Cape Times 2022-03-11

Edward West edward.west@inl.co.za SANLAM paid out a staggering R22 billion in mortality claims in 2021 due to the Covid-19 pandemic waves in South Africa, across Africa and India, yet still netted record new business volumes. The mortality claims payout was 76 percent higher than in 2020. The group also paid out R3.2bn in contingent business interruption claims through short-term insurance subsidiary Santam. The group, which released its annual results yesterday for the 12 months to December 31, has increased its discretionary capital by R2.9bn. Chief executive Paul Hanratty said in a presentation that they would hold high levels of discretionary capital until risks associated with the Covid-19 pandemic subsided, and given the short-term risks of the crisis in Ukraine, The R4.2bn net excess claims recorded for 2021 were…

Siphelele Dludla siphelele.dludla@inl.co.za MANUFACTURING output in South Africa rebounded sharply in January following three consecutive months of declines as the industry battled to recover from the July unrest. However, the ongoing war in eastern Europe could severely affect material prices and South Africa’s energy crisis could dampen this recovery in the coming months. Statistics South Africa (StatSA) yesterday said manufacturing production rose 2.9 percent year-on-year in January, and was almost in line with market forecasts of a 2.85 percent increase. This was the strongest increase in factory activity since last June, helped by an 11.5 percent rise in the production of food and beverages. Wood and wood products, paper, publishing, and printing categories grew 11.5 percent and 6.8 percent, respectively. The basic iron and steel,…

Dieketseng Maleke dieketseng.maleke@inl.co.za IHS HOLDING acquiring 5 713 towers from MTN Group in South Africa will give the operator a powerful additional footprint in terms of tower patent as there is going to be high demand for towers, according to Arthur Goldstuck, the managing director of World Wide Worx. Goldstuck said with the new spectrum being rolled out, which should be allocated by the end of this week, the demand for towers was going to grow because 5G required a higher density of towers. “The acquisition gives IHS Towers a head start over the rest of the operators in terms of patents of cell towers,” he said. The deal makes IHS Towers, which is 29 percent owned by the MTN Group, South Africa’s biggest independent tower operator. This…

Siphelele Dludla siphelele.dludla@inl.co.za MINING production in South Africa inched up marginally in January by 0.1 percent year-on-year, following a downwardly revised 1 percent contraction in December. However, this means that mining activity largely missed market estimates of a 3.45 percent growth in January. Statistics South Africa (Stats SA) yesterday said mining output was lifted by manganese ore, diamonds and gold. Manganese ore was the most significant contributor, up by a hefty 19.6 percent, while diamonds and gold production also rose 16.3 percent and 7 percent, respectively. Yet iron ore was the biggest drag to the headline print, falling by 13.4 percent. Stats SA principal survey statistician Juan-Pierre Terblanche said copper, nickel, platinum group metals (PGMs) and coal also performed poorly. PGMs turned to…

Siyabonga Mkhwanazi siyabonga.mkhwanazi@inl.co.za THE battle over the secret ballot in Parliament on the motion of no confidence against President Cyril President and the Cabinet at the end of the month is not over yet. This was after Speaker Nosiviwe Mapisa-Nqakula called on all parties to make formal submissions to her on whether they want an open ballot or secret ballot. Opposition parties had rejected a suggestion by Mapisa-Nqakula that the motion against Ramaphosa on March 30 be done through an open ballot. This followed a request by the ATM that the vote be done by secret ballot. However, Mapisa-Nqakula rejected the secret ballot and said the political environment was not toxic in Parliament to have a secret ballot. The DA, the UDM and Freedom Front Plus called for a secret…

Kailene Pillay kailene.pillay@inl.co.za South Africa remains on lockdown alert level 1 and masks remain mandatory, the Cabinet confirmed after its most recent meeting this week. However, the Cabinet said it was awaiting other announcements from the Coronavirus Command Council, regarding the national state of disaster. South Africa’s state of disaster is set to expire on 15 March, 2022. This would make it 24 months since it was first declared at the end of March 2020. Minister in the Presidency Mondli Gungubele briefed the media on Thursday and acknowledged the efforts in the fight against Covid-19. However, the Cabinet cautioned that the battle was “not yet over”, and urged all people in South Africa to remain vigilant and continue protecting themselves in order to stop the spread of the deadly virus.…