Star 2023-09-12

STANDARD Bank is set to close Independent Media’s bank account shortly. While it cites “reputational risk” as the primary reason behind its decision, many are left wondering whether the bank itself poses a significant reputational risk to citizens’ money instead, especially considering its role in several high-profile controversies. Independent Media, a significant publishing organisation in South Africa with the largest share of voice catering to the country’s broadest citizen groups, has found itself at the centre of a maelstrom that raises questions about the influence of competitors in the banking sector. Standard Bank’s assertion that closing Independent Media’s account is due to “reputational risk” has been met with scepticism by many observers. Critics argue that the decision appears to be influenced by Independent Media’s adversarial reporting and criticism of…

There had been no official investigation into the cause of the disaster SOUTH African communities living near mine tailings dumps are faced with potential disasters, one year after the collapse of the Jagersfontein slush dam, which led do the death of one person and destroyed livelihoods and infrastructure. The Jagersfontein: One Year Later report by Bench Marks Foundation released yesterday found that there had been no official investigation into the cause of the disaster. It is just a blame game, according to the research. While officials have shifted blame on to each other, the plight of affected communities has grown worse. The Department of Mineral Resources has shifted blame for the collapse of the tailings damp on to the Department of Water Resources. Rights campaigners and researchers say this has…

THE SOUTH African Association of Ship Operators and Agents (Saasoa) has called for a major injection of new equipment at all South African ports as ships are rerouted away from the country because of port congestion, impacting businesses and hamstringing the economy. The call comes hot on the heels of a report last week by Transnet, the state-owned logistics firm, that it had incurred a massive R5.7 billion loss for the year ended March 31, 2023, down from a R5bn profit a year before. Peter Besnard, the CEO of Saasoa, which represents maritime interests in South Africa on behalf of its members, said severe windy conditions along the coast was hampering the discharge and loading of vessels in the ports. “This together with equipment breakdowns to tugs, pilot…

CONSUMER price inflation (CPI) in South Africa is expected to remain contained within the midpoint of the target range in the third quarter in spite of upward pressure from rising fuel prices and the impact of load shedding on food prices. These are expectations of analysts, business people and trade unions surveyed by the Bureau for Economic Research (BER) on behalf of the South African Reserve Bank (SARB) ahead of its interest rates decision next week. The BER yesterday said the average headline CPI inflation expectations of the surveyed individuals had started to decline significantly in the third quarter after having seemingly peaked in the second quarter of 2023. This was the first drop in average 2023 expectations in two years. BER economist Nicolaas van der Wath said lower expectations…

THE OUTLOOK for manufacturing output in South Africa remains precarious, as the sector began the third quarter of 2023 on a slower positive growth, indicating the extent of damage caused by load shedding on the economy. Data from Statistics South Africa (StatsSA) yesterday showed that manu- facturing production rose by 2.3% year-on-year in July, following a down- wardly revised 5.5% increase in June, and missing market estimates of a 4.4% surge. This marked the fourth consecutive month of positive year-on-year growth in industrial activity, albeit at a modest pace, in part due to fading low-base effects. StatsSA’s director of industry statistics, Nicolai Claassen, said six of the 10 manufacturing divisions recorded a rise in economic activity. “Petroleum, chemical, rubber and plastic products, and the automotive division, drove much of the…

FITTING tribute was paid to Pick n Pay former chairperson, entrepreneur, innovator, business leader and social advocate Raymond Ackerman at a memorial service for his passing last week that was held at Clovelly Golf Course in Fish Hoek, Cape Town, yesterday morning. It was held at the golf course that was founded by his father Gus, together with other business partners, in 1920, as Jewish people were not allowed at other golf courses in Cape Town at the time. In 1976, at the behest of Ackerman, the government allowed the club to become the first non-segregated golf club in the country, allowing it finally to meet its founding principles of not debarring anybody on the basis of nationality and religion. This reporter, who had interviewed Ackerman many times…