Spotlight on emerging markets a boon for South Africa’s private equity to build another Rain or …
Fund managers, who are backing startups, SMEs and other business ventures that banks don't ordinarily touch, are expecting a bumper year in 2021 after Covid-19 disrupted most of the fundraising initiatives last year. The private equity and venture capital industry, which in South Africa was given life by wealthy individuals, including Mark Shuttleworth, former FNB [...]
Thales’ challenge to racketeering charge it faces with Zuma dismissed – paving way for trial to …
The KwaZulu-Natal High Court in Pietermaritzburg has dismissed with costs French arms company Thales' bid to challenge the racketeering charge it faces along with former president Jacob Zuma. The case brought by Thales, which is being represented by Oscar Pistorius' former defence advocate Barry Roux, represented the only barrier standing in the way of Zuma's [...]
2021 poised to be significant year of transition for SA’s energy and minerals sectors
This year could prove to be game changing for the long-term prospects and resilience of South Africa’s energy and minerals sectors. The electricity sector, which together with Eskom has sapped confidence and growth from the South African economy for more than a decade, should begin its slow recovery in earnest this year.
Japan and the UK partnering on robotics for use in nuclear facilities
Japan and the UK are partnering to develop and deploy new automation and robotics techniques for use in both the decommissioning of nuclear plants and the development of nuclear fusion energy. The project, designated LongOps, will receive £12-million in funding and will run for four years. The funding is being provided equally by three entities. [...]
Pandemic management, vaccine to shape economies in 2021
Three factors will determine the trajectory of the global economy in 2021, Deloitte Touche Tohmatsu chief global economist Dr Ira Kalish has said. Speaking during a virtual executive conference hosted by professional services organisation Deloitte on January 20, he said the path of the pandemic and how it is managed; the vaccine and how it [...]
Massmart’s sales decrease year-on-year
JSE-listed Massmart’s sales for the 52 weeks ended December 27 amounted to R86.5-billion, representing a decrease of 7.7% over the same period in 2019, while comparable store sales decreased by 7.5% year-on-year. Sales in the group’s South African stores decreased by 7.9% (comparable stores decreased by 7.6%), while sales from its stores in the rest [...]
NUM tackles De Ruyter over Eskom’s poor performance, load-shedding
The National Union of Mineworkers (NUM) on Thursday said it is unhappy with the load-shedding being carried out in South Africa and “very disappointed” with the performance of Eskom under the leadership of chief executive André de Ruyter. “The current management team has taken the country to stage 6 for the first time in the [...]
South African wealth tax could raise R160bn, study shows
An annual wealth tax on the net worth of South Africa’s richest people could raise as much as R160-billion and would narrow inequality in a nation where the most affluent 1% of the population own 55% of personal wealth, a study showed. The study, carried out by groups including the World Inequality Lab of which [...]
Courtyard Hotel Waterfall City set to welcome new guests
Situated close to the iconic Mall of Africa, as well as the Sandton and Midrand central business districts (CBDs), the new Courtyard Hotel at Waterfall City, in Midrand, is officially welcoming guests. The hotel is within walking distance of the Mall of Africa’s various amenities and is close to the Gautrain bus service and a [...]
Steel baron Eric Samson dies
Steel magnate Eric Samson, best known for building Macsteel into one of South Africa's largest companies, has died aged 83. The octogenarian billionaire – who shied away from the spotlight throughout his life – died in Newport, California. He had a career spanning more than five decades in the steel industry and made his fortune, [...]
Aggreko to implement hybrid power solution for Gold Field’s Salares Norte in Chile
Mobile and modular power solutions provider Aggreko has signed a ten-year contract with global miner Gold Fields to provide a 25.9 MW hybrid solar and thermal power solution for the Salares Norte openpit gold/silver mine, in Chile. This solution has been designed to provide power for the entire mine, which sits at an altitude of [...]
AMSP opens Covid-19 vaccines pre-orders for AU member States
Following the announcement by African Union (AU) chairperson President Cyril Ramaphosa on January 14 that the AU has secured a provisional 270-million Covid-19 vaccine doses for Africa through its Covid-19 African Vaccine Acquisition Task Team (Avatt), the Africa Medical Supplies Platform (AMSP) has, on behalf of the Africa Centres for Disease Control and Prevention (CDC), [...]