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Siphelele Dludla siphelele.dludla@inl.co.za CONSUMERS will continue forking out a bit more for goods as prices remained elevated at a five-year high in September after upside risks to producer inflation materialised. Data by Statistics South Africa (StatsSA) yesterday showed that annual headline producer price inflation (PPI) for final manufactured goods jumped to 7.8 percent in September, from 7.2 percent in August. This was the largest annual rise in headline PPI since February 2016 when the rate was 8.1 percent. StatsSA said this PPI reading was influenced mainly by prices of petroleum-related products. Chief economist for the Don Consultancy Group, Chifi Mhango, said the rising PPI rate was reflective of cost pressures of industrial activity in the global economy amid supply chain bottlenecks and rising energy costs, to an…
Dineo Faku dineo.faku@inl.co.za BILLIONAIRE Patrice Motsepe’s African Rainbow Minerals (ARM) is in talks with Anglo American Platinum (Amplats) for the potential acquisition of the Bokoni Mine as consolidation of the platinum group metals (PGM) sector takes shape. The Bokoni mine in Limpopo is jointly operated by Amplats, a unit of Anglo American and Atlatsa Resources Corporation, a black empowerment platinum group metals producer. The mine was mothballed in 2017. ARM told shareholders it was currently in discussions regarding the potential acquisition of Bokoni Platinum Mine, which if successfully concluded, might have a material effect on the price. “There is no certainty that the transaction will be concluded. Accordingly, shareholders are advised to exercise caution when dealing in ARM’s securities until a further announcement is made,” said ARM. Amplats confirmed that…
Analysts caution that Eskom can no longer fulfil its function as sole provider of electricity Siphelele Dludla and Banele Ginindza ESKOM’s failure to put an end to power cuts will be a reality check for Finance Minister Enoch Godongwana when he delivers his maiden Medium-Term Budget Policy Statement (MTBPS) in two weeks as he tries to boost confidence, with ratings agencies waiting on the wings to issue a review. The electricity crisis in South Africa continued to rage on yesterday, despite the government’s assurances that load shedding would be downgraded from Stage 4 to Stage 3 overnight. The power utility has warned of more power cuts for the next 10 months if it does not get an additional 4 000 megawatt on an emergency basis as it…
Adri Senekal De Wet adri.senekaldewet@inl.co.za Business Report (BR) is investigating a loan by the Public Investment Corporation (PIC) into Sunrise Energy via the Mogs Mining Services Group (Mogs). The PIC’s loan to Mogs is over R1 billion – indirectly to Sunrise Energy. This loan has not been serviced in over five years, according to sources. Mogs is a black-owned provider of value-added services and products. PIC spokesperson Sekgoela Sekgoela said the loan was serviced, but could not provide any evidence by close of business yesterday on how it was serviced. Sunrise Energy has also been in receipt of a loan from the Industrial Development Corporation (IDC) to the amount of R1bn in 2011. BR questions why Sunrise Energy was not part of the Mpati Commission of Inquiry, when it…
Dineo Faku dineo.faku@inl.co.za AS TECHNOLOGY company EOH posted results for the year ended July swinging into the red, chief executive Stephen van Coller said the turn-around strategy implemented two years ago by the new management team was bearing fruit. The JSE-listed technology company said yesterday that it had turned the corner in record time after generating a R148 million operating profit compared to a R1.3 billion loss a year earlier. “For the first time since I arrived, our current assets exceed our current liabilities, and we are well-positioned to progress the transformed EOH in supporting our customers to solve their business challenges using our innovative technology offerings. “Today EOH is streamlined, profit- able and is winning new public and private-sector contracts across multiple geographies,” Van Coller said. He…
Kedibone Modise kedibone.modise@inl.co.za The Netflix original drama series Kings of Joburg won three international awards at this year’s Hollywood and African Prestigious (HAPA) Awards, held in Los Angeles on Sunday. Ferguson, was honoured with the coveted title of Best Lead In a TV Series, while Cindy Mahlangu received the Best Supporting Actress accolade, and the show itself was crowned the Best Series in Africa. During his acceptance speech, the executive producer of the show Samad Davis, hailed Ferguson for creating a masterpiece. “The entire South Africa and Botswana have been on standby to support Shona Ferguson for this nomination and thank God we won. “This is for you South Africa and Botswana! Stand up and be Proud! @ferguson_films @connie_ferguson @cindy_thando and the other amazingly talented actors from South…
