Star 2024-11-04

Local domestic new vehicle sales reached their highest monthly total for 2024 in October, with industry players expressing cautious optimism amid ongoing economic challenges. However, exports plummeted. According to naamsa The Automotive Business Council’s latest vehicle sales statistics released on Friday, aggregate domestic new vehicle sales for October 2024 reached 47 942 units, a 5.5% increase over the 45 418 vehicles sold in October 2023. This increase of 2 506 units was largely driven by strong passenger car sales, marking October as the highest passenger car sales month since October 2019. naamsa CEO Mikel Mabasa said: “This positive start to the last quarter is encouraging for the medium-term outlook of the new vehicle market.” However, export sales dropped by 42.6%, or 17 324 units, down to 23 342 from 40…

The Tribunal has yet to provide reasons for blocking deal aimed at bringing fibre to millions Maziv’s ambitious plans to rapidly scale its fibre network across South Africa have hit a significant roadblock following the Competition Tribunal’s decision to block a crucial merger with Vodacom. This merger was poised to involve a staggering R6 billion cash infusion from Vodacom into Maziv for a 30% stake in return, alongside an investment in infrastructure worth R4.2bn aimed at expanding access to fibre broadband for millions of South Africans. In a candid conversation with Business Report last week, Maziv’s CEO Dietlof Mare outlined the implications of the Tribunal’s ruling. Mare noted the severity of the situation, stating that without the essential support from Vodacom, the company cannot pay down debt and raise cash…

Child poverty is not just a moral issue, it bears a steep economic cost for South Africa, amounting to nearly R700 billion each year. This staggering figure emerges from the latest findings of the Economic Impact of Child Poverty Study conducted by Deloitte and released by the Nelson Mandela Children’s Fund, coinciding with National Children’s Day. According to the study, the implications of child poverty extend beyond the immediate ramifications for the affected individuals, impacting the broader economy and the country’s future development. This comprehensive study dissects child poverty’s financial footprint from two perspectives: direct costs and indirect costs. Direct costs comprise government, private sector, and non-governmental organisations’ spending aimed at alleviating child poverty, which totals approximately R660bn to R700bn. This expenditure comprises a significant 9.8% of South Africa’s GDP,…

African Rainbow Minerals (ARM) has come out strongly in defence of its investment in Evolution Energy Minerals in Tanzania and refuted allegations that it and its associated companies breached a confidentiality and non- compete agreement with Pula Group by pursuing a rival project. This comes as Tanzanian-based Pula Group has filed a $195 million (R3.4 billion) lawsuit alleging that ARM – which is owned by South African billionaire Patrice Motsepe – breached a non-compete agreement by investing in Evolution Energy Minerals, an Australian firm operating a rival project next to Pula’s graphite project. The lawsuit emanates from an alleged breach of contract in 2021, where the Motsepe-associated companies invested in Evolution, a graphite mining project adjacent to the Pula Graphite Project in the Ruangwa district of Tanzania while a confidentiality…

While we can all agree that no one possesses the ability to predict the future with certainty, there are several key themes that indicate that investors may encounter heightened uncertainty and volatility in the coming months. As we enter the later stages of the economic cycle, these factors have aligned to make this an opportune time to consider allocating to strategies that can navigate the complexities of the current economic landscape – hedge funds. Markets have run hard over the past few years In the years leading up to 2024, there has been a period of significant growth and upward momentum in financial markets, driven mainly by post pandemic recovery, accommodative monetary policy, technological advancements and positive investor sentiment. As the saying goes, what goes up must eventually come down…

Sekunjalo Investment Holdings has formalised a new partnership with China’s Hainan International Resources Group, setting the stage for enhanced trade, cultural exchange, and investment opportunities between South Africa and China. The memorandum of understanding (MOU) was signed at a ceremony in Cape Town last week, attended by senior representatives from both organisations. The collaboration is part of Sekunjalo’s ongoing strategy to promote international partnerships and bring high-quality South African products to Chinese consumers. As outlined in the MOU, the two companies plan to initiate several joint projects, including Sekunjalo’s participation in the coming Hainan International Consumer Goods Expo, the establishment of duty-free stores in Hainan for African goods, and joint exploration of mining opportunities across Africa. Dr Iqbal Survé, the chairman of Sekunjalo Investment Holdings, expressed his optimism about the…