South Africa

A consortium led by Public Storage abandons its $1.4 billion pursuit of Abacus Storage in Australia

Abacus Storage, based in Australia, announced on Tuesday that the consortium led by Nathan Kirsh (a South African billionaire) and Public Storage of the United States had withdrawn their A$2,17 billion ($1.41billion) bid for its firm. Abacus' independent board committee received notification overnight that the consortium withdrawn its offer. The firm didn't give any explanation for the consortium's decision to withdraw. The consortium offered Abacus shareholders A$1.47 for each stapled security, and all shares that were not held by Ki Corp or its subsidiaries. Abacus rejected the offer in May citing concerns about timing, valuation and deal completion. The consortium
Transport Infrastructure

South African tax authorities provide jet fuel to airports
ArcelorMittal South Africa announces plans to close long-staple steel plants by September

ArcelorMittal South Africa announced on Thursday that it will still close its long-losing steel operations by September as discussions with the government failed to provide a solution. Steelmaker reported a headline loss for the first half of the year of 1.014 billion Rand ($56.4m), a little less than its previous loss report, which was 1.1 billion Rand. This is due to low sales and prices that have remained constant. Due to the weak demand in South Africa, its revenue dropped 17% to 17 milliards rand. Sales volumes also declined 11% at 1.05 million metric tonnes. ArcelorMittal South Africa, which originally
Transportation

S.African Transnet receives new government guarantees worth more than $5 billion
Kumba's iron-ore sales are up 3% thanks to improved rail and port services

Kumba Iron Ore reported that its mineral sales in South Africa increased by 3% over the first six months of this year. This helped offset the inflation-related increases due to an improvement in rail freight operations and port operations. Anglo American's unit released a trading update on the 29th of July, ahead of its release of half-year results. The company said that its sales during the six months ending June 30 had increased from 18.1 millions metric tonnes in the same period of last year. Kumba, Africa’s largest iron ore mining company, expects its headline earnings in the first six
Transport Infrastructure

Abacus Storage Kings, Australia's Abacus storage King, gets a sweetened bid of $1.43 billion

Abacus Storage Kings in Australia said that it had received an improved non-binding bid from a group of Ki Corporation and U.S. listed Public Storage, valuing the company at A$2,17 billion ($1.43billion), up from its previous offer of A$1.93billion. The consortium, which included South African billionaire Nathan Kirsh’s family office Ki Corporation as well as U.S. based Public Storage, raised its offer from A$1.47 per share to A$1.65 after Abacus had rejected the previous bid in mid-May. Abacus’ independent board committee has said that it will give the consortium six-weeks of due diligence in order to determine if an agreement
South Africa accepts a World Bank loan of $1.5 billion to upgrade infrastructure

Transport Infrastructure

Businesses sell in Russia

Many Western companies sold their Russian assets to comply with the sanctions imposed over the conflict in Ukraine, and to respond to the Kremlin's threats that it could seize foreign assets. The following companies have sold their business in Russia. They are grouped by sector. Continental sold its Russian tire plant to holding company S8 Capital by May 2023. Renault sold Avtovaz's majority stake to the Russian government in 2022. The price was reportedly only one rouble, but there was a six-year buyback option. Volkswagen sold its Kaluga production facility and local subsidiaries to Volkswagen in May 2023. Banks &...

Transport Infrastructure

Companies sell their services in Russia

Lots of Western business have actually sold their Russian assets or handed them over to local supervisors to adhere to sanctions over the war in Ukraine and respond to threats from the Kremlin that it may seize foreignowned possessions. Below are some business that have offered their organizations in Russia, divided by sector: AUTOS Continental sold its Russian tyre plant to holding company S8 Capital in May 2023. Renault offered its bulk stake in Avtovaz to the Russian state in 2022, reportedly for just one rouble however with a six-year choice to buy it back. Volkswagen finished the sale of...

Integrated Logistics

After the post-election unrest, Maputo's port volume has declined.

The port operator reported that Maputo's biggest port saw a 1% drop in volume in 2024, mainly because of post-election protests which forced the closure of borders and roadblockages. After a disputed vote on Oct. 9, Daniel Chapo's Frelimo Party, which has been ruling Mozambique in its current form since 1975, won the election by a narrow margin, protests by the opposition erupted across this southeast African nation. More than 300 people have died in the unrest after a crackdown carried out by security forces. Maputo Port Development Company's (MPDC) statement said that the port volume for 2024 fell to...

Transport Infrastructure

S.Africa coal miner Thungela names De Beers' Madondo as new CEO

Thungela Resources has selected De Beers executive Moses Madondo to replace July Ndlovu, who is retiring from Aug. 1, the South African thermal coal exporter stated on Tuesday. Thungela said in a statement Madondo is taking over from Ndlovu, who will reach the age of 60 years in July and has to step down according to the company's retirement policy. Ndlovu, an engineer, has been at the helm of Thungela, which mines coal burned in power stations, given that it was spun off from Anglo American in 2021. Prior to that he had headed the Anglo coal department. He steps...

Transport Infrastructure

South Africa's Transnet half-year loss broadens to $117 mln

South African stateowned logistics group Transnet on Tuesday reported a broader loss of 2.2 billion rand ($ 117.48 million) in the 6 months to Sept. 30 on higher expenses and functional difficulties. Transnet made a loss of 1.6 billion rand during the same period last year. The debt-saddled business has actually struggled to provide appropriate freight rail and port services for years due to devices lacks and maintenance stockpiles. Chronic underperformance has actually suppressed exports of key products such as coal and iron ore, crimping economic growth in Africa's many industrialised nation. The logistics firm said its income rose 6%...

Transport Infrastructure

Pepperell birdie blitz earns preliminary lead at Mauritius Open

England's Eddie Pepperell birdied 4 of his last 5 holes to post a 6 underpar 66 for a one stroke lead after the first round of the DP World Tour's Mauritius Open at Mont Choisy Le Golf on Thursday. Pepperell, 33, who has two previous wins on trip, both in 2018, soared the leaderboard with his birdie burst and overtook Dane Jacob Skov Olesen, who carded 3 birdies and an eagle in a bogey-free 67. After bogeying the second hole I was fretted it was going to be among those Thursdays again, Pepperell stated. However I turned it around truly...

Transport Infrastructure

Norris wins at Leopard Creek to take 2nd DP World Tour title

Shaun Norris of South Africa won the Alfred Dunhill Golf Champion at Leopard Creek Nation Club on Sunday after a finalround 67 provided him a 13underpar overall of 275 and a oneshot victory. It was a second win in the DP World Trip for the 42-year-old, who started with an eagle at the 2nd and got rid of a double bogey on the seventh to take an early clubhouse lead. Norris started the day 6 off the lead but saw as his challengers fell short on the final holes. Englishman John Parry, Ryan van Velzen from South Africa and over...

Transport Infrastructure

Norris wins at Leopard Creek to take 2nd DP World Tour title

Kinhult opens three-shot lead at Alfred Dunhill Championship

Sweden's Marcus Kinhult carded a 68 in his second round to open a threeshot lead at the middle of the DP World Tour's Alfred Dunhill Championship dipped into a blistering Leopard Creek Country Club on Friday. Kinhult, 28, sunk 7 birdies but also carded three bogeys as he moved to 11 under-par for the competition, opening some daytime in between himself and a trio of gamers on 8 under-par-- South African Dean Burmester (67 ), Dale Whitnell (67) from England and Italian Andrea Pavan (69 ). Kinhult is hunting a 2nd win on the European circuit, his first coming at...

Pilots strike at South African Airways ends, broadcaster eNCA reports

Pilots at South African Airways agreed on Saturday to end a strike that had actually caused the cancellation of nearly half the carrier's flights on its very first day, broadcaster eNCA reported. The provider reached an agreement with SAA Pilots Association and National Transportation Motion to suspend the strike, according to eNCA, two days after pilots went on strike following a. deadlock in pay talks. South African Airways did not right away react to a. ask for comment outside regular company hours. The unions. might not be instantly reached. Talks in between the unions and the airline on improving. working...

South African Airways cancels some flights as pilots go on strike

South African Airways said it had actually cancelled flights to Perth and Sao Paulo on Thursday after receiving confirmation from the SAA Pilots Association that they planned to strike following a deadlock in pay talks. The company decided to cancel the Perth and Sao Paulo paths last night after being told the strike prepared for Thursday would proceed, Khaya Buthelezi, the airline company's senior supervisor of business relations, told Reuters. That's the choice we took last night given that we could not find partner airlines that we can move our clients to, it ended up being clear that those two...

Golf-McIlroy wins DP World Tour Champion and sixth Race to Dubai title

World number 3 Rory McIlroy ended the season on a high by winning the DP World Tour Championship in Dubai on Sunday, two strokes ahead of Rasmus Hojgaard, to seal his 6th Race to Dubai title. The 35-year-old Northern Irishman carded a 69 in the final round at the Jumeirah Golf Estates to finish on 15 under par after two birdies in the final 3 holes saw off the challenge of Denmark's Hojgaard. McIlroy equalled the six titles won by the late Seve Ballesteros in the European Tour's season-long Race to Dubai, formerly called the Order of Merit. Scotland's Colin...

McIlroy wins DP World Tour Championship and sixth Race to Dubai title

World number three Rory McIlroy ended the season on a high by winning the DP World Tour Championship in Dubai on Sunday, 2 strokes ahead of Rasmus Hojgaard, to seal his sixth Race to Dubai title. The 35-year-old Northern Irishman carded a 69 in the final round at the Jumeirah Golf Estates to complete on 15 under par after 2 birdies in the last 3 holes saw off the obstacle of Denmark's Hojgaard. McIlroy equalled the six titles won by Seve Ballesteros in the European Tour's season-long Race to Dubai, previously called the Order of Benefit. Scotland's Colin Montgomerie holds...

Passenger Transportation Services

Mali's Barrick hardball talks are being driven by two former Barrick employees

According to sources familiar with the discussions, two former Barrick Gold executives who have inside information about the Canadian miner's operations in West Africa help drive Mali's demand for a payment from the Canadian company of approximately $200 million. Mamou and Samba Toure were both employed by Randgold in Mali, now part of Barrick, which is a mining firm. Mali's military government, which seized in December three metric tonnes of gold worth approximately $245 million from Barrick, has given miners until Saturday midnight to respond to their demands. According to a source with knowledge of the situation, it wants Barrick...