Cape Times 2021-10-13

Aishah Cassiem aishah.cassiem@inl.co.za BUSINESSMAN John Reed, who repre- sents a group of businesses that fish horse mackerel, has accused fishing company Oceana of sabotaging new role-players in South Africa’s fishing industry, through their subsidiary, for control of the horse mackerel sector, which has allegedly resulted in more than R1 million worth of losses for his company. About 18 businesses had in 2020 gathered to discuss challenges in the sector and had taken Oceana and its subsidiary to court along with the Department of Forestry, Fisheries, and Environment (DFFE) over the unfair distribution of horse mackerel rights. While Oceana’s fishing and production activities are conducted through four operating divisions, including the Blue Continent Products (BCP), DFFE’s communications director Zolile Nqayi confirmed: “Oceana is not a current rights holder in the…

Banele Ginindza banele.ginindza@inl.co.za The NEWLY-resumed SAA airline management got a shake-up from organised labour yesterday with the presentation of grievances, which included salary cuts, lacklustre conditions of service and staff retention. The South African Cabin Crew Association (Sacca) and the National Union of Metal Workers of South Africa (Numsa) picketed at SAA's offices in Kempton Park, Joburg. This as the airline resumed business late September, which according to analysts had seen a surprisingly good uptake with a load factor, or the passenger numbers, surpassing the target of 60 percent to 75 percent across all routes. However, yesterday Sacca and Numsa said they were deeply aggrieved about the fact that so many of the old SAA’s problems had been carried over into the new airline. Sacca organiser Zazi Sibanyoni said…

Siphelele Dludla siphelele.dludla@inl.co.za The INTERNATIONAL Monetary Fund (IMF) has revised upwards by 1 percent South Africa’s growth forecast for 2021, even as it lowered the global growth forecasts. In its latest World Economic Outlook, the IMF yesterday said South Africa’s gross domestic product (GDP) will now grow by 5 percent this year, up from 4 percent previously forecast in July. The IMF’s forecast is in line with the SA Reserve Bank (SARB) which also revised upwards the 2021 GDP forecast to 5.3 percent from a previous forecast of 4.2 percent. For 2022, the IMF said the South African economy will grow by 2.2 percent as the recovery from the Covid-19 pandemic stabilises. The IMF said the economic and fiscal policy assumptions underlying…

Dineo Faku dineo.faku@inl.co.za THARISA Minerals jumped 7.53 percent on the JSE yesterday as it posted the best-ever quarterly production in South Africa during the fourth quarter and three months ended September 2021. Tharisa, the world’s only co-producer of both platinum group metals (PGMs) and chrome concentrates, said quarterly PGM production was 12 percent higher at 43 700 ounces at the end of September, leading to an annual output of 157 800 ounces, within guidance. The group’s quarterly chrome output increased by 4 percent to a record 395 700 tons leading to a year-on-year increase of 12 percent in chrome output to 1.506 million tons, also within guidance. Chief executive Phoevos Pouroulis said the fourth quarter of the group’s financial year delivered…

Edward West edward.west@inl.co.za ERIS PROPERTY Group has raised an additional R365 million investment into its social impact student accommodation company, SA Student Accommodation Impact Investments (Sasaii), as it plans to help alleviate the student accommodation shortage in the country. The investment was from a consortium of domestic and international investors including Momentum Metropolitan Life, Eskom Pension & Provident Fund, International Finance Corporation and the Danish Sustainable Development Goals Investment Fund (DSDG). DSDG had committed R215m initially, and indicated a willingness to deploy more in time, Eris Student Accommodation executive head Johan van Vuuren said in a statement yesterday. The Sasaii platform aimed to be converted into a real estate investment trust when it listed or when regulations allowed. “This liquidity event releases any capital these investors would have…

Edward West edward.west@inl.co.za MURRAY & Roberts Holdings (M&R) is acquiring US multi-trade contractor and engineering firm JJ White Incorporated for $28.25 million (R423m) as part of its strategy to diversify and expand the services of its energy, resources and infrastructure business platform in North America. M&R subsidiary, Clough North America Holding, is acquiring all the shares in JJ White from James White IV and Trusts. “The acquisition builds an immediate robust entry into new territories and new markets and will leverage JJ White’s existing customer base to expand Clough’s engineering, procurement and construction services and footprint across the US,” M&R said in a statement yesterday. JJ White is a private, fourth-generation multi-trade engineering and contracting business, headquartered in Philadelphia, Pennsylvania. “It has a tradition of excellence in the Mid-Atlantic,…