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UN council urges Egypt, Ethiopia, Sudan to restart dam talks

The UN Security Council on Wednesday urged Egypt, Ethiopia, and Sudan to resume African Union-led talks to reach a binding deal “within a reasonable timeframe” over the operation of a giant hydropower dam on the Blue Nile in Ethiopia. Egypt and Sudan had both called on the council to help resolve the dispute after Ethiopia began filling the reservoir behind its Grand Ethiopian Renaissance Dam (GERD) in July for a second year. Ethiopia is opposed to any council involvement.

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Growthpoint achieves revenue growth but lower distributable income

JSE-listed Growthpoint Properties’ distributable income, on a per share basis, declined by 19.1% to 148.1c for the financial year ended June 30, mainly as a result of 408-million new shares having been issued in an oversubscribed equity raise of R4.3-billion in November last year. During the same period, Growthpoint delivered 6.2% growth in revenue and R5.1-billion in distributable income.

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EPP swings to profit in H1

JSE-listed real estate investment trust (Reit) EPP has managed to grow its distributable earnings a share for the six months ended June 30 by 54% year-on-year to €0.0366.

During the six months, it also added four retail parks to its portfolio.

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Opinion: Steel Master Plan needs refining if it is to help revive downstream industry

In this opinion article, Duferco MD Ludovico Sanges argues that the Steel Master Plan is a good start, but that certain key issues still need to be addressed if the embattled downstream steel industry is to be revived.

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Hyprop advances strategy during the year

JSE-listed real estate investment trust Hyprop Investments says it has made good progress in executing its strategy for the year ended June 30. It has moved ahead on all its priorities, including strengthening the balance sheet, advancing the implementation of its non-tangible strategy with the successful opening of the SOKO District at Rosebank Mall and repositioning its South African portfolio by rolling out its “Golden Thread”.

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John Deere adds more models to its construction equipment offering

Since original-equipment manufacturer John Deere announced its expansion into the sub-Saharan African market with its construction equipment in March, it has added nine more machines to its portfolio.

Among these additions is a 310L backhoe, which runs a 63 kW engine and has a four-speed PowerShift transmission, as well as digging capability of 4.2 m, a loading height of 3.1 m and a bucket capacity of 0.96 m3.

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Net-zero goal could be new ‘shared vision that binds’ South Africa

A just transition towards net-zero carbon emissions by 2050 offers significant opportunities for a new growth path built on green industrialisation and could provide the anchor for a new “shared vision that binds us”, former Deputy Finance Minister and State Capture whistle-blower Mcebisi Jonas contends. Delivering a keynote address during a virtual meeting of the Presidential Climate Commission (PCC), Jonas argued that the just transition was not merely about reducing carbon emissions but also about placing the country on a new green industrialisation path to simultaneously address growth, jobs and transformation.

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Eastern Cape govt embarks on tourism economic recovery activities

The six-day hiking trail from Coffee Bay to Port St Johns, in the Eastern Cape, that is under construction forms part of the economic recovery efforts of the province’s tourism sector. MEC of Finance, Economic Development, Environmental Affairs and Tourism Mlungisi Mvoko made the announcement during the launch of Tourism Month at the Cradox Four garden of remembrance last week.

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Attacq withholds dividend for the sake of Waterfall City development

JSE-listed real estate investment trust (Reit) Attacq has reported strong distributable income growth from its South African operations for the financial year ended June 30

However, group distributable income decreased by 35.9% year-on-year to 46.8c a share.

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Building confidence remains under pressure

Financial services firm First National Bank (FNB) and the Bureau of Economic Research Building Confidence Index declined to 35 points in the third quarter of the year from 39 points in the second quarter, indicating that 65% of respondents are dissatisfied with prevailing business conditions. Further, while the composite index remains higher than the average of the past few years, the index, excluding the hardware retail and building material manufacturing sector, measuring the confidence in the core building sector, fell to 20 from 25 in the second quarter.

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