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De Beers, Botswana extend diamond sales deal by a year

De Beers Group said on Wednesday that it had agreed with the government of Botswana to extend by one year an agreement for the sale of rough diamonds from their joint venture, Debswana.

jun 30 2022 3:52pm
business News : Mixed
PGA and European tours unveil 13-year joint venture

The PGA Tour and European Tour announced a 13-year operational joint venture on Tuesday, uniting in a tighter alliance to combat the new Saudi-backed LIV Golf Series.

jun 29 2022 11:33am
sports News : Golf
PGA and European tours unveil 13-year joint venture

The PGA Tour and European Tour announced a 13-year operational joint venture on Tuesday, uniting in a tighter alliance to combat the new Saudi-backed LIV Golf Series.

jun 29 2022 11:33am
sports News : Golf
Sony and Honda sign joint venture to sell EVs by 2025

Japan's Sony and Honda on Thursday officially agreed to an equally owned joint venture that will start selling electric cars in 2025.

jun 17 2022 4:35pm
mixed News : Mixed
IPL cricket media rights sold to global media giants for the next five seasons

Star, owned by US behemoth Disney, bought the TV rights while Viacom18 - a joint venture between Indian tycoon Mukesh Ambani's Reliance and US group Paramount Global - picked up the streaming rights, the Board of Control for Cricket in India (BCCI) said.

jun 16 2022 7:34pm
sports News : Mixed
Mercedes-Geely Smart venture said to seek up to $1bn

Smart Automobile Co, a joint venture between Germany's Mercedes-Benz and China's biggest private carmaker Zhejiang Geely Holding Group Co, is considering raising funds as part of its plans to revive the iconic minicar as an all-electric brand, according to people familiar with the matter.

jun 2 2022 10:52pm
mixed News : Mixed
China greenlights Audi-FAW's $3.3bn EV venture

Volkswagen's Audi and its Chinese state-owned partner FAW Group have received approval from Chinese authorities to start construction on their $3.3bn (roughly R49.9bn) electric vehicle joint venture plant, according to a government notice.

jun 2 2022 10:52pm
mixed News : Mixed
Allianz Signs joint Venture With Sanlam

jun 2 2022 10:52pm
mixed News : News
Call to ban the export of scrap metal

Minister of Transport, Fikile Mbalula, has called for a ban on the export of scrap metal as the theft and vandalism of critical rail infrastructure sabotage the countrys economy. We are unequivocal in our call to ban the export of scrap metal and will support any measure that will bring us closer to this reality, the Minister said on Monday. Addressing a media briefing on the White Paper on the National Rail Policy in Pretoria on Monday, he said taking this step will reinforce governments interventions aimed at protecting public assets and making the theft of cables and other metals less lucrative. The criminality behind the rampant theft and vandalism of railway infrastructure that has stripped bare our stations and rail network requires extraordinary interventions that go beyond merely stepping up security. We must eliminate this perverse incentive by banning the export of scrap metal and therefore limit the market that aids this criminality. The corporate sector must come to the party and bolster our efforts to deal a decisive blow to this criminality that is enabled by scrap dealers buying stolen scrap metal, Mbalula said. National Rail Policy to support economic recovery efforts The Minister said the National Rail Policy is critical for fast tracking the implementation of priority structural reforms in the economy to support economic recovery. The key policy position on the introduction of third-party access on the rail network is one of the key thrusts to drive efficiencies and improve competitiveness. The National Rail Policy will guide the building of the local industry capacity thereby boosting the manufacturing capacity and localisation. Government will ensure that industrialisation and the local production of steel and other inputs, rail lines and supplies, and rolling stock is promoted through policies that will require state and private operators to procure all supplies from South African-based manufacturers, the Minister said. The policy also encourages the entry of black, female and young industrialists as local manufacturers, including through manufacturing joint ventures. The Minister said a localisation strategy will be used to develop the industrial base for an active export strategy, particularly to other African countries. This will also support the Steel Master Plan of government. The department working with the Department of Trade, Industry and Competition (the dtic) will set up a joint committee to develop the strategy and will engage the private sector on investment plans required to unlock opportunities in the sector. Rolling stock as a key pillar to railway operations will be an integral part of this approach. Government supports the provision of own rolling stock by freight and passenger train operators as an additional funding source in kind, to close the gap between existing funding sources and overall funding requirements, as well as the provision of extra capacity by private sector rolling stock leasing companies. Train operators and State-Owned Enterprises (SOEs) can lease their rolling stock to any other party and to encourage new entrants in the market. With regard the role of Private Sector Participation in railways, the department will spearhead the development of a Private Sector Participation (PSP) Framework for the rail industry, Mbalula said. This framework will aim to guide the collaboration between the major SOEs and private sector companies to deliver new economic infrastructure projects to augment the current level on infrastructure projects. The pursuit of PSP should, however, not be construed as the privatisation of the South African Railways, as there is no such policy on the table. Central to the passenger rail reforms is the introduction of High Speed Rail into the service mix, the Minister said The department will develop a High Speed Rail Framework to provide the foundation for the prioritisation of high speed rail corridors in South Africa. The framework will determine the strategic objectives for high speed rail in the country and determine the criteria to be used in determining and prioritising these corridors. Feasibility studies on proposed high-speed rail services will be conducted by the department guided by the framework, the Minister said. Implementation of the policy The implementation of the White Paper on National Rail Policy will be segmented along short, medium and long-term policy reforms. In the short-term, over the next three years, policy reforms include: Accounting separation of Transnet Freight Rail's Infrastructure Manager and Train Operator, introduction of the National Rail Bill, Introduction of third-party access, Concessioning of branch lines, Finalisation of the National Rail Master Plan and

may 9 2022 6:44pm
Exxaro makes good on multibillion rand SA Investment Conference commitment

Coal mining giant, Exxaro, has invested at least R17 billion of the R20 billion the company committed to invest during the 2019 South Africa Investment Conference. This was revealed by the companys Executive Head of Projects and Technology, Johan Meyer, at the mining giants Lephalale based operations in Limpopo. The company utilised the funds on eight mega projects, which created some 6 712 jobs nearly 60% of which were sourced from communities where the companys mines are based. The 6 712 were the people on site. There were 70000 people that we estimated worked in, [for example] galvanising the steel, manufacturing specific pieces of equipment [for] these projects. Just imagine 70000 peoplenot our own workforce. Its a workforce that can build the country, thats building those skills, Meyer said. The eight mega investment projects that Exxaro undertook are: A R5.3 billion investment into the Grootegeluk Mine Complex expansion; An extension of life project for the Matla Mine, worth R3.5 billion, is still ongoing; The Belfast new mine development worth R3.3 billion; The life of mine extension project of Mafube mine, in a joint venture worth at least R1.9 billion; The Grootegeluk Rapid Load Out Station project, to the tune of at least R1.3 billion; A R600 million investment in the Grootegeluk "Discard In Pit" Project Backfill; The Leeuwpan LifeX Project, and A R340 million investment into the Exxaro Coal Centeral Seam 4, which has extended the life of the mine by at least 15 years. A ninth project, which would have built the 630MW Thabametsi Power Station, was cancelled after the projects environmental approval was officially overturned by the high court. Meyer explained that the company envisions that the investment made will have an impact on communities for decades to come. The R17 billion is not a point solution. Its about the journey of that project that we design, execute and give it a legacy [for the next] 15 years, potentially 20 years, for the community to benefit from. Its not about the [money] that we have successfully spent on time and on schedule; its the creation of empowering better lives in the context of the life of the mine that was extended by 15 years. It is 15 years that people can [earn a living] on that project. The Leeuwpan Life Project is the same. That specific project of R500 million also extended that life of mine by 12 years. Just think about it. Thats 12 years earning a salary and spending that in the community. That adds significant value for the community, he said. Meyer encouraged other leading companies to make their commitment during this years investment conference, due to be held on Thursday this week. Leadership needs to dream about the future of South Africa, together with government and the President [Cyril Ramaphosa]. Dream more, do more and live more. Thats what we need in this country. I think theres so much to do in South Africa to build the economy and to power better lives. So from Exxaros point of view, are we done? No, I think weve just started, he said.

mar 23 2022 10:39am