Cape Times 2022-05-03

THERE is the risk that more countries will impose export bans on their crops amid heightened global food security concerns and elevated food prices as war rages in Ukraine. Indonesia this month prohibited the export of its palm oil exports. National Agricultural Marketing Council (Namc) agricultural economist Thabile Nkunjana said in an interview last week that between March 10 and April 28, at least 10 export bans, or trade restriction measures, had been developed by countries, all of which were for vegetable oil crops such as palm oil, sunflower, canola, and soybean. “Surging prices for cooking oil mainly prompted these prohibitions or trade restrictions, as countries attempted to manage their respective inflation. These regulations, unfortunately, have disastrous implications for importing countries,” Nkunjana added. However, exporting countries had a slim possibility…

THE COMPETITION Commission has given the green light for the acquisition of a controlling stake in Royal Bafokeng Platinum (RBPlat) by Impala Platinum (Implats), which on Friday reported broad production declines from managed and joint venture operations for the quarter period to the end of March. Implats, the world’s second-largest producer of the precious metal, recorded a 3 percent decrease in total 6E concentrate volumes to 2.38 million ounces, worsened by a 4 percent lowering in volumes to 1.7 million ounces from managed operations. Volumes from joint ventures also declined 3 percent to 407 000 ounces, although there was a marginal increase of 1 percent from third-party production. Resultantly, refined production for its six elements was 6 percent lower at 2.35…

THE WEAKENING rand/dollar exchange rate has wiped out chances of a reasonably substantial cut in the petrol price tomorrow, even though oil prices have moderated. Central Energy Fund data released last week showed the average over- recovery on 95 octane unleaded petrol was 14.96 cents a litre, meaning petrol prices might be reduced by this amount, but for diesel there was an under-recovery of 94.7c a litre, indicating motorists will pay more for diesel. While these costs will be offset by the government’s R1.50 a litre fuel price intervention, motorists hoping for a substantial drop when the prices are adjusted tomorrow after months of increases, might be in for a disappointment due to the rand’s softening stance. At mid-April, petrol was set for a 34c a litre decline,…

ESKOM has its work cut out to recover R15 billion lost to state capture after Chief Justice Raymond Zondo last week released a report detailing the extent of corruption that has bought the power utility to its knees. It needs every cent to add to its kitty as it staggers under a massive debt burden of R392bn. This as it struggles to keep the lights on, spending billions on diesel recently amid bad weather and infrastructure breakdowns. Eskom, in a response to the fourth edition of Judge Zondo’s report on state capture, said that it had already taken steps to recover funds irregularly paid out to various suppliers and had over time recovered R1.1bn from McKinsey, R1.577bn from ABB, as well as from several other significant cases. Eskom said it…

THE FINANCIAL Intelligence Centre (FIC) says the closing of bank accounts should be a last resort but the banks rush to close accounts instead, which makes it difficult for the FIC to do its work. During a presentation to the National Assembly committee on finance (SCoF), earlier this year, the FIC laid out how rushing to close clients’ banking accounts was a premature step. Neither did the agency accept a bank’s explanation that closure was done as a last resort. The FIC said it informed the banks that it did not appreciate the process of closing a customer’s account because it would not then be able to freeze funds once an account was closed and the money removed. The FIC, whose mandate is to watch out for signs of money…

THERE have been various reports in the media that Minister of Mineral Resources and Energy Gwede Mantashe has fired a board member of the National Nuclear Regulator (NNR) for being unsuitable to serve on the board. The person concerned is Peter Becker of the anti-nuclear activist group Koeberg Alert Alliance, an anti-nuclear body that is opposed to nuclear power. There is no doubt that Mantashe’s actions in this regard are correct. Most of the reports in various media have been rather sympathetic to Becker, but have undoubtedly misinterpreted the situation. They have said that the NNR board should have a representative of the general public. That is quite correct, but they have incorrectly interpreted the “representation” concept. But let us now digress for a moment. In various countries there is…