Podcasts about r61

Roads coming into and from Mthatha in the Eastern Cape remain closed as local residents loot trucks stranded on the N2 and the R61 roads due to protest action by the local taxi industry. Its alleged protesting taxi operators have blockaded numerous other routes demanding the return of their firearms that were confiscated by the police last week. At least three taxi operators were killed last week with several seriously injured and admitted to the local hospital. For a better understanding to these latest developments, Sakina Kamwendo spoke to SABC reporter, Findiswa Mhlekude.

Labour federation Cosatu, has described Finance Minister Enoch Godongwana's budget as a mixed bag. Cosatu says the budget does not address the federation's hopes for a budget that would grow the economy. Finance Minister Enoch Godongwana allocated R61.4 Billion to employment programmes in the medium term. Build One South Africa says the budget is a budget of hopelessness. To further discuss Elvis Presslin spoke to Build One South Africa Leader, Mmusi Maimane...

A R47-billion guarantee facility, effective immediately, has been extended to struggling State-owned freight logistics group Transnet in support of its recovery plan and to meet its immediate debt obligations. The guarantee was announced following concurrence between Finance Minister Enoch Godongwana and Public Enterprises Minister Pravin Gordhan and follows a high-level meeting between government and business earlier in the week at which business leaders argued for immediate financial support for Transnet to address its port congestion crisis and to arrest the collapse in the rail service. In a statement, the National Treasury said that Transnet would drawdown an initial amount of R22.8-billion to deal with immediate liquidity matters such as settling maturity debt. It added that no equity injection had been considered given that the Budget for 2023/24 was "closed" and expressed confidence that the guarantee facility, alongside swift implementation of the Transnet Recovery Plan, would be sufficient to resolve the State-owned company's challenges. When announcing the Transnet Recovery Plan, Transnet chairperson Andile Sangqu said that the success of the plan would hinge on shareholder support. Media reports indicated that Transnet has requested relief covering R61-billion of its R130-billion debt, as well as a R47-billion equity injection. Godongwana reacted coolly to the request, saying in a Medium-Term Budget Policy Statement media briefing that further engagements were required before support could be extended, and expressed unhappiness that Transnet had seemingly simply presented the National Treasury with an "invoice". He also stressed that any support to State-owned companies would need to be governed by strict conditions, pointing to those that had accompanied recent support extended to Eskom and Denel. In the statement, the National Treasury said a "Guarantee Framework Agreement between the National Treasury, Department of Public Enterprises, and Transnet will include strict guarantee conditions that will be continuously reviewed and amended when deemed necessary". It added that any further drawdowns would be subject to Transnet meeting those conditions. "A Guarantee Framework Agreement must be concluded between National Treasury, the Department of Public Enterprises and Transnet within 14 days of the activation of the guarantee to ensure that any fiscal risks are mitigated and that the conditions of the facility are fully agreed to by all parties. "In addition, National Treasury will continue to work with Transnet to pursue other initiatives to revive its operations and financial viability," the statement reads. Godongwana also emphasised that government continued to pursue deep-running, broader reforms of the company and the logistics sector as a whole, adding that "without a comprehensive reform of the sector, rather than that of a single entity, we risk being faced with similar challenges in the future". However, he also expressed confidence that the reforms needed to put Transnet back on track could be achieved if the entity committed to meeting the strict conditionalities attached to the guarantee and if its speedily implemented the reforms informed by the National Logistics Crisis Committee. Transnet, the National Treasury added, would explore further the divestment of noncore assets, a reduction of its current cost structure, as well as alternative funding models for infrastructure and maintenance requirements. "The latter includes but is not limited to project finance, third-party access, concessions, and joint ventures." Gordhan highlighted the fact that Transnet remained critical to the South African economy. "A well-functioning logistics company is particularly important given the geographical distribution of economic activity in the country, our reliance on commodity and other exports, as well as our distance from key export markets."

A R47-billion guarantee facility, effective immediately, has been extended to struggling State-owned freight logistics group Transnet in support of its recovery plan and to meet its immediate debt obligations. The guarantee was announced following concurrence between Finance Minister Enoch Godongwana and Public Enterprises Minister Pravin Gordhan and follows a high-level meeting between government and business earlier in the week at which business leaders argued for immediate financial support for Transnet to address its port congestion crisis and to arrest the collapse in the rail service. In a statement, the National Treasury said that Transnet would drawdown an initial amount of R22.8-billion to deal with immediate liquidity matters such as settling maturity debt. It added that no equity injection had been considered given that the Budget for 2023/24 was "closed" and expressed confidence that the guarantee facility, alongside swift implementation of the Transnet Recovery Plan, would be sufficient to resolve the State-owned company's challenges. When announcing the Transnet Recovery Plan, Transnet chairperson Andile Sangqu said that the success of the plan would hinge on shareholder support. Media reports indicated that Transnet has requested relief covering R61-billion of its R130-billion debt, as well as a R47-billion equity injection. Godongwana reacted coolly to the request, saying in a Medium-Term Budget Policy Statement media briefing that further engagements were required before support could be extended, and expressed unhappiness that Transnet had seemingly simply presented the National Treasury with an "invoice". He also stressed that any support to State-owned companies would need to be governed by strict conditions, pointing to those that had accompanied recent support extended to Eskom and Denel. In the statement, the National Treasury said a "Guarantee Framework Agreement between the National Treasury, Department of Public Enterprises, and Transnet will include strict guarantee conditions that will be continuously reviewed and amended when deemed necessary". It added that any further drawdowns would be subject to Transnet meeting those conditions. "A Guarantee Framework Agreement must be concluded between National Treasury, the Department of Public Enterprises and Transnet within 14 days of the activation of the guarantee to ensure that any fiscal risks are mitigated and that the conditions of the facility are fully agreed to by all parties. "In addition, National Treasury will continue to work with Transnet to pursue other initiatives to revive its operations and financial viability," the statement reads. Godongwana also emphasised that government continued to pursue deep-running, broader reforms of the company and the logistics sector as a whole, adding that "without a comprehensive reform of the sector, rather than that of a single entity, we risk being faced with similar challenges in the future". However, he also expressed confidence that the reforms needed to put Transnet back on track could be achieved if the entity committed to meeting the strict conditionalities attached to the guarantee and if its speedily implemented the reforms informed by the National Logistics Crisis Committee. Transnet, the National Treasury added, would explore further the divestment of noncore assets, a reduction of its current cost structure, as well as alternative funding models for infrastructure and maintenance requirements. "The latter includes but is not limited to project finance, third-party access, concessions, and joint ventures." Gordhan highlighted the fact that Transnet remained critical to the South African economy. "A well-functioning logistics company is particularly important given the geographical distribution of economic activity in the country, our reliance on commodity and other exports, as well as our distance from key export markets."

Transnet has confirmed the establishment of an interim rail Infrastructure Manager, which will oversee the initial process of ensuring that the rail network is opened to private train operating companies (TOCs) from April 2024. The network has hitherto been monopolised by State-owned Transnet Freight Rail, which is in the process of being vertically separated into the Transnet Rail Infrastructure Manager (TRIM) and the Transnet Freight Rail Operating Company (TFROC). Acting Transnet CEO Michelle Phillips said in a statement that the interim Infrastructure Manager would carry out all required activities to facilitate third-party access ahead of the creation of a permanent operating division, or TRIM. In unveiling a recovery plan for the embattled group in late October, Transnet said the TRIM would manage, operate and maintain the rail network infrastructure and would initially be led by Bessie Mabunda. TFROC, which would be led by Russell Baatjies, would remain the dominant TOC on the network when it was opened to third-party operators next year, but would begin having to compete with private operators for slots on the network. Phillips said the interim Infrastructure Manager would engage with the Interim Rail Economic Regulator Capacity (IRERC) and manage access until a permanent operating division was in place. It would also lead consultations with the Department of Public Enterprises, the Department of Transport, the IRERC and other stakeholders on the draft network statement, the draft access agreement and proposed tariff methodology. "On 1 April 2024, the interim Infrastructure Manager will publish the final draft network statement, conditions of access, and the access tariff; and TOCs applications for slots will commence. "If a requested slot is available (not run by TFROC), that slot can be provided by May 2024 for trains to run, provided all the necessary conditions and approvals are met," Transnet said in a statement. The separation was in line the White Paper on National Rail Policy, which envisaged structural reforms intended to facilitate private sector investment and more efficient use of the rail system, the performance of which had declined markedly in recent years. Access would ultimately be regulated by the yet-to-be established Transport Economic Regulator, which would set prices for the sale of train slots and regulate access. The reform was also being aligned with the Freight Logistics Roadmap, which was close to being finalised, which Finance Minister Enoch Godongwana said would have to be reflected in Transnet's corporate and operational plans if the group aimed to secure any support from the fiscus for its turnaround plan. "The Roadmap sets out a clear path for enhancing efficiencies, facilitating the introduction of competition and leveraging the financial and technical support of the private sector," the Minister said in a recent address to lawmakers. Transnet has reportedly requested relief covering R61-billion of its R130-billion debt, as well as a R47-billion equity injection, but Godongwana indicated that the National Treasury would not step in until there had been further engagements and Transnet could prove that it was doing its bit to improve efficiencies and cuts costs. The separation between rail operation and infrastructure was in line with the Economic Regulation of Transport Bill and the National Rail Policy and would differ from the National Ports Act in that there would be no 'grandfather rights' for TFROC. Under such a scenario, the rail system would be expected to transition to a free open system of allocated train-access slots. Separately, Transnet was also pressing ahead with a plan to establish a rail rolling stock leasing company by way of a private sector partnership. The group had rolling stock that it no longer used, and which could be repurposed to help facilitate third-party access. The absence of rolling stock for lease emerged as a key constraint for companies that expresse...

Transnet has confirmed the establishment of an interim rail Infrastructure Manager, which will oversee the initial process of ensuring that the rail network is opened to private train operating companies (TOCs) from April 2024. The network has hitherto been monopolised by State-owned Transnet Freight Rail, which is in the process of being vertically separated into the Transnet Rail Infrastructure Manager (TRIM) and the Transnet Freight Rail Operating Company (TFROC). Acting Transnet CEO Michelle Phillips said in a statement that the interim Infrastructure Manager would carry out all required activities to facilitate third-party access ahead of the creation of a permanent operating division, or TRIM. In unveiling a recovery plan for the embattled group in late October, Transnet said the TRIM would manage, operate and maintain the rail network infrastructure and would initially be led by Bessie Mabunda. TFROC, which would be led by Russell Baatjies, would remain the dominant TOC on the network when it was opened to third-party operators next year, but would begin having to compete with private operators for slots on the network. Phillips said the interim Infrastructure Manager would engage with the Interim Rail Economic Regulator Capacity (IRERC) and manage access until a permanent operating division was in place. It would also lead consultations with the Department of Public Enterprises, the Department of Transport, the IRERC and other stakeholders on the draft network statement, the draft access agreement and proposed tariff methodology. "On 1 April 2024, the interim Infrastructure Manager will publish the final draft network statement, conditions of access, and the access tariff; and TOCs applications for slots will commence. "If a requested slot is available (not run by TFROC), that slot can be provided by May 2024 for trains to run, provided all the necessary conditions and approvals are met," Transnet said in a statement. The separation was in line the White Paper on National Rail Policy, which envisaged structural reforms intended to facilitate private sector investment and more efficient use of the rail system, the performance of which had declined markedly in recent years. Access would ultimately be regulated by the yet-to-be established Transport Economic Regulator, which would set prices for the sale of train slots and regulate access. The reform was also being aligned with the Freight Logistics Roadmap, which was close to being finalised, which Finance Minister Enoch Godongwana said would have to be reflected in Transnet's corporate and operational plans if the group aimed to secure any support from the fiscus for its turnaround plan. "The Roadmap sets out a clear path for enhancing efficiencies, facilitating the introduction of competition and leveraging the financial and technical support of the private sector," the Minister said in a recent address to lawmakers. Transnet has reportedly requested relief covering R61-billion of its R130-billion debt, as well as a R47-billion equity injection, but Godongwana indicated that the National Treasury would not step in until there had been further engagements and Transnet could prove that it was doing its bit to improve efficiencies and cuts costs. The separation between rail operation and infrastructure was in line with the Economic Regulation of Transport Bill and the National Rail Policy and would differ from the National Ports Act in that there would be no 'grandfather rights' for TFROC. Under such a scenario, the rail system would be expected to transition to a free open system of allocated train-access slots. Separately, Transnet was also pressing ahead with a plan to establish a rail rolling stock leasing company by way of a private sector partnership. The group had rolling stock that it no longer used, and which could be repurposed to help facilitate third-party access. The absence of rolling stock for lease emerged as a key constraint for companies that expresse...

Finance Minister Enoch Godongwana has not "closed the door" on Transnet's move to secure a reported R100-billion in balance-sheet support to assist with its recently released turnaround plan. However, in a Medium-Term Budget Policy Statement (MTBPS) briefing, he insisted that far more engagement was required by the troubled State-owned freight logistics utility to build trust with government on whether it was was ready to cut costs and improve efficiencies before "presenting an invoice". He also indicated that he was not interested in negotiating with the group through the media. In unveiling the recovery strategy days ahead of the MTBPS, Transnet chairperson Andile Sangqu said the indebted State-owned enterprise would not be able to deliver on the turnaround plan without a capital injection from the shareholder. Media reports indicate that Transnet has requested relief covering R61-billion of its R130-billion debt, as well as a R47-billion equity injection. National Treasury officials confirmed with Engineering News separately that there had been some initial engagements with the freight logistics utility on the plan, but said that any support could arise only after a "robust and rigorous process", which had not yet been undertaken. The officials noted that it had taken nearly one-and-a-half years to conclude the R254-billion Eskom debt-relief plan, which Godongwana announced in February, and which was promulgated in the form of the Eskom Debt Relief Act in July. The National Treasury had now also proposed amendments to the Act to convert the Eskom loans form non-interest-bearing to interest-bearing, as well as to ensure that the Minister could withhold funding if certain conditions were not met, including those related to the sale of noncore assets. Such stricter conditionality enforcement would be broad-based across all State-owned company bail-out beneficiaries, with Denel having received only a portion of its R3-billion bailout, owing to a lack of progress on the sale of noncore assets. Any relief would also only arise once there was evidence of "self-help" at Transnet aimed at reducing costs and bolstering efficiencies, as well as initiatives to crowd-in private sector participation on the ailing rail network and at the ports. Crucially, Godongwana said government would want to see evidence that Transnet's corporate and operational plans were aligned with the Freight Logistics Roadmap, which was close to being finalised. "The Roadmap sets out a clear path for enhancing efficiencies, facilitating the introduction of competition and leveraging the financial and technical support of the private sector," the Minister said in his actual address. However, the speech also indicated that the National Treasury was working with Transnet and the Department of Public Enterprises to ensure that Transnet could "meet its immediate debt obligations". The National Treasury also acknowledged that Transnet continued to experience weak profitability and deteriorating liquidity owing to operational challenges, a high debt burden and low cash flows. Nevertheless, Transnet's issued guarantee remained at R3.5-billion. The MTBPS does reflect, however, on the damaging economic impact that Transnet's deteriorating rail performance and underperforming ports are having. "The cost of rail inefficiencies last year is estimated at R411-billion," the statement reads, adding that the performance also reduced tax revenue. It highlights the formation of the National Logistics Crisis Committee, which it says aims to improve the operational performance of freight rail and ports, restructure Transnet to ensure it is financially sustainable and implement reforms to create an efficient, competitive and modern freight logistics system. "This work will be integrated with interventions under way within Transnet, including rehabilitating the rail network to improve service delivery, deploying digital solutions to improve efficiency and responsiveness, improving ...

Finance Minister Enoch Godongwana has not "closed the door" on Transnet's move to secure a reported R100-billion in balance-sheet support to assist with its recently released turnaround plan. However, in a Medium-Term Budget Policy Statement (MTBPS) briefing, he insisted that far more engagement was required by the troubled State-owned freight logistics utility to build trust with government on whether it was was ready to cut costs and improve efficiencies before "presenting an invoice". He also indicated that he was not interested in negotiating with the group through the media. In unveiling the recovery strategy days ahead of the MTBPS, Transnet chairperson Andile Sangqu said the indebted State-owned enterprise would not be able to deliver on the turnaround plan without a capital injection from the shareholder. Media reports indicate that Transnet has requested relief covering R61-billion of its R130-billion debt, as well as a R47-billion equity injection. National Treasury officials confirmed with Engineering News separately that there had been some initial engagements with the freight logistics utility on the plan, but said that any support could arise only after a "robust and rigorous process", which had not yet been undertaken. The officials noted that it had taken nearly one-and-a-half years to conclude the R254-billion Eskom debt-relief plan, which Godongwana announced in February, and which was promulgated in the form of the Eskom Debt Relief Act in July. The National Treasury had now also proposed amendments to the Act to convert the Eskom loans form non-interest-bearing to interest-bearing, as well as to ensure that the Minister could withhold funding if certain conditions were not met, including those related to the sale of noncore assets. Such stricter conditionality enforcement would be broad-based across all State-owned company bail-out beneficiaries, with Denel having received only a portion of its R3-billion bailout, owing to a lack of progress on the sale of noncore assets. Any relief would also only arise once there was evidence of "self-help" at Transnet aimed at reducing costs and bolstering efficiencies, as well as initiatives to crowd-in private sector participation on the ailing rail network and at the ports. Crucially, Godongwana said government would want to see evidence that Transnet's corporate and operational plans were aligned with the Freight Logistics Roadmap, which was close to being finalised. "The Roadmap sets out a clear path for enhancing efficiencies, facilitating the introduction of competition and leveraging the financial and technical support of the private sector," the Minister said in his actual address. However, the speech also indicated that the National Treasury was working with Transnet and the Department of Public Enterprises to ensure that Transnet could "meet its immediate debt obligations". The National Treasury also acknowledged that Transnet continued to experience weak profitability and deteriorating liquidity owing to operational challenges, a high debt burden and low cash flows. Nevertheless, Transnet's issued guarantee remained at R3.5-billion. The MTBPS does reflect, however, on the damaging economic impact that Transnet's deteriorating rail performance and underperforming ports are having. "The cost of rail inefficiencies last year is estimated at R411-billion," the statement reads, adding that the performance also reduced tax revenue. It highlights the formation of the National Logistics Crisis Committee, which it says aims to improve the operational performance of freight rail and ports, restructure Transnet to ensure it is financially sustainable and implement reforms to create an efficient, competitive and modern freight logistics system. "This work will be integrated with interventions under way within Transnet, including rehabilitating the rail network to improve service delivery, deploying digital solutions to improve efficiency and responsiveness, improving ...

Absent an equity injection or debt relief from government, Transnet chairperson Andile Sangqu says the State-owned entity will not be able to deliver on what he described as a "credible" recovery plan for turning around the group's dismal operational and financial performance. The slump in the group's performance is epitomised by the 77-million-ton collapse in rail volumes over the past six financial years, from 226-million tons railed in 2017/18 to only 149-million tons in 2022/23, as well as a decline in revenue over the period from R73-billion to R69-billion. The group, which recently shed its CEO, CFO and rail head, reported a R5.4-billion loss last year and will also report a loss during the current financial year. Transnet has advertised the CEO position internally and externally, with a closing date of October 19. Without being drawn on the specifics, Sangqu confirmed during a briefing that Transnet had approached both the National Treasury and the Department of Public Enterprises with various funding options but that it was the prerogative of the shareholder to decide on the nature and timing of any possible assistance. Media reports indicate that Transnet has requested relief covering R61-billion of its R130-billion debt, as well as a R47-billion equity injection. Finance Minister Enoch Godongwana is due to release the Medium-Term Budget Policy Statement on November 1 in a context of a fiscal position that is expected to have deteriorated since the February Budget, which included a R254-billion debt-relief package in favour of struggling State power utility Eskom. Sangqu acknowledged that government had "many other constraints and that it will be a balancing act" if Transnet were also to be funded. "What we have been able to present is a credible plan that we believe will be able to turn the fortunes of the company around and also restore confidence in the logistics sector," Sangqu said, likening the request to those regularly made by private companies when in need of a capitalisation when asked whether Transnet was seeking a bail-out. "So, we are really hoping that on the basis of the case that we have presented, we would be able to get the support from government." Acting CFO Hlengiwe Makhathini underlined this point, saying that the financial position would improve if volumes increased in line with the recovery plan's targets, but that Transnet's immediate financial constraints meant that it could not approach the market independently to fund the plan. "We don't want to pre-empt how National Treasury will respond, but what we just want to emphasise is that, for our recovery plan to work, we do need government support in one way or the other." Transnet's interest payments have climbed to R13-billion yearly and Makhathini described the monthly repayments of more than R1-billion as unsustainable. Acting CEO Michelle Phillips reported that the recovery plan, which has been divided into 6-, 12- and 18-month periods, was premised primarily on a recovery of rail volumes from the 149-million tons reported last year to between 154-million tons and 170-million tons by the end of March next year. She described the 170-million-tons goal as a "stretch target". In the six months to the end of September, volumes stood at 76-million tons, which means that the 78-million to 94-million-tons balance would have to be achieved in the second half, which was traditionally a period when lower rail volumes were recorded. Given the weak financial position, rail and port operations will focus on the highest-margin traffic, while addressing starting to address a maintenance backlog estimated at R50-billion. The recovery discounted any possible uplift that might be gained should a settlement be reached with CRRC of China, which stopped supplying parts and locomotives to Transnet after the contract was declared illegal. A settlement agreement was nearly concluded last year but was thwarted by CRRC's ongoing disputes with the South African Re...

Guest: We speak to Western Cape's newly appointed infrastructure minister, Tertius Simmers, about his announcement of a R61 million budget to tackle loadsheddingSee omnystudio.com/listener for privacy information.

The city of Johannesburg's dry taps is a result of a cycle of dry weather and faulty infrastructure. Forty-two of Johannesburg's 128 reservoirs are thought to be leaking via pipes and walls. Johannesburg Water is budgeting R61 billion to replace critical water infrastructure over the next decade. Senzo Mchunu, the Minister of Water and Sanitation, has promised to increase the bulk water allocation to the Rand Water system as part of the emergency steps to alleviate water shortages in Gauteng metros, districts, and local governments. These measures, according to Mchunu, are in place for nine months as the department looks for long-term solutions to the use and management of water. Residents of Johannesburg now experience daily water shedding in addition to load shedding. The severity of the crisis was examined with Radio Islam International by Prof. Mike Muller of Wits School of Governance and Dr Gideon Groenewald, an independent geologist from the Free State.

A man and woman have lost their lives following a collision on the R61, Rennies Beach in Port Edward, on the south coast.

It's January 2022, and this is the eighteenth Audio Episode of “The Shyft Lift”, the regular news digest of the App for the globally-minded, based in South Africa. South Africa's total credit card debt has grown fairly gradually, reaching R137 billion in October 2021 from R61 billion in 2011. https://www.youtube.com/watch?v=mFViJ175IJI&ab_channel=eNCA Governor Lesetja Kganyago has led the SA Reserve Bank for 87 months, just a little less time than Governor Godwin Emefiele's 91 months at the head of the Central Bank of Nigeria. https://www.youtube.com/watch?v=7aihEnQaJfI&ab_channel=BancoCentraldeChile Credit markets in SA issued a total of R115.5 billion in 2021, 25% more than the year before. https://stanlib.com/2021/08/30/stanlib-webinar-invest-with-more-perspective-a-local-and-global-view-on-south-africas-credit-markets/ Lithium prices soared after increased sales of electric vehicles. Lithium carbonate has risen over 600% y/y to over $50 000 per tonne. https://www.wsj.com/video/series/on-the-news/lithium-for-ev-batteries-is-in-high-demand-but-protesters-are-pushing-back/38C0535B-A673-4483-9176-606B435776B8 South Africa's exports of agriculture, food and beverages could hit a record of $11 billion this year. Tractor sales have grown by 25% in 2021. https://www.youtube.com/watch?v=WpVAUBhxu1U&ab_channel=GIBSBusinessSchool As we all get to grips with a new year, we list the top companies in which Shyft users decided to invest to grow their money in 2021. The top 10 shares and ETFs for the year, by USD value, were: Apple Invesco QQQ Trust series 1 Tesla Microsoft Pfizer Netflix Nvidia Twitter SPDR S&P 500 ETF Trust Zoom Video Communications We also take a look at tech in 2022, sharing five innovations and technologies set to make waves this year. We discuss a new quarter dollar coin in the U.S. featuring Maya Angelou (https://www.usatoday.com/story/money/2022/01/10/maya-angelou-quarters-distributed-us/9160875002/), a survey showing what skilled professionals in South Africa can expect to earn in 2022, (https://businesstech.co.za/news/banking/549212/13-jobs-in-south-africa-that-pay-over-r1-5-million-in-2022/) and “mindful drinking” (https://www.nytimes.com/2021/12/23/well/dry-january-mindful-drinking.html). Plus, we look at Californian Demi Skipper, who traded a bobby pin for a house in a series of 28 trades (https://www.usatoday.com/story/money/2022/01/10/tiktok-bobby-pin-traded-for-house-tennessee-trademeproject/9161266002/). Shyft is an app for global citizens, based in South Africa. It helps you buy, send, and store local and foreign currency - anytime, anywhere, directly from your mobile. Visit getshyft.co.za to download the app. SHYFT operates under the license of The Standard Bank of South Africa Limited, an authorised Financial Services Provider (FSP number 11287). --- Send in a voice message: https://anchor.fm/standard-bank-southafrica/message

The African Transformation Movement (ATM) has resubmitted a motion of no confidence in President Cyril Ramaphosa to National Assembly Speaker Nosiviwe Mapisa-Nqakula. In an email to her, dated 7 December 2021, ATM president Vuyolwethu Zungula argued that since Ramaphosa took the reins, "irregular expenditure in government and state-owned entities (SOEs) increased to R61.35-billion in the 2018/2019 audit period, from R50.1-billion in the previous year and SOEs continue to collapse, without anyone being held accountable for this gross behaviour". He also submitted that Ramaphosa misled the nation about load-shedding when he promised that it would be a thing of the past. "The president has grossly mismanaged the economy so that there has been a loss of confidence by local and international investors; under the president's watch there has been an increase in corruption, inequality, and unemployment." "The ATM acknowledges that its challenges regarding the president are heavy. The ATM stands by its complaints about the president and his conduct," read the email. This comes after the Supreme Court of Appeal set aside a decision by previous speaker's rejection of a request by the minority ATM for a secret ballot in a motion of no confidence against Ramaphosa. In a unanimous judgment of a full Bench, written by Judge Trevor Gorven, the appellate court ordered that the request should be resubmitted to the speaker and reconsidered, while awarding the ATM costs. The court found that Modise misunderstood her discretion in the matter and, as per the ruling, Mapisa-Nqakula is compelled to reconsider the resubmitted motion. The party - which has just two seats in Parliament - first tabled its motion against Ramaphosa in February 2020, and asked that voting be done by secret ballot. In his correspondence with the speaker, Zungula noted the recent judgment saying: "On 2 December 2021, the Supreme Court of Appeal upheld the ATM's appeal against the High Court of South Africa, Western Cape Division, Cape Town judgment". He cautioned the new speaker that she was required to decide afresh whether the motion of no confidence in the president should be voted on by an open or closed vote. The email read, "In the prevailing circumstances, a closed vote is the only rational possibility. It is now trite that the decision by the speaker as to whether a vote in a motion of no confidence in the president is to be open or closed must be rational to survive constitutional scrutiny." "And to be rational, it must be 'situation-specific' and involve a conspectus of all the circumstances," read the email. The party is hoping to have the motion of no confidence vote scheduled for late January, given that the National Assembly is expected to go into recess on 10 December and reconvene on 25 January.

A local NGO says while the average food basket price has come down by R61 in May, the decrease has not yet had a knock-on effect on the cost of core food items.

The KZN Transport Department has urged motorists to take caution when driving, citing growing concern about an increase in road crashes on the province's roads. It comes after three people were killed on the R61 between Ramsgate and Southbroom on the South Coast yesterday.

Three people have been killed in a crash involving two minibus taxis on the KZN south coast. The vehicles collided on the R61 between Ramsgate and Southbroom this morning.

Higher iron ore prices and favourable currency effects has Kumba Iron Ore in a free cashflow position of over close to R21 billion - up 21% and that's despite production declines during its annual period. Shareholders will reap of the benefits. A final cash dividend of over R41 per share has been declared bringing the total payout to almost R61 - up by 30%. Company's CEO, Themba Mkhwanazi talks to Business Day TV's Alishia Seckam to discuss the group's annual performance in greater detail.

Industry body the Minerals Council South Africa has welcomed President Cyril Ramaphosa’s address this week announcing the further lifting of restrictions with the shift in the country’s Covid-19 status to Level 1 from September 20. The Minerals Council says it also shares the view of the President and of the country’s health experts cautioning that, while restrictions are being relaxed, South African businesses, other institutions and citizens must remain vigilant and continue to exercise safe behaviour at home, at work and in their communities. "The mining industry supports the President’s call to move to rebuild our economy, restore growth and create jobs and is ready to play its part," it states. To this end, the Minerals Council reiterated its support for the economic recovery strategy developed under the auspices of Business for South Africa and Business Unity South Africa. “The South African economy was in a crisis even before the outbreak of the Covid-19 pandemic, with the country performing well below its potential. "Over the past decade, the South African economy decoupled from other emerging economies in terms of having a much slower economic growth rate. We have experienced declining international competitiveness, a collapse in business and investor confidence, falling investment, low levels of economic growth, rising unemployment and accelerating poverty and social upheaval. "Covid-19 has made a bad situation worse. The economy has run into several structural constraints (electricity, rail and ports) and institutional constraints (red tape and declining capacity in the State to enforce law and order), which have basically resulted in the collapse in the country’s productivity growth and potential growth rate. These structural and institutional constraints need to be urgently addressed,” says Minerals Council CEO Roger Baxter. He notes that there is a need to address the key issues that undermine the country’s relative competitiveness and impede its growth potential. “Like the rest of the economy, the mining industry has significant potential, and if the issues holding it back were to be addressed, this potential could be unleashed, enabling the industry and the country to embark on a new path of inclusive growth and investment, and ultimately, a better future for all,” Baxter says. The Minerals Council has identified the issues the industry needs addressed by government and itself through a social compact. These concerns include energy security and costs, logistical port and rail bottlenecks, regulatory uncertainty, modernisation, social tensions with communities and organised labour, and crime, including illegal mining, it points out. The council says it appreciates the constructive engagement with the Department of Mineral Resources and Energy during the Covid-19 pandemic in terms of working together to save lives and save livelihoods. “The industry remains committed to fighting the pandemic and ensuring all safety and health protocols are implemented to contain Covid-19. At the same time, addressing the structural and institutional constraints will enable the mining sector to help lead the economic recovery,” it adds. “If all these issues were to be addressed, we estimate that mineral sales could increase by R61-billion and tax revenues by R5-billion; 70 000 jobs could be saved; and 26 000 additional direct mining jobs and 47 000 additional indirect jobs could be created in the next four years,” notes Baxter.

Train manufacturer Gibela has launched its first socioeconomic impact report, sharing the progress it has made in terms of economic, social and environmental initiatives from January 2014 to March this year. Gibela was formed in 2013 as a black economic empowerment consortium through French rail company Alstom and South Africa’s Ubumbano Rail and New Africa Rail. Gibela is in the process of fulfilling a R53-billion contract awarded by the Passenger Rail Agency of South Africa (PRASA) to design, manufacture and maintain a fleet of 600 passenger trainsets comprising six cars per train for the country’s 2.3-million daily urban rail commuters. Gibela produced 13 trainsets in 2019/20 and CEO Hector Danisa confirms that the company is on track to produce about 20 trainsets in 2020/21. As at March this year, Gibela had produced 33 of 600 trains. He notes that the company intends to publish socioeconomic impact reports every two years. Further, the train manufacturer has, since 2014, spent R6.4-billion on local procurement, including setting up its Nigel-based manufacturing facility in 2016. Of this, R4.6-billion of procurement spend went to 370 black-owned companies. Of that, R1-billion went to small- and medium-sized enterprises. According to the company’s report, Gibela is revitalising the South African rail sector through developing local train manufacturing capability and upskilling employees. The local content spend of R6.4-billion, or 44% local content achievement, is in line with Gibela’s contractual commitment with PRASA and involves locally produced components such as cables, interiors, metallics and subsystems. The manufacturing of one train requires 145 t of steel. Gibela corporate services director Dr Buyiswa Mncono says that, by executing a sourcing programme that maximises the level of local content through a robust supply chain – which delivers South African made electric multiple units to the highest international standards – is contributing significantly towards revitalising the railway industry. Danisa adds that the company has made great strides in elevating commuter rail as the transport mode of choice for the South African consumer and that it continues to deliver on the mandate set out by PRASA to generate a positive social and economic impact for South Africa. Gibela has contributed 1.25% towards total economic activity within Gauteng’s construction sector and 0.89% within Gauteng’s manufacturing sector. To uplift local communities, Gibela has invested R30-million into maths and science teaching programmes, early childhood development and agricultural schemes. The agricultural upliftment projects have created 25 permanent jobs and 71 temporary jobs. Gibela had helped to add more than 8 200 jobs to the economy, including 1 631 direct jobs, 2 810 indirect jobs and 3 738 induced jobs. Through its manufacturing and commercial service to date, Gibela has helped to add more than 5 000 jobs to the economy, including through 913 direct jobs, 1 659 indirect jobs and 2 607 induced jobs. The company has, throughout its construction, manufacturing and commercial service stages, contributed more than R10-billion to government revenue through taxes and broader fiscal impacts, while the company has added R8-billion to South African gross domestic product (GDP) so far. The company would have added 11 117 jobs to South Africa’s economy by its servicing end in 2035, as well as R48-billion to South Africa’s GDP, R61-billion to government revenue and paid R6-billion in salaries and wages. Moreover, Gibela has spent R25-million since 2014 on research and innovation funds, which has resulted in numerous research papers being developed and used for social and commercial benefit. The company has spent R23-million on employee training, with more than 1 454 having attending a training programme. Gibela has eight skill categories that employees are trained in and which are reportable to PRAS...

Shoprite, the owner of Checkers and Usave stores, says it gained market share in its half-year to end-December, with store expansion helping it achieve almost double-digit sales growth in its core SA business. The group is eyeing a larger share of SA's premium food retail segment, reporting that sales in SA grew 9.8% to R61.6bn in SA, which accounts for about three-quarters of its business. We earlier spoke to the CEO, Pieter Engelbrecht about the results. Ntombiyombuso Zulu now joins Ron to analyse of these results See omnystudio.com/listener for privacy information.

Volgens 'n verslag van die Wêreldnatuurfonds gaan sowat 'n derde van die kos wat Suid-Afrika produseer, verlore. Die WNNR raam die waarde van hierdie verlies op sowat R61-miljard. En terwyl hierdie kos op ashope lê en verrot, is daar 11-miljoen mense in Suid-Afrika wat onseker is oor waar hulle volgende maaltyd vandaan sal kom. Hendrik Martin het die besonderhede.

Service delivery protesters at Flagstaff in the Eastern Cape blocked the R61 road with burning tyres and debris, last night. They also ordered a truck driver to block the road with his vehicle. They are demanding proper road infrastructure, RDP houses and clean water in several villages. Two police officers were injured when an Nyala armoured car overturned during the confrontation. Nkululeko Nyembezi was there and filed this report