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Latest News

Steel price surge endangering fastener exports

By: nkolola halwindi     11th October 2002 The escalating price of steel, with an about 42% increase in just nine months, has not only increased the cost of production, but has also resulted in the cancellation of some export deals, laments Nedschroef Johannesburg MD Peter Swanson. 

Engineering privatisation moves ahead

By: Deborah Spicer     11th October 2002 Binding offers for a 26% share in Eskom Enterprises-owned engineering firm Roshcon were expected to be received on September 25, following the receipt of eight non-binding offers on July 24. 

Further rates hike will hurt building sector - report

11th October 2002 An analysis of the latest official statistics pertaining to overall building activity indicates that real growth in the industry is slowing. 

New chemical engineering facility for UCT

11th October 2002 Work has begun on a multi-million rand project to construct a new building to house the University of Cape Town’s (UCT) renowned Chemical Engineering department. 

Malaysian offer for oil group ‘too low’

11th October 2002 South African oil group Energy Africa put the group's value at R72,51 a share yesterday, which it said was a 66 percent premium to an offer to shareholders by Malaysia's state-run Petronas. 

State intervenes to curb food price increases

11th October 2002 Government has announced various interventions to alleviate the impact of high food prices on the lives of all South Africans, especially the poor. 

Tanzania approves $20m SAA purchase

11th October 2002 Tanzania's government said it has approved a $20 million bid by South African Airways (SAA) for 49% of state-owned Air Tanzania Corporation. 

Bill aims to ensure integrated planning in Gauteng

11th October 2002 The Department of Development Planning and Local Government has finalised the Gauteng Planning and Development Bill. 

US bank backs Nigerian gas project

10th October 2002 The Nigerian Liquefied Natural Gas (NLNG) company has secured a $135-million guarantee from the US Export-Import Bank to procure American equipment for its expansion programme, an official statement said on Tuesday. 

EU’s African fishing policy slammed

10th October 2002 Conservation group WWF International slammed the European Union on Tuesday for buying fishing rights from poor African countries like Angola, saying it was depleting stocks vital to poor coastal communities. 

Construction group in R150m fundraising

10th October 2002 South African construction group Aveng said on Wednesday it had raised R150-million through a three-month commercial paper issue, as part of its programme to diversify its funding source. 

Triple-B rating for power utility's bonds

10th October 2002 Standard & Poor's Ratings Services said today it assigned its triple-'B'-minus long-term senior secured debt rating to the South African electricity utility Eskom's EUR200-million bonds due 2005. 

SA to sign trade deal with Slovakia

10th October 2002 The South African Deputy Minister of Trade and Industry, Lindiwe Hendricks, led a business delegation to Slovakia and concluded negotiations on a trade agreement between South Africa and Slovakia. 

African finance ministers discuss Nepad

10th October 2002 African ministers of finance will meet in South Africa next week to discuss the effective implementation of the continent's economic recovery plan – the New Partnership for Africa's Development (Nepad). 

Environmentalists stop proposed Sasolburg waste incinerator

10th October 2002 Local civil society groups yesterday celebrated the news that the Free State government has disapproved the construction of a hazardous waste incinerator in Sasolburg. 

Recommended route to be announced this month

By: Irma Venter     10th October 2002 The recommended route alignment of the Gautrain, the proposed speedtrain between the Johannesburg International Airport, Pretoria and Johannesburg, is to be announced by the publication of a draft environmental impact assessment (EIA) on October 21. 

Majors interested in Ghana’s oil potential

9th October 2002 Oil majors are in talks with Ghana over exploring the West African country's deepwater potential, as fears of a war in Iraq add impetus for the US to reduce reliance on Middle East supplies, its energy minister said on Monday. 

Poor countries need to deal with ‘knowledge divide’

9th October 2002 A new World Bank report, released on the eve of a global education summit in Germany, warns that developing countries will have little success boosting economic growth and reducing poverty unless they can close a growing 'knowledge' or education divide between themselves and richer countries. 

Dairy experts gather in Kenya

9th October 2002 Over 70 experts from Africa and Europe have gathered in Nairobi to discuss the modalities of resuscitating the ailing dairy industry. 

Angola oil firm appoints adviser for refinery

9th October 2002 Angola's state oil company, Sonangol has appointed investment bank Dresdner Kleinwort Wasserstein as financial adviser on a $3,6-billion refinery project, the bank said on Monday. 

State mulls removal of Vat to ease food inflation

9th October 2002 Amid the impact of rocketing food and fuel prices, government is set to introduce mechanisms that could help ordinary consumers cope with the rising cost of living. 

Direct investment high on Business Council’s agenda

By: Martin Czernowalow     9th October 2002 The South African Government yesterday outlined its objectives for the fourth meeting of the President’s International Investment Council (IIC), which will take place in Durban on October 12 and 13. 

Big petroleum empowerment deal

9th October 2002 In a move creating South Africa’s largest black-owned service provider to the retail petroleum industry, Kagiso Ventures, the private equity arm of Kagiso Investments, has acquired a 36,1% shareholding in Prowalco from RMB Corvest, the private equity company in the First Rand Group and... 

Technology group remains acquisitive

9th October 2002 South Africa's Allied Technologies Ltd said on Tuesday it would pay out R52,5-million ($5-million) as a special dividend, but would keep to its acquisition drive after reporting a 20% rise in earnings. 

Nine SA cities form support group

8th October 2002 South Africa’s nine largest cities have formed a network to share their information and find innovative solutions in the face of demographic changes, growing urban poverty and increasingly fierce global competition. 

Indigenous fruit farms could boost food security

By: Martin Czernowalow     8th October 2002 The ARC-Institute for Tropical and Subtropical Crops (ITSC) is currently conducting a study into the farming of indigenous fruit trees, as a way of creating food security in South Africa. 

Metals sectors in growth phase

By: Terence Creamer     8th October 2002 South Africa’s metals and engineering sector is in a strong growth phase, with sales during the first half of 2002 showing growth of between 16% and 25%. 

Credit insurer reports good results in brutal year

8th October 2002 South Africa’s leading credit insurer, Credit Guarantee, has produced surprisingly good results, against the backdrop of what CEO Mike Truter terms a “brutal underwriting climate” for credit insurers around the world. 

Tender out for Coega customs-management system

By: Martin Czernowalow     8th October 2002 A request for expression of interest has been made for the development of a customs management strategy and systems for the Coega Industrial Development Zone (IDZ). 

Competition body to probe steel firms

8th October 2002 South Africa's Competition Commission said yesterday it had launched a probe into Iscor after receiving complaints from several companies accusing the steel group of acting anti-competitively. 

Dams: essential growth or damning development

By: Deborah Spicer     7th October 2002 Discussions around the Skuifraam dam in the Western Cape are focused on many of the elements of the large-scale dam debate that has occupied the world's attention for the last 15 years. 

Tanzania in oil-exploration talks

7th October 2002 Tanzania expects to begin talks with oil giant Royal Dutch/Shell before the end of October on the terms of an offshore exploration licence awarded in September, an official said last week. 

Czech, SA trade relations bolstered

7th October 2002 Opportunities for trade between South Africa and the Czech Republic were given a boost last week, when South Africa’s Trade and Industry Deputy Minister Lindiwe Hendricks signed an agreement with her counterpart Dr Miroslav Somol in Prague. 

SA offers to mill GM food for stricken region

7th October 2002 South Africa offered last week to mill 600 000t of genetically modified grains sitting at its ports, while hunger-stricken countries in the region decide whether or not to accept the gene-altered foods. 

SA tractor sales rise nearly 50%

7th October 2002 High yields and crop prices are encouraging South African tractor sales, which rose almost 50% in the year to September, the country's agricultural machinery association SAAMA said last week. 

Tourism company upbeat for 2003

7th October 2002 Leading South African tourism company, Tourism Investment Corporation (Tourvest), anticipates that the current financial year will be another excellent period for the firm. 

SA drops dumping probe against Italians

By: Martin Czernowalow     7th October 2002 The Department of Trade and Industry’s (DTI) Board of Tariffs and Trade has terminated an investigation into the dumping of foreign products in South Africa – the first anti-dumping investigation launched by the board this year. 

SA power utility in 200m euro bond issue

7th October 2002 South Africa's state-owned power utility Eskom launched a planned 200-million euro bond on Friday, defying European national holidays and emerging bond market volatility that might have derailed it. 

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