Hits&Misses

While business gets the blues again, green energy is resurgent

ENERGY

Minister Jeff Radebe signed agreements with 27 independent power producers after more than two years of delays. The deals promise to revive South Africa’s renewable energy programme, which was once the world’s fastestgrowing. The projects signed will release R56billion of investments over the next two to three years, Radebe said.

MURRAY

& Roberts was awarded more underground mining projects in sub-Saharan Africa, North America and Australasia, valued at R3.7-billion. This brings such projects awarded to it in 2018 to R7.5-billion. In March, it announced new underground mining awards in North American and Australasian markets worth R3.8-billion.

ADVTECH

confirmed the acquisition of the Makini group of schools in Kenya for an undisclosed sum. Advtech is set to open its first Crawford International School in Nairobi in September.

SOUTH

Africa’s business community is looking for action from President Cyril Ramaphosa as the euphoria over his appointment begins to flag. Business confidence declined in March to 97.6 index points from 98.9 in February, the South African Chamber of Commerce and Industry reported.

STEINHOFF’S

share price slumped to a record low of R3.01 on Wednesday after news of a possible €1.1-billion write-down on its European property portfolio. The retail group said it was still considering the writedown on its €2.2-billion portfolio of European properties, but the market now fears writeoffs could extend to its total non-South African property portfolio.

FACTORY

managers were back on the pessimistic side of the manufacturing purchasing managers index, Absa reported. March’s PMI fell 3.9 points to 46.9 from February’s 50.8.