Star 2024-02-28

MOHAMMED Hoosain, acting CEO of Independent Media, announced yesterday that Philippa Larkin has been appointed as the executive editor of Business Report. Larkin has an impressive 20-year journey in the realms of financial journalism and embodies the essence of dedication, expertise and journalistic excellence. Hoosain said: “Her new role is a testament to her exceptional skill set, her unwavering commitment to the craft, and her deep understanding of the financial landscape. “Throughout her career, Larkin has demonstrated an innate ability to navigate the complexities of the financial sector, earning her a place of respect and admiration within the South African business and finance environment. “Her reporting acumen and editorial insight have not only enriched readers, but have significantly contributed to the evolution and success of Business Report over the years…

THE JUST ENERGY Transition (JET) Project Management Unit (PMU) in the Office of the Presidency has introduced a funding platform to facilitate R1.5 trillion from multiple sources and $11.596 billion (R224bn) in international pledges into clean energy projects. In a media briefing yesterday, which was held to help clear up the confusion around how the JET Implementation Plan 2023 to 2027, approved by the Cabinet in November 2023, will practically transpire, Joanne Yawitch, JET PMU head, said the funding platform primarily aimed to match available funds to projects working in the JET space. “Priority project areas are electricity, new energy vehicles and green hydrogen. Such projects should also protect vulnerable workers and communities, ensure sustainable employment and spur inclusive economic growth,” Yawitch said. According to the JET Implementation…

SOUTH African industrial gas users have warned of an impending meltdown that would affect thousands of workers in the manufacturing sector and related industries if the “gas cliff” is not averted within the next 30 months. This comes after Sasol, SA’s monopoly supplier of large- scale natural gas, announced in August 2023 that the supply of gas to industrial users will be suspended by June 2026. The Industrial Gas Users Association of Southern Africa (Igua-SA) said yesterday that this unilateral decision to cut off the gas supply posed an existential threat to South Africa’s manufacturing base, in spite of South Africa sitting on significant offshore gas potential. Igua-SA CEO Jaco Human said the country was going through a gas supply-and-demand deficit as there had been no additional molecule presented into…

Financial services company says it is confident that the tax entity’s claim has no merit SASFIN Holdings’ share price plunged nearly 12% in intraday trade yesterday after the financial services firm denied liability for nearly R4.9 billion damages instituted against it by the South African Revenue Service (Sars) over allegations related to money laundering and bribery by former employees and clients of its banking business. Sasfin’s shares hit an intraday low of R19, later closing the day 7.1% lower at R19.98, and year to date 13.96% down. This comes after Sars yesterday confirmed that it had slapped Sasfin with nearly R4.87bn fine, plus interest and costs. In a strong rebuttal, Sasfin CEO Michael Sassoon said the legal opinion was unequivocal that the claim fell outside of the recognised parameters…

THE PALTRY R6.3 million the South African Revenue Service (Sars) scraped in the 2021/2022 financial year from the multibillion-dollar cannabis and hemp industry due to a restrictive regulatory environment for farmers yesterday rattled the cage for parliamentarians in the portfolio committee on agriculture, land reform and rural development. This as the sector with looser regulations could net potential billions in revenue of the cannabis industry pie and create jobs in South Africa. Hemp4life CEO Ben Sassman detailed the zero lack of funding for farming and processing of the industry to regulatory bottlenecks from the expensive water licence to stringent laws that make it illegal still to trade in hemp and cannabis products in the country. He said there was a serious disconnect between the Cannabis Master Plan and what…

SOUTH Africa’s economic headwinds were unlikely to change this year, even after the May elections, Motus CEO Osman Arbee said yesterday, adding that better conditions could only be realistically expected in 2025 on condition of improvement in logistics and infrastructure, resurgence in the rand currency and improved job creation. Speaking during an interview with Business Report after the company reported a decrease in headline earnings per share and dividends for the half-year period to end June, Arbee said there was unlikely to be any respite for South Africa this year. “Nothing much can change in 2024, because interest rates are not changing much, inflation is not changing, the currency is still weak, and the political situation is gonna take time to settle down. Calendar 2024 is what it is,” he…