South Africa's premier personal finance News| Page 15 of 77

Transnet’s Progress Falls Short of Targets Despite Revenue Growth

Government, News / Miriam Matoma

Transnet’s Improvements: The article highlights Transnet’s recent uptick in railway and port volumes, along with increased revenue, signaling progress in the company’s recovery efforts.
Shortfall in Targets: Despite the improvements, Transnet falls slightly short of its self-set recovery goals, with figures approximately 1-2% below expectations, reflecting ongoing challenges.
Emphasis on Reform and Private Sector Involvement: Transnet’s recovery plan focuses on structural reforms, particularly in rail and port operations, with an emphasis on attracting private sector participation to enhance efficiency and financial performance.

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South Africans Hit by Hefty Fuel Tax Increase Impact

Energy, News / Miriam Matoma

Tax Burden at the Pump: South Africans face a significant increase in fuel costs due to a combination of new fuel price hikes and ongoing tax increases. Taxes now make up a substantial portion of the retail price of petrol, with motorists paying an average of R320 in taxes every time they fill up.
Monthly Tax Contributions: Analysis of Discovery Bank’s data reveals the monthly tax contributions of South African drivers, highlighting the financial strain faced by households. Popular car models’ tax contributions per 100km traveled underscore the impact on everyday consumers.
Price Adjustments and Factors: The Department of Energy’s latest fuel price adjustments show increases in petrol prices and decreases in diesel prices, influenced by international petroleum costs and fluctuations in the rand/dollar exchange rate. Inland and coastal price differentials further compound the financial strain on consumers.

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Frontier Transport Holdings Limited Welcomes Nqobani Mkhwanazi as Independent Non-Executive Director

Business News, Capital Markets, Finance News, Investing News, Stock Market / Lethabo Ntsoane

Frontier Transport Holdings Limited appointed Mrs. Nqobani Mkhwanazi as an independent non-executive director.
Mrs. Mkhwanazi brings extensive experience in finance, property development, and investment management to her new role.
The appointment is expected to strengthen governance practices, drive strategic initiatives, and contribute to company growth.

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Father of Black Business, Dr. Samuel Motsuenyane, Dies at 97

Business News, News / Miriam Matoma

Dr. Samuel Motsuenyane, renowned as the “Father of Black Business,” passed away at the age of 97, leaving behind a profound impact on South Africa’s business landscape.
His legacy includes co-founding the National African Federated Chamber of Commerce and Industry (Nafcoc) in 1964, and spearheading the establishment of African Bank in 1975 to address the financial barriers faced by Black individuals.
Dr. Motsuenyane’s contributions extended beyond business, encompassing roles in politics and diplomacy, earning accolades from across the nation, including tributes from President Cyril Ramaphosa, who highlighted his enduring influence on South Africa’s socio-economic fabric.

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Gold Fields Limited Secures $1.6 Billion credit

Gold Fields Limited Announces CFO Retirement and Leadership Transition

Business News, Capital Markets, Finance News, Investing News, Stock Market / Lethabo Ntsoane

Gold Fields Limited announced the retirement of CFO Mr. Paul Andy Schmidt, effective from April 30, 2024.
Mr. Alex Dall appointed as Interim CFO starting May 1, 2024, ensuring a smooth transition in leadership.
The process to appoint a permanent CFO is in its final stages, with an announcement expected soon.

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Southern Palladium’s Bengwenyama Project Hits Financial Milestone with US$700M NPV and 21% IRR

Business News, Capital Markets, Investing News, Stock Market / Lethabo Ntsoane

Southern Palladium’s Bengwenyama project showcases strong financial viability with an NPV of US$700 million and an IRR of 21%.
The company’s leadership, including the appointment of Mr. Roger Baxter as Non-Executive Chairman, signifies strategic governance enhancements.
Environmental sustainability remains a priority, evidenced by ongoing Environmental Impact Assessment (EIA) efforts for the Bengwenyama project.

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South African Motorists Face Impending Petrol Price Hike

Energy, Government, News / Miriam Matoma

Petrol Price Surge: South African motorists are bracing for a significant increase in petrol prices due to a substantial under-recovery, despite a slight retreat in global oil prices.
Global Market Dynamics: Global crude prices remain buoyant, driven by concerns over tightening supplies and geopolitical tensions, contributing to the impending petrol price hike.
Rand’s Impact: The rand’s depreciation against the dollar has exacerbated the under-recovery in petrol prices, with market volatility and uncertainty surrounding interest rate cuts further complicating the economic landscape for South African consumers.

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Cashbuild Limited Welcomes Hanré Bester as New CFO

Business News, Capital Markets, Investing News, Stock Market / Lethabo Ntsoane

Cashbuild Limited appoints Hanré Bester as Chief Financial Officer, enhancing financial leadership and governance.
Hanré Bester’s background in finance, taxation expertise, and strategic insights are assets for Cashbuild.
Expectations are high for Bester’s impact on financial operations, compliance, and driving growth at Cashbuild.

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FPB Backtracks: Controversial Online Misinformation Regulation Notice Withdrawn

Lifestyle, News / Miriam Matoma

FPB Notice Withdrawn: The Film and Publications Board (FPB) has retracted a notice aimed at penalizing internet users and service providers for spreading misinformation online in South Africa.
Public Backlash: The notice sparked immediate push-back from media watchdogs and advocacy groups, who raised concerns about its broad definition of misinformation and potential infringement on freedom of expression.
Victory for Free Expression: The FPB’s decision to withdraw the notice comes amidst mounting pressure from civil society, signaling a win for digital rights advocates and highlighting the importance of transparent, inclusive policymaking processes in regulating online content.

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Sibanye Stillwater CEO Urges New Business-Friendly Leadership in Mining

Government, News / Miriam Matoma

Call for Business-Friendly Leadership: Sibanye Stillwater CEO Neal Froneman emphasizes the urgent need for new leadership in South Africa that fosters a business-friendly environment, crucial for attracting investment and revitalizing the mining industry.
Challenges Facing the Mining Sector: Froneman highlights the existential threat looming over the South African mining industry, exacerbated by regulatory uncertainties, persistent threats of expropriation, and declining investor confidence, leading to job cuts and operational pressures.
Optimism Amidst Adversity: Despite significant losses and market challenges, Froneman remains cautiously optimistic about the future of the platinum group metals (PGMs) sector, anticipating a turnaround fueled by potential interest rate cuts and increased demand for internal combustion engine (ICE) vehicles.

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