Star 2024-10-21

SOUTH Africa’s government said on Friday that it had asked Taiwan to relocate its de facto embassy out of the capital Pretoria, while Taiwan accused it of bowing to pressure from China. South Africa rejected this characterisation and said the move was standard diplomatic practice, given that it severed political and diplomatic ties with Taiwan in 1997. The Taipei Liaison Office in Pretoria will be rebranded as a trade office and moved to commercial capital Johannesburg, said South Africa’s Department of International Relations and Co-operation. “Relocating what will be rebranded as trade offices both in Taipei and in Johannesburg … will be a true reflection of the non-political and non-diplomatic nature of the relationship between the Republic of South Africa and Taiwan,” it said in a statement, adding it had…

Fortress Real Estate Investments said on Friday it had acquired an additional 13.9 million NEPI Rockcastle shares for R1.9 billion through its participation in the bookbuild of the owner of 59 shopping centres in central and eastern Europe. NEPI Rockcastle, which is listed on the JSE and in Amsterdam, announced last week that it planned a capital raise of about €300 million (R5.72bn) through an accelerated book-building process. The new NEPI Rockcastle shares to be issued pursuant to the bookbuild were placed at a price of R137.85 per NEPI Rockcastle share. JSE-listed Fortress said it would buy the additional shares to maintain at least its current shareholding in NEPI Rockcastle. Following the acquisition, Fortress would hold 121.88 million NEPI Rockcastle shares, representing 17.11% of its shares in issue. The acquisition…

In a significant development for the investment industry, the 29th annual Raging Bull Awards, which is set to take place on January 27 next year in Cape Town, will recognise outstanding performance across the South African collective investment universe, from actively managed unit trust funds to index-tracking exchange-traded funds (ETFs). Dubbed the Oscars of the investment world, this prestigious event will unfold at the Cape Town International Convention Centre, with the evening being hosted by Independent Media’s Personal Finance team. The awards have traditionally celebrated extraordinary performance by actively managed unit trust funds, providing a platform for fund managers to showcase their skills in selecting robust investments while prioritising risk aversion and consistency. However, as passive funds have grown in popularity, this section of the market cannot be ignored any…

Scatec is set to begin construction on the Mogobe battery energy storage system near Kathu Norwegian renewable energy group Scatec ASA has reached financial close on a groundbreaking R3 billion battery energy storage project in South Africa’s Northern Cape. The 103MW/412MWh facility, the first of its kind in the country, marks a milestone in South Africa’s renewable energy transition and grid stabilisation efforts, the company said on Friday. Scatec is set to begin construction on the Mogobe battery energy storage system (Bess) facility near Kathu in the Northern Cape. The project, awarded under the first bid window of the Battery Energy Storage Independent Power Producer Procurement Programme, represents a major step forward in South Africa’s energy infrastructure development. The Mogobe project has secured a 15-year power purchase agreement with the…

As South Africa gears up for the upcoming Medium-Term Budget Policy Statement (MTBPS), the nation’s economic growth prospects and public finances are poised for a more positive outlook, bolstered by stabilising political and energy conditions. Finance Minister Enoch Godongwana will report next week on the government’s efforts to meet revenue targets and navigate mounting debt obligations, a necessary dialogue amid a landscape of renewed business and investor confidence. Godongwana has also said that cost-cutting measures were planned, and a lowering of the planned debt trajectory would be received very positively by financial markets. Citadel’s chief economist Maarten Ackerman said on Friday that the MTBPS will bring some welcome good news about economic growth thanks to improved political and energy stability. However, Ackerman warned that overspending on the public sector wage…

Gold: The last safe haven Harmony Gold experienced a notable 16% increase this week, mirroring the broader surge in gold prices. This rally is primarily driven by ongoing gold purchases from central banks in emerging markets, combined with heightened volatility in interest rates. While recent US economic data has shown strength, weaker indicators from Europe and the UK, along with Chinese stimulus efforts, have sparked expectations of further rate cuts, boosting demand for gold. The Bank of America has even referred to gold as the “last safe haven,” positioning it as a strategic investment in the face of the U.S.’s growing debt concerns. This optimistic outlook is reflected in gold stocks. Harmony Gold was the standout performer, but Gold Fields also rose by 14%, and AngloGold saw an 11% gain,…