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Telkom achieves stronger 2024 financial results

Published: 18 Jun 24

JSE-listed Telkom on Tuesday posted an improvement in its financial results for the year ended March 31, 2024, supported by its next-generation offerings and cost-optimisation efforts. The group reported a 5.2% increase in normalised earnings before interest, tax, depreciation and amortisation (Ebitda) of R10-billion during the year under review, owing to stronger operational performance and cost-optimisation initiatives.

Botswana may fall short of 4.2% growth target

Published: 18 Jun 24

Botswana's economy may fall short of the government's 4.2% growth target for this year, a senior central bank official said on Tuesday, citing global and domestic constraints. Finance minister Peggy Serame made the projection for a 4.2% increase in GDP in a budget speech in February, saying the government expected growth to accelerate from 2023 due to an improved performance in the diamond sector. Gross domestic product grew 2.7% in 2023.

Malaysia is planning to join BRICS, PM says

Published: 18 Jun 24

Malaysian Prime Minister Anwar Ibrahim said that the Southeast Asian nation will join the BRICS economic bloc, becoming the latest country to take part in an expanding group seen challenging the western-led global order. “We have indicated as a policy that we are” joining, Anwar said in an interview with the Chinese news outlet Guancha aired ahead of a scheduled visit by Chinese Premier Li Qiang to Malaysia. “We have made a decision. We are placing the formal procedures soon.”

Reserve Bank to first cut repo rate in November - Reuters poll

Published: 18 Jun 24

South Africa's Reserve Bank is seen waiting until November before it cuts its repo rate as economists continue to roll back their expectations when policy easing kicks off in response to slowing inflation, a Reuters poll found. The poll was taken before the African National Congress and its largest rival, the white-led, pro-business Democratic Alliance, agreed on Friday to work together in a new government of national unity, a step change after 30 years of ANC rule.

Rolls-Royce unveils hybrid electric powerpack for armoured vehicles

Published: 18 Jun 24

UK-based global major power and propulsion systems group Rolls-Royce has announced that its Germany-based Power Systems division had launched a hybrid diesel and battery-electric powerpack concept for armoured vehicles. The new powerpack is being showcased at the Eurosatory defence exhibition currently under way in Paris. Rolls-Royce Power Systems’ mtu brand has a long and successful record in providing diesel power plants for armoured vehicles operated by North Atlantic Treaty Organisation (Nato), and other, countries.

Stor-Age reports strong financial performance

Published: 18 Jun 24

JSE-listed self-storage real estate investment trust Stor-Age has reported robust financial results for the 2024 financial year ended March 31, showcasing significant growth in rental rates and occupancy. The company reported a 9.5% boost in rental rates and a 2.9% increase in occupancy rates, while same store rental income rising by 12.7% year-on-year in South Africa.

TNPA's head office at the Port of Ngqura

TNPA moves to integrate desalination, renewables at Port Elizabeth and Ngqura ports

Published: 18 Jun 24

South Africa’s Transnet National Ports Authority (TNPA) has issued requests for proposal (RFPs) for the construction of two solar-powered seawater desalination plants and a hybrid renewables-battery facility to service its Nelson Mandela Bay ports, in the Eastern Cape. TNPA is seeking bidders capable of designing, constructing and operating solar-powered seawater desalination plants with a capacity of 0.8 megalitres and 0.5 megalitres of potable water, respectively, for the ports of Port Elizabeth and Ngqura.

Image of Southern African Association of Freight Forwarders (SAAFF) CEO Dr Juanita Maree

Yes, there are problems at SA ports, but World Bank report not entirely accurate – SAAFF

Published: 18 Jun 24

The newest World Bank Container Port Performance Index (CPPI) report, which places a number of South African ports at the bottom of the list, covers the crisis-ridden 2023 period, and does not take into account the corrective action taken since Transnet has been under new management as part of a recovery and transformation strategy, says Southern African Association of Freight Forwarders (SAAFF) CEO Dr Juanita Maree. “To contextualise, this was a period at the height of the crisis.

Paul Mashatile and Cyril Ramaphosa at the first sitting of the seventh democratic Parliament on June 14 where Ramaphosa was re-elected President by the National Assembly

S&P does not foresee any significant policy shift under GNU

Published: 18 Jun 24

S&P Global Ratings does not expect any significant policy shift as a result of South Africa's government of national unity (GNU) formed following the May 29 elections when the African National Council (ANC) failed to secure an overall majority for the first time since 1994. The ANC’s GNU proposal was opened to all parties and a Statement of Intent outlining principles and basic minimum programme of priorities has been signed by the Democratic Alliance, the Inkatha Freedom Party, and the Patriotic Alliance, with others parties also expected to join.

V&A executive manager: operations André Theys

V&A Waterfront signs deal to raise green-electricity contribution to 70% by 2026

Published: 18 Jun 24

Cape Town’s V&A Waterfront has signed a ten-year power purchase agreement (PPA) with Etana Energy for 43 GWh of renewable energy yearly, which will result in wind and solar supplying 70% of the iconic mixed-use property’s electricity by early 2026. The PPA follows a similar deal between Etana Energy and Growthpoint Properties for 195 GWh of renewable energy annually, representing 32% of the property group’s total yearly consumption. Growthpoint Properties is the joint owner of the V&A Waterfront with the Public Investment Corporation.