Pretoria News 2022-07-25

LOCAL farmers are hopeful that the agreement to reopen Ukrainian Black Sea ports for grain exports will avert a potential worldwide food crisis and ease the rise in global food prices at a time when the cost of living has risen exponentially in South Africa. Russia and Ukraine signed a landmark deal on Friday guaranteeing the safe passage of commercial ships from the Ukrainian ports that are cut off by a Russian naval blockade. Wheat prices rose to the highest level since 2008 this year as the Russian invasion of Ukraine led to grain supply disruptions from two of the world’s largest producers. Over the past five years, South Africa has on average sourced around 30 percent of its wheat imports from Russia and Ukraine, and a significant amount…

PETROL prices in South Africa could soon be determined by free market forces as the government moves to deregulate fuel prices as part of mitigating the rising cost of living. Energy Minister Gwede Mantashe on Friday gazetted a notice calling for public comment within 30 days on the government’s intention to introduce a price cap on 93 octane petrol. The price of 93 octane increased by R2.37 per litre to R26.31 per litre this month, reaching an all-new record high due to the escalation of global oil prices. The introduction of a price cap on 93 octane petrol will allow retailers to sell at a price below the regulated price, including discounts on petrol. This is the next step in the government’s “two-phase approach” introduced to reduce fuel…

PRICE capping will create unfair competition in the fuel retail industry, resulting in thousands of job losses, the Fuel Retailers Association (FRA) said at the weekend. On Friday, Department of Mineral Resources and Energy (DMRE) Minister Gwede Mantashe published a brief notice on page 106 of the weekly Government Gazette, seeking for comment on his “intention to introduce a price cap” for 93 octane. This marked the commencement of a 30-day period for public input, before the process can proceed. Moving to a maximum price, or price cap, would allow petrol retailers to discount fuel, however, they see fit, with price specials, bundles, or volume discounts. Currently, the exact price of petrol is set by the government and selling the fuel at any other price is illegal. Reggie Sibiya, the…

INDEPENDENT Power Producers (IPPs) under renewable energy independent power producer procurement programme bid window 5 (REIPPPP BW5) shot themselves in the foot with unsustainable rates now making it impossible to deliver power to Eskom, leading to the grid’s prolonged loadshedding. Speaking to Business Report over the weekend, South African Independent Power Producers Association chairperson Thomas Garner said the programme was in a quandary after producers indicated they could not continue with the current rate which required financial close before the signing of agreements with Eskom next month. Solar and wind energy IPPs reportedly bid 37.5 cents a kilowatt hour (kW/h) to secure business when the going rate should have been between 60 to 80c a kW/h. “This is a race to the bottom, not all the projects are…

EELLIES Holdings has attributed the falling number of satellite dish installations as more people opt for internet streaming, as a major reason for expected losses. News of the likely loss saw the share price slump a massive 20 percent to 20 cents on the JSE on Friday afternoon. The company said on Friday that it expected to report a loss of between 5.42c and 6.50c a share for the year to April 30, when compared to the earnings of 7.25c for 2021. The wholesaler, importer and distributor of LED lighting, energy electrical and electronic products and solar solutions, also anticipates reporting a headline loss per share of between 6.49 and 7.77c for the year, compared to the headline profit of 9.19c a share for the previous year…

HEALTH is the next area of focus for Amazon. This was confirmed by newly appointed chief executive Andy Jassy when he announced that Amazon would be spending $3.9 billion (R65.5bn) to acquire One Medical, a chain of primary care clinics in the US. Amazon is not alone in pursuing health with its technology. Apple re- leased a report which highlighted the extent to which the company is developing health solutions. In South Africa, the Bill and Melinda Gates foundation is funding health tech startups through the Investing in Innovation (i3) Programme which will be headed by Startupbootcamp AfriTech. This health industry focus by tech companies will come with necessary health innovations and harms. We are now likely to see improved services in virtual health care, better access to medical…