The City of Johannesburg (CoJ) highlighted on Tuesday that its current debt, which is sitting at close to R48-billion, is unsustainable.   The municipality explained that a lot of the debt owed included money for rates, taxes, sewer, electricity and water, owing to illegal connection of services by businesses, residents and big organisations.

Non-banking financial services group Sanlam and insurance and asset management group Allianz will create a pan-African non-banking financial services joint venture (JV) called SanlamAllianz with a presence in 27 African countries, excluding South Africa. The JV is expected to have a combined group equity value of about R35-billion. Retail and corporate clients of both companies [...]

Africa may need an almost tenfold increase in climate adaptation funding to $100-billion a year if it’s to buttress its infrastructure, improve weather early warning systems and shield its agriculture from climate change, the Global Center on Adaptation said. Current adaptation finance flows of about $11-billion a year in 2020 are well below the $52.7-billion [...]

The South African National Roads Agency Limited (Sanral) will start major construction and upgrades on the N3 between the Westville viaduct and the Paradise Valley interchange on October 1. The R4.7-billion project is expected to extend over about 51 months. The project includes the provision of additional one and two lanes to create a varying [...]

The partnership of South Africa’s mining industry and State-owned rail enterprise Transnet must translate into “results, results, results”, African Rainbow Minerals executive chairperson Dr Patrice Motsepe emphasised at the diversified mining company’s presentation of 2023 financial results. On the operational front, iron-ore, manganese ore and thermal coal volumes were negatively impacted by logistics challenges in [...]

JSE-listed consumer goods company RCL Foods has posted a 24.5% year-on-year decrease in earnings before interest, taxes, depreciation and amortisation (Ebitda) to R1.71-billion for the financial year ended June 30, on the back of cost pressures. The company says it experienced a “tremendously difficult” 12 months that were impacted by continued unrecovered cost pressures in [...]

South African Higher Education, Science and Innovation Minister Dr Blade Nzimande has emphasized the importance to South Africa of its collaboration with the European Organisation for Nuclear Research (CERN). He was delivering the keynote address at the Technology and Instrumentation in Particle Physics 2023 Conference, being held at the Cape Town International Convention Centre. He [...]

The Public Servants Association (PSA) on Monday expressed its concern over the future of employees at the Department of Public Enterprises (DPE) amid reports that plans for its closure are at an advanced stage. In his State of The Nation address this year, President Cyril Ramaphosa confirmed the closure of this department and the PSA has also [...]

On Wednesday, the petrol price (both 93 and 95 unleaded) will be hiked by R1.71 a litre. The wholesale price of diesel will be increased by a painful R2.84 a litre. According to the Automobile Association, this is a record price increase.   Illuminating paraffin prices will be hiked by R2.78 a litre. A litre of 95 [...]

The South Africa component industry will invest R4.8-billion in the South African economy up to the end of next year, says National Association of Automotive Component and Allied Manufacturers (NAACAM) CEO Renai Moothilal. Moothilal spoke at the NAACAM Show 2023, hosted in Tshwane last week.

Diversified mining company African Rainbow Minerals (ARM) has declared a R2.6-billion final dividend in a financial year of R6.6-billion worth of dividends being allocated to its shareholders. Net cash of the Johannesburg Stock Exchange-listed company, headed by executive chairperson Dr Patrice Motsepe, stood at R9 779-million as at June 30, amid a headline earnings decrease of [...]

Although persisting with his position that he has the powers to determine the sources of new generation, Electricity Minister Dr Kgosientsho Ramokgopa says because the Department of Mineral Resources and Energy’s (DMRE’s) updating process is well advanced, he is supporting the department in preparing to release the new Integrated Resource Plan (IRP) for public consultation [...]