Pretoria News 2022-07-11

THE SOUTH African government has called for wide-ranging reforms to the UN in a bid to enable emerging economies to have an effective voice in the global community. Minister of International Relations and Co-operation Dr Naledi Pandor on Friday said that the UN must be strengthened to play the development support role expected of it, and promote its collaboration with continental and regional bodies. Pandor said the key to the success of the UN and all international law would be an even playing field in which there were no double standards and where rules and principles apply to all and protect all equally. “South Africa also calls for dedicated attention to reform of the UN to make it fit for the 21st century and beyond,” Pandor said. “The privilege that…

SOUTH African markets ended the week on a mixed note on Friday, as stocks edged higher but the rand continued weakening to a 22-month low before pairing gains. The rand weakened to R16.89 against the US dollar, the lowest since September 2020, amid persistent worries about the national power grid. The domestic currency lost nearly 3 percent over the trading week, having twice touched a 21-month weakest level of R16.85 to the dollar. There is widespread concern that the current round of power cuts could have long-term effects on South Africa’s economic growth. Struggling state-owned power utility Eskom said these were set to continue over the weekend, but could be at lower stages. The rand was also pressured by the dollar’s strength amid the US Federal Reserve’s (Fed’s) firm…

BRAIT, the investment holding group, said the profit margins of leading food product maker Premier, which it intends to list, have proven resilient through cycles of rising soft commodities. Brait’s latest annual report, released on Friday, said the trend highlighted the effective “pass-through” of the higher commodity costs without affecting Premier’s volumes. Plans to list Premier have been put on ice until equity market conditions improve. The report showed some interesting insights how these rising costs filter through to consumer prices. Wheat, along with other globally traded grain prices, have risen sharply this year due to the Ukraine crisis, while fuel and energy prices have also trended substantially higher. Premier is South Africa’s third-biggest maker of bread, and bread makes up 82 percent of the revenue of its Millbake…

FUEL AND FOOD prices are soaring in Zimbabwe as elevated inflation and a runaway exchange rate ratchet up pressure on the government workers who have now given notice to strike. Zimbabwe is battling an economic crisis that the government of President Emerson Mnangagwa is struggling to turnaround. Harare has resultantly been forced to resort to tightening the monetary sector, instituting measures aimed at constraining US dollar purchases to promote the local unit of exchange, the Zimdollar. The Zimdollar is struggling to stay afloat. And with the petrol price set at US$1.77 and the price of diesel at US$1.80, food prices for commodities such as bread have been going up to around $1.20, with some shortages emerging after the government asked bakeries to keep the price low. Now, government workers that…

MORE AND MORE experts are of the opinion that Eskom has reached the end of the road. Not only does Eskom struggle with neglected maintenance over many years, ageing infrastructure, increasing unscheduled breakdowns, non-compliance with air pollution laws, a lack of long-term planning, the slow acquisition of alternative energy sources, a debt of billions of rand, but it also grapples with the eradication of endemic corruption and internal sabotage. Add to this a bloated workforce overstaffed by about 66 percent, which is also one of the highest-paid in the country, and even a non-expert can determine the slim chances of the long-term survival of Eskom in its current form. Salaries at Eskom are more than double the norm in 35 other African countries, while the staff count increased exponentially,…

Paris Haute Couture week and Balenciaga gave many much to talk about. From the otherworldly collection to the celebrity models spotted on the runway, the show last week set social media on fire. The faceless models in all-black skintight outfits carrying speaker handbags, and a wedding gown so big that the model battled to move it through the seated crowd were just a few of the talking points of the show, but it was the famous faces who stole the show. Celebs on the runway included Nicole Kidman, who was wrapped in silver, singer Dua Lipa in bright yellow, the queen of the runway Naomi Campbell in a huge black gown and Selling Sunset’s Christine Quinn. Balenciaga fan Kim Kardashian made an appearance. It was her first runway appearance –…