Government has imposed restrictions on the extraction of groundwater in parts of the drought-stricken Western Cape.
Aspen subsidiary Fine Chemicals will spend most of its drought mitigation funding on water treatment.
Aspen Pharmacare’s Cape Town-based subsidiary, Fine Chemicals Corporation, is so concerned about the risks posed by the region’s drought that it is investing in new infrastructure to enable it to run independently of the municipal water supply.
KwaZulu-Natal (KZN) is realising it’s vision to become a prosperous province and a gateway to Africa and the world. The province already contributes upwards of 16% to South Africa’s overall GDP and boasts the highest export propensity and level of industrialisation in the country.
Half-year profit at South African retailer Woolworths Holdings could fall by as much as 17.5 percent, it said on Monday, sending its shares down more than 9 percent.
A combination of a recession and political turmoil have eroded consumer spending power in South Africa and Woolworths is facing tougher competition in Australia from the likes of H&M, and new entrant Amazon.
Woolworths, which sells groceries, food and homeware, said headline earnings per share – the main gauge of profit in South Africa – was likely to fall between 12.5 percent and 17.5 percent or 200.1 cents and 212.3 cents in the six months to December 2017.
Shares in Woolworths, similar in products and style to Britain’s Marks and Spencer, fell as much as 9.2 percent after the announcement before paring losses. At 0852 GMT it was down 5.5 percent at 59.85 rand ($4.85).
The retailer said group sales for the first half of the 2018 financial year increased by 2.5 percent, slower than a 6.7 percent rise in the first half of the 2017 financial year.
Woolworths said in August, it plans to spend 2.1 billion rand in South Africa in 2018 and $250 million in Australia in its David Jones and Country Road clothing brands.
($1 = 12.3329 rand)
Cape Town and the Western Cape’s official Tourism, Trade and Investment Promotion Agency – is pleased to announce that over the last eight months, our investment team has helped secure over R1.9 billion in committed investments emanating from 14 deals. Altogether, this will help create over 2000 jobs.