Star 2025-04-03

The National African Federated Chamber of Commerce and Industry (Nafcoc) commenced its 60th anniversary celebrations in Durban on Wednesday with a resounding call for economic transformation aimed at uplifting black-owned businesses in South Africa. Nafcoc President Gilbert Mosena emphasised the staggering unemployment rate among youth aged 15-24, which currently stands at a catastrophic 60.8%, compared to a mere 7.9% for their white counterparts. Mosena painted a stark picture of the economic divide, noting that the median monthly income for white South Africans was R21 000 in 2022, three times the R4 684 earned by black South Africans. Moreover, a 2017 report revealed the median wealth of black households at R70 000, in stark contrast to R1.364 million for white households. Mosena added that this inequality was not just a challenge…

The Public Investment Corporation's (PIC) unlisted portfolio came up for scrutiny without wholly satisfying the Standing Committee on Public Accounts (Scopa), which has scheduled another date for a full report on entities that had raised red flags with the Auditor General (AG). This is as the PIC appeared before Scopa on Wednesday to report mainly on the investments the entity has made on behalf of the Government Employees Pensions Fund (GEPF) and the Compensation Fund to address the ongoing financial and governance failures within the Compensation Fund and the Unemployment Insurance Fund (UIF). Scopa followed up on the state of the Compensation Fund, which has received the same audit opinions for five consecutive years, with little to no improvement on the issues previously raised by the Auditor-General. It has incurred…

DA says party will file papers in the High Court to challenge passing of the 2025/26 Budget The rand depreciated further by more than 1.6% to R18.78 to the US dollar by 7pm on Wednesday night, a fresh low since February 28, as investors reacted to rising political uncertainty amid budget turmoil. Members of Parliament (MPs) voted in favour of passing the National Budget with a slight margin in a protracted vote as 194 supported the fiscal framework with the proposed 0.5% increase in the value-added tax (VAT) while 182 opposed it. However, the process is not complete by any stretch as MPs have now given a 30-day period in which they will thrash out outstanding issues about the VAT increase, with a big push for its total scrapping. The…

SiyaQhubeka Forests (SQF), a leading forestry company, has increased the equity stake of its community partner, SiyaQhubeka Community Trust (SQT) based in KwaZulu-Natal, from 5.4% to 15.4%, marking a significant step towards inclusive growth in South Africa’s forestry sector. The transfer, announced on Tuesday, is part of a partnership with Mondi South Africa and the South African Forestry Company Limited (Safcol), aimed at empowering local communities and fostering economic participation. The deal strengthens SQT’s role in SQF, a Level 1 Broad-Based Black Economic Empowerment (BBBEE) contributor, which operates sustainably within the iSimangaliso Wetland Park, a Unesco World Heritage Site. Certified by the Forestry Stewardship Council, SQF integrates commercial forestry with environmental conservation, setting a benchmark for responsible practices. The increased shareholding is expected to unlock job creation, training, and enterprise…

The Public Investment Corporation (PIC) has invested $40 million (around R740m) into Africa50 Group, the pan-African infrastructure investor and asset manager, marking a significant step towards harnessing African capital for the continent's infrastructure needs. The PIC, representing the Government Employees Pension Fund (GEPF) and one of Africa’s largest asset managers managing assets worth $141.5 billion, has become Africa50's 36th shareholder. The PIC’s investment is seen as a testament to Africa50 group’s ability to unlock new and deep pools of capital for transformative infrastructure across the region. The asset manager joins 32 African states, the African Development Bank (AfDB), the Central Bank of West African States (BCEAO), and the Bank Al-Maghrib. The development reinforces Africa50’s position as a pioneering infrastructure investor, asset manager and mobilizer of institutional capital. Kabelo Rikhotso, the…

iOCO’s (formerly EOH Holdings) plans to reduce debt in the second half of its financial year, and it may consider share buybacks or acquisitions after that, co-CEO Thys Summerton said on Wednesday. Summerton spoke in an online presentation after the technology group reported six consecutive months of profitability, and a focus on growth initiatives, strategic investments and working capital management which was expected to maintain the momentum of profitability for the rest of the year. iOCO has been through a long period of “doing some things right and doing some things wrong”. When Summerton came to the group at the end of 2024 it was producing some R6 billion in cash a year, putting it among the most cash generative South African companies on the JSE, but its profits ranked…