Cape Times 2024-04-09

SASOL’s share price surged 5.8% yesterday after it announced success in an appeal to Forestry, Fisheries and Environment Minister Barbara Creecy to allow its emissions to be regulated on an “alternative” basis, but critics said the government has allowed a company – already one of the world’s biggest polluters – to set its own pollution limits. Robyn Hugo, a director: climate change of the non-profit shareholder activism organisation Just Share, said yesterday that the minister’s decision would result in Sasol emissions being significantly higher than those permitted by the government’s Minimum Emission Standards (MES) – already weaker than elsewhere in the world. The National Air Quality Officer (Naqo), who operates within the Forestry Fisheries and Environment Department, last year refused Sasol’s application for its sulphur dioxide emissions to be regulated…

THE WORLD Bank has remained optimistic that South Africa’s economic growth will recover more than 1% this year as a result of easing structural constraints and forecast slowing consumer inflation. The World Bank’s Africa’s Pulse report for April released yesterday underscored a projected boost in growth in the sub-Saharan African region. “Economic activity in South Africa is set to rebound from 0.6% in 2023 to 1.2% in 2024 and slightly accelerate to 1.4% in 2025 to 2026,” said World Bank chief economist Andrew Dabalen. “The gradual easing of structural constraints – in particular, electricity load shedding and logistics problems in freight rail and ports – and easing of cost-of-living pressures on households are contributing to this rebound.” The World Bank’s forecast is in line with the SA Reserve Bank’s which…

Merger will create a global group with African entertainment, sport as a primary focus CANAL+ has substantially increased its offer for the MultiChoice Group to about R37.7 billion from R31.7bn after the local broadcaster said in February that the initial offer was too low. MultiChoice’s share price increased 4.16% to R117 yesterday morning after the improved offer was announced. The share later closed the day 4.99% higher at R117.93. Meanwhile, should Canal+’s own planned European listing proceed, there would be an opportunity for South African investors to become share- holders of the combined entity, as part of a secondary inward listing on the JSE, the companies announced yesterday. Vivendi, the parent of Canal+, is currently doing a feasibility study to split the company into several separately listed entities. Canal…

T​HE AGRICULTURAL sector has expressed a number of concerns ahead of the Department of Water Affairs shutting down the Katse and Mohale dams supplying the Vaal River for a six-month rehabilitation to fix corrosion in the tunnel. The sector’s concerns range from the timing in relation to seasonal activities, adequacy of contingency plans, reserve water quality, biosecurity threats and lack of consultation. Deputy director-general for infrastructure management at the Department of Water Affairs Livhuwani Mabuda yesterday announced that contingency measures were in place from a cluster of 14 dams to compensate for the reductions as the tunnel will be closed from October to March next year, but stressed that farmers would be affected, especially those drawing water directly from the Vaal River. The tunnel is part of the first phase…

I AM DELIGHTED to announce that Siphelele Dludla is to head the news desk of Business Report (BR) as news editor. Dludla, who has been part of the BR team for many years, has demonstrated a strong nose for news coverage and excellence in reporting. His reporting often graces the front page as the lead story with his content often being shared with Independent Media carrier titles, The Star, The Mercury and Cape Times. Dludla, like fine wine, just gets better over time. As Dludla takes on this new chapter in his journalistic career, I wish him all the best. Readers can be assured of a top quality read every day with Dludla taking on a key leadership role at Business Report, which has an established national footprint and online…

OIL PRICES have surged in recent days, threatening to push Brent Crude, the global oil benchmark, to $100 (R1 875) a barrel for the first time in almost two years. Traders have been taken by surprise by a surge in oil prices. Mere days ago, oil jumped above $90 a barrel, triggered by military tensions between Israel and Iran. Reuters reported that global oil benchmark Brent steadied above $91 a barrel yesterday, reducing early losses. This was prompted by Israel withdrawing more soldiers from Gaza and committing to fresh talks on a potential ceasefire in the Middle East conflict. Brent crude futures were down 16 cents, or 0.2%, at $91.01 a barrel by 3.35pm. US West Texas Intermediate crude was down 9c, or about 0.1%, at $86.82. Both…