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Edward West edward.west@inl.co.za Distell Group Holdings, which is being acquired by international brewer Heineken International, said yesterday that “rampant demand” for Savanna and its core spirits brands was causing the glass shortages in South Africa. The group said in a trading update that it continued to perform well in the six months to December 31 despite facing challenges of the pandemic, rising commodity costs, global supply chain disruptions, imported goods cost increases and glass shortages. In South Africa, the group’s largest market by revenue, government pandemic restrictions resulted in 25 fewer trading days during the six months versus 38 days lost in the previous six months ended December 31, 2020. In addition, civil unrest in July in KwaZulu-Natal and parts of Gauteng caused about R100 million in damages to a…
Siphelele Dludla siphelele.dludla@inl.co.za NEDBANK has downgraded its forecast for South Africa’s gross domestic product (GDP) growth for this year due to fears of renewed load shedding, possible fresh Covid-19 restrictions and the correction of commodity prices. This year has begun on a high note as the stock market hit all-time highs on the rally of commodity prices, with platinum and gold prices hitting highs of $990 (R15 445) per ounce and $1 840 an ounce this year, respectively. Rotational power cuts have not been implemented so far as well, and restrictions were eased with the scrapping of the curfew in the first week of January. However, Nedbank economic research analyst Reezwana Sumad said yesterday that the threat of load shedding, further waves of Covid-19 infections and declining commodity…
Banele Ginindza banele.ginindza@inl.co.za THE LOCAL poultry industry feels vindicated by anti-dumping duties imposed last month by the International Trade Administration (Itac) on an additional four European countries and Brazil, which it says proves the case that South Africa is increasingly becoming a dumping ground to the detriment of local producers. Meat importers, though, are unsettled that the higher duties will only affect food security and access to adequate nutrition, particularly for the lower LSMs already struggling to afford the basic food basket as increasing fuel prices are pushing up food costs. Itac last month acceded to an application made in February last year by local poultry producers for anti-dumping duties, and implemented provisional anti-dumping duties against Brazil (up to 265.1 percent), Ireland (up to 158.4 percent), Poland (up to…
Tawanda Karombo Harare COMPANIES are anticipating and adding up renewed and increased political uncertainty on to Zimbabwe’s risk profile ahead of by-elections in March in the aftermath of the violence and chaos that rocked internal polls within President Emerson Mnangagwa’s Zanu-PF party this month. The chaotic nature of internal polls in Zanu-PF in the past week reportedly resulted in the firing of a cabinet minister and two other senior officials. Violence marred the Zanu-PF district and provincial elections and businesses and companies see this as a precursor to greater political agitation when Zimbabwe holds by-elections in March, culminating in national elections next year. Mnangagwa will square off with Nelson Chamisa, leader of the splinter opposition MDC Alliance formerly fronted by the late Morgan Tsvangirai. “The quarter will witness increased political…
Dieketseng Maleke dieketseng.maleke@inl.co.za “IF WE removed every foreign national in SA, we would still have a severe unemployment problem. We need to look at the source of why we have such unacceptable levels of unemployment,” says Federated Hospitality Association of SA (Fedhasa) chairperson Rosemary Anderson. This comes after the EFF in Gauteng confronted restaurants in Menlyn Mall in Pretoria to establish employment ratios between South Africans and foreign nationals. Statistics SA in November released grim figures showing that unemployment hit new record levels, rising to 34.9 percent in the third quarter of 2021. Compounding the economic woes, inflation in South Africa accelerated to a near five-year high in December 2021, the latest data shows. Anderson said yesterday it was illegal for anyone to ask an establishment to furnish information about…
RYNCOR is selling farmland, near Bronkhorstspruit in a liquidation, closed-tender sale closing next Friday. The portions of the Waterval and Klipfontein farms are in Thembisile, Mpumalanga. With a combined size of 2 035 hectares, the land, some of which is irrigated, consists of dryland, old lands, pasture and grazing. The main dwelling on the land has four bedrooms, two bathrooms, a lounge/dining room and a kitchen. There is also a five-bedroom house with two outside rooms and a three-bedroom, two-bathroom house with a lounge, dining room, kitchen and a carport. Among the farm buildings are a 400m² structure, a 600m² semi-closed structure and a 1 000m² steel shed with two lean-tos and 10 workers’ rooms. “This is known as a strong irrigation and drylands farming region. Surface water is…
