Star 2024-07-09

As the US waits for an indication of which way the US Federal Reserve may move in terms of cutting rates from an 23-year high – stronger for longer or sooner than the recent prevailing expectation of towards the end of the year – the rand is holding steady in a narrow band. Recently, the local currency has benefited from an investor-friendly election outcome as well as the Government of National Unity, which partially aided in a pull-back from levels of around the R19 mark to the greenback. The rand started off the day yesterday at R18.16 against the dollar and was 0.7% firmer to R18.13 by 6pm. US Fed chairperson Jerome Powell is set to testify to the Senate Banking Committee today, followed by a House panel appearance tomorrow.…

Business Leadership South Africa (BLSA) has hailed the “new energy” brought to the Government of National Unity (GNU) by the new Cabinet appointed by President Cyril Ramaphosa, adding that there has been some progress in resolving electricity and logistics logjams as public and private sector collaborations gather momentum. South Africa notched 100 days without load shedding while ArcelorMittal SA last week said there had been improvements in Transnet port services. Because of rail and port logistical underperformance by Transnet, miners have been stockpiling ore while manufacturers and retailers had been unable to move stock from the ports on time. BLSA CEO Busi Mavuso yesterday noted the improvements in electricity and logistical logjams holding back operations and investment. “The progress made in electricity, logistics and crime, among other issues, has been…

TRANSPORT Minister Barbara Creecy has pledged to address challenges in the South African transport sector, highlighting progress made by the industry thus far. Creecy said yesterday that the SA transport sector was not working as it should, but the new Government of National Unity (GNU) was committed to addressing the nation’s serious transport challenges over the next five years. Creecy delivered the opening address of the 42nd Southern African Transport Conference (SATC) in Pretoria yesterday. She noted that when the country’s transport systems suffer, its economy faces depressed economic growth, declining investment, and it made it hard for working people to get to their jobs affordably or on time. But she said there had already been progress towards addressing national transport challenges. Creecy said a major development was the establishment…

South African travellers to Ireland have been left anxious and confused by the prompt and immediate decision to revoke visa-free travel for South African and Botswana nationals. Ireland has introduced a new set of visa restrictions, which will come into effect from tomorrow. The Minister of Justice in Ireland, Helen McEntee, yesterday said South African and Botswana passport holders would be required to obtain a visa before travelling to Ireland from tomorrow. McEntee said the “carefully considered decision” would bring Ireland into closer alignment with the Schengen area. She said a transit visa would also be required if nationals of either country intended to transit through Ireland en-route to another destination. The Dublin Visa Office will now establish a dedicated ‘South Africa desk’ to process applications from South African nationals.…

Mining companies’ stocks on the JSE slumped yesterday on profit taking after last week’s rally in resource shares, with this week’s softer opening for commodities companies coinciding with metal prices starting the week weaker. SA mining stocks, including Thungela Resources, Sibanye-Stillwater and Kumba Iron Ore, made up the worst performers on the JSE in June, with the exception of Pan African Resources which notched up a 50% year-to-date strengthening. However, last week, the South African mining stocks firmed up from midweek trade, with resource-linked stocks rebounding by 0.80% on Friday. The week, however, began on a different note yesterday on the JSE as most of the counters under the resource index slumped. “It seems to just be a bit of mild profit taking after a strong week last week,” Roy…

Petroleum companies are unique creatures. They are the ogres of the murky swamp of geopolitics and its economics. This may be so because they wield enormous political influence, holding ugly sway over the policy levers of many sovereigns and affecting to a significant degree the outcomes of electoral processes of prominent democracies. With sleight of hand, they influence powerful governments to start wars and invade other countries, just so they can have a stranglehold over the oil resources of others. That’s a lot of power. So much so that they have evolved from being the purveyors of influence to being the dreaded spectre of the dictatorship by the unelected. While South Africa is distracted by the gloss of deceit, especially on the reasons why the refineries are closing down, the…