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Freight transport in Gauteng and KwaZulu-Natal grinds to a halt EDWARD WEST edward.west@inl.co.za THE ROAD TRANSPORT sector has ground to a halt in Gauteng and KwaZulu-Natal, and with countless delivery vehicles, trucks and warehouses and transport depots vandalised or destroyed, it would be “many months” before the industry was fully operational again, Road Freight Association (RFA) executive director Gavin Kelly said yesterday. Road carries 80 percent of South Africa’s goods. The N3 highway, South Africa’s main transport route from the port of Durban to Gauteng, has been out of operation since burning of trucks at the Mooi River toll plaza late last week, with only sections of it currently open. Transnet said service levels in the ports of Durban and Richards Bay had been negatively affected, as the entire…
Adri Senekal de Wet adri.senekaldewet@inl.co.za IT IS WITH great sadness that I announce the passing of one of our own, Sechaba ka’Nkosi. He was the deputy editor of Business Report and a pillar of strength to our team. Dear Sechaba You have been gone for a moment and already we miss you. Struck down in your prime, the shoes you have left behind will be difficult to fill, such was the vitality of your presence. At work, where I have been blessed to know you for six years, you were always our “go to” person, taking care of your BR family, guiding us on the way forward, and never being afraid to roll up your sleeves and get stuck in when the matter warranted – and many times when…
Siphelele Dludla siphelele.dludla@inl.co.za PRICEwaterhouseCoopers (PwC) has warned that South Africa's economic growth could slump slightly, with thousands of jobs on the line due to this week of significant disruption in KwaZulu-Natal and Gauteng. South Africa has been gripped by a wave of wild riots and looting of shopping malls and factories in protests that began after the arrest of former President Jacob Zuma last week. Many retail shops were closed, inter-provincial transport ground to a halt, diverse places of work were unable to open as normal; and citizens stayed at home afraid for their safety. In its July economic outlook report yesterday, PwC said that gross domestic product (GDP) could be 0.4 percentage points lower this year. The professional and advisory services firm said this adverse effect on regional…
Insurance sector braces for billions of rand in Sasria riot claims Sandile Mchunu sandile.mchunu@inl.co.za THE SOUTH African insurance industry is bracing itself to receive a number of claims in the coming days, which could potentially amount to billions of rand following the unrest and riots that have damaged a number of businesses across the country, particularly in Gauteng and KwaZulu-Natal provinces. Momentum Insure chief executive Brand Pretorius said yesterday that the cover for civil commotion, public disorder, strikes and riots in South Africa was provided by the South African Special Risks Insurance Association (Sasria), the state-owned insurer for special risks. “We, like most insurers, include this cover as part of our standard car, home and business insurance offering. Each claim will have to be assessed to determine whether it falls…
Hundreds of bank branches shut to limit property damage Sandile Mchunu sandile.mchunu@inl.co.za THE SOUTH African banking industry has sent a strong message condemning the violence that has gripped South Africa as the country’s top banks like Capitec Bank, Absa Bank and Nedbank Group have closed hundreds of their banking branches to limit the damage to their property. However, banking shares yesterday escaped the destruction remaining in the black, with Absa closing at R132.05, FirstRand at R53.42, Nedbank at R165.01, and Standard Bank at R127.91. The Banking Association of South Africa (Basa) yesterday said the destruction of bank branches and ATMs in KwaZulu-Natal and Gauteng and threats to the safety of bank employees directly imperilled the safety, social security, economic activity, and jobs of many thousands of South Africans. “Banks and…
EDWARD WEST edward.west@inl.co.za THE SA LISTED Property Index has slumped 6 percent since Monday after many shopping centres were looted and damaged in KwaZulu-Natal and Gauteng – by yesterday it was still too early to fully estimate the damage, but it is well over R10 billion. South African Property Owners’ Association chief executive Neil Gopal said in a statement that estimates were that there was well more than R10bn of damage to retail outlets and shopping centres in the two provinces. Food distribution centres in eThekwini were looted and destroyed and “even if we can get distribution centres to deliver to our supermarkets, it will not be possible for the public to purchase goods at malls that have already been burnt and vandalised, or simply closed due to…
