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Latest News

Local assembly of new Hino 500 to start in Durban in November

By: Irma Venter     1st August 2017 Assembly of the new Hino 500 Series truck will start at Toyota South Africa Motors’ Durban plant in November. The first prototypes have already been built, says Hino South Africa senior manager Leslie Long. 

Adcorp CEO, COO step down

     1st August 2017 Richard Pike has resigned as CEO of workforce solutions group Adcorp Holdings, while Nelis Swart has resigned as the group’s COO, effective July 31. Mark Jurgens has been appointed COO of Adcorp, but will serve as acting CEO until a permanent appointment is made. 

Zuma says growth will fall below 0.5%, economy in 'duress'

By: Reuters     1st August 2017 South Africa's economy is in a state of "duress" and 2017 growth will fall short of 0.5 per cent, President Jacob Zuma said late on Monday, more bad news in an economy that slid into recession in March. "The economy is under duress ... In the last budget, growth was expected to be 1.3 per cent.... 

Zuma says growth will fall below 0.5%, economy in 'duress'
President Jacob Zuma

Outgoing PRASA board slams transport minister on completion of tenure

By: African News Agency      1st August 2017 Popo Molefe, the outgoing chairperson of the Passenger Rail Agency of South Africa (PRASA) board which completed its term on Monday, took a parting shot at new Transport Minister Joe Maswanganyi for failing to attend requested meetings aimed at tackling corruption and governance anomalies. “The... 

City of Cape Town warns of water supply restrictions for high water users

By: African News Agency      1st August 2017 The City of Cape Town on Monday, warned that people with unjustifiably high water usage would face water supply restrictions as the City remained 142-million litres above the 500-million litres of collective water use per day target. “If there is a knock on your door, don’t be surprised when it... 

South Africans can no longer be 'free riders' of democracy – Gordhan

By: News24Wire      1st August 2017 South African citizens can no longer be "free riders" of democracy and need to actively work to secure State institutions, former finance minister Pravin Gordhan said on Monday evening. He urged South Africans to either become whistleblowers or "find different forms of resistance". "In today’s... 

South Africans can no longer be 'free riders' of democracy – Gordhan

Free higher education to be introduced – Mantashe 

By: African News Agency      31st July 2017 The governing African National Congress has resolved to introduce free higher education next year, secretary general Gwede Mantashe said on Monday. The party held its national executive committee lekgotla over the weekend. 

IDC reports strong rise in support for black industrialists as disbursements fall  

By: Terence Creamer     31st July 2017 South Africa’s Industrial Development Corporation (IDC) has announced that its funding approvals have increased to a record R15.3-billion in 2017, but also confirmed that it would not meet a five-year target, set in 2015, of R100-billion in approvals by 2020. Presenting the financials in... 

IDC reports strong rise in support for black industrialists as disbursements fall
Economic Development Minister Ebrahim Patel on plans to equip the IDC to approve at a level of R20-billion a year. Camera Work: Nicholas Boyd. Editing: Lionel da Silva. Recorded: 31.7.2017

Agriculture a significant growth area for Africa

By: Anine Kilian     31st July 2017 Agriculture is the largest economic growth sector for Africa, New Partnership for Africa's Development business foundation CEO Lynette Chen said at the Southern African Development Community (SADC) Industrialisation Week on Monday. She pointed out that less than 10% of arable land in Africa was... 

SADC industrialisation strategy important for development of value-chains in region

By: Anine Kilian     31st July 2017 Regional industrialisation will require a strong Southern African Development Community (SADC) Free Trade Area (FTA), Department of International Relations and Cooperation DG Kgabo Mahoai said on Monday. Speaking at the SADC Industrialisation Week, in Johannesburg, he said the FTA would... 

Restructuring of Scaw into three standalone entities at an advanced stage 

By: Terence Creamer     31st July 2017 South Africa’s State-owned Industrial Development Corporation (IDC) announced on Monday that the restructuring of its steel subsidiary Scaw Metals into three standalone entities was at an advanced stage, as were plans to secure strategic equity partners (SEPs) for each of the units. Speaking at... 

Restructuring of Scaw into three standalone entities at an advanced stage
IDC CEO Geoffrey Qhena on the envisioned end-State for Scaw Metals. Camera Work: Nicholas Boyd. Editing: Lionel da Silva. Recorded: 31.7.2017

Manufacturing key to Africa’s economic transformation

By: Anine Kilian     31st July 2017 Manufacturing will drive Africa’s transformation, African Export-Import Bank intra-African finance trade manager Gerald Nsomba said on Monday. Addressing delegates from across the Southern African Development Community (SADC) at the SADC Industrialisation Week, in Johannesburg, he pointed out... 

South Africa's population rises to 56.5m – stats agency 

By: Reuters     31st July 2017 South Africa has an estimated population of 56.5-million people, up 1.61 percent from 2016, Statistics South Africa said on Monday, piling pressure on the government in an economy that is in recession. In its 2017 mid-year population estimates, the agency said the growth rate of elderly people,... 

South Africa's population rises to 56.5m – stats agency

Names of all IDC clients, including politically exposed people, now being made public 

By: Terence Creamer     31st July 2017 The Industrial Development Corporation (IDC) has officially started to publish, on its website, the identities of all of its clients, including those officially identified as politically exposed people (PEPs). This disclosure affects all of the State-owned development finance institution’s... 

Names of all IDC clients, including politically exposed people, now being made public
Economic Development Minister Ebrahim Patel on why the IDC will, from know on, be disclosing the identities of its clients. Camera Work: Nicholas Boyd. Editing: Lionel da Silva. Recorded: 31.7.2017.

Aveng ends talks to sell steel arm, settles QCLNG project dispute

By: Reuters     31st July 2017 South African construction group Aveng said on Monday it has ended talks on the sale of its Aveng Trident Steel business due to a failure to reach agreement on price. Work for South Africa's construction industry has slowed sharply as government contracts stall and weak commodity prices hit... 

South Africa's rate cut signals political pressure on SARB – Moody's

By: Reuters     31st July 2017 The first interest rate cut in five years by South Africa's central bank will likely boost the country's economic growth potential, ratings firm Moody's said, but warned that the policy decision also signalled growing political pressure on the bank. South Africa's main anti-graft watchdog... 

Electric vehicle demand fuels Umicore profit rise

By: Reuters     31st July 2017 Strong demand for materials used in electric vehicles helped Belgian group Umicore to report first-half operating income (EBIT) above analysts' estimates on Monday. Umicore has positioned itself to take advantage of rising demand for electric vehicles, investing €460-million to expand by over... 

Bidvest makes R2.7bn play for Irish facilities management group

By: Natasha Odendaal     31st July 2017 JSE-listed Bidvest has entered into an agreement to acquire 100% of Ireland-based integrated facilities management group Noonan from Alchemy Partners and Noonan’s current management team for an enterprise value consideration of R2.7-billion. Noonan operates in Ireland and the UK, where 40% of its... 

Hulamin lifts H1 earnings, eyes further improvements

By: Natasha Odendaal     31st July 2017 JSE-listed Hulamin’s financial report for the half-year ended June 30 shows a continued uptick in earnings, with expectations that the upward double-digit momentum will continue into the second half of the year. The company on Monday reported a 17% rise in basic and headline earnings a share to... 

Hulamin lifts H1 earnings, eyes further improvements
Hulamin CEO Richard Jacob

Brics industry ministers adopt action plan to deepen industrial cooperation

By: African News Agency      31st July 2017 The second meeting of Brics (Brazil, Russia, India, China and South Africa) industry ministers held in Hangzhou in China has adopted a seven-point “action plan” on deepening industrial cooperation among Brics countries, the trade and industry department (DTI) said on Sunday. The action plan... 

Brics industry ministers adopt action plan to deepen industrial cooperation

City of Cape Town’s support generates investment worth R2.67bn, with 6 236 jobs created in key growth industries 

By: African News Agency      31st July 2017 The City of Cape Town, via its enterprise and investment department under the directorate of the mayor, has facilitated R2.67-billion worth of investment which has resulted in 6 236 direct jobs created for the people of Cape Town in the past financial year (July 2016 – June 2017), the city said... 

Zim piling up gold, diamonds to back new currency – VP

By: News24Wire      31st July 2017 Zimbabwe Vice President Emmerson Mnangagwa says the cash-strapped Zimbabwe government is piling up reserves of gold and diamonds to back a new local currency. But he did not say when the new currency would be introduced. 

Tourism to add 300 000 jobs by 2026

By: Anine Kilian     28th July 2017 With South African tourism providing entry into Africa, especially through business tourism opportunities, the sector deserves more support and recognition, says Tourism Minister Tokozile Xasa, who spoke at the second Gauteng Infrastructure Investment Conference on Friday. “The prospects for... 

Numsa to consult its members over proposed engineering strike 

By: Natasha Odendaal     28th July 2017 The National Union of Metalworkers of South Africa (Numsa) on Friday said “any way forward” on the looming labour strike in the engineering sector would be determined by its members through upcoming meetings. Following Numsa’s Central Committee meeting this week, the trade union had resolved to... 

Telkom slashes fixed-line prices, fluffs up uncapped package deals

By: Natasha Odendaal     28th July 2017 Information and communication technology giant Telkom has unveiled a series of new pricing structures for its fixed-line uncapped data packages to entice more customers onto its network and deliver in-demand lower data fees. In an overhaul of the fixed-line product offering, aligning its... 

Telkom slashes fixed-line prices, fluffs up uncapped package deals

Nigerian Senate withdraws report exonerating South Africa's MTN over FX transfers

By: Reuters     28th July 2017 Nigeria's Senate has withdrawn a report that largely exonerated South African mobile phone giant MTN of accusations of illegally repatriating $14-billion and that rebuked the Nigerian central bank for regulatory failures. The report, presented to the Senate on Thursday and reviewed by Reuters,... 

Africa urged to focus on attracting more FDI

By: Anine Kilian     28th July 2017 Improving the quality of life for people in Africa is a key goal of the African Development Bank and this will require the continent to attract more foreign direct investment (FDI). Addressing delegates at the second Gauteng Infrastructure Investment Conference, in Midrand, on Friday, University... 

Gauteng should spearhead economic growth in South Africa, says Makhura

By: Anine Kilian     28th July 2017 Gauteng needs to take a lead in turning South Africa’s economic situation, according to Gauteng Premier David Makhura, who avers that, “if Gauteng works better, 35% of South Africa’s economy will work better”. Addressing delegates at the Gauteng Infrastructure Investment Summit, in Midrand, the... 

Gauteng should spearhead economic growth in South Africa, says Makhura

South Africa consolidates its radio astronomy activities into new observatory

By: Keith Campbell     28th July 2017 South Africa is consolidating its radio astronomy facilities into a single institution, the South African Radio Astronomy Observatory (SARAO). This was revealed on Friday when Science and Technology Minister Naledi Pandor announced that the Hartebeesthoek Radio Astronomy Observatory (HartRAO) had... 

South Africa consolidates its radio astronomy activities into new observatory
Photo by Duane Daws/Creamer Media
HartRAO’s main antenna

Gigaba says worried about influence of Gupta family 

By: Reuters     28th July 2017 South African Finance Minister Malusi Gigaba said on Friday he was worried about the influence of a wealthy family accused of using its friendship with President Jacob Zuma to secure contracts with state-owned companies. Gigaba's unusually strong comments came the day after power utility Eskom... 

Davies arrives in China for Brics trade and industry meetings

By: African News Agency      28th July 2017 South African Trade and Industry Minister, Dr Rob Davies, has arrived in China for the Brics Industry Ministers Meeting and Trade Ministers Meeting. The Department of Trade and Industry said on Friday that the two meetings would be preceded by officials’ meetings from the Brics countries, namely... 

BMFI board approves 15% shareholding acquisition in Pembury

By: Natasha Odendaal     28th July 2017 Following a due diligence process and a binding share sale and subscription agreement, the Black Management Forum Investment (BMFI) board has approved the acquisition of 57-million shares in Pembury Lifestyle Group (PLG) for R55-million. BMFI will acquire 37-million existing shares from property... 

Kganyago expects the economy returned to growth in Q2

By: Reuters     28th July 2017 South Africa's economic growth likely resumed in the second quarter of 2017 after two straight quarters of contraction that pushed the economy into a recession, Reserve Bank Governor Lesetja Kganyago said on Friday. "We believe that the worst is behind us – and that growth in the second quarter... 

Kganyago expects the economy returned to growth in Q2
Photo by Reuters
Lesetja Kganyago

Tribunal confirms consent agreement with gear pump supplier

By: Creamer Media Reporter      28th July 2017 The Competition Tribunal this week approved a consent agreement with Fermel for colluding and dividing up markets for branded gear pumps. The Competition Commission followed up a February complaint outlining that Fermel and another company had entered to an agreement to divide markets by... 

No local-content audits yet on Transnet locomotives 

     28th July 2017 Creamer Media’s Samantha Herbst talks to Engineering News editor Terence Creamer about the lack of audits on Transnet’s locomotives and how this will impact industrial policy. 

No local-content audits yet on Transnet locomotives
No local-content audits yet on Transnet locomotives

Halliburton to pay $29.2m to settle US charges tied to Angola

By: Reuters     28th July 2017 Oil giant Halliburton Co will pay $29.2-million to settle civil charges it violated federal anti-bribery rules related to books, record-keeping and internal accounting controls while doing business in Angola, US regulators said Thursday. The Securities and Exchange Commission said Halliburton's... 

Gibela says first SA-made train to be delivered by the end of 2018

By: Irma Venter     28th July 2017 The Gibela consortium will deliver the first locally built X'Ttrapolis Mega commuter train to State-owned Metrorail operator the Passenger Rail Agency of South Africa (PRASA) by the end of 2018, says Gibela CEO Marc Granger. Production of the first car-body shell of the first car of the first... 

Gibela says first SA-made train to be delivered by the end of 2018

Eskom CFO Anoj Singh placed on special leave

By: African News Agency      28th July 2017 Eskom’s chief financial officer Anoj Singh was placed on special leave on Thursday, amid mounting allegations of improper financial dealings by the power utility with companies in the Gupta business empire, “The Board of Directors of Eskom has taken a decision to grant Chief Financial Officer, Mr... 

Eskom CFO Anoj Singh placed on special leave

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