M&R's shares rise on further debt reduction

Multinational engineering and construction group Murray & Roberts (M&R) says it has made meaningful progress in reducing its debt with its consortium of South African banks. Following on from the sale, in April, of its 50% shareholding in the Bombela Concession Company, which resulted in the halving of its debt to about R1-billion, the company has [...]

Rand Water concerned by escalating municipal water debt, reaches stalemate

Rand Water on Friday called on municipalities to urgently pay their water debt as the amount owing to the water utility escalates and threatens its financial position. The water utility said it is deeply concerned over the escalating debts, currently standing at a cumulative R4.1-billion, caused by municipalities' failure to honour their bulk water purchase [...]

IATA determined to help improve aviation safety in Africa

The International Air Transport Association (IATA), which is the global representative body for the airline industry, “is still very focused on Africa”, assured IATA regional VP Africa and Middle East Kamil Alawadhi in a virtual media briefing on Thursday. He highlighted IATA’s Focus Africa initiative, which has six priority areas – in IATA’s order, safety, [...]

EU carbon tax could cost Africa $25bn, AfDB chief says

Africa could lose as much as $25-billion annually due to the European Union’s new carbon border tax, hurting the continent’s trade by penalizing valued-added exports such as iron and fertilizers, African Development Bank Group president Akinwumi Adesina said. The EU’s carbon border adjustment mechanism is a tax on carbon-intensive goods such as fertilizers, cement, iron, [...]

Current account deficit narrows as imports slip

South Africa’s current account deficit shrank by much more than expected in the third quarter, buoyed by a surge in the trade balance as the volume of imports fell. The deficit on the current account, the broadest measure of trade in goods and services, shrank to an annualised 0.3% of gross domestic product, or R19.3-billion, [...]

Electricity reform bears fruit with 1 185 generators now registered with Nersa

The National Energy Regulator of South Africa (Nersa) reports that it registered a further 98 generation facilities – with a combined capacity of 908 MW and an investment value of R17.3-billion – during the second quarter of its 2023/24 financial year. These registrations, which took place from July to September, raise to 1 185 the [...]

South Africa’s local, community engagement trumps Australia's, manganese miner reports

The South African mining industry is years ahead of its international peers when it comes to local and community engagement, Australia-listed Jupiter Mines, which owns 49.9% of the Tshipi manganese mine in South Africa’s Northern Cape, told its shareholders on Tuesday. The controlling shareholder of the a long-life, low-cost Tshipi is South Africa’s Ntsimbintle Mining, [...]

Pioneering 195 MW solar plant to sell clean electricity to multiple customers nationwide

South African independent power producer the SOLA Group has started construction on a pioneering 195 MW solar photovoltaic (PV) plant in the Free State, which will wheel and sell clean electricity across the country to multiple buyers eager to decarbonised their operations. The R2.8-billion project has already secured an initial three multinational anchor offtakers, but [...]

RCL Foods, SASA launch court bid to defer Tongaat business rescue plan vote

JSE-listed food manufacturer RCL Foods and sugar industry organisation the South African Sugar Association (SASA) on December 5 launched urgent applications at the Durban High Court to prevent the planned meeting of creditors of troubled agriculture and sugarcane company Tongaat Hulett on December 8. This was revealed by Tongaat's business rescue practitioners (BRPs) in a [...]

Agbiz optimistic about market expansion to new Brics members

With more countries to become members of the Brazil, Russia, India, China and South Africa (Brics) grouping, the South African agricultural industry will seek to deepen trade with these countries, particularly Saudi Arabia as a $20-billion importer of agricultural produce every year. The European Union and Asia nonetheless remain fundamentally important markets to South Africa’s [...]

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