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Latest News

Drought-stricken South Africa faces water infrastructure funding shortfall

By: Natasha Odendaal     4th April 2018 A new report estimates that South Africa will need to invest about R70.4-billion a year in water infrastructure investment over the next decade to address water scarcity and provide reliable water to all people, businesses and industries in South Africa. The ‘Water 2018 – Market Intelligence... 

Social safety net programmes make substantial impact in global fight against poverty – World Bank

By: Marleny Arnoldi     4th April 2018 An estimated 36% of the world’s very poor – about 50-million people – escaped extreme poverty because of social safety nets, providing clear evidence that social safety net programmes are making a substantial impact in the global fight against poverty, the World Bank reports.  

Social safety net programmes make substantial impact in global fight against poverty – World Bank
Photo by Bloomberg
Social safety net programmes reduce the poverty gap by about 45%

Survey shows market confidence flat among general builders, civil contractors

By: Anine Kilian     4th April 2018 General building confidence, as measured by the Construction Industry Development Board (CIDB) SME Business Conditions Survey, was flat at 36 index points in the first quarter of this year. Only Grades 3 and 4 reported lower confidence in line with weaker underlying indicators among general... 

Motseng agrees to R200 000 penalty for bid rigging in fabric supply tenders

By: Marleny Arnoldi     4th April 2018 The Competition Tribunal on Wednesday confirmed a consent agreement with Motseng Investment Holdings to pay a R200 000 penalty with its now-closed subsidiary Motseng Trading, for the subsidiary’s involvement in the bid rigging of tenders issued by the National Treasury and the Armaments... 

SoE governance, operating models under the spotlight 

     4th April 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the shift in conversation away from only focusing on governance problems at State-owned enterprises (SoEs) to also include discussions on the operating models of these entities and particularly for Eskom and... 

SoE governance, operating models under the spotlight
SoE governance, operating models under the spotlight

Kenyan fund targets $15m green bond for water projects

By: Reuters     4th April 2018 A nonprofit organisation plans to issue a 1.5-billion shilling ($15-million) bond this year to fund Kenyan water utilities. Robert Bunyi, chief Executive Officer of the Kenya Pooled Water Fund, said on Wednesday it aimed to launch a 15-year instrument and to have it certified as a green bond. 

Cape Town water consumption 'stabilised' - deputy mayor

By: News24Wire      4th April 2018 Water use in the City of Cape Town has stabilised at lower levels compared to the beginning of the year, Deputy Mayor Ian Neilson said on Wednesday. The decline saw Cape Town dam levels drop by only 0.3% last week, he said. Dams supplying the city now stand at 21.8%. "Our collective consumption... 

Cape Town water consumption 'stabilised' - deputy mayor

Huge to pursue secondary listing on A2X

By: Creamer Media Reporter      4th April 2018 Telecommunications firm Huge Group is preparing for a secondary listing on another South African stock exchange, A2X, next week. Huge, which will retain its primary listing on the JSE, expects the secondary listing will lower transaction costs for its shareholders. 

Kobe Steel to invest $471m to raise automotive steel output

By: Reuters     4th April 2018 Kobe Steel, Japan's third-biggest steelmaker, said on Wednesday it will invest 50-billion yen ($471-million) in domestic facilities to increase output of high-tensile steel to meet a growing need for lighter materials from automakers. It is the company's first major capital investment since it... 

School children recycle waste for food

By: News24Wire      4th April 2018 In Colchester, primary school pupils recycle plastic bottles and tins in exchange for school stationery, clothing and food. Thamara Gqogqani, a Grade 7 pupil, says she is always on the lookout for empty plastic bottles and metal tins, which she stores at her home. "This is helping my family very... 

BankservAfrica sets EFT clearance record

By: Marleny Arnoldi     4th April 2018 Africa’s largest automated payments clearing house BankservAfrica announced on Wednesday that it has cleared 89-million electric funds transfers (EFTs) in March at a value of R847-billion – the highest monthly volume of EFTs ever recorded by the company.  

BankservAfrica sets EFT clearance record
BankservAfrica

Nigerian government invites tenders for environmental remediation project

By: Marleny Arnoldi     4th April 2018 The Federal Government of Nigeria (FGN) is seeking to appoint environmental remedial contractors for phase one of its Remediation of Hydrocarbon Impacted sites in Ogoni project.  

Nigerian government invites tenders for environmental remediation project

Losing your nest egg can kill you

By: Irma Venter     4th April 2018 A sudden loss of net worth in middle or older age is associated with a significantly higher risk of death, reports a new Northwestern Medicine and University of Michigan study. When people lose 75% or more of their total wealth during a two-year period, they are 50% more likely to die in the next... 

Merger architect Schmidheiny to exit LafargeHolcim board

By: Reuters     4th April 2018 Thomas Schmidheiny, LafargeHolcim's largest shareholder and a driving force behind the merger that created the world's largest cement maker, will step down from the company's board at its 2018 annual general meeting (AGM), it said on Wednesday. Schmidheiny, who owns 11.4% of the Franco-Swiss... 

Absa PMI falls below 50-point mark, Seifsa concerned about unresponsiveness to improving confidence

By: Marleny Arnoldi     3rd April 2018 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) on Tuesday dropped back below the neutral 50-point mark in March, after encouraging improvements during the first two months of the year. The index shed 3.9 points to reach a level of 46.9 points in March, down from 50.8 in February.  

Long-delayed renewables IPP agreements to be signed on Wednesday

By: Terence Creamer     3rd April 2018 Energy Minister Jeff Radebe announced on Tuesday that agreements for 27 renewable-energy independent power producer (IPP) projects, which have been delayed since 2016, will be signed on Wednesday, April 4. The projects have a collective investment value of R55.92-billion. 

Long-delayed renewables IPP agreements to be signed on Wednesday
Energy Minister Jeff Radebe

M&R awarded a further R3.7bn in mining contracts

By: Anine Kilian     3rd April 2018 JSE-listed Murray & Roberts (M&R) has been awarded a further R3.7-billion in underground mining projects in the sub-Saharan African, North American and Australasian markets. This follows the company’s announcement earlier this month that it had been awarded R3.8-billion in new underground mining... 

4AX acquires RainFin’s corporate debt marketplace

By: Anine Kilian     3rd April 2018 Online credit marketplace RainFin will sell its corporate debt marketplace to 4 Africa Exchange (4AX) in exchange for a strategic shareholding in 4AX.  The collective value proposition is well positioned to deepen South Africa’s sophisticated debt capital market and expand on the growing... 

Sars’ revenue collection increases by 6.3% y/y, but misses Treasury target

By: Anine Kilian     3rd April 2018 The South African Revenue Service (Sars) collected R1.216-trillion for the 2017/18 financial year, representing growth of R72.4-billion, or 6.3%, year-on-year. This was, however, lower than the R1.217-trillion target set by the National Treasury during the 2018 Budget speech. 

Sars’ revenue collection increases by 6.3% y/y, but misses Treasury target
Photo by Creamer Media
Finance Minister Nhlanhla Nene

Kibo Mining’s acquisition of 85% stake in Botswana project completed

By: Marleny Arnoldi     3rd April 2018 Multi-asset Africa-focused energy and resources company Kibo Mining has completed the acquisition of an 85% interest in the Mabesekwa Coal Independent Power Project (MCIPP), in Botswana, from Sechaba Natural Resources.  

Ramaphosa dealing with Moyane suspension – Nene

By: News24Wire      3rd April 2018 Finance Minister Nhlanhla Nene said on Tuesday President Cyril Ramaphosa is dealing with the suspension of former South African Revenue Service (Sars) commissioner Tom Moyane, who left the agency last month under a cloud. “The issue of Moyane is being dealt with by the president... I hope it... 

 Ramaphosa dealing with Moyane suspension – Nene
President Cyril Ramaphosa

New-vehicle market sees first positive month as March sales increase by 1.1%

By: Irma Venter     3rd April 2018 The domestic new-vehicle market expanded for the first time this year as March new-vehicle sales inched up 1.1%, to 49 233 units, compared with the same month last year.   Sales numbers released by the Department of Trade and Industry on Tuesday showed that March new-passenger car sales gained... 

 New-vehicle market sees first positive month as March sales increase by 1.1%

EIUG scrutinises Eskom application for recovery of costs

By: Marleny Arnoldi     3rd April 2018 The Energy Intensive User Group (EIUG) of Southern Africa on Tuesday submitted its comments to the National Energy Regulator of South Africa (Nersa) regarding State-owned power utility Eskom’s regulatory clearing account (RCA) applications for 2014/15 to 2016/17 and says Nersa should allow only... 

Cape Town dam levels continue to dwindle, despite the recent rains

By: Natasha Odendaal     3rd April 2018 The few days of “good rainfall” experienced by the Western Cape is not enough to fix a system that has received three years of below average rainfall. The average dam levels in the region continue to decline, falling to 17.6% by April 2, from 24.3% a year ago and 18.22% last week. 

Re-industrialisation will demand more skills – Seifsa

By: Simone Liedtke     3rd April 2018 Re-industrialisation has been identified as one of the key initiatives with the potential to unlock South Africa’s economic growth potential, which will, in turn, demand technical skills such as those offered by artisans. However, Steel and Engineering Industries Federation of Southern Africa... 

Sagarmatha eyes $4bn valuation in South Africa's first e-commerce IPO

By: Reuters     3rd April 2018 Sagarmatha Technologies, a South African company that owns newspapers, online shopping and classified platforms, is targeting a valuation of more than $4-billion in Johannesburg's first initial public offering of an e-commerce company. Sagarmatha said it plans raise R7.5-billion ($636-million) in... 

DEA indicates 2018 fire season readiness

By: Marleny Arnoldi     3rd April 2018 The Department of Environmental Affairs (DEA) on Tuesday said its Working on Fire team was ready for the upcoming winter fire season, which usually starts early in June and ends in November.  

DEA indicates 2018 fire season readiness
Photo by Creamer Media
Environmental Affairs Minister Edna Molewa

Tribunal approves AECI’s R2.27bn buyout of Much Asphalt

By: Simone Liedtke     3rd April 2018 The Competition Tribunal has approved AECI’s proposed acquisition of asphalt manufacturer and supplier Much Asphalt without conditions, despite the merging parties’ vertical relationship. AECI announced in October 2017 that it would acquire Much Asphalt for R2.27-billion. 

Ghana contract takes heavy toll on Group Five, bridging finance in place

By: Irma Venter     3rd April 2018 Construction and engineering company Group Five on Thursday afternoon said the loss expected for the six months ended December 2017 would be R371-million more than the guidance provided in a March 1 trading statement, following continued difficulties at the Kpone project, in Ghana. The group said... 

 Ghana contract takes heavy toll on Group Five, bridging finance in place

Rain could bring on more sinkholes in Gauteng, say officials

By: News24Wire      3rd April 2018 The presence of dolomite, most likely activated by heavy rains, has caused recent sinkholes in Gauteng – and could trigger more, the provincial and local government authorities warned on Monday. “In Gauteng, 25% of the land is dolomitic and in that case we have to be very, very careful,” said... 

Eskom says plants run low on coal as Gupta mines undersupply

By: Bloomberg     2nd April 2018 South Africa’s state-owned power utility said it’s running low on coal at six stations as mines owned by the Gupta family failed to meet their contractual supply obligations. The Optimum and Koornfontein mines, which supply Eskom Holdings SOC plants, are owned by companies linked to the Guptas... 

Eskom says plants run low on coal as Gupta mines undersupply

Large volumes of traffic expected on SA roads on Monday

By: African News Agency      2nd April 2018 South African authorities said they were expecting large volumes of traffic on the country's roads on Monday as travellers return home following the Easter weekend. "Law enforcement will be on high alert and will deal appropriately with traffic offenders," the Road Traffic Management Corporation... 

Large volumes of traffic expected on SA roads on Monday

Winnie Madikizela-Mandela dies age 81

By: African News Agency      2nd April 2018 Winnie Madikizela-Mandela, aged 81, has died on Monday, a Mandela family spokesperson confirmed. The South African politician and anti-apartheid activist died on Monday, at the Netcare Milpark Hospital, Johannesburg, after a long illness, for which she had been in and out of hospital since the... 

Winnie Madikizela-Mandela dies age 81
Photo by Reuters
Winnie Madikizela-Mandela

Treasury implements Twin Peaks model of financial sector regulation

By: Marleny Arnoldi     29th March 2018 South Africa’s financial regulatory system will fundamentally change as from April 1, when two new regulators come into operation – the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA), the National Treasury said on Thursday.  

Court rules against Numsa on renewable energy IPP application

By: Anine Kilian     29th March 2018 The North Gauteng High Court on Thursday ruled against the National Union of Metalworkers of South Africa (Numsa) and civic group Transform RSA’s urgent application to stop State-owned Eskom from signing contracts with private renewable energy projects. Numsa had asked the court to block the... 

Listeria class action filed against South Africa's Tiger Brands

By: Reuters     29th March 2018 A class action lawsuit was filed on Thursday against South Africa's Tiger Brands, after one of its food factories was linked to a listeria outbreak that has killed 180 people since early 2017, the lawyer running the case said. Richard Spoor, a human rights advocate who previously masterminded a... 

Nampak mulls sale of glass business

By: Simone Liedtke     29th March 2018 JSE-listed packaging company Nampak plans to dispose of its glass business, as market demand exceeds the operation’s capacity to supply products, given ongoing production limitations. Progress within the business has not been as fast as desired and it is expected to make a loss for the half year... 

Oversight structure set up to monitor implementation of SAA’s latest turnaround plan

By: Terence Creamer     29th March 2018 A formal oversight structure, involving the National Treasury, as well as executive and nonexecutive directors from South African Airways (SAA), has been established to monitor the implementation of a “revalidated” turnaround strategy at the lossmaking and heavily indebted national carrier.... 

Oversight structure set up to monitor implementation of SAA’s latest turnaround plan
Finance Minister Nhlanhla Nene and SAA CEO Vuyani Jarana

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