By Llewellyn Leonard* The sale of the South African Petroleum Refinery (Sapref), jointly owned by multinational energy companies BP and Shell, to the state-owned Central Energy Fund for R1 (five US cents) raises questions about whether the company is evading its social and environmental liabilities. The Sapref refinery was commissioned (began operating) in 1964 in the port city of Durban. It contributed 35% of South Africa’s refinery capacity and refined 180,000 barrels of imported crude oil per day. It
South African retailer Woolworths has weathered a tumultuous year, with annual earnings expected to plummet by more than 20% following the sale of its David Jones business and widespread consumer belt-tightening. Amidst challenging trading conditions exacerbated by high interest rates and living costs, Woolworths faces tough times in its apparel sector, while its food business shines with robust trade and market share gains. The company’s struggles highlight the stark realities of a retail landscape grappling
The Ackerman family is stepping aside as the majority shareholder of Pick n Pay Stores Ltd. amid a revamp of South Africa’s third-largest grocer by revenue. The move comes as Gareth Ackerman also said he will retire as the chairman of the board of directors as the company focuses on a new six-point strategy to restore the core Pick n Pay supermarket business to profitability. The family’s investment-holding company has given “firm written confirmation to
In the throes of a pivotal election, South Africa’s financial landscape braces for a seismic shift. Anticipation swirls as the African National Congress steers towards victory, deflecting left-leaning pressures for market-friendly policies. April saw an unprecedented surge in bond investments, with stocks reaching a 15-month pinnacle. As bullish optimism mounts, echoes of past revivals resonate, hinting at a potential explosive rally. Yet, lingering scepticism looms, demanding concrete proof of a steadfast economic metamorphosis. By Colleen Goko,
Amidst pressure from shareholders, Anglo American Plc races to unveil its turnaround plan in the face of a tempting takeover bid from BHP Group Ltd. With a portfolio review underway since mid-2023, the 107-year-old miner aims to outshine competitors. Urged to expedite their strategy, Anglo teeters on revealing its hand at a crucial mining conference, while juggling activist investors and BHP’s looming return. The stage is set for a high-stakes mining industry showdown. By Thomas Biesheuvel