Pretoria - Trade and Industry (dti) Deputy Minister Elizabeth Thabethe is scheduled to participate in the 3rd Tunis Medindustrie kicking off in Tunisia from today.

The ‘Tunis Medindustrie’ provides companies with a platform to market goods and services in the sectors of industrial mechanics, electricity and electronics, metals, mechanics, plastics, automotives and automotive components and the built environment.

The exhibition is primarily dedicated to industrial partnership and innovation.

Thabethe is accompanied to the exhibition by a business delegation from eight companies that are being funded by the dti to participate in the four-day event.

The funding is done through the department’s Export Marketing and Investment Assistance Scheme (EMIA). The EMIA scheme aims to develop export markets for South African products and services and to recruit new foreign direct investment into South Africa.

The theme for this year’s show is ‘Working for the Future’. The exhibition, which takes place in Tunis, will conclude on Saturday. – SAnews.gov.za

Pretoria - Telkom on Tuesday announced its decision to impair the carrying value of its assets by R12 billion with the net asset value being reduced around R34 a share. Last week, the company said its board was considering the impairment, which is a reduction of a company’s stated capital. It is typically lessened due [...]Telkom confirms impairment is a post from: South Africa Business



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Pretoria – Government and its social partners continue to work towards transforming the South African economy so as to address unemployment and other challenges, says President Jacob Zuma. “Government, along with our social partners, continues to work hard to implement policies that have a potential to transform the South African economy, including reducing high levels [...]Working to transform the economy is a post from: South Africa Business



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Pretoria – The Department of Trade and Industry (dti) has urged Japanese companies to choose South Africa as a preferred investment destination. “The fact that the World Economic Forum’s Global Competitiveness Index ranked South Africa first in the strength of auditing and reporting standards, second in the soundness of banks and is 50th in the [...]Japanese investment encouraged is a post from: South Africa Business



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Johannesburg – The Transnet National Ports Authority (TNPA) and the Maputo Ports Development Company (MPDC) have signed a landmark Memorandum of Understanding (MoU) that will pave the way for cooperation between the two port authorities.

The signing of the MoU is the formalisation of discussions that have been developed through extensive bilateral talks and visits over an extended period of time.

Speaking at the signing ceremony held in Sandton, north of Johannesburg, TNPA’s Chief Executive Tau Morwe said the MoU opened up collaboration on matters of mutual interest in the areas of infrastructure development, engineering, training and marine services.

“We believe that in the spirit of cooperation, we can be exponentially more efficient and play a key role in lifting intra-regional trade within the Southern African Development Community (SADC) region from its current level of 12 percent.

“What we can achieve remains to be seen, but we should aspire to achieve the figures of other leading regional economic communities, such as those of Asia and Europe where intra-regional trade is in the region of 60 percent,” Morwe said.

Echoing Morwe’s sentiments, the MPDC’s CEO, Osorio Lucas, said the MoU represented major potential for the two countries.

“I am ecstatic about the signing of the MoU, which has the intention of fostering competitiveness and growth, and the realisation of the MPDC’s vision of propelling the region forward.

“It is an important step toward, fostering greater intra-regional cooperation, which is a key priority of the SADC region and the Common Market of Eastern and Southern Africa (Comesa),” Lucas said.

Other areas of collaboration include assistance with the unbundling of the MPDC into a Port Authority and Port Operations, the transition of cargo from road to rail, and nautical matters.

Regional integration is in line with Transnet’s Market Demand Strategy, which among its imperatives, calls for a review of the state owned entity’s role in the development of the North-South logistics corridor.

TNPA is one of five operating divisions of Transnet SOC Ltd. The national ports authority is responsible for the safe, effective and efficient economic functioning of the national port system, which it manages in a landlord capacity.

The MPDC is a national private company, which resulted from a partnership between the Mozambican Railway Company, Grindrod and DP World. Port Maputo holds the rights to finance, rehabilitate, construct, operate, manage, maintain, develop and optimise the entire concession area.

It holds the rights to finance, rehabilitate, construct, operate, manage, maintain, develop and optimise the entire concession area. – SAnews.gov.za

Ireland said on Tuesday it was not to blame for Apple Inc’s low global tax payments after the U.S. Senate said the company paid little or nothing on tens of billions of dollars in profits stashed in Irish subsidiaries. The Irish government, which has seen the luring of U.S. multinationals with low taxes as a [...]Ireland rescinds blame for Apple is a post from: Ireland Business



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Pretoria – Government, trade unions, business and civic leaders need to take bold steps to resolve unrest in the mining sector to reduce the impact on the economy. Opening a debate on the National Treasury budget vote in Parliament on Tuesday, Finance Minister Pravin Gordhan warned that unless a way is found to restore calm [...]Steps needed to curb labour unrest is a post from: South Africa Business



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Pretoria - The Consumer Price Index (CPI) in April remained unchanged at 5.9% year-on-year, Statistics South Africa (Stats SA) said on Wednesday.

“Headline CPI in April 2013 was 5.9%. This rate was the same as the corresponding annual rate of 5.9% in March 2013,” said Stats SA.

Analysts had expected CPI to come in at 5.7%.

In a research note earlier, Standard Bank economist Shireen Darmalingam said the bank estimated that CPI would rise to 5.8% year-on-year.

“CPI has been on an upward trajectory, mainly due to increases in fuel prices and pass-through from the weaker rand. However, core inflation (which excludes food, non-alcoholic beverages, petrol and energy) remains contained, with prices decelerating in March to 5.1% year-on-year from 5.3% year-on-year in February. Despite the decline in core and food inflation, we still see food as a risk to our CPI forecast,” she said.

Food prices rose by 0.5% on a monthly basis in April, while on an annual basis inflation was mainly driven by the housing utilities, miscellaneous goods and services and transport, among others.

The Reserve Bank targets inflation between 3% and 6%. A higher inflation leaves the Reserve Bank with less room to cut interest rates to boost economic activity.

“Despite just hovering below the Reserve Bank's 6% upper target range, we do not foresee annual inflation breaching 6% in the May release, as the fuel price declined considerably in that month.

“We still expect inflation though to marginally breach 6% later in the year. The biggest upside risk still remains the rand, which has now reached a four-year low against the US dollar,” said Nedbank.

The data comes as the central bank is holding its Monetary Policy Committee (MPC) meeting on rates.

“The latest inflation numbers do not alter our interest rate view. We believe that rates will remain at current levels for the rest of this year. The MPC will need to strike a balance between high inflation and still poor economic growth outcomes, with the current policy stance likely to remain in place well into 2014,” noted Nedbank.

Governor Gill Marcus will tomorrow afternoon make public the MPC’s decision regarding rates.

At the second MPC meeting in March, the bank said it expected inflation to temporarily breach the upper end of the target range in the third quarter of 2013, when it is expected to average 6.3% and then moderate to 5.2% in the fourth quarter.

At the MPC’s second meeting of the year in March, the repo rate remained unchanged at 5%. - SAnews.gov.za

Pretoria – Airports Company South Africa (ACSA) on Monday confirmed the appointment of Bongani Maseko and Maureen Manyama-Matome as Managing Director and Financial Director respectively.

Cabinet approved the appointment of the Managing Director last week Wednesday, 15 May.

The recruitment process was purposefully thorough as this role is critical to the company’s future success. Manyama-Matome was appointed with effect from 8 April.

ACSA chairperson Busisiwe Mabuza said: “The Board is of the firm view that Maseko is well suited for the position as he has the requisite leadership abilities, in-depth knowledge of Airports Company South Africa’s business and the confidence of the broader leadership team.”

Maseko has been with the business since 1999. Prior to his appointment as Acting Managing Director, he was the Group Executive: Airport Operations since September 2004.

His responsibilities included the day-to-day operations at all of the company’s airports. He also spent three-and-half-years leading OR Tambo International Airport as its General Manager.

Maseko has a degree in Aviation Business Administration from Embry-Riddle Aeronautical University in Florida (USA), where his studies focused on airport and airline management.

He continued his studies at the University of California in Airport Systems Planning and Design and Airport Ground Transportation Planning.

Maseko gained considerable experience at San Francisco International Airport in the USA, where he worked in various capacities for eight years.

Manyama-Matome is a seasoned Executive and a Chartered Accountant (CA) SA. Prior to accepting Airports Company South Africa’s employment offer, she was the Executive Financial Director at South African Forestry Company (SAFCOL), where she also acted as CEO.

Manyama-Matome obtained a MBA degree from GIBS and a BCom Hons in Taxation from the University of Pretoria.

She has distinguished herself as a business leader and was a semi-finalist in the 2010/2011 Most Influential Women in Business and Government awards as well as the recipient of a Tuks Alumni Laureate award in 2012.

Congratulating the two on their new appointment, Mazibuko said the Board of Directors looks forward to continuing to work with both Maseko and Manyama-Matome in taking ACSA to greater heights, particularly within the context of the recently approved ten-year business plan. - SAnews.gov.za

Durban – South Africa’s top emerging tourism entrepreneurs have been selected for the 2013 Emerging Tourism Entrepreneur of the Year Awards (ETEYA) competition. The South African Tourism and the Tourism Enterprise Partnership (TEP) made the announcement on Saturday at the start of a four-day Tourism Indaba held in Durban. The regional finalists are Kuhle Travel [...]Emerging tourism entrepreneurs named is a post from: South Africa Business



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