Cape Times 2022-02-28

Lengthy war to have ‘serious implications’ for food prices as SA doesn’t produce enough wheat Siphelele Dludla siphelele.dludla@inl.co.za Agri SA has warned that Russia’s ongoing full-scale invasion of Ukraine not only puts pressure on global oil prices, but also threatens to destabilise trade relations and jeopardise food security. Russia and Ukraine are meaningful contributors to the global food chain, accounting for at least 30 percent of the world’s wheat exports, 20 percent of maize exports and 80 percent of sunflower oil exports. Ukraine’s wheat has the greatest impact on food security throughout the world, as the country exported at least 18 million tons of wheat in 2020, making it the world’s fifth-biggest wheat exporter. Wheat prices have risen to the highest level since 2008, as the Russian…

Banele Ginindza banele.ginindza@inl.co.za SOUTH Africa’s just transition from coal resources to a mix of renewable energy debate became painfully historic as Energy and Mineral Resources Minister Gwede Mantashe likened the “enforced march” to renewables as akin to the 1856/7 prophecy by Nongqawuse that people in the Cape Colony must destroy available assets in anticipation of future windfalls. Mantashe, who is Xhosa, said the temperament of green energy proponents suggested that South Africa should immediately desist from utilising its fossil fuel resources, enough for two more centuries, in favour of the yet unproven efficiency of renewable energy, from sun, wind, nuclear battery storage and hydrogen outcomes. In April, 1856 the 15-year old Nongqawuse and her friend Nombanda went to scare birds from her uncle’s crops in the fields by the sea…

Banele Ginindza banele.ginindza@inl.co.za STATE arms manufacturer Denel still faces a steep road ahead with its outstanding R650 million salary bill despite a R3 billion gifting by Finance Minister Enoch Godongwana, and R1bn allowance out of the medical aid kitty. Unions with favourable attachment orders might still execute them, because the latest windfall is meant for interest payments and legacy debt, and not the salary arrears that the unions fought for in court. As acting CEO William Hlakoane confirmed on Friday, the financially ebattled state utility would still rely on its five-year turnaround plan, including the disposal of assets such as property and land to meet its arrears obligations. Unions were adamant they would move for an execution of court orders, which entitle them to attach Denel’s assets. “It…

Edward West edward.west@inl.co.za Oceana Group’s shareholders appeared to take heart on Friday after it said initial feedback from a probe by ENSafrica Forensics showed no employees or directors would be implicated in fraud or criminal conduct in the report. In addition, none of the matters in the ENSafrica Forensics investigation were likely to result in a financial loss to the company, a statement from Oceana said. The share price gained 3.38 percent to R53.60 on Friday afternoon, this after it has been trending lower following delays in releasing the results for the year to end-September 2021, the “precautionary” suspension of CFO Hajra Karrim, and the resignation of the CEO Imraan Soomra. Further doubts were cast when Oceana said the report had also uncovered “other matters, that were not within the…

OUR Deputy Chief Justice Raymond Zondo (DCJ) presiding over the Judicial Commission of Inquiry into State Capture established for the purpose of determining whether or not in a specific time period, the state had been captured by non-state actors and where so captured to what degree, has raised in his findings the possibility of a named bank or banks having actively participated in money-laundering activities. With this finding, the obsequious halo that adorns the image of the banks has arguably been sullied, and the learned law lord has called an abomination on such conduct. By so doing, the Honourable Deputy Chief Justice has cracked open the vaults of intrigue and shone a light on the chicanery of the high priests of capital. The harried events spawned by these revelations have…

From page 1 “Because companies like Sasol still do business with Bain, it legitimises them because they can say: ‘Well, Sasol, this big company, still does business with us.’ No one is calling business out on lies and duplicity. “All our CEOs should have been people of integrity, including the Johannesburg Stock Exchange, and come out and condemned Bain or companies employing Bain.” Williams added: “(Former president Jacob) Zuma did not capture our state, the private sector captured our state. The business world presents itself as clean, but there were mentions of Nedbank, Standard Bank – companies people were shocked to think of as corrupt. “The second problem is that our country is run by business, power dominates how things are done, [a] business friendship with Bain, Mckinsey, Nedbank, no…