Star 2023-08-04

Dr TSHEPO Mokoka has been appointed acting CEO of the Petroleum Agency SA (Pasa), effective August 1. Pasa said in a statement yesterday that Mokoka would take the reins from Dr Phindile Masangane, who has joined the private sector. Pasa also said its board was completing the recruitment process for the permanent CEO. Pasa said for several years, Mokoka had been an integral part of its oversight body, the Central Energy Fund (CEF). “He has demonstrated exceptional leadership skills and deep industry knowledge during his tenure as CEF’s chief operating officer. With a track record of successful projects and initiatives, he is well-equipped to steer the company confidently and competently through this transitional period,” it said. In response to his appointment, Mokoka said he was honoured and humbled by the…

Businesses in South Africa have remained optimistic about conditions over the next 12 months in spite of the sustained downturn in business conditions as private sector activity fell for the fifth consecutive month in July. The S&P Global South Africa Purchasing Managers Index (PMI) remained in the contractionary territory, edging down to 48.2 points in July from 48.7 in June. The reading pointed to a moderate decline in operating conditions, and the second-strongest in two years after May's recent nadir as elevated prices, weak confidence and capacity constraints weighed on overall demand. This print was also in line with Absa’s PMI released earlier this week which fell by 0.3 index points to 47.3 in July from 47.6 in June, as business activity slowed due to the torching of multiple trucks…

BP SOUTHERN Africa (bpSA) announced that it has entered into a co-operation agreement with the Small Enterprise Finance Agency (Sefa) aimed at providing finance to empower black-owned businesses to acquire and operate service stations and related forecourt retail businesses. According to bpSA, the total value of the agreement is just more than R58 million, comprising of an initial R18m investment and a further R40m that Sefa will receive from the proceeds of all annual loan recoveries ceded to the bp/Sefa fund from a previous ESD Fund. “The investment will be used by Sefa to finance 50% of the capital needed by approved businesses, to acquire and develop service station properties,” it said. BpSA and Sefa will jointly approve the beneficiary businesses. Bp Southern Africa CEO Taelo Mojapelo said: “As part…

A MULTIMILLION-rand project to build two Advanced Metering Infrastructure (AMI) hardware mass production plants and 13 distribution satellite warehouses will be rolled out across the country, the Department of Trade, Industry and Competition (Dtic) said in a statement yesterday. The project would be administered and managed by Madinda Utilities, a Pretoria-based AMI hardware manufacturer and utilities diagnostics specialist company. The Dtic said the project would be rolled out in two phases, with the first expected to create 1 225 direct jobs, 2 770 indirect jobs in construction as well as 2 775 direct operational jobs with 26 576 indirect jobs. Madinda MD Ogi Madinda said the purpose of the project was to roll out advanced metering infrastructure nationally. The system includes meters at the customer site, communication…

Anti-dumping duties on frozen bone-in portions of chicken to be reinstated Local poultry producers are set for a fillip after Minister for the Department of Trade Industry and Competition (Dtic) Ebrahim Patel's impending decision to re-impose anti-dumping duties on poultry products imports from five countries - a decision that has set the cat amongst the chickens in the poultry industry. A notice to this effect was published in the Government Gazette this week advising, “the Minister is of the view that the anti-dumping duties should now become effective. The Minister has therefore requested the Minister of Finance in terms section 56 of the Customs and Excise Act, 1964, to give effect to the anti-dumping duties through amendment in the Customs and Excise Act by SARS.” Anti-dumping duties on frozen bone-in…

SAPPI’s earnings per share fell to 5 US cents from 39 US cents in its third quarter to June 30, off a high base considering record profits last year, and after a decline in hardwood dissolving pulp (DP) prices and weaker graphic paper markets. CEO Steve Binnie said yesterday that although the group was affected by weaker global economic conditions, particularly in Europe, and destocking of products that built up last year from post-pandemic demand, the group’s liquidity was healthy and its debt reduction strategy remained firmly in place. “You must remember we sat for many years with over $2 billion in debt. We have reduced that to about $1bn, and we will continue to do so,” he said in a telephone interview. He said much of the high raw…