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Latest News

CTRG reaches financial close with lenders

By: Creamer Media Reporter      17th January 2018 Mozambique-based Central Térmica de Ressano Garcia (CTRG), a joint venture between Sasol Energy and Electricidade de Moçambique (EDM) has reached financial close on a $189-million project finance transaction with its lenders. CTRG, in which EDM holds a 51% stake and Sasol Energy the balance,... 

Niger Delta Avengers say they will attack Nigeria's oil sector within days

By: Reuters     17th January 2018 Nigerian militant group Niger Delta Avengers said on Wednesday it planned to launch attacks on the country's oil sector in the next few days. The group claimed responsibility for most attacks on oil facilities in the Niger Delta in 2016, which cut Nigeria's crude production from a peak of... 

DRA expands Asia-Pacific footprint

By: Martin Creamer     17th January 2018 Global engineering, project delivery, contract operations specialist and asset management group DRA’s acquisition of Perth-based Minnovo expands its Australian footprint and adds depth to its metallurgical, engineering, procurement, project management, construction and commissioning capabilities... 

DRA expands Asia-Pacific footprint
Photo by Duane Daws
DRA CEO Wray Carvelas

Davos paper attacks Trump's views on trade

By: Reuters     17th January 2018 US President Donald Trump's view of world trade will be challenged next week when he visits the World Economic Forum (WEF) at Davos, judging by a paper seen by Reuters on Wednesday that is aimed squarely at his "America First" stance. The "Strategic Brief on Misconceptions around Trade Balances"... 

Volvo aims for climate-neutral automotive manufacturing

By: Megan van Wyngaardt     17th January 2018 Volvo Cars' engine factory in Skövde, Sweden, has become the company's first climate-neutral manufacturing plant, having switched to renewable heating on January 1. The car manufacturer noted that this marked a significant step towards its vision of having climate-neutral global manufacturing... 

Gigaba must refuse De Lille's drought levy proposal – Western Cape ANC

By: News24Wire      17th January 2018 The African National Congress (ANC) in the Western Cape wants Finance Minister Malusi Gigaba to refuse embattled Cape Town Mayor Patricia De Lille's bid to replace R1.6-billion in lost revenue through a drought levy, given the allegations of corruption swirling around the council. "They are using... 

Gigaba must refuse De Lille's drought levy proposal – Western Cape ANC
Photo by Bloomberg
Finance Minister Malusi Gigaba

Cape Town confronts looming 'Day Zero' water crisis

By: News24Wire      17th January 2018 Like many others in Cape Town, Sandra Dickson has no other option but to get creative. "We catch water from our showers in buckets, and throw it into our toilets," Dickson, who has been living in the South African city for the last 24 years, told Al Jazeera. 

Cape Town confronts looming 'Day Zero' water crisis

Illovo appoints new South Africa MD

By: Anine Kilian     17th January 2018 Illovo Sugar South Africa has appointed Mamongae Mahlare MD, effective March 1. She will succeed Dave Howells who stepped down to focus on his role as corporate and external affairs executive within the broader Illovo Sugar Africa Group.   Mahlare previously held commercial, operational and... 

Gupta-linked company denies getting asset seizure order from NPA

By: News24Wire      17th January 2018 Gupta-linked companies Trillian and McKinsey have until Thursday to submit to the National Prosecuting Authority (NPA) a list of its assets to be frozen or seized. They were officially served with a preservation order to freeze assets worth R1.6-billion. 

Gupta-linked company denies getting asset seizure order from NPA

South Africa’s dam levels continue to drop

By: Anine Kilian     17th January 2018 South Africa’s dam levels continue to decrease, with data released by the Department of Water and Sanitation (DWS), on Wednesday, showing that average dam levels had dropped from 60.2% last week to 58% this week. In the Western Cape, dams have reached critically low levels, with the average dam... 

Gibela moves to Dunnottar plant; takes first manufacturing steps

By: Irma Venter     17th January 2018 Gibela has initiated manufacturing trials of the first locally made train car at the Gibela train factory, in Dunnottar, on the East Rand. The first train’s car body shell – essentially, its panel-clad metal frame – is expected to be completed by the end of the first quarter of 2018, with the... 

Gibela moves to Dunnottar plant; takes first manufacturing steps
Photo by Duane Daws
Work on the first car-body shell has started

Eskom inquiry to hear testimony from Singh, Koko next week

By: African News Agency      17th January 2018 The parliamentary inquiry into alleged corruption at Eskom will resume next week with testimony from suspended chief financial officer Anoj Singh and former acting chief executive Matshela Koko, the chairperson of the public enterprises committee Zukiswa Rantho said on Wednesday. "The Committee... 

Trade expectations improve – Sacci

By: Anine Kilian     17th January 2018 Amid an improving business mood, the South African Chamber of Commerce and Industry’s (Sacci’s) latest Trade Conditions Survey for December saw the Trade Expectations Index (TEI) for the next six months retaining a level well into positive territory, at 60 index points. This is one point higher... 

Marathon mineral rights tangle goes to Constitutional Court

By: Martin Creamer     17th January 2018 The Constitutional Court of South Africa is being asked to pronounce on a marathon mineral rights entanglement that lower courts have failed to resolve. What the High Court proclaimed, the Supreme Court of Appeal overturned, and now Chinese subsidiary company Aquila Steel has applied to the... 

Marathon mineral rights tangle goes to Constitutional Court
Mineral rights case before Constitutional Court

KPMG appoints new chairperson

By: Anine Kilian     17th January 2018 Auditing firm KPMG South Africa has appointed University of Pretoria chancellor Professor Wiseman Nkuhlu chairperson and Ansie Ramalho independent director. Both individuals will assume their roles on March 1.   Nkuhlu has over 30 years' experience working in both the public and private sectors... 

S African households' net wealth up in third quarter of 2017 – report

By: African News Agency      17th January 2018 The real value of South African households’ net wealth increased on a year-on-year basis in the third quarter of 2017 after six consecutive quarters of decline, a report showed on Wednesday. Real net household wealth grew by an estimated 2.5 percent in Q3 2017, compared with the same period in... 

 S African households' net wealth up in third quarter of 2017 – report

South African regulator pursuing criminal complaints against SAP, KPMG, McKinsey

By: Reuters     17th January 2018 South Africa's companies registry office is pursuing criminal complaints against SAP, KPMG and McKinsey on suspicion that business they conducted with friends of President Jacob Zuma broke the companies act, it said on Wednesday. The Companies and Intellectual Property Commission (CIPC)submitted... 

SA’s renewables production costs minimised at high penetration levels, NREL study shows

By: Terence Creamer     17th January 2018 A new independent study published by the National Renewable Energy Laboratory (NREL), in the US, concludes that significant production cost savings could be achieved if South Africa added between 60 GW and 100 GW of additional variable renewable energy (VRE) by 2035. The NREL study is a pure... 

SA’s renewables production costs minimised at high penetration levels, NREL study shows
NREL research engineer Erol Chartan

Sarb appoints new MPC adviser

By: Megan van Wyngaardt     16th January 2018 The South African Reserve Bank (Sarb) has appointed Fundi Tshazibana an adviser to the bank’s governors, effective February 19, making her the seventh member of the bank’s Monetary Policy Committee (MPC). With 17 years of experience in public policy analysis and formulation, Tshazibana has worked... 

SABC says COO being finalised

By: African News Agency      16th January 2018 The appointment of the chief operating officer at the South African Broadcasting Corporation (SABC) is soon to be finalised as per the high court order on appointment of executives at the public broadcaster, the SABC board said on Tuesday. “The board wishes to state for the record that it has... 

SABC says COO being finalised

Gauteng education dept says it has placed only a fraction of learners for 2018

By: African News Agency      16th January 2018 The Gauteng province’s education department has placed only 2,565 new learners in schools for the 2018 academic year out of 32,935 applicants, provincial head Panyaza Lesufi said on Tuesday. “Notwithstanding our efforts to get all parents to apply on time so that we can improve on our planning... 

Gauteng education dept says it has placed only a fraction of learners for 2018

Grindrod facing delays with separate listing of shipping unit, but still positive about H1 completion

By: Megan van Wyngaardt     16th January 2018 Owing to the cross jurisdictional nature of a proposed international listing by Grindrod, through which it is aiming to launch a separate listing of its shipping business, the various processes required by regulators in the different relevant jurisdictions are taking longer than initially... 

Grindrod facing delays with separate listing of shipping unit, but still positive about H1 completion

ABB supplies motor for world’s steepest funicular railway

By: Megan van Wyngaardt     16th January 2018 A 1.7 km funicular railway in the Swiss Alps, said to be the steepest in the world, has been brought into operation this week. The railway cable car, which can carry 36 passengers, is being powered by a 1.2 MW low-voltage electric motor designed and built by automation company ABB. 

ABB supplies motor for world’s steepest funicular railway

PRASA, UNTU in talks to reopen Central Line

By: Natasha Odendaal     16th January 2018 State-owned passenger rail service Passenger Rail Agency of South Africa (PRASA) and the United National Transport Union (UNTU) are in advanced stages of discussions to have the suspended Central Line, in Cape Town, reopened on Wednesday. The line was closed on January 10 for safety reasons... 

R50bn expected to be seized in 17 State capture cases – AFU

By: News24Wire      16th January 2018 The Asset Forfeiture Unit (AFU) is hoping to seize at least R50-billion in 17 cases it is currently investigating related to State capture, acting head of operations advocate Knorx Molelle said on Tuesday. In an interview with eNCA, Molelle said his team had already prioritised six matters which... 

R50bn expected to be seized in 17 State capture cases – AFU

New app-based bank to launch in South Africa late 2018

By: African News Agency      16th January 2018 A new app-driven bank is set to launch in South Africa after getting a provisional licence from monetary authorities, the institution said on Tuesday. Bank Zero, a 45 percent black-owned mutual bank founded by veteran bankers Michael Jordaan and Yatin Narsai, is set to launch in the fourth... 

New app-based bank to launch in South Africa late 2018

IT spending to reach $3.7tr in 2018

By: Natasha Odendaal     16th January 2018 A new Gartner report released on Tuesday projects a 4.5% year-on-year increase in worldwide information technology (IT) spend to $3.7-trillion in 2018. Driven by enterprise software, digital business, blockchain, the Internet of Things and the progressions from big data to algorithms, machine... 

New-truck market expected to grow by 1.5% in 2018, says UD Trucks

By: Irma Venter     16th January 2018 The South African new-truck market continued its steady decline in 2017, dropping by 2.65% to 25 042 units, compared with the 27 011 units sold in 2016. The new-truck market reached 30 469 units in 2015 and 31 554 units in 2014. 

New-truck market expected to grow by 1.5% in 2018, says UD Trucks

World Gold Council spots trends that'll be gold’s 2018 friends

By: Martin Creamer     16th January 2018 Synchronised global economic growth, shrinking central bank balance sheets, rising interest rates, insubstantial asset prices and market transparency are the trends that will be gold’s best friends in 2018, the World Gold Council said on Tuesday. These trends, the council said in delivering its... 

World Gold Council spots trends that'll be gold’s 2018 friends
Photo by Duane Daws
Gold bars produced at Rand Refinery, Germiston.

Airbus executive see bright future for airliner sector

By: Rebecca Campbell     16th January 2018 Airbus Commercial Aircraft President Fabrice Brégier is very optimistic about the state of the global airliner market and the prospects it offers the company. “The market is still very active; the growth is, in China … still more than 10% year-on-year – on [sic] such a big market, we are having 1... 

Airbus executive see bright future for airliner sector
Photo by Airbus
Fabrice Brégier

De Beers turns to blockchain to track diamond origins and purity

By: Reuters     16th January 2018 Anglo American's diamond unit De Beers aims to launch the first industry-wide blockchain this year to track gems each time they change hands starting from the moment they are dug from the ground, its chief executive said on Tuesday. De Beers, the world's biggest diamond producer by the value of... 

De Beers turns to blockchain to track diamond origins and purity
De Beers CEO Bruce Cleaver

Without rain, S Africa's Cape Town may run out of water by April

By: Reuters     16th January 2018 South Africa's Cape Town, one of the world's iconic tourist destinations, could run out of water by April as the city's worst drought in a century risks forcing residents to join queues for emergency rations. "Day Zero" – the date taps are due to run dry – has crept forward to April 22 as city... 

Without rain, S Africa's Cape Town may run out of water by April

Global competition aims to promote start-ups in energy innovation

By: Anine Kilian     16th January 2018 Start Up Energy Transition (SET), an international platform promoting innovation in energy transition, is accepting applications for global start-ups to pitch in Berlin, at the SET Tech Festival, and get featured as a top global start-up company with the World Energy Council. The SET award is a... 

Adcock expects higher H1 earnings

By: Natasha Odendaal     16th January 2018 JSE-listed Adcock Ingram expects double-digit increases in its earnings for the six months ended December 31, the healthcare company announced on Tuesday. Headline earnings a share for the half-year under review is expected to be at least 27%, or 40c apiece, higher than the 148.6c achieved in the... 

Adcock expects higher H1 earnings

City of Cape Town launches its water map, another effort to address water crisis

By: African News Agency      16th January 2018 The City of Cape Town on Monday, launched its water map and calls on residents to paint Cape Town green with their water-saving efforts in order to get through drought stage in the province. “We thank all of our water savers who are working hard to avoid day zero which is estimated to kick in on... 

City of Cape Town launches its water map, another effort to address water crisis

Trillian, McKinsey to be served over Eskom and Transnet services, NPA confirms

By: News24Wire      16th January 2018 Cape Town - A preservation order is expected to be served on Trillian and McKinsey on Tuesday for assets worth around R1.6bn, the National Prosecuting Authority has confirmed. Both companies are linked to the Gupta family. 

Trillian, McKinsey to be served over Eskom and Transnet services, NPA confirms

New ‘power-to-X’ prospects may arise as renewables costs continue to fall

By: Terence Creamer     15th January 2018 The outlook for solar and wind electricity costs to 2020 “presages historically low costs for new renewable electricity”, which could create new economic and industrial opportunities, a new International Renewable Energy Agency (Irena) report argues. Released in Abu Dhabi, the United Arab... 

New ‘power-to-X’ prospects may arise as renewables costs continue to fall

Rwanda, Mauritius get funding for solar PV projects

By: Anine Kilian     15th January 2018 The Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (Irena) on Monday announced that $25-million in concessional loans from ADFD have been earmarked for solar photovoltaic (PV) projects in Mauritius and Rwanda. The projects have the potential to significantly... 

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