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Daimler Truck Southern Africa appoints new sales and marketing VP
Published: 27 Jun 24
Olaf Petersen has joined Daimler Truck Southern Africa (DTSA) as its new sales and marketing VP, effective July 1. Petersen will be responsible for the new-vehicle sales portfolio for Mercedes-Benz Trucks and Fuso in the Southern Africa region.
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Tribunal approves Bidshelf 93’s acquisition of Dekra Automotive
Published: 27 Jun 24
The Competition Tribunal has approved the intended transaction in which heavy and light vehicle sales company Bidshelf 93 will acquire vehicle testing, inspection and certification company Dekra Automotive. The tribunal has approved the proposed merger with conditions relating to the procurement and supply of services, as well as the exchange of competitively sensitive information.
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Tribunal approves Prax’s Natref stake buyout, with conditions
Published: 27 Jun 24
The Competition Tribunal has approved the merger in which oil refining and logistics company Prax will acquire energy company TotalEnergies' interest in refinery National Petroleum Refiners of South Africa (Natref). The tribunal has approved the proposed transaction subject to conditions, which involve historically disadvantaged persons transactions and capital expenditure commitments.
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TNPA issues RfI for Port of Mossel Bay marine loading facilities operator
Published: 27 Jun 24
The Transnet National Ports Authority (TNPA) has published a request for information (RfI) calling on interested terminal operators to submit proposals for the refurbishment, financing, operation, maintenance and hand-back of the single point mooring and conventional buoy mooring marine loading facilities at the Port of Mossel Bay. The marine loading facilities are located offshore the Port of Mossel Bay and are used to load and discharge petroleum products to meet liquid bulk customer demands and ensure security of supply for mainly the Garden Route and Southern Cape region.
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South African food inflation remained below CPI headline inflation in May
Published: 27 Jun 24
In May, for the third month in a row, South African food and non-alcoholic beverage (NAB) inflation, hereafter to be referred to simply as food inflation, ran at a level below that of consumer price index (CPI) headline inflation, reported the Bureau for Food and Agricultural Policy (BFAP) in its latest Food Inflation Brief report. Year-on-year (y-o-y) food inflation was 4.7% last month, while CPI headline inflation was 5.2%. In month-on-month (m-o-m) terms, the two rates were effectively flat, ...
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Damen renews NIP agreement with dtic; celebrates more than 40 vessels built at Cape Town shipyard
Published: 27 Jun 24
Damen Shipyards Group (DSG) has signed a new strategic partnership agreement with the Department of Trade, Industry and Competition (dtic) as part of the National Industrial Participation (NIP) programme. Under the agreement, Damen subsidiary Damen Shipyards Cape Town (DSCT) will continue its localisation work and industrial participation “to the benefit of the South African shipbuilding industry and economy”, says the Dutch-owned group.
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South Africa achieves first primary budget surplus in 15 years
Published: 27 Jun 24
South Africa achieved its first primary budget surplus in 15 years as it took a stern approach to funding State-owned companies that have drained government finances. Africa’s most-industrialised economy posted a primary surplus — when revenue exceeds non-interest expenditure — of R31.6 billion or 0.4% of gross domestic product in the year through March 2024, data in the South African Reserve Bank’s Quarterly Bulletin published on Thursday showed. That matched the National Treasury’s February forecast. “The decline in non‐interest expenditure was driven by lower voted expenditure, largely owing to the sharp decline in payments for financial assets, reflecting government’s limited recapitalisation of State-owned companies,” the central bank said. The data shows that Finance Minister Enoch Godongwana held a firm line on funding to debt-stricken State companies like ports and railways operator Transnet, providing relief only if they meet strict conditions including implementing recovery plans and selling non-core assets. In his February budget, he provided no new bailouts to state firms.
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First phase of 1 GW SunCentral solar farm breaks ground
Published: 27 Jun 24
Independent power producer SolarAfrica Energy has officially broken ground on its first utility-scale solar farm in the Northern Cape. Known as SunCentral, Phase 1 of this project will total about 342 MW in generation capacity, with Phases 2 and 3 to raise the capacity to 1 GW, making it one of the largest projects of its kind in the country.
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South Africa's FDI inflows pick up in first quarter - central bank
Published: 27 Jun 24
South Africa recorded foreign direct investment inflows of R24.4-billion in the first quarter of 2024, up from a revised R2.5-billion in the previous quarter, central bank data showed on Thursday. The South African Reserve Bank said in its Quarterly Bulletin that the inflows were largely due to the acquisition of a local vehicle-tracking company by an overseas firm, without naming the company that was bought. Portfolio investments recorded outflows for the seventh consecutive quarter of R52-billion in the first three months of 2024, compared to outflows of R9-billion in the fourth quarter of 2023. The portfolio outflows reflected the disposal by non-residents of R24.2-billion of domestic equities and R27.8-billion of domestic debt securities. "The outflow recorded for debt securities in the first quarter of 2024 could mainly be attributed to the maturity of a $1.5-billion international bond of national government," the Reserve Bank said.
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S Africa consumer confidence recovers in Q2, survey shows
Published: 27 Jun 24
South Africa's consumer confidence improved slightly in the second quarter due to fewer hours of loadshedding and a drop in fuel and food prices, but uncertainty around national elections kept some consumers worried, data released on Thursday showed. The consumer confidence index (CCI), sponsored by First National Bank (FNB) and compiled by the Bureau for Economic Research (BER), improved to minus 12 points in the quarter, from minus 15 points in the first quarter.
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Hendrina Wind Farm, South Africa
Published: 28 Jun 24
Maydon Wharf precinct liquid bulk facility, South Africa
Published: 28 Jun 24
Kaminho deep-water project, Angola
Published: 28 Jun 24
The South African automotive sector continues to grapple with significant macroeconomic challenges, says TransUnion Africa CEO Lee Naik....
New platinum alloy to transform jewellery making
Published: 03 Jul 24
The World Platinum Investment Council (WPIC) has highlighted the launch of a new platinum alloy named Inoveo Platinum, which it believes has the...
Renewables component of DRC gold mine’s energy mix to hit 85% next year
Published: 03 Jul 24
The reputation of the large Kibali gold mine, run by Barrick Gold in the Democratic Republic of Congo (DRC), is being significantly enhanced by its...
