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Latest News

Ascendis looks to settle debt through rights offer

By: Megan van Wyngaardt     19th December 2017 Ascendis Health is aiming to raise R750-million through a fully underwritten renounceable rights offer. The proceeds will be used to settle 50-million of the deferred vendor consideration payment owed to the sellers of Remedica Holdings, an international pharmaceutical business acquired in 2016,... 

Group Five expects material earnings impact as Kpone drags

By: Megan van Wyngaardt     19th December 2017 Owing to a number of delays at construction company Group Five’s $410-million independent gas- and oil-fired combined cycle power plant Kpone contract in Ghana, the company expects to report an impact on its group earnings and cash in the first half of 2018. The company was contracted to design,... 

Rio recalibrating understanding of Africa, working on Africa strategy 

By: Martin Creamer     19th December 2017 Diversified mining company Rio Tinto is recalibrating its understanding of Africa and working on an Africa strategy that is scheduled to be presented to the company’s executive committee next year. The company, which has the Rössing Uranium Mine in Namibia, Richards Bay Minerals (RBM) in South... 

Rio recalibrating understanding of Africa, working on Africa strategy
Rio Tinto VP Corporate Relations Africa Lawrence Dechambenoit talks to Mining Weekly Online’s Martin Creamer on Rio Tinto’s activities in South Africa and Africa. Photographs: Duane Daws. Video: Nicholas Boyd. Video Editing: Lionel de Silva

Ramaphosa must institute state capture inquiry first - Sanco 

By: News24Wire      19th December 2017 The first order of business for newly-elected African National Congress president Cyril Ramaphosa should be to institute the much-awaited state capture inquiry, the South African National Civic Organisation (Sanco) said on Monday evening. The institution of the inquiry, recommended by former... 

Ramaphosa must institute state capture inquiry first - Sanco
President Jacob Zuma

Cyril Ramaphosa wins ANC leadership vote

By: News24Wire      19th December 2017 Cyril Ramaphosa has been elected the new leader of the ruling African National Congress (ANC), defeating Nkosazana Dlamini-Zuma, after a series of tense sessions at the party's conference. The ANC announced on Monday that Ramaphosa had defeated President Jacob Zuma’s preferred candidate... 

Cyril Ramaphosa wins ANC leadership vote
Cyril Ramaphosa

Ramaphosa defeats Dlamini-Zuma for ANC presidency

By: African News Agency      18th December 2017 Cyril Ramaphosa defeated Nkosazana Dlamini-Zuma to be elected president of the ruling African National Congress (ANC) at the party’s elective conference in Johannesburg on Monday. Ramaphosa, the ANC deputy president, received 2 440 votes against Dlamini-Zuma’s 2 261. 

Ramaphosa defeats Dlamini-Zuma for ANC presidency
Photo by Duane Daws
Newly elected African National Congress President Cyril Ramaphosa

ArcelorMittal, Competition Commission reach payment agreement

By: Megan van Wyngaardt     18th December 2017 Local steel manufacturer ArcelorMittal South Africa (AMSA) has reached an agreement with the Competition Commission to divide its 2017 payment into three separate tranches of R100-million each. In 2016, the parties reached a settlement agreement after AMSA admitted to being involved in the long... 

AIDC, Nissan South Africa receives international training accrediation

By: Megan van Wyngaardt     18th December 2017 The Institute of the Motor Industry (IMI) on Monday reported that the Automotive Industry Development Centre (AIDC), in partnership with Nissan South Africa, has successfully met the training criteria to become an IMI-approved international centre in South Africa. After successfully completing a... 

Container trade shows 10% yearly growth

By: Megan van Wyngaardt     18th December 2017 The total local import and export container trade market experienced consistent 10% year-on-year growth during the third quarter, a similar result as in previous quarters, container shipping company Maersk Line Southern Africa reports. “On face value, [this] is remarkable growth. The main... 

Gigaba backs lower tariff hike, says Eskom a drain on fiscus

By: News24Wire      18th December 2017 Finance Minister Malusi Gigaba said on Saturday that he supports the National Energy Regulator of South Africa (Nersa’s) decision not to grant the nearly 20% tariff increase Eskom had applied for as the current state of the economy wouldn’t have been able to support this. Nersa on Friday, granted... 

Gigaba backs lower tariff hike, says Eskom a drain on fiscus
Finance Minister Malusi Gigaba

Eskom disappointed by Nersa allowance 

By: Megan van Wyngaardt     18th December 2017 State-owned power provider Eskom on Monday said it was “disappointed” with the National Energy Regulator of South Africa (Nersa) only allowing a 5.23% tarriff increase. The parastatal said in a statement that this only allowed revenue of R190.348-billion for the 2018/19 financial year. 

Eskom disappointed by Nersa allowance

South Africa ranks low on global knowledge index 

By: Megan van Wyngaardt     18th December 2017 South Africa has scored 42 points on The Knowledge Project’s first Global Knowledge 100-point Index, against a world average of 47. The index identifies knowledge as an integral part of human life, affecting its social, economic and cultural aspects, as well as an engine for comprehensive and... 

South Africa ranks low on global knowledge index

Appointment of new Eskom CEO a priority - Minister Brown

By: African News Agency      15th December 2017 Public Enterprises minister Lynne Brown said on Friday that the process of appointing a new permanent group chief executive for power utility Eskom was "a priority" and that the finalization of the investigation into suspended executives was of "paramount importance". This comes as news... 

Nersa grants Eskom's tariff hike, but not 20% 

By: News24Wire      15th December 2017 South Africa's National Energy Regulator (Nersa) has declined Eskom request for a 20% hike, instead granting Eskom a 5.2% hike. The regulator is due to publish a document outlining the decision in the next couple of days, Nersa chair Jacob Modise said. The 5.23% tariff increase, announced by... 

Nersa grants Eskom's tariff hike, but not 20%

Proposed carbon tax ‘least-cost manner’ to ensuring greenhouse-gas reduction – Treasury 

By: Schalk Burger     15th December 2017 The National Treasury released the Second Draft Carbon Tax Bill for public comment on Friday and averred that it “seeks to give effect to the polluter pays principle . . . and will assist, in a least-cost manner, in reducing greenhouse-gas (GHG) emissions and ensuring that South Africa meets its... 

Sars to collect sugar tax from April

By: Natasha Odendaal     15th December 2017 The South African Revenue Service (Sars) will start collecting the sugary beverages levy (SBL) from April 1. The levy is fixed at 2.1c/g for a sugar content exceeding the levy-free threshold of 4 g per 100 ml. 

Busa raises red flag over lack of IRP consultations

By: Creamer Media Reporter      15th December 2017 Business Unity South Africa (Busa) on Friday said it was concerned over a lack of consultation on the final draft of the updated Integrated Resource Plan (IRP), which was approved by Cabinet last week. The IRP determines South Africa’s long-term electricity demand and details how the demand... 

Busa raises red flag over lack of IRP consultations

Sappi confirms expansion plans for dissolving wood pulp capacity

By: Creamer Media Reporter      15th December 2017 JSE-listed Sappi has announced plans to “significantly” expand its dissolving wood pulp (DWP) capacity by 2020, starting with the preparatory work for the potential expansion of its Saiccor DWP mill. The company aims to increase the mill’s capacity by up to 250 000 t/y to meet strong projected... 

Sappi confirms expansion plans for dissolving wood pulp capacity
Photo by Duane Daws
Ngodwana mill

Wiese resigns as Steinhoff chairperson in wake of accounting scandal

By: Reuters     15th December 2017 South African tycoon Christo Wiese resigned on Thursday as chairperson of Steinhoff, the latest setback for the retail group in the throes of an accounting scandal. Once a must-have for investors who backed its reinvention from small furniture outfit into a retail empire, Steinhoff has seen its... 

French Development Agency in discussions with City of Cape Town over climate resilience strategy

By: News24Wire      15th December 2017 The French Development Agency is discussing the possibility of providing financial support for the City of Cape Town's climate resilience strategy as the municipality battles a devastating drought gripping the Western Cape. "This would be mostly around infrastructure needed for desalination and... 

LafargeHolcim revamps management, trims executive board

By: Reuters     15th December 2017 LafargeHolcim is revamping its management structure to make countries more accountable for results, the world's largest cement maker said on Friday, in a bid to boost growth and performance. "The strengthening of the profit and loss responsibility of the countries and the simplification of global... 

LafargeHolcim revamps management, trims executive board

Paramount delivers foreign adaptation of Marauder to Kazakh special forces

By: Dylan Slater     15th December 2017 Kazakhstan Paramount Engineering (KPE), the Kazakhstani division of South African defence and aerospace company Paramount Group, has delivered a new batch of mine-resistant ambush protected (MRAP) armoured vehicles, called Arlan, to the Kazakhstan Special Forces.  

Paramount delivers foreign adaptation of Marauder to Kazakh special forces
The Arlan is based on the South African-designed and manufactured Marauder MRAP

Star Alliance, Plug and Play partner to develop start-ups

By: Natasha Odendaal     15th December 2017 Global airline alliance Star Alliance has teamed up with start-up accelerator and innovation centre Plug and Play to identify and support relevant start-ups that are developing disruptive technologies in the travel and hospitality industry. The partnership will see the pair “accompany” the... 

Balancing rules, safety and certification will be key to drone industry success 

By: Dylan Slater     15th December 2017 The regulations and laws governing access to South African air space for remotely piloted aircraft systems (RPASes) are sound and among the “best in the world”, according to commercial drone operator Visual Air Productions director Stephen Verheul. The term RPAS refers to the more common... 

Balancing rules, safety and certification will be key to drone industry success

Longmeadow solar PV project nearing completion

By: Nadine James     15th December 2017 Solar power specialist Energy Partners (EP) Solar has invested in a photovoltaic (PV) solar system to power South African retailer Pick n Pay’s Longmeadow distribution centre, in Modderfontein, Gauteng. The project is currently about 80% complete and will be fully operational by the end of... 

Green building improvements needed to meet Paris agreement

By: Megan van Wyngaardt     15th December 2017 The energy intensity per square metre of buildings need to improve by 30% by 2030 to keep the Paris Agreement on track, the Global Alliance for Buildings and Construction’s ‘Global Status Report 2017’ has revealed. The report, released on Monday, found that total floor area reached an estimated... 

Novare opens two new malls in sub-Saharan Africa

By: Megan van Wyngaardt     15th December 2017 Private equity fund Novare Fund Manager, which invests in retail and commercial real estate in sub-Saharan Africa, excluding South Africa, opened over 34 000 m2 of prime retail space over the last two weeks in Nigeria and Mozambique. Novare Gateway – a modern lifestyle centre of 15 000 m2... 

SAA, Mango rationalise and revise local schedules

By: Natasha Odendaal     14th December 2017 National airliner South African Airways (SAA) and low-cost subsidiary Mango are planning to rationalise their route network to improve efficiencies, provide more diverse offerings and unlock optimal aircraft use. The two airline brands will ensure seamless implementation of the revised schedule,... 

Echo Polska posts another set of strong results

By: Megan van Wyngaardt     14th December 2017 JSE-listed Echo Polska Properties (EPP) has posted growth in distributable earnings to €59.2-million and a distribution per share of €0.8 for the nine months ended September 30. CEO Hadley Dean said during a presentation on Thursday that the company was pleased with another robust performance,... 

Standard Bank SA appoints ex-Treasury DG Lungisa Fuzile as CEO

By: News24Wire      14th December 2017 Standard Bank South Africa on Thursday announced the appointment of Lungisa Fuzile as its new CEO with effect from January 15, 2018. The former director general of the National Treasury will replace Sim Tshabalala, who as recently as September 2017 took over as sole CEO at the bank. Before this,... 

Standard Bank SA appoints ex-Treasury DG Lungisa Fuzile as CEO
Photo by Bloomberg
Former Treasury DG Lungisa Fuzile

Authority to implement plan to protect Lesotho’s local heritage

By: Megan van Wyngaardt     14th December 2017 The Lesotho Highlands Development Authority has appointed PSG Heritage Solutions to develop and implement a comprehensive cultural heritage plan that will protect and manage Lesotho’s rich cultural heritage during the construction and operation of Phase II of the Lesotho Highlands water project.... 

Ansys acquires LAWtrust

By: Natasha Odendaal     14th December 2017 JSE-listed Ansys has entered into a sales agreement with the shareholders of information technology developer Law Trusted Third Party Services (LAWtrust) to acquire the firm for an undisclosed amount. Ansys on Thursday said in an update to the market that the transaction remained subject to... 

Inkunzi making headway in student accommodation 

     14th December 2017 Real estate investment trust Inkunzi Student Accommodation Fund, which listed on the JSE in November, will acquire nine purpose-built, student accommodation assets valued at R1.7-billion. Anine Kilian has the story. 

Inkunzi making headway in student accommodation
Inkunzi making headway in student accommodation

Pioneer Foods eyes acquisition of UK granola brand Lizi’s

By: Creamer Media Reporter      14th December 2017 JSE-listed Pioneer Foods plans to acquire, for an undisclosed amount, UK-based The Good Carb Food Company, the owner of granola brand Lizi’s, to add to its breakfast cereals portfolio. Pioneer Foods UK has been manufacturing Lizi’s products under contract for The Good Carb Food Company. 

Data analytics trends spill over into energy sector 

By: Natasha Odendaal     14th December 2017 The vision of a low-carbon future allied with advances in the information technology sector are set to become game changers that will shift the future energy landscape as technology gives rise to peripheral industries and cross-sector transformations. The future of energy generation is embedded... 

M&A markets remain resilient despite geopolitical risks

By: Megan van Wyngaardt     14th December 2017 Despite the growth in global geopolitical risks, merger and acquisition (M&A) markets continued to prove highly resilient, with a 19% year-on-year increase recorded in the number of deals valued at between $1-billion and $5-billion, international law firm Allen & Overy’s (A&O’s) latest M&A... 

South Africa's current account deficit narrows, FDI and trade surplus climb

By: Reuters     14th December 2017 South Africa's current account deficit narrowed slightly to 2.3% of GDP in the third quarter and foreign direct investment in Africa's most industrialised economy grew, as did the trade surplus, the central bank said on Thursday, After contracting in the last quarter of 2016 and the first of this... 

PPC ends merger talks with LafargeHolcim; proposes top-up BEE transaction

By: Schalk Burger     14th December 2017 Cement producer PPC’s shares fell by nearly 20% in early morning trade on the JSE on Thursday, after announcing that it has ended merger talks with LafargeHolcim and that it is considering a new black economic empowerment (BEE) transaction. The independent board set up by PPC to evaluate bids... 

PPC ends merger talks with LafargeHolcim; proposes top-up BEE transaction

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