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Press Office - Metric Automotive Engineering - Reef Fuel

Metric Automotive Engineering - Reef Fuel

Reef Fuel Injection Services is a leading diesel service centre and is an authorised service agent to all five leading diesel fuel injection systems – Bosch, Caterpillar, Delphi, Denso and Stanadyne.

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South Africa rate cut likely in November; possibility of September

By: Reuters     18th August 2017 South Africa's Reserve Bank is expected to cut interest rates again in November and possibly even September given the relatively tame inflation outlook, a Reuters poll found on Friday. The central bank unexpectedly cut its repo rate by 25 basis points to 6.75% for the first time in five years in... 

No credible candidate in the overcrowded race for the presidency of the ANC

By: Aubrey Matshiqi     18th August 2017 In recent months and weeks, Lindiwe Sisulu, Mathews Phosa, Baleka Mbete and Jeff Radebe have entered the race for the presidency of the African National Congress (ANC). In other words, the 2017 national conference of the ANC has delivered the highest number of presidential candidates since the... 

New Brics bank plans $1.5bn lending for South African projects 

By: Reuters     17th August 2017 The New Development Bank (NDB) set up by the Brics group of emerging economies plans to lend $1.5-billion to South Africa for infrastructure projects over the next eighteen months. The BRICS - Brazil, Russia, India, China and South Africa - agreed to create the infrastructure-focussed lender in... 

New Development Bank to benefit Africa – Zuma

By: African News Agency      17th August 2017 President Jacob Zuma said on Thursday that the New Development Bank (NDB) was set to benefit infrastructure projects on the African continent as a whole, and having a permanent regional centre showed commitment to that undertaking. “We are therefore happy to know that the bank is working on... 

Gupta firms sue Bank of Baroda to try stop account closures

By: Bloomberg     17th August 2017 Companies controlled by the Gupta family, whose accounts are being closed down by Bank of Baroda, said they’re taking legal action against the lender to try and stop the termination, which comes after South Africa’s four biggest lenders cut banking services for the family that’s in business with... 

Moody's says South Africa's political tensions constraining growth

By: Reuters     16th August 2017 Political tensions in the ruling African National Congress will weigh on South Africa's growth, ratings agency Moody's said on Wednesday. President Jacob Zuma survived a no-confidence vote in parliament last week but a few dozen lawmakers from his own party supported the motion that would have... 

Marikana massacre to be commemorated at hillside where massacre occurred

By: News24Wire      16th August 2017 The deaths of 34 miners during the Marikana massacre in 2012 will be commemorated by the Association of Mineworkers and Construction Union (Amcu) on Wednesday at the hillside where the massacre occurred. Police shot and killed the miners on August 16, 2012, in an apparent attempt to disperse... 

Central banks vital for Africa’s integration, says Zuma

By: African News Agency      15th August 2017 President Jacob Zuma has encouraged African central bank governors gathered in Pretoria for the 2017 Governors’ Symposium of the Association of African Central Banks (AACB) to explore ways to improve economic integration, including linking payment systems, across borders on the continent.... 

Public urged to participate in police leadership survey 

By: Sane Dhlamini     15th August 2017 Nonprofit organisation Corruption Watch (CW) and the Institute for Security Studies (ISS) have launched a survey, on the eve of the commemoration of the Marikana massacre, seeking public input on the selection of the new South African Police Service (Saps) national commissioner and the head of... 

South Africa must prosecute 2012 Marikana deaths, Amnesty says  

By: Bloomberg     15th August 2017 Amnesty International urged South African authorities to move forward with prosecutions over the killing by police of 34 people in a single day at Lonmin Plc’s Marikana platinum operations five years ago. “The tragedy of the Marikana killings is compounded by the shocking fact that no one... 

Rand edges up before Moody's rating decision

By: Reuters     11th August 2017 South Africa's rand strengthened on Friday as escalating geopolitical tension between the United States and North Korea drove up demand for safe-haven assets like gold and platinum, lifting the currencies of commodity exporters. At 0640 GMT, the rand was 0.11% firmer at 13.4450 per dollar... 

Zuma survives no confidence vote, opposition vow to step up pressure

By: African News Agency      8th August 2017 President Jacob Zuma on Tuesday survived a vote of no confidence in the National Assembly, but the result indicated that a significant number of African National Congress (ANC) MPs broke ranks to support the opposition motion. Speaker Baleka Mbete announced that 177 MPs voted in favour of the... 

Zuma is said to consider dropping Minister Zwane if he wins vote

By: Bloomberg     8th August 2017 South African President Jacob Zuma is considering making changes to his Cabinet if he survives a motion of no confidence in Parliament, according to two officials of the ruling African National Congress who have knowledge of the matter. Minerals Resources Minister Mosebenzi Zwane, Energy Minister... 

No-confidence vote signals 'High Noon' for South Africa's Zuma

By: Reuters     8th August 2017 Protesters blocked roads with burning tyres and rocks on Tuesday in a show of opposition to President Jacob Zuma hours before the South African parliament was due to vote on a no-confidence motion which could force him to step down. Newspaper headlines reflected the high stakes at play -- "JZ's... 

FairPlay summit addresses plight of retrenched chicken industry workers

By: Anine Kilian     4th August 2017 Nonprofit development organisations and the private sector met this week to discuss the plight of thousands of chicken industry workers who have been rendered jobless as a result of dumped chicken imports. Dumped products – sold below the cost of production in the home country – have put the... 

Business supports marches planned for next week

By: Sane Dhlamini     3rd August 2017 Business Leadership South Africa (BLSA) has come out in support of the national action and planned marches around Parliament by various groupings, set to take place next Tuesday between 12:00 and 14:00, amid MPs much-anticipated voting in the motion of no confidence bought against President Jacob... 

South Africa's private-sector activity barely improved in July – PMI

By: Reuters     3rd August 2017 Activity in South Africa's private sector was barely improved in July with business conditions overall remaining subdued despite an uptick in inventories and employment, a survey on Thursday showed. South Africa's Standard Bank Purchasing Managers' Index (PMI) rose to 50.1 in July from 49.0 in... 

INFRASTRUCTURE AFRICA Business Forum to provide solutions for Africa’s socio-economic challenges

     3rd August 2017 The International Monetary Fund, after a visit to the country in June, warned South Africa that its economy “is extremely vulnerable to external shocks and funding shortfalls.” The Fund added that current political and domestic factors could exacerbate the situation, “especially if accompanied by... 

Zuma says growth will fall below 0.5%, economy in 'duress'

By: Reuters     1st August 2017 South Africa's economy is in a state of "duress" and 2017 growth will fall short of 0.5 per cent, President Jacob Zuma said late on Monday, more bad news in an economy that slid into recession in March. "The economy is under duress ... In the last budget, growth was expected to be 1.3 per cent.... 

Marikana lawyers, government mull compensation

By: African News Agency      1st August 2017 Discussions to compensate Marikana mineworkers are continuing with the State, their lawyer said on Monday. “We are busy in discussions with the State in relation to quantifying our claims. The State has conceded that they are going to make [the] payments, all we need to do is to differentiate the... 

NUM calls for Zwane’s resignation, concerned by large number of retrenchments   

By: Ilan Solomons     31st July 2017 The National Union of Mineworkers (NUM) on Monday called for the resignation of Mineral Resources Minister Mosebenzi Zwane, citing a complete breakdown in relations. Speaking at a press briefing to discuss recent announcements by AngloGold Ashanti and Bokoni Platinum Mine that they will be... 

Gigaba says worried about influence of Gupta family 

By: Reuters     28th July 2017 South African Finance Minister Malusi Gigaba said on Friday he was worried about the influence of a wealthy family accused of using its friendship with President Jacob Zuma to secure contracts with state-owned companies. Gigaba's unusually strong comments came the day after power utility Eskom... 

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... 

INFRASTRUCTURE AFRICA Business Forum to provide solutions for Africa’s socio-economic challenges

     27th July 2017 The International Monetary Fund, after a visit to the country in June, warned South Africa that its economy “is extremely vulnerable to external shocks and funding shortfalls.” The Fund added that current political and domestic factors could exacerbate the situation, “especially if accompanied by... 

'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... 

South Africa makes surprise recovery in 2017 reputation index

By: Terence Creamer     21st July 2017 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... 

Conservative streak prevailed at ANC policy conference  

By: Aubrey Matshiqi     21st July 2017 At the end of the policy conference of the African National Congress (ANC), President Jacob Zuma declared that the ruling party was more united than it had been when the conference began. In the process of delivering his closing address, he proposed that the loser in the race for the presidency... 

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... 

I will vote with my conscience – Gordhan  

By: Sashnee Moodley     18th July 2017 Former Finance Minister Pravin Gordhan said on Tuesday that he will be voting with his conscience during a vote of no confidence against President Jacob Zuma on August 8. Speaking to media at the Conference for the Future of South Africa, organised by civil society organisations Save South Africa... 

Civil society unites to combat State capture  

By: Sane Dhlamini     18th July 2017 Representatives from over 130 civil society organisations gathered on Tuesday at the Conference for the Future of South Africa, in Johannesburg, to publicly unite South Africa against corruption, State capture and the abuse of power by President Jacob Zuma’s government. The conference, organised... 

Zuma should step aside – Gordhan

By: News24Wire      18th July 2017 President Jacob Zuma should step aside and allow someone to lead the country and reset the course to fulfil the kind of aspirations that Nelson Mandela and his generation had for South Africa, former finance minister Pravin Gordhan said on Tuesday. Gordhan told talk show host Eusebius McKaiser in... 

Vitol drops plan to buy Gupta stake in RBCT

By: Bloomberg     18th July 2017 Vitol Group, the world’s largest independent oil trader, walked away from a deal to buy a stake in the Richards Bay Coal Terminal from a company controlled by South Africa’s Gupta family. “The consortium comprising Vitol and Burgh Group Holdings will not be proceeding with the acquisition,” the... 

Outa lays treason charges against Muthambi 

By: African News Agency      17th July 2017 The Organisation Undoing Tax Abuse (Outa) on Monday announced it had laid treason charges against former Communications Minister Faith Muthambi. Based on information contained in the #GuptaEmails showing Muthambi had purportedly sent confidential cabinet documents, including a Presidential... 

Years of gridlock face South Africa as new rules hurt mining 

By: Bloomberg     13th July 2017 Executives from Sibanye Gold Ltd., South Africa’s biggest gold miner, were in Los Angeles in the final stages of a roadshow with U.S. bond fund managers last month when a bombshell hit from back home. The government had introduced shock new rules requiring local mines be 30 percent black-owned in... 

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... 

State capture, corruption serious hurdle to radical economic transformation in South Africa – Makhura

By: African News Agency      11th July 2017 Gauteng Premier David Makhura on Tuesday said corruption and State capture were two of the most serious stumbling blocks to achieving radical economic transformation in South Africa. Makhura was speaking at the South African Communist Party's (SACP's) 14th National Congress where delegates will... 

Treasury must remain independent, says Pandor

By: News24Wire      11th July 2017 Treasury in a democratic country must remain independent, African National Congress (ANC) National Executive Congress (NEC) member Naledi Pandor said on Monday. She appeared to disagree with a proposal made at the ANC’s national policy conference last week, that the budget and resource allocation... 

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