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Vodacom FY earnings dip on challenges, revenue up
Published: 13 May 24
JSE-listed Vodacom Group on Monday posted double-digit increases in revenue, however, its earnings a share for the year ended March 31, 2024, declined. The group reported a 11.2% decrease in earnings a share to 842c, along with a 10.8% decline in headline earnings a share to 846c during the year under review.
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South Africa must create a business-friendly environment to attract foreign investment
Published: 13 May 24
Business organisation Business Leadership South Africa CEO Busiswe Mavuso writes in her latest weekly newsletter that the withdrawal of foreign investment seems to be “dominating” at present. She avers that while foreign investment in South Africa hinges on many factors, including global strategies and the country’s links to the rest of the world. The more attractive a country is, the more investment it receives.
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Traxtion refurbishes, adds 5 Transnet class 39 locomotives to fleet of 60 in eight African countries
Published: 10 May 24
Private rail operator and services company Traxtion has refurbished five class 39 locomotives it bought from State-owned Transnet at its workshop in Rosslyn, Gauteng. This is part of its fleet expansion to meet the growing demand of freight rail services in Africa. "Traxtion is preparing for the next phase of adding new locomotives to the fleet. We now have a fleet of 60 locomotives and are operating in eight African countries," the company said in a statement this week.
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Logistics, NEVs in focus for next phase of automotive industry growth
Published: 10 May 24
Efficient logistics to move vehicles and automotive components up and down the value chain and adapting the local industry to new energy vehicles (NEVs) is crucial to shape the trajectory of the industry into the future, industry development agency Automotive Industry Development Centre (AIDC) chairperson Meloney van Eck said this week. Speaking at a Gauteng government- and AIDC-hosted automotive industry roundtable discussion, in Midrand, on May 9, she said it was important for industry leaders and experts to discuss logistics in the automotive sector and to explore the growing NEV landscape to shape the way forward for the industry.
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South Africa to host twelfth Africa Aerospace and Defence exhibition in Sept
Published: 10 May 24
The Africa Aerospace and Defence (AAD) trade exhibition and air show will be held from September 18 to 22 at Air Force Base Waterkloof, under the theme of ‘Exploring new paths, sharing solutions, showcasing innovation and capability’. More than half of the available exhibition space has already been booked and confirmed, which reflects a significant vote of confidence in the event that has continued to record success, the AAD said in a statement.
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AFC-led consortium financing large-scale road infrastructure development in Angola
Published: 10 May 24
The Africa Finance Corporation (AFC) announced on Friday the signing of a €381.5-million financing package for road transport infrastructure development in Angola. The AFC, founded in 2007, serves to catalyse private sector-led infrastructure development across Africa. This latest financing package will fund the engineering, procurement and building of 186 bridges for, plus other essential enhancements to, Angola’s road network. The AFC was mandated to be the lead investor for the commercial tranche of the package, and has committed itself to contribute €85-million to the total. Export credit financing for the construction programme is being provided by the US Export-Import Bank and the US Private Export Funding Corporation. The key role of coordinating and structuring bank is being fulfilled by Standard Chartered Bank.
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South Africa avoids technical recession despite challenges – Deloitte
Published: 10 May 24
With unemployment, loadshedding and a weak economy being front-line issues in the upcoming elections, the incoming administration must drive investment and reform to restart growth, build confidence and help South Africa’s economy meet its potential, says advisory firm Deloitte. In its May 2024 edition of the South African Economic Outlook, Deloitte notes that, despite recording the worst year of loadshedding so far in 2023, South Africa managed to avoid a technical recession, with real GDP growth at 0.6% last year.
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ATNS, CSIR making important progress in their joint passive radar project
Published: 10 May 24
South Africa’s national air traffic control (ATC) agency, Air Traffic and Navigation Services (ATNS), and the Council for Scientific and Industrial Research (CSIR), have started joint measurement and surveying activities at the Kruger Mpumalanga International Airport (KMIA) for the installation and test of a locally-developed passive radar system. This joint project is the outcome of a Memorandum of Understanding (MoU) originally signed between the two agencies in 2017 and renewed last year. ...
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Nersa approves Sasol Gas’ price application
Published: 10 May 24
The National Energy Regulator of South Africa (Nersa) on April 29 approved Sasol Gas’ application for a maximum price of gas for the period July 1, this year, to June 30, 2025. This results in the maximum price of gas being R84/GJ for end-user customers from July 1 to September 30.
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Drakenstein municipality completes audit, resets prepaid electricity meters
Published: 10 May 24
Drakenstein municipality, covering Paarl, Wellington, Mbekweni, Gouda, Saron, Hermon and Simondium, in the Western Cape, has completed the formal auditing process of prepaid electricity meters of municipal customers in Drakenstein. There are now only a few meters outstanding in the area which the municipality says it has soft-locked as its meter auditors could not access these homes. Most of these homeowners live abroad and the municipality will assist them when they return to the country.
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