NEWS: Eskom declares emergency

eskom xxxx

Eskom has declared an emergency situation with regards to the stability of South Africa’s power supply. The entity says the power system is severely constrained today due to the loss of additional generating units from its power station fleet, reduced imports and the extensive use of emergency reserves, reports James-Brent Styan.

Google Reveals 2013 Year in Review

google

The tech giant releases its list of the topics that got the world talking in 2013.

This fund now holds 12% of Famous Brands

Opportunity

Earlier today, it was announced via the Stock Exchange News Service (Sens) that the Arisaig Africa Consumer Fund now holds 12.07% of the issued share capital of JSE-listed consumer goods and restaurant group Famous Brands.

NEWS: Import surge leads to negative trade balance

global trade

Davies pointed out that the playing field with regard to agricultural trade is all but level. “Anybody who thinks agricultural trade operates on free market principles; I don’t know what you’ve been smoking,” he said, citing the “enormous” subsidies EU countries receive for their agricultural products. “Some of these subsidies have been calculated to be more than the gross national product of some African countries. So it means that a country that is being subsidised has enormous capacity to enter markets at the expense of local producers.”

Local entrepreneur receives R5m grant

female entrepreneur

South African company I-Slices Manufacturing announced today that it will receive a R5m grant from the Industrial Development Corporation (IDC) to fund the company’s expansion in the local and international markets.

Bright outlook for private equity

Growth

Current private equity funds under management represent a compound annual growth rate of 11.6 percent since the inception of the survey in 1999. According to KPMG, this indicates a recovering industry.

Guptagate: Zuma the “root cause” of the problem

jacob_zuma_1236953c

The DA’s spokesman on defence David Maynier accused Zuma of hiding in the Union Buildings”, while he should have been present in the House to account for the Guptagate fiasco. Finweek contributor Liesl Peyper reports.

Jordaan’s Twitter fans bid farewell

FNB-CEO-Michael-Jordaan

In his ten years as the CEO of FNB, Michael Jordaan has turned the bank from underdog into the most innovative bank in the world. FNB announced the retirement of the formidable business leader, stating that Jordaan wanted to spend more time with his family. In addition to his inventive business practices, Jordaan also became the first CEO of a South African bank to join Twitter. It is therefore no surprise that he became a trending topic hours after FNB announced that he will step down at the end of the year. Here is how the twitterverse paid tribute to Jordaan.

Explosive unsecured lending growth

ETMAnalyticsUnsecured

South African financial markets have been rocked this morning by a 20% decline in the share price of African Bank Investments Limited (Abil). The banking group had fallen sharply after the release of interim financial results for the six months ended 31 March 2013. While various social media and news channels have been absorbed with the sharp decline in the Abil shareprice, the folks at ETM Analytics managed to pull together the attached graph showing just how unsecured lending had ballooned in South Africa over the last few years.

Singita sides with elephant charged by ranger

Capture

Singita Game Reserves says it would not have destroyed an elephant that was provoked by one of its field guides in an apparent drunken prank, had the animal injured or killed the man.