Star 2025-12-03

The National Treasury, following consultations with the KwaZulu-Natal provincial government, said on Tuesday it will make up to R2.2 billion available to enable the repayment of depositors of Ithala. The payout process will start on December 8, 2025. Depositors will first need to be verified to ensure payments go to the correct recipients. Once verified, payments will be processed within approximately two days. More than 250 000 Ithala Bank customers have been in limbo since 2023, when the South African Reserve Bank’s Prudential Authority (PA) took control and froze all the bank accounts. The PA declared the bank insolvent and applied for a provisional liquidation. First National Bank (FNB) has been appointed as the payout bank for Ithala depositors and will facilitate access to their funds. This arrangement is intended…

The Competition Commission has referred a complaint against eight cargo shipping companies to the Competition Tribunal for prosecution for alleged price fixing. The eight cargo shipping companies, respondents, are Maersk South Africa, Mediterranean Shipping Company (MSC), CMA CGM Shipping Agencies South Africa, Pacific International Lines South Africa, Mitsui O.S.K Lines South Africa, Evergreen Agency South Africa, COSCO Shipping Lines South Africa, and K Line Shipping South Africa. The Commission said in a statement on Tuesday that the respondents are global container shipping liners involved in shipping cargo for import and export purposes across the globe, including South Africa. They are alleged to have engaged in the fixing of the rates called General Rate Increase (GRI) charged to customers for the shipment of general cargo enroute from South Africa to Asia…

South Africa’s economy could still grow less than 1% this year despite optimism for a slight upsurge after gross domestic product (GDP) posted its fourth straight gain in the three months to September. Data released by Statistics South Africa (Stats SA) shows that real GDP grew by 0.5% in the third quarter, slower than the revised 0.9% growth in the second quarter. Stats SA’s chief director for national accounts, Dr Bokang Vumbukani-Lepolesa, said the expansion was quite broad-based, with nine over 10 industries growing during this period. “The trade, mining and finance industries as well as government services were the most significant positive contributors to overall growth. Trade increased by 1% with positive gains in wholesale, retail, motor trade, accommodation and food and beverages,” she said. “Mining output increased by…

Damning audit by Auditor General reveals profound shortcomings across 59 municipalities More than 20% of South Africa's 257 municipalities spent around R2.32 billion on water tankering services in the 2023/24 financial year, with R420 million of that classified as irregular expenditure. A damning audit conducted by the Auditor General of South Africa (AGSA) has revealed profound shortcomings in the management of the country’s water resources across 59 municipalities. The AGSA's Water Sector Report outlines a grim picture for Water Service Authorities (WSAs), who reported an astounding R14.89bn in water losses for the 2023-2024 year, attributed largely to inadequate maintenance of infrastructure. Briefing Parliament on Tuesday, AGSA officials warned of a steady deterioration in wastewater treatment, driven by poor water management and weak demand management systems. They reported that 90% of…

Traxtion has confirmed it is finalising a R3.4 billion rolling stock investment programme, marking what the company describes as the largest private freight rail investment in South Africa’s history in both value and fleet size. The move is intended to expand freight capacity and accelerate progress in South Africa’s rail reform agenda. It also forms part of a larger R5bn private-sector commitment signalled at the launch of the National Rail Policy in 2022. The investment comprises R1.8bn for locomotives and R1.6bn for wagons, with a minimum 60% local content requirement and an estimated 662 direct jobs to be created during construction and deployment. Traxtion on Tuesday said the additional rolling stock should help close roughly 5% of the national freight rail capacity shortfall. Traxtion CEO James Holley said the programme…

A new feasibility study has found that the South Africa–Europe iron ore shipping corridor could begin operating ammonia-fueled bulk carriers as early as 2029, positioning Saldanha Bay as a future global hub for green maritime fuels. The analysis, released by the Global Maritime Forum (GMF) and conducted with a consortium of partners including Anglo American, CMB.TECH, Freeport Saldanha, VUKA Marine and ENGIE, concludes that the route linking Saldanha Bay to the Port of Rotterdam could reach full decarbonisation by 2035. If realised, it would be one of the world’s first major green shipping corridors connecting the Global South to the Global North. Saldanha Bay, home to South Africa’s primary iron-ore export terminal, already has plans under way to develop green ammonia production and expand port infrastructure to handle bunkering operations.…