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Latest News

20% growth not outpacing the market, says Cartrack CEO

By: Irma Venter     11th October 2017 Despite compound five-year revenue growth of 20%, fleet management and vehicle tracking group Cartrack CEO Zak Calisto is not as happy as one expects him to be. “We want to grow faster than this. We are doing what the market is doing.” 

Oil rises on tighter market, but doubts swirl on sustainability

By: Reuters     11th October 2017 Oil prices rose for a third day on Wednesday as Opec said the market was gradually tightening after years of oversupply, but the 2018 outlook was less certain. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $56.80 per barrel at 1129 GMT, up 19 cents. Brent... 

Testimony in Parly probe into Eskom / Gupta links to start next week

By: African News Agency      11th October 2017 The list of names of witnesses to be called to testify at a parliamentary inquiry into state capture at South Africa’s sole power utility, Eskom, has been finalised and the probe officially kicks off on October 17, a statement from the national legislature said on Wednesday. “The Portfolio... 

Testimony in Parly probe into Eskom / Gupta links to start next week

China's top coke producer to curb output in pollution war

By: Reuters     11th October 2017 China's top coke producer Shanxi Coking will slash output for coke and some chemical products including tar and methanol during the coming winter months as part of Beijing's campaign against air pollution. The company will trim around 900 000 t of coke and 360 000 t of chemicals from production... 

SA black consumer body urges regulator to reject Eskom’s tariff hike application

By: African News Agency      11th October 2017 The National Black Consumer Council (NBCC) on Wednesday said that it opposed Eskom’s proposed application for a 20% electricity tariff increase next year. TheNBCC urged the National Energy Regulator of South Africa (Nersa) to reject the troubled power utility’s application and rather grant it “a... 

South Africa vulnerable to any sharp rise in global rates, World Bank warns

By: Terence Creamer     11th October 2017 A quicker and sharper-than-expected normalisation in interest rates in the US could trigger a reversal in capital flows to South Africa, the World Bank’s latest ‘Africa’s Pulse’ warns, adding that any sharp increase in global interest rates could also complicate debt dynamics for sub-Saharan... 

South Africa vulnerable to any sharp rise in global rates, World Bank warns
In September, Fed chairperson Janet Yellen said she was 'wary of moving too gradually' on normalisation

Echo Polska acquires Polish retail property portfolio

By: Schalk Burger     11th October 2017 JSE-listed Echo Polska Properties has acquired a portfolio of 12 retail properties – of which eight are shopping centres and four are retail parks, with more than 620 stores – across Poland. The portfolio has an aggregate gross lettable area (GLA) of about 450 000 m2 – doubling the GLA of Echo... 

ARM appoints two nonexecutive directors

By: Martin Creamer     11th October 2017 Diversified mining company African Rainbow Minerals (ARM) on Wednesday announced the appointment of two new nonexecutive directors. They are David Noko, who has been appointed as an independent nonexecutive director, and Jan Steenkamp, who has been appointed as a nonexecutive director. 

ARM appoints two nonexecutive directors
David Noko

Cost, currency pressures to weigh marginally on Mondi’s FY results

By: Schalk Burger     11th October 2017 Continuing cost pressures and negative currency impacts affecting packaging and paper multinational Mondi are expected to result in an underlying performance for the full year modestly below market expectations, despite expectations of a strong final quarter supported by generally higher average... 

Durban harbour remains closed after devastating storm

By: News24Wire      11th October 2017 Durban harbour was still closed on Wednesday morning with authorities having spent Tuesday night refloating five vessels that were pushed aground and emergency services were still on high alert after a massive storm that killed at least six people. "[Emergency Medical Services] are still on high... 

Durban harbour remains closed after devastating storm

Kobe Steel shares plunge as data fabrication concerns deepen

By: Reuters     11th October 2017 Kobe Steel shares tumbled a further 16% on Wednesday after it admitted it may have fabricated data on iron powder products and media reported the possible sale of its real estate business. The latest disclosure comes after Japan’s No.3 steelmaker said on the weekend it had falsified data to show... 

CSIR seeking to develop new methods to improve local infrastructure production  

By: Keith Campbell     11th October 2017 The Council for Scientific and Industrial Research (CSIR) continues to research innovations and initiatives to transform the local construction industry. This was reported by CSIR principal researcher Llewellyn van Wyk at the recent sixth CSIR Conference in Pretoria. He noted that the country has... 

Cape Town's groundwater plan targets 'impossible' 

By: News24Wire      11th October 2017 Key partners in the extraction of groundwater to augment the City of Cape Town's water supply believe that the city's current 100-million litres per day target is impossible. Speaking as an audience member at a Muizenberg Festival gathering on Tuesday, Umvoto earth sciences consultancy director... 

Uber says committed to Egypt, announces $20m investment

By: Reuters     11th October 2017 Uber is committed to Egypt despite challenges presented by sweeping economic reforms and record inflation, the company said on Tuesday as it announced $20-million of investment in its new support centre in Cairo. The Egyptian pound has lost half its value and fuel prices have jumped by up to 50%... 

Rand will rebound against dollar by end of 2017 - analysts

By: News24Wire      11th October 2017 Analysts at Rand Merchant Bank and ING Groep predict that the rand, the second-worst emerging-market performer in the past month, will rebound against the dollar by year-end as the pull of improving fundamentals and the hunt for yield support buyers amid lingering political and fiscal risks. The... 

 Rand will rebound against dollar by end of 2017 - analysts

South Africa's economic woes domestic, downgrade risks high – deputy SARB governor

By: Reuters     11th October 2017 South African deputy central bank governor Kuben Naidoo said on Tuesday domestic factors are the main cause of a frail economy and the risk of further credit downgrades is "quite significant". Painting a bleak picture during a monetary policy forum in Cape Town, Naidoo said a downgrade to South... 

South Africa's economic woes domestic, downgrade risks high – deputy SARB governor
SARB deputy governor Kuben Naidoo

South African nuclear deal to boost debt – Safcei 

By: African News Agency      11th October 2017 The Southern African Faith Communities’ Environment Institute (Safcei) told South African President Jacob Zuma and the Minister of Energy on Tuesday that it was worried about the country’s planned nuclear deal triggering a surge in debt. The faith-based NGO said it had delivered a letter to the... 

Exxaro sells Tronox shares for R6.5bn

By: Martin Creamer     11th October 2017 Diversified mining company Exxaro Resources has completed the sale of a portion of its shareholding in American mineral sands company Tronox for R6.5-billion. Exxaro, headed by CEO Mxolisi Mgojo, said on Wednesday that it had raised $474-million from the sale of 22 425 000 class A ordinary shares... 

Exxaro sells Tronox shares for R6.5bn
Photo by Duane Daws
Exxaro CEO Mxolisi Mgojo

Storm forces TNPA to suspend vessel movements at Durban port

By: Creamer Media Reporter      10th October 2017 Transnet National Ports Authority (TNPA) has suspended all vessel movements in the Port of Durban owing to a storm lashing parts of KwaZulu-Natal. “Transnet’s marine services team and tugboats are assisting with several emergencies. These include the grounding of three vessels in the Port of... 

Kenya Power sees slower grid expansion as electricity access reaches saturation

By: Reuters     10th October 2017 Kenya Power expects the expansion of its grid to slow down as the number of people with access to electricity reaches saturation, its chief executive said on Tuesday, adding that its capital expenditure for this year would rise slightly. Ken Tarus, who is also its managing director, said the... 

Global steel recovery at risk from capacity ramp-ups outside China

By: Reuters     10th October 2017 The global steel sector's recovery from a glut-fuelled slump, driven by Chinese capacity cuts, is being put at risk by surplus capacity being built in the Middle East and Asia, sources and experts say. Figures from China show it has cut nearly 100-million tonnes of legal steel capacity and... 

Energy Minister Kubayi denies her secondment of Zulu to fuel fund was illegal

By: African News Agency      10th October 2017 Energy Minister Mmamoloko Kubayi on Tuesday told MPs she had no doubt about the legality of her secondment of former director general Thabane Zulu to the Strategic Fuel Fund as its acting chief executive officer, but stopped short of assuring them it had been approved by the board of the entity.... 

Toyota halts production, reports ‘unprecedented flooding' at Durban plant

By: Irma Venter     10th October 2017 "Unprecedented flooding" arising from a massive storm which lashed the KwaZulu-Natal coast on Tuesday has closed Toyota Motors South Africa’s (TSAM’s) manufacturing plant in Prospecton, south of Durban.  The plant is located near the old Durban airport, an area heavily affected by Tuesday's storm. 

 Toyota halts production, reports ‘unprecedented flooding' at Durban plant
The Toyota plant in Durban

Gamsberg zinc prestrip close to halfway mark – Vedanta

By: Martin Creamer     10th October 2017 The prestripping of waste rock at the Gamsberg zinc mine project in the Northern Cape is close to the halfway mark, Vedanta Resources reported on Tuesday, when its interim CEO Kuldip Kaura described as “strong” the quarterly production performances of the London-listed, India-rooted mining... 

Gamsberg zinc prestrip close to halfway mark – Vedanta
Photo by Duane Daws
Activity at the Gamsberg zinc mine project.

IMF cuts South Africa growth forecasts as politics takes it toll

By: Reuters     10th October 2017 The International Monetary Fund cut its South African economic growth forecast for this year on Tuesday, saying rising political uncertainty has dented consumer and business confidence. The IMF said it expected South Africa's economy to grow by 0.7% this year, down from an earlier projection of... 

IMF cuts South Africa growth forecasts as politics takes it toll

Public comments on gas exploration to close soon

By: African News Agency      10th October 2017 The South African public has at least eight days left to comment on the environmental authorization that the department of mineral resources (DMR) recently granted to Rhino Oil and Gas Exploration South Africa (Rhino) for natural gas exploration across four provinces. The area affected by these... 

City of Cape Town wants to get Metrorail back on track

By: News24Wire      10th October 2017 The City of Cape Town says it wants to take control over the beleaguered Metrorail in order to bring it back on track. Councillor Brett Herron said on Tuesday that the City was seeking permission from the Department of Transport (DoT) to fast-track the devolution of control over the rail network,... 

August manufacturing output up 1.5% y/y

By: Reuters     10th October 2017 South Africa's manufacturing output rose by a surprise 1.5% year-on-year in August after contracting by 1.1% in July, Statistics South Africa said on Tuesday. Economists polled by Reuters had forecast manufacturing volumes would contract by 0.05% year-on-year in August. 

August manufacturing output up 1.5% y/y

Urgent need to explore alternative water sources in Western Cape to avoid day zero

By: Schalk Burger     10th October 2017 Department of Water and Sanitation Western Cape regional head Rashid Khan on Tuesday highlighted the urgent need to explore the use of alternative water sources to decrease reliance on surface water systems (rainfall) in the province. Recycling the partially treated final effluent through... 

Transport megaprojects stand on four legs – Gautrain CEO

By: Keith Campbell     10th October 2017 The successful implementation of transport infrastructure megaprojects rests on four equally important “pillars”. So affirmed Gautrain Management Agency CEO Jack van der Merwe to the recent sixth Council for Scientific and Industrial Research Conference, in Pretoria. These pillars are: political... 

Transport megaprojects stand on four legs – Gautrain CEO
Photo by Duane Daws
Gautrain CEO Jack van der Merwe

DTI calls for resolution on outstanding Doha issues

By: Schalk Burger     10th October 2017 Trade and Industry Minister Dr Rob Davies on Tuesday called for outcomes to be developed for the outstanding issues of the Doha Development Agenda (DDA). Davies was in Morocco attending the World Trade Organisation (WTO) Informal Ministerial Gathering, which was attended by Ministers from the 164... 

BCX to sell Netcampus subsidiary

     10th October 2017 End-to-end digital solutions provider BCX will sell its information and communications technology (ICT) training solutions subsidiary Netcampus. Netcampus managing executive Tebogo Makgatho will buy a 70% interest and Telkom enterprise development programme Telkom FutureMakers will acquire the... 

McKinsey says will pay back fees if South African court finds Eskom deal illegal 

By: Reuters     10th October 2017 McKinsey will repay fees it earned for six months' work last year at South African State utility Eskom if a high court finds the deal was unlawful, the global consultancy said on Tuesday. Eskom had given McKinsey and its local partner Trillian until Tuesday to repay R1.6-billion ($117-million) in... 

McKinsey says will pay back fees if South African court finds Eskom deal illegal

Mercedes-Benz Vans, Matternet and Siroop start pilot project for drone deliveries

By: Irma Venter     10th October 2017 Mercedes-Benz Vans, US drone systems developer Matternet and Swiss online marketplace Siroop have started a pilot project in Zurich, Switzerland, to test a van-and-drone-based system for on-demand delivery of e-commerce goods. The pilot project is the first time that extensive beyond-line-of... 

Mercedes-Benz Vans, Matternet and Siroop start pilot project for drone deliveries

Tharisa reports best production year

By: Martin Creamer     10th October 2017 Platinum group metals (PGM) and chrome co-producer Tharisa on Tuesday reported a record fourth quarter, which nudged the company to its best yearly production performance to date in the 12 months to September 30. The JSE-listed company, headed by CEO Phoevos Pouroulis, said in a release to... 

Tharisa reports best production year
Tharisa CEO Phoevos Pouroulis

Taps slow down to trickle as water rationing starts in Cape Town

By: News24Wire      10th October 2017 The City of Cape Town has rolled out Phase One of its Critical Water Shortages Disaster Plan and pre-selected suburbs can expect dry taps during peak hours. Water rationing through extreme pressure reduction is underway, the City said on Monday. 

Brazil revives African ties, eyes expanding market

By: Reuters     10th October 2017 Agricultural powerhouse Brazil aims to revive ties with Africa after a lull and sees a vast export market for food and manufactured goods in a continent whose population is surging, its foreign minister said. Brazil's presence in Africa surged during the government of former President Luiz Inacio... 

Johannesburg ranked most visited city in Africa

By: African News Agency      10th October 2017 South Africa’s most-populated city, Johannesburg, has emerged as the most popular destination city in Africa in 2016 followed by Cape Town, according to the annual Mastercard Global Destination Cities Index released on Tuesday. The Mastercard Global Destination Cities Index showed that... 

Johannesburg ranked most visited city in Africa

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