OPINION: Is SA really open for business?

SELLO MASHAO RASETHABA On Friday, the Competition Commission issued a statement that it had recommended to the Competition Tribunal that the proposed acquisition of Murray & Robert (M&R) by German firm Aton be prohibited.It is reported that there are more than 300 German companies operating in South Africa, which employ more than 60 000 people. In his budget vote speech, Minister of Trade and Industry and Economic Development Ebrahim Patel stated that one of the issues he was focusing on this year and beyond was to improve the levels of…

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Germany-Africa forum commits to invest multi-million euros in energy startups

    JOHANNESBURG – The Germany Africa Business Forum, which aims to strengthen investment ties between the European country and Africa, said on Thursday it had, with private partners from the energy industry, launched a multi-million euro funding commitment to invest in German energy startups that focus on Africa. “Our initial goal is to support the investment in German companies and to start with funding allocations by the end of this year,” GABF co-founder Sebastian Wagner said in a statement. “Through our partners, we will immediately get involved in investing…

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South Africa’s economic growth prospects keep diving

South Africa’s economic growth prospects keep going from bad to worse. The International Monetary Fund is the latest key institution to slash its growth forecast for Africa’s most-industrialised economy, which may have fallen into its second recession in as many years. It now expects the economy to expand by 0.7% in 2019, half of what it estimated in January, and similar to forecasts by the South African Reserve Bank and Bloomberg Economics. The economy shrank the most in a decade in the first quarter of this year as the nation…

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Transnet eyes Richards Bay port for new liquefied gas hub

  Signs multi-million rand cost-sharing agreement with International Finance Corporation to fund feasibility study. Moves are afoot for a new multi-billion-rand liquefied natural gas (LNG) storage and regasification terminal to be established at the port of Richards Bay by 2024, but state-owned Transnet wants the private sector to be the main investor and operator of the facility. The plan was revealed on Tuesday as Transnet announced the signing of a cost-sharing agreement with the World Bank’s International Finance Corporation (IFC) to jointly fund a feasibility study into the terminal project.…

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Africa is facing a huge ‘demographic window of opportunity’

The burgeoning African population could lead to massive economic growth for the continent, but an education overhaul is needed to provide the correct skillset. Nompu Siziba  /  24 July 2019 20:00     One comment so far NOMPU SIZIBA: It’s estimated that Africa’s population will have doubled by 2050, which will account for about a quarter of the world’s population. This has all sorts of policy implications. African governments will need to gear up for this reality in terms of infrastructural development in the individual countries, the improvement of educational opportunities, and being in a position to…

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Small and medium contractors being ravaged

The severe downturn in the construction sector that has destroyed much of the capacity of the listed property sector is starting to ravage small and medium contractors and is likely to lead to further job losses in the construction industry. Read: Construction industry in survival mode The Construction Industry Development Board (CIDB) said its second quarter small and medium enterprise conditions survey revealed that building and construction industry conditions had gone “from bad to worse” and once again confirmed the woeful state of the South African building and construction industry. Confidence…

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Boosting small enterprises in the petroleum logistics sector

DURBAN –  FFS Refiners, a supplier of hydrocarbon solutions, is trying to drive change in KwaZulu-Natal by boosting small enterprises in the petroleum logistics sector, which is dominated by global players.  FFS Refiners national sales manager, Mduduzi Khanyile says small businesses in this sector are struggling to gain access to finance through traditional financial institutions as the amount of capital required to secure assets, such as a truck and trailer, is more than  R4 million. To combat this problem, the company last week handed over two trucks worth R5m to Novala Kashazi…

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New Johannesburg opportunity centre already helping young entrepreneurs

JOHANNESBURG  – The Thusanang opportunity centre in Klipfontein View is already a hive of activity less than a mere two months since opening its doors, with young entrepreneurs taking full advantage of services including meeting rooms, internet access and job search facilities, the city of Johannesburg said on Wednesday. “It is encouraging that small businesses are using these facilities. This is exactly why we opened these centres,” member of the mayoral committee for economic development Leah Knott said in a statement after touring the centre. “This is evidence of government’s responsibility to…

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India’s SMME sector ‘a model for SA to follow’

DURBAN – The South African Consul-General in Mumbai, India, Maropene Ramokgopa, has said South Africa should follow the example set by India’s small, medium and micro enterprise (SMME) sector.She said that in India it was the SMMEs that were responsible for the creation of jobs and for anchoring the economy, and not big business. Ramokgopa was speaking at a seminar held by the Department of Trade and Industry in Mumbai. She said the Indian government’s successes within the SMME sector came because it had identified an industry it would like…

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Anglo American brings diversity to executive team in big shake-up

Anglo American plc has announced the appointment of veteran executive Nolitha Fakude and Kumba Iron Ore chief executive Themba Mkhwanazi to its executive management in a major shake-up announced yesterday. The group said the two would be joined by top businessperson Nonkululeko Nyembezi-Heita and Hixonia Nyasulu as non-executive members. Chief executive Mark Cutifani said the group would bring diversity to its top structure. Cutifani said Fakude, who was previously an executive director at petrochemicals giant Sasol, was expected to lead the strategic direction of the company’s local assets at a…

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