Star 2022-12-23

THE INVESTING in African Mining Indaba yesterday announced that it had seen a lot of early commitment from key government leaders and policymakers for the February event in Cape Town, which takes place after a volatile 2022 for the sector. The theme for the 2023 indaba is “Unlocking African Mining Investment: Stability, Security, and Supply”, and will feature speakers who will consider the challenges and opportunities facing the continent’s mining industry, as it seeks ways to bolster its economic power amid the global rush to secure supply for the greener energy transition. Minerals used in the greener energy transition are cobalt, copper, lithium, nickel, and rare earth elements – all essential for producing electric vehicles and batteries, harnessing solar power and wind energy Local mining firms are hot on the…

Investors monitor world’s largest economies for clues on 2023 global outlook SOUTH African markets closed in the red yesterday, led by losses in tech and mining sector stocks, and shaving off the gains made during the week. The JSE All Share Index fell 0.8% to 73 225 points while the Top40 Index also eased 0.8% to 67 100 yesterday, trading in negative territory for the first time this week since the re-election of Cyril Ramaphosa as ANC president. Mining and metals companies led the charge with the losses as the industrial metals and mining index fell 2% to 34 082 points, while the resources index lost 1.9% to 1 437 points and the precious metals and mining index fell 1.9% to 54 873 points. But the oil, gas and coal…

ORGANISED labour has welcomed the call for the realignment of state-owned enterprises (SOEs) to line departments and scrapping of the Department of Public Enterprises (DPE) at the ANC’s 55th elective conference. But it is sceptical that this will be the answer as state or political interference undoes the best intentions. The final resolutions on this and other policy positions are to be announced on January 6, after the second leg of the national conference reconvenes in a hybrid fashion. However, a snap engagement of labour unions has revealed that the idea is not without its merits as a crucial entity like energy provider Eskom battles with not only the resignation of CEO André de Ruyter, but to deal with the rampant corruption and maladministration which De Ruyter cited as the…

AYO Technology Solutions said a censure and R1.5 million fine by the JSE was causing “significant and irreparable harm” to its business, despite the company’s co-operation, and legal advice was being sought on the next step. The JSE said yesterday that AYO’s application to the Financial Services Tribunal (FST) to have a JSE decision to censure and fine AYO R1.5m suspended, had been dismissed by the Judge LTC Harms, the deputy chairman of the FST. On December 9, 2022 AYO applied to the tribunal for an order suspending the JSE’s censure decision. On the same day, AYO also applied for a reconsideration of the decisions of the JSE. The JSE said yesterday it would oppose AYO’s reconsideration application. It said an investigation into the conduct of individuals who presided at…

THE JSE’s Bank Index held steady this year in a dynamic banking market, and after the big banks reported healthy earnings and remained well positioned to absorb likely asset quality risks, and higher impairments next year from a weaker operating environment. The index stood at 10 001.75 on Monday afternoon, 9.4% lower than an annual peak on March 27, but about 8% higher than on January 2, this year and 51% higher than a low it sank to during August through the pandemic. Fitch Ratings said in a report this month that “robust pre-impairment profitability and comfortable capital buffers” should provide the banks good protection against higher impaired loans generation from slower economic growth, high inflation, and rising interest rates, which will pressure household incomes and business earnings”. Fitch…

THE LANDSCAPE of JSE-listed food retailers is unrecognisable from a decade ago as their business models evolve as they focus on omnichannel strategies in a bid to provide customers with a seamless shopping experience using a multichannel approach. Business Report looked at JSE-listed Woolworths, Shoprite, Pick n Pay and Spar to see how each retailer has approached its omnichannel model. According to the global retail omnichannel commerce Platform Market report 2022-2026, several leading retailers are adopting a retail omnichannel strategy to tap into the e-commerce opportunity and drive traffic and sales in physical stores. “The potential of an omnichannel strategy is also being realised by small and mid-sized retailers, who are investing in the platform to survive the intensely competitive conditions,” the report said. Woolworths In its integrated annual…