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Siphelele Dludla siphelele.dludla@inl.co.za STANDARD Bank has warned that South Africa could risk having its position as the gateway to the continent usurped by East African countries if it does not fix its energy crisis and logistics challenges. The bank’s chief executive, Sim Tshabalala, said yesterday that structural reform implementation remained key to sustainable growth and job creation. He said the ports and airports, as well as the rail and road system, were South Africa’s crown jewels, and were at the centre of the national competitive advantage. “There needs to be an acceleration in refurbishing these so that South Africa can take its place as the entry point into the African continent,” Tshabalala said. “We need acceleration in the resolutions of the challenges at Eskom. “The resolution of power and logistics…
GIVEN MAJOLA given.majola@inl.co.za ECONOMISTS yesterday slammed the government’s proposal for a mandatory social insurance scheme, called the National Social Security Fund (NSSF), as “not viable” in its current form, saying it would “introduce material systemic risk” to South Africans’ retirement-funding aspirations and in effect be a monopoly. On Wednesday, Social Development Minister Lindiwe Zulu published a green paper on Comprehensive Social Security and Retirement Reform for comment by December 10. The Department of Social Development said the fund would complement social assistance programmes, social insurance funds and private arrangements. The fund intends to provide basic benefits, such as pensions, disability and survivor benefits, for all qualifying citizens up to a threshold – including all employees from within the private sector. In addition, citizens can choose to top up their retirement…
Dineo Faku dineo.faku@inl.co.za GOLD Fields said yesterday that it plans to acquire additional assets as profit during the half-year ended in June doubled to $387 million (R5.9 billion) from $156m on a combination of the strong bullion prices and extra production. Gold Fields, whose South Deep mine in Westonaria has the world’s third-biggest gold reserves, expects annual production to reach 2.7 million ounces by 2024 before contracting as some of the mines reach the end of their lives. Newly appointed chief executive Chris Griffith said additional gold resources would come from existing assets and regions around where the company currently operates. Griffith said Gold Fields, which has previously invested in junior exploration firms, was also actively looking for assets around its Cerro Corona mine in Peru. “We…
Toyota will cut global vehicle production by 40 percent in September as global microchip shortages constrain chip supply to automakers, news outlets reported yesterday. Japan’s biggest automaker said it planned to reduce worldwide output by 540 000 vehicles, more than the initially anticipated 360 000, Japan’s national news agency Kyodo reported. The motor company announced in a statement that production at all but one of 28 lines at its 14 domestic plants would be paused for weeks between late August and mid-September. The global automotive industry slashed production due to a shortage of semiconductors, which are critical for the production of a variety of electronic devices. The crunch stems from the spread of Covid-19 in Southeast Asia, a key microchip production hub. |…
EDWARD WEST edward.west@inl.co.za METAIR, an international manufacturer, distributor and retailer of auto components and energy storage solutions, grew revenue a robust 51 percent to R5.9 billion in the interim period after the execution on strategy and the market recovered from the Covid-19 fall-out. This after stringent lockdown measures in South Africa, Turkey and Europe in the first half of last year. Group operating profit rose to R545 million from an R18m loss. However, chief executive Riaz Haffejee said in an interview that the broken global logistics supply chain of last year was still a challenge, although the group was adapting to the changes. For instance, container costs were three to four times what they had been previously, many ports and terminals were “jammed and in disarray”, and…
EDWARD WEST edward.west@inl.co.za NEPI ROCKCASTLE, the leading property investment and development group in central and eastern Europe (CEE), has declared a 17.64 euro cents (about R3.08) dividend a share after a strong first half performance and in consideration of its robust balance sheet. The dividend was paid out at 100 percent of distributable earnings per share, in line with the group’s policy of distributing at least 90 percent of distributable earnings. Many retail property Reits have begun to pay normal dividends again after their rental incomes were abruptly curtailed through Covid-19 related restrictions all over the world last year. NEPI Rockcastle chief executive Alex Morar said yesterday that all the group lettable area was operational in the six months to June 30 due to good progress in vaccinations…
