Star 2024-03-22

Furniture removal companies Stuttaford Van Lines and Pickfords Removals SA have admitted to involvement in a furniture removal cartel and have agreed to pay an administrative penalty totalling R40 million. According to a statement on Wednesday, the Competition Tribunal said this formed part of the terms of a settlement agreement. This followed a hearing during which it heard submissions on various aspects of the settlement agreement. The settlement agreement concluded all complaints, investigations and prosecutions relating to Stuttaford Van Lines and Pickfords. In 2010 the Competition Commission launched investigations into several furniture removal companies, including Stuttaford Van Lines, Pickfords and AGS Fraser International, operating subsidiaries of Laser Transport Group. The investigations revealed that furniture removal companies had tendered collusively in the provision of furniture removal services to government departments, big…

More than 70 businesses at the Black Industrialists and Exporters Conference make pledges More than 70 businesses at the 2024 Black Industrialists and Exporters Conference on Wednesday pledged to spend R261 billion on procurement from black industrialists over the next five years. The spending will range across a wide range of sectors, including agro-processing, agriculture and forestry; rail; electro-technical; metal fabrication and industrial equipment; glass, plastics, household goods and marine; retail, clothing and footwear; pharmaceuticals and medical devices; information technology; and, financial services. The government’s black industrialists programme aims to provide support and funding to industrialists, who wish to start, maintain or expand their businesses. Speaking at the event, Trade, Industry and Competition Minister Ebrahim Patel noted that the direct turnover of companies supported by the black industrialists programme was…

Inflation in February ballooned on the back of rising medical and fuel prices to the highest level in four months, dashing South African consumers’ rate cut hopes. Economists said on Wednesday that when the Monetary Policy Committee (MPC) meets next Wednesday, it is likely to keep interest rates on hold. Statistics South Africa (Stats SA) said on Wednesday that the consumer price index (CPI) rose to 5.6% year-on-year (y/y) in February, from 5.3% in January. Core inflation accelerated to 5% y/y from 4.6% y/y over the same period. Trade union the United Association of South Africa said they were concerned the latest inflation rate was a setback to workers’ hopes of interest rate cuts. “Workers have faced rising fuel, food, medical, insurance and transport prices over the past two months,”…

Mining giant Sibanye-Stillwater on Wednesday said that it had suspended production at its Siphumelele shaft in Rustenburg, which accounts for nearly 4% of its South African platinum group metal (PGM) output, after an accident damaged surface infrastructure. The diversified miner said in a statement that no injuries were reported from the February 29 incident when an ore collector bin attached to the shaft headgear collapsed to ground. The collapse had damaged a surface ore conveyor belt system. The damage to the ore collector bin and collapse of the conveyor system had resulted in the suspension of production from the shaft, Sibanye said. Investigations into the cause of the incident were underway, while its impact on annual production from the Siphumelele shaft was being assessed, it added. The shaft was forecast…

TELECOMMUNICATIONS giant Vodacom South Africa has come under fire once again after reports surfaced that the company is planning to cut 80 jobs. Vodacom has a staff complement of about 5 400 people. In a statement, a spokesperson for the largest wireless operator in Africa told Business Report that: “As Vodacom South Africa, we routinely ensure that our business operations are fit for purpose as we transition from a Telco to a leading Technology company. “To ensure the continued efficiency of key functions and maintain our competitive edge, we anticipate that our latest operational review will impact less than 80 employees. “This decision aligns with our commitment to adapt and optimise our business to meet evolving industry and customer demands. Additionally, Vodacom South Africa continues to proactively implement various cost…

South Africa’s consumer food inflation slowed to 6% in February this year, from 7% in January, underpinned by the deceleration across most food products. Lower food inflation leads to lower food prices, which is good news for consumers. However, sugar, sweets and desserts remained roughly unchanged from the last months. Wandile Sihlobo, the chief econo- mist at the Agricultural Business Chamber, said they expected this broad moderation path to continue for most of the products within the food basket over the near-to-medium term. “However, there are significant upside risks for the bread and cereal products in the food basket because of the potentially poor white maize harvest on the back of the current heatwave and dryness,” Sihlobo said. Nkhensani Mashimbyi, an economist at Absa AgriBusiness, said the prices…