Star 2024-10-10

Gareth Ackerman, Pick n Pay chairperson and co-chairperson of the Consumer Goods Council of South Africa (CGCSA), has called for enhanced co-operation between the Government of National Unity (GNU) and the private sector to tackle the country’s persistent economic stagnation and infrastructure deficiencies. Speaking at the CGCSA’s annual summit yesterday, Ackerman emphasised that achieving economic growth – hovering at a dismal average of 2% over the past decade – required a fundamental shift in governmental approach. “We have a long way to go and for the last decade or more we have regressed economically and growth has averaged about 2%, yet we actually need growth of 7%,” Ackerman said. He urged that South Africa should learn from countries such as India on how to delineate the roles of government and…

The South African Revenue Service (Sars) yesterday warned it was cracking down on non-compliance of crypto assets and for taxpayers to disclose related activities on a voluntary basis. This comes as more than 5.8 million South Africans hold a crypto asset, with southern Africa boasting the largest uptake of Bitcoin in the world. Normal income tax rules apply to crypto assets and affected taxpayers need to declare crypto assets’ gains or losses as part of their taxable income. The onus is on taxpayers to declare all crypto assets-related taxable income in the tax year in which it is received or accrued. Failure to do so could result in interest and penalties. “Sars is concerned that these crypto assets and trades are not being declared on the tax returns of taxpayers.…

Acquisition of Schumacher Packaging to be financed from Mondi facilities Mondi’s footprint in Europe will almost double with the announcement yesterday of the acquisition of packaging assets of Schumacher Packaging in the region, for €634 million (R12.3 billion), to be financed from Mondi’s existing facilities. Mondi said in a statement yesterday the deal with the family-owned Schumacher would strengthen its corrugated converting footprint in Europe with “highly complementary assets”, increasing capacity by over one billion square metres. “This acquisition significantly increases our corrugated converting capacity, extends our reach across western Europe, and offers strong downstream integration opportunities, while broadening our customer offering with a complementary fibre-based product range,” Mondi’s CEO Andrew King said in a statement. Schumacher’s directors said on the company website that the deal with Mondi was part…

Federated Hospitality Association of South Africa (Fedhasa) and Tourism Business Council of South Africa yesterday welcomed the publication of the Department of Tourism’s White Paper on the Development and Promotion of Tourism in South Africa. Fedhasa said the paper acknowledged the tourism sector’s significant contribution to South Africa’s gross domestic product (8.2%) and job creation (employing 1.7 million people in 2023), looks at current challenges and opportunities, and provides a strategic roadmap for the industry – so it can realise its full potential. Rosemary Anderson, Fedhasa national chairperson, said the publication of this white paper had come at an exciting time. “Minister Patricia de Lille retained her portfolio as Minister of Tourism in the Government of National Unity, which has brought consistent leadership, a new Board at South African Tourism,…

In the 1990s, as South Africa broke free from apartheid, Sekunjalo Investment Holdings emerged—not from privilege or wealth, but from determination and visionary leadership—becoming a transformative force in the nation’s economy. Founded by Dr Iqbal Survé in 1997, Sekunjalo began with humble roots. At a time when black entrepreneurs faced insurmountable barriers to entry into the mainstream economy, where access to capital and opportunities were reserved for a privileged few, Dr Survé saw a different path. Inspired by discussions with President Nelson Mandela and Professor Jakes Gerwel, Dr Survé left his medical career to embark on a journey that would reshape South Africa’s economy. Listening to Mandela’s call for black professionals to enter the mainstream economy, Dr Survé created Sekunjalo with a purpose-driven ethos rooted in social justice and broad-based…

Digital asset infrastructure like blockchain, digital currencies, and unified ledger technologies are consuming the attention of central banks around the world with new central bank digital currencies (CBDC) pilots popping up almost monthly. Despite the regulators’ fascination with the new technologies, local banks seem to remain fairly cautious about their adoption. The reasons for the incongruous response are varied, but banks should be aware that they could be missing out, and that playing catch-up later could prove difficult. There are currently 44 countries piloting central bank digital currencies (CBDCs) and, according to the Atlantic Council’s Central Bank Digital Currency Tracker, 134 countries and currency unions (amounting to 98% of the global economy) are now actively looking into digital versions of their national currencies. The South African Reserve Bank (SARB) has…