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White maize South Africa’s maize production to dip, but remain sufficient to cover local demand
Published: 26 Mar 24
While South Africa’s maize production will be about 2.1-million tons lower this year, there is still enough to meet local consumption and supply neighbouring countries that are having difficult growing seasons owing to adverse weather, financial services firm Standard Bank says. According to the Crop Estimates Committee (CEC), South Africa is projected to produce 14.3-million tons of maize this year, compared with 16.4-million tons produced last year, which was also the second-highest crop on record.
New Boeing Commercial Airplanes president and CEO Stephanie Pope Top management upheaval at Boeing as group battles quality challenges
Published: 26 Mar 24
Embattled US aerospace giant Boeing has announced major management changes at the highest level. The group has been hit by major quality control issues in particularly (but not exclusively) its Commercial Airplane (airliner) business, most obviously (but again, not exclusively) with its 737 MAX single-aisle airliner programme. Board chairperson Larry Kellner is standing down and will be replaced as independent board chairperson by Steven Mollenkopf. Boeing Commercial Airplanes president and CEO Stan Deal is retiring and has already been replaced by Stephanie Pope. And, Group president and CEO Dave Calhoun will step down at the end of this year.
Image of Risenga Maluleke Decline in formal sector employment for 2023 Q4 – Stats SA
Published: 26 Mar 24
The Statistician-General of South Africa Risenga Maluleke on Tuesday reported a decrease in the total number of employees in the formal non-agricultural sector by 194 000 in the fourth quarter of 2023, bringing the level of employment to 10.7-million people. Maluleke was releasing the results of the Non-financial Census of Municipalities 2022, where he said the decrease is from 10 899 000 employed in September 2023 to 10 705 000 in December 2023. He said this is a decline of 1.8%. According to the Quarterly Employment Statistics survey released by Statistics South Africa, 98 000 jobs were created between December 2022 and December 2023. Maluleke noted that the community services industry saw the highest number of job losses, totalling 214 000, followed by the construction industry which lost 19 000 jobs, and the business services industry, which experienced a loss of 12 000 jobs. The mining sector reported a moderate decrease, with 1 000 job losses reported during the same period, he added.
Standard Bank closes $300m sustainable capital loan with IFC
Published: 26 Mar 24
Finance institution Standard Bank has successfully closed a $300-million sustainable Tier 2 capital loan. The facility, concluded with the International Finance Corporation (IFC), marks another significant step towards entrenching Standard Bank’s sustainability commitments, the bank says.
African development finance institution secures its biggest ever debt facility
Published: 26 Mar 24
African infrastructure funding specialist, the Africa Finance Corporation (AFC), announced on Tuesday that it had successfully closed its largest ever debt facility. This is a $1.16-billion syndicated loan, which had attracted new lenders from Asia, Europe and the Middle East. The AFC’s target had been $1-billion, but the facility had been upsized because it had been oversubscribed by 49%. The syndicated loan has a period of three years, and its success highlights the confidence of global investors in the AFC.
Transnet Freight Rail’s North Corridor achieves weekly record
Published: 26 Mar 24
Transnet Freight Rail’s (TFR’s) North Corridor accomplished the delivery of 1.41-million tonnes last week, marking the most substantial weekly performance in terms of volume for the current financial year. This includes the transport of 1.18-million tonnes of export coal to the Richards Bay Coal Terminal and the running of 11 chrome trains.
An image showing new equipment at the Richards Bay Multipurpose Terminal Richards Bay Multipurpose Terminal takes delivery of cargo handling equipment
Published: 26 Mar 24
The Richards Bay Multipurpose Terminal (MPT) has taken delivery of new cargo handling equipment, aiding the loading of export coal, magnetite, chrome and pig iron aboard calling Cape-sized vessels. The terminal is leasing 75 dumpers and 35 payloaders for 12 months – a temporary measure after an unsuccessful bidder challenged the awarding of a new contract in court last year.
Kinetiko’s deepest core hole to date reveals promising results
Published: 26 Mar 24
ASX-listed Kinetiko Energy, which is conducting onshore gas exploration in Mpumalanga, South Africa, has completed its deepest core hole to date. “Following our previous announcement indicating further exploration success in Block ER270 . . . 270-08C reached a terminal depth (TD) of 745 m when we broke through the Dwyka tillites and encountered granitic basement. We managed to log the entire stratigraphy to TD and are very encouraged by the results,” Kinetiko CEO Nick de Blocq said on March 26.
A New Development Bank logo Brics development bank aims to make $5bn in loans in 2024
Published: 26 Mar 24
The New Development Bank (NDB), set up by the Brics group of emerging economies, aims to make about $5-billion in loans this year, its vice president, Zhou Qiangwu, said on Tuesday. "During the epidemic, our business has been somewhat affected, and now everything is going back on track," Zhou told Reuters on the sidelines of the annual Boao Forum.
Forestry, Fisheries and the Environment Minister Barbara Creecy Creecy stresses importance of protecting the environment while growing the biodiversity economy Has Video
Published: 25 Mar 24
Amid increasing emphasis on sustainability, this year’s inaugural Biodiversity Economy and Investment Indaba emphasises the importance of growing the South African biodiversity economy under the theme of ‘Collective Action for Thriving People and Nature.’ Cabinet recently noted the review of the National Biodiversity Economy Strategy (NBES), which was at the centre of discussions at the indaba.
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