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Mercedes-Benz SA considers cutting 700 jobs on back of struggling economy, ports
Published: 28 Jun 24
Mercedes-Benz South Africa (MBSA) says it will move from three shifts a day at its East London plant to two shifts, in a move that could potentially cut 700 jobs. MBSA produces the C-Class for the local and export markets, with more than 90% of production exported. Production reached around 90 000 units last year.
Absa doubles MIGA agreements to $1bn capital guarantee
Published: 27 Jun 24
Financial services firm Absa has concluded further agreements with the Multilateral Investment Guarantee Agency (MIGA), which is a member of the World Bank Group, freeing up additional financial capacity for investments in Pan-African climate finance projects. In 2019, MIGA issued capital guarantees of $497-million to Absa in support of managing certain risks in countries including Ghana, Kenya, Mauritius, Mozambique, Seychelles, Uganda and Zambia.
GBCSA head of technical Georgina Smit. Index continues to show value of green buildings in South Africa
Published: 27 Jun 24
Investment services and advisory company MSCI’s South Africa Green Annual Property Index for 2023 shows that green-certified prime and A-grade offices produced a total return of 5.8%, which was 150 basis points above that of non-certified office assets of a similar quality during the year. The index, released in conjunction with the Green Building Council of South Africa (GBCSA) and sponsored by JSE-listed real estate investment trust Growthpoint Properties, continued to support the investment case for sustainable, resource-efficient real estate.
Image of DTSA VP Olaf Petersen Daimler Truck Southern Africa appoints new sales and marketing VP
Published: 27 Jun 24
Olaf Petersen has joined Daimler Truck Southern Africa (DTSA) as its new sales and marketing VP, effective July 1. Petersen will be responsible for the new-vehicle sales portfolio for Mercedes-Benz Trucks and Fuso in the Southern Africa region.
Tribunal approves Bidshelf 93’s acquisition of Dekra Automotive
Published: 27 Jun 24
The Competition Tribunal has approved the intended transaction in which heavy and light vehicle sales company Bidshelf 93 will acquire vehicle testing, inspection and certification company Dekra Automotive. The tribunal has approved the proposed merger with conditions relating to the procurement and supply of services, as well as the exchange of competitively sensitive information.
Tribunal approves Prax’s Natref stake buyout, with conditions
Published: 27 Jun 24
The Competition Tribunal has approved the merger in which oil refining and logistics company Prax will acquire energy company TotalEnergies' interest in refinery National Petroleum Refiners of South Africa (Natref). The tribunal has approved the proposed transaction subject to conditions, which involve historically disadvantaged persons transactions and capital expenditure commitments.
A tanker at sea near Mossel Bay TNPA issues RfI for Port of Mossel Bay marine loading facilities operator
Published: 27 Jun 24
The Transnet National Ports Authority (TNPA) has published a request for information (RfI) calling on interested terminal operators to submit proposals for the refurbishment, financing, operation, maintenance and hand-back of the single point mooring and conventional buoy mooring marine loading facilities at the Port of Mossel Bay. The marine loading facilities are located offshore the Port of Mossel Bay and are used to load and discharge petroleum products to meet liquid bulk customer demands and ensure security of supply for mainly the Garden Route and Southern Cape region.
Potatoes in soil South African food inflation remained below CPI headline inflation in May
Published: 27 Jun 24
In May, for the third month in a row, South African food and non-alcoholic beverage (NAB) inflation, hereafter to be referred to simply as food inflation, ran at a level below that of consumer price index (CPI) headline inflation, reported the Bureau for Food and Agricultural Policy (BFAP) in its latest Food Inflation Brief report. Year-on-year (y-o-y) food inflation was 4.7% last month, while CPI headline inflation was 5.2%. In month-on-month (m-o-m) terms, the two rates were effectively flat, ...
DSCT's facilities in Cape Town Damen renews NIP agreement with dtic; celebrates more than 40 vessels built at Cape Town shipyard
Published: 27 Jun 24
Damen Shipyards Group (DSG) has signed a new strategic partnership agreement with the Department of Trade, Industry and Competition (dtic) as part of the National Industrial Participation (NIP) programme. Under the agreement, Damen subsidiary Damen Shipyards Cape Town (DSCT) will continue its localisation work and industrial participation “to the benefit of the South African shipbuilding industry and economy”, says the Dutch-owned group.
Finance Minister Enoch Godongwana South Africa achieves first primary budget surplus in 15 years
Published: 27 Jun 24
South Africa achieved its first primary budget surplus in 15 years as it took a stern approach to funding State-owned companies that have drained government finances. Africa’s most-industrialised economy posted a primary surplus — when revenue exceeds non-interest expenditure — of R31.6 billion or 0.4% of gross domestic product in the year through March 2024, data in the South African Reserve Bank’s Quarterly Bulletin published on Thursday showed. That matched the National Treasury’s February forecast. “The decline in non‐interest expenditure was driven by lower voted expenditure, largely owing to the sharp decline in payments for financial assets, reflecting government’s limited recapitalisation of State-owned companies,” the central bank said. The data shows that Finance Minister Enoch Godongwana held a firm line on funding to debt-stricken State companies like ports and railways operator Transnet, providing relief only if they meet strict conditions including implementing recovery plans and selling non-core assets. In his February budget, he provided no new bailouts to state firms.
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