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RFA concerned about lack of transport experience with new Ministers at DoT
Published: 02 Jul 24
While industry bodies such as Agri SA and the Minerals Council South Africa have welcomed the Ministerial appointments or reappointments to the departments that concern them, the Road Freight Association (RFA) is less optimistic about the new Cabinet appointments announced on June 30.
RFA CEO Gavin Kelly says in a statement issued on July 2 that some appointments raise concerns about political motivations, rather than a focused effort to address the country’s pressing issues.
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Major restructuring in global aerospace sector confirmed – Boeing, Airbus, absorb Spirit
Published: 02 Jul 24
In one of the most important merger and acquisition deals in the global aerospace sector in years, US-based Boeing has announced that it is acquiring another large US group, aerostructures manufacturer Spirit AeroSystems (Spirit), in an all-share deal valued at some $4.7-billion. Including the last reported net debt of Spirit, the total value of the deal was about $8.3-billion. The deal was complicated by the fact that Spirit had production contracts with other aerospace groups, not least Europe-based Airbus, producing major parts for the A200 and A350 families of airliners. That required Airbus to be involved in, and approve, the deal (otherwise, there would have been severe regulatory issues). These complicated negotiations have successfully born fruit, with Spirit’s facilities doing work for Airbus to be acquired by the European group. For these facilities, Airbus would pay a nominal $1 (one dollar) and actually receive a compensatory payment of $559-million from Spirit.
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Treasury says South Africa is making progress with measures to exit greylisting
Published: 02 Jul 24
The National Treasury says it is satisfied with the outcomes of intergovernmental body the Financial Action Task Force’s (FATF’s) plenary meeting outcomes, despite South Africa not being likely to exit greylisting before June 2025.
During its meeting, held in Singapore on June 28, the FATF did not discuss the delisting of South Africa from greylisting at this juncture, but rather focused on the progress having been made by South Africa in addressing action items.
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Egypt woos Volkswagen with body shop, assembly-line deal
Published: 02 Jul 24
In a new strategic cooperation agreement, Volkswagen Group Africa (VWA) and the government of Egypt will conduct a feasibility study on the construction of a body shop and assembly buildings, which will be located within the East Port Said Automotive Zone (EPAZ) in Cairo. This agreement builds on the mutual understanding achieved between the parties in November to develop a similar study on a shared automotive painting facility within the EPAZ.
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