Star 2023-10-06

Municipal rates, water, electricity, public transport costs have risen faster than inflation rate THE SOUTH African Reserve Bank Governor, Lesetja Kganyago, has challenged the setters of administered prices within the government to align the rate of the price increases to consumer prices in a bid to stave off rising inflation. The Reserve Bank’s Monetary Policy Committee (MPC) last month kept the repurchase rate (repo rate) unchanged at a 14-year high of 8.25%, with the prime lending rate at 11.75%, after inflation ticked up to 4.8% and assessed risks to the upside. Kganyago yesterday said administered prices such as municipal rates, water, electricity, public transport costs have been the single component in the inflation basket that has consistently risen faster than the inflation rate. He said that an intervention from the…

THE COMPETITION Commission praised local retailers yesterday for implementing product rationing for eggs and chicken as the poultry industry reels from highly pathogenic avian influenza (HPAI) that is ravaging the country. Competition Commission spokesperson Siyabulela Makunga said in an interview that they were encouraged to see that some South African retailers were rationing the sale of eggs and chickens to their consumers. Product rationing measures are usually implemented by retailers at a time when a significant amount of produce has left the market. The measure provides more equal access rather than just letting those who can afford have everything to themselves. For example, amid Covid-19 supermarkets were forced to ration sales of toilet paper due to panic buying. The poultry industry is reeling from a harsh avian influenza outbreak,…

TRANSNET’S woes continued yesterday with the head of the utility’s freight rail unit, Sizakele Mzimela, confirming her resignation only days after the CEO and chief financial officer (CFO) announced their resignations as she made clear that only the purchase of locomotives could save the day. Mzimela said in a letter to Transnet colleagues yesterday: “I pray that the cry for support to unlock the artery to the heart of this business, locomotives, is finally heard and acted upon. This will result in the heightened delivery that our country, its people and economy so desperately need to thrive.” “Arriving at Transnet Freight Rail (TFR) during the hight of Covid in April 2020 seems like a distant memory. It’s hard for me to believe that it was just three short years…

THE RAND continued taking a hammering in the global financial markets yesterday as it remained at a four-month low after it fell further to R19.61 against the US dollar as the greenback was buoyed by a 16-year high US Treasury yield. This was the rand’s weakest since early May when the US accused South Africa of selling ammunition to Russia, causing a serious diplomatic fallout. Investors have been flocking to US bonds as indicators in the largest economy in the world show signs of a recovery, with the jobless rate falling to its lowest in seven months, export rising to five-month high, while the US Federal Reserve looks to keep interest rates high for longer. The US dollar index rose for the 10th week in a row on the back…

JSE-LISTED Pick n Pay is upping the compe- titive ante under its newly appointed CEO Sean Summers with the relaunch of Pick n Pay asap!. South Africans are increas- ingly coming accustomed to shopping online and a strong digital offering is essential amid hot competition such as Checkers Sixty60. Pick n Pay asap! to celebrate its relaunch is offering unlimited free delivery for its customers in October. Pick n Pay asap! had delivered exponen- tial growth into 2023 and the upgrades would give customers a smoother, faster and “fresher” way to shop online and get their groceries delivered in 60 minutes, the retailer said. “The new asap! app now boasts more than 25 000 easily searchable products thanks to ground-breaking…

DELTA Property Fund yesterday appointed Sibongile (Bongi) Masinga as the CEO of the firm for a period of three years with effect from October 4. Masinga was appointed interim CEO in December after Siyabonga Mbanjwa resigned as CEO and from the board of Delta Property Fund last year, citing personal reasons. “Masinga, who has extensive corporate experience as demon- strated in her appointments as interim CEO from August 25, 2020, to January 31, 2022, and December 2, 2022, to October 3, 2023, extensive progress in driving the restructuring of the Delta portfolio and has made strides in improving relations with our tenants and in securing improved funding terms. The board believes that this permanent appointment will further accelerate the execution of Delta’s strate- gy to unlock shareholder value and pro-…