Star 2024-07-26

African trade ministers have urged the US government to do away with the annual reviews of the African Growth and Opportunity Act (Agoa) and expressed concerns over the unilateral removal of eligible members from the trade agreement by the US. The ministers also expressed the importance of an expeditious renewal of Agoa by the end of 2024, with non-controversial enhancements and amendments for a minimum of 16 years to provide the required predictability and certainty to the trade and investments relationships between the two sides and to address graduation side by side with the extension of Agoa to preserve existing regional value chains. This was expressed in a read-out statement of African ministers under the African Union yesterday at the 21st Agoa Forum in Washington D.C. where they are seeking…

MC Mining Limited has secured a A$1 million or US$700 000 (R1.3 billion) loan facility from Eagle Canyon International, which is linked to the company’s current CEO and MD Christine He, in a further show of support by the company’s directors and shareholders. He controls Eagle Canyon International, with the new unsecured loan facility having a final maturity date of June 30 next year. Interest for the facility will have to be paid monthly at the prevailing Australian Reserve Bank Rate for medium business that currently stands at 6.25% plus a margin of 3%. “The facility will be utilised for general working capital and is a further positive step in stabilising the company’s liquidity position,” said Mathews Senosi, MC Mining interim chairperson. Senosi added that the facility “reflects the…

The tussle between two shareholders for control of poultry group Quantum Foods heated up yesterday after one of the protagonists demanded a meeting to oust the chairperson, in what one analyst described as an “ongoing battle between legends for a company that makes no money”. Quantum Foods Holdings said yesterday its 18% shareholder Country Bird Holdings (CBH) had demanded a shareholder meeting to discuss the proposed removal of chairperson Wouter Hanekom. CBH also called for the removal of Quantum’s lead independent director, Geoffrey Fortuin, from the animal feeds and poultry product group. The latest call for a shareholder meeting follows that of another shareholder, Braemar Trading, which in March also demanded a shareholder meeting to remove Hanekom from his position. Braemar is a company owned by the controversial Zimbabwean business…

The backlog of air service licence applications and foreign operators permits (FOPs) is stacking up again after the Department of Transport (DoT) stopped paying preparation allowances for members of both the domestic and international Air Services Licensing Council (ASLC), citing a review of the allowances and prudence in the management of public funds. The ASLC is a statutory body responsible for awarding or revoking traffic rights to airlines based in SA subject to operational, safety, and liability requirements. The members – professionals of varying disciplines in the legal and aviation sector – were appointed to the councils by the Minister of Transport at the height of backlogs in March 2022 after the sector had a close to two-year period with no regulatory functions in the aviation space. The timing of…

A journey starts with the destination, and then we plan how to get there. The route we choose, using the means available, particularly in city traffic or South African health care, determines when we can expect to arrive at our intended destination. As South Africans, we have set our destination as a future of healthcare equality, but the route mapped out for us in the National Health Insurance Act is potholed, long, and winding. As the health minister points out, structural imbalances between private and public health care must be addressed. However, the fork in the road ahead could put us on the highway to equalising health care, to the detriment of scarce healthcare resources, which may result in more rationalisation of services for those who need them most. The…

MPACT Group said yesterday that the Competition Commission does not aim to impose a penalty against it following the settling of the price fixing complaints by competitor packaging group New Era Packaging. The commission, which acts as the investigating and recommending body for the Competition Tribunal, said this week that New Era had reached a settlement and agreed to pay R21.3 million amid claims that it and Mpact co-operated to establish prices of key products. The commission would forward the consent agreement to the Tribunal, which aims to settle two complaints against New Era without admission of liability. Mpact, on the other hand, had successfully sought immunity from prosecution in both complaints, in the process agreeing to co-operate with the commission. The commission initiated the first complaint for an investigation…