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World

There appears to be something profound about a design method that copies nature, even for people who aren’t big fans of reflexology or wheatgrass. Maybe, just maybe, biomimicry can do YOU a favour.

“If I could reveal anything that is hidden from us, at least in modern cultures, it would be to reveal something that we’ve forgotten, that we used to know as well as we knew our own names. And that is that we live in a competent universe, that we are part of a brilliant planet. And that we are surrounded by genius.” Speaking for myself, it’s round about now that I start looking for the exit signs.  “Biomimicry is a new discipline that tries to learn from those geniuses and take advice from them, design advice. That’s where I live”… More

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World

Also today: Beijing aggrieved at Obama’s yuan comments; Forbes counts Chinese as No. 2 for billionaires; US senator cracks whip over financial reforms; Air China to issue shares to expand growth, pay down debt; Toyota’s American car sales surge on incentives.

Warren Buffett could have saved Lehman, but they didn’t really ask US According to reports, a court-appointed examiner found that by not helping Lehman Brothers, Warren Buffett contributed to Lehman's bankruptcy and the global financial crisis. The Sage of Omaha runs Berkshire Hathaway, one of the most famous investment portfolios in the world. But in 2008, when Lehman was toppling, precipitating the crisis on Wall Street and around the world, Buffet felt Lehman wasn’t sincere or forthcoming enough to warrant his help. The examiner also found that on numerous occasions when Lehman executives could have sought Buffet’s help, they abandoned… More

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Pretoria

An internationalised campaign against the World Bank lending Eskom $3.75 billion has already cost South Africa the United States’ vote. And though two cabinet ministers on Friday stressed that the loan will absolutely definitely undoubtedly go through, they are clearly worried that the environmental lobby isn’t yet done.

If the World Bank in April decides to not grant Eskom a $3.75 billion loan to build new power stations, the consequences will be dire, the government says. How dire? “If we do not have that power in our system, then we can say goodbye to our economy and to our country,” said public enterprise minister Barbara Hogan. That was only one of the apocalyptic pronouncements by Hogan and energy minister Dipuo Peters. They raised the spectre of the lights going out in an endless wave of blackouts. They stressed that the impact would be felt right across the southern… More

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US

What exactly is a Rossion Q1? Well, unless you’re a serious fundi with a specific interest in American sports cars, you probably wouldn’t know that it’s a Ford-powered supercar built to exacting standards by Rossion Automotive in the US state of Florida.

But the plot thickens: the Rossion Q1 looks remarkably like a Noble M400, designed by Lee Noble and built right here, in South Africa. So where does the Q1 fit in? The Rossion Q1 does indeed have its origins in the much-lauded Noble M400 - a spectacular car designed specifically for the track-day market.  The Noble was the brainchild of UK sports car guru Lee Noble, and manufactured at the world-class Hi-Tech Automotive production facility near Port Elizabeth. As an aside, Hi-Tech currently produces what is arguably the world’s most authentic replica of the iconic Ford GT40, and has also… More

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Johannesburg

Most companies have to work to get attention when they think they're launching something cool. First National Bank has hired Joburg's Turbine Hall for a joint event with PayPal toward the end of March. It may find the cavernous space a little cramped.

Remember when rumour first broke that FNB will be bringing PayPal to South Africa? And how the company was forced to admit talks? Well, we now have a date. 25 March. That isn't guaranteed to be a launch date; the two companies have promised only to "discuss how they're working together to make global eCommerce faster and easier for the South African market". Not that were going to start hedging our bets now. We still believe they intend to be up and running well before the World Cup kicks off. We still believe FNB wants to link its eBucks system… More

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World

Also today: EMI sacks boss as it tries to sing in key over debt pile; Greek crisis business as usual for “Gall Street” ; Mexicans hold on to IMF lifeline, in case they flounder or sink; American cities vie for Google’s favour.

Internet nominated for Nobel Peace Prize Norway Pretty soon it’ll be the Nobel Peace Prize - Not! Last year the Norwegian Nobel Committee gave the global peace award to the man who heads a nation at war on many fronts. Now they want to give the Nobel Peace Prize to the Internet, despite al-Qaeda using it to show live beheadings. Next it’ll go to a vegetable or mineral (the Internet has silicon, so that’s okay). This kooky idea is championed by Wired magazine in Italy, but it didn’t take long for it to be backed by the founder of the… More

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Mexico

It’s a story that veers between dynastic saga and magic realism, between rags-to-riches melodrama and the invasion of the normal by the strange. Whatever it is, though, Carlos Slim Helu’s position atop the Forbes Rich List is symbolic of something new in the world.

If Jeffrey Archer and Gabriel Garcia Marquez were to ever co-write a book, the result would be the life of Carlos Slim Helu, Mexican financier and philanthropist – and as of Wednesday March 10, Forbes magazine’s richest bloke on the planet. From Archer would come the rags-to-riches stuff, the early chapters about the immigrants and the hardships and the families. Something like: at age fourteen, Julien Slim Haddad flees Lebanon for Mexico and opens a dry-goods store with his brother. Although uneducated, he’s shrewd and hardworking and in 1910, when the revolution delivers a broadside to the Mexican economy, he… More

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Johannesburg

KFC, a fast-food artist formerly known as Kentucky Fried Chicken, is blasting the Johannesburg airwaves of late, boasting about donating R200,000 to the City of Johannesburg to stop the pothole epidemic. Apart from the fact that they probably spend more money advertising the deed than on the deed itself, it should leave us all with a sick feeling in our collective stomach.

It’s a small thing, but it’s also a big thing - KFC has donated R200 000 to fix Joburg’s potholes. Great, many a wheel will be saved. But think about it: What does it say about the continent’s premier city that it needs help from a fastfood outfit in the private sector for so basic task as road maintenance, less than 100 days before hosting the world's highest-profile sports tournament? Potholes are a small issue in the greater scheme of things (take a look at Johannesburg’s pothole problems compared to some in the rest of the world below) but they are… More

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World

Also today: China’s exports soar – both good and bad news; Lithium jolts global miners out of their depression; Royal Mail set to deliver more junk; Scammers fold on cards in favour of online banking fraud ; Google launches virtual marketplace for third-party apps.

Murdoch makes news media and music central to MySpace of the future US News Corp’s Rupert Murdoch bought MySpace for a whopping $630 million or so in 2005, but his audience has shrunk, the company’s made heavy layoffs and engaged in two management shake-ups. That’s left the one-time leader in digital social networking running to keep up with the competition. The wiles of Facebook, Twitter and Google have forced development of a new version of the site that will be made public over the next weeks and months. There’ll be upgraded music and media content so users can listen to… More

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US

Wednesday is the 10th anniversary of Big Bull Day, the day when the Nasdaq hit the magic number of 5132.52. In hindsight we think about the day when madness peaked and ask our collective selves about our collective sanity back then. And yet, after surviving the great 2008 subprime panic, the memories of dot com feel positively quaint.

It was of great days of world history, when everything seemed right in Camelot and butterflies danced from flower to flower on that 10th of March, AD 2000. It was a sweet time when information technology, or IT as it had been newly dubbed, was destined to lead us into a newer, brighter future. Oh, irrational exuberance, where are you when we need you? The Nasdaq was the lead show pony of the dot com bubble, but the other markets were equally exuberant. The S&P 500 peaked the day before at 1401.69, a level it did not surpass until 2007… More

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World

Also today: Greek PM says speculators hurt country’s borrowing costs; Brazilians slap sanctions on US; Toyota on the back foot over vehicle defect repairs; Chunnel returns a tiny profit, but profits nonetheless; State-owned Chinese publisher goes for IPO and digital future; China Southern Airlines to issue shares to pay down debt; European drug-makers forge world’s biggest animal health entity; Aer Lingus loss comes as cost-cutting rebutted by cabin crews.

Sony will unleash range of 3D TVs by mid-year Japan Sony 3D televisions will be available worldwide in June, along with 3D upgrades to PlayStation 3 and other 3D-compatible home electronics products. The company’s first TV products are 40-inch and 46-inch models, costing between $2,400 and $3,900. In July six more sets, including 52-inch and 60-inch models, will be on sale. Some of the sets will be bundled with 3D glasses, while others will have glasses and transmitters valued separately at about $185. The transmitter sends out a signal to synchronise the electronic glasses. All sets will have a real-time… More

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South Africa

When Jaguar was sold to the Tata Group by Ford, the sceptics shook their heads, and predicted that the iconic British brand would soon adorn little more than a fleet of dodgy taxis in Delhi. But nothing could be further from the truth. Without Tata, Jaguar would be in deep, deep trouble. And without Tata, Jaguar’s most convincing sports coupé would almost certainly be a thing of the past.

Let’s face it: the credit crunch that came perilously close to forcing the global economy to its knees has not been kind to the makers of big-ticket luxury goods, cars included. And Jaguar is no exception – despite the fact that the brand currently presides over one of its strongest model line-ups ever. That line-up includes benchmark products such as the much admired, and highly talented, XF sedan, which continues to woo luxury car buyers away from the more conventional, German luxury brands. And then there is the XK – a sleek and sophisticated sports coupé with strong dynamic appeal.… More

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World

Also today: China stockpiles grain to ensure food security; Dubai World to ask banks to rollover debt; Toyoda meets Japanese PM over Toyota woes; Kraft shutting Cadbury factory it said would stay open; Former boss’s spat with Fujitsu sinks shares; Oil majors look to buy Australian coal-seam gas firm.

Sarkozy makes strongest rescue commitment to Greece yet EU The eurozone is ready to rescue Greece if its government can’t fund its budget deficit, says French President Nicolas Sarkozy. He reckons the country is being attacked by currency speculators, saying that although the Greeks don’t yet need assistance, the EU will stand behind them. Sarkozy’s comments are among the strongest so far on what the EU will do to help Greece. His mother’s family came from Greece, so it’s something of a personal thing for him. Earlier the French and Germans said they’d buy some $40 billion of Greek bonds… More

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Johannesburg

Just weeks away from a conference where it will ask for $20 billion over three years – twice the record amount ever raised for health – the Global Fund to Fight Aids, Tuberculosis and Malaria launched a report trumpeting its recent successes. The world is on the brink of eliminating mother-to-child HIV transmission, beating malaria (on a public health scale) and containing drug-resistant TB, it says. All it needs is a flood of money, in the middle of a fiscal drought.

For a minimum of $13 billion, and a maximum of $20 billion, the world can end the outrage of mother-to-child HIV infections, the Global Fund says, and rectify some of the imbalances in mortality rates between the third world – and Africa especially – and rich countries. That’s the amount of money it will be asking for, in the next couple of weeks, for grants in the three years starting 2011. From countries like the United States, where legislators are getting militant and any spending outside the country, or countries like South Africa, where budget deficits have suddenly ballooned over… More

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Los Angeles

The most commercially successful movie of all time ($2.5 billion and counting), Avatar, was not a match for a small little independent movie about the US Army explosive ordnance disposal team during the Iraqi War, which was made on a shoestring budget. There is still justice in this world.

The Hurt Locker director, and James Cameron's former wife, Kathryn Bigelow has shattered one of the last remaining glass ceilings, becoming the first woman to win the Academy Award for Best Director. The Hurt Locker won six Awards, including the most important ones, for Best Picture, Best Director and Best Original Screenplay. It also took the gold statuettes for Best Sound Mixing, Best Sound Editing and Best Film Editing. James Cameron was decidedly not the king of the world this time. Avatar did walk away with three Oscars, but they were mostly for mastery of film science, where they really… More

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US

The makers of hit HBO series Entourage seem to have gotten away with lampooning Harvey Weinstein in a legendary 2007 episode entitled "Sorry, Harvey". But can a small-time Canadian filmmaker get away with an unauthorised documentary on the most intimidating producer in Hollywood?

Since the first season aired on HBO in the United States in 2004, the producers of the wildly successful TV series Entourage have managed to lure a long list of artists, athletes, directors and musicians onto the show. Season one saw the appearance, as themselves, of Scarlett Johansson, Luke Wilson, Lennox Lewis and Corrie Sanders. A year later, Hugh Hefner and U2 accepted invitations to appear, and James Cameron made a cameo twice. In season three, Cameron appeared again, along with actor James Wood and revered American basketball coach Bob "The General" Knight. Then, from season four (2007) through season… More

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World

Also today: Referendum on Iceland’s debt to leave many stewing; Drivers allege Toyota’s sudden acceleration fixes don’t work: Greeks twisting in the wind over debt relief, sow confusion; FBI chief states the obvious over cyber-threats; American manufacturers slowly cutting out the middleman; China’s premier calls for fairer society.

Volvo sale still not ready to go ahead China Zhejiang Geely Holdings, the parent company of China's Geely Automobile, says it’s not yet signed a $2 billion deal to buy Ford's struggling Volvo car unit, after observers expected an agreement last month. As China's largest privately owned car maker, Geely aims to almost double Volvo's annual global production with a new factory in Beijing, planning to get the Swedish manufacturer out of debt by 2011. It’s now trying to complete regulatory approvals needed to finalise the deal, but faces a maze of Chinese bureaucracy. Weeks ago, Sichuan Tengzhong Heavy Industrial… More

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Johannesburg

Ever since Ebrahim Patel was appointed as economic development minister, he has complained bitterly about having no power. Now it appears he has some. What will he do with it?

Patel has just set out his stall in a new 56-page policy document, his first clear indication of how he understands his mission. The document is largely functional, but on one issue it is supremely clear: Trevor Manuel, head of National Planning Commission, is his functionary. The document assigns to his department fabulous new powers to set the economic policy agenda, but as yet does not particularly specify what that policy will be other than setting a few absolute, overarching goals, including primarily creating “decent work”. Despite the existence of a planning function under former finance minister Trevor Manuel, “planning”… More

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South Africa

While a criminal investigation is still underway as to who committed the fraud that put thousands of unsafe taxis on the roads, those who own them have until the end September to get their vehicles retrofitted or have them impounded. Cue thousands of operators scrambling each to raise R18,000 to comply. Not that their banks can really say no.

On Friday, deputy transport minister Jeremy Cronin wouldn’t go into details of the investigation. His department is pretty certain, he said, that traffic officials had inserted false data into the national vehicle database, but there could have been collusion from financial institutions and dealers. Those who bought the vehicles may also have been in the know, though in at least some cases they were defrauded themselves. That will make no difference, come the end of September. Cronin announced that a six-month grace period begins on 1 April, and after it expires “illegally converted vehicles must be impounded.” That applies to… More

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Johannesburg

Nowhere in the motorverse is the rivalry as fierce as in the battle for super-sedan supremacy. And the protagonists are always the same: BMW M3, Mercedes-Benz C63 AMG, Audi RS4. But what’s this: a new upstart in the Fight club? Yes, sir – and it wears a Lexus badge.

Between them, these muscle machines can make many a more exotic sports car look distinctly ordinary.  But Lexus? Yes, you read it right the first time. The brand that oozes luxury, that wraps slick technology in rich leather, soft lighting and pearlescent paint has planted a designer boot in this hard-core camp. Ladies and gentlemen, please welcome, all the way from Japan’s Fuji Speedway: the Lexus IS-F. If this four-door sedan looks vaguely familiar, it’s because the low-slung machine, with its flared wheel arches, blacked-out grille, dark-chromed wheels and ominous presence is actually based on the rakish, preppy IS250 sedan.… More

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World

Also today: Penguin jumps onto iPad’s scintillating promise ; Mercedes races BMW on the hybrid bends; Britain’s car sales soar in February; Taiwanese opt out of DRAM manufacturers' bailout as economy improves.

Chinese drop big military spending increase for 2010 China China’s military budget will rise 7.5% this year, about half the increase in recent years, and the first single-digit rise in military spending for 20 years. No reason was given for the cut, but China’s $600 billion economic stimulus programme after the October 2008 market crash may have diluted the 2010 budget for the armed forces. The country’s rapid economic growth over past decades has seen a parallel military build-up. Government will spend about $78 billion on the military in 2010, although the details remain secret. And if you're interested, the… More

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UK

Annual results out of the Pearson media group reveal that despite a global slump in advertising, the Financial Times has posted a profit. The reason: a rise in FT.com subscriptions of almost fifty percent.

Well before the global economy tanked in September 2008, the Financial Times implemented a strategy that was intended to increase its ratio of online subscription revenue to standard advertising. The newspaper brand, owned by media group Pearson, rejected what has since become the defining tenet of the anti-paid-content lobby: if you charge for articles, you lose the "link love" that can pull thousands of visitors to your site, and you therefore lose the ability to charge advertisers for access to a large user base. The FT's counter-argument was simply that subscribers, who can be better targeted, are a more valuable… More

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US

SpaceShipTwo, Richard Branson's relatively cheap answer to otherwise exorbitant commercial space travel ($200,000 a ticket vs. $21 million), is going to take off later than expected. The customers don't seem to care, though.

In December 2009, as readers of The Daily Maverick may recall, Richard Branson took a formidable swipe at Eric C. Anderson's Space Adventures, until then the only company in the world to offer commercial space travel - and the same firm that took Mark Shuttleworth into orbit in 2002. Branson's SpaceShipTwo, we reported, was Virgin Galactic's answer to the $21-million-a-ticket round-trip offered by Anderson. On its unveiling in the Mojave desert, Branson told the media he hoped to be offering seats for $200,000 a ticket. We also reported at the time that the six-passenger (two-pilot) craft was expected to begin… More

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South Africa

Wednesday's Equality Court judgment that Tito Mboweni's outburst at the Reserve Bank's 2008 meeting was not racist was welcome, mostly because it diffused another potential racial bomb. But the whole minefield still remains.

In my younger and more vulnerable years, I studied history (no jokes please). In third year, I took a course that laboured under the mighty title of “Race, Class, Nationalism and Ethnicity in Twentieth Century South Africa". An older relative suggested I was going to be insanely bored. They were wrong: I was insanely interested in the whole thing. It was fascinating for a white privileged boy like me. Before that my academic knowledge of the different races in this country had been limited to the Transvaalse Onderwysdepartement (“education department”) view of the world. You know, how some people had… More

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World

Also today: CEO’s huge payment angers many; Britain’s consumers bounce back; Million dollar prize for Toyota fix, but not from Toyoda; New twist to America’s healthcare debate; Aussie economy roaring again.

Ford benefits from compact offerings and Toyota’s woes US Ford’s February sales in the US skyrocketed 43% from a year earlier, beating out General Motors for the month. While GM also posted gains, beleaguered Toyota saw sales plummet nearly 9% in that market, over massive recalls and public investigations into safety defects. Ford's turnaround was the first time it beat GM sales in many years, and it looks like it’s got the nippy and fuel-sipping Ford Fiesta to thank for this, as much of the interest in that vehicle came from customers who didn't already own a Ford. There’s no… More

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South Africa

After dire warnings over the past few years, the extent of SA’s land reform failures are now tumbling out, forcing a major rethink of the policy, including some draconian measures.

Government has now made two critical confessions: firstly, that instead of the 50% failure rate of farms bought by government and redistributed, the failure rate is actually around 90%; and secondly, that it will not only not meet its target of redistributing 82 million hectares of white-owned land by 2014, but that it will not come even close to it. The frustration emanating from this dual failure is now sending government down new paths. The first is to prevent foreigners from owning land, even though it doesn’t know how much land is actually owned by foreigners. The second is to… More

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World

Also: Struggling European car makers stalk Toyota’s market share; Greek debt smacks euro to new lows; To impress Europeans, GM hands lifeline to Opel; Euro-socialists want to stop PIGs being slaughtered; Buffet buffets the logic of the deal in shareholder note; Allied Irish Bank takes first loss.

General Motors hit by massive recall in North America US General Motors is recalling 1.3 million small cars in North America because of power-steering problems that may have caused 14 crashes in the Chevrolet Cobalt, Pontiac G5, Pontiac Pursuit and Pontiac 4 models. But in a fit of extraordinary irony, GM blamed the fault on a supplier partially owned by Toyota. Apart from unintended acceleration and braking troubles, the Japanese manufacturer’s also had steering problems with its Corolla, so a lousy few months have just got worse. GM said the steering didn’t meet all requirements for reliability and durability, and… More

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South Africa

ArcelorMittal SA (Amsa) is taking hits from all sides: the high iron ore price, the strong rand, the competition authorities. Now, its remaining big competitive advantage - an agreement to buy ore at almost absurd prices that was settled way back in 2001 as part of the restructuring of the old Iscor - is under attack.

Amsa is the subsidiary of the giant steelmaker, ArcelorMittal, one of the first Indian companies to explode out of its home base and take advantage of the rising commodity prices to conduct an almost unprecedented shopping spree. Company after company fell to the acquisitive Indian CEO of Mittal, Lakshmi Mittal, making him ultimately the eighth-richest person in the world and, with a personal wealth of $19 billion, the richest in the UK. They loved him. He was named Person of the Year by the Financial Times in 2006 and was one of the World’s 100 Most Influential People by Time magazine in 2007. Early… More

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South Africa

Let’s face it – the Audi TT is a pretty car. Almost too pretty. Beautifully executed, yes. Perfectly sculpted, indeed. Like Riaan Cruywagen’s hairstyle: crisply coiffed, but too good to be true. But now there’s a TT with a much more unruly, rebellious look. It’s called the RS.

You can’t mistake the RS for any common or garden variety TT. It’s the one with a permanent, contemptuous snarl, with the haunches of a prize fighter, with a rear wing big enough to cast a threatening shadow over the unsuspecting tarmac. The big, forged aluminium wheels are barely contained by the Audi’s bulging fenders. The all-black abyss of the gaping grille is surrounded by the subtlest glint of brightwork. Add the lower front spoiler, the deeper sills, and the gutter-sized exhaust tailpipes, and you have a sports coupé oozing muscle and aggression. And that’s before you start the engine.… More

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South Africa

Well, for once we felt like cheering – hip-hip hooray and all that. There was some progress on the electricity front. You know, the subject that makes us hang our heads and mope around and have conversations with the razor blade in the mirror in the mornings.

It was, as always, minister of public enterprises Barbara Hogan who said something sensible. It was a clear step towards the private generation of power in the Republic of South Africa. Eskom was close to signing co-generation agreements with two partners, Sappi and Sasol, she said. And soon means March, this month. This year. For most of our politicians that’s not soon, that’s Pretty Damn Quick. What is also means is that Eskom’s days as the only power producer in the republic are pretty much over. Hoorah! (And yes, we know that Kelvin Power Station is privately-owned. But its status is… More

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