Business In The News South Africa

Maswanganyi outlines SOEs reform

PRETORIA, June 23 – Transport Minister Joe Maswanganyi on Friday outlined several turnaround strategies at State-owned enterprises (SOEs) under his portfolio, hoping that the reforms capacitate the entities to drive a developmental agenda and cut corruption. “Moving forward, with South Africa aspiring to be a developmental State, we are envisioning a framework for our SOEs […]

Business In The News South Africa

Group Five’s extraordinary general meeting sparks an exodus of board memebers

JOHANNESBURG, June 23 – Construction and engineering giant Group Five said on Friday that five directors will resign next month, including chairwoman Philisiwe Mthethwa, ahead of the extraordinary general meting called by one of the major shareholders. This comes after fund manager Allan Gray, whose clients hold 25 percent of the construction company, said last […]

Business In The News South Africa

South32 awards R158mln coal contract to 100% black-owned company

JOHANNESBURG, June 22 – Diversified metals and mining company, South32 on Thursday awarded a three-year core mining contract worth R158 million to a Broad Based Black Economic Empowerment company, Modi Mining, at its Wolvekrans Middleburg coal mine in Mpumalanga. Modi Mining will work closely with the Wolvekrans mining and planning teams to plan and deliver […]

Business In The News South Africa

Curro agrees to buy majority stake in Southern Business School

JOHANNESBURG, June 22 – Private school operator Curro Holdings on Thursday entered into an agreement to acquire 74 percent shares of Southern Business School for an undisclosed amount through its wholly-owned subsidiary, Stadio Holdings. This comes after Stadio acquired the South African School of Motion Picture Medium and Live Performance (AFDA) earlier this month, clearly […]

Business In The News South Africa

Meat and petrol price increases drive up May CPI food inflation

JOHANNESBURG, June 21 – The headline Consumer Price Index (CPI) inflation lifted slightly in May to 5.4 percent from 5.3 percent year-on-year in April on food and petrol prices, Statistics South Africa said on Wednesday. Figures released on Wednesday, showed that South African food and non-alcoholic beverages price inflation rose to seven percent year-on-year in […]

Africa Business In The News

Bond notes won’t address Zim macro-economic imbalances – World Bank

HARARE, June 21 ‑ Zimbabwe’s newly-introduced trade currency, the bond notes, will not address the country’s underlying macro-economic challenges, despite trade currency increasing the cash supply, boosting liquidity and attenuating deflationary pressures, the World Bank has said. In a report titled “Zimbabwe Economic Update: The State in the Economy”, released Wednesday, the World Bank said […]

Africa Business In The News

Armadale intersects high-grade coarse flake graphite mineralisation at Tanzania project

JOHANNESBURG, June 21 – Armadale Capital PLC said on Wednesday that its trenching programme at its Mahenge Liandu Graphite Project in Tanzania has intersected high grade, coarse flake graphite mineralisation over a width of 73 metres. The South African based mining investment company with a London listing said the trenching programme at Mahenge Liandu has […]

Business In The News South Africa

Sibanye Gold’s $1bln rights a hit with international investors

JOHANNESBURG, June 21 – Sibanye Gold said on Wednesday that it has successfully completed a U.S.$1.05 billion international corporate bond offering, which was approximately two times oversubscribed. This signals the latest vote of confidence for the takeover of Stillwater Mining Company by the world’s third largest platinum producer. Last month, Sibanye completed the acquisition of […]

Business In The News South Africa

Brown accused of exaggerating renewable energy prices

PARLIAMENT, June 20 – Public Enterprises Minister Lynne Brown and the department of energy were accused on Tuesday of exaggerating the price of renewable energy to win public support for Eskom’s contested nuclear expansion programme. Brown told Parliament’s portfolio committee on energy the actual current cost of renewable energy was R2.14 per kilowatt hour, compared […]