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Image of Alan Winde W Cape Premier’s department allocates over R100m to fix energy crisis
Published: 26 Mar 24
Western Cape Premier Alan Winde announced on Tuesday that over the current Medium Term Expenditure Framework, the Department of the Premier is ploughing R103.4-million into a response to the energy crisis in the province. Winde was delivering the 2024 Premier budget vote, where he noted that the Western Cape and the country were still plagued by the energy crisis.
Solar panels Solar PV body questions technology costs and build limits in draft IRP
Published: 26 Mar 24
The South African Photovoltaic Industry Association (SAPVIA) questions both the cost assumptions used for the technology in the draft Integrated Resource Plan 2023 (IRP 2023), as well as the 900 MW yearly build limit placed on distributed solar in its formal submission to the department. SAPVIA’s response, which was submitted ahead of the March 23 deadline for public comments, states that the technology cost assumptions for solar PV have been inaccurately estimated for Horizon 1 to 2030 (The draff IRP 2023 also includes Horizon 2 from 2030 to 2050).
Brand value increases in mining, metals and minerals; BHP comes out top Brand value increases in mining, metals and minerals; BHP comes out top
Published: 26 Mar 24
This year, more than half of the brands in the ranking of the world’s most valuable and strongest mining, metals and minerals brands witnessed an increase in brand value, according to new data from brand valuation consultancy Brand Finance. This year, 11 brands from the US, China and South Korea entered the ranking.
Image of the T60 bakkie from LDV China’s LDV launches in the local bakkie, commercial vehicle market
Published: 26 Mar 24
LDV is the latest automotive brand from China to enter South Africa, with the Asian country seemingly intensifying its efforts to become the world’s new automotive powerhouse. LDV forms part of SAIC, which is the vehicle partner to General Motors and Volkswagen in China. It is also the manufacturer of Chinese-specific brand Roewe, as well as the owner of the MG and Maxus badges.
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.
Caracal raising £780 000
Published: 26 Mar 24
Gold producer Caracal Gold is raising £780 000 by way of a subscription through the issue of 260-million new ordinary shares of £0.001 in the company at a price of £0.003 a share. The funds of the subscription will be paid in five equal instalments of £156 000 and the company will issue 260-million new ordinary shares upon completion of the final instalment.
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.
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