Star 2024-07-03

The National Union of Metalworkers of South Africa (Numsa) has threatened to down tools at Ford South Africa over a dispute concerning bonuses, which could bring production at the vehicle-maker to a halt across the country. Numsa’s national spokesperson Phakamile Hlubi-Majola told Business Report yesterday that it was likely that most workers would go on strike from tomorrow given that the union is the only recognised union at Ford SA. “We are asking for a bonus. We are not specifying the amount at this time,” she said. In a statement issued by Numsa’s secretary-general Irvin Jim, the union said yesterday that Ford had “made a fortune” over the past four years globally, and could “definitely afford some kind of bonus”. Citing Macrotrends, Jim said Ford’s gross profit was $25.137 billion…

South Africa’s port, electricity and rail logistical nightmares could be turning the corner for good, ArcelorMittal South Africa (Amsa) said yesterday, citing improvements in Transnet services and ready access to a R1 billion funding facility for its decision to keep its long steel manufacturing business operational. The company’s long steel product operations had been “operationally stable” for the first half of 2024. This at a time when the Vereeniging and Newcastle long steel business operations had been placed under review over the past six months. Despite the stability of the long steel business in the first half of this year, Amsa’s flats steel product operations in Vanderbijlpark had experienced “notable instability-levels” at the blast furnaces in April and May, 2024, due to chilled hearth conditions. Consequently, two weeks of sales…

DISRUPTIVE fintech and gold investment company, Troygold, has announced the launch of its subscription gold offering in the South African market, supported by payments platform, Precium. Troygold said the collaboration marked a significant milestone in democratising access to gold investment opportunities by leveraging its expertise in digital bullion, and Precium’s cutting-edge payment technology. The subscription gold service allows South African investors to purchase and own fractional amounts of real 1-ounce gold Krugerrands, which are securely stored in Johannesburg vaults. This initiative is set to revolutionise how retail investors and businesses can invest in gold bullion, providing a convenient, transparent, and cost-effective method compared to traditional avenues. Key features of the subscription gold offering include fractional ownership for a minimum investment of only R10, secure storage in secure vaults with LBMA-approved…

SAA acting CEO John Lamola yesterday said the national carrier would double its route network and increase its aircraft fleet by at least 30% in less than 18 months as part of a recovery strategy after the cancellation of the strategic partnership with Takatso Consortium in March. Lamola said the strategy, “not necessarily a malicious Plan B” as it was developed parallel with the Takatso negotiations, had been reaffirmed and retested through a New York-based aviation consultancy firm. “Essentially, when at the end of March it was clear that the SAA partial privatisation was not going through, we then proceeded with a way forward.” Lamola was speaking during a media briefing on the sidelines of the International Air Transport Association (IATA) Wings of Change Focus Africa Conference (WOCFA) in Johannesburg.…

Standard Bank said yesterday that “there has been no breach of its system”, though it apologised to customers for delayed responses when calling their call centre following multiple claims from customers about a security breach at the bank. This came about after some customers claimed on the X social media platform that there had been an alleged “massive security breach”, with some clients reporting fraudulent transactions or money missing from their accounts. The bank said the delay in the responses when calling their call centre was due to a spike in month-end transactions. “The bank has multiple security and authentication layers that it has made available to its customers. Customers can also utilise the App or internet banking to report fraud or manage their cards or card payments,” it said…

South Africa’s mining industry believes the reappointment of Gwede Mantashe to head up the minerals portfolio will ensure continuity in terms of policy engagements, while some industry players want the new new administration to work round the clock in attracting investment into the sector. Mantashe was reappointed to head the key mining sector under a revamped minerals and petroleum resources portfolio on Sunday. His re-appointment to the Cabinet – criticised by some lobby groups amid high expectations from labour for him to bring an end to job losses – comes at a time SA miners are facing logistics, infrastructure, and capital constraints. Mining sector players told Business Report yesterday they wanted Mantashe to drum up support and push policies that attract investment into SA’s mineral exploration sector. “The Department of…