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Business Articles
11:20 (GMT+2), Mon, 24 August 2015
Rand takes a plunge The rand tumbled the most since 2011 amid increased concern that the plunge in commodity prices will deepen as China’s economy slows. Fin24 reports that China is the top destination for South Africa’s raw materials, and the prospect of higher US interest rates will most likely worsen things. Lower Chinese growth means weaker demand for commodities, as China is world’s largest consumer of raw materials b... read more
12:04 (GMT+2), Thu, 20 August 2015
St Andrews Hotel boost for Port Alfred One of the Sunshine Coast’s best-known hotels, the Royal St Andrews in Port Alfred, is reopening on the fourth of September after a R130 million makeover, as part of the Mantis Collection. The investment by owner Martin Bekker has seen the historic 10-room lodge built in 1924 being transformed into a 60-room four-star quality hotel and spa, which blends tradition with modern design. It is one of the biggest investm... read more
08:17 (GMT+2), Sat, 15 August 2015
 Manganese container terminal boost for Coega THE Coega Development Corporation has welcomed national cabinet's decision to issue Transnet Port Terminals with a permanent operating license for operating the manganese terminal at the Port of Ngqura. The announcement was made public on Friday the 14th of August. The operating license will support the upgrading of the South African railway network from the Northern Cape to the Port of Ngqura, adjacent to the Coega Ind... read more
07:56 (GMT+2), Fri, 07 August 2015
New liquefied natural gas power plant for Coega South African energy security through natural gas has taken a new direction with the Coega Development Corporation announcing a liquefied natural gas power plant for the Eastern Cape. The project will support government's Integrated Resource Plan and a 2012 Ministerial Determination allocation of 2 652 Megawatts for energy from natural gas. The combined cycle gas turbine plant will be the second power plant in the Co... read more
07:28 (GMT+2), Tue, 05 May 2015
Aggregate new vehicle sales slightly down in April Aggregate new vehicle sales for April were slightly down year-on-year. Motor industry manufacturing association, Naamsa, says aggregate new vehicle sales in April came in at 44 503 units, down slightly down from the 46 016 units sold in April last year. However, Naamsa says vehicle exports had continued to contribute positively to South Africa’s current account of the balance of payments. New vehicle exports at ... read more
10:24 (GMT+2), Mon, 20 April 2015 discontinued  E-commerce in South Africa is set for a major change as the discontinuation of the brand and website is set to happen within a month. The Kalahari brand and website will be folded into within a month, according to an announcement from the online retailers. The Kalahari website will close within the next month. We will keep our customers informed in advance, reads an answer to a frequentl... read more
16:36 (GMT+2), Tue, 24 March 2015
Bay entrepreneurs expected at first UDDI SMME Indaba Two-hundred entrepreneurs from Nelson Mandela Bay are expected at the first ever Uitenhage Despatch Development Initiative SMME Indaba. The Indaba is hosted in partnership with the Nelson Mandela Bay Municipality, Eastern Cape Development Corporation, and the Uitenhage-Despatch Business Forum. The two day Indaba kicking off on Wednesday at the Uitenhage Town Hall - aims to create awareness about various government and pr... read more
11:07 (GMT+2), Thu, 27 November 2014
PE businessman leads his company into a global joint venture  Port Elizabeth businessman, Phil Gutsche, has led his company, Coca Cola Sabco into a merger to create a new bottler that has its eye on Africa. Coca Cola Sabco, in which Gutche Family Investments are the majority shareholders, merged with SABMiller and the US-based Coca Cola Company on Thursday, to form Coca Cola Beverages Africa. The new business, which will be headquartered in South Africa, will serve 12 high-gr... read more
13:52 (GMT+2), Mon, 24 November 2014
Top new post for VWSA Managing Director  David Powels, Managing Director of Volkswagen Group South Africa (VWSA) has been appointed as President of Volkswagen do Brasil Thomas Schäfer was appointed as Managing Director of Volkswagen Group South Africa . David Powels, a Chartered Accountant, was born and educated in Port Elizabeth. He joined VWSA in 1989 in the Finance Division and it was not long before he made his mark and he became Export Man... read more
10:57 (GMT+2), Tue, 07 October 2014
Concern at latest business confidence index data   The SA Chamber of Commerce and Industry Business Confidence Index for September was released on Tuesday at the SACCI Offices in Rosebank, Johannesburg. The BCI increased by another 0.2 index points in September to 89.2 after improving by 1.1 index point in August 2014. Sacci says in a statement that although it appears that waning business confidence has been checked, business confidence remains at an undesirably... read more
11:32 (GMT+2), Mon, 06 October 2014
New Reserve Bank governor appointed  Lesetja Kganyago has officially been appointed as successor to outgoing SA Reserve Bank governor Gill Marcus. Kganyago's appointment was announced on Monday by President Jacob Zuma, flanked by Finance Minister Nhlanhla Nene, at a media briefing at the Union Buildings in Pretoria. He was one of two of Marcus's deputies, alongside Daniel Mminele. Kganyago will take over from Marcus next month. She will step down ... read more
11:56 (GMT+2), Tue, 26 August 2014
GDP grows by 0.6%  South Africa's economy grew by 0.6 percent in the second quarter of 2014, Statistics SA said on Tuesday. This was compared to a 0.6 percent decrease in the real Gross Domestic Product (GDP) in the first quarter of the year. The GDP is the total value of goods and services produced in an economy in a certain time period. The main contributors to the increase in the second quarter of 2014 were general government s... read more
16:50 (GMT+2), Wed, 23 July 2014
Multi-million rand upgrade for Greenacres The owners of Port Elizabeth's Greenacres Shopping Centre, ACUCAP, have announced plans to redevelop and upgrade the centre to the tune of R282 million. The first phase of the extension is to begin work next month on a newly designed food court. The other two phases will see the mall undergo entrance re-alignments, and an expansion and upgrade, running through to April 2016. Speaking at the media launch on Wednesda... read more
16:25 (GMT+2), Tue, 22 July 2014
Continental Tyre to invest millions in PE facility Continental Tyre South Africa says it will invest between R300 and R320 million in its Port Elizabeth facility this year. Engineering New quotes Marketing and Sales GM Shaun Uys as saying the focus will be on increasing energy efficiency as the electricity price in Port Elizabeth “has gone through the roof”. In addition, the funding will be for the expanded production of run-flat and 4x4 tyres, with the latte... read more
09:20 (GMT+2), Sat, 14 June 2014
Standard and Poor’s lowers South Africa's long-term foreign currency credit rating Ratings agency Standard and Poor’s on Friday lowered South Africa's long-term foreign currency credit rating one notch, from BBB to BBB- minus. The agency says in a research update the downgrade reflects its expectation of lacklustre gross domestic product growth in South Africa, against a backdrop of relatively high current account deficits, rising general government debt, and the potential volatility and cost of ext... read more
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