Telkom. M-Cell rose to R10 during the session, but trimmed its gains to 5,3% at R9,90 by 2.16pm GMT. Its... 

Engineering giant makes more leadership changes

9th September 2002 Engineering giant ABB last week replaced its CE of only 18 months, amid mounting impatience over the slow speed of asset sales and a harsh restructuring programme designed to boost slim margins. 

Joburg water utility plans new sewer pipeline 

9th September 2002 Johannesburg Water, the water and sanitation service provider for the city of Johannesburg, has plans to construct a new sewer pipeline in the north of the city to accommodate the rapid development and growth. 

R67m cellar expansion underway in Cape

9th September 2002 Cape distiller, Distell, is spending R67-million on expanding its cellar at Nederburg to increase the company's total pressing capacity for red wines by over 50% and whites by 20%. 

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