Transnet CEO Siyabonga Gama says that the freight logistics group is investigating every allegation of possible corruption in relation to the State-owned group's procurement programmes, revealing that scope of its inquiries extends beyond the R50-billion locomotive contract, which is the subject of a board-led investigation by Werksmans Attorneys. Speaking on the sidelines of the Transnet Indaba, a stakeholder strategy consultation event, taking place at the company's Esselen Park Campus, in Gauteng, Gama stressed that most of the allegations related Transnet suppliers and their relationship with individuals and companies not directly contracted to supply Transnet. view more

State-owned freight logistics group Transnet has set a target of becoming a R100-billion company by March 2020, with its business interests in the rest of Africa expected to contribute materially to the increase in revenues. In 2016/17, Transnet reported a 5.3% rise in revenue to R65.5-billion. Addressing stakeholders at the 'Transnet Indaba', which is taking place in Gauteng this week, CEO Siyabonga Gama said Africa's infrastructure bottlenecks, which were undermining intra-regional trade, represented a significant business opportunity for the South African group. view more

Following a year of transformation into a "pure-play industrial company", JSE-listed enX on Monday posted significant improvements in revenue, operating profit and adjusted earnings for the financial year to August 31, demonstrating the group's "true earnings potential" after it exited contract mining. Over the past year, the company has integrated several acquisitions and subsequently finalised its exit from eXtract in a move aimed at "dusting the industrial businesses off" and starting to build a solid record in the industrial sector. view more

The Automobile Association of South Africa (AA) has released its second yearly Entry-level Vehicle Safety Report.   The report considers the safety features of 25 vehicles available in South Africa, priced under R160 000. This is R10 000 (6.7%) more than the vehicles considered last year, to account for inflation. The 25 vehicles were evaluated against the number of active safety features they have (anti-lock braking systems, electronic stability control), and passive safety features (airbags). The vehicles were then categorised into three groups based on their safety ratings according to the AA survey. view more

The Democratic Alliance (DA) will keep a close watch for any developments on the proposed R1-trillion nuclear build deal and will not hesitate to go to court to interdict it if the process is tainted, the party said on Sunday. "The allegations in the media [on Sunday] regarding the high-level Russian delegation who met with President Jacob Zuma shortly before the second cabinet reshuffle in seven months which saw David Mahlobo appointed as energy minister, ostensibly to push through the nuclear deal in favour of the Russians, are startling to say the least," DA spokesperson Gordon Mackay said. view more

Democratic Alliance (DA) leader Mmusi Maimane, said on Monday that government could not afford to "throw billions" of rand at the loss-making national carrier, South African Airways (SAA), while four children a day die of starvation in the country. "Why keep subsidising the comparatively wealthy who can afford to fly, at the expense of the very poor and the unemployed? Why do we have to keep saving SAA? No one in government can answer this. We are propping up the failing SAA because it's just another great place for cadres and cronies to make lots of money," Maimane said. view more

South Africa is not necessarily in a crisis, according to Lesiba Mothata, executive chief economist at Alexander Forbes Investments. He based his view on a comparison to other emerging market examples of banks failing systematically, crises of the outright loss of fiscal policy and "Hungarian style" pension savings raids. That is why he takes the view of the "glass half full and not half empty" for South Africa. view more

All eyes will be fixed on South African Finance Minister Malusi Gigaba this week when he delivers his first Medium-Term Budget Policy Statement (MTBPS) amid concerns about the fiscal challenges, widespread perceptions of government corruption and wasteful expenditure. Gigaba, who took over the reigns of National Treasury following the controversial firing of Pravin Gordhan in April, will have his work cut out as he sets out the fiscal policy objectives and spending priorities over the three-year expenditure period. view more

The Liberated Metalworkers Union of South Africa's (Limusa) strike at Toyota Tsusho Africa in Durban, entered its fourth day on Monday. Limusa, an affiliate of the Congress of SA Trade Unions (Cosatu), said that the protected industrial action was as a result of the company's refusal to grant the union organisational rights as required by the Labour Relations Act. The strike began last week Wednesday. view more

JSE-listed Pioneer Foods on Monday warned shareholders its earnings for the year ended September 30, had likely halved. In a trading update, the company said its headline earnings a share for the full-year would be between R3.98 and R4.70, compared with R9.04 in the prior financial year. "Revenue decreased by between 4% and 6% from the R20.6-billion in the comparative period, owing to deflation, volume declines and resistance to price increases," the company said. view more

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