Star 2025-03-28

Board greenlits PPC’s entry into engineer, and construct contract with Sinoma Overseas Development Company PPC, which this week announced a massive solar power project, saw its share price surge by 9.5% on Thursday morning after its board approved plans to build a R3 billion cement plant in the Western Cape. The board also greenlit PPC’s entry into an engineer, procure, and construct (EPC) contract with Sinoma Overseas Development Company, a leading global cement equipment and engineering firm, for the construction of the plant. PPC had announced in January that it was conducting feasibility studies on a new state-of-the-art integrated cement plant, with construction expected to start in the second quarter of 2025 and commissioning anticipated by the end of 2026. The share price traded at R4.61 on Thursday afternoon, representing…

Discovery Bank on Thursday rolled out a suite of artificial intelligence -powered tools and advanced security features to its clients that is set to rattle the banking landscape with its compelling innovative features. With over 2.5 million accounts, this relative banking newcomer, which debuted as the world’s first behavioural bank in March 2019, is intensifying its bid to nab market share from South Africa’s entrenched banking titans: Standard Bank Group, First National Bank), Absa Bank, Nedbank, Investec and market disruptor Capitec. Discovery Bank CEO Hylton Kallner framed the latest innovation by the bank as a seismic shift, “We see a future where banks connect seamlessly with every aspect of a client’s life - their health, finances, lifestyle, and aspirations.” Kallner said, “We’ve taken the best of Discovery - our data,…

A legal expert with deep knowledge of regulation of financial institutions has warned that the United States’ legislation against the closure of bank accounts due to reputational risk could see SA banks sanctioned if they close accounts of businesses in which US companies or individuals are invested. This comes as the US Banking Committee announced this week that the Federal Deposit Insurance Corporation (FDIC) will eliminate reputational risk as a factor in bank supervision, following the passage of Senator Tim Scott’s Financial Integrity and Regulation Management (FIRM) Act. The FIRM Act aims to remove reputational risk as a component of federal financial regulation, potentially addressing issues like “debanking”, which refers to financial institutions terminating relationships with businesses or individuals due to concerns about reputational risk. The legislation aims to scrap…

Prices for finalised manufactured goods in South Africa are expected to tick up during the course of the year in spite of the Producer Price Inflation (PPI) moderating in February. According to data from Statistics South Africa (Stats SA) on Thursday, the PPI slowed to 1% in February, down from 1.1% in January, and below market forecasts of 1.3% increase. This comes on the back of cthe headline consumer price inflation remaining stubborn and unchanged at 3.2% in February as it is gradually rising. Stats SA said prices slowed down a bit from 4.4% to 4.2% for food products, beverages and tobacco products while metals, machinery, equipment and computing equipment also eased from 1.4% to 1.2% during the month. A breakdown of the food basket reveals that fruit and vegetable…

Indian consumers can anticipate a zesty season ahead as the inaugural shipment of South African lemons for 2025 has successfully arrived in Mumbai. This significant shipment marks the first export of lemons to India by FruitOne, a local citrus cultivation and export company eager to expand its offerings in the promising market. Boitshoko Ntshabele, CEO of the Citrus Growers’ Association of Southern Africa (CGA), on Thursday said they were delighted to announce the arrival of the first shipment of South African lemons in India for the season. “This shipment signifies the strong trade relationship between South Africa and India. It starts the season, and hopefully also starts an era of increased exports and opportunities for our two countries,” Ntshabele said. Ntshabele also pointed out that citrus exports to India have…

The Competition Commission has offered a glimmer of hope with its latest Essential Food Price Monitoring (EFPM) report, saying that although lower food inflation indicated some respite in consumer costs, the relentless rise in food prices posed a significant threat to food security. This has raised questions about the economic stability of many South Africans. The commission’s report released on Thursday highlighted various cost pressures that are still plaguing producers and consumers alike. Ongoing loadshedding, persistently high transportation costs, and the lingering effects of drought conditions are all poised to compound the challenges facing South Africa’s food chain. As producers attempt to cushion consumers against these harsh realities, the fluid grocery market remains marked by significant consumer behaviour shifts. The EFPM report noted that many shoppers were swapping out costly…