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Edward West edward.west@inl.co.za BILATERAL talks between business and government leaders are needed soon so that hard and key decisions can be made to get an economic recovery underway, following the effects of the Covid-19 pandemic on the country, Business Unity South Africa (Busa) chief executive Cas Coovadia said yesterday. He said in an address to the virtually held Consulting Engineers South Africa 2021 Indaba, that Busa in July last year had prepared a plan to “reposition” the economy for a post-pandemic recovery but President Cyril Ramaphosa had instead decided to have these kind of discussions at Nedlac. Coovadia said while Nedlac was a good place for social dialogue, it was poor at making decisions, and consequently, very little progress had been made there since then on repositioning the economy, a…
Stats SA data shows that jobs in non-agricultural sector shrank by 86 000 Siphelele Dludla siphelele.dludla@inl.co.za UNEMPLOYMENT in South Africa is expected to continue to rise as the forecast fourth wave of Covid-19 infections towards year-end could scupper any attempts to create new jobs. Data from Statistics South Africa (StatsSA) yesterday showed that jobs in the formal non-agricultural sector shrank by 86 000 in the second quarter of 2021. This brought the total number of persons employed in the formal non- agricultural sector in South Africa to approximately 9.57 million. StatsSA’s Quarterly Employment Statistics survey showed that total employment fell by 86 000, or 0.9 percent, quarter-on-quarter, from 9 652 000 in March to 9 566 000 in June. It said this…
Siphelele Dludla siphelele.dludla@inl.co.za FINANCE Minister Enoch Godo- ngwana has recommitted South Africa to bilateral economic ties with China, including co-operation on manufacturing Covid-19 vaccines. Speaking at the 72nd anniversary of the founding of the People’s Republic of China yesterday, Godongwana said both South Africa and China had much to look forward to in terms of expanding their strategic partnership. Godongwana praised the two countries’ relations in promoting economic growth and development through investment, such as in the Belt and Road Initiative. He said that while these initiatives were geared towards providing the African continent with sustained investment towards infrastructure development and rapid industrialisation, Africa required support to fight the socio-economic disruption caused by the pandemic now more than ever. “Further to this, South Africa looks forward to co-operation with China…
Banele Ginindza banele.ginindza@inl.co.za The INDUSTRIAL Development Corporation (IDC) facilitated R7.4 billion worth of investments into the local economy for the financial year to March, with R6.3bn from on-balance sheet funding and R1.1bn off-balance sheet funds managed on behalf of other government entities. The state-owned entity said despite a subdued economic environment characterised by an economic lockdown, the result of the Covid-19 pandemic, it had facilitated the creation, saving of 13 354 jobs. Chief executive TP Nchocho said the corporation had further approved a combined R950 million from its Covid Essential Supplies and Distress Funds to support businesses afeted by the Covid-19 pandemic. “The disruption in both the local and supply chains resulting from the economic lock down had a knock-on effect on our funding activities. This is…
Edward West edward.west@inl.co.za PPC, THE CEMENTITIOUS products group, has opted not to do a capital raise following the successful refinancing of debt and near conclusion of its restructuring, chief executive Roland van Wijnen said yesterday. PPC previously said it would defer an equity capital raise to de-gear its South African balance sheet until the end of September, and that it might review this should the South African businesses continue to de-gear towards a more sustainable debt level. The capital raise decision was also subject to completion of the R515 million disposal of PPC Lime by October 31, but conditions for this sale were finalised on September 17 and the closing date was expected about 10 business days thereafter. The new debt facilities of R2.1 billion have an…
Dineo Faku dineo.faku@inl.co.za ADAPT IT, which provides specialised software to more than 10 000 customers in 55 countries, is preparing to delist from the JSE should its takeover by Canada’s Volaris Group be approved by authorities. Chief executive Tiffany Dunsdon said in the group’s 2021 annual report released on Monday that if the Volaris deal becomes unconditional, it would likely be the company’s last report to shareholders as a listed business. “From humble beginnings of small entrepreneurial businesses, a successful R1.5 billion revenue business has resulted, which is well recognised in South Africa and which exports world-class software to 55 other countries,” she said. Dunsdon said while it marked the end of an era, it also heralded a new and exciting one, and Adapt IT would likely join…
