Star 2025-01-15

The Industrial Development Corporation (IDC) board of directors has announced that newly-appointed CEO, Mmakgoshi Lekhethe, will commence her responsibilities on the February 1, 2025. This comes after Lekhethe’s appointment as the IDC’s first woman CEO early last month. “The board welcomes Ms. Lekhethe to the IDC and looks forward to her leadership and contribution to the Corporation,” the board said. Lekhethe is expected to play an important role in furthering the IDC’s mandate as it funds industrial development projects, plays a catalytic role in promoting partnerships across industries within and outside South African borders and promotes regional economic growth. It disbursed R15.9 billion into the economy in the year to March 31. Currently, the IDC is working to facilitate discussions aimed at preventing a significant downturn in the…

As the Department of Basic Education raises concerns over fewer students enrolling in vital subjects such as physical science and mathematics, business is worried that South Africa’s ability to boost its economic growth could be hampered in a rapidly evolving digital age. This as the government struggles to revive the economy. In the third quarter of 2024, the economy experienced an unexpected contraction of 0.3%. Addressing the public as the matric results for the class of 2024 were released, Minister of Basic Education, Siviwe Gwarube, said that the department had seen a decrease in enrolments in subjects, such as physical sciences, mathematics, accounting and economics. “These, she stated, are “all subjects that are critical for a nation’s ability to advance in science, innovation and economic development”. In a bid to…

South Africa’s commodity sector faces a mixed outlook as cost and logistical challenges weigh heavily on mining companies. While improved rail and port operations from Transnet could provide relief to coal and iron ore producers, global uncertainties - following the election of US President Donald Trump last year - and rising operational expenses continue to cast a shadow over the industry. Analysts suggest that elevated gold prices, driven by an unpredictable global economic landscape, may provide some respite, but the broader mineral commodities market is struggling with mounting pressures. The nation, a key player in coal, manganese, gold, platinum group metals, and copper production, has been grappling with rising costs and logistic hurdles that have hindered growth. Industry setbacks, such as ArcelorMittal South Africa’s decision to close its longs…

Transaction marks end of an era as the Ruperts exit tobacco industry The Ruperts, the South African billionaire family that started a global tobacco business more than 76 years ago, effectively exited the industry on Tuesday after Johann Rupert’s investment company sold its shares in British American Tobacco (BAT) for £1.22 billion (R28.19bn). Reinet Investments said on Tuesday that its indirect subsidiary, Reinet Jersey Holdings (RJHL) would sell over 43.3 million shares in BAT at £28.20 a share to institutional investors. This was completed through an aftermarket accelerated bookbuild, which started on Monday. The Ruperts will be left with a very small interest in BAT - 1.3 million BAT shares are still held by the Rupert-controlled investment group Remgro. Peter Little, fund manager at Anchor Capital, said Reinet did not…

Imposing anti-dumping duties on chicken products has helped the local industry to recover, the South African Poultry Association (Sapa) said. This follows Business Report reporting on Monday that frozen food importer Hume International said lobbyists calling for a harsher anti-dumping duties stance were short-sighted and could potentially harm broader economic interests. An expert has said that anti- dumping duties can cause the price of poultry to significantly rise. Izaak Breitenbach, the head of the Sapa, said dumping, according to the World Trade Organisation (WTO), is unfair trade where a country exports their problem (oversupply) to become the problem of the importing country. “This is not allowed in terms of world trade, and the remedy is an anti-dumping duty. South Africa was the dumping ground for nine countries in terms…

Donald Trump will speak online to the annual meeting of the global political and business elite in Davos next week, days after taking office as US president, the World Economic Forum said on Tuesday. Trump will be sworn in at the US Capitol in Washington on Monday, January 20, the first day of the WEF gathering in the Swiss Alps. "He will join us digitally" on January 23, WEF president Borge Brende said in a press briefing previewing the annual meeting. "We think that will be a very special moment also to learn more what the new administration has (in terms) of policy priorities," Brende said. The US president's return to the White House was already expected to dominate discussions in Davos, a gathering that he attended in person during…