Felix Dlangamandla, Netwerk24
The optics around an investment destination’s institutions can’t rely on politicians who polarise society along race-based policy extremes at the cost of inclusive economic growth, writes
Siya Khumalo.
After Jacob Zuma defied both Justice Raymond Zondo and the Constitutional Court about appearing at the judicial commission of inquiry into allegations of state capture, Business Unity South Africa (BUSA) entered the fray by publicly warning President Cyril Ramaphosa that investors would see this affront to the rule of law as a threat to their interests in the country. This would be troublesome for our economy.
This was one of the few times that relatively centrist business entities saw it necessary to enter what could be considered a political battle or at least, a matter that should be resolved by impartial institutions and law-enforcement agencies. The other time that sticks out in recent memory was when the CEO Initiative of 81 business lea
R1.2bn funding for tourism sector put on hold amid threat of court action
By Zainul Dawood
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Durban - THE R1.2 billion Tourism Equity Fund (TEF) has been suspended after two organisations threatened to take legal action against the criteria that will be used to award funding to applicants.
The Covid-19 pandemic brought the tourism sector to a grinding halt.
The fund, established by the Department of Tourism in partnership with the Small Enterprise Finance Agency, is a mechanism to provide a combination of debt finance and grant funding to facilitate equity acquisition as well as new project development in the tourism sector by black entrepreneurs.
Italtile shares take a leap on favourable trading update
By Sandile Mchunu
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Italtileâs share price gained almost 4 percent on the JSE after the group revised its earnings up for the six months to end December.
The manufacturer, franchisor and retailer of tiles, bathroom-ware and other related home-finishing products said in its second trading update that it expected its headline earnings per share (Heps) to increase by between 33 and 43 percent, to be between 73.5 cents a share and 79.1c compared to 55.3c reported last year.
The groupâs retail sales include those reported by brands such as CTM, Italtile Retail, TopT and U-Light and are represented through a network of 198 stores, including six webstores.
MC Mining Limited ( MC Mining or the Company ) which operates in South Africa, together with its subsidiaries, hereby provides its update for the three months ended 31 December 2020, the second quarter (the Quarter ) of the Company s 2021 financial year. All figures are denominated in United States dollars unless otherwise stated. Safety metrics are compared to the preceding quarter while financial and operational metrics are measured against the comparable period in the previous financial year . A copy of this report is available on the Company s website, www.mcmining.co.za . Salient operational and corporate features · The focus on health and safety continued at the high-grade Uitkomst metallurgical and thermal coal mine ( Uitkomst Colliery or Uitkomst ), with one lost-time injury ( LTI ) recorded during the Quarter (FY2021 Q1: three LTIs);
‘We do not have the money, that’s the simple truth that has to be put out there, we are constrained from a financing point of view.’ So said President Ramaphosa in a recent interview with eNCA, answering questions about relief to firms in distress as a result of the Covid-19 pandemic and the lockdown response to it. It was hardly a revelation, coming on top of the nightmare that was 2020, yet for the president to utter these words has a particular symbolism. ‘We do not have the money.’