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Updated: 7 hours 5 min ago

Transport Minister Asks Auditor-general to Investigate Alleged Tender Irregularities at PRASA

Mon, 08/03/2015 - 11:45

The Transport Ministry said that, Dipuo Peters, the Transport Minister of SA has asked the auditor-general to investigate allegations arising from financial and tender irregularities at the Passenger Rail Agency of SA (PRASA).

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Categories: UAE News

AMSA Looking for Lowering Its Iron Ore Cost With or Without Kumba

Mon, 08/03/2015 - 11:42

On Friday, the chief executive at ArcelorMittal South Africa (AMSA), Paul O'Flaherty, said that if Kumba Iron Ore does not consider lowering its prices, the steel producer might consider importing cheaper iron ore.

Kumba is the biggest iron ore producer of Africa and whether or not it agrees to the terms will be seen in the near future.

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Heineken’s First Half Results Surpasses Market Expectations Despite Slow Growth in Africa

Mon, 08/03/2015 - 11:39

Heineken NV, the Dutch brewer reported its first half earnings result that beat the market expectations. The third largest brewer in the world reported increased profits in all the markets except Africa. It also maintained its full year growth forecast although it's lesser than last year.

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If Benefit Agreement is Not Reached Verizon Union Workers May go on Strike

Sat, 08/01/2015 - 09:03

If Verizon cannot reach an agreement related to benefits with worker union negotiators by the end of Saturday, then the workers might go on a strike starting from Sunday.

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Brian Moynihan Wants to Continue with His Dual Role in Bank of America; Share holders Vote Likely

Sat, 08/01/2015 - 08:59

Brian Moynihan, the CEO and Chairman of Bank of America, is hoping that he could keep continuing with his current two roles.

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Second Quarter Airbus Profit Increases Owing to Higher Deliveries of Planes

Fri, 07/31/2015 - 09:15

In the second quarter, Airbus Group SE reported fifteen percent increase in its profits owing to higher delivery of civil airliners. That also included its A320 single-aisle model.

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El Nino Weather May Hit Sugar Crop Resulting in Rebound of Sugar Prices

Thu, 07/30/2015 - 11:26

Sugar crops all around the world may suffer from an El Nino changed weather pattern. This could simply mean that the global demand may surpass the supply in the forthcoming season speeding up the rebound sugar prices from a six and half year low witnessed in the previous month.

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Capital & Counties Properties Announce a Strong Half Yearly Result

Thu, 07/30/2015 - 11:20

Capital & Counties Properties, the property company of London said that it made a good start in the year with its two main assets, Earls Court and Covent Garden.

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Categories: UAE News

Barclays Africa Group Limited Announces Higher Earnings in the First Half of the Year

Thu, 07/30/2015 - 11:17

Barclays Africa Group Limited which is South African subsidiary of Barclays reported eleven percent increase in headline earnings for the half year that ended on30 June 2015.

The financial services provider said it firmly remains on track to carry on its three year strategic priorities and market commitments.

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Airbnb Launches in South Africa Plans to Accelerate Growth Rapidly

Wed, 07/29/2015 - 10:30

On Tuesday, Airbnb the hospitality company officially launched itself in South Africa announcing plans of accelerated growth in its biggest market in the entire continent.

Airbnb, is a fast growing community-driven hospitality business with its online marketplace allowing travelers to find people in different destinations who are willing to provide accommodation to the guests for a certain fee.

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Barclays Africa Half Yearly Profit Increases with Robust Cross-Border Business

Wed, 07/29/2015 - 10:28

Barclays Africa is the third largest lender in South Africa by value. On Wednesday, the company reported an eleven percent increase in its half-yearly profit s owing to a robust growth in its across the border business and also due to a drop in bad debt charges.

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In AdvTech’s AGM, Shareholders Reject R6billion Offer from Curro

Wed, 07/29/2015 - 10:27

On Tuesday, during the annual general meeting of Advtech , which is a private education group share holders revealed overwhelming support to the board's decision to reject a takeover bid from Curro Holdings.

However, two f the biggest shareholders of Advtech, Coronation Fund Managers and Kagiso Holdings, supported the deal offered by Curro deal but were outvoted.

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Union Sign Wage Increase Agreement with Village Main Reef

Tue, 07/28/2015 - 09:24

On Monday, National Union of Mineworkers (NUM) in South Africa said that it has signed a wage agreement for two-years with Village Main Reef, the gold producer.

NUM said in a statement that the as per the deal there will be R1 000 increase of in wages of all the underground employees where as the surface employees will get an increment of R800.

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Pick n Pay to Add 5 000 Jobs in South Africa in One Year

Tue, 07/28/2015 - 09:22

On Monday, Pick n Pay said that the retailer plans to open new stores in South Africa and will employ about five thousand people in one year.

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Vodacom CFO to Leave on Friday, Till Streichert will Replace Him

Tue, 07/28/2015 - 09:21

In an announcement, Vodacom said that it is appointing new Chief Financial Officer as the company's current CFO Ivan Dittrich, resigned in order to pursue personal business interests. He will leave his office on Friday and Till Streichert, will take over the position. He was the finance executive of the company's South African operations according to the group.

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MTN CEO Ready to Take the Telecom Company Forward

Mon, 07/27/2015 - 10:09

MTN SA, the South Africa telecom company's new CEO Mteto Nyati said, his priorities now include increasing the revenue and improving the customer services as the multinational mobile telecommunications company recovers from a severe strike.

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South African Rand Hit Fourteen Year Low Against the U.S Dollar

Mon, 07/27/2015 - 10:06

On Friday, the rand dropped to its fourteen year low against the US dollar. It resulted from a wider sell off of the emerging market currencies due to tumbling commodity prices and concerns over the slowdown in China's economic activities.

The rand dropped greater than 1.5 percent to R12.68 to the U.S dollar. It is lowest since the 2001 December crash when it had touched R13.85/$.

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Anglo American Plans to Trim Its Total Workforce by One Third by Next Year End

Mon, 07/27/2015 - 10:04

In a cost cutting spree, Anglo American plans to cut down 54,000 jobs and sell fifteen of its mines. It will also trim six thousand office jobs by the next year's end. All this is an effort made to cope up with the weak commodity market globally.

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Popularity of Professional Gaming on the Rise So Is the Risk of Drug Use

Sun, 07/26/2015 - 07:18

e-Sports is becoming extremely popular and competitive video game tournaments are on the rise. In the last ten years their popularity has grown vastly in commercial parlance and also prevalence.

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First Ever ‘Malaria Vaccine’ Gets approval from European Drug Regulators

Sun, 07/26/2015 - 07:16

Malaria, the life threatening disease mostly affecting people in African and Asian countries just might become less threatening.

The drug regulators in Europe have approved the very first malaria vaccine in the world. Reportedly, 'Mosquirix', as the vaccine is called has been developed by GlaxoSmithKline.

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Categories: UAE News

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