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Edward West edward.west@inl.co.za A WITNESS providing evidence of meetings between the four major tyre manufacturers admitted to the Competition Tribunal yesterday that he might have forgotten who was present at a January 2000 meeting to allegedly fix prices between the four major tyre manufacturers, as alleged by the Competition Commission. Yesterday was the second day of a 19-day hearing into alleged price fixing by Goodyear and Continental. The two companies have denied the allegations, while Bridgestone in 2009 was granted conditional immunity from prosecution in terms of the commission’s corporate leniency policy. Apollo Tyres, then known as Dunlop, settled with the commission in 2011 by paying a R45 million fine. The SA Tyre Manufacturing Conference is also opposing the case. Bridgestone’s former divisional head of sales and marketing, Shaun…
Siphelele Dludla siphelele.dludla@inl.co.za INDUSTRIAL activity in the South African manufacturing sector returned to strong growth in January following a loss of momentum at the end of last year, but rising fuel prices and electricity supply challenges could reverse gains. The seasonally adjusted Absa Purchasing Managers’ Index (PMI) rose by 3 index points to 57.1 points in January from a dip of 54.1 points in December 2021. This pointed to a faster expansion and reflected a strong start to the year for the manufacturing sector as the industry ramped up in production after a Christmas break. Absa said yesterday that the January PMI print was supported by a strong pick-up in business activity and new export sales orders. The business activity index moved back into expansionary territory, rising…
Siphelele Dludla siphelele.dludla@inl.co.za THE WORLD Bank loan to South Africa is a low-hanging fruit that will help the government plug its rising budget deficit amid Covid-19 spending, while implementing structural reforms as part of the economic reconstruction and recovery plan. This was the view of National Treasury officials yesterday as they briefed Parliament on whether the R11.62 billion World Bank loan was warranted. Last month, the World Bank approved South Africa’s request for a $750 million (R11.62bn) development policy loan to address the financing gap stemming from additional spending in response to the Covid-19 crisis. Finance Minister Enoch Godongwana yesterday told the standing committee on finance that the World Bank loan was one with the least conditions out in the financial markets. Godongwana said the government had approached various…
Dieketseng Maleke dieketseng.maleke@inl.co.za MINERAL Resources and Energy Minister Gwede Mantashe yesterday called on the coal sector to take the bull by the horns in clarifying the national development trajectory in South Africa’s energy transition. Mantashe, delivering the opening remarks ahead of discussions with South African coal producers at the Council for Geoscience, held yesterday in Pretoria, said the combination of green technologies was the future and right option for South Africa. The producers needed to be included in the conversation around the call for coal to be downscaled, the move from coal to renewables and calls for the country to exit coal. “A combination of all those technologies is the future. For example, I believe that the power stations that Eskom wants to decommission can be repurposed from…
Edward West edward.west@inl.co.za THE LONG-AWAITED auction of additional high demand radio frequency is scheduled for March and six telecom operators have submitted applications to telecoms regulator the Independent Communications Authority of South Africa (Icasa) to participate. Vodacom, one of the six applicants, said in a trading update yesterday that the additional spectrum in South Africa would help to extend coverage, improve quality of service and lower the cost to communicate, all of which would support economic growth. “With the auction scheduled for March 2022, we are working with the government, Icasa and the other tele- communication operators in South Africa to unlock this economic tailwind and avoid further delays. “The allocation of high demand spectrum remains a key strategic priority for the group,” Vodacom Group chief executive Shameel Joosub said.…
Tawanda Karombo LOWER sales volumes of gold bullion owing to the disposal of its South African operation, higher operating costs and unfavourable exchange rate movements muzzled full-year headline earnings per share for AngloGold Ashanti by 42 percent. The world’s number three gold producer has completed the disposal of its high-cost South Africa operation, while earlier it disposed of its project in Mali. Headline earnings per share in AngloGold Ashanti for the full year to the end December are expected to be 42 percent lower at between $1.37 (R21.22) and $1.53, the company said yesterday. Headline earnings are expected to be lower by 36 percent at between $572 million and $642m. The company’s lower earnings performance has been attributed to a fall in production owing to the sale…
