COMPANY NEWS IN BRIEF
ICTSI to run Durban container terminal
Transnet has selected Manila-headquartered International Container Terminal Services (ICTSI) as the preferred bidder for a joint venture to develop and upgrade the flagship Durban Container Terminal Pier 2.
Over a 25-year term, ICTSI will partner with Transnet Port Terminals (TPT) to develop and upgrade Transnet’s biggest container terminal, handling 72% of the Port of Durban’s throughput and 46% of South Africa’s port traffic.
The finalisation of the process follows approvals from government in terms of the Public Finance Management Act (PFMA), Transnet said on Monday.
ICTSI is one of the biggest container terminal operators in the world and manages 34 terminals in 20 countries including ports in Australia, Indonesia, China, Mexico and Brazil.
The group, which is listed on the Philippine Stock Exchange, was established in 1987 by billionaire Enrique Razon Jr. The Razon family has been involved in the ports industry since 1916.
According to Forbes, Razon is worth US$8 billion, and is the third-richest person in the Philippines.-Fin24
United African Stokvel members seek answers
South Africa's financial watchdog has raided the head offices of United African Stokvel as part of an ongoing investigation into the group's business activities.
The Financial Sector Conduct Authority (FSCA) said the search-and-seizure operation was conducted on Saturday after it received a whistleblowers report.
"The FSCA will now examine the evidence, interview the parties involved and complete the investigation," it said.
Once it has wrapped up its investigation, the FSCA said it may decide to report the matter to the police "if required".
The regulator said it suspected the digital stokvel had conducted unauthorised business and breached financial sector laws.
It said the stokvel was not authorised to provide financial products or services, and had not applied for a licence. Worried members have been flooding United African's social media pages for weeks with complaints that payments have ended.
Bolt and Uber drivers’ strike
A number of drivers on e-hailing platforms such as Bolt and Uber embarked on a national strike on Monday, protesting both their pay structures and raising concerns over their safety.
Services on the customer apps on the platforms appeared to still be largely available, although Bolt noted the protest action had resulted in customers waiting longer than usual for rides across SA's cities.
There also seemed to be no national command structure behind the action, with strikes seemingly organised on an ad hoc basis by driver associations in different provinces.
The central issues appear to include the pricing of rides, which drivers say are too low, as well as the 25% service fee e-hailing platforms generally charge.
As a result, drivers say they were battling to survive as they tried to manage rocketing fuel prices and the high costs involved in maintaining the vehicles, including oil and tyre changes.
According to one of the posters advertising the protest action in KwaZulu-Natal, it appeared drivers wanted a standard fee of R50 to apply for all trips between 0km and 5km instead of the more variable rate that is applied currently. They are also seeking that the 25% commission that is paid to the e-hailing platforms be reduced to 15%.
Additionally, they wanted to introduce a cancellation fee on cash and card trips and the "verification of clients for driver safety against hijacking", including the use of ID numbers when customers uploaded the app.-Fin24
Amplats slumps after warning of earnings crash
Shares in Anglo American Platinum fell 6% on Monday morning, after it warned its interim earnings could fall three quarters after hits from lower metal prices, asset maintenance, as well as South Africa's electricity disruptions.
The platinum miner said in a voluntary update that headline earnings is expected to be between 65% and 75% lower in its first half to end-June, a fall of this profit measure to as low as R6.7 billion, from R26.7 billion previously.
The fall was largely the result of lower platinum group metal prices (PGM) prices, the group said, with rhodium and palladium under particular pressure and declining 47% and 29% in dollar terms respectively.
Continued inflationary pressure and exchange rate volatility have also led to higher mining and processing costs, it said, but a weaker rand partially mitigated the dollar price effect on the overall rand basket price, which decreased by 15% relative to the prior comparative period.
Sales volumes from own production were 12% lower compared to the first half of 2022, with the company also citing lower production as the result of its Polokwane smelter needing to ramp-up in January after a rebuild.-Fin24
Jan Oberholzer to leave Eskom
In a surprise announcement, Eskom said that the utility and its former chief operating officer Jan Oberholzer would "part ways by mutual agreement".
Last month, Eskom confirmed that it had signed a two-year contract with Oberholzer to oversee key projects at coal-fired power station Kusile and nuclear power plant Koeberg.
Oberholzer officially retired in April this year, with the board saying it planned to scrap the position of COO upon his departure. His retirement followed the contentious exit of former chief executive officer André de Ruyter.
Eskom's acting group CEO Calib Cassim said he had appointed Oberholzer on a contract basis to oversee the completion of the critical projects at Kusile and Koeberg.
Earlier on Monday, Minister of Electricity Kgosientsho Ramokgopa said he was "very, very worried" that the Koeberg refurbishment had fallen behind schedule, which will result in higher stages of load shedding continuing into 2024.
Koeberg is undergoing an extension of life, which involves the replacement of all the steam generators in both units.
Ramokgopa said if the outages of the two units overlapped, it would cause "a huge dent" in Eskom's generating capacity.-Fin24
Swatch sues Malaysian government
Swatch has sued the Malaysian government over authorities’ seizure of watches celebrating LGBTQ pride.
In a lawsuit filed with the High Court in Kuala Lumpur, the Swiss watchmaker is seeking compensation and the return of 172 watches seized by officials over their alleged “LGBT elements”.
Swatch said in the filing that the seizure of the watches, valued at 64 795 ringgit (R260 000), had no legal basis as well as including items that had no connection to LGBTQ activism.
“Without a doubt, the seized watches did not and are not in any way capable of causing any disruption to public order or morality or any violations of the law,” Swatch said in the lawsuit, which was filed on June 24 and first reported by the Malay Mail.
Malaysia’s home affairs ministry seized the watches, some of which featured the rainbow colours associated with LGBTQ pride, during raids at a number of shopping malls across the country in May.
Swatch Group Chief Executive Nick Hayek at the time questioned how “peace and love could be harmful” and whether authorities would try to confiscate rainbows in the sky if it was possible.
The Ministry of Home Affairs and Swatch did not immediately respond to requests for comment.-Fin24
Transnet has selected Manila-headquartered International Container Terminal Services (ICTSI) as the preferred bidder for a joint venture to develop and upgrade the flagship Durban Container Terminal Pier 2.
Over a 25-year term, ICTSI will partner with Transnet Port Terminals (TPT) to develop and upgrade Transnet’s biggest container terminal, handling 72% of the Port of Durban’s throughput and 46% of South Africa’s port traffic.
The finalisation of the process follows approvals from government in terms of the Public Finance Management Act (PFMA), Transnet said on Monday.
ICTSI is one of the biggest container terminal operators in the world and manages 34 terminals in 20 countries including ports in Australia, Indonesia, China, Mexico and Brazil.
The group, which is listed on the Philippine Stock Exchange, was established in 1987 by billionaire Enrique Razon Jr. The Razon family has been involved in the ports industry since 1916.
According to Forbes, Razon is worth US$8 billion, and is the third-richest person in the Philippines.-Fin24
United African Stokvel members seek answers
South Africa's financial watchdog has raided the head offices of United African Stokvel as part of an ongoing investigation into the group's business activities.
The Financial Sector Conduct Authority (FSCA) said the search-and-seizure operation was conducted on Saturday after it received a whistleblowers report.
"The FSCA will now examine the evidence, interview the parties involved and complete the investigation," it said.
Once it has wrapped up its investigation, the FSCA said it may decide to report the matter to the police "if required".
The regulator said it suspected the digital stokvel had conducted unauthorised business and breached financial sector laws.
It said the stokvel was not authorised to provide financial products or services, and had not applied for a licence. Worried members have been flooding United African's social media pages for weeks with complaints that payments have ended.
Bolt and Uber drivers’ strike
A number of drivers on e-hailing platforms such as Bolt and Uber embarked on a national strike on Monday, protesting both their pay structures and raising concerns over their safety.
Services on the customer apps on the platforms appeared to still be largely available, although Bolt noted the protest action had resulted in customers waiting longer than usual for rides across SA's cities.
There also seemed to be no national command structure behind the action, with strikes seemingly organised on an ad hoc basis by driver associations in different provinces.
The central issues appear to include the pricing of rides, which drivers say are too low, as well as the 25% service fee e-hailing platforms generally charge.
As a result, drivers say they were battling to survive as they tried to manage rocketing fuel prices and the high costs involved in maintaining the vehicles, including oil and tyre changes.
According to one of the posters advertising the protest action in KwaZulu-Natal, it appeared drivers wanted a standard fee of R50 to apply for all trips between 0km and 5km instead of the more variable rate that is applied currently. They are also seeking that the 25% commission that is paid to the e-hailing platforms be reduced to 15%.
Additionally, they wanted to introduce a cancellation fee on cash and card trips and the "verification of clients for driver safety against hijacking", including the use of ID numbers when customers uploaded the app.-Fin24
Amplats slumps after warning of earnings crash
Shares in Anglo American Platinum fell 6% on Monday morning, after it warned its interim earnings could fall three quarters after hits from lower metal prices, asset maintenance, as well as South Africa's electricity disruptions.
The platinum miner said in a voluntary update that headline earnings is expected to be between 65% and 75% lower in its first half to end-June, a fall of this profit measure to as low as R6.7 billion, from R26.7 billion previously.
The fall was largely the result of lower platinum group metal prices (PGM) prices, the group said, with rhodium and palladium under particular pressure and declining 47% and 29% in dollar terms respectively.
Continued inflationary pressure and exchange rate volatility have also led to higher mining and processing costs, it said, but a weaker rand partially mitigated the dollar price effect on the overall rand basket price, which decreased by 15% relative to the prior comparative period.
Sales volumes from own production were 12% lower compared to the first half of 2022, with the company also citing lower production as the result of its Polokwane smelter needing to ramp-up in January after a rebuild.-Fin24
Jan Oberholzer to leave Eskom
In a surprise announcement, Eskom said that the utility and its former chief operating officer Jan Oberholzer would "part ways by mutual agreement".
Last month, Eskom confirmed that it had signed a two-year contract with Oberholzer to oversee key projects at coal-fired power station Kusile and nuclear power plant Koeberg.
Oberholzer officially retired in April this year, with the board saying it planned to scrap the position of COO upon his departure. His retirement followed the contentious exit of former chief executive officer André de Ruyter.
Eskom's acting group CEO Calib Cassim said he had appointed Oberholzer on a contract basis to oversee the completion of the critical projects at Kusile and Koeberg.
Earlier on Monday, Minister of Electricity Kgosientsho Ramokgopa said he was "very, very worried" that the Koeberg refurbishment had fallen behind schedule, which will result in higher stages of load shedding continuing into 2024.
Koeberg is undergoing an extension of life, which involves the replacement of all the steam generators in both units.
Ramokgopa said if the outages of the two units overlapped, it would cause "a huge dent" in Eskom's generating capacity.-Fin24
Swatch sues Malaysian government
Swatch has sued the Malaysian government over authorities’ seizure of watches celebrating LGBTQ pride.
In a lawsuit filed with the High Court in Kuala Lumpur, the Swiss watchmaker is seeking compensation and the return of 172 watches seized by officials over their alleged “LGBT elements”.
Swatch said in the filing that the seizure of the watches, valued at 64 795 ringgit (R260 000), had no legal basis as well as including items that had no connection to LGBTQ activism.
“Without a doubt, the seized watches did not and are not in any way capable of causing any disruption to public order or morality or any violations of the law,” Swatch said in the lawsuit, which was filed on June 24 and first reported by the Malay Mail.
Malaysia’s home affairs ministry seized the watches, some of which featured the rainbow colours associated with LGBTQ pride, during raids at a number of shopping malls across the country in May.
Swatch Group Chief Executive Nick Hayek at the time questioned how “peace and love could be harmful” and whether authorities would try to confiscate rainbows in the sky if it was possible.
The Ministry of Home Affairs and Swatch did not immediately respond to requests for comment.-Fin24
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