Cape Times 2023-03-15

BUSINESS Report (BR) published an article earlier this week questioning how it was possible that investment executives at Africa’s largest asset manager, the Public Investment Corporation (PIC) – with a wealth of experience of more than 100 years collectively – could claim to have made wrong decisions? We asked if this means the PIC could now withdraw from any investment should they experience a bout of regret by taking the targeted investee company to court and suing the investee over its own “bad” decision. I’m following the PIC’s court case against AYO, currently in the High Court in Cape Town. I am more than intrigued, quite frankly, I’m shocked. Checking the recordings of the Mpati Commission of Inquiry the other day, and lest we forget, an entire inquiry constructed to…

SOUTH Africa’s economic growth in the first quarter now looks certain to fall into a technical recession as output from key sectors continued to fall in January due to intensified load shedding and logistical challenges. Persistent, heightened rotational load shedding has continue to remain a key downside risk to the energy-intensive manufacturing sectors of mining and manufacturing, Statistics South Africa (StatsSA) yesterday said mining production fell by 1.9% year-on-year in January, following an upwardly revised 3.6% decline in December 2022. The latest decline was the shallowest in 12 months and was less than forecast compared with market estimates of a 2.7% slump. This marked the 12th consecutive month of contraction in mining activity, though the softest in the current sequence that began in February last year. StatsSA’s principal survey statistician,…

Financial markets around the world lost about $465 billion (R8.5 trillion) over two days BANKING stocks on the JSE yesterday slightly felt the contagion after financial markets around the world lost about $465 billion (R8.5 trillion) over two days amid volatility associated with the closure of several banks in the US. However, industry experts have allayed fears that the South African banking industry could be impacted by the collapse of Silicon Valley Bank (SVB) and Signature Bank, preferred banks for tech venture capitalists and crypto buyers in the US. The JSE banks index fell 0.7% to 9 651 points yesterday as the All Share Index also slid for the sixth day in a row, dipping by 0.7% to 75 009 points, in line with global peers.…

THERE was a joint effort by AYO Technology Solutions (AYO) and senior British Telecom South Africa (BTSA) teams, comprising 10 to 12 people, in the preparatory work that culminated in the release of AYO’s pre-listing statement (PLS), the Western Cape High Court heard yesterday. This was according to former AYO board member Abdul Malik Salie, who was a witness during the fourth day of a case where the Public Investment Corporation (PIC), the State-owned asset manager that invests mainly the Government Employee Pension Scheme (GEPF) funds, is attempting to recover about R4.3 billion it invested for a 29% stake in AYO, as part of a private placement prior to AYO listing on the JSE in December 2017. The PIC has claimed AYO over-inflated forecasts and made over-inflated claims about…

A LEGAL battle is looming between the City of Tshwane’s multiparty coalition bloc and the ANC-led coalition, after 69 ballots of DA councillors were disqualified during council speaker’s election on Monday night at Tshwane House. Sole African Transformation Movement (ATM) councillor, Mncedi Ndzwanana, backed by the EFF and ANC, emerged as the new speaker. This was during a drama-filled special council sitting, where he contested for the position against ActionSA’s Kholofelo Morodi. Morodi was backed up by multiparty coalition partners, which included her party, the DA, FF+, ACDP and IFP. In total, 211 councillors cast their votes during the secret ballot and Ndzwanana won by 105 votes while Morodi got 37. At least 69 votes belonging to the DA were declared spoiled by the Independent Electoral Commission of SA (IEC)…

THE Airports Company South Africa (Acsa) has confirmed that it received a notification of a bomb on board a Singapore airline, SQ 478, yesterday. According to the company, the aircraft landed at OR Tambo International Airport in Kempton Park, Johannesburg earlier in the morning, and was screened for any suspicious device. “Emergency services were activated along with Fire and Rescue and SAPS. At about 11.30am the aircraft was declared safe by SAPS, after screening was completed by K9 units,” said Acsa. Acsa said it would continue to act swiftly to prioritise the safety of all air passengers. According to Flightaware.com, which tracks flight status and historical data for flights around the world, the airplane in question belongs to Singapore Airlines. Data published on the site showed that the flight was…