Peroshni's Feed
Aug 20, 2015

S.Africa’s Exxaro H1 earnings tumble, to diversify sales

JOHANNESBURG, Aug 20 (Reuters) – South African coal miner
Exxaro reported 62 percent fall in half-year earnings
on Thursday and said it would look to diversify local sales in
the face of a global glut that threatens to further hurt
profits.

Diluted headline earnings per share fell to 303 cents from
790 cents a year earlier. It had warned in May that it expected
a fall of at least 20 percent.

Aug 19, 2015

South African justice minister blocks Pistorius parole

JOHANNESBURG (Reuters) – Oscar Pistorius will not be freed on parole this Friday because the decision to do so was made without the right legal basis, South Africa’s justice minister said on Wednesday, shocking the athlete’s family as they prepared for his homecoming.

The former Paralympics gold medalist had been expected to be released after serving 10 months of a five-year sentence for killing his model and law graduate girlfriend Reeva Steenkamp on Valentine’s Day 2013.

Aug 18, 2015

South Africa justice minister says seeking legal advice on Pistorius parole

JOHANNESBURG (Reuters) – South Africa’s justice minister said on Tuesday he was seeking legal advice on whether its parole board was right to decide to free Oscar Pistorius on house arrest on Friday after serving a sixth of his five-year sentence for killing his girlfriend.

“Whether that decision of the parole board was regular and correct in law is what I am seeking advice about, and if it wasn’t, whether there is anything that empowers me in law to have the matter revisited,” Justice Minister Michael Masutha told Reuters.

Aug 18, 2015

Glencore says may close Eland platinum mine in S.Africa

JOHANNESBURG, Aug 18 (Reuters) – Miner and commodity trader
Glencore is considering closing its Eland platinum mine
in South Africa due to falling prices, it said on Tuesday.

“Glencore has informed the Department of Mineral Resources
and relevant unions of the potential closures,” the company said
in a statement, adding that it had also begun discussions with
trade unions about possible job losses.

Aug 13, 2015

African utilities say end to power cuts a decade away

JOHANNESBURG, Aug 13 (Reuters) – Power cuts in 15
Sub-Saharan African countries could become an “exception” rather
than a norm in 10 years time, with private capital expected to
play an increasingly bigger role, PricewaterhouseCoopers (PwC)
said in a survey on Thursday.

Africa’s installed power generation capacity is expected to
quadruple to 380 gigawatts (GW) in 2040 from 90 GW in 2012,
boosted by private investment, green energy initiatives and
cross border energy trade, the survey showed.

Aug 12, 2015

S.Africa’s biggest coal sector union declares dispute as wage talks stall

JOHANNESBURG, Aug 12 (Reuters) – Wage negotiations between
workers in South Africa’s coal sector and the employers’ body,
the Chamber of Mines, were deadlocked late on Wednesday and will
now go to mediation.

“The employer came back with nothing after we rejected their
offer. We have declared a dispute and will go through a
mediation process,” Peter Bailey, the coordinator for National
Union of Mineworkers told Reuters.

Aug 11, 2015

South Africa’s power utility Eskom to borrow $1.6 bln

JOHANNESBURG, Aug 11 (Reuters) – South Africa’s
cash-strapped power utility Eskom said it plans to
borrow more than 20 billion rand ($1.6 billion) from the
domestic market and international bonds and would renegotiate
coal contracts to cut costs.

Eskom has already raised 49.5 billion rand in external
funds, easing liquidity pressures, Chief Executive Brian Molefe
said in a results presentation on Tuesday.

Aug 5, 2015

S.African coal workers reject employers’ pay offer

JOHANNESBURG, Aug 5 (Reuters) – Unions representing workers
at South African coal producers have dismissed a wage offer from
employers’ body, the Chamber of Mines and said negotiations were
“not making progress”, setting the stage for a potentially
prolonged dispute.

Workers want pay increases of up to 15 percent, while the
chamber – which represents firms such as Glencore,
Anglo American Coal and Exxaro – has offered a
three-year wage deal with pay raises of between 4 to 6.5
percent.

Aug 4, 2015

Judge throws out fraud case against S.African firebrand Malema

JOHANNESBURG, Aug 4 (Reuters) – A judge threw out corruption
charges against South African opposition firebrand Julius Malema
on Tuesday, a ruling hailed as a major victory by the vocal
critic of President Jacob Zuma.

Malema had been accused of money laundering, racketeering
and fraud relating to government contracts. But Judge George
Mothle said he had waited too long for his trial after a string
of postponements, telling him: “You are free to go.”

Jun 29, 2015

South African regulator rejects Eskom tariff hike request

PRETORIA, June 29 (Reuters) – South Africa’s energy
regulator rejected on Monday a request from cash-strapped
utility Eskom to raise tariffs, and the state-owned power
company said it would consult with the government on alternative
ways of funding.

Eskom, which provides virtually all of
South Africa’s electricity, is scrambling to repair its aging
power plants and grid, forcing it to impose almost daily power
cuts that are hurting economic growth.