Steel backlog won’t be solved by eliminating safeguard duties, AMSA avers

Steel producer ArcelorMittal South Africa (AMSA) has rebuffed increasingly vociferous calls for the elimination of safeguard duties to ease ongoing supply constraints and price increases in the domestic market. CEO Kobus Verster acknowledges that some backlogs, which began to emerge in late 2019 and became more acute once lockdowns were imposed in response to Covid-19, remain for some categories of steel, most notably flat-steel products.

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Brikor grows profits despite revenue decline

Building materials manufacturer and supplier Brikor increased its profit after tax to R12-million for the financial year ended February 28. That compares with the profit after tax of R1.5-million reported for the prior financial year.

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R419m student housing development for University of Fort Hare’s Alice campus now complete

With the completion of the 12-block, 1 440-bed Alice Student Village Phase 2 built over two years, the University of Fort Hare (UFH) has 6 049 available beds in Alice, in the Eastern Cape, which are enough to accommodate 70% of students on its Alice campus. The R419-million greenfield student housing development was unveiled by Higher Education, Science and Innovation Minister Dr Blade Nzimande on May 31.

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NamPower calls for bids for Anixas II power station’s construction

Namibian power utility Namibia Power Corporation (NamPower) has called for bids for the engineering, procurement and construction of the 50 MW Anixas II power station.

The power station will make use of dual-fuel technologies to be used in an internal combustion reciprocating engine plant.

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Obituary: Mario Pietromartire, a Southern African tunnelling pioneer

Mario Pietromartire, founder, and MD of Bomar Projects, passed away on 11th May 2021, aged 88. Born in Italy, he trained in the Italian military flying school before coming to South Africa to attend the State School of Mines. After a period in the gold mines, aged 36, he was appointed by JCI/Dipenta as underground manager at the Outlet section of the 83 km Orange-Fish project. Mario showed great leadership under the watchful eye of Commentatore Pasquale himself. Involving shallow cover …

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BLSA says property law changes threaten digital start-up investment

In a weekly Business Leadership South Africa newsletter, CEO Busi Mavuso has unpacked her apprehensions around the Expropriation Bill, as debates continue around amendments to the property rights legislation and the Constitution.

She says that was is most disconcerting is the fact the Bill explicitly defines property as “not limited to land”, meaning moveable and financial assets, as well as intellectual property, are up for grabs.

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Davies calls for a New Deal-style recovery strategy that eschews austerity

Former Trade and Industry Minister Dr Rob Davies is urging the South African government, in which he served as a Cabinet Minister from 2009 to 2019, to implement a New Deal-style recovery programme to address the economic damage arising from both Covid-19 and more than a decade of economic drift. Speaking during a recent virtual launch of his new book, Davies cautioned that a retreat to austerity could result in a long and politically destabilising period of stagnation. The recovery effort, he said, had to be of a scale commensurate with the economic damage inflicted by the pandemic to avoid widening inequality and a deepening of poverty.

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L2D reports on new customer count software, footfall recovery

JSE-listed Liberty Two Degrees (L2D) has noted signs of retail recovery, after the country moved back to Level 1 lockdown in March this year.

In a pre-close investor update issued on May 28, the real estate investment trust advised that higher footfall, maintained tenant occupancies, rental collections and turnover growth had supported a good operational performance so far.

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Cabinets for use in multiple industries

Electrical equipment and wire accessories company Legrand’s Atlantic stainless steel cabinets have been designed for safe use in corrosive conditions and in areas requiring a high level of hygiene. These enclosures are designed for maximum safety and the ordered arrangement and optimum protection of electrical components, such as terminal blocks, switches and sockets, fuse carriers, safety transformers and circuit breakers.

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Afreximbank, KZN sign MoU to partner on trade, investment opportunities

The African Export-Import Bank (Afreximbank) has entered into a memorandum of understanding (MoU) with the KwaZulu-Natal province to co-invest in opportunities to enhance development, trade and investment. As part of the MoU, Afreximbank will channel funding to finance certain infrastructure projects in the province.

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