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GIVEN MAJOLA given.majola@inl.co.za SOUTH Africa is set to earn at least R325 million in new export revenue following the finalisation of a citrus protocol between the country and China. The Citrus Growers Association (CGA) said yesterday that the venture would see South Africa generating 800 jobs in an industry where employment declined 8 percent year-on-year in the first quarter. The association said the revised protocol was six years in the making, following a request by the industry to exempt lemons from the current regulatory requirements for false codling moth. The CGA’s chief executive, Justin Chadwick, said that Argentina and Chile had dominated lemon exports from the southern hemisphere to China. Chadwick said once the protocol was in place, South Africa would surpass both countries, exporting 25 000 tons of lemons…
Sandile Mchunu sandile.mchunu@inl.co.za OMNIA Holdings rose almost 6 percent on the JSE yesterday morning after the diversified chemicals group returned R1 billion in dividends to shareholders for the year to end March. The group declared an ordinary dividend of 200 cents a share – the first since 2018 – and a special dividend of 400c, boosted by a strong cash generation of R2.3bn during the period. The group ended the year with R1.8bn of cash on hand after it paid down its R1.9bn net debt following the disposal of Oro Agri during the year. Omnia sold Oro Agri in January to European Crops Products 2 SARL for $146.9 million (R2.1bn), with the proceeds used to settle its net debt. Oro Agri was reported as a discontinued operation in the results.…
Banele Ginindza banele.ginindza@inl.co.za SOUTH African ports, ranked poorly on the global stage despite their crucial importance to continental and global trade, are getting a new lease on life, with President Cyril Ramaphosa yesterday announcing the establishment of Transnet National Ports Authority (TNPA) as an independent subsidiary of Transnet. Ramaphosa said the establishment of the independent National Ports Authority with its own board was an essential part of addressing the challenges at the ports. He said the authority would create a clear separation between the roles of the infrastructure owner and Transnet, the terminal operator. “The functional and legal separation of these roles, which are currently operating divisions of the same company, will enable each to be fulfilled more independently and with greater efficiency,” Ramaphosa said. “In particular, it will mean…
Siphelele Dludla siphelele.dludla@inl.co.za PRESIDENT Cyril Ramaphosa yesterday gave a strong hint that the government could move the current lockdown restrictions to a higher level as new Covid-19 cases continue rising, dampening rebounding business confidence at a time when it was still trying to recover to pre-pandemic levels. Ramaphosa said the government was considering reviewing the current lockdown restrictions and moving the country to a higher level. South Africa moved to a level 3 lockdown on Tuesday last week, introducing further restrictions around gatherings, the sale of alcohol and a tighter curfew. “Infections are rising and that calls on us to review where we are. We will be making an assessment,” Ramaphosa said. The president’s concerns come as business activity continued to pick up at the beginning of the second…
EDWARD WEST edward.west@inl.co.za JSE-LISTED EPP, Poland’s biggest retail landlord, said yesterday that the outpacing of vaccine roll-out targets led to a robust retail rebound and promising economic prospects for that country. With one of the lowest and declining Covid-19 infection rates in the EU, a growing number of vaccinated residents, entertainment and schools reopened, and social gatherings resumed, Poland was returning to pre-pandemic normality, EPP chief executive Tomasz Trzósło said in the group’s pre-closing update. By June 17, 26 million Covid-19 vaccine doses had been administered in Poland, and 42 percent of the popu- lation had received at least one shot. Oxford Economics has forecast cumulative GDP growth of the EU’s sixth-largest economy at more than 8 percent by the end of next year. “EPP operates in one…
EDWARD WEST edward.west@inl.co.za FIRST quarter statistics show the construction industry has recovered from last year’s Covid-19 related lockdowns, well-known economist Dr Roelof Botha said yesterday. He said the Afrimat Construction Index (ACI) had climbed 5.4 percent in the first quarter of 2021, compared with the pre-Covid first quarter of 2020, while in comparison, GDP had declined 3.2 percent over the same time period. The year-on-year index level in the first quarter was even more remarkable, considering there were tighter lockdown restrictions in January and February, said Dr Botha. He said that while the index showed that the construction industry was “around where it was pre-Covid”, levels of activity, however, remained low in the sector due to the unmet needs for infrastructure and housing development in the country, which…
