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Upward revision will be pleasing to ratings agencies but still shows rising debt, warns economist Siphelele Dludla siphelele.dludla@inl.co.za The rand strengthened yesterday, dipping below the R15-mark against the dollar following reports that South Africa’s economy was bigger than previously estimated. Statistics South Africa (StatsSA) yesterday said the economy was actually 11 percent larger in 2020 than previously estimated. StatsSA’s upward revision followed its normal five yearly rebasing and benchmarking exercise. The stats agency said the revised estimate of gross domestic product (GDP) in 2020 was R5.521 trillion, an increase of 11 percent, compared with the previous estimate of R4.973trln. The rand flexed its muscles against all G10 currencies after having retreated to a near 6-month low last week after a risk-off sentiment in global markets on Delta variant concerns. FXTM’s…
Dineo Faku dineo.faku@inl.co.za MASSMART is in the process of acquiring OneCart, an on-demand grocery delivery platform that enables customers to shop from multiple stores in a “single cart”, in a bid to bolster its e-commerce strategy. Massmart, which owns Game, Makro and Builders Warehouse retail outlets, said yesterday that negotiations were at an advanced stage, and it hoped to wind up discussions in the coming weeks, pending finalisation of a few key matters. “In keeping with the company’s strategy to invest in and accelerate its e-commerce presence, this potential acquisition will allow the company to further expand its capabilities in the fast-growing on-demand delivery segment, while continuing to support the independent retailer marketplace model of OneCart,” said the group. OneCart, which was founded by Lynton Peters and his partner Ariel…
Siphelele Dludla siphelele.dludla@inl.co.za THE GOVERNMENT will be tightening its belt further this financial year, as downward risks to the fiscus have materialised after it lost a bruising battle with labour unions over wage increases. The National Treasury yesterday confirmed to Parliament that the recently signed wage agreement with 1.2 million public servants would cost the fiscus R20 billion in the 2021/22 fiscal year. Treasury director-general Dondo Mogajane said the wage agreement would have an impact on the fiscus, because it was over and above the compensation ceilings that had been tabled in February. The government’s wage bill accounts for about a third of consolidated spending. “The risks have finally materialised now. It’s not ideal to not give inflation-linked increases, but the reality is that we have come to…
Edward West edward.west@inl.co.za REDEFINE Properties has trimmed and simplified its local and offshore property platforms to de-risk its balance sheet and provide it with sufficient liquidity to take up new opportunities and potentially resume paying dividends. Redefine decided not to pay a dividend for the 2020 financial year because of uncertainty related to Covid-19, but progress on preserving liquidity and managing risks meant a dividend could possibly be paid again, chief executive Andrew Konig said in a pre-close statement yesterday. The group’s share price slipped 0.47 percent to R4.25 yesterday morning. However, the price had gained 28 percent since December 30, which was broadly in line with the 24 percent rise in the SA Listed Property Index over the period. “Our focus has been on implementing our…
Dineo Faku dineo.faku@inl.co.za RICHARDS Bay Minerals managing director Werner Duvenhage told journalists yesterday that getting the business back on track following a three-month-long closure is going to be a painful process. Richards Bay, a unit of globally diversified mining company Rio Tinto, said on Tuesday that it was preparing to resume operations after reaching an agreement with its community leaders. The mine ground to a halt amid escalating tensions within its host community at the end of June. “Our key focus right now is restarting our business after being down for almost three months. It is going to be a painful process to restart, but we have tried to maintain our assets as much as possible, but I am sure we are going to have stumbling blocks along the way,…
Molaole Montsho molaole.montsho@africannewsagency.com It’s impossible not to draw parallels between the election campaigns of Barack Obama and Hakainde Hichilema. Both have their roots in small African villages, both put in the hard yards with their respective constituencies and both ran on a ticket of change and hope. But perhaps the most significant parallel between Obama and Hichilema lies with their partners, Michelle and Mutinta – both strong leaders in their own right. It may be a bit of a stretch but you would possibly have to go back to Nelson and Winnie Mandela for Africa’s last “power couple”. However, given their profile and messaging throughout the election campaign and in their victory, the Hichilemas may just be on their way to being Africa’s newest power couple. Hakainde Hichilema, the businessman…
