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Banele Ginindza banele.ginindza@inl.co.za TRANSNET’s information systems countrywide were down yesterday, plunging logistics from road to freight and ports into a logjam despite the parastatal resorting to using manual systems as industry insiders claimed the system had been cyberattacked. The system failure could not have come at a worse time as the parastatal has been under pressure to resolve shipping backlogs from last week’s civil unrest, which left logistics in tatters due to major disruptions at its ports and national freight rail line. Transnet’s official website was down yesterday, showing an error message. By the time of going to print yesterday, the systems had not been restored. Transnet, which operates major South African ports, including Durban and Cape Town, and a huge railway network that transports minerals and other commodities for…
Siphelele Dludla siphelele.dludla@inl.co.za The South African Reserve Bank (SARB) yesterday took a cautious stance and maintained its 4.2 percent gross domestic product (GDP) outlook for 2021 as recent supply disruptions and protracted lockdown could result in downward risks to economic growth. Governor Lesetja Kganyago said the central bank expected the impact of the recent protests on GDP in the third quarter to negate the better-than- expected 4.6 percent first-quarter GDP print. Kganyago said the recent unrest that caused an estimated R50 billion economic damage could have lasting effects on investor confidence and job creation. “Although some sectors, notably mining and manufacturing have largely recovered to pre-pandemic levels, production remains muted in sectors harder hit by the pandemic and in regions now affected by the unrest,” he said. Anchor Capital’s investment…
NGK referred to Competition Tribunal on price-fixing allegations EDWARD WEST edward.west@inl.co.za The COMPETITION Commission has referred leading spark plug maker, NGK Spark Plug Company and its South African subsidiary, to the Competition Tribunal for price fixing, market division and collusive tendering. The commission said yesterday that it was seeking an order from the tribunal to levy an administrative penalty equivalent to 10 percent of the annual turnover of either NGK, or its local subsidiary NGK SA. NGK is a global player in the market for the manufacture and supply of spark plugs to vehicle manufacturers. The commission investigated the company as part of its probe into 63 automotive components manu- facturers, which are alleged to have colluded in 310 separate instances involving 92 automotive components. The commission’s investigation…
Value of merger and acquisition deals in SA leap 958% in first half Banele Ginindza banele.ginindza@inl.co.za Mergers and acquisitions (M&A) raked in $52 billion (R760.8bn) in the first half of the year in South Africa, with the value of deals leaping by a whopping 958 percent, and being technology transactions the most sought after. According to the latest analysis of Refinitiv data, a London Stock Exchange Group that provides financial markets data and infrastructure, the value of M&A transactions in the country in the first half totalled 169. Volumes, however, slid by 8 percent compared to the corresponding period last year. The data highlighted that the Covid-19 pandemic had boosted inbound investment in South African technology firms with 12 tech transactions, representing a 200 percent…
Rand dips as SARB puts rates on ice and Eskom warns on power outages Siphelele Dludla siphelele.dludla@inl.co.za The RAND FELL to a three-and-a-half month low yesterday, closing R14.73 to the dollar after Eskom announced a new bout of power cuts and interest rates were put on ice. The South African Reserve Bank (SARB) unanimously voted to keep its benchmark repo rate unchanged at a record low of 3.5 percent during its July meeting. This was in line with expectations as the Covid-19 virus continues to weigh on global prospects and the recent unrest in parts of the country was likely to slow the ongoing recovery. The bank gave guidance that interest rates would start rising, with an increase of 25 basis points, in the fourth quarter of 2021 and…
Sibanye-Stillwater vaccinates more than 10 000, extends facilities Dineo Faku dineo.faku@inl.co.za SIBANYE-Stillwater said yesterday that it had vaccinated more than 10 000 of its employees – around 12 percent of the South African workforce – since June 25, testing and validating the efficacy of its vaccination procedures and processes. Sibanye said following the success of the initial phase, the vaccine programme was being extended to another four group health-care facilities in Gauteng, North West and the Free State with the capacity to administer 2 500 vaccines per day, which was sufficient based on the number of vaccines it was currently receiving. Sibanye said subject to Department of Health approvals and the availability of additional vaccines, it was prepared to accelerate the roll-out to its more than 80…
