Star 2024-07-10

The Public Relations Institute of Southern Africa (Prisa) has appointed Oscar Rofhiwa Tshifure as its new president. Tshifure brings more than 20 years of extensive experience in communications, public affairs, reputation management and stakeholder management to the role. The organisation said in a statement: “His vision is a transformative, collaborative future for Prisa. Tshifure has held various leadership roles, including president-elect of Prisa, vice-president of the Pan African Media Research Organisation (Pamro), non-executive director for the Sovereign Africa Rating, and non-executive director of the South African Reading Foundation. He was also head of public affairs at Razor PR, M&C Saatchi Group South Africa, among others.” Responding to the appointment, Tshifure said: “Collaboration is vital for the success of the institute. Our focus remains to enhance our reputation and relationships with…

In a landmark move to address South Africa’s escalating water crisis, Nedbank Corporate and Investment Banking (Nedbank CIB) says it has successfully closed a R4.5 billion term loan facility to the Trans-Caledon Tunnel Authority (TCTA) for the Mokolo-Crocodile River Water Augmentation Project Phase 2A (MCWAP-2A). “The MCWAP-2A project is a lifeline for the Limpopo province, a region plagued by severe water shortages that limit industrial growth and social development,” Nedbank CIB said in a statement. The programme involved constructing an abstraction weir, state-of-the-art pump stations and a 160km pipeline to channel water from the Crocodile River (West) to Lephalale. Once completed, the project would provide 75 million cubic metres of water a year, benefiting sectors including Eskom power stations, Exxaro mining operations and municipalities. Phuti Mokwatedi, the sector lead of…

SHELL Offshore Upstream South Africa has formed a joint venture partnership that is applying to drill for exploration and appraisal off the West Coast of South Africa, joining a race by global oil majors to expand activity south of Namibia’s Orange Basin. Last year, South Africa gave the nod for TotalEnergies to drill offshore, though environmental and other lobby groups resisted the company’s drilling exploration plans. Fitch Solutions has noted that South Africa’s bid to grow investment into exploration offshore “faces significant downside risk due to the precedents set by previous successful legal cases ruling against oil gas” companies. Despite this setback and risks, Shell Offshore Upstream South Africa “is applying to undertake exploration and appraisal activities” off the country’s West Coast under its partnership that holds exploration rights for…

MSC Cruises was on track to hire 2 000 South Africans as crew this year, Ross Volk, managing director of MSC Cruises South Africa said yesterday. “We want to get to 2 000 South Africans on board ships this year; 1 000 next year; and by 2027 to 2028 around 5 000 South Africans on board our vessels.” MSC South Africa has some specific metrics, such as hiring 70% of people from previously-disadvantaged communities, he said. This enabled these employees to earn dollars and then spend that money within South Africa. “We had a bit of a (hiring) gap with Covid-19, but we’re pushing towards those goals. So we are on track at the moment to reach 2 000 South Africans this year,” Volk said. South Africans as crew members…

Pick n Pay will announce the terms of its R4 billion rights offer underwritten by Absa, Rand Merchant Bank, and Standard Bank tomorrow, as the troubled South African retailer bids to raise capital to turnaround its fledgling business. It said yesterday that it had concluded a standby underwriting agreement with Absa, RMB and Standard Bank. The South African banks have agreed to jointly underwrite the Pick n Pay rights offer in equal proportions. “Pick n Pay is targeting gross proceeds of R4bn through the rights offer which will constitute an offer of renounceable rights to subscribe for new Pick n Pay ordinary shares recorded in the register on the record date for the rights offer expected to be on or about Friday, July 19, 2024,” the company said yesterday. The…

THE JUDGE who voided Elon Musk’s record-setting Tesla Inc pay package must now make another momentous decision – whether the lawyers who took the case to trial should be paid what may be the largest fee in the history of US litigation. Attorneys from four firms who claimed Musk’s 2018 compensation plan for running the electric-vehicle maker was excessive are asking to be awarded 29 million shares of Tesla stock – worth about $7.3 billion (R132bn). Musk’s lawyers oppose that argument, claiming only a tiny fraction of that amount is justified. On Monday, Delaware Chancery Court Judge Kathaleen St J McCormick heard testimony from experts on both sides, but she isn’t expected to issue an immediate order. That’s because McCormick must tackle an even bigger issue – whether to reinstate…