Star 2025-01-22

The ports of Maputo and Durban experienced only slight increases in freight volumes last year, but the authorities at the region’s two biggest import and export terminal hubs plan significant capital expenditure this year to increase capacity. The Maputo Port Development Company’s (MPDC) annual volumes for 2024 fell slightly by 1% to 30.9 million tons handled, but this was against significant logistics challenges, some of which were caused by post-election unrest, Grindrod, a partner of the MPDC, said yesterday. JSE-listed logistics company Grindrod holds a 24.7% share in the MPDC, which in turn has a concession to operate the port until 2058. This year will see the start of major expansion projects at the port, including the container and coal terminals, both of which are scheduled to begin during the…

Following Donald Trump’s inauguration as the 47th President of the United States, markets sighed a breath of relief as he did not immediately announce feared tariffs that could see South African exports nailed an extra 10% upon being shipped to the world’s largest economy. The rand was trading in a range of between R18.53 and R18.68 against the US dollar on Tuesday, with Trump’s second term expected to reshape the global economy, with trade tariffs, tax cuts, and influence inflation and interest rates. Andre Cilliers, currency strategist at TreasuryONE, said the rand had benefited from dollar weakness after Trump refrained from an immediate tariff announcement, with the greenback retreating to mid-December levels. The JSE’s All Share Index surged more than 0.4% to above 85 000 index points mark. Trump hinted…

South Africa’s economic outlook is better this year than last, but the inflation picture is more muddied as risks abound, its central bank governor said on Tuesday. South African Reserve Bank (SARB) Governor Lesetja Kganyago told Reuters in an interview at the World Economic Forum’s annual meeting in Davos, Switzerland, that growth in Africa's most industrialised economy could be close to 2% in 2025, versus the 1.1% growth projected for 2024. “Depending on who is forecasting, growth varies between 1.6% and 2% (this year). We think ... it would be closer to 2% than closer to 1.6%,” he told the Reuters Global Markets Forum. Kganyago cited the formation of a broad coalition government last year as one of the key enablers of faster growth. “The structural reform agenda has gained…

Thungela Resources has appointed veteran mining executive Moses Madondo as the incoming CEO designate, effective 1 August 2025. This strategic leadership change comes in line with the company's succession plans, paving the way for a “seamless transition” as current CEO July Ndlovu prepares to retire upon reaching the age of 60 in July 2025. Thungela said that Ndlovu’s exceptional leadership, his extensive mining experience and guidance have contributed to the growth and success of the company. Madondo steps into this significant role with a robust background in the mining sector, bringing over 25 years of industry experience. Currently serving as the CEO of De Beers Group Managed Operations since January 2022, Madondo has held various senior leadership positions that underscore his exceptional operational and technical acumen. De Beers Group Managed…

A total of 3 342MW of wind energy have been installed, providing power to over 3.6 million households South Africa’s ambitious wind energy sector has hit unexpected obstacles as recent bid prices from Bid Window 7 have been labelled “exorbitant” by Electricity and Energy Minister, Kgosientso Ramokgopa. Alongside Independent Producers’ (IPP) Office Head, Benard Magoro, Ramokgopa has confirmed that the bids exceeded the government’s budgetary expectations, resulting in negotiations being necessary before any preferred bidders can be appointed. The South African Wind Energy Association (SAWEA) on Tuesday expressed its lack of power to intervene in the pricing dilemma. This comes shortly after the wind energy sector informed Parliament of their ability to serve only private clients due to limited access to the national grid. SAWEA highlighted the ongoing discussions within…

In the immediate economic market reaction with Trump's inauguration, I guess one can argue it's quite limited. The market already reacted since after the election in terms of what the impact might be from these potential economic policies. So, as an example, if you think about just the market's view right now in terms of future rate cuts in the US, that is already taking into account what Trump is likely to implement, as well as if you look at the bond market and the moving higher of the long-term interest rates in the bond market, that is a reflection of the fiscal spend that's going to come through. So, a lot of the potential economic policies being priced into the market. Obviously, whatever that policies are going to mean…