COMPANY NEWS IN BRIEF
Transnet suspends some port operations
South Africa's logistics firm Transnet said on Tuesday it had suspended operations at some of its ports due to strong winds and waves which have lashed parts of the country, setting back efforts to clear backlogs.
The country's coastal regions, especially the Western Cape, have experienced disruptive rains and violent winds causing damaging waves since Sunday.
State-owned Transnet, which was already battling to clear port backlogs caused by under-investment in equipment and maintenance, impacting trade, said operations at four of its seven ports - Cape Town, Saldanha, Port Elizabeth and Ngqura - have been affected by bad weather.
"Strong winds reaching 35-50 knots and high sea swells exceeding 3.5 meters have led to shipping movements being suspended at some ports for safety reasons," Transnet said in a statement.
No major incident had been reported by Tuesday, Transnet added.
On Tuesday, the South African Weather Service also warned of damaging waves around Durban on the east coast, where the country's biggest port and one of the busiest in Africa, is located.
-REUTERS-
Cape Town, OR Tambo airports ranked in world's top 10 - beating Japan, US
Cape Town International Airport has been ranked second-best worldwide, according to a new survey from passenger claims company Airhelp. The survey, which takes into account customers' opinions on an airport's on-time performance, customer service delivery, and food and shops, ranked 239 airports from 69 countries. Johannesburg's OR Tambo International Airport ranked sixth overall on the global list.
More than 17 500 scores (ranking the different categories out of 10) were given by passengers for their flights between 1 May 2023 and 30 April 2024. On-time airports contributed 60% towards the overall score, while customer opinion contributed 20% to the score and food and ships contributed 20%. Looking at the ratings, Cape Town had an overall score of 8.5, while Doha Hamad Airport achieved a score of 8.52 at the top of the list, and Chubu Centrair Airport in Japan was ranked third. Cape Town's on-time performance rating (8.6) beat Doha's 8.3. OR Tambo ranked sixth overall on the global list, with an overall score of 8.29.
-REUTERS-
Eskom expects billions in losses
State-owned electricity firm Eskom may post an annual loss as high as R15 billion in the latest year, the Financial Times reported, without saying where it got the information. The outlook is brighter, though, as the cessation of rolling power cuts may help the utility post a profit in the year through March 2025 for the first time since 2016, CEO Dan Marokane told the newspaper in an interview.
-Bloomberg-
South African rand edges lower after comments by Fed's Powell
The South African rand edged lower on Tuesday after Federal Reserve Chair Jerome Powell did not give a clear indication on whether the U.S. central bank would cut interest rates soon. Investors were looking at Powell's testimony in Washington on Tuesday for hints on the future interest rate path in the world's biggest economy. U.S. inflation "remains above" the Fed's 2% target, but has been improving in recent months and "more good data would strengthen" the case for central bank interest rate cuts, Powell said.
The dollar index was last trading up 0.19% against a basket of currencies. The risk-sensitive rand often takes cues from global drivers like U.S. economic policy in the absence of major local factors.
On the stock market, the Top-40 index closed down 0.2%.
-REUTERS-
Uganda Airlines secures London Gatwick slots after missing Heathrow
Uganda Airlines is setting the stage for a significant expansion over the next five years, aiming to double its fleet and broaden its destination network. A part of this growth strategy is the airline's decision to launch new international flights to London Gatwick by the end of 2024.
Historically, securing slots at London's major airports has been a challenging endeavour for many airlines due to high demand and limited availability. It is reported that after failing to get the Heathrow slots, the airline has successfully acquired slots at London Gatwick Airport, a major hub located in South London. This was after the airline completed ICAO safety audits. Earlier last month, the Uganda High Commission in London confirmed that Uganda Airlines was set to launch direct flights to London this year.
BUSINESS INSIDER-
South Africa's logistics firm Transnet said on Tuesday it had suspended operations at some of its ports due to strong winds and waves which have lashed parts of the country, setting back efforts to clear backlogs.
The country's coastal regions, especially the Western Cape, have experienced disruptive rains and violent winds causing damaging waves since Sunday.
State-owned Transnet, which was already battling to clear port backlogs caused by under-investment in equipment and maintenance, impacting trade, said operations at four of its seven ports - Cape Town, Saldanha, Port Elizabeth and Ngqura - have been affected by bad weather.
"Strong winds reaching 35-50 knots and high sea swells exceeding 3.5 meters have led to shipping movements being suspended at some ports for safety reasons," Transnet said in a statement.
No major incident had been reported by Tuesday, Transnet added.
On Tuesday, the South African Weather Service also warned of damaging waves around Durban on the east coast, where the country's biggest port and one of the busiest in Africa, is located.
-REUTERS-
Cape Town, OR Tambo airports ranked in world's top 10 - beating Japan, US
Cape Town International Airport has been ranked second-best worldwide, according to a new survey from passenger claims company Airhelp. The survey, which takes into account customers' opinions on an airport's on-time performance, customer service delivery, and food and shops, ranked 239 airports from 69 countries. Johannesburg's OR Tambo International Airport ranked sixth overall on the global list.
More than 17 500 scores (ranking the different categories out of 10) were given by passengers for their flights between 1 May 2023 and 30 April 2024. On-time airports contributed 60% towards the overall score, while customer opinion contributed 20% to the score and food and ships contributed 20%. Looking at the ratings, Cape Town had an overall score of 8.5, while Doha Hamad Airport achieved a score of 8.52 at the top of the list, and Chubu Centrair Airport in Japan was ranked third. Cape Town's on-time performance rating (8.6) beat Doha's 8.3. OR Tambo ranked sixth overall on the global list, with an overall score of 8.29.
-REUTERS-
Eskom expects billions in losses
State-owned electricity firm Eskom may post an annual loss as high as R15 billion in the latest year, the Financial Times reported, without saying where it got the information. The outlook is brighter, though, as the cessation of rolling power cuts may help the utility post a profit in the year through March 2025 for the first time since 2016, CEO Dan Marokane told the newspaper in an interview.
-Bloomberg-
South African rand edges lower after comments by Fed's Powell
The South African rand edged lower on Tuesday after Federal Reserve Chair Jerome Powell did not give a clear indication on whether the U.S. central bank would cut interest rates soon. Investors were looking at Powell's testimony in Washington on Tuesday for hints on the future interest rate path in the world's biggest economy. U.S. inflation "remains above" the Fed's 2% target, but has been improving in recent months and "more good data would strengthen" the case for central bank interest rate cuts, Powell said.
The dollar index was last trading up 0.19% against a basket of currencies. The risk-sensitive rand often takes cues from global drivers like U.S. economic policy in the absence of major local factors.
On the stock market, the Top-40 index closed down 0.2%.
-REUTERS-
Uganda Airlines secures London Gatwick slots after missing Heathrow
Uganda Airlines is setting the stage for a significant expansion over the next five years, aiming to double its fleet and broaden its destination network. A part of this growth strategy is the airline's decision to launch new international flights to London Gatwick by the end of 2024.
Historically, securing slots at London's major airports has been a challenging endeavour for many airlines due to high demand and limited availability. It is reported that after failing to get the Heathrow slots, the airline has successfully acquired slots at London Gatwick Airport, a major hub located in South London. This was after the airline completed ICAO safety audits. Earlier last month, the Uganda High Commission in London confirmed that Uganda Airlines was set to launch direct flights to London this year.
BUSINESS INSIDER-
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