Cape Times 2024-08-16

Shares in Renergen, the owner of South Africa’s only helium and liquid natural gas production facility, in Virginia, Free State, rose nearly 7% in afternoon trade after it clarified environmental approvals. It said at its recent AGM, which was attended by representatives from the Centre for Environmental Rights (CER), questions were posed in relation to the Phase 2 expansion and environmental authorisation. Renergen wanted to make its position clear. The company’s positive Phase 2 Environmental Authorisation (EA) was appealed by CER on behalf of the Mining and Environmental Justice Community Network of South Africa and Mining Affected Communities United in Action. But the Department of Mineral Resources and Energy (DMRE) minister had dismissed five of their seven grounds of appeal. Renergen said their appeal had not resulted in any delays…

South Africa is set to update regulations regarding communication satellites to ensure that policies are fit for purpose when it comes to the changing landscape as new entrants join the evolving market. This comes as the Independent Communications Authority of South Africa (Icasa) this week issued a general notice indicating that it aims to start consultations on a proposed New Licensing Framework for Satellite Services. There are already several companies offering low-earth orbit (LEO) satellite services in South Africa, including the likes of underwater cable providers Seacom, Eutelsat, Paratus and OneWeb. These providers generally provide internet services in more remote areas, where it is prohibitively expensive to roll out fibre or base stations. Icasa’s notice said it seeks to determine a regulatory and/or licensing framework for satellite services in South…

The rand surged to its highest in one month yesterday, while the JSE was at a two-week high, bolstered by a weakening US dollar and heightened expectations of a forthcoming US Federal Reserve (Fed) rate cut. The domestic currency strengthened by 0.4% and dipped below the R18-mark to the dollar just after lunchtime, its strongest level since mid-July, though it lost some gains in the afternoon trade and moved back above the R18/$1 level. The JSE All-Share Index also surged by 1.4% to 82 533 points, a touch below the highest level of 82 765 points reached on July 31, as stocks were driven by the surge in the Standard Bank share price, Sasol, Truworths and Absa. Economists anticipate a 25 basis point interest rate cut in South Africa next…

■ In this week’s Personal Finance Saturday Page, we look at the real-life effects of fraud. Cisca Kaasjager, a registered professional accountant, had her identity stolen. She recounts the numerous hoops she went through to try to have the resultant issues with her credit record resolved. ■ Life Insurer Liberty said it paid R9.14 billion in insurance claims in 2023. The group said the top five claim conditions in 2023 were spread across cancer, cardiac and cardiovascular diseases and disorders, respiratory disorders, strokes, and traumatic injuries. ■ It’s election time, we consider the question: Should investors be worried? ■ If you have questions on investment, tax, and insurance matters, we have experts from PSG to answer these questions for you. ■ For all your…

Cell C, which became South Africa’s third network when it was launched in 2001, last night unveiled a refreshed brand that aims to disrupt the market, and have the customer at the heart of everything it does. Cell C CEO Jorge Mendes, addressing about 800 staff and dignitaries at an event at the mobile operator’s Midrand campus last night, conceded that the group, which still has work to do to shore up its balance sheet, had lost itself along the way, even as it did good work. “We’ve had a few false starts,” he said. Mendes told Business Report the operator had been focusing on liquidity and cash as it sought to increase revenue. He said it would be cash positive in the next few months as operational indicators…

The sugar sector needs to continue to focus on diversification amid several headwinds, according to Dr Muhammad Kadwa, president of the South African Sugar Technologists’ Association (Sasta). In his Sasta congress opening address this week, Kadwa said some sugar industries internationally had started on this path and others might follow shortly. As the local industry faces a decline in world sugar prices, the health promotion levy or sugar tax, with its resultant damage to the industry (with possible increases to the levy), exacerbates the uncertainty of sugar giant Tongaat Hulett’s business rescue process, among other issues. Kadwa said: “We don’t want to be left behind and fortunately much research has already taken place. Many of you may say you have been through more than a decade of hearing about topics…