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SAB profiles impact of responsible consumption platform
Published: 02 Jul 24
At an event held at the group’s premises in Bryanston, Johannesburg, on July 2, beverage manufacturing group South African Breweries (SAB) showcased progress achieved by its responsible consumption platform SAB Sharp. The platform is built on comprehensive research and global best practices and is regularly reviewed with input provided by various stakeholders.
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IATA urges South Africa to prioritise country’s aviation sector
Published: 02 Jul 24
The global representative body for the airline industry, the International Air Transport Association (IATA), on Tuesday called on the new South African Government to continue to prioritise aviation sector development in the country, as a key impetus for economic growth and job creation. (With no party having won a majority in the recent elections, the country now had a new, broad-based, ruling coalition, called the Government of National Unity.) IATA was currently holding its Wings of Change ...
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UN calls for Potgieter, Huxham’s immediate release from Equatorial Guinea prison
Published: 02 Jul 24
The UN Working Group on Arbitrary Detention has called for the immediate release of South African engineers Frederik Potgieter and Peter Huxham, declaring in a formal opinion that the detention of the two men in Equatorial Guinea is arbitrary and illegal. The UN decision is a material finding that definitively confirms Potgieter and Huxham’s innocence, and that their ongoing detention in Equatorial Guinea, which is a signatory to the UN International Covenant on Civil and Political Rights, is a grave violation of various international human rights conventions, spokespersons for the engineers say.
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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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AMSA to continue operating longs business, but instability at flats unit hits earnings
Published: 02 Jul 24
Despite a negative trading update, steel producer ArcelorMittal South Africa (AMSA) has announced that it will continue to operate its longs business, the closure of which was deferred earlier this year while various initiatives aimed at saving the unit were pursued with government, labour and other stakeholders. Any closure would be devastating for workers employed in the longs business, as well as the town of Newcastle, in KwaZulu-Natal, where AMSA’s longs production is centred. It also would have major implications for South Africa’s manufacturing value chain and overall industrialisation.
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Kganyago welcomes Godongwana's reappointment as Finance Minister
Published: 02 Jul 24
South African central bank Governor Lesetja Kganyago welcomed the reappointment of Finance Minister Enoch Godongwana in the new coalition cabinet unveiled by the president this week. “We still have the same minister of finance that we have been talking to, who has always been providing guidance and leadership on macroeconomic policy and that gives us comfort,” Kganyago said in an interview on Tuesday with Bloomberg TV at the European Central Bank Forum in Portugal.
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