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Selling off assets won't save SAA, says DA

By: African News Agency      24th September 2018 Reported plans to sell off certain assets will not save the South African Airways (SAA) and the airline needs to be put into business rescue, the Democratic Alliance said on Sunday. The DA was not surprised by media reports on Sunday that SAA was contemplating selling off assets as a result of... 

Franchising sector records positive growth

By: Tasneem Bulbulia     21st September 2018 Franchising continues to show growth and resilience despite challenging socioeconomic and political challenges in the country. The industry has an estimated turnover of R721-billion in the last financial year, the Franchise Association of South Africa (Fasa) reported on Friday. 

Angola, IFC court South African investors

By: Nadine James     21st September 2018 World Bank Group executive director for Angola, Nigeria and South Africa Bongiwe Kunene says a roundtable event taking place on September 24, will enable South African businesses and investors to explore the growth opportunities in Angola created as a result of the 2017 election of that country’s... 

Ramaphosa moves to revitalise mining, create certainty

By: Martin Creamer     21st September 2018 It is imperative that South Africa restores investment and exploration levels in the mining sector as mining and mineral beneficiation activities have significant potential to drive long term growth, exports and job growth, President Cyril Ramaphosa said in his economic stimulus and recovery plan... 

African enviro Ministers commit to increasing conservation efforts

By: Marleny Arnoldi     20th September 2018 In a Ministerial declaration issued on Thursday at the closing of the African Ministerial Conference on the Environment, African governments agreed to enhance innovative solutions and build human capital to achieve sustainable development in Africa around the environment. “The environment is... 

Botswana trims growth prospects, sees wider budget deficits

By: Reuters     18th September 2018 Botswana's economy is expected to expand by 4.5% this year, down from an estimate in February of 5.3%, the finance ministry said on Tuesday at a 2019 budget conference. A senior official in the diamond-producing southern African nation’s economy said the government expects an optimistic medium... 

Universal Coal shares jump on takeover proposal

By: Mariaan Webb     18th September 2018 Australia-listed coal miner Universal Coal on Tuesday confirmed that it had received a conditional, nonbinding offer from a consortium of investors, led by South African mining finance and private equity firm Ata Resources. Ata is proposing a cash offer of A$0.35 a share for Universal and... 

Poultry industry takes on US chicken quota as court case brews

By: News24Wire      17th September 2018 The South African Poultry Association (SAPA) wants government to review the quota of US poultry imports, following the imposition of tariffs on local aluminium and steel products. In court papers filed in the North Gauteng Court, the organisation argues that US tariffs on SA steel and aluminium... 

ANC, ministers threatened Standard Bank to force it to keep Gupta accounts open, State capture commission hears

By: News24Wire      17th September 2018 Former mineral resources minister Mosebenzi Zwane threatened Standard Bank's operating licence and threatened to change the banking laws, all in an effort to allow the politically connected Gupta family to keep their bank accounts open. This is according to Standard Bank's former head of... 

On-The-Air (14/09/2018) 

By: Martin Creamer     14th September 2018 South African mining companies are entering an exciting new era of close collaboration with the governments of South Africa and Zimbabwe; Gold mining, which was once the darling of the investor community, are now battling to raise even low levels of capital; and Australia is proving to the world... 

Oxford’s African Studies Centre to inaugurate International Advisory Board in Oct

By: Marleny Arnoldi     12th September 2018 Oxford University’s African Studies Centre will inaugurate its International Advisory Board (IAB) on October 12, which is set to establish stronger ties with African governments, as well as leaders in business, finance, diplomacy and the arts. Supermarket chain Pick n Pay chairperson Gareth... 

Don't 'discriminate' against chicken, committee hears on VAT hike

By: African News Agency      12th September 2018 Submissions on the Value-Added Tax (VAT) Panel's report to Parliament on Wednesday ranged from pleas to exempt chicken as a protein staple to imposing a special value added tax of up to 20 percent on luxury goods. The latter came from the Congress of South African Trade Unions (Cosatu), who said... 

Nene to deliver mini budget on October 24 in tough economic environment

By: News24Wire      12th September 2018 Finance Minister Nhlanhla Nene will present 2018's mini budget on October 24, Parliament announced on Wednesday.  The medium-term budget policy statement, delivered in late October about four months before the main Budget the following February - includes adjusted estimates of how much government... 

State capture inquiry postponed 'until further notice'

By: News24Wire      11th September 2018 The judicial commission of inquiry into state capture has been postponed until further notice, it announced on Tuesday. The hearings were expected to resume on Wednesday with the testimony of former minister of public enterprises Barbara Hogan. The commission's chair, Deputy Chief Justice Raymond... 

Youth, women, SMMEs at centre of Fourth Industrial Revolution – Ramaphosa

By: African News Agency      10th September 2018 President Cyril Ramaphosa has said that unless women, the youth and small businesses were intrinsically involved in technological advancement, the Fourth Industrial Revolution would fail. Ramaphosa made the remarks on Monday during his opening address at the International Telecoms Union (ITU)... 

Women of Steel: ‘tempered’ by empathy and experience and taking the industry forward

6th September 2018 Despite the many women making a sterling contribution to many facets of the local steel industry today – from management, finance and procurement, sales, marketing, production and on the shop floor itself - the pivotal role women play in this sector is not widely known and seldom acknowledged.... 

Sanral, Barloworld Equipment sign MoU to provide emerging contractors with access to equipment

By: Irma Venter     5th September 2018 The South African National Roads Agency Limited (Sanral) and Barloworld Equipment have signed a memorandum of understanding (MoU) that will provide emerging contractors with greater access to Caterpillar equipment. Barloworld Equipment is the dealer for Caterpillar earthmoving machines and power... 

South Africa in recession for first time since 2009; rand slumps

By: Reuters     4th September 2018 South Africa entered recession in the second quarter for the first time since 2009, data showed on Tuesday, in a stinging blow to President Cyril Ramaphosa's efforts to revive the economy after a decade of stagnation. Statistics South Africa said the economy contracted by 0.7% quarter-on-quarter,... 

South Africa in technical recession as second quarter GDP falls

By: News24Wire      4th September 2018 South Africa has officially entered a technical recession, after Stats SA announced on Tuesday that the country's real gross domestic product (GDP) had decreased by 0.7% in the second quarter of the year. This follows a GDP contraction of 2.2% in the first quarter. A technical recession is two... 

Orosur in ‘difficult’ financial position, shuts Uruguay mine

By: Mariaan Webb     30th August 2018 Dual-listed Orosur Mining has swung to a pretax loss of $27.18-million in the 2018 financial year, as the closing down of its operations in Uruguay, following lower-than-expected grades at its San Gregorio (SG) underground mine, put the company in a “difficult” financial position. The loss... 

Verder expands its network with Nelspruit distribution partner

29th August 2018 Verder Pumps South Africa, a market leader in advanced industrial pumping solutions – is pleased to confirm the company has appointed Flo-Tek as its exclusive distributor in Nelspruit and surrounding areas. “We are very pleased to bring Flo-Tek onboard as a distribution partner. Nelspruit and the... 

Acacia appoints interim chair ahead of Dushnisky’s departure

By: Creamer Media Reporter      29th August 2018 Gold miner Acacia Mining has appointed independent nonexecutive director Rachel English as interim chairperson of the board, effective September 1. Outgoing chairperson Kelvin Dushnisky has tendered his resignation, effective August 31, following his resignation as president and CEO of Acacia’s... 

A family affair...

27th August 2018 Mrs Makume and her family of colleagues, celebrating the success of Boitshoko The Boitshoko company is as old as democracy in South Africa, which makes it one of the earlier black SMMEs. And it is still growing. It is also unusual because it was started by a husband-and-wife team, and now is a... 

2018 motoring costs highest to date, says WesBank

By: Irma Venter     24th August 2018 The average monthly cost of motoring has increased by about R940, or 14% in the last year, and a whopping 31% since 2013, this according to the latest data from vehicle and asset finance specialist WesBank. Despite prevailing interest rates remaining at low levels and favourable vehicle price... 

Mcebisi Jonas to take stand in State capture inquiry

By: News24Wire      24th August 2018 Former deputy finance minister Mcebisi Jonas is expected to address the commission of inquiry into State capture on Friday. Jonas claimed that the Gupta family offered him an initial R600 000 cash, and then R600-million to be given later, if he accepted the job of finance minister. He was... 

Thor upgrades Molyhil economics

By: Esmarie Swanepoel     23rd August 2018 An upgraded definitive feasibility study (DFS) into the Molyhil tungsten and molybdenum project, in the Northern Territory, has resulted in improved economics, owner Thor Mining said. The updated DFS estimated a capital cost of A$69-million, with a finance requirement of $43-million, while the... 

Linde, Praxair try to save $83bn merger after antitrust blow

By: Reuters     22nd August 2018 Industrial gases giants Linde and Praxair are in talks to try to salvage their $83-billion merger after US competition regulators demanded they sell assets that generate more than $4.3-billion in sales. Linde said on Wednesday the divestments were expected to reach a level that would allow either... 

Enel starts construction of its first power plant in Zambia

By: Anine Kilian     22nd August 2018 Enel Group’s global renewable energy division Enel Green Power (EGP) has started construction on the 34 MW Ngonye solar photovoltaic (PV) plant, which is the group’s first power plant in Zambia. The PV facility, which is located in Lusaka South Multi-Facility Economic Zone in the country’s south,... 

Sanral bears brunt of lack of government clarity on e-tolls 

By: News24Wire      21st August 2018 The South African National Roads Agency (Sanral) has collected R5.6-billion less in e-toll fees than budgeted mostly because there is no clarity from government about the future of the system, Parliament has heard. Briefing the Standing Committee on Appropriations on Tuesday, Treasury’s deputy... 

M&R announces new appointments for underground mining platform

By: Simone Liedtke     20th August 2018 Mike da Costa was appointed CEO of Murray & Robert’s (M&R’s) global underground mining platform, effective August 1, mining contracting company M&R Cementation reported on Monday. The M&R underground mining platform covers six continents and its service offering spans the project value chain... 

Zondo appeals to South Africans to bring evidence on State capture

By: African News Agency      20th August 2018 The chairperson of the commission of inquiry probing allegations of corruption and State capture, Deputy Chief Justice Raymond Zondo on Monday appealed to South Africans to come forward with any information and evidence they think might help the commission in its investigation. Zondo opened the... 

State capture inquiry gets underway in Johannesburg

By: African News Agency      20th August 2018 The judicial commission of inquiry into alleged capture of the South African State and its entities, referred to as ''State capture'', is set to begin on Monday in Johannesburg. At the centre of the hearings are the fugitive Gupta family, who have since left the country as allegations of... 

Leftists rattle rand with plan to nationalise South Africa's SARB

By: Reuters     17th August 2018 Opposition firebrand Julius Malema introduced a bill to nationalise South Africa's central bank, raising pressure on the ruling ANC to go through with a plan it shelved this year and rattling markets wary of threats to the institution's independence. The rand fell more than 1 percent overnight... 

Critical Elements appoints finance VP

By: Nadine James     17th August 2018 TSX-listed lithium-focused junior Critical Elements has appointed Dr Marcus Brune as finance VP. Brune will join the senior management team and will oversee the structuring of the compnay’s wholly-owned Rose lithium/tantalum project debt financing, strategic investment and offtake agreements. 

Expediting infrastructure development to address rapid urbanisation

By: Donald Makhafola     17th August 2018 With increasing urbanisation and technological advancement in African countries, the need for more robust and sophisticated infrastructure to support and sustain this growth is essential, says global engineering consultancy firm SRK Consulting partner and principal civil engineer James Morris.... 

Ramaphosa launches commission of inquiry into PIC

By: African News Agency      16th August 2018 President Cyril Ramaphosa will appoint a commission of inquiry to investigate the scandal-plagued Public Investment Corporation (PIC), it was announced on Thursday afternoon. The PIC invests government pensions and handles assets worth about R1.928-trillion. It is one of the biggest known funds... 

Property developer celebrates completion of R250m Sandton apartment skyscraper

By: Nadine James     10th August 2018 Property development company Masingita Group subsidiary Masingita Properties hosted a roof-wetting last month to celebrate the completion of its R250-million luxury apartment skyscraper, Masingita Towers, which is situated in West Road South near the Sandton central business district. The project... 

Should we worry about Chinese generosity?

By: Martin Zhuwakinyu     10th August 2018 Back in March, former US Secretary of State Rex Tillerson became the umpteenth Western big gun to urge Africans to beware of Chinese generosity on the continent, which has taken the form of freebies such as the African Union headquarters in Addis Abba, Ethiopia – built at a cost of $200-million... 

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