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In the News

In the News (146)

Tuesday, 16 February 2016 10:13

ARM to restructure economic empowerment trust

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JOHANNESBURG (miningweekly.com) – African Rainbow Minerals (ARM) plans to restructure the shareholding of its broad-based economic empowerment (BBEE) trust, as the financial covenants of a loan remain under pressure. ARM was required to increase its guarantees from R700-million to R850-million to support the financial covenants of the 2005 Nedbank loan that allowed the trust to acquire 28.6-million ARM shares from Harmony Gold, which had also provided R150-million in guarantees to the bank. The financial covenants of the Nedbank loan came under pressure owing to the decrease in ARM’s share price on the back of weakened commodity prices and the overall negative sentiment towards the mining sector.

Monday, 15 February 2016 15:17

Beyond B-BBEE compliance – affecting real change

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Transformation is on everyone’s lips in 2016 but, unfortunately, it’s for the wrong reasons. Recent headline-grabbing stories of unprecedented racial tension have revealed a greater need to intensify efforts to achieve real transformation in South Africa.

In business, the Broad Based Black Economic Empowerment (B-BBEE) policy is key in economic and business transformation, but it doesn’t come without its challenges. Stalwart of the South African business solutions industry, Nashua, has made great strides not only towards meeting compliance criteria but also making a concerted effort to achieve true transformation beyond a scorecard.

Nashua’s Chief Human Resources Officer, Lindelwe Kunene says, “We acknowledge the need to constantly help employees accept and embrace change, while staying motivated and engaged in the process. It’s the only way for organisations to succeed and ensure a fair and all-inclusive business environment.”

We are many times faced with the the phenomenon of our White compatriots telling us to "get over it" and expecting us to "move on" from incidents of racial hatred or racial abuse, or indeed that we should not bemoan the effects of the centuries of colonialiasm and racist Apartheid laws abolished a mere two decades ago.
Well... It turns out that there have been studies on how Whites perceive Black Pain, both the physical pains as well as the emotional pains which Blacks endure. The perception that Blacks are able to endure more pain than Whites creates a cycle effect which subjects Blacks to even more pain.

Racial disparities exist, but what causes them can be complicated. Harvard anthropology student Jason Silverstein says it has to do with a lack of empathy. Host Michel Michel Martin talks with Silverstein about a Slate article he wrote titled, 'I Don't Feel Your Pain.'

Wednesday, 10 February 2016 14:21

Amended BBBEE codes: problem or opportunity?

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Having a positive BBBEE scorecard propels your business into new levels of opportunity, says Lenore Kerrigan, Country Sales Director: Africa at Open Text.
Opportunities are usually disguised as hard work, so most people don't recognise them." Ann Landers

While the basic business imperatives of increasing revenue, decreasing costs and improving compliance remain critical for all businesses, from 1 May 2015 the Amended BBBEE codes came into effect bringing with them new regulatory requirements.

Having a positive BBBEE scorecard not only enhances these business imperatives, it propels your business into new levels of opportunity. This means that companies are feverishly working towards achieving their scorecard objectives so their business can gain competitive advantage and reap even greater rewards.

Friday, 05 February 2016 12:02

ANC claims do not gel with policies

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AFRICAN National Congress (ANC) secretary-general Gwede Mantashe says the governing party is concerned about the prospects for recession and further ratings downgrades, and that the government must do everything possible to stage a growth recovery. In practice, quite the opposite is happening — the policies of the government seem almost calculated to engineer a recession.

The Private Security Industry Regulation Amendment Bill requires foreign-owned businesses to transfer 51% of ownership to South Africans, creating uncertainty as to whether the government is intent on large-scale "indigenisation" along the lines of what is happening in Zimbabwe.

The Restitution of Land Rights Amendment Act came into force in July 2014, reopening the land claims window and causing uncertainty about investment in agriculture. The Property Valuation Act was introduced to allow the state to value land and movable assets identified for expropriation at below-market prices.

Thursday, 04 February 2016 13:17

Vusi Thembekwayo says to lead, be disruptive

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“By the time you realise your competitor has moved away from you it’s too late. If you want to be a clear industry leader, you need to be the disruptor.”

Vital stats:
Vusi Thembekwayo is the founder of Motiv8 Merchant Services and a Dragon on South Africa’s Dragon’s Den.

It’s easy to get complacent when you do well and make targets. The problem is that your competitors are trying to figure out how they can outbox you in your own markets. That’s the warning from lead strategist, advisor and investor, Vusi Thembekwayo.

At 25, Thembekwayo served on the Operations board at Metcash Africa, a R17 billion business at the time. He was tasked with launching a new division, which he built to a R461 million turnover business before leaving to launch his own company.

Today, he’s acknowledged as a leader in understanding the challenges of growing market share in a declining economy. His advice is simple: to compete in this disruptive environment, you need to unlearn your own learnings. The single most important tool at your disposal is the ability to understand that what got you here won’t get you there.

Thursday, 28 January 2016 08:14

Mashaba in U-turn on BEE

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Johannesburg - In a U-turn on Monday, the DA’s Joburg mayoral candidate, Herman Mashaba, ditched his controversial remarks on affirmative action and being classified as a black person.

The flip-flopping appeared to feed into the DA’s inconsistency on the critical issues of race, among others, according to an analyst. However, the official opposition was quick to rally behind Mashaba, labelling his latest remarks an “improved articulation of his stance”, and stated matter-of-factly he was not flip-flopping on the issue.

Speaking to The Star on the sidelines of the DA’s site visit to the Randburg labour centre on Monday, Mashaba said Black Economic Empowerment (BEE) enjoyed his support, and his previous remarks that he opposed the policy had been “twisted” to suit a political agenda.

The multimillionaire, who founded hair products company Black Like Me, had reportedly said the BEE policy was being used by government to divide people along racial lines, and that he did not want to be regarded as black but as a South African.

If blacks make up 80% of the South African population, then expectedly, they should be in control of 80% of the economy, land and social culture.

Black people were robbed of their land by colonialism, in the process also losing their heritage and economic prosperity. Twenty years after democracy and reconciliation, Black people in the majority remain poor and marginalized.

The White Supremacist System feeds from disadvantaged Black labour and consumerism, but does not adequately reinvest into Black upliftment and empowerment. This system, tagged to a senseless racism towards Black Africans, What have whites done for this country?

Herman Mashaba, the DA’s newly announced mayoral candidate for the City of Johannesburg, wants all racially based policies, such as broad-based black economic empowerment (BBBEE), scrapped. And if he were to hold the reins of power, he would immediately instruct Parliament to remove all laws that classified anyone a black person.

These plans have cast the spotlight on DA policy, which, until the eve of the 2014 general elections, struggled to reconcile a nonracial philosophy with a commitment to BEE. In a bid to explain its position during the lead-up to the 2014 election, the DA published a document in which it vowed to expand BEE legislation to make it more broad-based and prevent an already enriched elite from benefiting further.

Democratic Alliance (DA) leader Mmusi Maimane says a strong education system and economy is the only solution to the country's high unemployment rate. Maimane was speaking with informal traders at Njoli taxi rank at KwaZakhele in Port Elizabeth as part of the DA's drive to address the growing unemployment in the Nelson Mandela Metro.

He says government should invest in small businesses as they contribute significantly to the economy. Maimane met with informal traders from those selling fast foods to salon owners in one of the busiest taxi ranks in Port Elizabeth.He was accompanied by the DA mayoral candidate in Nelson Mandela Bay, Athol Trollip. Maimane says unemployment is becoming a problem in the country especially amongst the youth. He says small businesses need support as they contribute to the economy.

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