Star 2023-04-17

THE MOST RECENT World Bank and International Monetary Fund (IMF) meetings indicate traditional aid such as for poverty in Africa is likely to dry up unless such funding addresses climate change, but the Africa Continental Free Trade Area (AfCFTA) is a tool to lift the economic resilience of the continent. This was according to AfCTFA secretary-general Wamkele Mene, who spoke at a briefing on Saturday ahead of the three-day 2024 African Continental Free Trade Area Business Forum, which started at the International Conference Centre in Cape Town yesterday. The AfCTFA was launched in July 2019 and this is the first such forum to be held in person. The AfCFTA aims to progressively eliminate tariffs and liberalise trade on intra-Africa trade, making it easier for African businesses to trade within…

SAPPI’S share price closed 5.75% down on the JSE on Friday after it announced that the sale of three European mills to Aurelius, for about R5.4 billion, had fallen through. Sappi said in a statement yesterday that the date for completion of the suspensive conditions contained in the agreement to sell three European Graphic Paper mills to Aurelius had lapsed and the transaction would not proceed. The share price closed at R44.44 on Friday, compared with R56.46 a year ago at the same date. Sappi had announced on September 29, 2023, that it had reached an agreement with Aurelius Investment Lux One S.à.r.l, to divest its Maastricht Mill in the Netherlands, its Stockstadt Mill in Germany and its Kirkniemi Mill in Finland. The deal was subject to the fulfilment of…

THE COMPETITION Commission said on Friday that is was launching a new market inquiry into the South African steel industry. It had gazetted the draft terms of reference for the probe on April 7. The commission said it would examine whether or not there were any features or a combination of features in its value chain that impede, distort or restrict competition in the South African steel industry. “A market inquiry is a general investigation into the state, nature and form of competition in a market rather than an investigation of specific conduct by any particular firm,” it said, saying the industry was a driver of inclusive growth in the South African economy. The commission had prioritised the intermediate and industrial sectors since 2008 due to the sector being linked…

As at April 13, 2023, it has received three complaints relating to renewable energy products AS SOUTH Africa’s economy buckles under the lack of power with its growth being decimated, allegations of price gouging relating to solar and wind renewable energy product have emerged. In response to a Business Report media inquiry, Siyabulela Makunga, the spokesperson of the Competition Commission, said last week that as at April 13, 2023, the Competition Commission had received three complaints relating to solar and wind renewable energy products. He said one complaint in May last year related to wind renewable energy, but this was non-referred by the commission. “The other two cases are currently under investigation. These complaints related to price gouging allegations and the exchange of competitively sensitive information between competitors,” Makunga said.…

SOUTH Africa’s muted economic growth is expected to drag the prospects of the whole sub-Saharan African region lower in 2023, as the country is the most-industrialised economy in the region. This was the warning issued by the International Monetary Fund (IMF) during the release of its sub-Saharan African Regional Economic Outlook for 2023 report in Washington DC on Friday. The IMF has already maintained its projection that South Africa’s growth would decelerate sharply to 0.1% in 2023, weighed down by an intensification of power outages; a weaker external environment; and, a negative carry-over effect from the growth slowdown at the end of 2022. The ongoing energy crisis has already slashed at least two percentage points off South African economic growth forecasts for 2023, as intensified power cuts cripple industrial and…

ARTIFICIAL intelligence (AI) has not just evolved technically. It has also become more accessible to non-tech users such as business people. AI is providing deep insights like never before, and is helping many business processes to become more efficient. In fact, 86% of CEOs mentioned that AI plays an important role in their businesses, not in the form of robots and complex machinery, but software to run their day-to-day operations. From predicting customer behaviour to handling communication, AI in business is becoming indispensable in ways never seen before. AI applications have significantly evolved over the past few years and have found their application in almost every business sector. Whether a small or large business, there are many AI tools that can improve business operations and productivity, save time by automating…