Pretoria News 2022-06-20

Steinhoff Investment Holdings (Steinhoff) received an R8.6 billion settlement and R6.9bn Pepkor Holdings shares in the global litigation settlement by its parent company Steinhoff International Holdings. This was disclosed in Steinhoff Investment Holdings’ results for the six months to March 31, which also showed operating profit from continuing operations, after other material expenses, improved 221 percent to R17.2bn. Revenue from continuing operations, comprising Pepkor Holdings only, increased 3.3 percent to R42bn. Operating profit from continuing operations, before other expenses, increased by 15.6 percent to R5.2bn. The de-recognition of the Steinhoff Investments CPU (contingent payment undertaking) and recognition and remeasurement of the S155 Settlement Note resulted in a net gain of R17.5bn. Headline earnings per share improved to 26 636.31 cents from 4 890.90c. A…

THE SOUTH African government, local vaccine manufacturers and organised labour have welcomed the agreement at the World Trade Organisation (WTO) that can support production of Covid-19 vaccines in developing countries. Member states at the WTO’s 12th Ministerial Conference in Geneva this week agreed on a deal that temporarily removes intellectual property barriers around patents for Covid-19 vaccines, and postponed discussions on extending the waiver to treatments and tests by six months. This comes two years after the Trade-Related Aspects of Intellectual Property Rights (Trips) waiver proposal was raised at the WTO by South Africa and India. The agreement allows governments to authorise local manufacturers to produce vaccines or their ingredients, substances or elements and use processes which are covered by patents, without permission of the patent holders during the pandemic.…

THE CAPITAL & Counties Properties (Capco) and Shaftesbury merger will create a portfolio mainly in London’s West End of about 670 buildings across 2 000 commercial and residential units. The portfolio will comprise 35 percent retail, 34 percent hospitality and leisure, 17 percent offices and 14 percent residential. The trend precinct has seen a steady return of shoppers and patrons with the easing of Covid-19 restrictions. The Capco and Shaftesbury boards on Friday released details and terms of their “recommended all-share merger” to form a combined group, with the new merged company to be called Shaftesbury Capital once the deal is completed. In terms of the mechanics of the mer- ger, a scheme of arrangement by Shaftes- bury, with the existing Capco sharehold- ing, will…

Road Freight Association, Busa call on President Ramaphosa to deploy military TRANSPORT Minister Fikile Mbalula was yesterday evening locked in a meeting with logistics stakeholders to quell the fires lit over the last week by truck drivers who blocked South Africa’s main road arteries to protest against the hiring of foreign truck drivers, which was enforced with a heavy hand by the South African Police Services. The Road Freight Association was among the organisations that confirmed being in a closed meeting with the minister for the scheduled gathering that started late yesterday afternoon and was going well into the evening yesterday. Solutions were sought after the private sector threw the strongest challenge yet of government’s resolve to keep the economy running as the N3 to Durban ports and beyond was…

MY RELATIONSHIP with Revlon products started when I was transitioning from adolescence to adulthood. Having a red Revlon lipstick was like a right of passage. Even when I was around five years old, I would beg my mom to let me use one of her red Revlon lipsticks. Over the years, I used their products and loved them. Even today, a Revlon lipstick is always in my make-up bag, without fail. It is my go-to when the other brands fail me. So imagine the shock and horror I experienced when I learnt that the company filed for bankruptcy in the US. When I heard the news, I started to think: Should I panic buy their lipsticks and nail polish? But then I dismissed the thought as I remembered panic…

FITCH Ratings announced on Friday that it has increased near-term price assumptions for iron ore, coking and thermal coal, nickel and zinc, citing stronger post-pandemic demand and supply disruptions, particularly from Russia. The ratings agency said its increased 2022 iron ore price forecast reflects the strong average year-to-date price of $140 (R2 241) a ton. “Supply concerns (the Ukraine-Russia war and seasonally lower Brazilian and Australian shipments) have supported prices, despite lower steel production in China year-on-year due to policy requirements and lower demand,” it said. Fitch said that while lockdowns were easing, construction activities were slow to resume, and manufacturing companies were hesitating to reopen due to fear of new infections. The agency said it raised coking coal assumptions for 2022 /23, reflecting record pricing year-to-date due…