Cape Times 2021-06-29

Siphelele Dludla siphelele.dludla@inl.co.za THE ECONOMIC outlook has become bleaker for low-income households in South Africa, pushing the Consumer Confidence Index (CCI) deeper into negative territory in the three months to June after a slight recovery. Data from the Bureau for Economic Research (BER), sponsored by FNB, yesterday revealed a worrying picture of the CCI. The CCI backpedalled to -13 index points in the second quarter of 2021 after recovering further from -12 to -9 index points during the first quarter of 2021. FNB said this latest reading remained well below the average CCI reading of +2 index points since 1994, denoting very depressed consumer confidence levels. However, the CCI was less nega- tive compared to the extraordinarily pessimistic readings of -33 and -23 index points recorded when severe restrictions were…

Siphelele Dludla siphelele.dludla@inl.co.za THE LIQOUR and restaurant industries are lamenting the 14-day total ban on the sale of alcohol and the restrictions against eating out in a bid to curb the spread of Covid-19. The industries yesterday raised concerns about the absence of relief measures – as they are still reeling from fixed costs such as rentals, electricity and staff wages. The South African Liquor Brandowners Association (Salba) said there was no evidence to suggest alcohol consumption was the driver of the current rise in infection rates. Salba chairperson Sibani Mngadi said that the government should concentrate on generating greater efficiency in South Africa’s vaccine roll-out to allow for the economy to open up. “The ban is being implemented without any consideration for any form of economic relief for businesses…

Siphelele Dludla siphelele.dludla@inl.co.za THE RAND opened the week under pressure, reversing some of its previous week’s losses on a stronger dollar after the government tightened Covid-19 restrictions. The domestic currency traded 0.10 percent lower at R14.20 against the dollar by 5pm yesterday due to restrictions to cope with the speed of new Covid-19 infections. President Cyril Ramaphosa on Sunday banned all gatherings for 14 days, along with the sale of alcohol, dining in restaurants and travel to or from the worst-hit areas of the country. An extended curfew was also imposed and schools would shut early for holidays to curb the high rate of infections and relieve pressure on the healthcare sector. South Africa’s rising cases are part of a resurgence across Africa linked to the spread of the…

Sandile Mchunu sandile.mchunu@inl.co.za INVICTA Holdings, the investment holding and management company, yesterday returned to profitability in the year to the end of March, boosted by strong working capital management and the restructuring of the business. Invicta reported a 156 percent surge in profits to R376.07 million compared to a loss of R673.30m reported a year earlier, and a 310 percent increase in headline earnings per share from continuing operations to 172 cents a share, up from a loss of 82c, while basic earnings per share improved by 130 percent to 212c compared to a loss of 707c reported a year earlier. Chief executive Steven Joffe said yesterday that the year had been characterised by major but very posi- tive changes for the group, which included…

SOMETIME in the late 1970s, I made my first voyage into the world of knowledge. I started my primary schooling with many other children just as pupils in Soweto and other parts of the country challenged the brute force of apartheid when they revolted against Afrikaans being made the medium of instruction during the famous 1976 uprising. Many of those children had nothing but sheer determination to see the changes in the country’s education system. Most put aside their personal struggles to save South Africa from itself. Around this time, I started my schooling. I remember vividly a fellow named Silindelo Twala, whom we all called Mbuzi, the goat. To this day, I have no idea who and why somebody baptised him. But one thing stood out about Mbuzi –…

DINEO FAKU dineo.faku@inl.co.za ANGLO American plc is selling its shareholding in the Cerrejón mine in Colombia to diversified mining giant Glencore, marking the final step in its transition from thermal coal assets. Anglo, which previously told the market that it planned to exit thermal coal production by 2024, said yesterday that Glencore had agreed to acquire its 33.3 percent stake in Cerrejón for $294 million (R4.2 billion). Anglo American chief executive Mark Cutifani said the agreement marked the last stage of the transition from thermal coal operations. “During that transition, we have sought to balance the expectations of our wide range of different stakeholders as we have divested our portfolio of thermal coal operations, in each case choosing the exit option most appropriate for the asset and…