Cape Times 2022-10-19

FINANCIAL institutions and multi-lateral funding organisations need to rethink their bans on funding oil and particularly gas projects in Africa, as it will deprive the continent of much-needed economic development on its route to renewable energy self-sufficiency. This according to International Energy Agency deputy executive director Mary Wartick, who spoke at the African Energy Week in Cape Town yesterday. Lack of adequate financial support, infrastructure, technologies and up- stream, midstream and downstream activities have in the past hindered Africa’s oil and gas industry from reaching its potential. But the energy challenges in Africa are daunting. The conference heard that more than 600 million people, almost twice the population of the US, have no access to electricity on the conti- nent, while more than 900 million people, double the…

PICK N PAY posted strong sales results at its supermarkets, particularly at Boxer stores, which, with cost and prices cuts, and by driving change through their new “Ekuseni” strategy, resulted in the interim dividend rising 25.3% to 44.85 cents in the six months to end August. Chief executive Pieter Boone said in a telephone interview that the results were pleasing, considering the headwinds the group faced, including rising food and internal inflation, particularly on energy costs such as having to keep the stores open with generators through load shedding, which cost the group R110 million in the six months. Group turnover was up 11.5%. After normalising for disruptions in the base period due to the civil unrest, and Covid-19 liquor restrictions last year, turnover increased…

THE SOUTH African Reserve Bank (SARB) is in the process of attaching billions of rands of assets of former Steinhoff chief executive Marcus Jooste, the alleged ringleader in a financial fraud that saw investors lose more than R200 billion and resulted in the 95% collapse of the share price in 2017. The SA Reserve Bank published the Western Cape High Court order on its website yesterday which showed that Jooste and the respondents were suspected of contravening foreign exchange regulations. The assets to be attached included those of the Silver Oak Trust, art worth about R98.78 million, financial assets worth R1.21bn, loans receivable of R131.12m, Jooste’s house in Voelklip, Hermanus, at least six luxury vehicles, jewellery and other art worth some R795 400, books, documents, electronic devices and…

THE LARGE traditional banks have been monopolising the banking industry for as long as we have known, not just in South Africa but globally. We have trusted banks as intermediaries with our money and paid their fees, not because we were happy about it but more because there was no alternative. Over the past decade, banking customers have switched towards the digi-tal environment in their personal and business capacities – also demanding that their suppliers follow suit. This has compelled merchants to digitalise the way they do business to better meet demand, or see customers take their business elsewhere. At the same time, financial technology (fintech) companies have been at the forefront of disrupting various industries, strategically positioning themselves in the market to better analyse their customer needs, service their…

TRANSNET workers have been left divided over the partial end to their two-week long strike after the majority union signed a multi-year wage agreement whilst the minority union remains on the picket lines. This comes as the United National Transport Union (Untu), the largest union at Transnet representing close to 54% of workers, on Monday ended their picket after agreeing to a backdated three-year wage offer of a 6% hike, with an increase in the housing allowance. This has brought to an end the stay away by Untu members as they went back to their posts yesterday to help Transnet clear the backlog of cargo stuck at its ports. However, the SA Transport and Allied Workers Union (Satawu), which represents a third of Transnet’s workers, called Untu’s wage agreement with…

“SOMETIMES it is exhausting to be a South African,” Gareth Ackerman, the chairperson of Pick n Pay, said yesterday in a speech ahead of the interim results presentation, as he reflected on the challenges facing the retailer, while calling on the government to incentivise business to make infrastructure upgrades – through rates or tax rebates. This, as he said: “We are not power- less to turn this situation around. In fact, a much more positive trajectory is possible if we get just a few basics right.” He said tax levels in South Africa were high. “There is room to incentivise business to invest in the common good, but please don’t double tax us,” Ackerman said, as he reflected on headwinds, such as food inflation, the decay in…