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York Timbers lifts FY18 Ebitda by 12%
Published: 25 Sep 18
Despite challenging market conditions, integrated forestry company York Timbers increased its earnings before interest, taxes, depreciation and amortisation (Ebitda) and core earnings by 12% and 59%, respectively, for the full year ended June 30. The company on Tuesday pointed out that the Ebitda growth was the result of investment in processing and forestry operations in the last few years, together with continued efficiency gains.
Global crude steel production rises 2.6% y/y in August
Published: 25 Sep 18
Global crude steel production increased by 2.6% year-on-year to 151.7-million tonnes in August, the World Steel Association (worldsteel) reports. According to the data, which was released on Tuesday, China’s crude steel production for August was 80.3-million tonnes, an increase of 2.7% compared with August 2017. India produced 8.8-million tonnes of crude steel, while Japan also produced 8.8-million tonnes of crude steel in August, representing increases of 3.7% and 0.9% respectively, compared with August 2017.
KSB Pumps and Valves obtains Level 1 BBBEE certification KSB Pumps and Valves obtains Level 1 BBBEE certification
Published: 25 Sep 18
Global pump manufacturer KSB Pumps and Valves has obtained Level 1 broad-based black economic empowerment (BBBEE) certification. This follows the acquisition of a 30% equity stake in the company by black women-owned firm Insikazi Synergies, which has joined the KSB board to play an active role in steering the company in future.
Wind body seeks right to contest Nersa report on delayed renewables projects Wind body seeks right to contest Nersa report on delayed renewables projects
Published: 25 Sep 18
The National Energy Regulator of South Africa (Nersa) Tribunal has invited the South African Wind Energy Association (SAWEA) to present its case this week as to why the tribunal should hear the association’s arguments in opposition to a 2017 Nersa panel report. The document in question concluded that Eskom had not breached its license conditions by delaying, for more than two years, the signing of power purchase agreements (PPAs) for 27 renewable-energy projects procured by government in 2015.
Ascendis launches new strategic focus, announces positive FY18 results Ascendis launches new strategic focus, announces positive FY18 results Has Video
Published: 25 Sep 18
JSE-listed pharmaceutical company Ascendis Health on Tuesday announced a new strategic focus prioritising pharmaceutical and consumer healthcare. The company, which also reported on its results for the financial year ended June 30, plans to divest its biosciences businesses.
Altron to post double-digit growth in H1 earnings
Published: 25 Sep 18
JSE-listed Allied Electronics (Altron) on Tuesday said it expects a double-digit improvement in earnings for the six months ended August 31. Following the restructure of a number of core businesses, and the financial division of continuing and discontinued operations, the bulk of Altron’s continuing operations delivered a strong performance for the half-year under review.
New Eskom strategy to include pan-African expansion roadmap New Eskom strategy to include pan-African expansion roadmap
Published: 25 Sep 18
State-owned electricity utility Eskom has confirmed that its new strategy, which will involve far-reaching changes to its business model, will seek to position the company for opportunities arising in the rest of Africa. “Growth opportunities for Eskom are not restricted to South Africa. To grow the business, Eskom will need to become a strong pan-African utility,” Eskom told Engineering News Online in response to questions on the scope of the strategic changes being contemplated.
 Rand steady ahead of Fed rates announcement on Wednesday Rand steady ahead of Fed rates announcement on Wednesday
Published: 25 Sep 18
The rand held steady over the long weekend, opening at R14.37 on Tuesday morning following the public holiday on Monday. The local currency was trading at R14.38 to the greenback by 11:23.
South African portfolio inflows plummet in second quarter
Published: 25 Sep 18
Portfolio investments into the South African economy fell sharply in the second quarter, as investor risk aversion towards emerging markets was rising, central bank data showed on Tuesday. Inward investment into South African bonds and equities shrank to R16.6-billion ($1.16-billion) from R89.4-billion in the first three months of the year, the Reserve Bank said.
South Africa to relax visa rules to boost investment, tourism South Africa to relax visa rules to boost investment, tourism
Published: 25 Sep 18
South Africa will ease some immigration rules, including agreeing visa waiver agreements with more countries, in an effort to boost investment and tourism, Home Affairs Minister Malusi Gigaba said on Tuesday. The changes are part of a broader economic turnaround programme announced by President Cyril Ramaphosa last week as his team seeks to drag Africa's most developed economy out of recession.
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