Weekly Press Review – 8 May 2017

PetroSA remains under fire this week. According to the press, Energy Minister, Mmamoloko Kubayi, has lashed out at the executives of PetroSA for paying themselves millions of rand in bonuses after suffering a financial loss of R14.5 billion.

Kubayi stated in Parliament that she would not privatise PetroSA, despite its poor showing, but would strengthen its capacity.

The recent downgrades of South Africa’s sovereign rating will not have a major impact on Transnet. According to the press this is due to the fact that only about 19 percent of the state-owned company’s expenses were foreign, said chief executive Siyabonga Gama.

Premier Food and Fishing (PFF) delivered solid growth in earnings for the six months ending in February 2017.

According to the press, the group’s operating profit increased by 12 percent to R18 million, from R16 million.

PFF chief executive, Samir Saban said, “Premier Fishing achieved solid performance and positive growth for the six months to end February as per our expectations.”

Africa is the continent most affected by climate change, and yet, according to the press, funds that are available for green projects, which could accelerate the economy, are simply not being used.

“Capital is available worldwide, but few renewable energy projects are ready for implementation,” says African Development Bank vice-president, power, energy, climate and green growth, Amadou Hott.

“Capital and technological innovations are extremely important and that is what we don’t have enough of in Africa,” added Hott.

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