Cape Times 2022-02-07

Siphelele Dludla siphelele.dludla@inl.co.za THE GOVERNMENT will this week give direction on whether it will provide a further social security net for struggling citizens as many more people have joined the unemployment ranks on the back of dwindling national revenue. President Cyril Ramaphosa will deliver the State of the Nation Address (Sona) on Thursday evening, advising the nation about the government programme for the year. Ramaphosa will also reflect on the progress made with regards to the commitments of the previous year’s address. Investec chief economist Annabel Bishop on Friday said the Sona was expected to give insight into the serious problems plaguing the economy, as well as supportive measures for growth and job creation. South Africa has been forecast to see economic growth of between 1.7 and 2 percent…

Siphelele Dludla siphelele.dludla@inl.co.za OIL PRICES galloped towards the feared $100 per barrel mark on Friday, rising to a seven-year high after a massive winter storm swept across the US and disrupted some oil production in the Permian Basin region. The price of Brent crude hit $93.33 (R1 440) per barrel early on Friday, extending its upward momentum to levels not seen since September 2014, before closing trade at $92.80 per barrel. Oil prices have been rising, with markets gripped by supply constraints since last month due to geopolitical tension between Russia and Ukraine, and between the United Arab Emirates and the Houthi rebels from Yemen. The fund manager at Anchor Capital, Peter Little, said the threat of Russia invading Ukraine had left the markets shocked by the possibility of…

Tiger Brands had sought to subpoena other major meat-processing facilities EDWARD WEST and Philippa Larkin edward.west@inl.co.za and philippa.larkin@inl.co.za LISTERIOSIS survivors in a class action against Tiger Brands will be heartened by a Supreme Court of Appeal (SCA) ruling on Friday that overturned a Gauteng High Court decision to force other companies to hand over epidemiological and other information relating to the listeriosis outbreak. “Tiger Brands has not sought to lay a basis as to (a) the relevance of the documents to the issues in the class action or (b) whether the NICD (National Institute for Communicable Diseases) has in its possession or control the requested documents. I therefore conclude the amended subpoena against the NICD lacks the necessary specificity. “In sum, there is no merit in Tiger Brands’s assertion that…

Banele Ginindza banele.ginindza@inl.co.za SOUTH Africa's petroleum giant Sasol, with tentacles in the US, has reportedly engaged the services of consultant pariah Bain as pressure mounts in the UK and the US for its operating licence to be suspended. This while action recommended in the Acting Chief Justice Raymond Zondo commission of inquiry wags a finger at the global entity for its part in aiding state capture in South Africa. British legislator Lord Peter Hain said on Friday the lobby against Bain has been carried to the US legislator as favourable responses were received last week from Number 10 Downing Street for the consultancy firm to be thoroughly investigated for its role in state capture. “In the meantime, please look into the fact that Sasol has hired Bain in SA. With…

Dieketseng Maleke dieketseng.maleke@inl.co.za IN AN EFFORT to reduce its carbon emissions and become net zero in the future, Tharisa Minerals, the platinum group metals (PGM) and chrome producer, on Friday signed a Memorandum of Understanding (MoU) with Total Eren, a renewable energy independent power producer, and Chariot, an Africa-focused transitional energy company. The deal is for French-based Total Eren and Chariot to develop, finance, construct, own, operate, and maintain a solar photovoltaic project for the supply of electricity to the Tharisa Minerals PGM mine in the North West province. “The MoU is a precursor to the signing of a long-term Power Purchase Agreement for the supply of electricity on a take-or-pay basis. Anticipated to initially provide 40-Megawatt peak, with demand expected to increase over the life of the Tharisa…

Edward West edward.west@inl.co.za FLANAGAN & Gerard Property Group’s portfolio recorded strong December trade with seven of its 10 malls recording double-digit turnover growth, managing director Paul Gerard said. The portfolio’s turnover grew by 12 percent from December 2020 to December last year, while this December’s turnover was also up nearly 9 percent on pre-pandemic figures of December 2019. Regional malls such as Mall of the North in Polokwane, Limpopo, and Ballito Junction on the Dolphin Coast of KwaZulu-Natal, reported record turnovers this December, both topping R350 million, Gerard said on Friday. Shopper numbers across the portfolio grew 7 percent in December, although this was slightly short of footfall levels in December 2019. However, the size of shoppers’ baskets had grown considerably, so it was still driving…