Cape Times 2022-11-08

ESKOM’S load shedding, particularly in September, took away more than 50% of informal traders’ income, a problem compounded by the lack of energy backup solutions in the informal economy, according to a report by research and marketing firm, Yazi. The Cape Town-based firm in a report noted that more than 40% of respondents indicated that their loss of income, as a result of load shedding, ranged between R1 000 to R5 000 per month. Last month Eskom data showed that South Africans were hit by their worst-ever month of load shedding in September, with a total of 1 503GWh estimated to have been shed, and with 572 hours of the month’s 720 hours directly affected. Yazi chief executive Timothy Treagus said: “In most cases, this would constitute…

GOLD FIELDS’ share price rose nearly 3% – a sign of market approval – after it refused to be drawn into a bidding war for Yamana Gold as its board had unanimously determined that it would not offer to change the terms of the transaction. On Friday, Yamana announced that it had received another offer from Agnico Eagle Mines and Pan American Silver (PA), and its board had resolved that the new proposal was superior. Yamana gave Gold Fields five business days to amend the terms of its offer, although it was not forced to. Deal Leaders International chief executive, Corporate and Advisory Andrew Bahlmann said yesterday,: “The fact that Gold Fields’ stock rose in value on the news suggests shareholders believe, like myself, that Gold Fields won’t enter into…

‘A one-size-fits-all approach to financing the change that disregards African realities is neither just nor equitable’ PRESIDENT Cyril Ramaphosa called yesterday for better and cheaper ways of funding the Just Transition to a greener economy from developed nations, speaking at the COP27 climate conference in Sharm el-Sheikh, Egypt. “A one-size-fits-all approach to financing the transition that disregards African realities is neither just nor equitable and will not work,” he said. He said the use of non-debt instruments would ensure that developing economies did not have to shoulder an even greater debt burden. In an echo of the country’s climate change plan he launched on Friday, Ramaphosa said yesterday that the reality was that developing economies had not received the required multilateral support to face the climate challenge, including for loss…

WHERE does the buck stop when it comes to how matters of bribery and corruption are dealt with between corporations and governments? Particularly if the country in question now faces a grey listing of its financial practices which could well be the final nail in South Africa’s economic coffin. The story of Glencore highlights several concerns, not least of all how easy it has been for the brown paper bag syndrome to flourish, but also, the number of highly influential and well-placed persons in the South African government and its key financial levers who are connected to Glencore’s dealings. The UK Serious Fraud Office, has shown how Glencore paid more than $28 million (R501m) in bribes across five African countries over five years to 2016. And those are…

EFFORTS by real estate investment trust Redefine Properties to reposition and simplify its asset platform were now largely complete, its chief executive officer Andrew Konig said yesterday. The process to dispose of non-core assets to reduce Redefine’s loan to value (LTV) to acceptable levels has ended, he said. In January this year, Redefine got the green light to acquire EPP, Poland’s largest retail landlord, in a R7.2 billion deal, and delisted it in March. “Our EPP business business is well integrated into Redefine and the liquidity position has been stabilised,” Konig said. Redefine reduced its LTV by 2.2 % following its strategy to sell off its non-core assets and optimise its property portfolio, it said in its results for the year ended August 31 this year. The LTV fell…

RAUBEX’S share price surged by almost 5% yesterday as it announced a bumper interim dividend, up nearly 13%, boosted by increased activity on SA National Roads Agency (Sanral) projects in KwaZulu-Natal as well as the Beitbridge Border Post project. The share price closed at R31.19 on the JSE yesterday. In its interim results for the six months ended August 31 this year, the infrastructure development and construction supplier declared an interim dividend of 53 cents per share, from 47c per share for the prior corresponding period. Chief executive Felicia Msiza said: “Our teams navigated tough macro-economic and inflationary pressures as well as supply chain constraints to achieve a pleasing group performance, supported by all four divisions.” Revenue was 23.2% higher at R7.38 billion, supported mainly by increased activity…