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SOUTH African markets opened the week on a high and traded in the green yesterday as investors digested the latest sovereign credit ratings outlook and the ongoing peace talks between Russia and Ukraine. Moody’s Investor Services on Friday upgraded South Africa’s credit rating to investment grade with a stable outlook as high commodity prices continue supporting the government’s efforts to reduce budget deficit. This saw South African stocks trading on a high yesterday, with the rand steadying around R14.60 to the US dollar, but struggling for momentum. The rand has shown reduced volatility this year in comparison to other emerging market currencies, and this is also likely reflective of its somewhat reduced credit risk as markets perceive a lower risk of default. The risk sentiment in the markets saw the…
SOUTH African Transport and Allied Workers Union (Satawu) yesterday filed a wage dispute with the Council for Con- ciliation Mediation and Arbitration (CCMA) against the South African Maritime Safety Authority (Samsa) with sabre rattling of a crippling strike should talks fail. The labour union yesterday gave in- dications it was being pushed to a breaking point over wage increments and sala- ry adjustments, which have not been addressed in the past two years as a shift- ing of musical chairs goes on in the board and executive levels of the authority. A strike by about 4 000 workers manning South Africa’s shoreline for ship inspections and emergencies, including oil spills among other functions of the authority, would cripple the country’s coastline commercial activity. Satawu Maritime Sector Co-ordinator Thulani Dlamini…
SOUTH African auditors charged with improper conduct will now find it difficult to escape accountability after the auditing profession regulator revised disciplinary rules, including allowing search and seizures, as the profession has been sullied by its role in high-profile corporate collapses and state capture revelations. The Independent Regulatory Board for Auditors (Irba) yesterday gazetted the new disciplinary rules for registered auditors following a consultation process, which began in November 2021. This brings the rules and procedures to be followed during investigation and disciplinary processes into alignment with the Auditing Profession Act 26 of 2005, as amended by Act 2 of 2015 and Act 5 of 2021. Over the past four years, the profession has been besieged by high-profile corporate collapses and state capture revelations that have implicated auditors and highlighted…
IT IS NO secret that we live in extraordinary times in South Africa. No day goes by without further revelations about the plight of poverty and poorly- managed institutions that have blighted our country. The daily suffering of many South Africans has manifested itself in xenophobic attacks and civil unrest in the recent past. Who knows what’s next if the challenges that are perpetuated by a non-inclusive economy and limited access to financial services by the majority of the citizens are not addressed once and for all? As the chief executive of Ithala SOC Limited, I have always maintained that strong institutions can help build strong, inclusive economies. And it is driven by this belief that I have dedicated a significant amount of my life to working with other reputable…
WITH SOUTH Africa having an unemployment rate of 46 percent and exorbitant fuel prices, you would believe it is in everyone’s best interest to support efforts that seek to create employment and reduce fuel prices. South Africa is blessed with an abundance of natural resources, and our government should exploit these resources for the betterment of all South Africans. Over the past couple of years, oil and gas discoveries have been made in South Africa and Africa at large. These discoveries will provide new economic opportunities for South Africans, but there is a well-orchestrated pushback that seeks to phase in foreign-manufactured renewable technologies at the expense of energy security and job creation. Having spent decades extracting cheap oil and gas from African countries, the developed world now wants Africa…
GEMFIELDS, the supplier of coloured gemstones, said yesterday its emerald auction held in India recorded its best-ever revenue, an all time record for any Kagem auction. The precious metals group said the auction gener- ated a record $42.3 million (R619m). The auction, which took place be- tween March 15 and April 1, also result- ed in a sales record of $9.37 per carat. The ruby and emerald miner, which also owns Fabergé, produces emeralds from the Kagem mine in Zambia and rubies from the Montepuez mine in Mozambique, with its revenue highly dependent on auction. “The emeralds were extracted by Kagem Mining Ltd in Zambia, which is 75 percent owned by Gemfields and 25 percent by the Industrial Development Corporation of Zambia,” the group said. According to…
