Business In The News South Africa

Eskom ‘galloping’ towards financial distress, says NUM

JOHANNESBURG, July 20 – 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, depreciation and amortisation (EBITDA) surged 14.4 percent to […]

Business In The News South Africa

Vodacom minority shareholders in favour of Safaricom acquisition

JOHANNESBURG, July 20 – Vodacom Group said on Tuesday that minority shareholders overwhelmingly voted in support of its proposed acquisition of a 35 percent stake in Safaricom, clearing an important hurdle for the transaction. Safricom is Kenya’s leading integrated communications company, serving over 28 million customers with over 100 different product offerings under its portfolio. As the biggest communication company in East and […]

Business In The News South Africa

Amplats Q2 production hikes 5% despite challenges

JOHANNESBURG, July 20 – Anglo American Platinum (Amplats) reported on Thursday a five percent total platinum production increase to 617,000 ounces in the second quarter ending 30 June, with strong performances from Mogalakwena, Amandelbult and Unki mines. Amplats said Mogalakwena production increased by 15 percent to 113,900 ounces due to a strong increase in built-up head grade. Amandelbult production […]

Business In The News South Africa

NUM concerned about ‘intimidation’ of workers at PMG Mine

JOHANNESBURG, July 18 – The National Union of Mineworkers (NUM) on Tuesday said it was “deeply worried” about intimidation, harassments, suspensions and assaults of its members by the mine management at the PMG Mine in the Northern Cape. “The company has employed the services of heavily armed security guards to harass, intimidate and assault NUM members at the mine,” alleged the […]

Business In The News South Africa

Grooming chartered accountants of the future: an immersive experience

Ogopoleng Mushi The South African Institute of Chartered Accountants (SAICA) allowed Weekly Xposé to spend an entire two weeks with them at two of their Maths Development Camps in the North West province.   These development camps were established to help overcome transformation barriers within the accountancy profession. The camps started in the Eastern Cape […]

Africa Business In The News

Randgold finalises full commissioning of DRC Kibali gold mine

JOHANNESBURG, July 18 – Randgold Resources on Tuesday said completion of two remaining components – an underground shaft system and third hydropower plant – at the Kibali gold mine in the Democratic Republic of Congo (DRC), remain on track despite uncertainty caused by possible changes to that country’s mining legislation. Randgold chief executive Mark Bristow […]

Business In The News South Africa

Competition Commission calls for submissions into public transport market inquiry

JOHANNESBURG, July 17 – Competition between the traditional metered-taxi industry and ride-hailing app Uber will come under scrutiny when the Competition Commission begins a market inquiry into the public passenger transport sector. The market inquiry comes after the Commission received numerous complaints relating to public transport in the country. The metered taxi industry has been […]