The Agbiz/Industrial Development Corporation (IDC) Agribusiness Confidence Index has fallen below the neutral 50-point mark, declining by six points to 48 in the third quarter of the year – the lowest level since the second quarter of 2016, which was a drought year.
Agbiz states that while the deterioration in the past would typically be underpinned by unfavourable weather conditions, this time around things are different. The agricultural conditions are fairly favourable across the country; therefore, the root of the pessimism is lingering policy uncertainty and weak economic growth.
Agribusiness confidence declines significantly in third quarter – index
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Solidarity CE writes open letter to Sasol directors amid ongoing strike
Solidarity CE Dr Dirk Hermann has written an open letter to two Sasol directors, on the eve of the union’s lawsuit to seek approval for a Section 77 application at the High Court, which will enable all the union’s members nationwide to strike along with those members employed at Sasol, who have embarked on a strike.
White Solidarity members employed by Sasol have been on strike since last week over Sasol’s empowerment scheme Khanyisa’s Phase 2, which excludes white employees from gaining ownership shares.
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Stor-Age to acquire self-storage properties in major cities for R58m
JSE-listed real estate investment trust Stor-Age has entered into agreements to acquire Roeland Street Investments 2 (RSI2) and Roeland Street Investments 3 (RSI3), for R58-million.
RSI2 is being sold by Acucap Investments – a subsidiary of Growthpoint Properties, Stor-Age Property Holdings (SPH) and The Fairstore Trust, for R43.5-million.
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Manganese takes pole position in ARM’s earnings surge
Manganese formed the backbone of the earnings performance of diversified mining company African Rainbow Minerals (ARM) in the 12 months to June 30, delivering 64% of the headline earnings, at R1.9-billion, and helping the company move into a strong net cash position by recording the best margin. ARM generated strong cash flow in the period, when manganese’s margin of 44% on earnings before interest, taxes, depreciation and amortisation (Ebitda) was best. It beat iron-ore, which came in with the next highest Ebitda margin of 39%.
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South African M&A activity declined in H1 – Baker McKenzie
Analysis by law firm Baker McKenzie of Thomson Reuters’ data finds that merger and acquisition activity in South Africa declined, in terms of the volume and value of domestic and cross-border deals, in the first half of this year.
Transactions fell by 44% and volume and value fell by 52%, compared with the first half of last year, which saw 243 deals totalling $6.6-billion in South Africa.
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Liberty Two Degrees harnesses experienced staff to drive asset efficiency
Precinct-focused real estate investment trust (Reit) Liberty Two Degrees (L2D) has added to its team of experienced asset managers, with Carmen Collison now managing the Eastgate shopping centre, in east Johannesburg.
Collison previously managed retail assets across a number of listed portfolios, one of which was awarded the best performing property fund over three years by MSCI South Africa.
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Local manufacturing expo to bolster exports, economy
The South African Capital Equipment Export Council (SACEEC) will host its inaugural Local Manufacturing Expo next year, to showcase local manufacturing capabilities and bolster the country’s economic growth, SACEEC CEO Eric Bruggeman told attendees at a presentation during Electra Mining, on Monday. The expo will be held from May 21 to 23 at the Nasrec Expo Centre, in Johannesburg.
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Shift to renewables to become a growing trend in the mining sector
Owing to a reduction in renewable energy costs, the prospect of a more reliable power supply and an increasingly favourable regulatory environment in key mining markets, renewable energy is anticipated to play an increasingly important role in powering mining operations worldwide over the coming years. Fitch Solutions Macro Research’s ‘Outlook for Renewable Energy Use in the Mining Sector’ report, published on September 7, stated that price will be the main motive for mining companies to shift to renewable energy sources in the short term.
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Afrox achieves double-digit HEPS growth amid subdued economic environment
Despite low economic growth in the six months to June 30, JSE-listed African Oxygen (Afrox) achieved double-digit growth in its headline earnings per share (HEPS) to 104c, representing an increase of 11.5% from the HEPS of 93.3c recorded for the six months to June 30, 2017. Referring to the results as “pleasing”, Afrox MD Schalk Venter told Engineering News Online on the sidelines of a presentation of the company’s results on Monday, that while the low economic growth is likely to continue for the rest of the financial year, Afrox will continue to focus on its strategy of driving efficiencies.
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Aveng shareholders vote in favour of 14bn shares issue to pay off debt
Construction group Aveng’s shareholders on Monday voted in favour of the resolutions that will give effect to the specific issue of 14.5-billion Aveng ordinary shares.
These shares will be issued to the company’s existing bondholders as part of a process that will see the early redemption of Aveng’s existing convertible bonds that are due to mature in July 2019.
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MTN CEO confident about Nigeria dispute as firm applies for injunction
Telecoms firm MTN Group said on Monday it was confident a multi-billion dollar dispute with the Nigerian government would be resolved even as it applied for a court injunction to protect its Nigerian assets. Nigeria's central bank last month ordered MTN's Lagos-based unit to hand over $8.1-billion that it said was illegally sent abroad, and the government earlier this month handed MTN with a $2-billion tax bill.
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Govt to accelerate licensing of new radio spectrum – Ramaphosa
President Cyril Ramaphosa said on Monday that the government will accelerate the licensing of delayed radio frequency spectrum to mobile operators. Allocation of spectrum is seen as key to expanding broadband services in Africa's most industrialized economy, where the high cost of telecommunications is a barrier to doing business.
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Sasol, Indian companies join EP100 global energy saving initiative
Petrochemicals giant Sasol and Indian companies UltraTech Cement, Mahindra Vehicle Manufacturers, Mahindra Heavy Engines and Godrej Industries and Associate Companies (Gilac) on Monday pledged to put energy efficiency at the heart of their business growth strategies by joining EP100.
EP100 is a global collaborative initiative on energy productivity led by The Climate Group, in partnership with the Alliance to Save Energy.
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Conservative hiring intentions by employers anticipated in the last quarter - survey
South African employers expect conservative hiring intentions, across all industries nationally, for the fourth quarter, the ManPowerGroup Employment Outlook Survey (MEOS) has found.
Fourteen per cent of employers expect to increase staffing levels, 8% forecast a decrease and 78% anticipate no change. The resulting net employment outlook is therefore 6% growth.
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Rand gains limited by negative emerging market sentiment
The rand, which has been strengthening since Thursday last week, may break through the R15/$ barrier on Tuesday, but any gains will be limited by emerging market weakness, according to analysts. The local currency opened trade at R15.19 to the greenback and was changing hands 0.96% stronger at R15.05 by 09:30.
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Davies to attend G20 meeting
South Africa's trade and industry minister Rob Davies will attend a meeting with peers from the G20 global grouping in Argentina set to focus on the agriculture sector, his department said on Tuesday. The G20 or Group of Twenty is an international forum for the governments of Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States which aims to discuss policy to promote international financial stability.
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De Beers sales cycles delivering consistent value
The global sightholder sales and auction sales of diamond company De Beers have this year continued to deliver consistent value, with the latest seventh sales cycle coming in at $505-million, a virtual carbon copy of the $507-million realised in the seventh sales cycle of last year. The steady range is proving to be $500-million-plus, with 2018’s sixth sales cycle realising $533-million, the fifth sales cycle bringing in $575-million, the fourth sales cycle valued at $550-million, the third sales cycle at $520-million and the second sales cycle at $555-million.
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Transnet Engineering appoints acting chief officer for advanced manufacturing
Transnet Engineering has appointed Thoba Majoka acting chief officer for advanced manufacturing, effective September 10. Majoka is currently the divisional executive for maintenance and services at Transnet Engineering, where he is responsible for the overall strategic direction of this particular division.
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Alaris aiming to grow global footprint with solid FY18 results
AltX-listed Alaris Holdings on Tuesday said its continuing operations performed well during the financial year ended June 30, with a number of large orders received from Europe and the Middle East. During the period, the technology holding company managed to grow revenue by 17% from R159.4-million to R187.1-million, while net cash flow from operating activities increased by 229% from R13.3-million to R43.8-million.
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Serialong Trust acquires 25.1% stake in Gra-Tech
Entrepreneur and Business Leadership South Africa CEO Bonang Mohale and Afrika Tikkun Capital have acquired a 25.1% interest in industrial chemical cleaning business Gra-Tech. Mohale described the investment as a “vote of confidence in South Africa’s heavy industrial sector” and adds that it is consistent with his investment strategy, which is aimed at getting involved in more industrial, engineering and infrastructure projects as these “contribute greatly to economic growth”.
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