State-owned freight rail company Transnet has issued summons to former top executives it says are implicated in financial mismanagement with a view of recouping some of the squandered money. Popo Molefe, chair of the Transnet board, said on Thursday morning at a media briefing that civil claims worth R1.3-billion had been served on individuals and companies. 

Telecommunications giant MTN on Wednesday posted improved financial results on a constant currency basis for the first half of 2018, with growth achieved in service revenue and an increase in margins on earnings before interest, taxes, depreciation and amortisation (Ebitda). For the six months ended June 30, the company posted a 17% rise in Ebitda [...]

Trade union Solidarity has reached common ground with steel giant ArcelorMittal South Africa (AMSA) and has signed a wage agreement that is “favourable to all parties”. This follows after the union on July 13 referred its dispute with AMSA to the Metal and Engineering Industries Bargaining Council as negotiations had yielded no results after rounds [...]

The strength of the commodity mix of mining and marketing company Glencore has been demonstrated once again by the London- and Johannesburg-listed company’s sharp increases in earnings and net income in the six months to June 30. Earnings before interest, taxes, depreciation and amortisation (Ebitda) of the 146 000-employee group rose by 23% to $8.3-billion and [...]

Government must play a role in limiting large-scale retrenchment in the platinum sector by potentially granting tax relief to companies that limit retrenchment and that reach agreement on keeping employees in the work steam through work-time modification. Mineral Resources Minister Gwede Mantashe has objected strongly to the retrenchment plans of Impala Platinum in particular and [...]

The new silver bullion Krugerrand went on sale this week and is expected to generate significant interest, says Prestige Bullion, a joint venture between Rand Refinery and the South African Mint. The silver Krugerrand is Prestige Bullion’s first foray into silver and its introduction makes this the first time in the Krugerrands’ 51-year history, that [...]

The European Union has asked the World Trade Organization to certify that it has complied with WTO rulings on its subsidies for planemaker Airbus, attempting to forestall-billions of dollars of US sanctions, a document published by the WTO showed on Monday. The legal move is the latest step in a 14-year-old trade dispute between the [...]

State-owned electricity producer Eskom has confirmed that it has entered into a sales incentive pilot programme with nine large industrial customers in a bid to stabilise sales to electricity-intensive industries. The two-year sales incentive pilot programme, which commenced on June 1, has the potential to stimulate additional sales of up to 5 TWh and generate [...]

The United National Transport Union (UNTU) has accepted the invitation of the Commission for Conciliation, Mediation and Arbitration (CCMA) to try and resolve the Gautrain strike that entered its fifth day on Friday. UNTU members went on strike on Monday after wage talks between the union and Gautrain operator, the Bombela Operating Company (BOC), deadlocked [...]

As part of the City of Joburg’s Rea Vaya bus rapid transit (BRT) project along the Louis Botha development corridor, the Johannesburg Development Agency (JDA) is constructing the Watt interchange, in Wynberg. The works for the interchange include the demolition of the existing bridge and the interchange at Watt street.

Increased trade and interdependence with the rest of Africa are set to bolster the anaemic economy of South Africa through the R13.4-billion Export Credit Insurance Corporation of South Africa (ECIC) and African Export Import Bank (Afreximbank) South African Trade and Investment Promotion Programme (SATIPP) fund. The programme provides resources for South African exporters and South [...]

The National Union of Metalworkers of South Africa (Numsa) said on Friday that it would take the latest wage offer made by power utility Eskom to its members for ratification.  This, as Numsa, together with other trade unions, met with the management team of Eskom on Thursday under the auspices of the Council for Conciliation, [...]