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Latest News

Oil and gas firm Efora says deal to buy Belton Park lapses

By: African News Agency      2nd January 2018 Oil and gas company Efora Energy said on Tuesday its agreement to acquire the assets and operations of Belton Park Trading 134 had lapsed after outstanding conditions were not fulfilled. In October, Efora said it was buying Belton Park, which markets and sells petroleum products for an aggregate... 

Phone company MTN assigns its long dated shareholder loan to IHS Holding

By: African News Agency      29th December 2017 Mobile phone company MTN said on Thursday it had, through MTN Nigeria Towers, assigned its shareholder loan of approximately $231-million, which was due in 2024/25, to IHS Holding. The group said the agreement allowed MTN Nigeria to continue to invest in its network more efficiently, and further... 

Phone company MTN assigns its long dated shareholder loan to IHS Holding

South African Airways denies procuring bottled water, fuel at premium

By: African News Agency      29th December 2017 Cash-strapped national carrier South African Airways on Thursday rejected as false reports that it was paying more for its bottled water and fuel than the market price. “We took note of comments on social media platforms suggesting that we procure at premium commodities such as bottled water and... 

South African Airways denies procuring bottled water, fuel at premium

Glencore completes sale of majority stake in oil storage assets

By: Reuters     29th December 2017 Diversified miner Glencore announced on Friday that it has completed the sale of a 51% interest in HG Storage International (HGSI) to HNA Innovation Finance Group, subject to certain regulatory approvals and closing conditions by US authorities. HGSI is a new vehicle which has consolidated... 

Glencore completes sale of majority stake in oil storage assets

South Africa trade surplus soars to R13bn in November

By: Reuters     28th December 2017 South Africa's trade surplus soared to R13.02-billion ($1.06-billion) in November, its highest in a one-and-a-half years as exports of mineral and chemical products as well as commodities and vehicles grew briskly while imports were subdued. It was a big jump in the surplus from R4.34-billion in... 

South Africa trade surplus soars to R13bn in November

Supply discipline and demand to prop up oil prices in 2018

By: Reuters     28th December 2017 The Organisation of the Petroleum Exporting Countries (Opec) and Russia's efforts to curb oil output, combined with forecasts for strong global demand growth, are expected to keep crude prices close to $60/bl in 2018, a Reuters poll of analysts showed on Thursday. The survey of 32 economists and... 

Supply discipline and demand to prop up oil prices in 2018

Moody's downgrades Steinhoff deeper into junk on default fears

By: Reuters     28th December 2017 Ratings agency Moody's on Thursday downgraded Steinhoff's debt deeper into 'junk' territory and warned further downgrades could follow due to mounting cash flow problems at the South African retail group. The company, majority owned by tycoon Christo Wiese, is fighting for survival following its... 

Moody's downgrades Steinhoff deeper into junk on default fears
Majority owner of Steinhoff Christo Wiese

South Africa's rand hits 2-1/2 year high on bets on leadership change

By: Reuters     28th December 2017 South Africa's rand on Thursday extended gains that have seen it soar to its firmest in two-and-a-half years, with investors believing a leadership change in the ruling party would spur an economic rebound. At 06:40 GMT the rand traded at 12.2650, inching 0.04% ahead in early trade following a... 

South Africa's rand hits 2-1/2 year high on bets on leadership change

Nigeria says US agrees delayed $593m fighter plane sale

By: Reuters     28th December 2017 The US has formally agreed to sell 12 Super Tucano A-29 planes and weapons to Nigeria, the West African country's air force said, confirming the resurrection of a deal frozen by the Obama administration over rights concerns. Former US President Barack Obama delayed the sale in one of his last... 

Nigeria says US agrees delayed $593m fighter plane sale
Photo by Creative Commons
Super Tucano A-29

Congo Republic to cut 2018 spending by 9% as growth lags

By: Reuters     28th December 2017 Congo Republic's government said on Wednesday it planned to cut spending next year by 8.6% to 1.38-trillion CFA francs ($2.5-billion), following a 45% cut to the 2017 budget this month, as it seeks an International Monetary Fund bailout. The economy has been badly hit by low oil prices and poor... 

Congo Republic to cut 2018 spending by 9% as growth lags

Volunteers restore, relaunch iconic Apple Express tourism train 

By: Henry Lazenby     27th December 2017 A group of Port Elizabeth-based railway enthusiasts has painstakingly restored and successfully relaunched the iconic Apple Express tourist steam train. The two-foot narrow gauge steam train made its maiden trip at 09:00 on December 26, carrying fare-paying passengers between the city’s Kings... 

Volunteers restore, relaunch iconic Apple Express tourism train
Photo by Apple Express Rail Company
The Apple Express was officially relaunched by acting mayor Andrew Whitfield and Apple Express Rail Company CEO Nerina Skuy

European chipmakers tumble on iPhone demand scare; miners rally

By: Reuters     27th December 2017 European tech stocks tumbled on Wednesday as the region emerged from a two-day trading holiday and investors reacted to reports that demand for Apple's iPhone X may be weaker than expected. The pan-European STOXX 600 inched 0.1% higher, as the downturn in the high-performing tech sector was... 

European chipmakers tumble on iPhone demand scare; miners rally

Ghana Stock Exchange says three firms on delisting watch list

By: Reuters     27th December 2017 The Ghana Stock Exchange (GSE) has put on its watch list three distressed companies including Cocoa Processing Company (CPC) for possible delisting if their financials do not improve by the end of May, the exchange said on Wednesday. State-run CPC, known for its flagship 'Golden Tree' products,... 

Ghana Stock Exchange says three firms on delisting watch list

Fuel shortages leave motorists stranded in Nigeria

By: African News Agency      27th December 2017 Many motorists and commuters have been stranded in Nigeria over the Christmas period following a three-week fuel shortage, Kenya’s Daily Nation reports. Long queues of motorists and buses were seen forming at petrol stations in a number of Nigeria’s major cities. Prices have been hiked... 

Fuel shortages leave motorists stranded in Nigeria

Emirates stops flying to Tunisia

By: African News Agency      27th December 2017 Emirates airline says it has stopped flying to Tunisia as of Monday after the North African country said it had banned flights from the United Arab Emirates (UAE) carrier, Reuters reports. Emirates announced the move on Sunday two days after Tunisian government officials accused the United Arab... 

Emirates stops flying to Tunisia

SA Deputy President Ramaphosa spreads Christmas cheer with message of hope

By: African News Agency      27th December 2017 South Africa’s Deputy President Cyril Ramaphosa, who recently took over the reigns of the ruling African National Congress (ANC), on Sunday spread some Christmas cheer with his positive message promising economic growth and a society in which everyone is safe, secure and feels valued. Ramaphosa,... 

SA Deputy President Ramaphosa spreads Christmas cheer with message of hope

Mondi Group signs agreement to acquire Powerflute

By: African News Agency      22nd December 2017 Packaging and paper company Mondi Group said on Friday it had signed an agreement to acquire 100% of the outstanding shares in Powerflute Group, a division of Nordic Packaging and Container Holdings for €365-million. Powerflute operates an integrated pulp and paper mill in Finland with an annual... 

Mondi Group signs agreement to acquire Powerflute

Dutch regulators to probe Deloitte over Steinhoff debacle

By: African News Agency      22nd December 2017 The Dutch Authority for the Financial Markets (AFM) was investigating auditing firm Deloitte over the alleged accounting irregularities that led to the share price of South African multinational retailer Steinhoff collapsing, it emerged on Friday. David Maynier, an MP from opposition party,... 

Dutch regulators to probe Deloitte over Steinhoff debacle

South Africa's power utility Eskom to postpone interim results announcement

By: Reuters     21st December 2017 South Africa's state owned power utility Eskom said on Thursday it will postponed its interim results announcement until early next year. The cash-strapped utility, which has been gripped by a governance crisis in its board, said it needs time to review the impact of the increase and for its... 

South Africa's power utility Eskom to postpone interim results announcement

Steinhoff investor Wiese sells part of Shoprite stake

By: Reuters     21st December 2017 South African investor Christo Wiese has sold an additional R1.1 billion of shares in supermarket group Shoprite, exchange filings showed on Thursday, after his exposure to scandal-hit retailer Steinhoff dented his fortune. More than $14-billion of shareholder value has been wiped off Steinhoff... 

Casac asks NPA boss to assure Zuma charges won't be dropped

By: News24Wire      21st December 2017 The Council for the Advancement of the South African Constitution (Casac) has asked the National Director of Public Prosecutions' (NDPP) Advocate Shaun Abrahams to assure them that he will not withdraw charges against President Jacob Zuma until a Constitutional Court ruling has been made. The... 

Casac asks NPA boss to assure Zuma charges won't be dropped
Photo by Reuters
Shaun Abrahams

ANC's land expropriation stand equals theft – AfriForum 

By: Megan van Wyngaardt     21st December 2017 Civil rights watchdog AfriForum says that the African National Congress’s decision to amend South Africa’s Constitution to allow expropriation without compensation boils down to a decision to commit theft and to place the country on the same road of destruction that Zimbabwe followed in its... 

ANC's land expropriation stand equals theft – AfriForum

We have shown that 'unity of the ANC is sacrosanct' - Zuma 

By: News24Wire      21st December 2017 President Jacob Zuma says there are no winners or losers, after Cyril Ramaphosa was elected the new leader of the African National Congress (ANC). In a statement on Thursday morning, Zuma said the ANC was the clear winner after the election. 

We have shown that 'unity of the ANC is sacrosanct' - Zuma

Vaal river dams increase levels, but DWS urges conservation

By: Megan van Wyngaardt     21st December 2017 The Gauteng dams which form part of the Integrated Vaal River System (IVRS) continue to climb up to higher levels following a period of consistent decline. The IVRS is this week in sharp contrast compared to what it was last year during the same time. The system is currently at 71.9% compared to... 

Vaal river dams increase levels, but DWS urges conservation

JSE gains yet another Reit as Castleview Property Fund lists

By: Megan van Wyngaardt     21st December 2017 The Johannesburg Stock Exchange (JSE) on Thursday gained another real estate investment trust (Reit) under its AltX board, when Castleview Property Fund listed on its Retail Reits sector Castleview is now the twentieth company to list on the JSE this year. JSE capital markets director Donna Nemer... 

JSE gains yet another Reit as Castleview Property Fund lists

Agbiz disappointment by ANC resolution on land expropriation 

By: African News Agency      21st December 2017 The Agricultural Business Chamber (Agbiz) on Thursday said it was concerned by the  African National Congress' (ANC's) resolution to start the process of amending the constitution to allow for land expropriation without compensation. The ANC announced the move at the just ended 54th National... 

Agbiz disappointment by ANC resolution on land expropriation

Canyon Coal connects local community to electricity grid

By: Megan van Wyngaardt     21st December 2017 Mid-tier coal mining and exploration group Canyon Coal, which has operations and projects in Mpumalanga and Gauteng, connected families who live next its Phalanndwa colliery in Delmas, to its electricity grid. Phalanndwa GM Alan Mabbett noted the company was “excited” to provide free electricity... 

Canyon Coal connects local community to electricity grid
Photo by Duane Daws
The Phalanndwa colliery

Corruption, state capture must stop – Ramaphosa

By: African News Agency      21st December 2017 Newly-elected African National Congress President Cyril Ramaphosa on Thursday morning, lambasted corruption in government and in the private sector, as he delivered his closing remarks at the 54th national elective conference. “At the state level we must confront the reality that critical... 

Corruption, state capture must stop – Ramaphosa

Distell to sell cognac business in R800m deal

By: Megan van Wyngaardt     20th December 2017 JSE-listed Distell today entered into a definitive agreement to sell its cognac business, Bisquit Dubouche et Cie to Italian branded beverage company Campari Group for an enterprise value of 2.5 million, or R800-million. The disposal is expected to close during the first quarter of 2018. 

AfDB to support Mozambique rail project with $300m

By: Megan van Wyngaardt     20th December 2017 The African Development Bank (AfDB) is taking the lead in facilitating the takeoff of one of Africa’s largest infrastructure project − the $5-billion Nacala corridor rail and port project, supporting the project with $300-million from its private sector window. After years of financial... 

AfDB to support Mozambique rail project with $300m

Ethiopia signs $4bn deal to build 1 000 MW-geothermal power plants

By: Megan van Wyngaardt     20th December 2017 Ethiopia has signed an agreement to build two geothermal power plants at a combined cost of $4-billion, to be run by the country's first privately-owned utility. The Corbetti and Tulu Moye plants will produce a combined 1 000 MW of power upon completion in eight years time in the... 

Embracing automation can lead to greater skills development

By: Megan van Wyngaardt     20th December 2017 While the automated economy is often seen as a threat to many of today’s jobs, ManpowerGroup South Africa MD Lyndy van den Barselaar notes that it will open up employment opportunities for those with the right skillsets, as the digital transformation continues to change the way we work. “While it... 

ABB, SNC-Lavalin joins forces for substation projects

By: Megan van Wyngaardt     20th December 2017 Automation company ABB and infrastructure company SNC-Lavalin have signed an agreement to form a joint venture (JV) for the execution of engineering, procurement and construction (EPC) projects for electrical substations. SNC-Lavalin will have majority and controlling interest in the JV. 

Ictu demands independent inquiry into corruption allegations at Sita 

By: Megan van Wyngaardt     20th December 2017 The Information, Communication and Technology Union (Ictu) is demanding an independent inquiry into the corruption allegations at the State Information Technology Agency (Sita), focusing in particular on the board members who have “stitched-up” their contracts to ensure that when their contracts... 

Ictu demands independent inquiry into corruption allegations at Sita

Zim's new leader Mnangagwa visits SA to meet potential investors

By: News24Wire      20th December 2017 Zimbabwean President Emmerson Mnangagwa is reportedly set to "address a high profile business conference" in Pretoria on Thursday, as his new administration strives "to revitalise the economy through attracting investment". According to the State-owned Herald newspaper, a statement by Zimbabwe's... 

Zim's new leader Mnangagwa visits SA to meet potential investors
Photo by Reuters
Emmerson Mnangagwa

Drought to hit South Africa's 2018 wine harvest

By: Reuters     19th December 2017 South Africa, the world's seventh biggest wine producer, is expected to see the smallest harvest in more than a decade in 2018 after drought and lower plantings hit yields, industry experts said. The winelands are mostly in the coastal Western Cape province which was declared a disaster area in... 

Drought to hit South Africa's 2018 wine harvest

Prasa lifts supsension from UNTU members

By: Megan van Wyngaardt     19th December 2017 The Passenger Rail Agency of South Africa (Prasa) lifted the suspension of train drivers and metro guards of the United National Transport Union (UNTU) who refused to work under unsafe working conditions with immediate effect and agreed that no disciplinary steps will be taken against them.... 

Scandal-hit Steinhoff names acting CEO ahead of meeting with lenders

By: Reuters     19th December 2017 Steinhoff named Danie van der Merwe as acting CEO on Tuesday as the South African retail group struggles to contain an accounting scandal. Van der Merwe is currently chief operating officer and has been with the company since 1998. 

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