Star 2023-07-27

Standard Bank exhibited the products of 46 exporting clients from 14 African countries at the third bi-annual China-Africa Economic and Trade Expo (CAETE) in Changsha, China, which took place from June 29 to July 2, 2023. CAETE is a bi-annual event, co-sponsored by the Ministry of Commerce of the People’s Republic of China (PRC), and the People’s Government of Hunan Province. CAETE was launched in 2019 to deliver on the Forum on China-Africa Cooperation’s (Focac) commitment to improve the balance of trade between Africa and China. CAETE works to increase the import of African goods and services by building new platforms to promote direct business co-operation at sub-national level. The 2019 and 2021 expos resulted in the signing of 216 projects, accounting for over $43 billion (R750bn) in new trade…

In an extraordinary general meeting held in Amsterdam shareholders supported the company’s proposal to delist AN END TO an era is in sight as Steinhoff shareholders yesterday voted to dissolve and delist the once former billion-rand retail giant from the JSE and Frankfurt stock exchange. In an extraordinary general meeting held in Amsterdam shareholders supported the company’s proposal to delist. The company also resolved to appoint Steinhoff Topco as custodian of the books, records, and other data carriers of the company, with effect as of the dissolution. Steinhoff will be given a three-year debt repayment holiday due to its delisting, which comes after creditors approved a proposed debt restructuring plan in May. Steinhoff owns 44.5% of Pepkor and 75% of European discount retailer Pepco and stakes in US Mattress Firm…

THE RECENT furore surrounding the sudden closure and subsequent reopening of UK political figure Nigel Farage’s bank accounts sheds light on an increasingly troubling global trend – the arbitrary closure of bank accounts. It’s an issue that not only undermines principles of due process and fair treatment but also inflicts substantial economic damage, particularly in developing economies. In response to Farage’s incident, UK Prime Minister Rishi Sunak initiated a review to ensure fair and transparent treatment for customers. However, in South Africa, where similar instances of arbitrary account closures have been reported, this issue is exacerbating an already challenging economic situation, contributing to capital flight and economic instability. As pointed out by the Daily Investor, South Africa’s economic landscape is facing an alarming erosion. Foreign investors sold local assets worth…

WHILE South Africa managed to avoid a technical recession in the first half of this year, the cost of living for consumers in the country remains high. This comes after data released by the July 2023 Household Affordability Index, compiled by the Pietermaritzburg Economic Justice & Dignity Group (PMBEJD), showed the average cost of a household food basket costs R5 081.94. Month-on-month, the average cost of the Household Food Basket increased by R25.48 (0.5%), from R5 056.45 in June 2023 to R5 081.94 in July 2023. Year-on-year, data revealed a more staggering increase in costs, by R333.07 (7.0%), from R4 748.87 in July 2022 to R5 081.94 in July 2023. The following foods increased in price: Foods which increased in price in July by 5% or more, include: white sugar…

ALTRON Group took the bull by the horns at subsidiary Altron Nexus by retrenchments and putting it up for sale, after the subsidiary did not win an anticipated large contract, while R336 million of provisions had to be raised in the last six months as well. The share price of Altron, one of the largest technology groups on the JSE, slumped more than 9% yesterday morning after it said that it was likely to report an interim group headline loss per share when compared with a profit at the same time last year, much of which was due to the issues at Altron Nexus. The group said in a trading statement that headline earnings a share (Heps) from continuing operations was estimated to increase between 5% and 24% compared…

HEINEKEN Beverages South Africa (HBSA), the new drinks company formed through the takeover of Distell, yesterday announced an employee share scheme that would benefit its almost 5 000 South African employees. HBSA, with brands such as Heineken, Savanna, Windhoek, Amarula and Nederburg, said its employees would participate through a Workers Trust, which will hold a 6% stake in HBSA. The scheme is open to all current and future South African full-time employees as well as fixed-term contractors of the company. The scheme, named Bokamoso, a Sotho word meaning “future”, emphasises the notion of a collective future that recognises employees as vital stakeholders in the company, said Millicent Maroga, Heineken Beverages South Africa Corporate Affairs Director. “Our people are at the heart of our business, and we consider our employees as…