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Ithala retail depositors assured of protection after liquidation

Location: News

Ithala retail depositors assured of protection after liquidation

National Treasury has assured the retail depositors of Ithala SOC Limited that their deposits will be protected by a government guarantee, subject to the conclusion of the necessary technical work.

“Following the Prudential Authority's application for provisional liquidation of Ithala SOC Limited, we understand that depositors may be concerned about the safety of their funds,” National Treasury said on Friday.

The Prudential Authority has filed for the provisional liquidation of Ithala SOC Limited in the Pietermaritzburg High Court. This decision aims to protect approximately 257 000 depositors, with the appointed liquidator utilising insolvency laws to recover and distribute funds.

Ithala, which operated under a temporary exemption from the Banks Act, failed to meet the conditions required to obtain a banking licence. The exemption, granted by the Minister of Finance, lapsed in December 2023, leaving Ithala unable to continue deposit-taking activities legally. 

Treasury said the technical work to be done includes providing a government guarantee to one or more banking institutions to ensure the accounts of depositors can be migrated timeously and funds can be made available.

“We are working closely with the Prudential Authority to ensure an orderly process that protects depositors' interests.

“While depositors will need to urgently make alternative banking arrangements, they can be assured that we will endeavour to secure their funds as far as is possible.

“National Treasury will provide further details about the process for accessing guaranteed funds following the court's decision on the liquidation application,” National Treasury said. - SAnews.gov.za

 

nosihle
Fri, 01/17/2025 - 09:32

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eThekwini invests millions to upgrade infrastructure

Location: News

eThekwini invests millions to upgrade infrastructure

Just like many cities in South Africa, eThekwini is experiencing urban decay due to migration for economic opportunities, property abandonment, service delivery and crime.

These conditions were exacerbated, in part, by the catastrophic floods in 2022 that destroyed critical infrastructure, including roads, communication and electrical systems.

To respond to the challenges of the municipality, President Cyril Ramaphosa established the eThekwini Presidential Working Group (PeWG) in April 2024.

The Working Group was established to accelerate support from national and provincial government to rebuild the municipality.

Since its establishment, the Working Group has provided support and fast-tracked efforts by the eThekwini municipality to improve service delivery, improve business confidence, and reposition eThekwini as an investment and tourism attraction.

The Working Group operates across three spheres of government and includes representatives from the private sector and labour.

Developing the informal economy

Last November, the eThekwini Metropolitan Municipality announced plans to develop the informal economy sector by upgrading the infrastructure used by traders.

These projects include the R10 million upgrade of the Dalton Art and Craft Market, R15 million upgrade for the Mansel Road Market, R2.5 million upgrade for the Tongaat Trader Market, R4 million upgrade for the KwaMaKhutha Business Hive (Ward 94) and the R4.3 million upgrade for the Klaarwater Business Hive (Ward 17).

Traders at the Mansel Road Market were visited by Small Business Development Minister Stella-Ndabeni-Abrahams last year.

“The Minister handed over about 100 sewing machines, equipment for those running food handling facilities such as freezers, pots, gas stoves, and microwaves.

“This doesn’t happen anywhere on the continent where the government freely provides equipment to informal traders. This shows us that our government is taking care of us,” Chairman for Mansel Road Market Traders Mboneni Qwabe told SAnews during a visit to the site recently.

eThekwini Municipality Senior Manager for the Informal Economy, Michael Hlangu, said the Mansel Road Market was a hive of activity during weekends with customers coming from all over South Africa and other countries on the continent.
The retail market offers among others clothing, food stalls, traditional drums, bedding, and traditional attire.
About 180 traders operating at the market are expected to benefit from the refurbishment of the facility, which includes a new building with new ablution facilities, electricity, water and a parking area.

“We have 184 container traders. Some of the containers are dilapidated. We are planning to convert the containers into brick and mortar. We have appointed contractors for the project and the traders will be relocated this month to a new location so the construction of the project can commence.

“During the construction phase it is anticipated that about 100 people will benefit from job opportunities. All traders that are operating in this facility have been registered with the municipality.

“The majority of them have business licences and they renew them on an annual basis. The rental for the food section [is] R664 per month and they sign a lease agreement with the municipality. We regularly conduct training on health and safety to ensure that the vendors comply with the regulations and by-laws,” Hlangu explained.

The municipality is responsible for maintaining the facility, which includes providing security, cleaning services and electricity.

Making a difference

Qwabe said the municipality hosts business summits each year and updates traders on the work being done to uplift the informal economy.

“There is a lot of work that has been done to improve the operations of the traders. When this place was opened in 1996, there were no containers. People were selling from their cars under the carport, and this was changed to containers, but the containers have deteriorated over the years.

“The municipality has come to assist the traders as they are now building a new structure for us. We have seen the plan and it’s good. We will be able to attract tourists with the new building,” he said.

Qwabe further explained that Mansel Road Market is a hub for traditional attire.

“It’s unfortunate that tourists don’t visit this area. I don’t think that when they return to their home countries, they have enough to show that they were in South Africa.

“We are the Zulu kingdom and in the Zulu kingdom there are items that showcase the Zulu culture, and you will find them here. We have unique items that you won’t find anywhere else. We would like the market to be a tourist attraction,” Qwabe said. -SAnews.gov.za

nosihle
Thu, 01/16/2025 - 12:05

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Inquiry makes recommendations to improve competition in fresh produce market

Location: News

Inquiry makes recommendations to improve competition in fresh produce market

The Fresh Produce Market Inquiry has released its final report, which identifies features within the fresh produce value chain that impede, restrict and distort competition.

The inquiry, initiated by the Competition Commission, follows rigorous analysis and extensive stakeholder engagement aimed at assessing competition within South Africa's fresh produce market.

The inquiry began on 31 March 2023 and assessed the fresh produce value chain across three main themes, including the efficiency of the value chain, concentrating on fresh produce market facilities; market dynamics of key inputs and their impact on producers, and barriers to entry, expansion and participation.

At a media briefing on Monday where the report was launched, Deputy Commissioner and chair of the inquiry, Hardin Ratshisusu, noted that the fresh produce market – valued at some R53 billion annually (excluding informal sales channels and exports) – presents “significant opportunity for growth and inclusion”. 

“However, the share of participation by historically disadvantaged farmers and market agents remains low. 

“This underrepresentation is a stark reminder of the sector’s historical inequities and the urgent need for meaningful participation in the economy and transformation in South Africa,” he said.

The inquiry, on the main, focused on five fruits, namely, apples, citrus (notably oranges and soft citrus), bananas, pears and table grapes, along with six vegetables, including potatoes, onions, carrots, cabbage, tomatoes and spinach. These products are staples in South African households.

Ratshisusu outlined the following six concerns related to competition in the fresh produce sector:

  • Inefficient municipal fresh produce markets;
  • Inefficiencies in the value chain;
  • The conduct of fresh produce market agents;
  • High input costs (particularly for certain fertilisers and seeds);
  • Regulatory obstacles, and 
  • Systemic barriers to entry for small-scale, emerging and historically disadvantaged farmers.

Ratshisusu said in order to disrupt the status quo, dynamism is required in the form of new and diverse lower cost models of retailing, which will allow greater pass through of farmgate and supplier prices.

“Localised competition, particularly from SMMEs and HDP [historically disadvantaged persons] independent retailers with diverse models, including through greater procurement from National Fresh Produce Markets (NFPM), is required for more dynamic competition in fresh produce retail. 

“This, in turn, requires efficiently functioning NFPMs and effective policies to support alternative retail models,” Ratshisusu said.

Honing in on historically disadvantaged farmers, Ratshisusu said the inquiry found that these farmers are hitting hard ground when it comes to accessing formal retail channels and national fresh produce markets.

“[To] enhance the participation of SMMEs and HDPs and to improve their ability to innovate and upgrade in grocery retail value chains in South Africa, and to create a fairer and more level playing field, the inquiry is of the view that the feasibility of a mandatory code of conduct be investigated further. 

“There are valuable lessons to be learnt and applied to the South African context based on the experience of international best practice,” he said.

Consumer bite

Troublingly for the consumer, the inquiry found that with regard to retailer pricing of certain fresh produce, “supermarket sales and pricing revealed instances of high mark-ups of total revenue over what suppliers are paid for some of the selected products in the periods analysed”.

“However, net margins - after the high costs of supermarket chain operations are accounted for - are slim. This indicates concerns in the value chain, where high rents may be extracted at the supermarket level of the value chain. 

“The implication is that under the current models of modern food retailing, supermarket chains are not efficiently transmitting prices obtained from farmers to consumers for these produce categories. This suggests that competition in the formal retailing of fresh produce is not as healthy as it could be,” Ratshisusu said.

Moving forward

Ratshisusu explained that to resolve the challenges in the fresh produce market and related distortions to competition in the sector, the inquiry has identified a set of 31 “practical and reasonable remedies”.

“These measures, which include recommendations for policy reform, market restructuring, and targeted support for small-scale, emerging and historically disadvantaged farmers, are intended to promote competition, lower barriers to entry, and create a more inclusive and competitive fresh produce value chain,” he said.

The full report, including recommendations and remedies, is available on the commission’s website at https://www.compcom.co.za/fresh-produce-market-inquiry-final-report-launch.

On the importance of the inquiry, Ratshisusu told the media that the report is “more than a document, as it provides rich insights into the domestic fresh produce market and, more importantly, a path towards economic inclusion”. 

“It reflects the need to address entrenched challenges and create a market that works for all, from the smallest farmer to the largest retailer, and ultimately for the consumer.

“Market inquiries are an important strategic focus area of the Competition Commission to tackle high market concentration and barriers to entry in markets to achieve economic inclusion and transformation. 

“This report therefore signifies the Commission’s resolve, in a transparent, objective and evidence-based manner, to fostering competitive markets that promote economic growth, economic transformation and contribute to the broader socio-economic objectives of the country,” Ratshisusu said. – SAnews.gov.za

NeoB
Mon, 01/13/2025 - 12:28

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A Booming Continent Needs a New Payment Infrastructure

Location: Business
MultiChoice Group

Africa is an exciting, vibrant and creative place to do business. But make no mistake, it has its challenges. Currency devaluation, political instability, and service disruptions are endemic. Africa is not for sissies, as the saying goes.

In navigating those challenges, relationships matter. It's not so much about throwing money at a problem, it's about investing time, building trust, meeting with partners and regulators, and understanding each other's needs.

Africa offers an enormous upside for those prepared to make this time investment. The continent's population is set to reach 2.5 billion (http://apo-opa.co/3W7Kp4w) by 2050, and Africa's people are embracing digital technology, as the World Bank (http://apo-opa.co/3Waln4F) confirms. They are leveraging digital connectivity to improve their lives, educate themselves, send remittances, and start small enterprises. There is value in investing in that level of human development.

The payments opportunity

Running through this African growth trajectory is a particular business thread: payments (http://apo-opa.co/3WawLxk). There are opportunities for anyone who can simplify, rationalise and standardise payments for the continent's dynamic financial economy.

An organisation in just such a position is MultiChoice (www.Multichoice.com/), the leading pan-African video entertainment provider for almost 40 years. In building a pay-TV network across the continent, with up to 23.5 million (http://apo-opa.co/3WawOJw) customers across 50+ markets, and 100 million+ monthly viewers, MultiChoice also built relationships across the continent to collect payments, for DStv, GOtv, and Showmax – potentially the only large enterprise to need such enormous breadth.

The Group has converted the opportunity that this represents, partnering with global venture-capital firm General Catalyst and payments company Rapyd to launch Moment (http://apo-opa.co/4ad1H5N), which aims to be the broadest, deepest payment network across Africa.

Launching with Showmax and DStv as initial clients, Moment started processing payments for parts of the group in January 2024. By November 2024 MultiChoice was already collecting around 35% of its revenue through Moment rails, and those numbers are rising quickly. Services to other enterprises were rolled out in August.

Moment already collects and disburses across 44 African countries, accepting 200+ local payment methods – spanning in-person payments at over 1 million store and agent locations, mobile money, credit and debit cards, bank transfers, and digital wallets.

Enabling consumers and businesses to move from cash to digital, Moment and its network offers users access to better financial opportunities, lower prices, higher quality goods and services, and full access to the digitally enabled economy.

Expanding the ecosystem

To access the initial target market of large enterprises that will benefit from the reach, breadth, and high performance needed by MultiChoice, Moment has built out a fully cloud-native infrastructure. The platform can deliver on the high daily and weekly loads needed for one of the largest billing bases on the continent, and also smoothly deal with the potential for network outages, power cuts, and other disruptions.

In order to ensure businesses have access to the daily cash flow they need, Moment has built a robust financial reconciliation and settlement system capable of automating and simplifying the daily reconciliation process for enterprises and enabling them to spend tight staffing budgets efficiently, while getting fast, accurate financial reporting and access to their receivables.

To help these enterprise customers expand their customer bases, Moment opens up the largest mass-market suite of payment channels through its network, enabling businesses to fully tap into the mass market's buying power for the first time with a single API connection – providing access to more than a million in-person payment locations across spaza shops, modern retail locations, and a host of online payment options tuned to the needs of each local market.

To ensure that Moment's clients and the market are ready for the future, Moment is building a “coalition” around real-time payments, to educate consumers on the benefits of PayShap and other real-time payment methods that can significantly reduce cost and increase payment speed. DStv and Moment launched PayShap payments in South Africa as the first “consumer to business” real-time payment option built on South Africa's RPP payments system. Moment has developed partnerships with similar systems in the SADC countries and Nigeria to expand real-time payments as the market evolves.

Simplifying the process

One of the reasons MultiChoice first looked at the payments space was precisely because it is a complex environment, characterised by multiple service agreements, commission rates and exchange rates. It made sense to try to simplify the payments landscape, for everyone's benefit.

Africa is a challenging territory, but Africans are agile and innovative. Trends and new solutions emerge constantly. Any platform entering this space must recognise that there isn't one answer; there are many. By partnering with MultiChoice, Moment has built out technology with the flexibility to configure the right solution for each market.

The upsides of building for the challenging scale of MultiChoice as a launch client are significant – other enterprises Moment is working with have built unwieldy daily financial operations to manage their own complexity. Anecdotally, one merchant maintains a staff of 75 people doing reconciliations for their business – operations that can be automated and streamlined leveraging the Moment platform. Moment presents a vast opportunity in simplifying that process, automating it, while enabling customers to focus on their core business and customer relationships.

Africa is the largest single opportunity in the world. As our population booms over the next 20 years, many new business foundations will need to be laid across the continent – especially in the area of payments.

Payments are the lifeblood of Africa's economy. Enabling them efficiently and cost-effectively, across the continent, ensures Africa performs to its full potential. Through the partnership with MultiChoice, Moment is well positioned to be at the core of this transformation for decades to come.

Distributed by APO Group on behalf of MultiChoice Group.

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Petrol, diesel prices to increase

Location: News

Petrol, diesel prices to increase

Holidaymakers will have to dig deeper into their pockets as they make their way back home following the announcement that all grades of petrol and diesel are expected to increase from New Year’s Day, this Wednesday.

The price of LP Gas is also expected to increase with a decrease in the cost of paraffin.

This was announced by the Department of Mineral and Petroleum Resources (DMPR).

The price adjustments for fuel, paraffin and gas are as follows:

  • Petrol 93 (ULP & LRP): 19c increase.
  • Petrol 95 (ULP & LRP): 12c increase.
  • Diesel (0.05% sulphur): 7c increase.
  • Diesel (0.005% sulphur): 10c increase.
  • Illuminating paraffin (wholesale): 9c decrease.
  • Single Maximum National Retail Price for illuminating paraffin: 13c decrease.
  • Maximum LPGas Retail Price: 13c increase. 

This means a litre of petrol 95 ULP, which currently costs R21.47 in Gauteng, will now cost R21.59 a litre as of Wednesday.

At the coast, a litre of 95 petrol, which cost R20.68 in December, will now cost R20.80 a litre from January.

“The average Brent Crude oil price increased slightly from US$72.70 to US$72.78 during the period under review. The main contributing factors are the OPEC+ decision not to increase production in December and continued oversupply by non-OPEC producers amid low economic growth globally.

“The average international product prices of petrol followed the increasing trend of crude oil while the prices of middle distillates decreased slightly because of higher inventories for the winter season in the Northern Hemisphere. 

“These factors led to higher contributions to the basic fuel prices of petrol and diesel by 9.33 c/l and 2.93 c/l respectively and lower contributions to illuminating paraffin by 18.92 c/l.

“The Rand depreciated on average, against the US Dollar (from 17.93 to 18.11 Rand per USD) during the period under review when compared to the previous one. This led to higher contributions to the Basic Fuel Prices of petrol, diesel and Illuminating Paraffin by 10.58 c/l, 11.11 c/l and 10.90 c/l respectively,” the department explained. – SAnews.gov.za

 

NeoB
Mon, 12/30/2024 - 09:24

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No. 1 Hair is number one in haircare

Location: News

No. 1 Hair is number one in haircare

By: Bongani Lukhele 

In 1993 Andrew Lebitsa, a Free State Black Industrialist, participated in an empowerment and capacity building project that he said was initiated by South Africa’s first Black President, Nelson Mandela, and New York’s first Black Mayor, David Dinkins.

The objective of the programme was to develop a pool of black corporate bank managers to equip them with skills, knowledge and information that would empower them to play a critical role in the transformation of the banking industry after the country had transitioned to democracy.

Lebitsa spent six months at the Chase Merchant Bank and Baruch College in New York honing his corporate management skills in the bank and acquiring knowledge through the college’s Executive Management Development Programme. 

At the time, little did Lebitsa know that he was bound to follow in the footsteps of the two visionary leaders and blaze his own trail, as he attests that his No.1 Hair company is the only black-owned hair braids manufacturing company in the country. 

This was made possible by the support he received from the Black Industrialists Programme of the Department of Trade, Industry and Competition (the dtic).

In line with the vision of Mandela and Dinkins, the objective of the scheme is to produce a pool of capable and successful Black Industrialists who will actively and meaningfully participate in the manufacturing industry and contribute to growing the economy, creating jobs and transform the sector in particular, and the country’s economy in general.

Today, No.1 Hair, which operates from the Maluti-a-Phofung Special Economic Zone (SEZ) in Harrismith, is providing employment to 60 people who are producing the synthetic hair braids, or hair extensions as they are commonly known, for both domestic and Southern African markets.

“After a long spell in the petroleum franchise and retail industries, I got into a hardware products import and distribution industry. Many of my retail clients requested me to import hair as well.  This was initially never in my mind. But after conducting a research I realised that it was a R9-billion industry in South Africa that these people were indirectly encouraging me to participate it. I decided to get into it,” recalls Lebitsa.

After bouncing off the idea with the late prominent businessperson, Don Mkhwanazi, he advised Lebitsa to consider setting up a plant and manufacture hair in South Africa, instead of importing it. 

He connected him with two South Korean businessmen who assisted him to set up the factory in the Maluti-a-Phofung SEZ. The location was an obvious choice for Lebitsa as he once worked in the zone while he was employed by the Free State Development Corporation as a property manager.

“That is how No.1 Hair was born,"he said.

R60 million state-of-the-art plant

The R60 million state-of-the-art plant was set up with assistance from the dtic and Industrial Development Corporation (IDC). 

“After a delay caused by the COVID-19 [pandemic], we eventually started the production of our brand of hair braids in January 2021. We started with black hair braids and extended our range to numerous other colours over a period of time,” said Lebitsa.

He concedes that penetrating the hair market as a black manufacturer has been and remains a steep challenge.

“Firstly, consumers of this product are used to particular famous brands that are all imported. It is not easy for them to warm up to and embrace a new, unknown product. Secondly, but more importantly; it is the problem of perception and stereotypes that one has to deal with in the industry.

“As a black manufacturer, you are already disadvantaged when approaching buyers who source products for big companies and retail stores. 

Summer season

“From not even giving you a chance to present your products to them, to doubting both your capability as a businessperson to deliver on orders, and the quality of your products. It is a big challenge. However, one order at a time we have managed to build quite [a] sizeable number of clients,” he adds.

Lebitsa’s spirit lifts when he starts speaking about the summer season that he says sparks a high demand in hair braids. To this end, he has received huge amounts of orders that will soon see all of his production lines running at full capacity.

“Despite all these market penetration challenges, we are making steady progress and continue to grow the company.  Slowly but surely, we are increasing our own market share.

“We pride ourselves in being a proudly South African company whose products and raw material are produced in the country. 

“We are hopeful that the Buy Local Campaign will instil patriotism in consumers of our products and enable them to choose locally-produced quality products instead of poor quality imports.”

He revealed that his plan is to expand his business by diversifying his product range and venturing into the manufacturing of hair care products. - SAnews.gov.za

*Bongani Lukhele is the Director: Media Relations for the dtic

 

DikelediM
Thu, 12/26/2024 - 07:00

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SA, Angola well positioned to capitalise on trade and investment opportunities

Location: News

SA, Angola well positioned to capitalise on trade and investment opportunities

The Deputy Director General: Trade Branch at the Department of Trade, Industry and Competition (the dtic), Ambassador Xolelwa Mlumbi-Peter, says South Africa and Angola are well positioned to capitalise on trade and investment opportunities that exist in both countries.

Mlumbi-Peter was speaking at a Business Forum hosted by South Africa and Angola in Pretoria on Thursday.

“Boosting intra-Africa trade has to be a core objective for both our countries. We need to identify what is produced in our countries, but also what we are importing from elsewhere, so that we can identify obvious products that can be traded among ourselves.

“Many economies globally are adopting strategic autonomy policies and are reconfiguring supply chains to bring them closer to home to promote economic resilience and address strategic vulnerabilities. Promoting intra-Africa trade has to be a strategic objective,” said Mlumbi-Peter.

She encouraged the private sector to identify opportunities for sourcing key inputs and products from each other to boost bilateral trade.

Speaking at the Forum, Chief Executive Officer of Business Unity South Africa, Khulekani Mathe, said as the South African business community, they recognised Angola as a vital market for their products. 

He said the African Continental Free Trade Agreement (AfCFTA), provides significant potential for expansion of trade between the two markets.

“The presence of South African companies in sectors such as mining, banking, retail, logistics, and food services underscores Angola's importance as an investment destination for South Africa to facilitate trade, we need to develop appropriate infrastructure.

“In addition to physical infrastructure, establishing and strengthening business organisations, such as chambers of commerce, is critical,” he said.

He added that the South Africa-Angola Chamber of Commerce was an important building block of trade infrastructure. He encouraged businesses from both countries to join and strengthen this organisation.

“Currently, both economies face challenges with weak growth, registering less than one percent of the Gross Domestic Product (GDP) growth in 2023. 

“Another shared characteristic is our dependence on raw natural resources in our exports, which means that while we export our commodities, we are also exporting jobs to countries that transform these resources into finished products."

The President of the Angola-South Africa Chamber of Commerce, Paula Xavier, said as a chamber they once again called upon businesses from South Africa and Angola to create, strengthen and deepen businesses, partnerships and investments in favour of the multi-sectoral sustainability.

She said for this to be possible, a few essential elements were needed, namely; the alignment of the heads of state, the involvement of entrepreneurs in business partnerships and the cultural dream of people from both countries.

The Chief Executive Officer of Black Business Council, Kganki Matabane said the role of the two economies in the Southern African Development Community (SADC) region were critical as the two countries have a strong partnership that includes trade and investment.

“Our role as partners is crucial in the implementation of the AfCFTA as we are poised to exploit the opportunities as key players within the region. 

“At the crux of our respective economies is the need to improve livelihoods. Our bilateral interaction provides an opportunity to contribute not only to regional growth but growth of the global economy,” said Matabane.

He added that the most important opportunities that can be explored by businesspeople from both countries were the beneficiation of mineral resources and localisation, as they are important for job creation, and to promote sustainable development. – SAnews.gov.za

 

Edwin
Fri, 12/13/2024 - 10:25

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KZN to intensify efforts to combat GBVF

Location: News

KZN to intensify efforts to combat GBVF

As the 16 Days of Activism for No Violence Against Women and Children campaign ends, KwaZulu-Natal Premier Thamsanqa Ntuli has reaffirmed the province’s commitment to turn the fight against gender-based violence and femicide (GBVF) into sustained action. 

Ntuli said the province plans to intensify its efforts to combat GBVF through policy reforms, increased funding for survivor support programmes and partnerships with civil society and the private sector.

“We are taking a stand to ensure that the progress made during these 16 days is not lost but built upon, so that every day becomes a step closer to a safer, [and] a more equitable KwaZulu-Natal,” Ntuli said.

While the 10th of December marks the end of the campaign, the day also kick starts government’s intention to confront the scourge of GBVF in South Africa for 365 days.

Ntuli emphasised the province’s transitioning from the 16 Days of Activism campaign to a year-round commitment to combat gender-based violence and femicide, and the need for sustained collective action to eradicate the scourge. 

“Our fight against GBVF cannot be confined to 16 days. It must be a 365-day campaign involving every sector of society, from government to communities and businesses,” Ntuli said.

He highlighted the province’s holistic approach to tackling GBVF, which includes strengthening survivour support services, fostering collaboration between communities and law enforcement, and addressing the root causes of violence, through education and economic empowerment programmes.

Inspection of spaza shops and retail outlets

Ntuli wrapped up the province’s commemoration of the campaign with a series of activities in Gamalakhe, in the Ugu District on Tuesday.

The day started with an inspection of spaza shops and retail outlets in the area. The inspections were aimed at ensuring compliance with health, safety, and business regulations to protect the community’s well-being. 

During the inspections, Ntuli engaged directly with business owners, emphasising the importance of creating safe, sustainable environments that not only benefit the local economy, but also contribute to the overall safety and security of the province.

“This is about more than just regulations - it’s about building a business culture that respects the laws of our country while also prioritising the safety and dignity of our communities,” Ntuli said.

The inspections in Gamalakhe underscored the interconnectedness of economic development and social upliftment. 

The Premier pointed out that businesses, especially in vulnerable communities, play a crucial role in creating safe spaces and reducing the risk factors associated with violence.

The Premier also noted that ensuring compliance with business regulations is not about punishment but about fostering a culture of responsibility and care. 

“When businesses operate within the law and prioritise community safety, they contribute to a more stable and resilient society,” Ntuli said. – SAnews.gov.za

GabiK
Tue, 12/10/2024 - 15:08

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Pan-African Legal Group CLG Announces Appointment of Leon Van der Merwe as Partner

Location: Business
CLG

A distinguished Attorney of the High Court of South Africa with over 12 years of legal expertise, specializing in Corporate Law, Commercial Law, Litigation and Regulatory Compliance Leon Van der Merwe has joined pan-African legal and advisory group CLG (www.CLGGlobal.com) as a Partner.

A distinguished Attorney of the High Court of South Africa, Van der Merwe brings over 12 years of experience in Corporate Law, Commercial Law, Litigation and Regulatory Compliance. His areas of specialization include Contract Law, General and Commercial Litigation, Insolvency, Compliance, Property Law, Regulatory Law, Competition Law, Company Law and Risk Management.

Throughout his career, Van der Merwe has provided strategic counsel to national and international corporations, as well as African Governments, across various industries such as forestry, mining, construction, engineering, and retail. He holds an LLB Degree (Cum Laude) from the University of Pretoria.

“Leon's promotion to Partner is a reflection not only of his exceptional professional skill but also of the trust he has earned from our clients, colleagues, and partners. His dedication and hard work are unmatched, and he exemplifies the core values that define CLG,” said Zion Adeoye, CEO and Managing Partner of CLG. “I am thrilled to welcome him as Partner and look forward to seeing his leadership continue to shape our journey. His elevation is more than deserved, and I know he will bring even greater value to our firm and our clients in this role.”

Oneyka Cindy Ojogbo, CLG Deputy Managing Partner, added, "It gives me great joy to welcome my friend and colleague into the partnership at CLG. His dedication to the firm and unwavering commitment to our clients have been the bedrock of his practice, and I couldn't be more excited to see him take on this well-deserved role. His leadership and passion will be invaluable as we continue to grow together and build Africa's largest professional service firm."

Mr. Van der Merwe's appointment reinforces CLG's commitment to providing impactful and innovative legal solutions across Africa. His expertise will enhance the firm's service offerings, further solidifying its position as a leading pan-African legal and advisory group.

Distributed by APO Group on behalf of CLG.

About CLG:
CLG, a leading pan-African legal, tax and business advisory firm, has established offices in Germany, Nigeria, South Africa, Republic of Congo, South Sudan, Mauritius, Ghana, Cameroon, Namibia and Equatorial Guinea, amongst others, and is the first Africa focused professional service firm listed on the German stock exchange.

This expanded footprint enables CLG to deliver seamless professional services, facilitate cross-border transactions and provide expertise in diverse jurisdictions and sectors, while fostering strong in-country relationships.

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Petrol prices increase in December 

Location: News

Petrol prices increase in December 

With the public gearing up for the festive season, consumers will have to dig deeper into their pockets as the price of all grades of petrol has increased by 17 cents a litre.

The Department of Mineral and Petroleum Resources (DMPR) announced the price increase of 93 (ULP & LRP) and 95 (ULP & LRP) by 17 cents on Tuesday.

As of Wednesday, a litre of 95 petrol now costs R21.47 in Gauteng from the R21.30 seen in November. 

In the coast, a litre of 95 petrol now cots R20.68 from R20.51 seen in November.

Diesel (0.05% sulphur) has increased by 54.88 cents per litre while the price of Diesel (0.005% sulphur) has increased by 55.88 cents per litre.

The price of Illuminating Paraffin (wholesale) has risen by 48.88 cents per litre and the Single Maximum National Retail Price for illuminating paraffin (SMNRP) has increased by 66 cents per litre. Meanwhile, the maximum LPGas retail price has increased by R1.72.

The department said the average Brent Crude oil price decreased from 73.28 US Dollars (USD) to 72.70 USD during the period under review. 

“The main contributing factors are the OPEC+ decision not to increase production in December and increased production from non-OPEC countries amid stagnant economic growth globally,” said the department.

In a statement, the department added that the average international product prices of petrol were affected by lower demand, a switch to cheaper winter gasoline as well as higher inventories. 

“On the other hand, diesel and illuminating paraffin increased because of higher seasonal demand given the upcoming winter season in the Northern Hemisphere. LPG prices increased due to the increase in the prices of propane and butane. These factors led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 19.69 c/l, 23.83 c/l and 16.86 c/l, respectively.”

“The Rand depreciated on average, against the US Dollar (from 17.53 to 17.93 Rand per USD) during the period under review when compared to the previous one. This led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 22.35 cents a litre, 23.74 cents a litre and 23.62 cents a litre, respectively.” -SAnews.gov.za

 

Neo
Wed, 12/04/2024 - 10:12

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SRD Grant system remains intact – Minister Tolashe

Location: News

SRD Grant system remains intact – Minister Tolashe

Social Development Minister Sisisi Tolashe has reassured social grant recipients that the grant system's integrity remains intact, supported by various control measures and enhanced security. 

The Minister was briefing the media on Wednesday on the outcomes of the independent investigation into the COVID-19 Social Relief of Distress Grant (SRD grant) in Cape Town. 

“We assure our clients that the integrity of our system remains intact, with various control measures and enhanced security in place to ensure efficient service delivery. 

“SASSA will continue to invest in its systems to enhance support and positively impact the lives of our clients. We strive to balance security and improvement with client interaction, accessibility,” she said. 

This comes after two first-year students from Stellenbosch University raised the alarm over vulnerabilities in the South African Social Security Agency’s (SASSA) application systems, sparking a parliamentary investigation. 

Their allegations, shared on various media platforms and during a presentation to the Portfolio Committee on 23 October 2024, questioned the integrity and security of SASSA’s digital grant platforms.

The two students found that fraudsters were using unsuspecting citizens' identity numbers to apply for the SRD grant and received the funds in bank accounts using the same ID numbers. This potentially eliminated deserving people from accessing government relief.

In response to the allegations, Parliament recommended a comprehensive investigation of the Social Relief of Distress Grant system and all other grant systems administered by SASSA.

Parliament’s directive reflected concerns over the integrity and security of SASSA’s digital systems across various grant types, including but not limited to Child Support, Disability, Old Age Pension, and Foster Child grants. 

As a result, the Minister of Social Development committed to a thorough review of its entire grant infrastructure, focusing on identifying and mitigating potential vulnerabilities, ensuring the security of beneficiary data, and safeguarding public resources. 

The Minister told the media that key findings in the investigation revealed that there were several medium vulnerabilities identified. 

“As technology evolves rapidly, it is crucial for any organisation to stay abreast of advancements, continuously monitor risks, and adapt to ensure not only compliance but also excellence in using technology to drive and implement new solutions. 

“We strive to balance the need for security with the equally important need for client accessibility, ease of use, and service excellence,” she said.

The Minister acknowledged that technological advancements brought risks such as cyber threats and vulnerabilities. The SRD program, like many others in South Africa's retail and banking sectors, has faced challenges like identity theft. 

Since 2023, Tolashe noted that SASSA has intensified its efforts against fraud, working closely with law enforcement agencies. 

“We have introduced facial biometrics through our electronic Know Your Client program and strengthened relationships with other government entities and the banking industry. 

“Our 'Know Your Grant Status' programme helps individuals determine if identity theft has occurred in the SRD environment. Our staff is committed and currently performing outreach programmes over weekends to assist our clients in addressing and swiftly resolving these issues,” she said.

The Minister acknowledged the audit report and the work done to assist department in its oversight role and SASSA in strengthening its systems. 

She emphasised that SASSA management was currently reviewing the report, which aligns with the findings of the penetration tests and vulnerability scans. 

“We will meet with the auditors to discuss the report and provide a comprehensive response. SASSA will continue to support the auditors in completing their work,” she said. 

The Minister highlighted that the COVID-19 pandemic presented unprecedented challenges, particularly for SASSA who had to implement the SRD grant. 

“We had to adopt a unique approach since potential applicants were not part of any existing government grant support programs, and COVID-19 regulations restricted physical interactions. 

“Despite these hurdles, we successfully implemented an online program and disbursed the first grant on 15 May 2020, reaching 6 million new clients in record time,” Tolashe said. – SAnews.gov.za

 

DikelediM
Wed, 11/27/2024 - 16:26

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Government simplifies the process to apply for spaza shop permits

Location: News

Government simplifies the process to apply for spaza shop permits

Government has introduced a new standard draft by-law for township economies, which offers a simplified permitting and registration process.

The move is aimed at creating an enabling environment for small businesses in townships; supports economic inclusion, job creation and community empowerment.

The by-law was issued in accordance with the Local Government: Municipal Systems Act of 2000 by Minister of Cooperative Governance and Traditional Affairs (COGTA), Velenkosini Hlabisa, on 7 November 2024. 

“We are excited about this by-law as it is more than just a regulatory tool. It reflects our vision for township economies as key contributors to South Africa’s growth. 

“Through inclusive, streamlined, and supportive governance, this initiative lays a foundation for sustainable economic activity in historically underserved areas, empowering individuals to participate meaningfully in the economy,” the Minister said earlier this month.

The new by-law is a statement of the department’s commitment to transforming townships into vibrant economic hubs that provide sustainable opportunities for residents. 

“This regulation is designed to harmonise township business ecosystems by providing standardised norms and facilitating easier entry and operation for both formal and informal businesses. 

“It supports businesses with tailored resources, including permit registration processes and designated trading spaces, ensuring streamlined operations within municipal jurisdictions,” the department said.

Key features of the by-law include:

  • Enhanced freedom for business activities. Any individual with a business license may now conduct business within designated areas, subject to local quotas that ensure equitable opportunities for South African citizens and residents. This regulation aligns with the Constitutional right to freedom of trade, supporting entrepreneurial efforts that contribute to township vitality.
  • Designated business zones. Municipalities are empowered to establish business zones, creating spaces specifically tailored to retail, industrial, and mixed-use enterprises. This targeted approach ensures an efficient use of space, aligning township development with broader spatial planning goals to attract investment and infrastructure improvements.
  • Business support and capacity building. To further support township businesses, municipalities will facilitate workshops, training, and access to essential resources such as infrastructure and markets. This proactive approach helps small business owners improve operational capacity, while also promoting compliance with relevant laws and standards.
  • Simplified permitting and registration. The new standard draft by-law introduces an efficient permit and registration system that provides clear guidelines for businesses, including both physical and online access to application forms. Municipal officials will assist applicants in the process, ensuring timely approvals and smooth operations for new and existing businesses.
  • Safety and compliance assurance. The by-law mandates that all business activities align with public health and safety regulations. Regular inspections and public awareness campaigns will ensure that township businesses uphold the highest standards, protecting both entrepreneurs and the communities they serve.
  • Inclusive growth strategy. Recognising the economic significance of townships, the by-law places a strong emphasis on skills development, mentorship, and market access initiatives to support businesses and help them thrive within local and broader markets.

CoGTA said it remained dedicated to engaging communities and stakeholders in the implementation of the by-law, ensuring that its benefits reach every corner of South Africa’s townships.

To read the full gazette go to https://www.cogta.gov.za/index.php/docs/local-government-municipal-systems-act-2000/. - SAnews.gov.za

nosihle
Wed, 11/20/2024 - 14:25

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Read moreGovernment simplifies the process to apply for spaza shop permits

Hlabisa gazettes standard draft by-law to empower township economies

Location: News

Hlabisa gazettes standard draft by-law to empower township economies

The Minister of Cooperative Governance and Traditional Affairs (CoGTA), Velenkosini Hlabisa, has introduced a new Standard Draft By-Law for Township Economies.

This by-law, issued in accordance with the Local Government: Municipal Systems Act of 2000, aims to create an enabling environment for small businesses in townships, supporting economic inclusion, job creation and community empowerment.

“The new by-law is a bold statement of CoGTA’s commitment to transforming townships into vibrant economic hubs that provide sustainable opportunities for residents. 

“This regulation is designed to harmonise township business ecosystems by providing standardised norms and facilitating easier entry and operation for formal and informal businesses,” the department explained. 

The department said the regulation also supports businesses with tailored resources, including permit registration processes and designated trading spaces, ensuring streamlined operations within municipal jurisdictions. 

The key features of the by-law include enhanced freedom for business activities, which means any individual with a business license may now conduct business within designated areas, subject to local quotas that ensure equitable opportunities for South African citizens and residents. 

“This regulation aligns with the constitutional right to freedom of trade, supporting entrepreneurial efforts that contribute to township vitality.” 

The by-law also touches on designated business zones where municipalities are empowered to establish business zones, creating spaces specifically tailored to retail, industrial, and mixed-use enterprises. 

It also speaks of business support and capacity building and simplified permitting and registration.

“The new standard draft by-law introduces an efficient permit and registration system that provides clear guidelines for businesses, including both physical and online access to application forms. 

“Municipal officials will assist applicants in the process, ensuring timely approvals and smooth operations for new and existing businesses.” 

According to the department, the new Standard Draft By-Law for Township Economies will also cover safety and compliance assurance and inclusive growth strategy. 

“The by-law mandates that all business activities align with public health and safety regulations. Regular inspections and public awareness campaigns will ensure that township businesses uphold the highest standards, protecting both entrepreneurs and the communities they serve.”

Hlabisa said the by-law was more than just a regulatory tool. 

“It reflects our vision for township economies as key contributors to South Africa’s growth. Through inclusive, streamlined, and supportive governance, this initiative lays a foundation for sustainable economic activity in historically underserved areas, empowering individuals to participate meaningfully in the economy,” the Minister added. 

CoGTA said it remained dedicated to engaging communities and stakeholders in the implementation of this by-law, ensuring that its benefits reach every corner of South Africa’s townships.

The full gazette can be accessed at https://www.cogta.gov.za/index.php/docs/local-government-municipal-systems-act-2000/. – SAnews.gov.za
 

Gabisile
Mon, 11/11/2024 - 11:52

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Diesel, petrol price to increase in November

Location: News

Diesel, petrol price to increase in November

Prices of all grades of fuel as well as that of petrol and gas are expected to rise this coming Wednesday.

This as announced by the Department of Mineral and Petroleum Resources (DMPR) on Monday.

The increases are as follows:

•    Petrol 93 (ULP & LRP): 25c increase
•    Petrol 95 (ULP & LRP): 25c increase
•    Diesel (0.05% sulphur): 21c increase
•    Diesel (0.005% sulphur): 20c increase
•    Illuminating Paraffin (wholesale): 21c increase
•    Single Maximum National Retail Price for illuminating paraffin: 28c increase
•    Maximum LPGas Retail Price: 36c increase

A litre of 95 petrol, which currently costs R21,05 in Gauteng, will now cost R21,30 a litre as of Wednesday.

In the coast, a litre of 95 petrol, which costs R20,26 in October, will now cost R20,51 a litre in November.

The department explained the international and local factors leading to the price adjustments for November.

“The average Brent Crude oil price increased from 72.82 US Dollars (USD) to USD 75.07 per barrel, during the period under review. The main contributing factor is the continued conflict in the Middle East and the stand-off between Iran and Israel.

“The average international petroleum product prices increased on average, in line with the higher oil prices, during the period under review. This led to higher contributions to the Basic Fuel Prices of petrol by 33.56 cents a litre and 21.55 cents a litre, diesel by 30.33 cents a litre and 28.58 cents a litre and illuminating paraffin by 29.79 cents a litre respectively.

“The Rand slightly appreciated on average, against the US Dollar (from 17.68 to 17.53 Rand per USD) during the period under review. This led to lower contributions to the Basic Fuel Prices of all products by over 8.00 cents per litre,” the department said. –
 SAnews.gov.za

 

NeoB
Mon, 11/04/2024 - 11:58

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Forum on Impactful Investment for Inclusive Growth in South Africa

Location: News

Invest Africa
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Invest Africa (www.InvestAfrica.com), in partnership with British International Investment (BII), the UK's development finance institution and impact investor, is excited to announce the upcoming forum, Impactful Investing for Inclusive Growth, taking place on 23 October 2024 in Johannesburg. This half-day event will focus on driving inclusive development in South Africa, addressing the critical challenges of digital, financial, and spatial inclusion. 

Bringing together key stakeholders, the forum will feature prominent speakers including Andile Ngcaba, Founder and Chairman of Convergence Partners, Hardy Pemhiwa, Group President and CEO of Cassava Technologies, and Carel Kleynhans, CEO of Divercity Urban Property Group. These thought leaders will share insights into how strategic investments can unlock untapped potential within South Africa's economy. 

BII, a pioneer in impact investing, has been a long-term partner to South Africa, with its first investment dating back to 1995. As the economic landscape evolves, BII remains committed to promoting sustainable development through impactful and inclusive investment. The forum will spotlight key areas such as digital infrastructure and affordable housing, while exploring how innovative financial solutions can drive inclusive growth and help South Africa meet its sustainable development goals. 

Chantelé Carrington, Chief Executive Officer of Invest Africa, commented: "Our partnership with British International Investment is a significant step in driving inclusive growth in South Africa. Together, we aim to empower communities, bridge gaps in access, and drive sustainable development across the country. We look forward to working collaboratively with BII to bring transformative investment to the region at the Impactful Investing for Inclusive Growth event." 

Chris Chijiutomi, Managing Director and Head of Africa, British International Investment, added:  

"We are committed to investing our capital to support inclusive and sustainable economic growth, particularly when it comes to offering vital climate finance. I am delighted to join forces with Invest Africa to bring together businesses and investors to unlock South Africa's economic potential. This will be the first in a series of forums that we will be convening to bring together entrepreneurs and industry leaders to support the government's agenda to bring about sustainable economic growth and increase innovation.” 

The forum will host two key sessions:  

  • Session 1: Digital and financial Inclusion (08:15 – 09:15) – Exploring the challenges and opportunities for expanding Africa's digital infrastructure, with a focus on how development finance can support affordable, wide-reaching connectivity across the continent. The panel will also explore innovative solutions to enhance financial inclusion and poverty reduction in underserved communities. 
  • Session 2: Spatial Inclusion (09:30 – 10:30) – Addressing the critical need for investment in affordable housing and township retail. 

The event will gather business leaders, investors, and policymakers for insightful discussions on how impactful investments can drive sustainable and inclusive growth in South Africa.  

For registration or inquiries, please contact George Meadows, Marketing and Events at Invest Africa, at george.meadows@investafrica.com. 

Distributed by APO Group on behalf of Invest Africa.

For media inquiries, please contact:  
George Meadows  
Marketing and Events, Invest Africa  
T: +44 20 3730 5035  
E: george.meadows@investafrica.com 

About Invest Africa:
Invest Africa is a leading pan-African business platform that promotes trade and investment across the continent. With over 60 years of experience, our network includes more than 400 multinational corporations, private investors, fund managers, family offices, policymakers, and entrepreneurs, all committed to building opportunity across Africa. We facilitate business and investment through events, conferences, bespoke missions, and consultancy. For more information, visit: www.InvestAfrica.com  

About British International Investment (BII):
British International Investment is the UK's development finance institution and impact investor. As a trusted investment partner to businesses in Africa, Asia and the Caribbean, BII invests to create productive, sustainable and inclusive economies in our markets. Between 2022-2026, at least 30 per cent of BII's total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge (https://apo-opa.co/409BUbF) which has raised over $33.6 billion to empower women's economic development. The company has investments in over 1,580 businesses across 65 countries and total net assets of £8.5 billion. For more information, visit: www.BII.co.uk | watch here (https://apo-opa.co/48k4sl6). Follow British International Investment on LinkedIn (https://apo-opa.co/4hdcnVa) and X (https://apo-opa.co/3UfiWgb). 

Read moreForum on Impactful Investment for Inclusive Growth in South Africa

Milken-Motsepe Prize in Fintech Announces 10 Semifinalists

Location: Business

The Milken-Motsepe Innovation Prize Program
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The Milken Institute and the Motsepe Foundation announced the 10 teams advancing to the Semifinalist Round of the Milken-Motsepe Prize in FinTech (https://apo-opa.co/3Y0GSEY), with each team receiving $100,000 in funding.

Responding to a global call for applications, this prize supports innovative solutions to expand access to tools necessary for financial inclusion across emerging and frontier markets.

The Semifinalists will participate in an Innovation Showcase at the Milken Institute's Middle East and Africa Summit December 5-6, 2024, in Abu Dhabi, UAE. During this event, the 10 teams will pitch their innovations to a panel of expert judges and investors, and three teams will be selected to move on to the final round of the prize. The judges will evaluate the pitches based on the teams' ability to deliver solutions that improve financial inclusion for under-resourced groups in emerging and frontier markets.

The prize will ultimately award $2 million in total prizes, including a $1 million Grand Prize. Following the December showcase, the Grand Prize will be awarded at the Milken Institute's Global Conference in Los Angeles, in May.

“By supporting these pioneering teams, we aim to foster financial inclusion and empower entrepreneurs who drive economic growth and opportunities in their communities,” said Emily Musil, senior director, Milken Institute. “Our prizes help identify, support, and celebrate talent to ignite the entrepreneurial spirit and empower visionaries to turn their ideas for a better future into reality.”

These teams operate in nearly 30 countries across three continents, and their innovations hold the potential for significant breakthroughs in financial inclusion for underserved communities on a global scale. Over the next four months, the Semifinalist teams will test and scale their solutions, which will be evaluated for impact, scalability, and sustainability.

The 10 Semifinalists:

AZA Finance (https://AZAFinance.com), Kenya

Team lead: Caroline Shiku Njathi

AZA Finance is a B2B FinTech company offering businesses low-cost, efficient, and secure financial services, including payments, currency exchange, and treasury, across all major currencies.

Chapa (https://Chapa.co), Ethiopia

Team lead: Nael Teklehaimanot

Chapa is an online payment gateway company with a developer-friendly API that simplifies integrating payment processing into websites and applications for Ethiopian businesses.

Chumz (https://Chumz.io) Kenya

Team lead: Sam Njuguna

Chumz is a gamified savings product that leverages behavioral psychology to help individuals save at low cost.

Farmpawa (www.Farmpawa.com), Uganda

Team lead: Moses Eteku

Farmpawa is a crowd farming platform that connects investors with real farming assets, empowering farmers and driving sustainable agricultural growth.

Flow Global (www.FlowGlobal.net), United Kingdom

Team lead: Michael Rothe

Flow Global is a liquidity engine that helps retail merchants grow in the digital economy by addressing all of their working capital needs.

Paycloud by Lipa Later (https://LipaLater.com/), Kenya

Team lead: Eric Muli

Paycloud is a digital banking platform that addresses late payments in Africa by offering seamless payment processing, payment splitting, automated invoicing, and financial tools.

Nyla Bank (www.NylaBank.com), Ghana

Team lead: Mubarak Sumaila

Nyla Bank is building Africa's first digital Islamic bank with a goal of empowering 1 billion people with innovative, Shariah-compliant products and services that align with ethical principles.

Oze (https://GetOze.com), Ghana

Team lead: Meghan McCormick

Oze is a digital lending platform that bridges Africa's credit gap by providing banks with a small and medium-sized enterprise- (SME) focused app that digitizes financial data, enabling risk assessment and lending to small businesses.

Trade Lenda (https://TradeLenda.com), Nigeria

Team lead: Adeshina Adewumi

Trade Lenda is a banking platform tailored to SMEs, where loans can be accessed within one to six hours, and micro-savings can be achieved for business goals.

Verto (www.VertoFX.com), United Kingdom

Team lead: Rachel Coombs

Verto is a business-to-business cross-border payments platform for businesses in emerging markets, powered by a unified network that eliminates intermediary fees, handles 49 currencies, and settles transactions faster.

Learn more about the Milken-Motsepe Prize by navigating to https://MilkenMotsepePrize.org/. Contact Mala Persaud at mpersaud@milkeninstitute.org for more information.

https://apo-opa.co/3Y0GSEY

Distributed by APO Group on behalf of The Milken-Motsepe Innovation Prize Program.

Notes to Editors:
For further information or to request interviews with the semi-finalists, please send requests or queries to the media contact below.

Media Contact:
Ima Peter 
+27 11 268 6388
ima.peter@razorpr.co.za

About the Milken Institute:
The Milken Institute is a nonprofit, nonpartisan think tank focused on accelerating measurable progress on the path to a meaningful life. With a focus on financial, physical, mental, and environmental health, we bring together the best ideas and innovative resourcing to develop blueprints for tackling some of our most critical global issues through the lens of what's pressing now and what's coming next. For more information visit https://MilkenInstitute.org.

About the Motsepe Foundation:
The Motsepe Foundation was founded in 1999 by Dr. Patrice Motsepe and his wife, Dr. Precious Moloi-Motsepe. The goal of the Motsepe Foundation is to contribute towards eradicating poverty and to sustainably improve the living conditions and standards of living of poor, unemployed, and marginalized people in South Africa, Africa, and the world. In January 2013, Dr. Patrice Motsepe and Dr. Precious Moloi-Motsepe joined the Giving Pledge, which was started by Warren Buffet and Bill and Melinda Gates. Dr. Patrice Motsepe and his wife committed to give half of their wealth to the poor and for philanthropic purposes during their lifetime and beyond.

Read moreMilken-Motsepe Prize in Fintech Announces 10 Semifinalists

Massive budget increase for TERS

Location: News

Massive budget increase for TERS

In a bid to cushion companies in distress and prevent job losses, the Department of Employment and Labour has significantly increased its Temporary Employer-Employee Relief Scheme (TERS) budget from R400 million to R2.4 billion for the current financial year.

In a statement issued on Sunday, the department said this significant boost aims to assist companies in distress and prevent employee layoffs amid unstable economic conditions, as revealed by Employment and Labour Minister Nomakhosazana Meth.

TERS is an intervention by the department that provides financial assistance to companies in distress for up to 12 months. The scheme enables employers to retain employees by covering their salaries while the company focuses on implementing a turnaround strategy to remain operational. 

During this period, employers are only required to cover employee social costs such as provident fund and medical aid contributions. 

Productivity SA, an entity under the department, offers turnaround strategy solutions to companies in distress. 

Minister Meth urged companies experiencing financial challenges to participate in the scheme as soon as they notice signs of distress.

"The nature and degree of distress will be objectively measured through indicators including but not limited to a decline in revenue. The application process for TERS begins at the Commission for Conciliation, Mediation and Arbitration (CCMA) and is entirely free of charge. There are no application, initiation, or administration fees required," said Meth. 

A single adjudication committee administered by the CCMA evaluates all TERS applications for eligibility using a combination of indicators.

Rationale for the budget increase

The expanded budget comes in response to the country’s ongoing economic challenges, which have resulted in significant job losses across various sectors. 

Recent reports from the CCMA reveal that while 14 887 jobs were saved through interventions during the 2023/2024 financial year, over 22 500 employees were still retrenched. 

The number of job losses, particularly in key industries, necessitated an adjustment in the budget to enhance TERS.

“The increase in the TERS budget is a proactive response to volatile economic trends that threaten the livelihoods of impoverished workers and the sustainability of businesses. Our goal is to preserve jobs and support companies facing financial difficulties.

“Furthermore, the increase in the scheme's capacity, aims to reduce the risk of further retrenchments and support economic stability,” Meth said. 

The highest number of job losses were recorded in the following sectors:
• Mining: 5 153 job losses.
• Manufacturing: 2 125 job losses.
• Telecommunications: 1 680 job losses.

Since its inception, TERS has been instrumental in supporting a wide range of industries severely impacted by economic challenges. 

The following sectors have notably benefited from the scheme: 
• Hospitality and tourism: hotels, restaurants, and travel agencies affected by decreased tourism.
• Manufacturing: factories experiencing reduced demand and supply chain disruptions.
• Retail: non-essential retail businesses facing reduced consumer spending.
• Transportation: bus services, and logistics companies dealing with decreased operations.

TERS has facilitated the retention of hundreds of thousands of jobs by providing salary support to employees who might otherwise have been laid off. It continues to play a significant role in stabilising the economy during turbulent times, ensuring a quicker path to recovery by alleviating the financial burden on companies.

Application requirements

Employers seeking to participate in the TERS scheme will be required to provide documentary evidence for evaluation:
• Audited Annual Financial Statements for the past two financial years.
• Independently Reviewed Annual Financial Statements for companies not legally required to be audited, covering the past two financial years. 
• Independently Reviewed Management Accounts with comparative figures if the latest financial statements are older than three months.
• Termination of Contract and Bank Statement for individual applicants.
• Business Case outlining the triggers for distress and proposed remedial actions.

With the expanded budget, the department said it hopes that more businesses will participate in the scheme, preventing further job losses and helping to build resilience within South Africa's economic landscape. - SAnews.gov.za

 

DikelediM
Mon, 10/07/2024 - 11:01

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Petrol, diesel prices to decrease from Wednesday

Location: News

Petrol, diesel prices to decrease from Wednesday

There will be further relief at the pumps starting from Wednesday, 2 October, when the prices of all grades of petrol and diesel are set to decrease.

Illuminating paraffin is also expected to decrease, with the only price rise coming in the cost of LP Gas.

The fuel price adjustments were announced by the Department of Mineral and Petroleum Resources on Monday.

The price adjustments for fuel, paraffin and gas are as follows:

  • Petrol 93 (ULP & LRP): R1,06 decrease.

  • Petrol 95 (ULP & LRP): R1,14 decrease.

  • Diesel (0.05% sulphur): R1,14 decrease.

  • Diesel (0.005% sulphur): R1,12 decrease.

  • Illuminating Paraffin (wholesale): R1,11 decrease.

  • Single Maximum National Retail Price for illuminating paraffin: R1,48 decrease.

  • Maximum LPGas Retail Price: 23c increase

A litre of 95 petrol, which currently costs R22,19 in Gauteng, will now cost R21,05 a litre as of Wednesday.

On the coast, a litre of 95 petrol, which costs R21,40 in September, will now cost R20,26 a litre in October.

The department explained the international and local factors leading to the price adjustments for October.

“The average Brent Crude oil price decreased from 78.54 US Dollars (USD) to 72.82 USD per barrel, during the period under review. The main contributing factor is the increased production from major oil-producing countries, despite lower demand concerns.

“The average international petroleum product prices decreased on average, in line with the lower oil prices, during the period under review. This led to lower contributions to the Basic Fuel Prices of petrol by 91.74 c/l and 85.04 c/l, diesel by 91.37 c/l and 88.72 c/l and illuminating paraffin by 87.64 c/l, respectively.

“The Rand appreciated on average, against the US Dollar (from 18.05 to 17.68 Rand per USD) during the period under review. This led to lower contributions to the Basic Fuel Prices of all products by over 21.00 cents per litre,” the department said. – SAnews.gov.za

NeoB
Mon, 09/30/2024 - 10:46

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Read morePetrol, diesel prices to decrease from Wednesday

IAB South Africa’s Online Advertising Revenue Report Shows Growth in Business-Oriented Trends

Location: MyPR

Digital advertising in South Africa is on the rise, driven by business-oriented trends, says this year’s IAB South Africa Internet Advertising Revenue Report, also known as the Online AdSpend Report. The annual report, conducted in partnership with PwC, seeks to accurately measure the total revenue generated by domestic online media, including mobile advertising. Paula Hulley, …

Read moreIAB South Africa’s Online Advertising Revenue Report Shows Growth in Business-Oriented Trends