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South Africa

Eskom asks Nersa for 25% increase in electricity prices

CAPE TOWN: ESKOM has asked the National Energy Regulator of SA (Nersa) to increase the price of electricity by 25.3% for the year ending March next year. The utility needs to recover about R53bn this year to plug a hole in its finances as a result of higher operating costs. The regulator said in a statement on Friday that the ... Read More »

Eskom asks Nersa for 25% increase in electricity prices

CAPE TOWN: ESKOM has asked the National Energy Regulator of SA (Nersa) to increase the price of electricity by 25.3% for the year ending March next year. The utility needs to recover about R53bn this year to plug a hole in its finances as a result of higher operating costs. The regulator said in a statement on Friday that the ... Read More »

Small businesses becomes a top SA career choice in 2015

CAPE TOWN: South African has grown in line with the country’s GDP, which almost tripled from $143.8bn in 1996 to $404.3bn in 2011. For small businesses, the gains have been all the more impressive given that, before democracy, myriad of restrictions, laws and by-laws prevented black entrepreneurs from entering the business world. The Global Entrepreneurship Monitor 2014 SA report says ... Read More »

South African Amcu fires R12,500 wage salvo

CAPE TOWN: STRIKE season is approaching and the Association of Mineworkers and Construction Union (Amcu) set the asking bar high on Wednesday when it tabled its wage demands in the gold and coal sectors. This surprised no one as the union has become known for what industry watchers view as near-impossible demands in a sector beset by tough market and ... Read More »

South African Chamber of Mines: 38% of members meet criteria

JOHANNESBURG: South Africa’s Chamber of Mines said on Friday that 38 percent of its members had met the government’s requirement that 26 percent of their shareholding be held by black owners, meant to address the inequalities of the apartheid system. Mines Minister Ngoako Ramatlhodi said on Thursday that just over 20 percent of mining companies had met the black economic ... Read More »

Pretoria’s Mayor rubbishes R1.2bn smart meter loss

PRETORIA: Tshwane Mayor Kgosientso Ramokgopa has denied allegations that the city would lose R1.2 billion following the termination of a lucrative smart pre-paid meters contract with service provider, PEU Capital Partners. “We can prove that we went out on tender. No one has ever questioned whether the smart meters work. Not less than a month ago I had DA councillors ... Read More »

Eskom asks Nersa for 25% increase in electricity prices

CAPE TOWN: South African’s ESKOM has asked the National Energy Regulator (Nersa ) to increase the price of electricity by 25.3% for the year ending March next year. The utility needs to recover about R53bn this year to plug a hole in its finances as a result of higher operating costs. The regulator said in a statement on Friday that ... Read More »

South African gold reserves rise to $71m to 4.850bn

CAPE TOWN: The Reserve Bank reported on Friday said that South Africa’s gold and foreign exchange reserves rose in April. Gross reserves, which include both gold and foreign exchange reserves, rose by $606m to $47bn in April, the Bank said on Friday. Gold and foreign exchange reserves help a country support its liabilities and meet foreign loan commitments, among other ... Read More »

SA, Zimbabwe customs deal to slow illicit trade in 5 years plan

CAPE TOWN: Zimbabwean President Robert Mugabe’s state visit to South Africa last month, the countries’ customs administrations signed a mutual assistance agreement that will be in place for the next five years. Close to 45% of imports into Zimbabwe originate from SA, so will this expedite or slow down the arrival of goods on Zimbabwean supermarket shelves. As is typical ... Read More »

South African Unions consults over 3500 job cuts

BRANDENBURG: Lonmin has consulted unions over efforts to reduce costs, the company said on Friday. “Both majority and minority unions were consulted in this process. This is not a Section 189 process but an offer of voluntary separation and early retirement – this specific process requires broad consultation with all stakeholders and more specifically a mandate from the majority union. ... Read More »

South African unions set to meet on 10% demand

PRETORIA: Labor unions representing 1.3 million public servants will convene a series of meetings this week as they seek a new mandate to take wage talks forward. Government negotiators have also been ordered by conciliators to consult their principals and return to talks next Monday with their maximum offer. The public sector wage talks have been held under conciliation for ... Read More »

Consumer confidence index falls in Q1 of 2015

CAPE TOWN: Consumer confidence plummeted in the first quarter of 2015 as consumers felt pessimistic about the economic outlook due to load-shedding and their financial positions following petrol price and tax increases. The First National Bank/Bureau for Economic Research’s (FNB/BER) consumer confidence index slumped to -4 index points during the first quarter of 2015 from zero in the fourth quarter ... Read More »

17 Syrian refugees cross into the Kingdom: Customs

AMMAN: Jordan Customs and border guards received 117 Syrian refugees in the last 72 hours, a source at the General Command of the Armed Forces reported on Wednesday. The new arrivals, of various ages and including women, were provided with first aid and a variety of humanitarian support, the source added. Border Patrols protect the nation’s borders and prevent infiltration ... Read More »

HSBC purchasing manager’s index inches lower in April

CAPE TOWN: South African private-sector companies remained optimistic about operating conditions in April, but slightly less so than they were in March, an index showed on Wednesday. The Markit-HSBC’s whole economy purchasing managers index (PMI),  which is compiled after a survey of about 400 purchasing executives at private companies, inched down to 51.5 in April from 51.6 in March. A ... Read More »

Exports increases 13% trim vehicle industry’s trade deficit

CAPE TOWN: A 13% surge in exports helped the South African motor industry slash its trade deficit by more than one-third last year. The deficit the value gap between exports and imports fell from R24bn in 2013 to R15.8bn. Having breached the R100bn export barrier for the first time in 2013, at R102.7bn, the industry shipped out R115.7bn in vehicles ... Read More »

Brazil, South Africa customs sentence 10 Namibian women smugglers to jail

BRASILIA: At least 10 Namibian women are currently imprisoned in South Africa and Brazil for drug trafficking, police spokesperson Edwin Kanguatjivi has revealed. Kanguatjivi said these statistics are not surprising considering that foreign syndicates often lure desperate women with promises of luxury and instant riches. The records, Kanguatjivi said, do not show any Namibian men serving time in foreign prisons ... Read More »

Global rival Traxys offers R294m for Metmar

CAPE TOWN: Metals trading and mining group Metmar, which has endured a few tough years on the JSE, is being wooed by a larger global rival. After market close on Friday, Luxembourg-based Traxys an R72bn a year metals marketing giant proposed buying out Metmar in a R294m transaction. Traxys’ buyout bid is pitched at 110c per share. While this represents ... Read More »

South African’s Liquidates numbers in business rise to 208 in March 2015

CAPE TOWN: The Statistics South Africa’s data showed on Tuesday that the number of liquidated businesses rose to 208 in March from 158 in February. The figure of 208 was slightly higher than the 206 liquidations recorded in the same month last year mainly due to liquidated businesses in the community, social, and personal services industry, followed by the wholesale ... Read More »

Finnish Tecnotree expands its business in South Africa in 2015

HELSINKI: Finnish telecom IT solutions provider Tecnotree is expanding the call completion and IVR platform of South African mobile network operator Cell C in 2015. The company will supply its Reachability Express solution to Cell C’s subscriber base. “We are proud to help Cell C provide new services to its customers by optimising its voice and multi-channel messaging services,” stated ... Read More »

South African’s public sector demand may bust budget by R50b

CAPE TOWN: The South African’s government official warned that the wage demands of public sector unions are unaffordable and would add R50bn to the budget. Finance Minister Nhlanhla Nene has said a 10% hike, which the unions are insisting on, would add R20bn to the government’s remuneration bill. He mentioned a 6.6% increase in his budget speech in February. But ... Read More »