Star 2023-06-19

THE SOUTH African Property Owners Association (Sapoa) said municipalities had been charging exorbitant commercial property rates that contravene National Treasury guidelines, were way above inflation, and which had slowed the economies in five metropolitan areas. Levying rates that prejudice national economic policies, economic activities across municipal boundaries or the national mobility of goods, services, capital or labour, was also unconstitutional, Sapoa said over the weekend. The association said the increases were not only inflationary, as alluded to by the SA Reserve Bank (SARB) recently, but also threatened the viability of commercial property tenants who form the bulk of ratepayers in most metropolitan municipalities. Municipalities have regularly increased rates by more than 10% per annum over the past few years, far more than the annual consumer price index (CPI). Water…

COMMERCIAL property groups are up in arms about soaring municipal rates that have driven up rentals for tenants, driven up the cost of doing business in the country, and eroded the returns of property owners. Growthpoint Properties CEO Estienne de Klerk said last week that muni- cipal rates had escalated in excess of 10.5% compounded over the past 10 years for JSE-listed real estate investment trusts (Reits) and their tenants, and materially eroded the returns for property owners. Currently, the high municipal rates come at a time when rentals are already under significant pressure due to the weak economic environment. He said raising tenant costs further could result in more business failures, higher vacancies, and decreased investment. “Above-inflation increases in the costs of rates, taxes, and utilities along with decreasing…

As SA commemorated Youth Day, various organisations have placed the blame at government’s doorstep TENS OF THOUSANDS of young people braved the elements and queued at various venues to apply for jobs opened by the Gauteng provincial government on Friday, underscoring the growing number of unemployed young people who are jobless amid subdued economic growth. The Gauteng government on Friday set up a Jobs Fair to open 8 000 opportunities for youth as part of commemorating the 47th anniversary of the Soweto uprising of June 16, 1976. The jobs included those for drivers, receptionists, cleaners, artisans, construction managers, communication officers, health practitioners, agricultural advisers, engineers, and chief financial officers. Gauteng Premier Panyaza Lesufi said Youth Day was not for speeches but for boosting the provincial economy with massive opportunities, and…

PPC, A PRODUCER and distributor of cement, further reduced debt and saw positive cash generation in the year to March 31, putting it in a strong position to weather the weakening local economic cycle, CEO Roland van Wijnen said in an operational update on Thursday. PPC’s headline earnings per share, including discontinued operations, was expected to be a loss of between 8 cents per share and 10.5c, compared to the 13c a share loss the period before, being an improvement of between 38% and 19%, respectively, the group. Van Wijnen said an enhanced infrastructure investment programme and a stronger economic climate was required to enable the group to more effectively use its production capacity. “We remain hopeful the South African government will roll out its infrastructure development plans and…

ANGLO American said on Thursday it and Jiangxi Copper Company (Jiangxi Copper), one of China’s largest copper producers, had signed a memorandum of understanding to work together to provide greater assurance on the way copper was mined, processed, and brought to market. According to Anglo American, the agreement was signed during a visit to Jiangxi Copper’s headquarters in Nanchang, China, and is part of Anglo American’s work with customers to create sustainable value chains beyond its mining operations, recognising consumers’ increasing expectations for sustainably sourced and supplied raw materials. Anglo American marketing CEO Peter Whitcutt said: “We are developing a series of partnerships to shape a more sustainable and customer-centric value chain – one that meets consumer-driven demand for copper with demonstrably strong provenance credentials. “That value chain begins with…

THE POLICE and Prisons Civil Rights Union (Popcru) has rallied behind the Moti Group of companies and written to it and its CEO Dondo Mogajane expressing the union’s support for the organisation. In a statement last week, Popcru said it had noticed an alarming trend in the reporting on black businesses and treatment of black business leaders, whose rights and dignity were being continuously undermined by certain members of the media such as AmaBhungane and News24. Popcru president Zizamele Cebe- khulu-Makhaza said: “Black businesses are under siege by certain members of the media, as they are often subjected to separate and unequal standards and scrutiny from their white counterparts by journalists. “Yet these same journalists partici- pate in a clear pattern of discrimination, harassment and abuse, refusing to allow black…