Star 2024-04-10

SOUTH Africa’s government and the European Union (EU) delegation to the country emphasised the strength of their relationship and said they were working on holding a bilateral summit. Plans to hold the gathering last year were thwarted because South Africa had reportedly not committed to a date. An EU spokesperson in Europe said in a reply to queries that it “unfortunately” hadn’t been possible to hold the summit last year. “South Africa and the European Union have maintained a regular exchange throughout 2023 in order to prepare their bilateral summit,” the government and EU delegation said yesterday, rejecting the claim that Pretoria hadn’t suggested or set a date. People familiar with the situation, who asked not to be identified because they weren’t authorised to discuss the topic publicly, said the…

GOLD AND PLATINUM mining share prices saw another day of strong gains on the JSE yesterday, bolstered by their perceived safe haven status in an uncertain geopolitical global environment, and US and Chinese economies that continue to surprise on the upside. Yesterday at midday Impala Platinum Holdings shares were 4.9% higher on the JSE, precious metals miner Sibanye-Stillwater shares were up 4.9%, Anglo American Platinum’s shares were up 3.7%, Northam Platinum Holdings shares were up 3.9% while African Rainbow Minerals shares were up 4.6%. The increases followed substantial increases in the prices of their underlying commodities since the start of the year. For instance, the price of gold rose 16.1% to $2 339.24 (R43 846) per ounce yesterday from $2 013.43 per ounce on December 2, 2023.…

Zero Carbon Charge yesterday launched its new subsidiary Zero Carbon Logistics, which will roll out 120 solar PV electric truck charging sites on national highways across South Africa – the first off-grid, 100% green electric truck charging network in the country. Joubert Roux, the co-founder of Zero Carbon Charge, said the shift to electric trucks offered a major opportunity for South Africa to meet its Green Transport Strategy goal of reducing transport-related CO2 emissions by 5% by 2050. “Every day, 8 756 trucks travel on the N3 between Durban and Johannesburg, using over 658 million litres of fuel at an import cost of R8 billion, emitting 1 781 256 762kg of CO2 emissions per year. Replacing these fuel-powered trucks with electric models will save…

SOUTH Africa’s fossil fuel subsidies tripled between 2018 and 2023, to hit R118 billion, up from R39bn five years earlier, according to the Blackouts and Backsliding: Energy Subsidies in South Africa 2023 report. The report was released by the International Institute for Sustainable Development (IISD), an independent think tank working to accelerate solutions for a stable climate, sustainable resource management, and fair economies. The increase was said to be largely driven by the global energy crisis, with consumer subsidies rising to reflect higher prices for oil, gas, and coal following Russia’s invasion of Ukraine. “The increases came as global fossil fuel subsidies hit a record high of $1.5 trillion (R28trln) in 2022, with governments around the world scrambling to respond to the energy crisis. The largest share of…

THE IMPACT of the El Niño-induced drought on farming conditions is vast, and some provinces’ patches of better crop conditions and grazing veld conditions have also deteriorated in some regions. This is according to the Minister of Agriculture, Land Reform and Rural Development Thoko Didiza who met organised agriculture leaders, provincial MECs for Agriculture, agribusinesses and the Banking Association of SA to assess the extent of the crop damage from the El Niño-induced drought and farming conditions. Yesterday, the department said the meeting resolved that organised agriculture groups and provincial government will continuously monitor the impact of the drought on the country’s various regions and consistently communicate with the national department. It also said that it would engage financial services organisations to assess their preparedness to assist the most affected…

THE 2024 GENEVA watch fair opened yesterday amid slower demand in China for fancy Swiss timepieces and more timid consumer spending across the board on luxury items. The Watches and Wonders salon, which runs until April 15, will see 54 watch brands show off their latest creations, including Rolex, Patek Philippe, Cartier, Chopard, Hermes and Chanel. Formerly reserved for industry players, Swiss watchmaking’s landmark event is trying to seduce a new generation of buyers by opening to the public for three days. During previous open days, visitors were aged 35 on average, “which is extremely encouraging”, said Matthieu Humair, the CEO of the foundation that runs the salon. Last year, Swiss watch exports broke records for the third consecutive year, hitting 26.7 billion Swiss francs (R552bn). The 2020 downturn…