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TRANSNET National Ports Authority (TNPA) will be investing R16.1 billion on infrastructure development at the ports of Mossel Bay, Saldanha and Cape Town for the next seven years. This is part of the TNPA’s strategic repositioning of its Western Region ports to efficiently facilitate trade and create much-needed jobs amid rife unemployment. Industry players, including stakeholders in the fruit and wine industries, have been calling on the government to invest in infrastructure for a while now with the long turn-around times and shipping backlogs resulting in many cargo vessels bypassing Cape Town altogether. The Western Region’s capital investment programme has an allocation of R2.2bn to the Port of Mossel Bay, R8.4bn to Saldanha and R5.5bn to Cape Town. TNPA managing executive Advocate Phyllis Difeto yesterday said the state-owned ports…
AFTER rejecting three offers, Mediclinic International’s board said yesterday a fourth offer that values the private hospital group at $4.44 billion (R74.1bn), by the Remgro and Mediterranean Shipping Company (MSC), consortium appears attractive to shareholders. The consortium made an unsoli- cited cash offer to acquire all of Mediclinic on May 26. On June 9, it’s board rejected the offer of 463 pence (R92.20) a share (including a final dividend of 3p paper share for the year to March 31), on the basis that it significantly undervalued Mediclinic. Remgro is Mediclinic’s majority 44.6 percent shareholder. Mediclinic’s share price shot up 8.6 percent to R95 on the JSE yesterday afternoon, while the price was up 7.46 percent to 475.20p per share on the London Stock Exchange. Its…
THE RAND SLUMPED deeper into the red yesterday as the dollar strengthened after the US Federal Open Market Committee (FOMC) minutes confirmed a further tightening of monetary policy amid accelerating inflation, and fears of a global recession. The domestic currency weakened to R16.86 during early trade, its weakest since August, 2020, pressured by the dollar’s strength and the dampening sentiment over ongoing power cuts in South Africa. The rand is also at risk of further weakness as the US continues to show a strong resolve of reducing inflation. The US FOMC June policy meeting indicated that the central bank could raise interest rates at their next meeting in July by either 50 or 75 basis points. The minutes from the FOMC policy meeting on June 14 and 15 underscored that…
TRADE union Solidarity has recommended the removal of all barriers to the deregulation of electricity generation and the development of a tariff system favourable to small-scale power producers, in a bid to combat South Africa’s energy crisis. Solidarity yesterday called on small power producers to apply in their hundreds for generation permits to the National Energy Regulator of SA (Nersa). Last year, the government amended the regulations for large-scale private power generation, giving effect to the generation of up to 100MW, without needing a licence. However, Solidarity chief executive Dr Dirk Hermann said there was still uncertainty among entrepreneurs and power producers due to the major lack of political will. Hermann said that Solidarity would also submit a parliamentary petition to get any possible obstacles or barriers out of the…
THE SA CIVIL Aviation Authority (Sacaa) and South African Airways (SAA) have thrown out the window accusations of incompetence of pilots and the safety concerns at the carrier after reports of malfunctions on a flight from Accra to Johannesburg in April came to light. They stressed it was the fuel contaminated with water at the last stop. SAA chief executive John Lamola said: “The cause of the incident was not linked to maintenance as such. It was linked to a refuelling event, where the fuel was found by SAA technicians to be contaminated with water. There is always an aircraft technician on board SAA long-haul flights.“ This comes as the heat is turned up on the safety standards of the airliner after the incident which happened in April was kept…
BIDVEST has acquired 100 percent of BIC Services in Australia from private investors for A$160 million (R1.81 billion). “We are excited to have found a business and management team I believe can contribute to advancing Bidvest’s international growth strategy and add value to a stakeholder base that now includes Australia,” Bidvest chief executive Mpumi Madisa said yesterday. BIC’s management team had signed service agreements and remained committed to the business. Bidvest’s share price closed 2.72 percent higher at R213.23 on the JSE yesterday. The acquisition would be settled from the group’s international bond proceeds raised in October, 2021. BIC, headquartered in Sydney, operates across Australia, and is a leading provider of facilities management-services across office, commercial and education sites. Its cleaning services leverages an interactive technology solution…
