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RCL proceeding with Rainbow unbundling as a standalone listed business

Published: 04 Jun 24

JSE-listed consumer goods group RCL Foods has received approval from its directors to unbundle and separately list the Rainbow Chicken business on the JSE. RCL first announced its intent to pursue a formal separation of its poultry operation in March, which would enable both businesses to pursue their respective growth ambitions.

Image of Suppple cofounder Professor Eldrid Jordaan

GovChat founders’ new venture, Suppple, lists in Luxembourg in £200m IPO

Published: 04 Jun 24

IT and AI company Suppple Plc in May witnessed its £200-million initial public offering (IPO) on the Luxembourg Stock Exchange (LuxSE) in Europe. Suppple will be required to comply with LuxSE rules and regulations in the coming months for the listing to be definitive.

Jacqueline Foster-Mutungu appointed MD, partner at BCG Johannesburg

Published: 04 Jun 24

Management consulting company Boston Consulting Group (BCG) has appointed Jacqueline Foster-Mutungu MD and partner in its Johannesburg office. The company says Foster-Mutungu, who has been with BCG for nearly a decade, will play a key role in the financial institutions and people and organisational practices.

Maersk sees deeper impact to world trade from Red Sea disruption

Published: 04 Jun 24

AP Moller-Maersk, a bellwether for global trade, said the world’s supply lines are more impacted than previously expected by the ripple effects coming from the congestion in the Red Sea. The Copenhagen-based container carrier raised its profit outlook late Monday as the disruptions effectively remove capacity from the global fleet and thereby boost freight rates.

National Treasury director-general Duncan Pieterse

South Africa's fiscal stance to stay balanced under coalition, Treasury says

Published: 04 Jun 24

South Africa's National Treasury intends to stick to a balanced fiscal stance under a coalition government, its director-general said on Tuesday, after the African National Congress (ANC) lost its majority in last week's election. "I think that our fiscal strategy is achievable, even in a coalition environment ... because it's quite balanced," Duncan Pieterse told Reuters in an interview.

US imposes $2.5m in penalties on SAA, other airlines over delayed Covid refunds

Published: 04 Jun 24

The US Transportation Department (USDOT) said on Monday it has imposed $2.5-million in civil penalties in total against Lufthansa, Air France unit KLM Royal Dutch Airways and South African Airways (SAA). The civil penalties, the department said, are for significant delays in providing more than $900-million in refunds owed to passengers due to flights disrupted by the Covid-19 pandemic and after thousands of airline customers were forced to wait months. Of the $1.1-million penalties imposed on KLM and Lufthansa, each carrier was credited $550 000 for refunds for non-refundable tickets on US flights.

TNPA appoints Amulet consortium to build, operate Richards Bay solar plant

Published: 03 Jun 24

Transnet National Ports Authority (TNPA) has selected Amulet Group Consortium to build and operate a 20 MW solar PV plant at the Port of Richards Bay. TNPA anticipates that the design and construction of the solar plant will start in June and that it will be operational by May 2026.

Report reveals tax transparency, exchange of info progress in Africa

Published: 03 Jun 24

The ‘2024 Tax Transparency in Africa’ report shows that improved tax transparency, exchange of information (EOI) and related measures have enabled an increase in fiscal revenue for African countries. The report was launched on June 3 as part of the fifteenth meeting of the Africa Initiative, jointly organised by the Global Forum Secretariat, the Office Togolais des Recettes and the Togolese Ministry of Economy and Finance in Lomé, Togo.

Wild Coast communities mull appeal of SCA gas exploration right ruling

Published: 03 Jun 24

While dismissing an appeal of a High Court judgment setting aside a right granted to Shell to explore for oil and gas off South Africa’s Wild Coast, the Supreme Court of Appeal (SCA) has suspended the same court’s decision to set aside a renewal of the right until a third and final renewal application is finalised. Delivered electronically on June 3, the SCA judgment sets aside an appeal lodged by the Minster of Mineral Resources and Energy, Shell, Impact Africa and BG International to a judgement handed down in the Makhanda High Court on September 1, 2022.

ONE's newest vessel unloads, loads containers in Durban

Published: 03 Jun 24

Container and shipping company Ocean Network Express' (ONE's) newest vessel Recommendation exchanged 2 578 containers for import with 2 600 containers for export, including refrigerated citrus containers, at the Durban Container Terminal (DCT) Pier 2 during the past week. The terminal deployed adequate resources to efficiently service the four-month-old vessel without interruption and within the stipulated window.