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China is urging EV firms to invest in South Africa, official says

Published: 12 Dec 24

China is encouraging its electrical vehicle manufacturers to invest in South Africa as it seeks to broaden ties between the two nations. “We encourage the Chinese companies to consider, very seriously consider, to move some of their assembly lines or value added in South Africa,” the Asian nation’s ambassador to South Africa Wu Peng said in a Bloomberg interview in Johannesburg on Wednesday.

Court blocks ICTSI bid to appeal South Africa port-deal ruling

Published: 12 Dec 24

A South African court denied a bid by International Container Terminal Services Inc (ICTSI) to appeal a decision that temporarily stops the nation’s state-owned logistics firm from going ahead with its partnership with ICTSI to expand and run sub-Saharan Africa’s biggest container port. The KwaZulu-Natal High Court in October blocked the deal temporarily after an AP Moller-Maersk unit, APM Terminals, challenged the award. The court on Wednesday denied ICTSI’s right to appeal the so-called interdict against Transnet, the State’s ports and rail operator.

HSBC, World Bank's IFC launch $1bn trade finance programme for emerging markets

Published: 12 Dec 24

HSBC and the World Bank's International Finance Corporation (IFC) will jointly provide funding to trade transactions valued at up to $1-billion, in a move to help fill a gap in financing for emerging market trade. IFC and HSBC said on Thursday they would equally share the risk on a portfolio of trade-related assets held by emerging-market banks in 20 countries in Africa, Asia, Latin America, and the Middle East, according to a joint statement.

100 MW Free State solar project represents IPP empowerment landmark

Published: 12 Dec 24

The selection of Pele Green Energy (PGE) to supply renewable energy to the South African ferrochrome smelters operated by the Glencore Merafe Venture represents an important milestone in the steady yet uneven evolution of South Africa’s electricity industry. Its significance is not immediately apparent, largely because the novelty of such multidecade power purchase agreements (PPAs) between electricity-intensive private firms and independent power producers (IPPs) has worn off somewhat three-and-a-half years after President Cyril Ramaphosa successfully twisted a reluctant Gwede Mantashe’s arm to enable such deals at scale.

Renergen concerned about its mineral rights amid solar plant construction

Published: 11 Dec 24

JSE- and ASX-listed Renergen has provided an update on ongoing actions involving its majority-owned subsidiary, Tetra4, which produces helium, and a proposed solar plant being planned by another entity. Renergen has welcomed the signing of the Upstream Petroleum and Resources Development Act into law in October.

Financial crime investigators can now subpoena digital bank records

Published: 11 Dec 24

The South African Banking Risk Information Centre (Sabric), the Directorate for Priority Crime Investigation (Hawks) and the Banking Association South Africa (Basa) have launched the Section 205 Digital Subpoena initiative, a key development in South Africa’s efforts to combat financial crime. The initiative is aimed at enhancing the efficiency of subpoenaing bank records digitally, significantly expediting the process for law enforcement agencies.

V&A plans R20bn Granger Bay development

Published: 11 Dec 24

Cape Town’s V&A Waterfront plans a R20-billion expansion of the adjacent Granger Bay precinct and has sought permission from authorities in South Africa’s second-biggest city for the development. V&A — one of the continent’s most visited tourism and retail destinations — has asked the local council to approve an increase in its permissible development rights to 440 000 m2, two-thirds of which will be for Granger Bay, spokesperson Donald Kau said.

Proposed acquisition by Saudi-Sewela entity should see Barloworld delist

Published: 11 Dec 24

A special purpose consortium – Newco – comprising a Saudi Arabian group and a company linked to current CEO Dominic Sewela, has announced its intent to acquire diversified industrial group Barloworld. This should lead to the delisting of the group on the JSE, and will form a black-owned, privately-held South African company.

MTN sponsors microgrid initiative delivering renewable energy, connectivity to Orange Farm

Published: 11 Dec 24

Telecommunications group MTN South Africa is sponsoring a microgrid initiative in Orange Farm to bring renewable energy, Internet connectivity and new economic opportunities to the area. MTN’s sponsorship will see the microgrid solution being implemented in partnership with non-profit company Ukukubona, connecting 96 homes and switching on the lights for the first time, with locally-sourced materials used for the project.

Rand Water prepares for more maintenance

Published: 11 Dec 24

Rand Water is preparing to embark on its next planned water infrastructure maintenance project this week. On Friday, the utility will start repairs of the B1/B2 pipeline leak at Zuikerbosch, which will impact the Zwartkopjes system, with pumping reduced to 70% for 36 hours from 05:00.