Star 2025-01-09

Gemfields is scrambling for a way out of a 15% tax on exports of emeralds from Zambia, saying the levy should be suspended or removed as it was introduced without consultation and deters investment. Last month, Zambia gazetted Statutory Instrument 88 of 2024 which revoked the 2019 suspension of the 15% export tax on precious gemstones. Gemfields has now said that it will engage the Zambian government and canvass for the suspension of the export tax. “The company will engage with the Zambian Government to seek the re-introduction of the suspension of this export duty or to remove it from the legislation given the impact on sector sustainability and investment attractiveness,” said Gemfields yesterday. It explained that the 15% export tax on precious gemstones directly impacted the Zambian emeralds mined…

South Africa’s automotive industry is poised for a potential rebound in the new vehicle market in 2025, driven by stabilising inflation, anticipated interest rate reductions, and relieving energy constraints. This optimism comes on the heels of a challenging 2024, which saw total aggregate new vehicle sales decline by 3% to 515 712 units, marking the lowest annual figure since the impact of the COVID-19 pandemic. The latest figures released by the Automotive Business Council (Naamsa) yesterday revealed a stark contrast between 2023 and 2024, where the vehicle sales dropped from 531 775 units to 515 712 units. However, the latter part of 2024 showed glimmers of recovery, with December marking the third consecutive month of year-on-year sales increase. The industry recorded an uptick of 2.5% in new vehicle sales for…

More than 60% of South African companies see skills gaps as a key barrier to business transformation by 2030, according to the World Economic Forum’s (WEF’s) Future of Jobs Report 2025, released yesterday. The report, which has been published twice a year for the past decade, provides insights into the emerging jobs landscape for the 2025-2030 period. It was compiled based on the perspectives of more than 1 000 employers, which represent more than 14 million workers across 22 industry clusters and 55 economies. The WEF jobs report comes at a time when youth employment is a serious issue, with 34.2% of South Africa’s young people between the ages of 18 and 34 not being in employment, education or training as of the third quarter of last year. This compares…

TPT says shortage of equipment, and weather hampered recovery operations at the terminal Transnet Port Terminals (TPT) has said that it was confident that the on-take and assembly of new straddle carriers was on schedule after the December delivery at the Durban Container Terminal (DCT) Pier 2 and would be fully operational in mid-January. Last month, the DCT Pier 2 received the first four of 20 diesel-electric straddle carriers for assembly and commissioning on-site. The straddle carriers were handed over to operations to start their endurance testing and are expected to be fully operational in mid-January. TPT yesterday said the terminal was renewing its fleet as part of its recovery plan, having invested in haulers and reach stackers valued at over R440 million earlier last year, and all 20 straddle…

Modernising power networks through digitisation and innovative technologies, such as Artificial Intelligence (AI) and machine learning (ML), is essential for utilities and municipalities to improve efficiency and manage the growing complexities of energy distribution. A key element of this transformation is using advanced software, which serves as the backbone for integrating AI and ML into utility operations. However, the financial investment required for such a shift often poses a challenge. By shifting from Capital Expenditure (CAPEX) models to Operational Expenditure (OPEX) frameworks, utilities can distribute costs over time through subscription-based payments for software, reducing the necessity for large upfront investments. This transition facilitates the gradual integration of advanced technologies into their operations, enhancing grid efficiency and reliability. Large electrical utilities typically invest in enterprise-level software like Supervisory Control and Data…

Naspers and Prosus have bright operational and commercial prospects despite shaving off as much as R300 billion in value on the JSE on Tuesday after Tencent was placed on the United States list of companies allegedly aiding the Chinese military. In afternoon trade on the JSE yesterday, Prosus and Naspers appeared to narrow down the previous day’s big losses. This comes after the two companies’ stocks plunged by more than 8% on the JSE on Tuesday. Analysts, however, said yesterday that Prosus and Naspers’ prospects were brighter despite the share losses on the JSE after announcement of Tencent being placed on the US Department of Defence blacklist. Naspers and Prosus hold about 24% of Tencent although they do not have management control of the Chinese fintech, gaming and media giant.…