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Edward West edward.west@inl.co.za STRUGGLING Tongaat Hulett’s share price fell 7.8 percent yesterday, after it announced a headline loss of R254 million in the six months to September 2020 compared with the earnings of R59m in the same period in 2020. The group said, however, that its turnaround strategy was continuing, and processes for a R4 billion capital raise had begun, with partial underwriting for R2bn. The weak results had been due to lower raw sugar production, land sales that were delayed by civil riots, hyperinflation in Zimbabwe, prior period restatements and a R158 million impact of civil unrest on profits. On the positive side, sugar demand was strong across all geographies, there were market share gains, and improvements in ESG were implemented. Tongaat Hulett’s share price…
Siphelele Dludla siphelele.dludla@inl.co.za SENTIMENT among local manufacturers has remained subdued about the future, due to uncertainty caused by the fourth wave of Covid-19 infections and loadshedding. The fourth quarter Absa Manufacturing Survey released yesterday showed that business confidence in the sector declined for the second quarter in a row, in the three months to December. Absa said overall, business confidence dipped by 3 index points to 38 points during the quarter, remaining firmly in the contractionary territory below the 50-points mark. The quarterly survey, which covers at least 700 businesspeople in the manufacturing sector, was conducted by the Bureau for Economic Research (BER) between October 27 and November 15, 202i. According to the survey, the majority of manufacturers were feeling pessimistic about the future, with expectations regarding business conditions for…
Dineo Faku dineo.faku@inl.co.za MINERAL Resources and Energy Minister Gwede Mantashe yesterday defended South Africa’s right to capitalise on opportunities in its natural resources, including oil and gas amid the push back against Shell’s seismic survey in the Wild Coast. Mantashe who recently returned from a four-nation visit to the Sest African region led by President Cyril Ramaphosa told the media in Pretoria yesterday that oil and gas resources proved to be game-changers elsewhere. “We consider the objections to these developments as apartheid and colonialism of a special type, masqueraded as a great interest for environmental protection. South Africa’s economic development is oppressed in the name of environmental protection when we have environmental framework that ensures that licensing is done with the utmost environmental care founded on Section 24 of…
SOUTH Africa has identified more than 50 strategic integrated projects (Sips) with huge potential to create jobs on a large scale, attract investment and lay a foundation for sustainable economic expansion. The Sips have the potential to create 300 000 job opportunities in the next few years through projects in human settlements, water and sanitation, agro-processing, agriculture, and digital and energy. The government’s commitment to spend R791.2 billion in the next three years, coupled with private sector commitments, is important to push initiatives that will jump-start this economy back to life. However, in order for gains from this project to be realised, the government will need to unblock a number of infrastructure bottlenecks, tackle technical skills shortages and a funding crunch that continues to undermine infrastructure delivery.…
Siphelele Dludla siphelele.dludla@inl.co.za THE MINING industry in South Africa is on course to end the year on a high note after production rebounded more than expected in October. This was driven by higher output in platinum group metals (PGMs), and rising global demand. Statistics South Africa (StatsSA) yesterday said mining production rose by 2.1 percent year-on-year in October, after contracting by an upwardly revised 0.8 percent in September. PGMs output rose by 24 percent in October compared to a contraction of 7.5 percent in September, chromium ore rose by 28.7 percent from 6.1 percent. This large PGMs output was also boosted by the low base from last year, as well as a rise in demand over the same period. Nedbank senior research analyst Reezwana…
Banele Ginindza banele.ginindza@inl.co.za OPERATORS under the Bus Rapid Transport (BRT) system, the majority taxi owners who scrapped their vehicles and surrendered operating permits, are calling for a review of the BRT act as they are opposed to going through the open tender in a competitive bidding process as the first 12-year licences expire in June next year and the next batch in February 2023. The SA Bus Rapid Transit Association and Academy (Sabrata), whose members collectively are estimated at 10 000 businessmen, said yesterday that there were concerns in being expected to compete on an unequal and prejudicial basis. “Sabrata has concerns with the entry points for tender renewal as they are not equitable. In our view, there is no fairness and justice in such a process.…
