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Latest News

Equites raises R1-billion in book build

By: Anine Kilian     27th July 2017 Following the closing of its book build announced on Thursday, JSE-listed Equites has raised R1.02-billion by issuing 59-million shares at 1 720c a share. The company earlier announced equity raising of about R400-million through the issue of new shares, subject to pricing acceptable to Equites. 

City Power launches mobile app for better customer interaction

By: Anine Kilian     27th July 2017 The City of Johannesburg’s power entity, City Power, recently launched a mobile application to further enhance engagement with its customers, thus taking the city's commitment to providing its stakeholders with constant, regular and up-to-date information to another level.   By registering on the... 

Falling PPI points to weak demand in South Africa’s economy – Seifsa

By: Anine Kilian     27th July 2017 South Africa’s hard-pressed manufacturers are on the receiving end of the weak economy as there is little room to pass on cost increases, Steel and Engineering Industries Federation of Southern Africa (Seifsa) economist Marique Kruger said in a statement on Thursday.   The June Producer Price... 

Political instability a blow to business confidence

By: Anine Kilian     27th July 2017 South Africa’s political turbulence has prompted 28% of surveyed local business executives to give the nation’s economy a pessimistic outlook for the year ahead, according to advisory firm Grant Thornton’s second-quarter International Business Report (IBR). “At the end of March, South Africa... 

Ford begins Phase 2 of 1.6-litre Kuga safety recall 

By: Anine Kilian     27th July 2017 Ford Motor Company of Southern Africa (FMCSA) has started the second phase of the safety recall for all affected 1.6-litre Kuga models, and is requesting customers to schedule an appointment with their dealer to have the vehicle enhancements completed.  Around 4 556 1.6-litre Ford Kugas, built... 

ANC’s Mining Charter response ‘very constructive’ – Anglo

By: Martin Creamer     27th July 2017 The response of South Africa’s ruling African National Congress (ANC) party at its recent policy conference, that further discussion is required on the controversial Mining Charter Three, to ensure that investment and employment levels are not negatively affected, has been described as “very... 

ANC’s Mining Charter response ‘very constructive’ – Anglo
Mark Cutifani

Nigeria says has rescued oil firm staff kidnapped by suspected Boko Haram militants

By: Reuters     27th July 2017 Nigeria's military has rescued all members of an oil survey team kidnapped by suspected Boko Haram militants, it said in a statement on Wednesday, after they were taken in the country's conflict-ridden northeast. Earlier on Wednesday, the Nigerian National Petroleum Corporation (NNPC) said... 

Infrastructure spend staved off 2015 recession – Patel

By: Natasha Odendaal     27th July 2017 Infrastructure spending had delayed South Africa’s fall into recession by just over two years, Economic Development Minister Ebrahim Patel said on Thursday. Speaking on the first day of the Gauteng Infrastructure Investment Conference, in Midrand, he stressed that the importance of investing in... 

Seriti coal deal edging forward positively – Anglo

By: Martin Creamer     27th July 2017 The sale by Anglo American of its Eskom-tied coal mines to the black-owned Seriti start-up is edging forward positively, new Anglo American new financial director Stephen Pearce said on Thursday. Anglo has signed a binding sale and purchase agreement with Seriti in a transaction that has been... 

Seriti coal deal edging forward positively – Anglo
Photo by Duane Daws
Seriti CEO Mike Teke

Eskom tariffs in AMSA’s action plan crosshairs as losses spike  

By: Terence Creamer     27th July 2017 Steel producer ArcelorMittal South Africa (AMSA) will approach the National Energy Regulator of South Africa (Nersa) directly with a request for discounted electricity tariffs as part of a multi-pronged business sustainability action plan unveiled after the JSE-listed group slumped to a... 

Eskom tariffs in AMSA’s action plan crosshairs as losses spike
AMSA CEO Wim de Klerk on seeking a new electricity tariff deal from Eskom and Nersa. Camera Work & Editing: Darlene Creamer. Recorded: 27.7.2017

Cameroon freight train derails, killing one

By: Reuters     27th July 2017 One person was killed in Cameroon when a freight train operated by state rail company Camrail derailed, less than one year after another Camrail train crash killed 79, an official said on Thursday. Nine cars left the tracks on Wednesday near the town of Makondo, about 140 km (87 miles) west of... 

Gauteng faces R1.6tr infrastructure funding shortfall

By: Natasha Odendaal     27th July 2017 Gauteng needs R1.8-trillion over the next 15 years to deliver the infrastructure required to support the economic development of South Africa’s economic powerhouse, Gauteng Premier David Makhura said on Thursday. With some 412 infrastructure projects planned over a 15-year period, there is a... 

SacOil to acquire local fuels wholesaler

By: Samantha Herbst     27th July 2017 JSE-listed SacOil is in talks to acquire a South African fuels wholesaler that owns and operates a substantial fleet of heavy-duty tankers, the company announced Thursday. The wholesaler sells fuel products, namely diesel, petrol and paraffin, on a bulk basis to its customers operating within... 

Gauteng should lead the way in South Africa's economic recovery – Makhura

By: Natasha Odendaal     27th July 2017 With South Africa finding itself in a technical recession shrouded by sovereign downgrades, Gauteng, as the country’s economic engine, needs to step up and take the lead in paving the way for the country’s economic recovery. Gauteng Premier David Makhura, addressing delegates at the Gauteng... 

State-owned rail entity showcases products and initiatives 

     27th July 2017 From Creamer Media in Johannesburg, this is the Real Economy Report. Sashnee Moodley: Transnet showcased their diesel-powered TransAfrica locomotive, as well as a range of other products and initiatives, at an investor’s event held in June, at their production facility in Pretoria. Simone Liedtke... 

State-owned rail entity showcases products and initiatives
State-owned rail entity showcase products and initiatives

Glencore to acquire 49% of Hunter Valley Operations

By: Martin Creamer     27th July 2017 Diversified mining and marketing company Glencore announced on Thursday that it had signed agreements with Yancoal Australia Limited (Yancoal) to acquire a 49% interest in the Hunter Valley Operations (HVO) coal mine in New South Wales and form a joint venture (JV) following Yancoal's acquisition... 

Sign language to become official in SA

By: African News Agency      27th July 2017 Sign language could soon become South Africa’s 12th official language as recommended by Parliament’s constitutional review committee, the Pan South African Language Board (PanSALB) said on Thursday. ”The committee is recommending that section 6 (1) and (5) (a) be amended to include South African... 

Sign language to become official in SA

MTN to swing back into the black in H1

By: Creamer Media Reporter      27th July 2017 Telecommunications group MTN expects to report basic headline earnings a share of between 210c and 230c and basic earnings a share of between 280c and 300c for the six months ended June 30. This compares with a headline loss a share of 271c and an attributable loss a share of 301c in the six... 

State capture is about ‘stealing State resources’ – Gordhan  

By: Sane Dhlamini     27th July 2017 Former Finance Minister Pravin Gordhan said on Wednesday that State capture was about “stealing State resources” and that it was a no-go area for him and his former deputy Mcebisi Jonas. Gordhan and Jonas both addressed a seminar organised by the University of Johannesburg, on State capture,... 

State capture is about ‘stealing State resources’ – Gordhan
Former Finance Minister Pravin Gordhan, his former deputy Mcebisi Jonas and economist Lumkile Mondi addressed a seminar organised by the University of Johannesburg, on State capture, white monopoly capital and radical transformation. Video and editing: Darlene Creamer

Clover FD resigns

     27th July 2017 Elton Ronald Bosch has resigned as Clover FD. His employment and directorship will continue until December 31 and he will assist the board during this transitional period to ensure the desired continuity in the business. 

AMSA loss deepens, expects Africa market growth 

By: Reuters     27th July 2017 ArcelorMittal South Africa (AMSA) reported a deeper first-half loss on Thursday but forecast growth in steel demand in Africa in the second half. Headline losses grew to R1.62-billion ($125.5-million) for the six months to June 30 from a loss of R458-million a year earlier. 

AMSA loss deepens, expects Africa market growth

Cash-gushing Anglo restarts dividend as earnings double

By: Martin Creamer     27th July 2017 The underlying earnings of diversified mining company Anglo American have more than doubled in the six months to June 30, when the generation of cash in the half year was more than all of 2016. Earnings hit the $1.5-billion mark and cash flow soared to $2.7-billion. 

Cash-gushing Anglo restarts dividend as earnings double
Photo by Duane Daws
Anglo American CEO Mark Cutifani

Reject the Mining Charter, urges Phosa

By: African News Agency      27th July 2017 African National Congress (ANC) presidential hopeful, Mathews Phosa, has rubbished the recently revised Mining Charter as a document crafted by “corrupt politicians who colluded with illegal immigrants” in an attempt to get their hands on the country’s mineral resources. Under threat of legal... 

Mokonyane rejects Outa's claims of delay tactics in Lesotho water project

By: News24Wire      27th July 2017 Water and Sanitation Minister Nomvula Mokonyane has rejected with contempt allegations made by the Organisation Undoing Tax Abuse (Outa) that she had deliberately delayed the implementation of phase 2 of the Lesotho Highlands Water Project. In a statement on Wednesday, Mokonyane's office said... 

'There is no such thing as radical economic transformation' - Mathews Phosa

By: News24Wire      27th July 2017 There is no such thing as radical economic transformation, African National Congress (ANC) presidential candidate Mathews Phosa has told the Afrikaanse Handelsinstituut (Afrikaans Trade Institute). Phosa was delivering the keynote address at the institute's indaba for small and medium enterprises... 

'There is no such thing as radical economic transformation' - Mathews Phosa
Photo by Duane Daws
Mathews Phosa

SNC-Lavalin awarded contract on Fine Ash Dam 6 project at Sasol Secunda

     26th July 2017 Sasol Group Technology has awarded global professional services and project management company SNC-Lavalin a contract to provide structural, mechanical, electrical, instrumentation and piping construction services on the Fine Ash Dam 6 project at Sasol Secunda. This will comprise the installation... 

CoJ incentivises new building developments through special rebates

By: Mia Breytenbach     26th July 2017 The City of Johannesburg (CoJ) will offer special rebates to property developers undertaking new building developments in earmarked areas across the city in a bid to grow the economy and create jobs.   The CoJ recently implemented the new 2017/18 Property Rates Policy, in which the city... 

Deputy Minister ‘uncomfortable’ at not being consulted

By: Martin Creamer     26th July 2017 Deputy Mineral Resources Minister Godfrey Oliphant told Radio 702 morning anchor Xolani Gwala on Wednesday that he was “uncomfortable” at having to read about the proposed mineral rights moratorium in the newspapers. Oliphant, who has served as the deputy to three Mineral Resources Ministers,... 

Deputy Minister ‘uncomfortable’ at not being consulted
Photo by Duane Daws
Deputy Mineral Resources Minister Godfrey Oliphant

Redefine Properties’ industrial developments on track  

By: Anine Kilian     26th July 2017 Development of one of JSE-listed real estate investment trust (Reit) Redefine Properties’ largest industrial developments, the 1.6-million square metre S&J Industrial Estate, in Germiston, is on track, with bulk infrastructure currently being rolled out. The prime site is majority owned by... 

Redefine Properties’ industrial developments on track

Liberty Two Degrees acquires additional shares in Liberty property portfolio

By: Samantha Herbst     26th July 2017 JSE-listed real estate investment trust (Reit) Liberty Two Degrees (L2D) will acquire additional undivided shares in properties co-owned by financial services company Liberty Holdings (Liberty) to the value of R2.51-billion, boosting L2D’s share in the Liberty property portfolio from 22% to 31%.... 

South Africa's crop committee raises record maize estimate by 2%

By: Reuters     26th July 2017 South Africa will harvest 15.97-million tonnes of maize this season, the biggest crop on record after improved weather conditions across the maize belt boosted yields, the government's Crop Estimates Committee (CEC) said on Wednesday. The estimate is up 2% compared to the CEC's June forecast of... 

Tribunal confirms settlement agreement with second fire control systems supplier

By: Creamer Media Reporter      26th July 2017 Fireco Gauteng, now called KRS Fire, which specialises in supplying, installing and maintaining fire control and protection systems, has agreed to pay a R909 376 administrative penalty for collusion. The Competition Tribunal has confirmed the settlement agreement with the company. 

No local-content verification of Transnet locomotives conducted yet, SABS confirms 

By: Terence Creamer     26th July 2017 The South African Bureau of Standards (SABS) has confirmed with Engineering News Online that it has not conducted any verification of local content in the 1 064 locomotives being acquired by Transnet and that it also does not have an agreement with Transnet to do so. Transnet awarded the... 

No local-content verification of Transnet locomotives conducted yet, SABS confirms

Cell C appoints new chief digital officer

     26th July 2017 Cell C has appointed Nihmal Marrie chief digital officer, effective August 1.   He will steer the digital transformation of Cell C and execute an aggressive strategic focus in the digitisation of the business.   “The telecommunications industry must adapt to the digital world or risk being left... 

Stop moratorium now, NUM instructs DMR 

By: Martin Creamer     26th July 2017 The National Union of Mineworkers (NUM) said on Wednesday that it is deeply concerned by the current consideration by the Minister of Mineral Resources Mosebenzi Zwane to put in place a mineral rights moratorium until the finalisation of the Mining Charter Three court challenge by the Chamber of... 

EU top court rules against AcerlorMittal carbon challenge

By: Reuters     26th July 2017 The European Court of Justice on Wednesday ruled against steelmaker ArcelorMittal's challenge against how the European Union allocates free carbon permits. A number of companies have made legal challenges against the EU Commission, seeking to maximise the free allowances they receive under the... 

BMW Group to launch electric three-door Mini

By: Anine Kilian     26th July 2017 BMW Group’s new battery-electric Mini, a variant of the brand's core three-door model, will go into production in 2019. The fully electric car will increase the choice of Mini powertrains to include petrol and diesel internal combustion engines, a plug-in hybrid and a battery electric vehicle. 

Gauteng’s water levels see marginal drop

By: Natasha Odendaal     26th July 2017 Gauteng’s dam levels have inched down owing to a lack of rainfall as winter progresses and, despite the “stability in the system”, water users are cautioned to use water sparingly. The Integrated Vaal River System is continuing to decline week-on-week, edging down 0.5% this week to 84.1%;... 

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