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Latest News

South Africa's private-sector activity keeps growing in March – PMI

By: Reuters     5th April 2017 Activity in South Africa's private sector expanded for a seventh straight month in March as output and new orders rose, leading companies to increase inventories, a survey showed on Wednesday. The Standard Bank Purchasing Managers' Index (PMI), compiled by Markit, edged up to 50.7 from 50.5 from... 

Bushveld’s Lemur, Sinohydro to build coal-fired power plant in Madagascar

By: Mia Breytenbach     5th April 2017 Aim-listed Bushveld Minerals’ Lemur Resources subsidiary has signed a memorandum of understanding (MoU) with Chinese State-owned hydropower engineering and construction company Sinohydro Corporation to codevelop an initial 60 MW independent power producer (IPP) coal-fired power plant and an... 

Gold-focused Pan African sells coal interests

By: Martin Creamer     5th April 2017 Midtier gold mining company Pan African Resources has sold its coal interests to Coal of Africa Limited (CoAL) for a combination of cash and shares. Pan African will dispose of all its shares and loan accounts in its wholly-owned subsidiary, Pan African Resources Coal Holdings Proprietary, the... 

Gold-focused Pan African sells coal interests
Photo by Duane Daws
Pan African Resources CEO Cobus Loots

Inyatsi targets market prominence, business excellence

By: Natasha Odendaal     5th April 2017 As infrastructure construction specialist Inyatsi Group Holdings undergoes an internal revamp and succession drive, new acting CEO Tommy Strydom is confident of the future of the company and that its strategy will help it prevail. Strydom, as part of the group’s succession planning strategy,... 

Inyatsi targets market prominence, business excellence
Inyatsi acting CEO Tommy Strydom

S&P's South Africa sovereign junk downgrade 'the beginning of the capital market tsunami' - Abedian

By: Anine Kilian     4th April 2017 Ratings agency Standard & Poor’s (S&P’s) decision to downgrade South Africa’s credit rating to junk status, will adversely affect the cost and availability of capital, economist Iraj Abedian said on Tuesday.  “Before the downgrade, the South African government and all sub-national entities,... 

Implats wins $16m claim in US recycler default fraud case

By: Martin Creamer     4th April 2017 Platinum-mining company Implats has won a $16-million claim for constructive fraudulent transfer during the insolvency in the US of a former recycler of autocatalyst materials, which had a long-standing association with Impala Refining Services (IRS). Johannesburg Stock Exchange-listed Implats... 

Implats wins $16m claim in US recycler default fraud case
Photo by Duane Daws
Implats CFO Brenda Berlin

‘No firm decisions’ on nuclear, Gigaba insists as he seeks to soothe post-junk anxieties

By: Terence Creamer     4th April 2017 Finance Minister Malusi Gigaba has reiterated South Africa’s stance that the proposed nuclear programme be implemented only at a “pace and scale” that is affordable and denied that any “firm decisions” had been made on the issue, besides Cabinet’s endorsement of a plan to add 9 600 MW of new... 

‘No firm decisions’ on nuclear, Gigaba insists as he seeks to soothe post-junk anxieties
Finance Minister Malusi Gigaba

Transnet calls for private sector support in funding South Africa’s logistics infrastructure

By: Shirley le Guern     4th April 2017 Transnet cannot foot the entire R400-billion bill for logistics infrastructure alone. At least 25% should come from the private sector, which has sufficient funds “sitting and being lazy” on its balance sheets,Transnet CE Siyabonga Gama told delegates at the eThekwini Maritime Cluster’s annual... 

Localisation a key ‘policy tool’ for South Africa – Davies  

By: Anine Kilian     4th April 2017 Localisation is an important policy tool for industrial development in South Africa and will assist in growing the economy and the manufacturing sector, Trade and Industry Minister Dr Rob Davies said on Tuesday. Speaking at the 2017 Proudly South African Buy Local Summit, in Johannesburg, he... 

Localisation a key ‘policy tool’ for South Africa – Davies
Trade and Industry Minister Dr Rob Davies discusses the importance of localisation in South Africa's industrialisation efforts. Video and editing: Nicholas Boyd.

Downgrade a setback but no need for worry – Gigaba 

By: African News Agency      4th April 2017 Finance Minister Malusi Gigaba on Tuesday said the decision by S&P Global to cut South Africa’s sovereign credit rating to junk status was a setback but there was no need for despondency regarding the matter. “We acknowledge that yesterday’s announcement was a setback. Despite our current... 

Downgrade a setback but no need for worry – Gigaba
Photo by Duane Daws
Finance Minister Malusi Gigaba

Transnet unveils Trans-Africa locomotive

By: Megan van Wyngaardt     4th April 2017 State-owned rail company Transnet on Tuesday unveiled the first locomotive to be designed, engineered and manufactured in Africa, the Trans-Africa locomotive. The company said the locomotive, which will be assembled at the company’s production facility in Koedoespoort, east of Pretoria, marked a... 

Transnet unveils Trans-Africa locomotive

Bloodhound land speed record attempt pushed back to 2018

By: Irma Venter     4th April 2017 The Bloodhound team’s attempt to set a new world land-speed record has been postponed to 2018. Initially planned for 2015, the UK-driven record attempt has faced a number of deferments, owing largely to budgetary constraints. 

Bloodhound land speed record attempt pushed back to 2018

Treasury director-general says has not resigned

By: Reuters     4th April 2017 South Africa's Director General of the Treasury Lungisa Fuzile said "I am still here" when he was asked on Tuesday whether he had resigned following the dismissal of the finance minister and his deputy in cabinet reshuffle by President Jacob Zuma. Fuzile was part of an investor roadshow abroad... 

SA downgrade communicated last week – Gigaba

By: African News Agency      4th April 2017 Finance Minister Malusi Gigaba on Tuesday said he was informed of Standard and Poor (S&P) Global’s decision to cut South Africa’s sovereign credit rating to junk status last week, on his first day as finance minister. “When I spoke on Saturday, I indicated that I had spoken to Moody’s and Fitch,... 

SA downgrade communicated last week – Gigaba
Photo by Duane Daws
Finance Minister Malusi Gigaba

Gigaba to reform State firms after downgrade

By: Reuters     4th April 2017 South Africa's new Finance Minister Malusi Gigaba said on Tuesday he would focus on accelerating reforms to corporate governance at the country's ailing State-owned companies following a downgrade to "junk" by S&P. Gigaba said he had spoken to the other major rating firms Fitch and Moody's to... 

Gigaba to reform State firms after downgrade
Photo by Duane Daws
Finance Minister Malusi Gigaba

Zuma says SA remains committed to fiscal consolidation

By: African News Agency      4th April 2017 The South African government remains committed to fiscal consolidation, President Jacob Zuma said on Tuesday as calls for his resignation grew louder in the wake of Standard and Poor (S&P) Global downgrading the country to junk status. Zuma said he had instructed Finance Minister Malusi Gigaba to... 

Zuma says SA remains committed to fiscal consolidation
Photo by Duane Daws
President Jacob Zuma

WG Wearne sells 60% of noncore sand quarry for R7m

By: Megan van Wyngaardt     4th April 2017 JSE-listed WG Wearne has entered into an agreement with Elcu Pumps to sell a 60% stake in its noncore Brandvlei sand quarry and ancillary business for R7-million. Upon completion, the Brandvlei asset will be 40% owned by WG Wearne and 60% by Dennis Human and other investors, including a staff... 

Competition Commission pursues prosecution of seed potato supplier, agent 

By: Megan van Wyngaardt     4th April 2017 The Competition Commission has asked the Competition Tribunal to prosecute Netherlands-based seed potato breeder HZPC Holland and its exclusive South African distributor Wesgro Potatoes for the alleged abuse of dominance in supplying Mondial seed potatoes varietal in the country. Wesgro has an... 

Moody's pushes back South Africa credit rating decision

By: Reuters     4th April 2017 Moody's said on Tuesday it will not issue a sovereign credit rating decision on South Africa this Friday, as previously planned, but will do so after a review that could take 30 to 90 days. Moody's announced on Monday that it had placed South Africa on a review for a downgrade after a Cabinet... 

Moody's pushes back South Africa credit rating decision

100 days of water left in Cape Town dams, restrictions to be tightened

By: News24Wire      4th April 2017 Cape Town’s water supply is down to its last 100 days, resulting in the municipality bringing forward its emergency supply schemes. Dam storage levels had declined to 26.2%, one percentage point down from last week, the City of Cape Town said in a statement on Monday. 

Business warns of ‘negative spiral’ after reshuffle-induced downgrade

By: Terence Creamer     4th April 2017 Business has warned of a possible “negative spiral” for the country’s economy as a result of President Jacob Zuma’s “ill-considered” March 31 Cabinet reshuffle, which led S&P Global Ratings to downgrade South Africa’s sovereign credit rating to the subinvestment-grade status of BB+, with a... 

Business warns of ‘negative spiral’ after reshuffle-induced downgrade
Photo by Duane Daws
Jabu Mabuza

Vodacom chairperson to step down in July

By: Megan van Wyngaardt     4th April 2017 Vodacom chairperson Peter Moyo will step down from the board at the company’s annual general meeting on July 18. He will join Old Mutual Emerging Markets as CEO in June. 

Calls for Zuma’s head increase after S&P downgrades South Africa to junk status

By: African News Agency      4th April 2017 Pressure mounted on President Jacob Zuma to resign on Monday night as political parties laid South Africa’s downgrade to junk status by Standard and Poor’s (S&P) squarely at his feet. The country’s biggest opposition party, the Democratic Alliance (DA), described the downgrade as a vote of no... 

Calls for Zuma’s head increase after S&P downgrades South Africa to junk status

S&P downgrades South Africa to junk after Zuma’s Cabinet shuffle

By: Creamer Media Reporter      3rd April 2017 S&P Global Ratings lowered South Africa sovereign credit rating on Monday to a subinvestent grade of BB+, from BBB-, on political and institutional uncertainty. It has also sustaiend a “negative outlook” on the country. The downgrade is in direct response President Jacob Zuma’s Cabinet shuffle,... 

S&P downgrades South Africa to junk after Zuma’s Cabinet shuffle

Hulisani signs R26.5m agreement to earn a stake in Rustmo1 Solar Farm

By: Megan van Wyngaardt     3rd April 2017 JSE-listed Hulisani has entered into a R26.5-million share sale agreement with Pravin Semnarayan and Gareth Warner to acquire 100% of the issued ordinary shares in holding company Momentous Technologies. Momentous is currently a 15% shareholder of Rustmo1 Solar Farm (RF) – a 7 MW solar... 

South African maritime industry set to grow, but challenges remain

By: Shirley le Guern     3rd April 2017 South Africa is in a unique position to leverage substantial opportunities within the maritime industry but needs greater buy-in from industry participants.This was the message from South African Maritime Safety Authority (Samsa) acting CEO Sobantu Tilayi at a roundtable discussion, in Durban, on... 

Index shows South Africa is wasting its renewable energy potential

By: Megan van Wyngaardt     3rd April 2017 Although South Africa is the country with the most potential “by far” in terms of its renewable energy programmes, it is stuck in a the “(Fitfully) Waking Giant” category, financial services provider Fieldstone Africa said in its first renewables index for the year. When the Fieldstone Africa... 

Eskom’s Medupi Unit 5 reaches commercial operation

By: Natasha Odendaal     3rd April 2017 State-owned power utility Eskom announced on Monday that Unit 5 at the Medupi coal-fired power station project, in Limpopo, has reached commercial operation. “Commercial operation status ensures technical compliance to statutory, safety and legal requirements. This signatory milestone marks the... 

Eskom’s Medupi Unit 5 reaches commercial operation

Absa PMI dips slightly to 52.2 in March

By: Anine Kilian     3rd April 2017 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) managed to hold on to recent gains in March, despite dipping slightly lower to 52.2 from 52.5 in February, thereby remaining above the neutral 50-point mark for a third straight month. This was supported by all five major subcomponents... 

Nestle, small business dept ink supplier development MoU

By: Natasha Odendaal     3rd April 2017 As Proudly South Africa kicks off its yearly Buy Local Summit, held in Sandton from April 3 to 4, the Department of Small Business Development and Nestle have signed a memorandum of understanding (MoU) to cooperate on providing supply chain opportunities for small, medium-sized and... 

Nestle, small business dept ink supplier development MoU
Photo by Duane Daws
Small Business Development Minister Lindiwe Zulu

M&R Water, partner offer emergency desalinated water solutions in South Africa

By: Anine Kilian     3rd April 2017 Murray & Roberts (M&R) Water and Australian-based Osmoflo have concluded a memorandum of agreement to offer emergency desalination plants in South Africa. Through its agreement with Osmoflo, M&R Water has four 7 000 m3/d sea water desalination plants that are immediately available to the drought... 

Cabinet reshuffle could have ‘far-reaching consequences’, warns auto body

By: Irma Venter     3rd April 2017 The National Association of Automobile Manufacturers of South Africa (Naamsa) will, for the time being, suspend all new-vehicle sales projections, in light of recent political events. President Jacob Zuma last week fired Finance Minister Pravin Gordhan, as well as his deputy, Mcebisi Jonas, as... 

Cabinet reshuffle could have ‘far-reaching consequences’, warns auto body

New Transport Minister will not interfere in legal proceedings initiated by former PRASA board 

By: Megan van Wyngaardt     3rd April 2017 Newly appointed Transport Minister Joe Maswanganyi on Monday said he would not interfere with ongoing court proceedings initiated by the former board of the Passenger Rail Agency of South Africa (PRASA) to have former Transport Minister Dipuo Peters’ decision to dissolve the board set aside.... 

New Transport Minister will not interfere in legal proceedings initiated by former PRASA board
Transport Minister Joe Maswanganyi speaks about his plans for the department. Video and editing: Nicholas Boyd. 03/04/2017

Sars collects R1.1tr tax revenue 

By: African News Agency      3rd April 2017 The South African Revenue Services (Sars) announced on Monday a R1.144-trillion preliminary outcome for revenue collection for the 20176/17 tax year. This means that Sars broke the trillion rand mark for the second year in a row, in gross terms standing at R1.367-trillion. Sars said this outcome... 

Sars collects R1.1tr tax revenue

Ruling party headed for showdown after finance minister sacked

By: Reuters     3rd April 2017 South Africa's president faces a confrontation with senior members of the ruling African National Congress (ANC) and the country's currency has plunged after the country's finance minister was sacked, a move that threatens to split the ANC. The rand fell about 2 percent to the dollar and... 

Ruling party headed for showdown after finance minister sacked
Gwede Mantashe, Baleka Mbete, Jacob Zuma

Economics now key driver of commercial rooftop solar adoption as supply stabilises - juwi

By: Terence Creamer     3rd April 2017 Renewable energy engineering, procurement and construction services group juwi Renewable Energies expects the commercial solar market in South Africa to undergo a significant shift in the coming months as independent power producers (IPPs) begin playing a more prominent role. CEO Greg Austin says... 

Economics now key driver of commercial rooftop solar adoption as supply stabilises - juwi
The rooftop solar photovoltaic facility at Growthpoint’s Brooklyn Mall

Handover meeting between Gordhan and Gigaba postponed

By: African News Agency      3rd April 2017 National Treasury on Monday announced that the handover meeting between outgoing Finance Minister Pravin Gordhan and incoming Minister Malusi Gigaba had been postponed. In a terse statement on Twitter, Treasury said the meeting was postponed to allow the South African Revenue Services (Sars) to... 

Handover meeting between Gordhan and Gigaba postponed
Photo by Duane Daws
Finance Minister Malusi Gigaba

Group Five exco member resigns

By: Anine Kilian     3rd April 2017 JSE-listed Group Five group executive committee member and head of the Investments & Concessions cluster Jon Hillary has resigned. The company noted that Hillary will leave an experienced senior management team in place in the property and transport businesses of the Investments & Concessions... 

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