Invicta reports strong interim results

Invicta Holdings, the investment management company of the Engineering Solutions Group (ESG), Capital Equipment Group (CEG) and Kian Ann Group (KAG) based in Singapore, has reported a strong set of results for the six months ended September 30. CEO Steven Joffe tells Engineering News that, despite the challenging market conditions during the period, including the global impact of the Covid-19 pandemic, local issues such as the July unrest and issues at the ports, the group was able to report excellent results owing to measures taken in the prior period to reduce overheads and debt.

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South Africa won’t be ‘short-changed’ in climate finance talks, Ramaphosa insists

President Cyril Ramaphosa says that government will not allow itself to be “short-changed” or lumped with conditions that will undermine its developmental objectives when negotiating the details of an $8.5-billion climate-finance package with developed countries over the coming months. Responding to questions in Parliament on the issue, including one posed by Economic Freedom Fighters leader Julius Malema, Ramaphosa said that South Africa’s negotiating stance would be premised on ensuring that the eventual transaction took account of South Africa’s social and economic challenges, while affirming “our right to develop our economy in a sustainable and inclusive manner”.

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Green economy will drive inclusive economic growth, social upliftment – Nedbank

Financial services company Nedbank on November 25 launched its revised corporate social investment (CSI) strategy, which will focus on the green economy elements of agriculture, water, energy and waste, in recognition that a green economy approach is a key enabler of economic growth, social upliftment and inclusivity, while protecting the country’s natural ecosystems, said Nedbank group market and corporate affairs group executive Khensani Nobanda. “Building a green economy is the only viable path to a resource-efficient, low-carbon and pro-employment future for our country, and our commitment to the green economy as the anchor for our strategy is one of the key ways we can contribute to the realisation of this goal and the economy’s sustainability and effectiveness,” she added.

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Cape Town’s V&A to get new desalination plant for water needs

Cape Town’s V&A Waterfront is set to get a new desalination plant to ensure a fresh water supply at the tourism hotspot during any future crisis affecting South Africa’s second-largest city. Growthpoint Properties Ltd., the country’s biggest listed real estate firm, received approval for the 3.3-megalitre facility and construction will begin in the first quarter of next year, according to a statement on Thursday. The project should be complete by 2024, the Johannesburg-based company said.

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Civil unrest gnaws on Stefanutti’s interim profitability

JSE-listed construction group Stefanutti Stocks says its results for the six months ended August 31 was negatively affected by civil unrest earlier in the year at the group’s coastal and inland operations, resulting in damages and delays to 17 projects.

The direct financial impact of this was R8-million for which the company is assessing possible claims.

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Ramaphosa to chair inter-Ministerial committee to oversee R131bn just transition offer

President Cyril Ramaphosa will chair an inter-Ministerial committee that is being established to coordinate further work on the country’s just transition plan, as well as the R131-billion climate-finance offer made to South Africa at the recent COP26 climate gathering. Following a briefing on the outcomes of the Glasgow summit by Forestry, Fisheries and the Environment Minister Barbara Creecy this week, Cabinet welcomed what it described as the “historic Just Transition Partnership” established with France, Germany, the UK, the US and the European Union, which was announced at COP26.

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Accelerate still feeling Covid-19 restriction pinch

Despite increased economic activity following the easing of hard and adjusted lockdown restrictions, adjusted Level 4 restrictions still impacted on restaurant sales, entertainment and liquor trade during the six months to September 30, JSE-listed Accelerate Property Fund said on November 24. However, the group’s nodal strategy and specifically positive trading at its community centres buoyed performance during the period under review.

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Study identifies green iron and bunker fuel as key initial domestic markets for green hydrogen

Developing green hydrogen export capacity at the ports of Saldanha Bay and Ngqura would have decarbonisation spinoffs for nearby hard-to-abate sectors, a new Council for Scientific and Industrial Research (CSIR) study shows. Produced as a follow-up to an earlier research report that assessed whether South Africa could be competitive in producing green hydrogen and derivative products for export to Europe and Japan, the new study homes in on the domestic offtake prospects at the two ports identified in the initial study as potential export hubs.

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Namibia may launch second green-hydrogen bidding process in early 2022

The Namibian government may release a second request for proposal (RFP) early next year for the development of another large-scale green-hydrogen complex, having announced a preferred bidder for the first such project in early November. Presidential Economic Adviser James Mnyupe told delegates to the virtual Africa Green Hydrogen Forum on November 23 that Namibia may make an announcement on the new RFP at the World Economic Forum, scheduled to take place in Davos, Switzerland, from January 17 to 21.

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PPC delivers strong interim performance following repositioning efforts

Building materials and solutions provider PPC delivered a solid performance for the six months ended September 30 against generally challenging conditions, supported by the significant progress made in achieving the company’s strategic objectives which saw it capture volume growth, improve cost competitiveness and generate strong cash flows, CEO Roland van Wijnen has told Engineering News. He lists the challenges as the slow vaccine rollout and uptake in some regions, although this was now improving; and difficult economic conditions as a result of the pandemic, which was also improving.

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