Southern Africa

Transnet, South Africa's container terminal operator, signss agreement with ICTSI for upgrade of main container terminal

South African state logistics group Transnet signed a 25-year ?deal with Philippines-headquartered terminal operator ICTSI ?on Wednesday to upgrade the ?African ?country's busiest container terminal in Durban. The government plans to use the concession agreement as a way to deal with Transnet's chronic performance problems, which have stifled Africa's largest economy's exports. Transnet announced in a'statement' that the development and upgrade of Durban Container Terminal Pier 2 (which handles over 40% of South -African container volumes) will begin in January next year when ICTSI takes over operations. The introduction of new technology and equipment is expected to increase Pier 2's
Southern Africa

South Africa issues first infrastructure bonds to raise $693 million
EM stocks are on the rise as investors balance Fed hopes and Ukraine risks

Investors were cautious as they assessed the shifting risk appetite in the global market and a series of Ukraine-related events. The MSCI emerging market equity index was up by 0.2%, while the currencies index was not much changed. Geopolitical turmoil has kept investors on edge, even though December is usually a calmer month. The markets have been hoping that the Federal Reserve will support momentum by lowering rates. However, the lack of progress in the efforts to end Russia-Ukraine conflict has limited gains. Ukraine's bonds denominated in dollars were stable on Thursday. Ukraine has struck the Druzhba pipeline in Russia's
Transport Infrastructure

Traxtion invests $199 Million in new trains as part of South African rail reform
French Development Agency lends 300 million euros to South Africa's Transnet

The French development agency has agreed that the state-owned South African logistics group Transnet will receive a loan of 300 million euros ($345.78 millions) for clean energy initiatives. Transnet is responsible for managing the rail freight network, ports and pipelines of Africa's largest economy. After years of underperformance, the South African government has been trying to revive the company. This has stifled commodity exports such as iron ore and coal. However, turnaround efforts are just beginning to bear fruit. Transnet and AFD announced in a Tuesday joint statement that loan disbursements will be linked to progress made on sustainability goals,
Asia

EU Naval Force takes control of the dhow used by pirates in Somalia

An EU naval mission has taken over control of a dhow flying the Iranian flag that pirates used last week in an attack on an oil tanker off Somalia's coast and abandoned. Recent attacks by Somali pirates on ships off the Horn of Africa have rekindled fears about the safety of shipping routes that carry vital energy and goods into global markets. Operation Atalanta - the EU's naval force - said that the crew of the dhow were safe and in good health. It added that they worked with Somali authorities to find the pirates. The Indian Navy warship and
Citrus exports to South Africa reach record levels, but farmers worry about US tariffs

Transport Infrastructure

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...

Freight Logistics

South Africa will issue a request for proposals in August for private sector rail investment

The Transport Minister stated on Sunday that the South African government and Transnet, a state-owned logistics company, are exploring new ways to encourage private investment into the country's failing freight rail network. Transnet struggles to provide adequate rail freight and port services due to equipment shortages, maintenance backlogs and rampant cable theft. In a televised address, Transport Minister Barbara Creecy stated that the limited availability of resources from the state to fund infrastructure and to deal with backlogs have intensified these challenges. This has severely restricted state-owned entity's ability to fulfill their mandates. She said that the RFI is focused...

Transport Infrastructure

Golf-Whitnell sinks 2 hole-in-1s in the second round of S.African Open

After making two holes-in one at the DP World Tour South African Open held at the Durban Country Club, Englishman Dale Whitnell will likely toast his success in the clubhouse. Whitnell, who had never achieved a hole in one in tournament play before, aced both the second and the 12th holes in his second round. Both par threes. His rollercoaster round of 63 leaves him with nine under par for the tournament. He is five shots behind the clubhouse leader Shaun Norris (64), from South Africa. The play was suspended on Friday evening due to poor lighting. Several players were...

Transport Infrastructure

Whitnell makes two hole-in ones in the second round of SA Open

After making two holes-in one at the DP World Tour South African Open, held at the Durban Country Club in Durban on Friday, Englishman Dale Whitnell could toast his good luck with a few expensive round at the clubhouse. Whitnell, who had never achieved a hole in one in tournament play before, aced both the second and 12th holes in his second round. Both par threes. His rollercoaster 63 puts him at nine under par for the tournament. He is five shots behind South African Shaun Norris (64), the leader in the clubhouse. Whitnell became the second player on tour...

Transport Infrastructure

First round of SA Open weather-affected by a trio

After bad lighting cut short Thursday's opening day of the DP World Tour South African Open, Fredrik From, Sam Bairstow, and Darren Fichardt shared the lead with seven under par. Fichardt had yet to complete his round. The course was covered in huge puddles on Wednesday, and the start of first round was three hours delayed. This left a number of golfers with a lot of time to finish their rounds. From had two eagles on his 65. Both were par fives. Bairstow, on the other hand, managed eight birdies. His round was only marred by a missed shot on...

Transport Infrastructure

Parry leads Kenya Open with 65 shots.

John Parry of England carded a bogey free 65 on Friday, giving him a tournament score 14 under par and a one-shot lead after the second round at the DP World Tour Kenya Open held at the Muthaiga Golf Club. Parry is the only player to have not dropped a shot since the start of the tournament. His 63 on the Thursday was a superb score. Hebert from France, who had a 66 during his second round, leads the leaderboard halfway through the event. South African Jayden Schper (69), who is currently in third place, is five shots behind Parry...

Transport Infrastructure

Parry leads Kenya Open with 65 shots.

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...

DP World and Anglo American seek to expand operations in Peru, states government

Dubai's DP World and worldwide miner Anglo American are wanting to expand their operations in Peru, the federal government stated on Wednesday, including that DP World had suggested it could invest $1 billion. Port and logistics company DP World would use the funds to expand its port infrastructure in the Andean nation, the governmental workplace stated in a message on X, including that would increase agro-exports and employment, along with reinforce Peru's. position as the region's logistics hub. The financial investment announcement was made by the CEO of DP World,. Sultan Ahmed bin Sulayem, after a conference with Peruvian. President...

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...

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...

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%...

Passenger Transportation Services

Namib Minerals to invest $300 million in restarting Zimbabwe mines

Ibrahima Tall, the chief executive of Namib Minerals, said on Tuesday that it plans to invest $300 million in order to restart two of its gold mines which were mothballed in Zimbabwe. Namib Minerals is the owner of three gold mines, including How Mine, currently in operation. Tall said that the funds will be used to restart production at the Mazowe and Redwing mining operations, which were halted due to economic conditions in 2018 and 2019. Namib Minerals debuted in the Nasdaq market on June 1. It was formed by merging assets owned by Metallon Corporation with Red Rock Acquisition...