Star 2021-12-21

Banele Ginindza banele.ginindza@inl.co.za THE LONG-AWAITED unbundling of Eskom into three separate units, generation, transmission and distribution, has begun, with the utility issuing a notice yesterday of having executed the separation of its transmission division in line with an end-December deadline set in a restructuring plan. It said in an announcement to debt investors that it had executed an order to transfer the transmission division to wholly-owned subsidiary, the National Transmission Company South Africa SOC Limited. The process remained subject to conditions, including obtaining the applicable consents from creditors. Under the plan, its generation and transmission units have to be separated by the end of this year and the distribution division by December next year. Analysts have suggested, however, that the deadline would likely be missed, and the completion of the…

Edward West edward.west@inl.co.za STELLENBOSCH University PHD student Takunda Gwanzura has invented a diagnostic biosensor that claims to do rapid testing for Covid-19 in 15 to 30 seconds. Currently the gold standard method of testing is the PCR test, which has a turnaround time of 24 hours or more due to the laboratory processing required. Gwanzura said in a telephone interview yesterday that the new technology, called the Covidometer, could deliver results within 15 to 30 seconds, and it was a portable device that required no lab work. The device would allow large-scale screening of groups of people as they enter a space where social distancing may not always be possible. He said most of the validation work had been done with the help of the PathCare pathology laboratory group. There…

Dieketseng Maleke dieketseng.Maleke@inl.co.za ANGLO American Platinum (Amplats) has announced yesterday it plans to sell its 49 percent stake in Bokoni Mine to Patrice Motsepe’s African Rainbow Minerals (ARM). In a statement, the mine said the transaction is set to generate R3.5 billion. The transaction is expected to be complete in 2022. Amplats owns the Limpopo-based mine through a joint venture with Atlatsa Resources, which holds a 51 percent stake. Amplats chief executive Natascha Viljoen said the company was pleased the Bokoni mine was sold to an operator with the technical and operational capability and funding to ensure the restart and sustainable future for the mine. “The restart of the mine by ARM is expected to benefit employees, host communities, broader stakeholders, and the regional economy, and allow…

Siphelele Dludla siphelele.dludla@inl.co.za The rand rose to a two-week high yesterday, ignoring investor concerns about the fast-spreading Omicron variant that drove a risk-off sentiment against emerging markets currencies. The wide spreading of the Omicron variant saw new restrictions being introduced in Europe and New York recording the highest cases on record, forcing emerging market currencies to trade softer yesterday. The Turkish Lira, for one, fell to an all-time low after the country's central bank slashed its policy rate by 100 basis points to 14 percent, meaning the currency has lost nearly 50 percent of its value since the beginning of November. However, the rand regained its strength by 0.04 percent back to R15.78 by 5pm to the greenback on the back of the US Federal Reserve's hawkish stance. The US…

Banele Ginindza banele.ginindza@inl.co.za SOUTH Africa’s Just Transition journey, the shift from reliance on fossil fuels to renewable energy set to peak by 2035, got off to a good start this year with France, Germany, the UK, the US, and the EU throwing their hats into the ring for the rainbow nation to suckle on a R131 billion ($8.25bn) funding lollipop as it ponders its baby-steps. It is no coincidence that South Africa is the blue-eyed boy of energy transition. Boasting ample sunlight for VHF capacity, wind capability, ample gas reserves, a varying geographical incline, technical expertise fodder, an ailing coal fleet and best of all pressure to conform, it is a no-brainer as a poster child of the developed world’s aspirations. The country has certainly displayed its milk-teeth.…

Edward West edward.west@inl.co.za FOR COMPANIES struggling to retain talented employees amidst scarce skills, HR departments and organisational leaders need to understand what makes their employees tick to keep them engaged in their jobs, according to Sage Africa and Middle East. The multinational enterprise software company’s vice-president for medium business, Gerhard Hartman, said that given that Statistics South Africa (StatsSA) recently announced record-breaking unemployment numbers, the great resignation trend sweeping the developed world may appear to be of limited relevance to South Africa. “However, the reality is that local companies are struggling to hold on to their best talent in fields where scarce skills such as finance, technology, management and engineering are sought after,” Hartman said. The company said that the PricewaterhouseCooper’s (PwC’s) Workforce Preference Study offered some pointers about the…