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Commission grants approval for England-based Prax to acquire Natref

Published: 30 May 24

The Competition Commission has conditionally approved a proposed transaction between Prax South Africa and the National Petroleum Refiners of South Africa (Natref), whereby the former intends to acquire the latter. Prax is ultimately controlled by a firm incorporated in England called State Oil Limited, which is, in turn, controlled by Prax Group Holdings, which is also based in England.

ARC stresses need for farmers’ access to finance, insurance in light of growing climate risk

Published: 30 May 24

With the agriculture sector’s 33-million smallholder farmers contributing 70% of Africa’s food supply, it is pertinent that more innovative financing mechanisms are created as the continent increasingly faces challenges of climate change, low productivity and conflict. Financial services provider African Risk Capacity (ARC) has called on policymakers to better assess the needs of farmers on the continent and enhance access to funding – if they expect Africa to meet the Malabo Commitment to end hunger by 2025 or the Sustainable Development Goals by 2030.

Italtile announces C-suite changes

Published: 30 May 24

JSE-listed tile retailer Italtile has announced it will move CFO Brandon Wood to the position of COO and appoint Lamar Booysen CFO. Both will remain executive directors on the board. Italtile says the appointments align with the group’s long-standing succession plan and ongoing strategy to enhance depth of management in the business.

Representatives from the AFC, Alstom and MetroKin sign MoU

Africa Finance Corporation signs MoU with Alstom to deliver rail project in the DRC

Published: 30 May 24

Infrastructure financier the Africa Finance Corporation (AFC) and sustainable mobility company Alstom have signed a memorandum of understanding to propel the development of the Kinshasa MetroKin rail project in the Democratic Republic of Congo (DRC). The partnership was announced alongside the recent State visit of DRC President Félix Tshisekedi to France.

Global air cargo demand continued strong growth in April

Published: 30 May 24

The International Air Transport Association (IATA), which is the global representative body of the airline industry, has reported that global total air cargo demand continued to grow strongly in April. This was the fifth month in a row in which air cargo demand increased by double digits, in year-on-year terms. “Air cargo demand started [the second quarter] with a solid 11.1% increase,” highlighted IATA director-general Willie Walsh. “While many economic uncertainties remain, it appears that the roots of air cargo’s strong performance are deepening. In recent months, air cargo demand grew even when the Purchasing Managers Index (PMI) was indicating the potential for contraction. With the PMI now indicating growth, the prospects for continued strong demand are even more robust.”

Poor roads, bad weather and weak used-car market dent Zeda’s profit

Published: 30 May 24

Poor road conditions, hail storms, a shortage of car parts and a deteriorating used-car market all managed to dent Zeda’s operating profit for the six months ended March 31. The integrated mobility solutions provider, active in the leasing, car rental and fleet management sectors, on Thursday reported a 19% jump in revenue, to R5.3-billion.

SABS publishes voluntary national standard for plain language

Published: 30 May 24

The South African Bureau of Standards (SABS) in March adopted and published the South African National Standard (SANS) 24495 – Plain Language. South Africa has been implementing the principles of plain language since the promulgation of the Consumer Protection Act of 2008.

Orange export volumes will be lower than initially expected – CGA

Published: 30 May 24

The Citrus Growers’ Association of Southern Africa (CGA) has revised downward its estimates for Navel orange exports this season to 22-million 15 kg cartons. The association initially expected 25.6-million cartons to be exported, but had to revise this estimate by 14.5% following consideration of factors brought up by the Orange Focus Group.

EIB Global invests €25m in Amethis Fund III to promote African business growth

Published: 30 May 24

Investment organisation the European Investment Bank (EIB) Global has invested €25-million into pan-African fund Amethis Fund III, which aims to provide private equity growth capital to medium-sized companies on the continent. Amethis Fund III will target companies supplying goods and services to low- and middle-income populations in Africa. The target sectors include healthcare; business services, such as logistics and IT; manufacturing and distribution, including agribusiness and fast-moving consumer goods; non-banking financial services; and services related to infrastructure and energy.

Capital cost of energy transition ‘only one part of the picture’

Published: 30 May 24

The yearly $1.9-trillion being invested currently on clean energy would have to more than double and be more evenly distributed to place the world on track to meet net-zero emissions by 2050, a new International Energy Agency (IEA) report confirms. However, it also stresses that such investments could reduce the operating costs of the global energy system by more than half over the next decade, resulting in greater affordability for consumers.