Star 2023-05-22

DIAMONDS are for everyone. A diamond is forever when we all work together, according to De Beers Group CEO Al Cook, speaking on Friday as De Beers Sightholder Sales South Africa (DBSSSA) officially unveiled its new rough diamond sorting, valuation and sales facility in Johannesburg Cook said: “Today were are opening our facility that sorts diamonds. But all of that is dependent on the diamonds that we produce in South Africa.” The event was attended by the Minister of Mineral Resources and Energy, Gwede Mantashe, Gauteng MEC of Economic Development, Tasneem Motara, and De Beers Group CEO, Al Cook. De Beers Group announced in January that it was relocating its Sightholder Sales activities in South Africa from Kimberley, where it has been operating since 1974, to Johannesburg, following a review…

THE AUTOMOTIVE Business Council has warned that the domestic sales of new vehicles, as well as exports, will recover to pre-pandemic levels only in 2024 as economic growth slows this year due to crippling power cuts. The National Association of Automobile Manufacturers of South Africa (Naamsa) on Friday released its First Quarter 2023 Quarterly Review of Business Conditions Report for the new motor vehicle manufacturing industry/automotive sector. According to Naamsa, aggregate new vehicle sales during the first quarter 2023 recorded an increase of 1.6% compared to the corresponding quarter 2022, a gain of only 0.2% compared to the fourth quarter 2022. Aggregate industry commercial vehicle sales increased by 8.3% to 46 057 units sold in the first quarter, an increase of 3 509 units compared to the 42…

Deputy President Paul Mashatile held a dialogue with business leaders THE BUSINESS industry has rapped the government over the knuckles over its delay in crafting a social compact that will deal with policy uncertainty, enable the ease of doing business and attract investment on the back of dwindling economic growth. This comes as the government and its social partners represented in the National Economic Development and Labour Council have long passed the 100 days set by President Cyril Ramaphosa to finish a comprehensive social compact to address issues of economic growth and unemployment. Deputy President Paul Mashatile on Friday held a dialogue with business leaders, including CEOs and senior executives, as well as business associations, including Business Unity South Africa, Business Leadership South Africa, and the Black Business Council amongst…

THE RAND LAST week remained under pressure due to geopolitical issues and concerns that the US Federal Reserve (Fed) would increase interest rates further next month. Due to higher prices for commodities and the effect on double listed shares (like Naspers), that gained from the weaker rand, equity prices on the JSE ended the week once again positive. The rand depreciated 40 cents against the dollar over the past five days to close on Friday at R19.40 to the dollar. On the JSE, the All Share index gained 1.53% over the past seven trading days and is still 6.32% higher for the year-to-date. The Industrial 25 index increased by 2.03% over the past seven trading days and improved by more than 20% since the beginning of the year. International…

ON MAY 16, Asghar Adelzadeh and I had the privilege of visiting Mangaung in the Free State. Adelzadeh is a director and chief economic modeller at Applied Development Research Solutions and is also my co-director at Economic Modelling Academy. And the next day we drove back early so that I could proceed to Bela-Bela in Limpopo. As a party in the design of the Indlu- lamithi Scenarios for South Africa, our trip to and back from Mangaung was colourfully decorated by the Indlula- mithi Scenario discussions. The reflection of the predominant scenario, the Gwara-Gwara scenario, was ever present and obvious as we drove along the road. In the four-hour journey you would not miss a woman with a load of firewood or a sack of cow-dung on her head. This…

A SIMPLE Google search of the definition of management shows that management is the art of getting things done. It is the administration of organisations, whether they are a business, a non-profit organisation or a government body. It is the co-ordination and effective use of limited resources for production or to achieve a goal. Leadership on the other hand, is the act of guiding other individuals, teams or an entire organisation. The ability to inspire others to act in a particular way or to follow a specific direction. Looking at the state of our nation, the frustration stemming from challenges with the delivery of basic services such as maintenance of infrastructure, health care, safety and security and job creation; one always hears the lamentation and statements such as “we have…