Star 2025-01-16

MTN started the week off on a very solid footing, with its shares surging almost 11% on Tuesday on the back of good news that it can now increase its tariffs in Nigeria after a long-standing battle with the regulator there about pricing. Its share price righted itself somewhat yesterday, losing -1.07% to R96.25 by 3.17pm. MTN and other operators in Nigeria need to increase prices to combat rising inflation and the devaluation of the local currency against the dollar. The company, Africa’s largest mobile network operator, has 77 million subscribers in Nigeria. However, in the unit’s third quarter results statement, it noted that inflation has remained elevated because of rising energy prices and the depreciation of Nigeria’s currency, the naira. Inflation averaged 32.8% in the nine months to…

Trade between South Africa and Mozambique via the Lebombo/Ressano Garcia Border corridor has slowed to a third of its usual capacity due to lower truck activity, driven by fears surrounding heightened political tensions. These tensions culminated in the presidential inauguration of Frelimo's Daniel Chapo on Wednesday. Analysts anticipate that trade will recover over the weekend as businesses from both nations collaborate to sustain the supply chain. Data from bilateral business organisations, shown to Business Report, shows truck movements are operating at 30% of capacity—26% lower than the previous Thursday. Key categories such as general cargo, exports, and fuel saw an average 71% decline in line with reduced truck activity. However, small-scale importers of essential goods and foodstuffs recorded a 17% increase. In the lead-up to Wednesday, a…

WEF Global Risks Report paints grim picture of state of the economy The global risk landscape for 2025 has darkened, with state-based armed conflict and extreme weather key risks to global stability dominating the World Economic Forum’s (WEF) Global Risks Report released on Wednesday. While economic risks have less immediate prominence in this year’s survey results, they remain a concern, interconnected with societal and geopolitical tensions. The report, which captures insights from over 900 experts, who gave a bleak outlook, indicated that as we enter 2025 the global outlook is is increasingly fractured across geopolitical, environmental, societal, economic, and technological domains. Local experts have agreed with these findings. Saadia Zahidi, the managing director of the WEF, writes in the report’s preface, "Today, geopolitical risk – and specifically the perception that…

Motorists will have to dig deeper into their pockets as a significant increase in the fuel price is expected in February. Economists have attributed the increase to a weaker Rand and the price of Brent crude oil hitting $80 (R1 503) a barrel recently. Economist Dawie Roodt said on Wednesday that a significant increase in the fuel price can be expected at the beginning of February. “There are two main reasons for that; the first reason is that the price of international Brent Crude oil has been rising quite sharply in recent weeks. “The second is that the Dollar has appreciated in recent weeks, and the result is that the Rand has weakened in response to this,” he said. Roodt added that his suspicion is that an increase of close…

The South African Non-Profit Organisation (NPO) ABALOBI was a finalist in the food category for the 2025 Zayed Sustainability Prize. The awards were presented by His Highness (H.H.) Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE) at the Abu Dhabi Sustainability Week (ADSW) in Abu Dhabi and the ceremony was attended by 11 Heads of State and up to 6 000 participants including media from South Africa. ABALOBI created a mobile app and marketplace that empowers small-scale fishers to log catches and sell directly to consumers. The prize recognises the transformational impact of 11 pioneering organisations and high schools from across the world, and was started in 2008 to reflect the UAE’s commitment to fostering scalable solutions to global challenges and empowering communities in their…

Afrimat yesterday announced that Pieter de Wit will resume all responsibilities as chief financial officer (CFO) of the company, effective immediately, following his brief stint as the integration officer for the Lafarge Transaction. The mid-tier mining and materials company providing Bulk Commodities, Construction Materials, Industrial Minerals and Future Materials and Metals, last year acquired 100% of the Lafarge South Africa group for $6 million and agreed to repay or procure the repayment of the loan amounts owed equating to R900 million. In August, the Afrimat board temporarily appointed de Wit as the integration officer for the transaction for a period of circa 6 to 10 months, given the complexity and importance of the successful implementation of the transaction and the integration of Lafarge South Africa into the Afrimat group. Whilst…