Star 2025-07-14

S&P Global Ratings (S&P) has downgraded Transnet's credit ratings due to high debt and negative operating cash flow. It lowered the long-term local currency and foreign currency ratings from BB- to B+. The standalone credit profile was downgraded from 'b' to 'ccc+', while its national scale rating was changed from 'zaAA-/zaA-1+' to 'zaA/zaA-1'. It kept the outlook stable and said it reflects S&P's view that Transnet will not face any material payment or liquidity events given the current R51 billion government guarantee framework. S&P highlighted several issues in its rating report. "The downgrade reflects the incremental deterioration of the financial profile in the past few years that extraordinary government support could partly mitigate but will not fully offset in our view, especially as the support is principally in the form…

The shareholders of MAS, the JSE-listed property company that is the target of two takeover bids and shareholder concerns about board governance, on Friday voted against resolutions to sell off the company’s central and eastern retail Europe assets. MSA’s share price fell 3.2% to R22.93 on Friday on the JSE - a year ago the share price traded at R19.21. The resolutions tabled at an extraordinary general meeting (EGM), which was requested by development partner, potential bidder and shareholder PK Investments (PKI), were not passed by the requisite majority of more than 50% of the shareholder voting rights exercised, a statement to the JSE’s news service said. The first resolution would have authorised the directors to dispose of all the assets within 5 years, with the overarching aim of maximising…

Trump using tariffs on BRICS countries as a red herring to stifle perceived influence of China Investors in South Africa have cautioned that the US President Donald Trump was using tariffs on BRICS countries as a red herring to stifle the perceived dominance of China over the United States. Trump last week announced that he was planning to slap a 10% tariff on imports from the BRICS economic group of emerging-market nations, including Brazil, Russia, India and China, along with a 50% duty on all copper imports and a possible 200% tax on pharmaceuticals. The expanded BRICS+ now covers 43% of the world's population, 32% of the world’s land area, around 35% of global GDP and 20% of world exports. Trump explained the BRICS tariff threat was being driven by…

The Minister of Agriculture, John Steenhuisen, officially announced on Friday that South Africa will lift its import restrictions on live poultry and poultry products from Brazil, effective 4 July 2025. This decision comes in response to extensive discussions between South African veterinary authorities and their Brazilian counterparts, culminating in a resolution that addresses health concerns over Highly Pathogenic Avian Influenza (HPAI). The HPAI outbreak, first detected on 15 May 2025 in the municipality of Montenegro, Rio Grande do Sul, has since been contained. Steenhuisen confirmed that the stamping out measures, which included the depopulation and thorough disinfection of the affected premises, were executed in line with the standards set by the World Organisation for Animal Health (WOAH). “The 28-day waiting period after stamping out was observed, with the self-declaration of…

The National Association of Automotive Component and Allied Manufacturers (NAACAM) has voiced serious concerns regarding the automotive sector’s negative performance, highlighted in the recent manufacturing production and sales report released by Statistics SA for May. Although the broader manufacturing landscape showed a modest increase of 0.5% compared to May 2024, the automotive segment—specifically motor vehicles, parts and accessories, and other transport equipment—recorded a stark contraction of 6.7%, contributing negatively to the overall figures with a loss of 0.6 percentage points. Stats SA indicated that this decline in the automotive sector reflects more than just temporary fluctuations, as it is compounded by a mixture of enduring challenges that have plagued the industry. Renai Moothilal, CEO of NAACAM, said that the decline in production within the automotive sector during May was attributed…

The Renewable Energy Statistics 2025 released by the International Renewable Energy Agency (Irena) on Friday shows that despite renewables capacity growing by over 15% in 2024, the growth gap widens across regions. Asia has kept its leading position since the past few years, accounting for 71% of new renewables capacity in 2024, followed by Europe and North America (respectively contributed 12.3% and 7.8% to the addition), leaving a huge gap with Africa, Eurasia, Central America and the Caribbean which together only accounted for 2.8% of total renewables capacity addition. Despite its massive economic and development opportunities, Africa only increased its renewables capacity by 7.2%. Commenting on the data update, Irena Director-General Francesco La Camera said, “The renewable energy boom is transforming global energy markets, driving economies and creating vast investment…