Star 2024-09-26

THE WORLD Economic Forum (WEF) has pointed to a stabilising outlook as a result of slowing global consumer inflation, but warned about debt and political polarisation. According to the latest Chief Economists Outlook published yesterday, WEF said easing inflation and strong global commerce were fuelling cautious optimism for recovery, but elevated debt levels are becoming a growing concern in both advanced (53%) and developing (64%) economies. “There are reasons for cautious optimism, such as an easing of inflation and evidence of the resilience of global commerce,” the report notes. “Yet, if the economy is stabilising, it is doing so at the weakest level in decades.” The Chief Economists Outlook, published three times a year, surveys leading chief economists from across industries and international organisations. The latest edition explores key trends…

MANTENGU Mining yesterday made board changes, appointing Jonas Tshikundama- lema as chairperson, Alistair Collins as chief legal officer, and Warren Geyer as non-executive director. Listed on the JSE AltX, Mantengu Mining is a mining sector invest- ment company. Tshikundamalema has served on the company’s board since April 2022. His appointment to the chairperson- ship of the board of the company brings “a wealth of experience in engineering, project management, and entrepreneurship, combined with a deep knowledge of the Mantengu business,” the company said. “At Mantengu, we are driven by an entrepreneurial spirit and a commitment to smart, sustainable growth. This leadership alignment is a testament to our dedication to innovative thinking and creating tangible value for our shareholders,” said Tshikundamalema. Collins stepped down as non-executive director and chairperson of the…

Overall confidence, reduced political risk will strengthen the rand further SOUTH Africa’s currency and the markets are setting new highs as global markets move to riskier assets in response to the US Federal Reserve (Fed)’s rate cuts, China seeking to stimulate its moribund economy, local sentiment gains, and the South African Reserve Bank’s (SARB) recent 25 basis points cut in the interest rate. The JSE all share index rose more than 1.4% to an intraday record of 86 145 points, marking its fourth consecutive day of gains, before closing at 85 943 points by 5pm. Resource-linked stocks and industrials were among the top performers, led by Kumba Iron Ore, Anglo American, and South32, bolstered by China’s wide-ranging stimulus measures, along with tech giants Naspers and Prosus. The…

GROWTHPOINT Properties has agreed to sell its entire 69% shareholding in UK community focused shopping centre company Capital & Regional (C&R) to NewRiver real estate investment trust (Reit) for about R2.33 billion. Growthpoint’s decision was part of a broader transaction in progress – NewRiver Reit, which also invests in UK shopping centres, has offered to buy all the issued and to-be-issued C&R shares, for a total of GBP147 million, or 62.5 pence per C&R share, of which Growthpoint would receive the equivalent of GBP101.4m. C&R is listed both on the Johannesburg and London Stock Exchanges. Growthpoint CEO Norbert Sasse said the sale reflected an aim to simplify and optimise their international investments. NewRiver Reit, also listed on the LSE and which owns 33 shopping centres, 25 retail warehouses,…

RADISSON Hotel Group plans to double its portfolio in Morocco and South Africa to reach 25 hotels by 2030, said Ramsay Rankoussi, the group’s vice-president of development for Africa and Turkey. The group’s South African assets, among others, already include two Radisson Red hotels, one in Rosebank and one in Cape Town, and three Radisson Blu Hotels, at the Victoria & Alfred Waterfront, uMhlanga in KwaZulu-Natal and in Gqeberha. “Following a strong first half of the year, we are committed to maintaining this momentum in the second half, with a particular focus on expanding in key markets such as Morocco and South Africa. Our goal is to double our portfolio in these two countries, aiming to reach 25 hotels by 2030,” Rankoussi said at the release of the group’s first-half…

THIS YEAR, THE UN World Tourism Organization (UNWTO) declared that the theme for World Tourism Day, celebrated annually on September 27, would be Tourism and Peace. The declaration could not have been more appropriate, because we continue to witness nations ravaged by devastating war and conflict in developed and developing worlds alike. Of interest to me is the link between war, climate change and tourism. Climates are changing everywhere, but it is people living in fragile zones who bear the effects inflicted by climate change and conflict, causing massive suffering and intensifying inequality. Globally, we witness people living through conflict frequently and the massive environmental changes they are experiencing, with their daily lives made more difficult by the violence and changing climate and environment. Too often, the natural environment is…