Mercedes-Benz unveils the new C-Class to be assembled in East London

Mercedes-Benz has lifted the veil on its new generation C-Class. Production of the model is set to start later this year – for the local and export markets – at the Mercedes-Benz South Africa (MBSA) plant, in East London, following a R10-billion investment by the German parent company.

Harmony Gold’s hedging realises R902m net gain in six months

Gold mining company Harmony Gold realised a net gain of R902-million from its hedging in the six months to December 31, Harmony Gold FD Boipelo Lekubo said on Tuesday. In presenting Harmony’s superb set of dividend-yielding half-year results of profit soaring 336% to R5.8-billion in the six months to December 31, Lekubo said the company [...]

Eskom Kusile R745m corruption matter postponed for more than 3 months

The case against two former Eskom executives who were allegedly involved in a R745-million corruption case at the Kusile power station has been postponed for more than three months.   Former Eskom Group Executive for the Group Capital Division Abram Masango and former contracts manager France Hlakudi appeared in the Specialised Commercial Crimes Court sitting in [...]

Aveng hopes to build on first positive earnings since 2014 as restructuring nears end

Infrastructure and contract mining group Aveng, which is at the tail-end of a far-reaching restructuring exercise that has been under way since 2017, has reported its first positive earnings since 2014, recording headline earnings of R109-million for the six months to December 31. The recovery interim earnings, were underpinned by a 15% rise in revenue [...]

TymeBank receives R1.6bn investment to expand products, grow lending portfolio

Emerging South African digital bank TymeBank, which has on-boarded 2.8-million customers 24 months after launching, has secured an investment of R1.6-billion, attracting new investors from the UK and Philippines. The investment, which is one of the largest foreign investments any financial technology company has secured in South Africa, will be deployed to bolster TymeBank’s growth [...]

One ton a day hydrogen envisaged from 320 MW solar at platinum mine

Although platinum group metals (PGMs) mining and marketing company Anglo American Platinum will be starting with a 75 MW photovoltaic solar powered plant at its Mogalakwena mine, planned is  320 MW of solar power plant that will produce one ton of green hydrogen a day. This was confirmed by Anglo American Platinum CEO Natascha Viljoen [...]

Super Group increases revenue with marginal profit boost

Reflecting strong sales performances in its supply chain businesses in Europe and its dealerships in the UK, JSE-listed transport logistics and mobility group Super Group’s revenue increased by 5.8% to R20-billion for the six months ended December 31, 2020. The group’s operating profit increased marginally by 0.5%, to R1.23-billion.

SA Canegrowers Association calls for decrease to sugar tax

As Finance Minister Tito Mboweni prepares to deliver his Budget Speech on February 24, industry association the South African Cane Growers Association has called for an immediate decrease to the health promotion levy (HPL) or sugar tax, stating that this will help in the recovery of the local sugar industry and safeguard the one-million livelihoods [...]

Sasol abandons rights issue as it secures $3.3bn from asset disposals

Chemicals and energy group Sasol confirmed on Monday that it would no longer pursue a rights issue in light of progress made, through assets sales and cost savings, to shore up its debt-laden balance sheet. In a recorded results presentation, president and CEO Fleetwood Grobler said that the decision not to implement a rights issues, [...]

Denel is in a deep crisis, parliamentary committee told

Parliament’s Select Committee on Public Enterprises and Communication has been briefed by Public Enterprises Deputy Minister Phumulo Masualle and Denel acting CEO Talib Sadik about the State-owned defence industrial group’s financial and legal problems. They told the parliamentarians that Denel was inefficient, both operationally and structurally, that it needed to cut its costs, and that its programme management, cash [...]