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Telkom intends to raise R1 billion despite declining profitability
Telkom intends to generate R1 billion by selling "qualifying device receivables" to banks. The idea was disclosed by the largely state-owned corporation in a quarterly trade statement issued on Tuesday. “The working capital investment in mobile handsets and post-paid cost of sales are immediate costs, with corresponding revenues recognised over 24 to 36 months and
This estate has an R200 million solar strategy in place to eliminate up to four stages of load shedding
Midstream Estate, a sought-after Midrand residential estate, intends to build a massive battery bank to store electricity from solar plants, Eskom, and, if necessary, a bank of generators to safeguard residents from load-shedding. At a special Energy Indaba on February 7, 2023, Midstream locals reviewed the proposal to avoid load shedding stages 1–4. The locals
The Rand is worth R18 per dollar
On Monday (13 February), the South African rand broke above R18.00 to the dollar, as markets braced for further interest rate rises in the United States, casting doubt on President Cyril Ramaphosa's pledges to tackle the continuing power crisis. On Monday afternoon, the rand briefly traded above R18.00 to the US dollar. The currency began
The best inverters for overcoming load shedding
South Africans seeking for a reliable home backup power system should exercise extreme caution when selecting an inverter. While batteries and solar panels are more adaptable to future updates, inverters might encounter major compatibility issues that may need replacing them entirely when updating. Batteries and solar panels are significantly less complicated than inverters in terms
Mining specialists warn that South Africa has considerably more difficulties than Eskom
According to experts at the 2023 Mining Indaba in Cape Town, Transnet is generating much more headaches for the South African mining sector than Eskom. They claimed that mining firms had lost R51 billion in revenue in the previous year owing to locomotive shortages and railway lines being out of service for lengthy periods due
FlySafair set to open new routes to Windhoek and Harare
News reaching BusinessTech Africa indicates that FlySafair is set to expand its regional route network. The South African airline said it has planned new flight routes to Windhoek, Harare, and Zanzibar. The low-cost airline announced on Monday that it had received permission from the International Air Services Council to fly commercial flights to these three
Big power cuts crash growth outlook
Near-term growth prospects have slumped due to intensified power cuts. “We have cut our GDP forecast for Q4 22 to -0.5% q/q sa and also project a Q1 23 contraction. For 2023 as a whole, the impact of power cuts on activity levels, business confidence and private investment cuts our GDP forecast by 0.9pp to
Agriculture sector still concerned despite Cyril Ramaphosa’s SONA speech
The South African agriculture sector is still raising concerns about load shedding despite the recent address by President Cyril Ramaphosa. Ramaphosa addressed the nation during his State of the Nation Address on Thursday. However, it seems the sector is facing challenges and Agri SA said they needed more details on the new minister of electricity
Engen and Vivo Energy join forces to become Africa’s largest energy distributor
South African energy company Engen has merged with Vivo Energy to become Africa’s largest energy distribution company. The two companies will now have more than 3 900 service stations and more than two-billion litres of storage capacity across 27 African countries. Engineering News posted that oil and gas multinational, Petronas, is set to sell its 74% shareholding in Engen to Vivo Energy. However,
Eskom has announced a weekend load-shedding plan, here is the schedule
Eskom will reduce load-shedding to stage 3 on Saturday, 11 February 2022, at 05:00. Stage 3 power outages will last until 05:00 on Sunday, when they will be reduced to stage 2. The power provider said the rotating power outages would resume at 16:00 on Sunday. “Stage 4 load-shedding will continue to be implemented at
South Africa's most wanted electric vehicles
The newest Annual Car Industry Report from AutoTrader reveals the most searched-for, visited, and listed electric cars (EVs) on its South African website in 2022. The automobile classifieds network saw a 159% increase in EV advertisement views among its members, owing mostly to new models hitting the market and piqueing customer interest. The RS E-tron
Ramaphosa and Dlamini-Zuma react to state of disaster concerns
South African President Cyril Ramaphosa and Minister of Cooperative Governance and Traditional Affairs Nkosazana Dlamini-Zuma have stated that South Africans should not be concerned about the disaster declaration made yesterday, 9 February. Dlamini-Zuma, whose department is in charge of the state of disaster response, told 702 that South Africans need not be concerned about the
South Africa declares Eskom load-shedding a national state of disaster
Dr Elias Sithole, the chairman of the National Calamity Management Centre, has declared load-shedding a national disaster. On Thursday evening, Cooperate Governance and Traditional Affairs Minister Dr Nkosasana Dlamini-Zuma proclaimed a state of disaster via government gazette. “Emanating from the classification of this occurrence as a national disaster, in terms of section 26, read with
Warning about the impending tragedy – load shedding will only worsen
The designation of a catastrophe over South Africa's energy issue would not help bring additional power production online swiftly or decrease load-shedding anytime soon. According to Matthew Cruise, Hohm Energy's head of business intelligence, in reaction to President Cyril Ramaphosa's 2023 state of the nation speech on Thursday. While maintaining the previous plan to repair
The Minister of Electricity might cost South Africa more than R37 million, according to the DA
According to Leon Schreiber, a Democratic Alliance (DA) public service and administration specialist, South Africa's new power minister might cost the government more than R37 million per year (pictured). President Cyril Ramaphosa announced the new position on Thursday, 9 January 2023, at his State of the Nation Address. Schreiber, on the other hand, feels a
SONA 2023: President Cyril Ramaphosa to appoint a new minister focusing on Eskom
President Cyril Ramaphosa held his fifth State of the Nation Address on Thursday evening and there were a lot of major talking points, but Eskom topped the list. As opposition parties and South African citizens waited with bated breath to hear his plans and ideas as far as unemployment, crime, and the devastating cuts are
Tongaat Hulett appoints former Eskom boss Dan Marokane as interim CEO
Dan Marokane has been roped in by the struggling sugar producer Tongaat Hulett as an interim CEO. Marokane previously held the role of executive director and his new appointment takes effect on March 1. The appointment comes after the departure of CEO Gavin Hudson as previously reported by BusinessTech Africa. Hudson resigned from Tongaat Hulett
Cash-strapped Steinhoff announces plans to sell 6,5% of SA’s largest retailer Pepkor
Debt-ridden Steinhoff International has made an announcement that it intends to sell up to 6,5% of Pepkor. Steinhoff said on Wednesday that this move will mean it loses its majority stake in South Africa's largest clothing and household ware retailer by store footprint. Based on Pepkor's closing price on Wednesday, the sale could net Steinhoff
SA Agricultural sector urges Pres. Cyril Ramaphosa to declare it as an essential service
The South African agriculture sector has called on President Cyril Ramaphosa to declare the industry as an essential service. This statement was made by Agri SA as it pleaded with Ramaphosa to declare agriculture an essential service amid the country's worsening power crisis implemented by Eskom. Local farmers, who need the power to irrigate their
Aviation Cargo Exhibition & Conference returns to Kempton Park, Ekurhuleni
Air Cargo Africa is returning this year and it will be hosted in Kempton Park in Johannesburg this month. Engineering News reports that the organisers of the premier exhibition and conference Air Cargo Africa, Messe Muenchen India, have confirmed the development. The exhibition will be hosted at Emperors Palace in Kempton Park, from February 21 to