Star 2022-12-15

RMB Holdings’ (RMH) CEO Brian Roberts and financial director Ellen Marais, the holding company’s only two employees, yesterday did their best to allay fears among RMH shareholders that Atterbury South Africa is facing financial difficulties. RMH, which is in the process of monetising its investments for the maximum benefit of its shareholders, disclosed in its interim results on Monday that it was in a dispute with Atterbury SA about the terms of a R489 million shareholder loan facility, and if the two boards can’t reach agreement, the matter may have to go to arbitration. In a conference call yesterday, shareholders described this dispute as a “bombshell” that should have been disclosed earlier. Roberts said they had been limited by legal issues in disclosing the matter earlier. One shareholder Chris…

Eskom board says there is no immediate plan to appoint Mpho Makwana as interim CEO André de Ruyter’s sudden resignation as Eskom Group CEO yesterday has exposed the chasm in opinion about the direction of the country’s renewable energy programme within South African business and industry. The business sector expressed mixed feelings yesterday about De Ruyter’s resignation as Eskom CEO. De Ruyter, who has been under immense pressure due to the ongoing electricity crisis, submitted his resignation earlier this week to the Eskom board. When he first took office in January 2020, De Ruyter set himself a target of 18 months to end the country’s persistent load shedding and ramp up the utility’s maintenance programme. His failure to meet his ambitious target and Eskom’s serious challenges became the stick…

As the news spread that the CEO of power utility Eskom, André de Ruyter had resigned, labour unions and the SA Youth Economic Council said while his exit was expected, Eskom must act to end load shedding. Numsa said the Eskom board must act with urgency to announce a replacement, even if on a temporary basis. The replacement must have the skills and capability to continue all efforts to reduce load shedding. Numsa spokesperson Phakamile Hlubi-Majola said, “The resignation of De Ruyter is a major blow for Eskom and the efforts to address the energy crisis we are facing on an ongoing basis. While this is a blow, it is hardly surprising, given the irresponsible comments made by some in government and some other sectors. “Business remains committed to working…

CONSUMER prices have softened to a five-month low in South Africa as global inflation is starting to show signs of slowing down, in spite of food and transport prices exerting upwards pressure. According to Statistics SA (Stats SA) yesterday, headline consumer price inflation (CPI) cooled slightly to 7.4% in November from 7.6% in October. This was the lowest reading since June but slightly lower than the consensus forecast of 7.5%. But inflation still remained above the upper limit of the South African Reserve Bank’s 3% to 6% target range, which could pave the way for yet another interest rate hike early next year, though less aggressive than the 75 basis points increase the central bank’s Monetary Policy Committee announced at last month’s meeting. Nedbank economist Johannes Khosa said they were…

RETAILER Pick n Pay said yesterday as it opened its 300th stand-alone store in South Africa that its clothing unit sourced more than 40% of its range locally and remained focused on its growth. In a bid to develop local designers as part of its strategy, Pick n Pay Clothing said in a statement that it had collaborated with South African designer Gavin Rajah for its Futurewear collaboration initiative to curate exclusive collections at affordable prices. Pick n Pay Clothing general manager, Hazel Pillay, said: “We rely heavily on our local manufacturing base to create consistency. This has helped us largely mitigate the impact of global supply challenges that the industry has experienced over the past three years. We’ve grown local content from 28% three years ago to 40% now,…

SINGER Nomcebo Zikode’s fight against record label Open Mic Productions has become messier. In court documents which IOL Entertainment has seen, she has turned the to the High Court after her Grammy-nominated song Bayethe was unlawfully taken down from Spotify. Zikode and her collaborators Zakes Bantwini and Wouter Kellerman received the nomination for the 2023 Grammy Awards under the category Best Global Music Performance. In her affidavit, Zikode alleges that on November 16, the day the Grammy nomination was announced, Spotify removed the song from its platform, as the result of a letter sent by Open Mic Productions attorneys Mamphahlele and Masipa Inc (MM). The letter said “the recording infringes on its intellectual property in one or more musical compositions’ (the take down notice)”. Zikode claimed “the statement is false,…