Star 2023-08-02

MANUFACTURING activity in South Africa is expected to recover, at least partially, in August after falling further to its lowest in two years in July, dragged lower by transport delays due to the burning of trucks on the highways. The seasonally adjusted Absa Purchasing Managers’ Index (PMI) released yesterday fell further by 0.3 index points to 47.3 in July, down from 47.6 in June. The latest headline PMI reading, compiled by the Bureau for Economic Research on behalf of Absa, pointed to the sixth consecutive month of contraction in manufacturing activity and the steepest since July 2021. Absa said that despite a reprieve in the intensity of load shedding, the business activity index saw a sharp decline, tanking by almost 11 points after moving up slightly in June. It said…

Official says department was hard at work with negotiations for extension of Agoa Solidarity, a trade union movement, said yesterday it had met with US diplomats about the African Growth and Opportunity Act (Agoa) as it fears the government lacks the commitment to tackle concerns that South Africa might be kicked out of the agreement. South Africa’s trade with the US has been under pressure since the docking of a Russian ship at Simon’s Town naval base in the Western Cape in December, although the government has denied allegations of loading weapons onto the vessel. Recently, a group of US legislators asked for the upcoming Agoa Forum to be hosted in another country, although there has been no formal plan to shift the event from South Africa. Agoa gives South…

SOUTH African Tourism’s annual Sho’t Left Travel Week will once again this year see a host of trade partners, airlines, hotel groups and tour operators offering generous discounts of up to 50% from September 4-10 as the country celebrates Tourism Month. Acting CEO of South African Tourism, Nomasonto Ndlovu, said, “In response to what South Africans have told us and in ensuring that we make our country accessible, the Sho’t Left Travel Week campaign offers South Africans access to discounted deals in a bigger way so they can explore and experience the length and breadth of South Africa’s tourism offering. It seeks to dismantle current perceptions, unlock access to the country and is further underpinned by the general call to all South Africans: It’s your country. Enjoy it!” The impact…

PRESIDENT Cyril Ramaphosa held a follow-up meeting between the government and organised business at the Union Buildings in Pretoria yesterday. Business Unity South Africa (Busa) and Business for South Africa (B4SA) will provide an update today on the collaboration with the government and the progress made in the energy, transport and logistics, and crime and corruption work streams. The government and organised businesses agreed at the initial meeting on June 6 to urgently work together to remove obstacles to inclusive economic growth and job creation. The CEOs pledged not only financial assistance, but also to lend their expertise and financial backing to the government, as well as to form strong partnerships with various stakeholders, all in the shared pursuit of supporting the country as a cohesive force. The public-private partnership…

PETROCHEMICALS giant Sasol said yesterday that it submitted an appeal to the Minister of Forestry, Fisheries and the Environment, Barbara Creecy, to change the methodology used to measure its emissions. This comes after the National Air Quality Officer last month declined its application to be regulated on an alternative emission load basis for the sulphur dioxide (SO2) emissions from the boilers at its Secunda operations’ steam plants from April 1, 2025 onwards. “Sasol is requesting that instead of reducing the SO2 per boiler (concentration), it will reduce (turn down) the total number of boilers (load) to achieve the same or better result,” it said. Air Resource Management, an independent environmental consulting company appointed to manage Sasol’s 12A application, had notified all interested and affected parties on Monday of the appeal,…

IMPALA Platinum (Implats) announced yesterday that the Royal Bafokeng Platinum (RBPlat) shares would be suspended from trading on the JSE on Wednesday – a bittersweet moment for RBPlat CEO Steve Phiri. In a statement, the group said it expected that RBPlat shares would be delisted from the JSE on Monday, September 18. On July 24, RBPlat shareholders, who held more than 90% of the RBPlat shares, accepted Implats offer to acquire more of the shares that it didn’t own. Implats currently holds 98.73% of RBPlat’s issued ordinary share capital. This will result in RBPlat becoming a wholly-owned subsidiary of Implats. Implats said if any of the remaining RBPlat shareholders wished to oppose Implats compulsorily acquiring their remaining RBPlat shares, such shareholders were advised that they are entitled to make an…