Pretoria News 2022-08-11

The future of work is more than just a job: Standard Bank’s universities’ partnership builds a new generation of entrepreneurs Standard Bank’s investment in the Universities South Africa (USAf) Entrepreneurship Development in Higher Education (EDHE) programme has led to the establishment of Economic Activation Offices (EAO) at 10 South African public universities. EAOs prepare university students for entrepreneurship, helping young South Africans identify independent business opportunities and reducing dependence on the country’s constrained job market. “The creation of small businesses across South Africa can help unlock our country’s economic potential, combating persistent unemployment,” says Ben Pretorius, the head of the Education Sector at Standard Bank. Currently, however, “the resources available to entrepreneurs are often not suitable for start-ups, or just too expensive, or unsupported, in the ideation phase,” he adds.…

INDUSTRIAL gas users are “extremely concerned” that Sasol Gas is increasing prices by 96 percent, and have warned the increase might filter through to other products, such as for the price of bread. The Industrial Gas Users Association of Southern Africa (Igua-SA) said yesterday they estimate the increase, would cost the economy some R325 million per month, and would force manufacturers to in turn, raise their own prices. The increase, which became effective on August 1, follows the National Energy Regulator of South Africa’s (Nersa) warning days ago that it had not approved such increases, and that it will “investigate any possible unreasonable or excessive pricing cases, and further collaborate with other administrative bodies that have concurrent jurisdiction on this matter”. Sasol said, however, it recognised the impact…

Currency rallied to its highest in six weeks yesterday as the dollar fell to a one-month low THE RAND RALLIED to its highest in six weeks yesterday as the dollar fell to a one-month low after economic indicators in the US showed that inflation was peaking. The domestic currency strengthened to R16.14 against the US dollar by 5pm, from the previous close of R16.60 as slowing fuel and food prices indicate the possibility that the US Federal Reserve (Fed) will slow down its aggressive policy tightening plans. This comes as the annual consumer price inflation (CPI) rate in the US slowed more than expected to 8.5 percent in July year-on-year, from a more than 40-year high of 9.1 percent hit in June. This was amidst a significant drop…

NEDBANK reported strong earnings and a robust capital position for the six months to June 30 and lifted its dividend 81 percent to 783 cents per share. Headline earnings increased by 27 percent to R6.7 billion, driven by strong revenue growth, a flat credit loss ratio, an improved performance from associate ETI, as well as “a well- managed” expense base, the bank said in a statement. Return on equity (ROE) increased to 13.6 percent and the cost to income ratio improved to 56.2 percent from 58.5 percent in the first half of the 2021 financial year. Nitrogen Fund Manager chief investment officer Rowan Williams said Nedbank had reported a “positive set of results” that reflected a banking sector that had recovered well from…

JUBILEE Metals for the six months to June reported a sharp increase in platinum group metals (PGM) production, benefiting from the expansion of its Inyoni operations, and despite softer metal prices. In its operations and projects update, the diversified metals miner and processor said yesterday that the sharp increase in PGM production of 21 140 ounces followed the expansion of its Inyoni facility in the Bushveld Complex in South Africa. It achieved a 5 percent increase in production compared to the previous six-month period, despite planned operational interruptions to complete the new Inyoni processing facility. “Notably, 95 percent of PGM ounces was produced at the new Inyoni operations during the six-month period, compared to 75 percent in the year 2021,” the group said. “This brings enhanced…

THE COMPANIES and Intellectual Properties Commission (CIPC) said yesterday that Nova Propgrow Group Holdings (Nova) should not be permitted to continue to operate without intervention and it was taking further enforcement steps by escalating the case to an inter-regulator level. This, it said, was in order to maintain levels of investor confidence and mitigate the systemic risk of the economic phenomena that had led to the Nova case. Nova directors could not be reached for comment yesterday. Nova has been the subject of an investigation by the commission for allegedly trading recklessly and while insolvent. In 2011, some 18 700 Sharemax investors had voted for a rescue scheme to be repaid the R4.6 billion they invested in South Africa’s largest failed property syndication scheme. A scheme of arrangement…