Star 2025-05-14

South Africa’s grand ambitions – through a business and government partnership – to grow the economy 3% this year and, by doing so, create a million jobs is simply not happening as structural economic issues are hindering job creation prospects. In fact, in the first three months of the year, 291,000 people lost their jobs quarter-on-quarter while there was an increase of 237,000 in the number of unemployed people. This has taken the unemployment rate to 32.9%, up from the last four months of 2024 when it was 31.9%. The overall unemployment rate, which includes discouraged job seekers and is a truer measure of the job situation, went from 41.9% to 43.1% over the same quarter-on-quarter analysis, Statistics South Africa said on Tuesday. Dr Elna Moolman, Standard Bank group head…

Exxaro is sinking R11.6 billion into the acquisition of manganese assets in the Northern Cape Eskom coal supplier Exxaro Resources is diversifying its portfolio, sinking R11.6 billion into the acquisition of manganese assets in the Northern Cape in a deal expected to be closed early next year. Exxaro recently appointed Ben Magara as CEO, taking over from Nombasa Tsengwa after a protracted fall-out with the former top executive. Insiders on Tuesday said the company’s stalled diversification was among points of disagreement between the company’s board and Ndengwa. Magara’s appointment appears to have refocused the company on its diversification into manganese. Under the new deal, Exxaro will take over a portfolio of manganese assets owned by the Saki Macozoma-fronted Ntsimbintle Holdings, as well as those held by OM Holdings. “This acquisition…

The National Consumer Commission (NCC) has issued a critical update regarding a series of vehicle recalls that could have serious implications for drivers across South Africa. Affected models include popular names such as the Jeep Wrangler, Chrysler 300C, Citroen C4, DS4, DS5, and luxury vehicles from Mercedes-Benz, Audi, Volkswagen, and Volvo. Consumers have been urged to act swiftly as safety remains paramount. First on the list are the Jeep Wrangler and Chrysler 300C, both manufactured by Stellantis South Africa (Pty) Ltd between 2014 and 2016. The company has reported a troubling defect involving Takata airbags. The passenger airbag inflator may rupture due to excessive internal pressure during normal deployment, posing a lethal threat to vehicle occupants. The resulting metal fragments could cause serious injury or even fatalities. Owners of these…

The Mining Affected Communities United in Action (Macua) has announced that a conservative estimate of at least R284 million in Social and Labour Plan (SLP) funds remained unaccounted for across 11 mining sites. This alarming trend, termed “Crumbs Capture,” suggests a systematic appropriation of developmental funds intended to uplift mining-affected communities. In a statement on Tuesday, Macua - a prominent social and community advocacy organisation - argued that if this pattern was extrapolated nationwide, it pointed to an astonishing R25 billion in potential theft from communities dependent on mining activities. “Crumbs Capture” describes a morally bankrupt ecosystem where even the limited resources allocated for development are siphoned off through inflated tenders, ghost projects, falsified delivery reports and elite capture, all while communities languish in deepening poverty. The findings will be…

Minister of Transport Barbara Creecy has announced the country's ratification of the Luxembourg Rail Protocol in a move poised to transform the railway landscape in South Africa. Officially enforced from May, this protocol is set to unlock international financing avenues for new market entrants, enabling cheaper financing options for railway rolling stock. Addressing the 25th Africa Rail Conference and Exhibition on Tuesday, Creecy emphasised the significant economic and environmental advantages of shifting freight and passenger transport from road to rail. Creecy said South Africa’s ratification of the protocol would support the development of international financing in the railway sector and was an important step in facilitating financing in the rail industry, which is a key element for social development and economic growth in the SADC region and whole continent. "As…

The Africa Travel Indaba, one of the continent's premier tourism showcases, kicked off on Tuesday in Durban. KZN MEC for Economic Development, Tourism and Environmental Affairs, Musa Zondi, said this year's Indaba boasted a record-breaking participation, with 1 200 exhibitors hailing from 26 African countries and 908 vetted international buyers representing 55 global markets. "More than 7 430 business-to-business meetings have already been set up and I am confident that this number has grown to date," Zondi said. "One hundred and twenty small-and-medium tourism enterprises, including a dozen in our KwaZulu-Natal region, have been given the opportunity to showcase their products at this high-profile and vibrant event." Zondi reiterated the significance of the event last year, which bolstered the region's economy by over R550 million—comprising R226m in direct economic activity…