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Latest News

Nigeria calls for full output from oil firms

12th May 2003 Nigeria has told its foreign oil investors to pump at full capacity in June, despite a recent deal with OPEC to curb supply, trading sources said yesterday. 

Black and white business make progress towards unity

10th May 2003 Black and white business in South Africa united on Friday when the presidents of the country's four chambers of commerce signed a surprise agreement in Bloemfontein. 

S&P raises SA currency rating

9th May 2003 International rating agency Standard and Poor’s has raised South Africa’s local currency rating to AA-1 from AA-2, signalling the country’s “adequate” capacity to meet its financial commitments. 

Joburg water pipeline to be revamped

9th May 2003 The water and sanitation service provider for the City of Johannesburg, Johannesburg Water, is spending some R3-milion on the upgrading of a 64-year-old pipe in the Johannesburg CBD. 

Reunert’s earnings climb despite currency woes

By: Martin Czernowalow     9th May 2003 South African electronics company Reunert yesterday reported a strong set of interim financial results for the six-month period ended March 31 despite the stronger rand taking its toll on the group’s earnings. 

New plastic bag standard published by SABS

9th May 2003 The South African Bureau of Standards (SABS) this week announced its involvement in a new technical regulation, pertaining to the new standard for plastic bags in the country, which has been issued by the Minister of Environmental Affairs and Tourism. 

SARS awards R100m IT tender to BEE consortium

By: laurian clemence     9th May 2003 The South African Revenue Service (SARS) has embarked on a multimillion-rand information and communications technology transformation project. 

Eskom, IDC eye 25% of Pechiney smelter

9th May 2003 South African power utility Eskom and the government's Industrial Development Corporation (IDC) are considering taking a combined 25% stake in French metals giant Pechiney's $2,1-billion aluminium smelter project near Port Elizabeth, officials said. 

Sappi earnings up, but predicts lower Q3

9th May 2003 Shares in South African pulp and paper giant Sappi fell yesterday after it reported a modest improvement in second-quarter earnings, but warned third quarter results would be lower because of currency volatility. 

SA wool slumps, mohair disappoints

9th May 2003 A strong rand and subdued world demand triggered the biggest fall in two years on South Africa's wool market on Wednesday and mohair prices continued to disappoint sellers. 

Barloworld announces BEE motor dealership venture

8th May 2003 South African industrial brand management group Barloworld said on Wednesday it had entered into a joint venture deal through a motor dealership in KwaZulu-Natal to promote black ownership. 

SA signs deal with aircraft-engine supplier

8th May 2003 South Africa’s Department of Trade and Industry (DTI) this week signed a 13-year strategic partnership agreement (SPA) with Swiss-registered International Aero Engines (IAE). 

Biotech fund in new R10m investment

8th May 2003 South Africa's first biotechnology venture capital fund, Bioventures, this week announced that it had made a R10-million investment in Electric Genetics, Africa's only genome informatics company. 

Mondi’s KZN project given enviro approval

8th May 2003 The KwaZulu-Natal Department of Agriculture and Environmental Affairs has given approval for the expansion and modernisation of Mondi’s Richard’s Bay mill, following the completion of an environmental-impact assessment study. 

Nigeria to pick Alscon bid in June

8th May 2003 Bidders for a 51% stake in the mothballed Aluminium Smelter of Nigeria (Alscon) had started a due diligence on the firm and the government was expected to choose the preferred suitor in early June, a close source said on Tuesday. 

Tractor sales down 8,9% in April

8th May 2003 South Africans bought 266 tractors in April this year, down 8,9% from the same month in 2002, but sales in the year to date remained up, the South African Agricultural Machinery Association said. Sales in the first four months of the year reached 1 434 units, 27% higher than in the same period... 

Packaging group reports good earnings

8th May 2003 Specialised packaging group Astrapak continued its record of unbroken earnings growth, posting a 71% surge in operating income to R139,99-million, for the year to February 28. 

SA mission to US to have strong services, auto focus

By: laurian clemence     8th May 2003 Trade and Industry Minister Alec Erwin will lead a high-level trade and investment promotion mission to the US from May 11 to 16. 

SA mission to US to have strong services, auto focus

By: laurian clemence     7th May 2003 Trade and Industry Minister Alec Erwin will lead a high-level trade and investment promotion mission to the US from May 11 to 16. 

New SA-Irish business body launched

By: laurian clemence     7th May 2003 Ireland’s Minister for International Trade, Michael Ahern, announced the launch of a new business association to promote ties between South Africa and Ireland at a function in Pretoria yesterday. 

SA plans to cement relations with Sweden

7th May 2003 Foreign Affairs Minister Nkosazana Dlamini-Zuma held political talks with Swedish Minister Anna Lindh in Pretoria yesterday. 

SA grain sector works to avert state intervention

7th May 2003 Players in South Africa's grain trade are working to head off government plans to stockpile maize to be used to stabilise prices of the grain. 

Eskom responds to Earthlife Africa’s criticism of PBMR

By: Martin Czernowalow     7th May 2003 Environmentalists this week slammed the environmental-impact assessment (EIA) process for South Africa’s proposed pebble-bed modular reactor (PBMR), calling the study “fatally flawed”, and warning that nuclear waste costs could equal total revenue generated by the PBMR –... 

Swift end to war buoys SA business confidence

By: Martin Czernowalow     7th May 2003 The South African Chamber of Business (Sacob) yesterday reported that its business confidence index (BCI) for April registered 106,8 – one index point up on the 105,8 registered in March, and 5,5 points higher than in April last year. 

Local Alstom arm wins Malawi contract

7th May 2003 The bulk of the equipment required for a major revamp and extension of electricity distribution in Blantyre, Malawi, is being supplied by Alstom South Africa companies, in a R50-million order awarded to Alstom Sweden by Malawi’s electricity supply utility, Escom, last year. 

GM cotton gives more for less for local farmers

7th May 2003 Genetically modified crops have advocates and detractors, but for South African cotton farmer TJ Buthelezi, the technology is a godsend. 

Court stops minister’s decision

By: Deborah Spicer     7th May 2003 An order was hander down yesterday in the Durban high court interdicting and restraining the Kwazulu Natal Minister of Agriculture and Environmental Affairs from making a decision on the appeal submitted to him by the South Durban Community Environmental Alliance. 

R50m building supply centre for Cape

7th May 2003 The biggest, most comprehensive building and garden supplies centre in southern Africa will shortly be built on a 4,9-ha site at Sunningdale, on the Cape West Coast, north of Table View, at a cost of R50-million. 

Altech in R559m purchase of NamITech

By: Terence Creamer     7th May 2003 Technology group Altech - which has been sniffing out telecom, multimedia and information technology (IT) acquisition opportunities for well over a year - has announced a R559-million purchase of secure technologies and solutions company NamITech from packaging group Nampak, and it says more... 

Business makes public its Growth Summit position

7th May 2003 Business South Africa (BSA), one of the National Economic Development and Labour Council partners to organised labour, civil society and government, on Tuesday announced its initial position for the upcoming Growth and Development Summit (GDS). 

Steel producer and union to continue negotiations

By: Martin Czernowalow     6th May 2003 South African steel producer Iscor said the National Union of Metal Workers of South Africa (Numsa) has agreed to a new date for negotiations, despite an earlier announcement by the union that it would consider going on a strike if outstanding issues were not resolved by yesterday. 

Transport company to sue truckmaker

By: laurian clemence     6th May 2003 A local transport company has instituted legal proceedings against a German truck and bus manufacturer for alleged breach of contract. 

Transfer pricing could impact intra-SA trade

6th May 2003 Despite it being generally accepted that transfer pricing issues arise when connected persons transact across borders, transactions between connected persons inside the borders of South Africa and transactions between unrelated parties could also be affected, says John Stanley, partner: Taxation... 

ABB says asbestos delay will not hit unit sale

6th May 2003 Indebted engineering firm ABB yesterday denied a delay in its proposed $1,2-billion settlement of asbestos claims would impact the sale of a key unit and possibly trigger a cash call, helping shares higher. 

Total says gets Angola nod for Dalia project

6th May 2003 French oil producer TotalFinaElf said yesterday it had received the green light from Angolan State-owned firm Sonangol to start developing the Dalia oilfield, offshore from the southwest African country. 

IDC supports Cell C capex rollout

6th May 2003 The Industrial Development Corporation (IDC) has signed a R300 million funding facility agreement with Cell C (Pty) Ltd (Cell C) to be used to finance capital expenditure, services and associated costs for the rollout of the network, and general working capital. 

Strong results again from Afrox

6th May 2003 Gases, welding and healthcare group, African Oxygen Limited (Afrox), posted strong results for the six months ended 31 March 2003. 

Cape Town: South Africa's tinseltown

By: Jill Stanford     5th May 2003 Never before has the Western Cape been so popular as a destination for the filming of movies, television dramas and documentaries, commercials and stills photography. 

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