BizNews Radio

News headlines:

*Health minister Joe Phaahla says that South Africans could enjoy a lockdown-free Christmas – but only if they “stay put” and observe all Covid-19 protocols.

*Liquor traders and alcohol companies say they have increasingly become a big target for criminals.

*The SIU is investigating a company that was given an open-ended contract to renovate a clinic to prepare it for Covid patients.

*The National Accommodation Association of South Africa said about 90% of small lodges and guest houses might soon have to shut their doors due to the number of booking cancellations.

In Bloubergstrand in the Western Cape, there is a well-known face that has been selling ice cream to the local community since the 1970s. He is 71-year-old George Phontshe Peni from Khayelitsha and many people in the area have a story about the kind heart of ‘Uncle George’ as he is known by locals. A resident, Michelle Nel, decided to raise money for his pension through the BackaBuddy platform. Nel told BizNews she was amazed at the response to the campaign.

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The CEO of leading South African private hospitals group Netcare says the 10 000 bed establishment has had just 22 Covid-19 mortalities in the past month compared with up to 50 per day during previous waves of infection. He says early indications are the virus is mutating just like the Spanish Flu did with successive waves becoming increasingly milder until the virus posed little risk to human beings.

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NEASA’s chief executive Gerhard Papenfus joined BizNews founder Alec Hogg to discuss a hot topic: mandatory vaccines. Expropriation without compensation and a number of other concerns facing South African business are things NEASA has taken head on, Papenfus says the issue of mandatory vaccines is probably one of the toughest battles he’s been involved with. “Our debate is freedom of choice. I think we have the overwhelming support of businesses. We’ve had two resignations, out of thousands of members.” Papenfus also discusses what would possibly prompt a large company to enforce mandatory vaccines. “There’s no room for a blanket approach in this.”

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In a recent interview, former Financial Mail deputy editor David Williams told Alec Hogg about the poor state of the South African railways are currently in. Williams revealed the lack of security, clashes between Transnet and PRASA, as well as the poor governance that led to the rapid demise of our railway system. “This company is a wreck. If it was a private sector company, it would be beyond business rescue. It would just simply not be functioning,” he lamented. Former Transnet executive Tau Morwe reiterates Williams’ grievances, telling broadcaster Tim Modise of the crime and vandalism that goes unpunished. The former acting chief executive says the government needs to do something, with the reintroduction of the railway police the first priority.

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In this episode of the BizNews Power Hour ex-Transnet Rail CEO Tau Morwe pinpoints the primary reason why his former charge is in such a desperate state; Chris Logan takes a deep dive into fallen angel Tongaat on the day when its financial woes (and share price) plumbed new depths; the final instalment in our series on PowerPulse, the innovative platform which brings Standard Bank-vetted solar power suppliers together with those wanting to offset the risk of Eskom; Alec Hogg unpacks the week's news highlights with NovaFM's Gary Stroebel - and from the FT in London; massive Chinese property developer Evergrande defaults and a revenue bonanza for the Big Four accounting firms.

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News headlines:

*A new study by the University of Cape Town (UCT) has found that while vaccine mandates might assist in improving uptake of the vaccines, only 40% of Africans supported them.

*Scientists and researchers have welcomed SAHPRA’s approval of a Pfizer Covid-19 vaccine booster shot, which will be available for anyone over the age of 18 six months after their second dose.

*South African citizens are still getting the short end of the stick when it comes to value for tax money, with only 19% of the R1.9trn national and provincial government spending getting a clean audit in the 2020/21 financial year.

Tongaat’s results were highly anticipated given it announced a proposed rights issue only weeks ago. Tongaat also issued earnings guidance with suggested large losses owing to operational mishaps that have since been dealt with. Despite this, the share price has lost more ground, down as much as 15% intraday. The size of the rights issue, which is going to be in the region of R4bn, will be around four times the size of the current business. The capital raise will be extremely dilutive and may provide an opportunity for new investors once the dust settles. Opportune Investments founder Chris Logan – one of the few analysts on the JSE who covers Tongaat in any detail following their accounting irregularities – said that results did not paint a pretty picture. The operational issues have supposedly been sorted out and have cost the sugar refiner hundreds of millions in lost sales. Tongaat’s land, valued at billions of rands on its books, cannot entice buyers. It has been a recurring issue over the last few years and puts in question whether the value attributed to the land on Tongaat’s books is an accurate reflection of the market value.

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Recently, Sakeliga’s Piet le Roux and Russell Lamberti joined Alec Hogg to discuss mandatory vaccines and why the non-profit business group believes it is not the way forward. “We are for the rights of businesses to implement what is appropriate in their circumstances. There is no one-size-fits-all [answer] for everyone.” Both Le Roux and Lamberti joined BizNews Radio for an update, also touching on other topics, such as land expropriation.

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In the final episode of the Standard Bank PowerPulse podcast series, BizNews founder Alec Hogg is joined by Deerosh Maharaj, senior manager for natural resources, power and sustainable solutions on the Standard Bank PowerPulse platform; Paul Vermeulen, chief engineer of renewable energy in the City of Johannesburg; and Hendrik Raedani, chief engineer

of alternative and renewable energy in the City of Ekurhuleni, to unpack solar PV installations for businesses that have become reliant on alternative power to mitigate load shedding. There are inputs into the regulatory and compliance factors that businesses should be aware of before they initiate a solar PV installation, together with the consequences of not following the regulations and procedures.

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