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AAD expected to yield significant economic, educational value once again

Published: 10 Jun 24

Speaking at a preliminary event marking 100 days until the next Africa Aerospace and Defence (AAD) trade exhibition and airshow, which will take place from September 18 to 22, Defence and Military Veterans Minister Thandi Modise has highlighted the economic and educational impact of the biennial event. “The economic impact of the AAD on South Africa is substantial. In 2022, international visitors contributed over R135-million to our GDP, while public and trade visitors generated R150-million in revenue.

Efficient Group chief economist Dawie Roodt

South African economy needs less State interference, more privatisation – Roodt

Published: 10 Jun 24

South Africa's political and economic realities were not aligned, Efficient Group chief economist Dawie Roodt told delegates during a Johannesburg Chamber of Commerce and Industry presentation on June 10. As political parties discuss possible coalitions to run the country, he argued that urgent policy changes were needed and for there to be less State interference in the economy. “We need more privatisation. We need liberalisation of all sorts of markets – the labour market, capital market . . .,” he said.

Image of Tshwane city manager Johann Mettler and DWS DDG for water and sanitation Services Dr Risimati Mathye

City of Tshwane, DWS sign an MoU to address water constraints

Published: 10 Jun 24

The City of Tshwane (CoT) and the Department of Water and Sanitation (DWS) have formalised a strategic partnership through a memorandum of understanding (MoU) to tackle the city’s water challenges. The MoU, signed on Monday, will see the parties collaborate on various strategic areas such as infrastructure planning and development, water resource planning and infrastructure solutions and capacity building for CoT officials.

Impression of how an RITM-200 floating nuclear power plant might look

Guinea signs agreement with Russian group to investigate use of floating nuclear reactors

Published: 10 Jun 24

The Republic of Guinea has signed a Memorandum of Understanding (MoU) with Russian State-owned nuclear energy and technology group Rosatom to explore the use of sea-based floating nuclear reactors to generate electricity for the coastal West African country. The MoU was signed at last week’s St Petersburg International Economic Forum, in Russia. “The cooperation involves joint work on developing a power supply solution both to industrial and domestic consumers in the Republic of Guinea, deploying floating nuclear power units with RITM-200 reactors, which have already proven efficient,” explained Rosatom Mechanical Engineering Division Deputy Head Vladimir Aptekarev. “The power supply issue in the African region is urgent, and our main task is to provide a fast reliable and environment-friendly solution for our partners.”

Nedbank CIB concludes R1bn funding facility for the IDC

Published: 10 Jun 24

Nedbank Corporate and Investment Banking (CIB) has concluded a R1-billion term funding facility for the State-owned Industrial Development Corporation (IDC) of South Africa. The funding will support the IDC in its mandate to promote industrial capacity, foster an inclusive economy and maximise development impact across various sectors, as well as assist the State-owned entity to secure capital from debt capital markets, development finance institutions and commercial banks.

TotalEnergies, Air Products hydrogen deal uplifts platinum demand outlook still further

Published: 10 Jun 24

A 15-year agreement involving the supply of an initial 70 000 t of green hydrogen a year has been signed by TotalEnergies and Air Products. TotalEnergies, which is active in some 120 countries and which cites sustainability as being at the heart of its strategy, is setting out to reduce the net greenhouse gas emissions from its oil and gas operations by 40% by 2030.

Botswana says it’s in talks about increasing stake in De Beers

Published: 10 Jun 24

Botswana said it’s in talks over increasing its shareholding in De Beers, as Anglo American prepares to end its almost century-long relationship with the iconic diamond producer. As part of a turnaround plan to fend off an approach from BHP Group, Anglo last month said it planned to sell or separate De Beers, in which it holds an 85% stake. The remainder is owned by Botswana, the southern African nation that holds the company’s biggest diamond mines.

Nelson Mandela Bay Business Chamber launches think tank to drive job creation in ‘bay of opportunity’

Published: 10 Jun 24

One of the country’s most active business organisations the Nelson Mandela Bay Business Chamber (NMBBC) has launched a Local Economy Reinvention Think Tank, marking another step in its vision of unlocking the potential of the metro as a “bay of opportunity”. The launch included the signing of a pledge by business leaders, committing to collectively adopting a united vision of unlocking the potential opportunities which Nelson Mandela Bay, in Gqeberha, in the Eastern Cape, has to become a diverse manufacturing base in Africa.

Tom Albanese has been appointed chairperson

Nevada Copper files for bankruptcy, CEO steps down

Published: 10 Jun 24

US copper miner Nevada Copper on Monday announced that it had filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code. The company, which owns the Pumpkin Hollow mine, will not continue operations during the restructuring period.

Image of Business Unity South Africa (Busa) president Mxolisi Mgojo

NLCC’s work to continue, freight sector poised to transform in next two years

Published: 10 Jun 24

Business Unity South Africa president Mxolisi Mgojo says he is confident that work within the National Logistics Crisis Committee (NLCC) will continue as political parties grapple to form a coalition government post the national elections held at the end of May. “We partner with the government of the day,” says Mgojo.