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Efficient Group chief economist Dawie Roodt

South African economy needs less State interference, more privatisation – Roodt

Published: 10 Jun 24

South Africa's political and economic realities were not aligned, Efficient Group chief economist Dawie Roodt told delegates during a Johannesburg Chamber of Commerce and Industry presentation on June 10. As political parties discuss possible coalitions to run the country, he argued that urgent policy changes were needed and for there to be less State interference in the economy. “We need more privatisation. We need liberalisation of all sorts of markets – the labour market, capital market . . .,” he said.

Image of Tshwane city manager Johann Mettler and DWS DDG for water and sanitation Services Dr Risimati Mathye

City of Tshwane, DWS sign an MoU to address water constraints

Published: 10 Jun 24

The City of Tshwane (CoT) and the Department of Water and Sanitation (DWS) have formalised a strategic partnership through a memorandum of understanding (MoU) to tackle the city’s water challenges. The MoU, signed on Monday, will see the parties collaborate on various strategic areas such as infrastructure planning and development, water resource planning and infrastructure solutions and capacity building for CoT officials.

Impression of how an RITM-200 floating nuclear power plant might look

Guinea signs agreement with Russian group to investigate use of floating nuclear reactors

Published: 10 Jun 24

The Republic of Guinea has signed a Memorandum of Understanding (MoU) with Russian State-owned nuclear energy and technology group Rosatom to explore the use of sea-based floating nuclear reactors to generate electricity for the coastal West African country. The MoU was signed at last week’s St Petersburg International Economic Forum, in Russia. “The cooperation involves joint work on developing a power supply solution both to industrial and domestic consumers in the Republic of Guinea, deploying floating nuclear power units with RITM-200 reactors, which have already proven efficient,” explained Rosatom Mechanical Engineering Division Deputy Head Vladimir Aptekarev. “The power supply issue in the African region is urgent, and our main task is to provide a fast reliable and environment-friendly solution for our partners.”

Nedbank CIB concludes R1bn funding facility for the IDC

Published: 10 Jun 24

Nedbank Corporate and Investment Banking (CIB) has concluded a R1-billion term funding facility for the State-owned Industrial Development Corporation (IDC) of South Africa. The funding will support the IDC in its mandate to promote industrial capacity, foster an inclusive economy and maximise development impact across various sectors, as well as assist the State-owned entity to secure capital from debt capital markets, development finance institutions and commercial banks.

Nelson Mandela Bay Business Chamber launches think tank to drive job creation in ‘bay of opportunity’

Published: 10 Jun 24

One of the country’s most active business organisations the Nelson Mandela Bay Business Chamber (NMBBC) has launched a Local Economy Reinvention Think Tank, marking another step in its vision of unlocking the potential of the metro as a “bay of opportunity”. The launch included the signing of a pledge by business leaders, committing to collectively adopting a united vision of unlocking the potential opportunities which Nelson Mandela Bay, in Gqeberha, in the Eastern Cape, has to become a diverse manufacturing base in Africa.

Image of Business Unity South Africa (Busa) president Mxolisi Mgojo

NLCC’s work to continue, freight sector poised to transform in next two years

Published: 10 Jun 24

Business Unity South Africa president Mxolisi Mgojo says he is confident that work within the National Logistics Crisis Committee (NLCC) will continue as political parties grapple to form a coalition government post the national elections held at the end of May. “We partner with the government of the day,” says Mgojo.

PIC lifts stake in Raubex above 25%

Published: 10 Jun 24

Infrastructure development and construction materials supply group Raubex Group has informed shareholders that the State-owned Public Investment Corporation (PIC) has acquired a beneficial interest in the shares of the company. This has resulted in the PIC now holding 25.33% of Raubex's total issued ordinary shares.

Agriculture, mining remain growth areas for Omnia, despite difficult operating environment

Published: 10 Jun 24

JSE-listed chemicals group Omnia has reported a 10% decrease in operating profit to R1.7-billion for the financial year ended March 31, saying this reflected volatile market conditions and global economic strain. Net profit, however, increased by 1% to R1.16-billion, while earnings a share increased by 2% year-on-year to 705c.

Reform momentum must be sustained ‘regardless of the form or composition’ of new government

Published: 10 Jun 24

President Cyril Ramaphosa has underlined the importance of the new government – which is yet to be formed after no single party secured an outright majority in the recent elections – continuing with the economic reforms under way in the electricity, logistics, water and telecommunications sectors. Writing in his weekly newsletter days after the national executive committee of the African National Congress (ANC) agreed that it should initiate talks with other parties on the formation of a possible government of national unity (GNU), Ramaphosa insisted that there was “broad support for the continuation of economic reforms” that have been spearheaded under Operation Vulindlela.

Gautrain marks 14 years of operations

Published: 10 Jun 24

Rapid rail network Gautrain on June 8 celebrated its fourteenth year of operation, having, thus far, completed about 192.8-million passenger trips. “The idea of a high-speed rail network with an 80 km route between the North, South and East of the Gauteng province, sounded like a pipe dream to many when the Gauteng Provincial Government announced it. Fourteen years later, 1 500 staff are employed across operations and administration of the Gautrain project and we have managed to maintain an average of more than 90% availability and punctuality across all Gautrain services,” says Gautrain Management Agency CEO Tshepo Kgobe.