Cape Times 2021-07-22

Siphelele Dludla siphelele.dludla@inl.co.za FOOD prices could remain relatively high in the short- to medium-term period due to recent supply disruption, in spite of consumer inflation easing from a 30-month high in June, analysts said yesterday. Data from Statistics South Africa (StatsSA) yesterday showed that annual consumer price index (CPI) eased to 4.9 percent year-on-year in June from 5.2 percent in May. The CPI, however, rose slightly by 0.2 percent in June from 0.1 percent in May. StatsSA said the change in the June CPI print was driven by food and non-alcoholic beverages as prices remained unchanged at 6.7 percent in this category. However, StatsSA said there was an average price increase of 0.2 percent between May and June in this category. Nedbank senior economist…

EDWARD WEST edward.west@inl.co.za PFIZER and Nasdaq-listed BioNTech SE have signed an agreement with the Cape Town-based-Biovac Institute to make up to 100 million doses a year of Pfizer-BioNTech Covid-19 vaccine for distribution across Africa. Pfizer said in a statement yesterday the agreement with Biovac meant its global vaccine supply chain and manu- facturing network would span three continents and include more than 20 manufacturing facilities. Africa has only so far received about 38 million doses of Covid-19 vaccines on a continent of 1.2 billion people, according to WHO estimates. “To facilitate Biovac’s involvement in the process, technical transfer, on-site development and equipment installation activities will begin immediately,” the group said. Biovac’s manufacturing of the Pfizer vaccine will be the second production plant of Covid-19 vaccine in South Africa – Aspen…

Banele Ginindza banele.ginindza@inl.co.za The BANK of Mozambique has appointed Zaitina Raul Chilaule as foreign exchange inspector at Standard Bank South Africa as part of a behind-the-scenes atonement for irregular foreign exchange activities that last week saw the bank in Mozambique fined R66 million, along with the fining and dismissal of two senior executives. Standard Bank has also been suspended for a year from the Mozambican Interbank Foreign Exchange Market. Chilaule’s appointment follows the appointment late last week by Standard Bank South Africa of an acting chief executive at its Mozambique operation following the stern censure by the Central Bank. Banco de Mocambique announced the opening of three “misdemeanour proceedings” against that bank and two of its employees, namely Adimohanma Chukwuma Nwokocha and Carlos Madeira, who were banned from holding…

Banele Ginindza banele.ginindza@inl.co.za SOUTH Africa faces a shortage of business rescue experts as financially distressed companies are on the brink of collapse from the double whammy of Covid-19 exacerbated by last week’s looting and unrest. Analysts said yesterday that the ripple effects of the looting would continue to be felt for years to come. The civil unrest South Africa experienced last week has placed 50 000 jobs at risk, according to research published by PriceWaterhouse Coopers (PwC), and it indicated that national gross domestic product growth could be 0.4 percentage points lower this year. Kylene Weyera, a senior associate in dispute resolution at Cliffe Dekker Hofmeyr, said yesterday that there were 361 licensed business practitioners in the country by October 2020. Only 85 of those were senior practitioners…

Reinet Investments says net asset EDWARD WEST edward.west@inl.co.za Reinet Investments, a R90 billion investment vehicle chaired by Johann Rupert, said yesterday that the net asset value (NAV) per share of its Reinet Fund had fallen slightly to €30.11 (R517.25) as of June 30 from €31.44 at the end of March 2021. Reinet Investments holds the entire share capital of the Reinet Fund of 171.3m shares. In addition, Reinet Fund Manager holds 1 000 management shares in Reinet Fund. Reinet Fund’s net asset value amounted to €5.16 billion as of June 30, a decrease of €228 million from March 31, 2021. Its net asset value per share represented about a 45 percent discount to Reinet Investments’ share price, trading 0.6 percent higher at R283.64 on the…

Dineo Faku dineo.faku@inl.co.za MINING company South32 said yesterday that its South African and Australian manganese operations had exceeded expectations during June 2021. The Australian-headquartered South32 said South Africa Manganese had recorded a 21 percent year-on-year improvement in saleable ore production to 2.26 million tons, as the operation recovered from an extended shutdown in response to Covid-19 restrictions and market conditions in the prior year. “Strong production in the June 2021 quarter supported higher sales, with an increase in our use of opportunistic, higher cost trucking lifting sales volumes by 28 percent,” said South32. South Africa produces most of the world’s manganese, which is primarily used in steel production. Mining companies, including Exxaro Resources, have previously complained that rail constraints had affected sales. Transnet Freight Rail, which has…