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25
Sep

Central SA flag flying high at #SasolSolarChallenge

Two teams from Central South Africa are flying the region's flag high at the biennial Sasol Solar Challenge. The teams from the Central University of Technology and North West University are currently en route to Bloemfontein after their epic journey started off in Pretoria yesterday. During the eight-day event the local and international teams will compete in solar vehicles they've designed and constructed themselves to cover the most distance, following…

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25
Sep

Bad news for motorists as Brent oil boils over $80

Brent oil soared on Monday close to $81, reaching the highest level since November 2014 after OPEC and other global producers snubbed pressure from US President Donald Trump to dampen prices. At 08;40, Brent North Sea crude for delivery in November soared to a peak of $80.94 per barrel. That was the highest level since November 12, 2014. The benchmark Brent contract later stood at $80.85, up $2.05 from Friday's…

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12
Sep

Sasol announces R1.3bn cash bonanza for Inzalo shareholders

Sasol on Tuesday announced a R1.3bn cash bonanza for its Inzalo Black Economic Empowerment shareholders to be paid out on September 17. Shareholders will receive R85.63 per shares, marking the end of the scheme founded in September 2008. The shares, which launched at R366 per share peaked at R632 in 2014. They have over the years been battered by the commodity price volatility. In 2009 they slumped to R252 per…

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12
Sep

Parliament to debate recession, fuel price hikes

Parliament will debate record fuel prices and ideas for economic revival on Wednesday afternoon. Last week Stats SA announced that SA had slipped into a technical recession - defined as two successive quarters of negative economic growth - for the first time since 2009. The DA, who asked for the economic revival debate, said on Monday the recession was not caused by negative global economic conditions, but was the "home-grown"…

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10
Sep

Petrol price bombshell to add to R-word shock

He said the economic contraction was “disappointing but not disheartening”, adding that his administration was “finalising a stimulus package that will be announced to inject impetus and growth in our economy at a number of levels”. Finance Minister Nhlanhla Nene said the country was pinning its hopes of recovery on an economic reform package that the Cabinet was drafting. “South Africa will need to make much more strenuous efforts to…

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05
Sep

Battered Rand pushes petrol price higher: ‘September fuel outlook is bleak’ – AA

More fuel price hikes are on their way courtesy of a weaker Rand, reports the Automobile Association (AA) commenting on month-end fuel price data supplied by the Central Energy Fund (CEF). The Association says: "International petroleum prices remained virtually unchanged on average during August. But the Rand lost substantial ground against the US dollar, increasing the landed price of fuels." Petrol is expected to increase by between 23 and 25…

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04
Sep

Energy Department intervenes to keep petrol price increase down

On Wednesday fuel prices will increase by just 4.9c per litre, the Department of Energy (DoE) announced on Monday. This is below the 23c to 25c per litre increase expected by the AA. In a media statement, the department said that SA had witnessed "sustained increases in fuel prices for the past few months, which placed a strain on the consumers". "Despite the fact that these increases were caused mainly…

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