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State Companies News

South Africa makes surprise recovery in 2017 reputation index

By: Terence Creamer     Updated 5 hours ago Despite ongoing political turmoil and an increase in policy uncertainty, South Africa made a surprise recovery in the 2017 edition of a global reputation study, rising four places to 45 out of 71 countries measured. Unveiling the results of the latest Country RepTrak study, which has been... 

Eskom ‘galloping’ towards financial distress, says Num

By: African News Agency      20th July 2017 The National Union of Mineworkers (Num) on Thursday said Eskom was heading for financial distress despite the power utility’s assurances this week that it was on firm financial footing. Eskom released its 2016/17 financial results on Wednesday in which it said earnings before interest, taxes,... 

Eskom ‘galloping’ towards financial distress, says Num

Eskom’s reputational platform is burning 

By: Terence Creamer     20th July 2017 Arguably one of the most telling statements made at this week’s Eskom results presentation was the public assurance given by interim CEO Johnny Dladla that “no decision would, in future, be taken outside the executive committee meetings. “Whatever decision is taken, it will be a decision that is... 

Eskom’s reputational platform is burning
Second Take: Eskom’s reputational platform is burning

State capture casts long shadow over Eskom’s results  

By: Terence Creamer     19th July 2017 South Africa’s worst kept corporate secret was confirmed on Wednesday, when Eskom reported a sharp fall in after-tax profits to R888-million in 2017, from over R5-billion in the previous financial year. However, the results were overshadowed by serious allegations of corruption and... 

State capture casts long shadow over Eskom’s results
Interim Eskom CEO Johnny Dladla on his first 21 days and his main priorities for the embattled utility. Camera Work & Editing: Darlene Creamer. Recorded: 19.7.2017

Brown acknowledges cost competitiveness of renewables as she calls for deal that goes ‘beyond price’ 

By: Terence Creamer     18th July 2017 Public Enterprises Minister Lynne Brown, who in June criticised the high cost of renewable energy, offered a tacit acknowledgement on Tuesday of the growing competitiveness of solar and wind, while calling for a long-term deal with the renewable-energy sector to avoid job losses in the energy... 

Brown acknowledges cost competitiveness of renewables as she calls for deal that goes ‘beyond price’

Temporary mobile transformer helps Loeriesfontein connect to the grid

By: Samantha Herbst     18th July 2017 The Northern Cape-based Loeriesfontein Wind Farm has been making use of a mobile transformer to allow for an early connection to the grid for the commissioning of the turbines – a temporary solution until the wind farm can connect to the Helios substation, which is the permanent grid connection.... 

Temporary mobile transformer helps Loeriesfontein connect to the grid

Airbus DS test flies its new UAV in South Africa

By: Keith Campbell     18th July 2017 South Africa’s Overberg Test Range was the site of the first flight of the Airbus Defence and Space (Airbus DS) Sagitta jet-powered unmanned air vehicle (UAV) demonstrator, the European company announced on Tuesday. The aircraft, a flying-wing design, flew autonomously over the test range (which... 

Airbus DS test flies its new UAV in South Africa
Photo by Airbus DS
The Sagitta UAV in flight at Overberg

‘Gigaba stifling good governance’ – Popo Molefe 

By: African News Agency      18th July 2017 Passenger Rail Agency of South Africa (PRASA) board chairperson Popo Molefe on Tuesday accused Finance Minister Malusi Gigaba of withholding a National Treasury nominee to his board and stifling corporate governance at the state enterprise. Molefe, who was reinstated as board chairman following a... 

‘Gigaba stifling good governance’ – Popo Molefe

SAA will publish outcomes of its internal report into its losses – board

By: Keith Campbell     18th July 2017 The board of directors of State-owned national flag carrier South African Airways (SAA) issued an assurance on Monday that “it does not condone nor will it cover up any acts of impropriety at SAA”. This followed the publication of a series of stories in the media about the airline, which the... 

SAA will publish outcomes of its internal report into its losses – board
Photo by Duane Daws/Creamer Media
An Airbus A340-600 of SAA

Black-led energy investment firm encouraged by moves to restore IPP policy certainty 

By: Terence Creamer     17th July 2017 The head of a black-managed and led JSE-listed energy investment company says he is encouraged by the framework outlined by Finance Minister Malusi Gigaba for re-establishing policy certainty for the electricity sector and for independent power producers (IPPs). IPPs have been left in limbo since... 

Black-led energy investment firm encouraged by moves to restore IPP policy certainty
Hulisani CEO Marubini Raphulu

Eskom refutes cash-crunch reports

By: Reuters     17th July 2017 South African power producer Eskom is not facing liquidity challenges, the utility said on Sunday, after media reports alleging it would be unable to pay salaries by November. Eskom, which produces nearly all of the electricity in Africa's most industrialised economy and exports energy to... 

National Treasury’s action plan may not be enough – economists

By: Natasha Odendaal     14th July 2017 Industry is not viewing Finance Minister Malusi Gigaba’s new 14-point plan as likely to stimulate the growth South Africa desperately needs. Rather, economists are viewing it as a group of administrative measures that will only move to stabilise the battered economy. Released on Thursday,... 

National Treasury’s action plan may not be enough – economists
Finance Minister Malusi Gigaba

Outa welcomes Myeni’s SAA departure  

By: Sane Dhlamini     14th July 2017 The Organisation Undoing Tax Abuse (Outa) on Friday welcomed Finance Minister Malusi Gigaba’s announcement that South African Airways (SAA) chairperson Dudu Myeni would not serve another term on the board.  Her term expires on August 31 and a new board chairperson will be appointed at the SAA... 

Outa welcomes Myeni’s SAA departure
Photo by Duane Daws
SAA Chair Dudu Myeni

South Africa’s defence industry faces serious challenges but also sees future opportunities

By: Keith Campbell     14th July 2017 South Africa’s defence and aerospace industry forms a major part of the country’s high-technology manufacturing and services sector. Moreover, the high-level skills it has developed and is maintaining are benefitting other sectors of the economy as well. According to the South African Aerospace,... 

South Africa’s defence industry faces serious challenges but also sees future opportunities

Gigaba tables economy action plan, reopens mining charter engagement 

By: Natasha Odendaal     13th July 2017 Finance Minister Malusi Gigaba on Thursday unveiled a series of aggressive planned interventions and action steps to stimulate economic recovery after South Africa’s fall into recession in the first quarter. His address revealed two main desired outcomes – dodge another downgrade and reignite... 

Gigaba tables economy action plan, reopens mining charter engagement
Finance Minister Malusi Gigaba

Desalination could be necessary to mitigate S Africa’s water woes 

By: Anine Kilian     13th July 2017 With freshwater resources in South Africa almost fully utilised and heavily stressed – especially in the Western Cape, where drought conditions have left dam levels at 25% – water scarcity conditions are set to increase in the country, especially in winter months, according to engineering... 

Desalination could be necessary to mitigate S Africa’s water woes

Finalisation of ‘lowest cost’ IRP included in growth action plan 

By: Terence Creamer     13th July 2017 The finalisation of the “lowest cost” Integrated Resource Plan (IRP) for electricity has been included in a list of energy-related interventions unveiled by Finance Minister Malusi Gigaba as part of ‘Government’s Inclusive Growth Action Plan’ published on Thursday. Likewise, the National Treasury... 

Finalisation of ‘lowest cost’ IRP included in growth action plan

Next year should see the end of e-tolling, believes Outa 

By: Irma Venter     13th July 2017 Organisation Undoing Tax Abuse (Outa) COO Ben Theron says electronic tolling (e-tolling) on Gauteng’s freeways should be a “thing of the past” by March next year. Speaking at the FleetX Conference 2017 in Midrand on Thursday, he noted that a test case between Outa and the South African National... 

Next year should see the end of e-tolling, believes Outa

Minister Sisulu in Westonaria Borwa to hand over title deeds

By: African News Agency      13th July 2017 Human Settlements Minister Lindiwe Sisulu and Gauteng MEC Paul Mashatile will on Thursday hand over houses and title deeds to beneficiaries of Westonaria Borwa housing project. In a statement, the Human Settlements Department said the mega housing project includes BNG/RDP, bonded, gap market, and... 

Minister Sisulu in Westonaria Borwa to hand over title deeds
Human Settlements Minister Lindiwe Sisulu

Coal export line shuts for planned maintenance

By: Creamer Media Reporter      12th July 2017 Transnet Freight Rail (TFR) has confirmed that the export coal line from Ermelo, in Mpumalanga, to the Richards Bay Coal Terminal (RBCT), in KwaZulu-Natal, was closed for its yearly maintenance shutdown on Tuesday, July 11 and will remain closed for planned maintenance until Monday, July 17. The... 

Coal export line shuts for planned maintenance

State capture must be probed, 'billions of rands' lost through it recovered – Ramaphosa

By: News24Wire      12th July 2017 Deputy President Cyril Ramaphosa says South Africa needs to recover all the money stolen through State capture. "We now know without any shred of uncertainty that billions of rands of public resources have been diverted into the pockets of a few," said Ramaphosa. 

Zuma has no grounds to stop state capture inquiry - Mkhwebane

By: News24Wire      12th July 2017 President Jacob Zuma has no grounds on which to attack the remedial action former public protector Thuli Madonsela set out in her State of Capture report, her successor says in court papers. His application for a court to review and set aside Madonsela’s recommendations lacks any prospect of... 

Zuma has no grounds to stop state capture inquiry - Mkhwebane
President Jacob Zuma

Transnet not selling its property portfolio – spokesperson

By: Natasha Odendaal     11th July 2017 Transnet on Tuesday dismissed claims that its request for proposals (RFP) for the optimisation of its property portfolio was a R40-billion business opportunity to be taken advantage of. Responding to a statement issued by the Democratic Alliance (DA) last week, Transnet spokesperson Viwe Tlaleane... 

Reserve Bank to proceed with court bid to review Public Protector’s report

By: News24Wire      11th July 2017 The South African Reserve Bank (Sarb) on Tuesday said it will proceed with an application for the review of the Public Protector’s report into Bankorp regarding “evidential factual inaccuracies”. This follows the announcement by Public Protector Busisiwe Mkhwebane that she will not oppose the... 

 Reserve Bank to proceed with court bid to review Public Protector’s report

NPA eyeing prosecution over PRASA billions

By: News24Wire      10th July 2017 The National Prosecuting Authority (NPA) may decide at the end of July whether or not it will prosecute anyone over allegedly corrupt contracts worth billions of rands awarded by the Passenger Rail Agency of South Africa (PRASA). The NPA has told News24 that its Specialised Commercial Crime Unit... 

R16bn Swazilink rail project being prepared for release as a PPP

By: Terence Creamer     10th July 2017 Southern African railways utilities Transnet and Swaziland Railways have agreed to package the 146-km ‘Swazilink’ greenfield line between Lothair, in South Africa, and Sidvokodvo, in Swaziland, as a public-private partnership (PPP) and may release an international tender for a 20- to 25-year... 

R16bn Swazilink rail project being prepared for release as a PPP
Photo by Duane Daws
Transnet CEO Siyabonga Gama

Civil society, business speak out against Eskom for MYPD noncompliance 

By: Anine Kilian     7th July 2017 The Organisation Undoing Tax Abuse (Outa) has requested the National Energy Regulator of South Africa (Nersa) to reject State-owned power utility Eskom’s application for permission to omit critical statistics in its upcoming Multi-Year Price Determination (MYPD) electricity price application. The... 

Civil society, business speak out against Eskom for MYPD noncompliance
Eskom financial planning and economic regulation GM Calib Cassim

Eskom has over recovered R7.6bn in renewables-related costs since 2014 

By: Terence Creamer     7th July 2017 The affordability of South Africa’s growing fleet of renewable energy plants has been questioned on several occasions by Eskom and Public Enterprises Minister Lynne Brown also weighed in recently, telling Parliamentarians in late June that, while electricity arising from the renewables plants was... 

Eskom has over recovered R7.6bn in renewables-related costs since 2014

Particulate matter a national concern

By: Simone Liedtke     7th July 2017 Owing to government’s 2020 target that air quality in all low-income settlements should be in full compliance with ambient air quality standards, mineral processing company MIP Process Technologies (MIP) MD Philip Hoff says particulate matter is, therefore, a national concern. 

Particulate matter a national concern
PHILIP HOFF MIP invests in young engineers and has, in the past, offered bursaries to chemical engineering students

Eskom expects DFIs to form ‘backbone’ of capital-raising effort in coming three years

By: Terence Creamer     6th July 2017 State-owned power utility Eskom indicated that funding from development finance institutions (DFIs) is likely to form the backbone of its capital-raising effort over the coming five years, during which its debt is expected to peak at R500-billion. However, Eskom followed fellow State-owned... 

Eskom expects DFIs to form ‘backbone’ of capital-raising effort in coming three years
Photo by Duane Daws
Eskom interim CEO Johnny Dladla

RAF COO steps in as acting CEO

By: Megan van Wyngaardt     6th July 2017 Transport Minister Joe Maswanganyi has appointed Road Accident Fund (RAF) COO Lindelwa Jabavu acting CEO, effective July 1. Jabavu, who will serve in the role until the process to employ a new CEO is finalised, takes over from Dr Eugene Watson, who stepped down from his position in June, when his... 

CEF appoints new interim PetroSA board

By: Megan van Wyngaardt     6th July 2017 The Central Energy Fund (CEF) has appointed a new interim board at embattled State-owned oil and gas company PetroSA, effective July 5. Former South African Farmers Development Agency MD Nhlanhla Gumede has been appointed chairperson, succeeding former interim chairperson Wilfred Ngubane. 

Futuregrowth to resume trading in Sanral debt instruments

By: Megan van Wyngaardt     5th July 2017 Asset management company Futuregrowth, which holds about R170-billion in assets, on Wednesday said it would resume trading in the South African National Roads Agency Limited’s (Sanral’s) debt instruments. The country’s biggest private fixed-income money manager in August last year said it would... 

The legal weapons in the ongoing battle against impunity at parastatals

     5th July 2017 In this opinion article, Dale T McKinley outlines the instruments available within the Public Finance Management Act and the Companies Act to hold nonexecutive directors and executives at State-owned enterprises legally accountable for their actions. It is not as if South Africa needs more nega-... 

The legal weapons in the ongoing battle against impunity at parastatals
Dale McKinley

Nersa calls for comment on special pricing deal to unlock ferrosilicon production 

By: Terence Creamer     4th July 2017 The National Energy Regulator of South Africa (Nersa) is calling for written comments on an application by Eskom to implement a two-year incentive pricing package that will enable the restart of ferrosilicon production in the Limpopo and Mpumalanga provinces. The regulator turned down an earlier... 

Nersa calls for comment on special pricing deal to unlock ferrosilicon production

Labour Court postpones Molefe hearing pending outcome of high court case

By: African News Agency      4th July 2017 The Labour Court on Tuesday postponed the hearing of Brian Molefe’s challenge to his dismissal as Eskom CEO, pending the outcome of the high court application by the opposition for his re-appointment to be ruled invalid and set aside. The Labour Court in its ruling rejected Molefe’s contention... 

Labour Court postpones Molefe hearing pending outcome of high court case
Photo by Duane Daws
Former Eskom CEO Brian Molefe

Transnet insists bond appetite remains as it again lowers capex forecast 

By: Terence Creamer     3rd July 2017 State-owned logistics group Transnet has sought to refute reports that demand for its bonds had collapsed following the recent downgrades to South Africa’s credit rating, insisting that appetite for its bonds remains strong both domestically and internationally. CFO Garry Pita said the reports... 

Transnet insists bond appetite remains as it again lowers capex forecast
Transnet CFO Garry Pita on continued appetite for the group's bonds. Camera Work: Nicholas Boyd. Editing: Lionel da Silva. Recorded: 3.7.2017
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