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MINING firm Harmony Gold’s share price rose after it said yesterday it had started construction of three 10 mega- watt (MW) solar photovoltaic plants as part of its environmental, social and governance (ESG) programme as it secured a R1.5 billion “Green Loan”. The share price soared 7.24 percent to close at R55.70 on the JSE yesterday. This as South African firms have been operating without the certainty of reliable electricity due to state-owned utility Eskom’s woes. Under new legislation South Africa’s government will allow private investors to build their own power plants with up to 100MW of generating capacity. Harmony said demand for sustainability has multiplied in the past few years as shareholders increasingly expect companies to take steps toward greater transparency and use cleaner energy. The miner…
CORPORATE governance at the Public Investment Corporation (PIC) was thrust into the spotlight once more after it announced the suspension of its chief operating officer (COO), Vuyani Hako, following allegations of misconduct, just two years after he was hired as a clean broom to clear up any ethical issues. This comes amid a slew of resig- nations at the asset management company, indicating that all is not well at the firm. In a statement, the PIC said Hako had been placed on precautionary suspension following allegations of misconduct made against him. “The PIC believes that the suspension is in the best interest of both the employee and the employer to ensure that an independent enquiry can proceed unencumbered,” the entity said. The PIC said its executive head: research projects development,…
SOUTH Africa’s rail networks and infrastructure have been devastated by the theft of copper cables and vandalism to the extent that “there is nothing left to steal anymore”, panellists said at the launch yesterday of the white paper on the National Rail Policy. This as South African companies have reported billions in lost revenues and exports due to Transnet’s failing rail network, knocking the country’s economic growth at a time it cannot afford to do so after the wrecking ball of Covid-19. The industry, which admitted the crises at the launch of the paper, said it was imperative that ways be found to halt further deterioration while funding models for the extensive rebuild, possibly involving the private sector, could be looked into to revitalise the networks. Rail Safety Regulator chief…
GLOBALLY, inflation has soared in recent months, as evidenced by the latest print of 8.5 percent in the US. Whether this is due to years of quantitative easing and low interest rates or base effects post-lockdown (which may have an impact on the longevity of high inflation) is currently of little interest to consumers. South Africa has not been immune to rising global inflation, with domestic inflation edging higher. The South African Reserve Bank has increased short-term interest rates by 1.25 percent off the lows, with the latest increase of 50 basis points announced in the most recent Monetary Policy Committee meeting. From an investor perspective, the questions are: Do certain asset classes perform better in inflationary conditions, and if so, can reasonable investment returns still be achieved?…
ZIMBABWE brewer and soft drinks manufacturer Delta Corporation has declared a $0.6 cents (R0.93) final dividend after raising lager beer and sparkling beverages volumes by 38 to 65 percent respectively over the year period to the end of March. Delta Corporation is among only a few Zimbabwean companies to declare a US dollar dividend in the past few years that have seen listed companies grapple with uncertainty in the financial and operating currency framework. An associate company, African Distillers – which is controlled by Delta and South African wines and spirits manufacturer Distell – and hotel group African Sun are some of the companies that have declared dividends in hard currency. The US dollar dividend to be paid by Delta Corp is in addition to another Zim dollar-denominated…
STANDARD Bank’s annual general meeting was attended by climate activists, local and from abroad, who came to question the bank’s involvement in the East African Crude Oil Pipeline (Eacop), gas extraction in Mozambique, and its support for fossil fuel expansion on the continent. The event was the second on Tuesday that indicates the growing policy and civil demands being placed on financial institutions to begin to take climate change seriously. On the same day, in Germany, prosecutors raided the offices of Deutsche Bank and its asset management subsidiary DWS as part of an investigation into so-called greenwashing, which was being viewed as investment fraud. It was the fourth year that Standard’s executives faced questions from the global #StopEacop campaign. Outside the bank’s headquarters at the same time were activists from…
