diff --git a/clean/cc/001f82648d9b2dea7e8b533c3d3c29c1.json b/clean/cc/001f82648d9b2dea7e8b533c3d3c29c1.json
new file mode 100644
index 0000000000000000000000000000000000000000..c62777b6d38e50215be92c8e47c9f287243672c1
--- /dev/null
+++ b/clean/cc/001f82648d9b2dea7e8b533c3d3c29c1.json
@@ -0,0 +1 @@
+{"doc_id": "001f82648d9b2dea7e8b533c3d3c29c1", "text": "Motorists can expect fuel prices to fall sharply in July amid rand resilience and a declining oil price.\nThis is according to the Automobile Association (AA), commenting on unaudited mid-month data released by the Central Energy Fund (CEF).\nThe current picture suggests that road users could be looking at a petrol price decline of between 60 and 64 cents a litre at month end, with diesel showing a 60 cents reduction and illuminating paraffin 57 cents, the AA said.\n“The rand remained mostly stable against the US dollar in the first half of June, with strength in the currency contributing three cents a litre to the drop,” the association said.\n“The big move was from oil, which shrugged off OPEC’s production quotas to drop by around eight percent since the start of the month.”\nThe association said the fuel price will come under pressure if the three major ratings agencies downgrade rand-denominated debt to junk status in future reviews of South Africa’s sovereign credit ratings.\n“That could trigger substantial capital outflow, almost certainly leading to Rand weakness which will be heavily negative for the fuel price,” it said.\n“Barring unexpected political or economic shocks in the lead-up to the next ratings reviews, we expect fuel price movements to mainly depend on international petroleum prices,” the AA said.\nHere’s what you can expect to pay in July:", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/179917/big-petrol-price-drop-coming-in-july/"}
\ No newline at end of file
diff --git a/clean/cc/00afc8a05675e579da30cb0a7b64ffa3.json b/clean/cc/00afc8a05675e579da30cb0a7b64ffa3.json
new file mode 100644
index 0000000000000000000000000000000000000000..a9151d526e8881b49b0d01acacf52495eab2ebbe
--- /dev/null
+++ b/clean/cc/00afc8a05675e579da30cb0a7b64ffa3.json
@@ -0,0 +1 @@
+{"doc_id": "00afc8a05675e579da30cb0a7b64ffa3", "text": "President Cyril Ramaphosa has declared 15 December as a national public holiday to celebrate the Springboks’ victory in the 2023 Rugby World Cup – a move that has implications for employers and workers in the country.\nSouth Africa will now have a double public holiday, with the extra day off coming before the 16th of December, which is the Day of Reconciliation.\nThis year, 16 December 2023 falls on a Saturday. Only public holidays that fall on Sunday move over to the following Monday, meaning any employees who work the traditional Monday to Friday work week ‘lose out’ on the public holiday.\nHowever, according to Talita Laubscher, partner, and Sian Gaffney, senior associate at law firm Bowmans, with the addition of the 15th as an extra public holiday, these workers will now benefit from a day off.\nOn top of this, workers who typically work a full week (Monday to Sunday), such as retail or shift workers, stand to benefit from both days, depending on which days they would ordinarily work.\nDespite being a Saturday, 16 December 2023 remains an official public holiday in South Africa. This means that weekend workers are still entitled to the public holiday on 16 December 2023 by law.\n“If they do not work on this day, they are entitled to their normal pay. If they do work on this day, they are entitled to double pay, or they can exchange this day for another day, which would then be treated as a public holiday,” the legal experts said.\nThis applies regardless of whether these employees earn above the earnings threshold – currently about R20,100 per month.\nRegarding Friday, 15 December 2023 – if a Friday is a weekend worker employee’s ‘work day’ in a seven-day week, then that employee will be entitled to both 15 and 16 December as public holidays this year.\nHowever, if weekend workers would ordinarily have been off on this Friday, they would ‘lose out’ on the public holiday declared on this day.\n“Which employees benefit from a public holiday is ultimately determined by the day on which the public holiday falls within a calendar year.\n“If it falls on a day they would ordinarily work, they get the day off at full pay. If they work on that day, they get double pay or can exchange the day for another day,” the experts said.\n“If the public holiday falls on a day that they would not ordinarily work – too bad, unless they work on this day and earn below the threshold, in which event they get paid a premium.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/733075/extra-public-holiday-in-december-a-double-win-for-workers-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/012ca454b508baba7a344f4c682560be.json b/clean/cc/012ca454b508baba7a344f4c682560be.json
new file mode 100644
index 0000000000000000000000000000000000000000..5a77359f1d38b5dbceefb2d6d698d5b2f84341c0
--- /dev/null
+++ b/clean/cc/012ca454b508baba7a344f4c682560be.json
@@ -0,0 +1 @@
+{"doc_id": "012ca454b508baba7a344f4c682560be", "text": "Telecoms group Telkom says it expects a positive turn for its interim period, with an anticipated growth in earnings per share of between 45% and 55%.\nIn a trading update ahead of its results, the group notified shareholders that it expects both earnings and headline earnings to have increased in the six months ending September 2023.\nThis follows a staggering loss of R10 billion posted in its most recent full-year results.\nThe group attributed the increase in earnings to improved performance for the period, with both revenue and EBITDA growth within the guidance provided at the annual financial results presentation for the year ended 31 March 2023.\n“Growth in earnings has also been positively impacted by lower depreciation after asset impairments recognised in FY2023,” it said.\n“This has been partially offset by higher net finance charges in H1 FY2024 as well as the non-recurrence of a R102 million gain on foreign exchange and fair value movements recognised in H1 FY2023.”\nOther factors at play include total depreciation, amortisation and write-offs decreasing by approximately 20% from R3.55 billion in the prior period and net finance charges increasing by approximately 50% from R655 million in the prior period – largely due to lending rate increases as well as a higher net debt balance, Telkom said.\nThe difference between BEPS and HEPS is due to the net impact of impairment of assets and profit/loss on sale of assets.\nThe group noted that it has also restated the headline earnings from the prior period, which were overstated.\n“On 30 September 2022, the group correctly calculated and accounted for tax in the group statement of profit or loss and other comprehensive income. However, the group incorrectly adjusted for the headline earnings, relating to the Profit on disposal and impairment of property, plant and equipment and intangible assets,” it said.\nThis led to a R21 million overstatement of headline earnings and a 4.3c overstatement of HEPS for the period ended 30 September 2022.\nTelkom will report its interim results on or around 21 November 2023.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/731197/telkom-expects-big-jump-in-earnings/"}
\ No newline at end of file
diff --git a/clean/cc/027022a79bf0db0c9fc8ffb02d6b56ce.json b/clean/cc/027022a79bf0db0c9fc8ffb02d6b56ce.json
new file mode 100644
index 0000000000000000000000000000000000000000..049eef4b6a9b6b418cff3d5e3f2f4ca3915d6e20
--- /dev/null
+++ b/clean/cc/027022a79bf0db0c9fc8ffb02d6b56ce.json
@@ -0,0 +1 @@
+{"doc_id": "027022a79bf0db0c9fc8ffb02d6b56ce", "text": "Centum-owned Sidian Bank and Stanbic Bank have advanced loans to more than 500 Uber drivers under their respective partnerships with the taxi-hailing company.\nStanbic confirmed that 350 drivers have acquired their own vehicles over the seven-month period after the lender inked a loan deal to help drivers acquire Suzuki Alto vehicles.\nUber partnered with local Suzuki dealer CMC earlier in the year to import the small, low fuel consumption vehicles for the cheaper Chap Chap service the US-based tech company offers.\nStanbic Bank financed drivers with high ratings to own the vehicles within three years.\nSidian, on the other hand, indicated in a report that it had disbursed 150 loans for the year ended March 2018, an increase from the 138 loans indicated by the Centum subsidiary in September last year through the model that is dependent on driver ratings.\n“Sidian Bank has partnered with Uber in a Sh10 billion Vehicle Solutions Programme that gives entrepreneurs convenient and affordable access to quality vehicles. To date, Sidian Bank has supported over 150 Uber driver-partners to acquire their own vehicles,” said Centum in its recent annual report.\nSidian, however, declined to disclose the number of loans disbursed since March to date citing confidentiality concerns.\nStanbic and Uber originally partnered to advance loans to drivers looking to own taxis through a facility that guarantees full financing.\nThe loan attracts a 14 per cent interest per annum within a period of three years.\nREAD: Uber in Sh10 billion financing deal with Sidian Bank\nSidian’s deal with Uber in June 2016 was aimed at disbursing 200 loans of up to Sh1.5 million at concessional rates to drivers with high performance and customer satisfaction ratings.\nEligible drivers must have completed at least 500 trips with Uber and have an average passenger rating score of at least 4.6 points out of the total of five marks. The car loans are charged an interest rate of 10.5 per cent per annum, which is lower than the capped rate of 14 per cent offered by all commercial banks.\nThe finance sector players have been leveraging on the availability of digital data in the taxi app industry to track viability of drivers with respect to awarding loans.\nAccording to Uber, the firm currently has more than 6,000 active driver-partners in Kenya.\nSidian Bank has been forging partnerships in different sectors to grow its loan book including the healthcare segment.\nThe lender and MedicalCredit Fund entered into a Sh2 billion deal for private healthcare service providers to purchase or maintain medical equipment and expand their facilities.\nTo date, Sidian stated in its annual report that it has partnered with more than 400 medical service providers and disbursed over Sh900 million in medical credit facilities.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/uber-driver-loans-from-sidian-stanbic-hit-500-2217666?ref=mondato-insight"}
\ No newline at end of file
diff --git a/clean/cc/029403b5e9ca5ccbd76eb79429362899.json b/clean/cc/029403b5e9ca5ccbd76eb79429362899.json
new file mode 100644
index 0000000000000000000000000000000000000000..8b1ef793488e865f6435adc65ebaa991bfd2ff9f
--- /dev/null
+++ b/clean/cc/029403b5e9ca5ccbd76eb79429362899.json
@@ -0,0 +1 @@
+{"doc_id": "029403b5e9ca5ccbd76eb79429362899", "text": "Adapt IT Holdings has been acquired by Volaris Group for R7 per Adapt IT share effective 3 January 2022. Volaris is a wholly-owned subsidiary of Constellation Software Inc, a Canadian listed entity.\nAll conditions and regulatory approvals have now been met, including approval from various competition authorities, the Takeover Regulation Panel as well as the JSE. The deal was also conditional on Volaris acquiring more than 50% of Adapt IT shares.\nVolaris has acquired 63.87% of Adapt IT. Pursuant to the implementation of the deal, Adapt IT will delist from the JSE with effect from 4 January 2022.\nHeadquartered in Toronto, Volaris Group is an international provider of vertical market software and services in several industries. Volaris acquires and grows software businesses that develop specialised software solutions.\n“The acquisition is a wonderful South African success story. Adapt IT was founded in 1996, the business was listed in 1998 and successfully grew its customer base to more than 10 000 customers in 55 countries around the world. With this acquisition, Adapt IT will have the opportunity to expand to many more countries and customers around the globe,” said Tiffany Dunsdon, CEO of Adapt IT.\nAdapt IT now represents Volaris’ interests in the African continent, a region in which Volaris sees opportunities for growth, it said. “The acquisition brings direct foreign investment into South Africa with opportunities for additional growth capital being invested into the country as well as the transfer of best practices.”\nVolaris has expressed confidence in the leadership team of Adapt IT with Tiffany Dunsdon as CEO, Nombali Mbambo as chief financial officer and Tony Vicente as chief operating officer.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/cloud-hosting/548508/adapt-it-acquired-by-volaris-delists-from-jse/"}
\ No newline at end of file
diff --git a/clean/cc/02a2112963e1cad3be239268b61b7a02.json b/clean/cc/02a2112963e1cad3be239268b61b7a02.json
new file mode 100644
index 0000000000000000000000000000000000000000..353e1d9359884b7b21b6f6ab436cecb6c7eef63c
--- /dev/null
+++ b/clean/cc/02a2112963e1cad3be239268b61b7a02.json
@@ -0,0 +1 @@
+{"doc_id": "02a2112963e1cad3be239268b61b7a02", "text": "Kenya Airways will be split into various subsidiaries in a State-backed restructuring plan that is aimed at returning the lossmaking national carrier to profitability.\nRoads, Transport and Public Works Cabinet Secretary nominee Kipchumba Murkomen told a parliamentary vetting panel Wednesday that the reforms will lead to the breaking of Kenya Airways along its main business lines of cargo and passenger.\nIts other subsidiaries envisaged by the new administration are charter services and new businesses like drone services.\nMr Murkomen said President William Ruto was working with Kenya Airways and other players to restructure the airline and return it to profitability.\nThe fresh restructuring plan comes after the State dropped the favoured long-term solution that was anchored on nationalisation of the airline.\nThe plan approved by lawmakers in July 2019 would have led to the delisting of the airline from the Nairobi Securities Exchange (NSE).\nThe national carrier has received multi-billion shilling State bailouts amid delayed recovery from a travel slump following Covid-19.\nMr Murkomen told MPs that Nairobi is the leading cargo destination in the region yet KQ, as it is known by its international code, controls only 10 percent of cargo market share.\n“We need to separate cargo from passenger services so that KQ benefits from the business,” Mr Murkomen said.\n“We intend to create subsidiaries in KQ. We need to have a passenger airline, cargo airline and charter airline. We might also need KQ to have other businesses on the side like drone services and surveying services as one way of raising revenue,” he added.\nHe did not offer details how the breakup of KQ will help turn around the carrier that has been in losses for over a decade. KQ’s main business lines—cargo, passenger and handling—are all in losses. Passenger service returned an operating loss of Sh4.5 billion, cargo Sh1.74 billion and handling Sh166 million.\nThis marks a departure from the Treasury’s earlier position to pursue a turnaround under the plan to nationalise KQ. A law to pave the way for the nationalisation of the airline, which had been proposed before the pandemic, is before Parliament.\nKenya wanted to emulate countries like Ethiopia which run air transport assets — from airports to fuelling operations —under a single company, using funds from the more profitable parts to support others.\nAlso read: How Ethiopian-Nigeria Air deal will hit Kenya Airways\nUnder the model approved by MPs, KQ would become one of four subsidiaries in an aviation holding company.\nThe others would be Jomo Kenyatta International Airport, an aviation college and the Kenya Airports Authority operating all other airports.\nThe previous administration, which was replaced by Dr Ruto’s on September 13, pushed for the restructuring of the carrier on the back of the multi-billion shilling bailout after dropping the nationalisation plan.\nMr Murkomen Wednesday told Parliament that the State would not convert its debts or bailout cash into shares. “We do not want to cross the 50 percent shareholding because we want KQ to remain a privately owned company,” he said. The government owns 48.9 percent of KQ shares.\n“We have to ask ourselves why KQ is in the situation it is currently. It is because of mismanagement of project Mawingu, but there is a restructuring process currently underway led by President Ruto,” he said.\nRead: Kenya Airways takes new Sh11bn short term loans\nKQ recorded a ninth consecutive half-year loss, sinking it Sh15 billion deeper into a negative equity position.\nThe airline, which has been surviving on State bailouts since the Covid-19 pandemic, reported a Sh9.8 billion loss in August — a better performance than the Sh11.48 billion loss it recorded in the same period a year earlier.\nIt booked a further Sh5.3 billion loss on hedged foreign exchange differences, driving its total comprehensive loss to Sh14.9 billion.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/ruto-wants-kenya-airways-split-after-collapse-of-state-takeover-3991208"}
\ No newline at end of file
diff --git a/clean/cc/037274d027de137377ff628da050bd3e.json b/clean/cc/037274d027de137377ff628da050bd3e.json
new file mode 100644
index 0000000000000000000000000000000000000000..8d9300e6ee54930debf225c8252a68c80adb62a8
--- /dev/null
+++ b/clean/cc/037274d027de137377ff628da050bd3e.json
@@ -0,0 +1 @@
+{"doc_id": "037274d027de137377ff628da050bd3e", "text": "For the digital revolution to make a dent in South Africa’s unemployment, it has to provide work for a wide range of skills, with a particular focus on lower-skilled South Africans, says South Africa in the Digital Age (SADA).\nSADA is an initiative set up to develop a forward-looking economic strategy in the digital age. It is a joint venture by University of Pretoria’s Gordon Institute of Business Science (GIBS), Genesis Analytics and the Pathways for Prosperity Commission.\nIts core mandate is to answer the question: what are the income-generating opportunities for South Africans in the digital revolution? The group has published a report which maps out several pathways for the country to create income-generating work in the digital age, detailing the practical actions required.\nOne such pathway entails exporting globally-traded services at scale.\nSADA set out to answer a pivotal question: what sort of digitally traded services are we South Africans best positioned to provide at scale to the world?\nThe answer, it said, is the category of activities known as global business services (GBS). GBS encompasses call centre work, coding, other ICT services, finance, accounting and legal support, and could be expanded to include new services such as tutoring and long-distance care.\nSADA noted that a quarter-million South Africans already work in GBS, more than double the number employed in the automotive sector. Of these, some 50,000 already service off-shore demand, a number growing by the extraordinary rate of 24% a year, which makes GBS exports one of the fastest-growing job categories in the country.\nWorking closely with the Department of Trade and Industry and the industry body BPESA, SADA said that with the right policy and business environment, another 100,000 GBS export jobs can be added by the end of 2023.\nFive GBS growth levers have been identified – expansion in target source markets where more demand can be captured, re-shoring work done offshore for South African companies, growing ‘shared services’ niches, developing ICT/digital outsourcing, and growing new types of personalised services.\n“If these levers can be activated at speed, the 2023 target is achievable,” the group said. “If the levers can be activated at scale, an even larger prize awaits.”\nSADA estimates that 500,000 GBS export jobs could be generated by 2030 if a national programme encompassing training, financial and other support commensurate with the opportunity is sustained.\nSouth Africa’s competitive advantage lies in the interpersonal and linguistic capabilities of our people, it said.\nIt stressed that for the most part, these are not elite jobs. In terms of qualifications, a South African matric is sufficient. But these matrics do need to acquire additional skills.\nJob creation projections over yellow and green target periods\nSADA highlighted countries including India and the Philippines where capturing this demand for global business services can stimulate serious scale, and achieve a commensurate growth in employment creation and export earnings.\nThe Philippines’ BPO sector grew threefold in 10 years, contributing one-third of the country’s export earnings and employing 1.3 million people by capturing about 15% of the global demand for BPO services.\nIndia’s export IT and BPO sectors are still growing at around 8% per year, contributing over one-quarter of the country’s export earnings and employing over 4 million people, SADA said.\nDistribution of possible jobs created across opportunity areas\nSADA provided a summary of the actions that are most relevant to this pathway of exporting globally-traded services at scale.\nUnder the title: ‘quick wins’ it pointed to actions that can be taken in the next year:\n- Improve efficiency of South Africa’s work visa process: South Africa already has a framework for allowing critical skills in shortage to be brought in from foreign nationals. However the process is inefficient and needs to be improved.\n- Update the relevance of the critical skills list: the work visa process for critical skills in shortage is linked to the critical skills list which is currently outdated and not driven by industry. This needs to be rectified by updating the list.\n- Re-channel budgeted government funds behind jobs in demand: the Sectoral Education and Training Authorities must re-channel skills development funds for training that is most likely to fill jobs in demand.\n- Empower public private teams: industry associations and the dti’s agencies responsible for managing investment incentives and marketing South Africa as an investment destination abroad need to be empowered with rapid approval capabilities for work visas and deals to improve the pace at which global companies relocate work to South Africa in the digital economy.\n- Continue competitive and sufficiently broad incentives: the dti already provides a successful incentive scheme for the job creation in the GBS sector. Going forward, this scheme will need to be adapted to ensure it remains relevant.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/cloud-hosting/367692/is-this-a-blueprint-for-mass-job-creation-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/037f091f54278c90c33fb754a54351e4.json b/clean/cc/037f091f54278c90c33fb754a54351e4.json
new file mode 100644
index 0000000000000000000000000000000000000000..6dbaec611b11d1f5c07f5a3de4dcd97a42207c31
--- /dev/null
+++ b/clean/cc/037f091f54278c90c33fb754a54351e4.json
@@ -0,0 +1 @@
+{"doc_id": "037f091f54278c90c33fb754a54351e4", "text": "Business groups in South Africa are starting to organise opposition to South Africa’s newly enacted employment equity laws – while opposition party, the DA, gears up to launch a High Court challenge to the laws.\nTrade union Solidarity and business interest group Sagelika announced on Tuesday (6 June) that over 30 organisations have come together to fight the laws, aiming to stamp out any prospect of successful implementation.\nThe groups in question have signed a resolution to fight the proposed Employment Equity Act (EEA) amendments. The participants involved have undertaken to reject the government’s social manipulation system and protest against the law.\nUnder the new Act, the employment minister is empowered to set sector-specific numerical targets for the racial and gender makeup of designated businesses, which must be achieved over five years.\nThe targets are expressed as a percentage of the population, either nationally or provincially, and it is up to designated businesses to choose one or the other in executing their transformation plans, the department said.\nDesignated businesses are all businesses in South Africa that employ more than 50 people. The laws apply to all designated businesses – even those with no intention of doing business with the state.\nOrganisations at the workshop included civil society organisations and political parties, with more than half being business-focused and spanning industry organisations, chambers of commerce, and employer organisations.\nThe new laws, which were signed by President Cyril Ramaphosa in April, are not yet in effect, with the Department of Employment and Labour anticipating promulgation in September 2023.\nDespite this, the laws were met with immediate backlash, and the department has already published the sectoral targets for public comment – drawing criticism from legal experts who warned that the targets may have jumped the gun.\nExperts also poked holes in other aspects of the targets, pointing out that they are not clear in intention, contain numerical and counting errors, and may prove to be unimplementable given the reality of South Africa’s employment landscape.\nLegal challenges\nOne of the participants of the workshop, the Democratic Alliance (DA), said it will approach the Gauteng High Court in Pretoria this week to declare various sections of the EEAA unconstitutional and invalid.\nAccording to the DA, the draft form of the black economic empowerment laws and proposed racial targets for various sectors issued in terms of section 15A last month will, as a result, also fall.\nAt heart of the issue with the laws is that, while they are being touted as targets, they could be interpreted or positioned as racial quotas. The department has denied this, saying the targets are flexible.\nThe DA and other opponents are challenging this.\n“In our submission, the DA will demonstrate that the term ‘numerical targets’ used by the Act is a misnomer and that, in reality, the Act sets rigid racial quotas for four different job levels across 18 economic sectors,” the party said in a statement on Tuesday (6 June).\nThe DA argues that these new laws will come with crippling penalties, including the inability to do business with the state, the cancellation of existing state contracts, compelling orders, and fines.\n“It will not only directly lead to mass job losses but also accelerate capital and skills flight out of the country at a time when our economy is already in a deep crisis brought about by load shedding and economic ills,” added the DA.\nThe opposition party noted that these laws violate the constitutional rights to equality, freedom of trade, occupation and profession, as well as the original Employment Equity Act’s own prohibition on quotas.\nSolidarity is also working on a legal challenge, with the union noting that the only way the targets could ever be reached is though strict application, which would amount to quotas.\nA report by the Solidarity Research Institute (SRI) noted that there are only two ways that the sectoral targets could be reached – either the economy has to grow so more jobs can be created to absorb the requisite people to hit the targets, or – more likely – the current composition of workers needs to be replaced to represent the targeted spread.\n“The government’s new laws will cause a bloodbath in the labour market. It threatens the country’s economy and the well-being of South African citizens,” said the union.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/694231/businesses-push-back-against-south-africas-strict-new-bee-laws-with-another-legal-challenge-on-the-way/"}
\ No newline at end of file
diff --git a/clean/cc/04bc7f20a219a4c8317090c50c1764ed.json b/clean/cc/04bc7f20a219a4c8317090c50c1764ed.json
new file mode 100644
index 0000000000000000000000000000000000000000..287d787ace4d8dcfea8e9745386c4624f6e738b7
--- /dev/null
+++ b/clean/cc/04bc7f20a219a4c8317090c50c1764ed.json
@@ -0,0 +1 @@
+{"doc_id": "04bc7f20a219a4c8317090c50c1764ed", "text": "Safaricom’s mobile money business made a profit of Sh50 billion before tax in the year ended March, contributing nearly half of the company’s total gross earnings and solidifying M-Pesa’s position as its most profitable service.\nThe telco in its latest annual report outlined the share of profits attributable to the mobile money business for the first time, having previously just reported the contribution to revenues.\nThe performance statement shows that while M-Pesa business contributed 49 percent of the telco’s profit before tax of Sh102.2 billion, its revenue of Sh107.7 billion accounted for 36 percent of the company’s total revenue of Sh298.07 billion.\nThis indicates that the mobile money unit has superior profitability compared to other business lines such as voice and data.\nIn the previous financial year, the gross profit from mobile money stood at Sh39 billion, accounting for 41.7 percent of the group’s total profit before tax.\nThe growing profitability has been helped by the increased adoption of mobile payments in the past two years, after the transaction limit was increased to Sh150,000 and the mobile money wallet amount raised to Sh300,000 from March 2020.\n“Uptake of mobile money services continued to grow, as with its convenience and cashless nature it was perceived as helping curb the spread of Covid-19,” the telco says in the report.\n“In general, the Kenyan ICT sector has experienced robust growth as a result of the pandemic having pushed consumers to adopt online ways of conducting business and mobile money payments.”\nMobile payments have also gone up among businesses, backed by the higher transaction and wallet size limits and the removal of charges for cash transfers between mobile wallets and bank accounts.\nThe telco has also widened the number of services it offers on the M-Pesa platform beyond personal cash transfers. Merchant and utility payments have gone up, as has the usage of mobile platforms for borrowing loans from banks and also Safaricom’s own overdraft service known as Fuliza.\nThis ability to scale up the number of services riding on the M-Pesa digital platform has allowed Safaricom to grow revenue from the fees on the service without having to match it with high capital expenditure.\nRevenue growth for the mobile money unit, which stood at Sh25 billion in the year to March 2022, has thus outpaced that of cost of sales and operating expenses, which rose by Sh9.7 billion and Sh4.9 billion respectively in the period to Sh52.3 billion and Sh13 billion.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/safaricom-makes-sh50bn-profit-from-m-pesa-unit-3875406"}
\ No newline at end of file
diff --git a/clean/cc/069bb4ca27f4173c608a8d0415dc6f6b.json b/clean/cc/069bb4ca27f4173c608a8d0415dc6f6b.json
new file mode 100644
index 0000000000000000000000000000000000000000..f9120a53397832c525c3cccabca1a809f0f47193
--- /dev/null
+++ b/clean/cc/069bb4ca27f4173c608a8d0415dc6f6b.json
@@ -0,0 +1 @@
+{"doc_id": "069bb4ca27f4173c608a8d0415dc6f6b", "text": "South Africans using prepaid electricity should expect a significant increase in their monthly bill from April this year.\nLast year, the National Energy Regulator of South Africa (NERSA) approved Eskom price increases of 18.65% for 2023/24 and a 12.74% increase that will start in April 2024.\nThis comes despite Eskom’s continuous failure to provide a reliable electricity supply. Although 2024 is not expected to suffer the same severity in load shedding as 2023, energy experts have warned that load shedding is not going away anytime soon amid the poor performance of the nation’s coal-fired power stations.\nThe price hike is expected to take the average electricity tariff in South Africa from roughly R1.84 per kWh to around R2.07 per kWh. This average reflects the national average – local municipal prices will differ, and urban customers who consume power in higher blocks will pay more than this.\nSince load shedding started in 2008, electricity increases have grown by 450% – far higher than the 98% inflation over the same period. With the upcoming increase, this figure is expected to balloon further.\nHow much South Africans will pay is dependent on what kind of electricity customer they are. Eskom has published its fee adjustments for 2023/24. A fee calculator and a comparison tool are also available. As the upcoming fee changes for 2024/25 are not functional, we have used our own calculations to see how much more South Africans could be spending.\nIn 2023/24, an average Eskom customer using 200 kWh per month in urban Gauteng would have seen their monthly power bill increase by 18.68% from R590 to R700.\nWith the 12.74% increase, these power users can expect to spend R790 for 200 kWh per month from April this year.\nMunicipalities\nAlthough municipalities bill their customers at different rates – and usually do so at a later date (July) – they tend to be based on Eskom’s increases.\nCape Town’s electricity prices increased by 17.6% on 1 July 2023. Should prices rise by Eskom’s upcoming tariff increase, it will be just over R1 more expensive (R790.98).\nJohannesburg’s City Power uses a block system, where Block 1 (0-350kWh) offers the cheapest power, which then slowly climbs in price with further usage. When using block 1, residents in Johannesburg pay over R200 less than their Mother City counterparts.\neThekwini’s 18.49% increase last year was incredibly close to Eskom’s. However, unlike Johannesburg and Cape Town, the KZN metro already has pencilled in an increase for 2024/25 of 10.11%. However, the R789.88 for 200 kWh for eThekwini is in line with Eskom’s upcoming price increase.\nQuestions over the increase\nAmidst heightened load shedding and the cost of living crisis, there have been legal challenges over the increases approved by Nersa.\nIn December last year, the High Court of South Africa rejected the requests for a judicial review of the revenue decision and tariff approval made by Nersa concerning Eskom’s fifth MultiYear Price Determination (MYPD5) application for the 2023/24 and 2024/25 fiscal years.\nThis came after applications from the Democratic Alliance (DA) and the South African Local Government Association (Salga) to review Nersa’s decisions.\nThe High Court said that “when all is considered and the detailed and extensive reasons furnished by Nersa is compared with the attacks on its decisions, none of the review grounds pass muster.”\nHowever, Eskom has failed to meet several of the critical conditions placed on it by Nersa in line with the MYPD5.\nIndependent energy analyst Pieter Jordaan said that due to the high cost of diesel to run Open Cycle Gas Turbines (OCGTs), an average utilisation rate – A.K.A load factor – of 1% is seen as the utility-scale standard for this energy supply.\nNevertheless, Nersa related the load factor to 6% due to Eskom’s price determination due to the bleak supply situation.\nAs per the relaxations, Eskom had to reduce its breakdowns (UCLF) from 31% (2022/23 FY) to 20% and improve the Energy Avaialby Factor (EAF) from 57% (2022/23 FY) to 65%.\nThe embattled power utility has failed to meet these targets in 2023/24, with the UCLF at 33% and EAF at 55%, according to the latest data.\nWhat’s worse is that the OGCT load factor stands at 20%.\nHowever, Eskom has failed to meet these conditions for the 2023/24 financial year, with UCLF averages at 33% and EAF at 55%. Meanwhile, the OCGT load factor stands at 20%.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/744295/how-much-prepaid-electricity-will-cost-in-south-africa-after-the-2024-price-hikes/"}
\ No newline at end of file
diff --git a/clean/cc/06b550f9aefd9592d602d0faf1ea22ff.json b/clean/cc/06b550f9aefd9592d602d0faf1ea22ff.json
new file mode 100644
index 0000000000000000000000000000000000000000..27bafe7fdf513cf5de8cf6aa09488c316f890df9
--- /dev/null
+++ b/clean/cc/06b550f9aefd9592d602d0faf1ea22ff.json
@@ -0,0 +1 @@
+{"doc_id": "06b550f9aefd9592d602d0faf1ea22ff", "text": "South Africa’s state capacity is collapsing, and the Growth Lab at Harvard University has provided a host of solutions to tackle some of South Africa’s biggest issues – including the energy crisis.\nAccording to the researchers, South Africa has two major issues undermining inclusive growth in the country – declining state capacity and spatial exclusion.\nLooking at the former, the collapse of South Africa’s has been felt in several industries, including electricity, rail, ports and water, whilst also impacting the functioning of municipal governments.\nSouth Africa has also lost its comparative advantage in generating cheap and reliable electricity through its coal resources, which previously underpinned its competitiveness in energy-intensive industries, such as mineral processing.\nThe lack of reliable energy supply has hurt the nation’s growth, with the South African Reserve Bank estimating that the electricity crisis is reducing growth by two percentage points.\n“But we find that the electricity collapse became binding years before load shedding became as severe as it has been lately, especially for the manufacturing sector,” the researchers said.\nFour key causes of the underlying systematic collapse were identified:\n- Gridlock in the ruling coalition that prevents action;\n- An ideology that justifies excluding society from participating in state-reserved activities,\n- Over-burdening of public entities with goals beyond their core missions and capabilities and\n- Political patronage that has corrupted both the state and the ruling coalition.\nThe report also notes that reversing the collapse of state capabilities requires new actions to address the deeper causes that have made state collapse so pervasive.\n“We find that ending load shedding is not a sufficient goal; rather, South Africa needs to restore its previous comparative advantage in low-cost and reliable electricity,” the researchers said.\n“Until recently, government maintained Draconian restrictions on private electricity provision. Even now, the main way for the private sector to provide electricity is through power purchase agreements with ESKOM or self-generation, rather than through a well-designed market.\n“Generation is being constrained by lack of capacity in transmission and storage, but little is being done to promote investments in these areas. Provinces, metros, and municipalities have been restricted from buying power other than from ESKOM.\nUntil last August, private investment in renewable energy was extremely restricted, with still no viable way for society to invest in transmission or storage.\nAlthough regulatory reform is in the works, the process of establishing a new market has not been treated with the speed that the crisis requires.\nMunicipal issues\nAlthough several state functions have collapsed over the last twenty years, the researchers said that municipal governments were not set up for success.\n“We find that decentralization at the turn of the century loaded numerous responsibilities on municipalities without a path to gaining the needed local capabilities to deliver”\n“This problem of ‘premature load bearing’ was especially pronounced in local expenditure responsibilities and the unusual responsibility of municipalities in the provision of electricity and water distribution and fee collection.”\nThis especially hurt smaller municipalities, with public capacity at the local level also impacted by using preferential procurement systems, which have overburdened local governments.\n“The collapsing electricity system has further damaged already weak local fee collection and has created a chain of debts from households to municipalities to Eskom and the need for national bailouts.\n“One result of this system of decentralization is that places that were left behind from the modern South African economy two decades ago lacked the effective delivery of public inputs and networks that would allow them to connect and participate in the economy.”\nReturning to preferential procurement, the researchers said that the purpose of these rules, as per the Preferential Procurement Policy Framework of 2000, was to enable socio-economic transformation by giving preference to previously disadvantaged groups, SMMES and local production\nThat said, these systems are not only falling short of their goal but also undermining it in crucial ways.\nFor instance, rural infrastructure failures due to procurement constraints mean that the very people and businesses that were meant to benefit are excluded and disempowered.\nThe IMF recently noted that improved procurement practices that were proposed by Treasury in 2015 could amount to 20% of the cost of goods and services procured – roughly 3% of GDP or $12.7 billion.\nSolutions\nRebuilding state capacity is, however, possible as long as government leaders are willing to address the four causes of state collapse.\nDespite South Africa facing several issues with state capacity, the recent turnaround of the South African Revenue Service (SARS), which has recovered the state’s ability to collect taxes, shows that change can be possible\nWith this in mind, the researchers provided a host of recommendations for addressing the energy crisis, municipal governments, and the state’s capacity overall:\nThe Energy Crisis\n- Create a functioning market for electricity with the following principles: (1) Greater participation of society in generation, transmission, distribution, and storage; (2) Efficient distribution markets that are not too small to benefit from economies of scale (as many municipalities currently are); (3) Clear rules for all market participants that eliminate conflicts of interest and prevent discriminatory treatment; and (4) Final prices that reflect the marginal cost of production, including intra-day pricing.\n- Appoint a reform and unbundling sherpa/Czar to push implementation.\n- Remove all preferential procurement requirements for the REIPPP. Develop strategic procurement programs that strengthen industries with clear potential to eventually compete in global markets (and move toward this targeted approach instead of widespread, ineffective preferential procurement).\n- Use REIPPP design for investments in transmission and storage. Include transmission and storage (with geographical considerations) in the next REIPPP procurement window.\n- Rent existing power plants to other operators incorporating high incentives for efficiency.\n- Enable new comparative advantage in green electricity: (1) streamline approval of renewable generation, transmission, and storage projects; (2) promote private green industrial zones powered by renewable energy to attract energy intensive industries that want to decarbonize quickly; (3) explore pumped storage hydropower with Lesotho to facilitate the absorption of more renewable projects\nMunicipal Governments\n- Reassign responsibility for electricity and water distribution to geographically efficient regulated monopolies. Such companies could then collect other fees on behalf of municipalities via their monthly bills.\n- Develop public “capability banks” and position national/regional entities as service providers to municipalities for activities where local governments cannot be expected to have local expertise nationwide.\nThe State’s Capacity Overall\n- Unburden Capacity – Expand relaxation of preferential procurement requirements on all SOEs and other public entities.\n- Build Up and Protect Capacity – Gradual civil service reform to replace the reliance on cadre deployment. Explore the long-term system of civil service cadres that are recruited nationally but deployed across different municipalities and levels of government.\n- Leverage Existing Capacity – Establish clear markets that allow for societal capabilities to help fill supply gaps in network industries.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/731295/ending-load-shedding-isnt-enough/"}
\ No newline at end of file
diff --git a/clean/cc/0929d8c1eb55cde5aecb4b3e66144b15.json b/clean/cc/0929d8c1eb55cde5aecb4b3e66144b15.json
new file mode 100644
index 0000000000000000000000000000000000000000..e14763e83fee71dc81f9dda83bac90bca10bbcda
--- /dev/null
+++ b/clean/cc/0929d8c1eb55cde5aecb4b3e66144b15.json
@@ -0,0 +1 @@
+{"doc_id": "0929d8c1eb55cde5aecb4b3e66144b15", "text": "Former Eskom consultant Matthew Cruise expects electricity prices to double in South Africa over the next five years as the state power utility continues to struggle to keep the lights on.\nCruise, the former consultant, and current campaign manager for solar provider Hohm Energy, told Relifwe Moloto at CapeTalk that while Eskom has forecast roughly 61 days of load shedding over winter, given how many days in May have already been load shedded, that figure appears optimistic. Already, the 61-day figure equates to load shedding roughly every third day.\nThe consultant predicts that the price of electricity will double over the next five years, as will load shedding. Cruise said that in 2021, the National Energy Regulator of South Africa (NERSA) hiked electricity prices by an average of 17.9%. He said this will take place every year – “you will have a more than inflation-based increase for Eskom…and then the municipalities will also want an increase,” he said. In 2022, the average increase in electricity is 17.1%.\nCruise said that if you have an average increase of 15% over the next five years, “it actually effectively doubles the price of electricity”. “If you are paying R2,000 for electricity now, you may be paying R4,000 in the next five years.”\nLoad shedding and renewables\nCruise told the radio host that there isn’t enough energy capacity coming online to cover that going offline. He said that despite announcements of 2,500 MW of renewable energy coming online, as much as 8,800 MW from traditional power stations is set to come offline. He added that the energy supply from the renewable systems is not 2,500 MW consistently, often operating at only 20% efficiency.\nRenewables such as solar only offer power during the midday peaks, whereas, South Africa’s peak energy usage is in the evening, said Cruise.\nDeep-seated issues\nAnd while Eskom pins its hopes on some offline generating units returning to operation in the coming months to stave off rising power demand, analysts point to deeper, more entrenched problems within government departments that are holding the entire energy sector back.\nCapacity issues at Eskom this week forced the power utility to implement daily load shedding during evening peak hours when demand was highest.\nThe utility said that the national electricity grid remains constrained, with an elevated risk of load shedding over the winter period, particularly during the morning and evening peaks.\nDuring the next few weeks, however, it expects to return to service two units at Kusile Power Station, and Koeberg Unit 2 is expected to return by the end of June 2022. These three large generation units will add approximately 2,500MW to the power system.\nBut South Africa’s energy problems extend beyond the immediate shortfall in supply, say Stuart Theobald and Peter Attard Montalto, analysts at Intellidex.\nIn two separate op-eds penned by the analysts, they outlined the massive problem faced by the country’s energy sector: namely that it does not have enough power to meet demand, while any processes launched to rectify this are subsequently mired in political and economic blockages.\nTheobald pointed to the government’s renewable energy independent power producers’ programme (REIPPP), which has effectively hit a roadblock, as the poster-child for this ongoing problem.\n“The ground-breaking REIPP programme came to life in the Zuma era, but has floundered under Ramaphosa. Having been the one bright light in the energy sector, it is dimming, despite the electricity crisis being as severe as before,” he said.\nThe obvious symptom of the dysfunction, Theobald said, is that not one project in the REIPPP has reached financial close since the fourth bid window that was conducted in 2015, with the financial close for many projects delayed by coal interests to 2018.\n“All projects procured since — especially the urgent ‘risk mitigation bidding round’ that included Karpowership’s floating gas generators, and the fifth bid window — have so far failed to reach financial close, the point at which all contracts are signed and construction can begin,” he said.\nThis glaring hole in new energy procurement was echoed by Attard Montalto, who noted that there is a serious procurement and market failure occurring “that is not sinking in” with those in government.\nThe analyst warned that load-shedding risks being extended long into the future as a result.\nTheobalt and Attard Montalto pointed to the government as being the key stumbling block, where the Department of Mineral Resources and Energy is not aligned with the Department of Trade and Industry (DTI) and National Treasury on procurement goals.\nFive projects are not hitting a financial close because they cannot meet localisation targets set by the DTI – largely because South Africa does not have the necessary skills or capacity to meet them.\n“Under minister Ebrahim Patel, the localisation agenda has been pushed far more aggressively, but without the insight required to understand what is possible,” Theobald said. “This is the main reason for the delay in closing projects for the fifth bid window — the various successful bidders cannot all simultaneously procure enough to meet the localisation targets.”\n“During the delays, commodity prices have soared making many projects unprofitable, so they won’t be able to get funding. It is a mess. And now the sixth bid window is open with bids expected to be submitted in August,” he said.\nAccording to Attard Montalto, this stalemate has locked South Africa into its current energy crisis, with no real plan or political will to get the country out of the rut.\n“We are chasing our tail…locking in future procurement to the same mistakes,” he said.\n“The lack of movement by Eskom on smaller procurement opportunities – due to a lack of action by the department of mineral resources & energy and the Treasury – or the inability for any player to push forward with fast, radically different procurement methods like feed-in tariffs, all means we are locked into the current situation,” he said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/585848/expect-electricity-prices-to-double-in-the-next-five-years-says-former-eskom-consultant/"}
\ No newline at end of file
diff --git a/clean/cc/09a8961337ae08290b4ace476ba954ce.json b/clean/cc/09a8961337ae08290b4ace476ba954ce.json
new file mode 100644
index 0000000000000000000000000000000000000000..a000091939151f3b86d5505c2bedfea25550f908
--- /dev/null
+++ b/clean/cc/09a8961337ae08290b4ace476ba954ce.json
@@ -0,0 +1 @@
+{"doc_id": "09a8961337ae08290b4ace476ba954ce", "text": "Power utility Eskom has given its latest load shedding update, laying out the expected schedule through to Wednesday (2 November).\nStage 2 load shedding will be implemented from 05h00 on Monday until 05h00 on Tuesday. Stage 2 load shedding will then be implemented during the evening peaks from 16h00 until midnight on both Tuesday and Wednesday.\nMonday, 31 October\n- Stage 2 – 05h00 to 00h00\nTuesday, 1 November\n- Stage 2 – 00h00 to 05h00\n- Stage 2 – 16h00 to 00h00\nWednesday, 2 November\n- Stage 2 – 16h00 to 00h00\nEskom will publish a further update on Wednesday afternoon, or as soon as there are any significant changes.\nSince yesterday afternoon, a unit each at Tutuka and Matimba power stations were taken offline for repairs. A unit each at Kendal, Kusile, Matla and Tutuka power stations were returned to service.\nThe group currently has 4,886MW on planned maintenance, while another 13,792MW of capacity is unavailable due to breakdowns.\nEskom Update: what Treasury wants from Eskom and South Africa secures funding for renewables\nAlthough the full quantum of the debt takeover by the National Treasury is not yet known, Godongwana said it would be between one- to two-thirds of total debt, giving a range of R130 billion to R260 billion.\nTreasury head of asset and liability management Duncan Pieterse says that Eskom would be required to sell off its noncore assets and make operational improvements if the government assumes part of its R400 billion debt. However, Pieterse added that the Treasury had not yet finalised the conditions to be attached to the Eskom debt takeover.\nAmid these debt takeover formalities, South Africa has secured $500 million (R9 billion) to aid its just transition from coal to renewables. The Climate Investment Funds – a multilateral climate fund affiliated with the World Bank – had approved the funding.\nAccording to a statement from the CIF, “The decision intends to equip the country with concessional, risk-bearing capital from CIF’s Accelerating Coal Transition (CIF ACT) investment programme to build momentum toward ambitious climate, energy, and development goals”.\nForestry, Fisheries and Environment Minister Barbara Creecy welcomed the CIF’s decision, adding that estimates indicate South Africa needs over R1 trillion in investments to support its energy transition over the next eight years.\n“The CIF ACT finance will make a meaningful contribution towards South Africa walking down the ambitious pathway to a brighter future for our people, addressing our energy needs, promoting sustainable development, and leaving no one behind,” said Creecy.\nSchedules\nFor people living in the major metros, load shedding schedules are available here:\n- City of Johannesburg\n- City of Ekurhuleni\n- City of Tshwane\n- City of Cape Town (PDF)\n- Nelson Mandela Bay\n- eThekwini\n- Manguang\n- Buffalo City\nFor access to other load shedding schedules, Eskom has made them available on loadshedding.eskom.co.za.\nSmartphone users can also download the app EskomSePush to receive push notifications when load shedding is implemented, as well as the times the area you are in will be off.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/638983/eskom-announces-stage-2-load-shedding-for-this-week-here-is-the-new-schedule/"}
\ No newline at end of file
diff --git a/clean/cc/0a0781ac3f358f703cbeb4dab6d2ab7c.json b/clean/cc/0a0781ac3f358f703cbeb4dab6d2ab7c.json
new file mode 100644
index 0000000000000000000000000000000000000000..97f4862f4420928410a25683a814645142611242
--- /dev/null
+++ b/clean/cc/0a0781ac3f358f703cbeb4dab6d2ab7c.json
@@ -0,0 +1 @@
+{"doc_id": "0a0781ac3f358f703cbeb4dab6d2ab7c", "text": "The National Union of Mineworkers (NUM) has warned that around 10,000 mining jobs may be lost over the next two months.\n“[NUM] expresses its shock considering the levels of unemployment in South Africa. This is a huge blow. Our members and workers at large who are about to [lose] their jobs have nothing to celebrate this festive season,” the union said.\nThis comes as numerous companies in the South African platinum group metal (PGM) sector mull cutting a large number of their workforce amid massive drops in metal prices and numerous disruptions to operations.\nPrecious metal companies like Anglo American Platinum, Wesizwe Platinum, Impala Platinum, and Sibanye Stillwater have all said that they are looking at restructuring their business operations in response to (among other factors) the sharp metal price decline as profits seem to bleed. This year alone, the price of major PMGs like platinum and palladium dropped around 11% and 40%, respectively.\nAnglo-American Platinum made headlines over the weekend when it announced that it is considering cutting the workforce at two South African units. No further details were given on the extent of the cuts, as further consultation is said to be needed.\nWesizwe Platinum (which is 45% owned by Chinese group Junchuan Group International Resources) has begun consultations where it is looking to possibly cut 571 out of the 761 jobs (75%) at the Bakubung platinum project mine in the North West province.\n“There simply do not appear to be any alternatives available,” the company said.\nIf the group cannot continue to operate without job cuts, Wesizwe said it “would not be reasonable or viable”.\nThe group said it “(needs) to implement measures to improve efficiencies and to ensure that Bakubung is placed on the path of profitability and growth”. This follows various prolonged strikes at these mines by workers in 2022 and 2023.\nThe shock announcement resulted in their share price on the JSE falling by more than 13%.\nSibanye-Stillwater announced in October that it would be restructuring its PGM operations, affecting 4,095 full-time employees and contractors at the Kroondal (Simunye shaft), Marikana (Rowland and 4 Belt shafts) and Rustenburg (Siphumelele) mining shafts.\nThe company pinpointed this restructuring to electricity and water cost increases and the drop in PGM prices.\nOn Tuesday, ArcelorMittal confirmed that it was considering around 3,500 job cuts at its Vereeniging and Newcastle plants.\nEarlier this month, Impala Platinum said that it is offering “voluntary job cuts to workers” at its Rustenburg mining complex in the North West province.\nSpeaking to Reuters, the group’s spokesperson Johan Theron declined to say how many jobs the company expects to cut.\nHowever, Theron said that “we are obviously doing everything to reduce costs.”\n“Labour is a big cost component, so you always start with labour by offering voluntary separation packages.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/734195/warning-over-jobs-bloodbath-in-one-of-south-africas-biggest-sectors/"}
\ No newline at end of file
diff --git a/clean/cc/0ab44b2165ada30d4300af07faee0402.json b/clean/cc/0ab44b2165ada30d4300af07faee0402.json
new file mode 100644
index 0000000000000000000000000000000000000000..9726c25d5d4003699c4666f89ff25f0c0c228c55
--- /dev/null
+++ b/clean/cc/0ab44b2165ada30d4300af07faee0402.json
@@ -0,0 +1 @@
+{"doc_id": "0ab44b2165ada30d4300af07faee0402", "text": "Naivas Supermarket has opened a new branch in Syokimau as it continues with its national expansion.\nThe outlet, called Naivas-Katani, opens its doors on Friday targeting thousands of shoppers in the region that has attracted a significant number of middle-class residents.\nThis is the retailer’s third store along Mombasa road and the 82nd branch countrywide.\nThe new branch comes at a time Naivas is racing to defend its market leadership against its closest rival QuickMart which has also been expanding in recent months.\n“The new outlet is a food market covering 34,299 square feet is the 3rd of its format along Mombasa road, with the other two being Naivas Foodmarket Capital center and the just-opened Naivas Foodmarket Imara,” Naivas Chief commercial officer Willy Kimani said in a statement on Thursday.\n“The store focuses on everyday fresh produce that guarantees value for money and it is also stocked with a wide variety of products to choose from.”\nNaivas opened its 81st store at Imaara Shopping Mall in Embakasi constituency in February.\nIt has over the past few months been on an aggressive expansion spree, taking up prime space vacated by rivals and also new strategic locations.\nIt gained financial muscle to fund the growth after raising Sh6 billion from institutional investors including Amethis Finance which took a 30 percent stake in the firm.\nBesides the Imaara Mall branch, Naivas also took over Greenspan Mall in Donholm Nairobi last month.\nTuskys Supermarket was the anchor tenant at the mall until it was kicked out by the landlord after it was unable to honour its tenancy agreement as its financial health deteriorated.\nQuickMart and Naivas have been spending heavily on expansion to fill the void left by collapsed and financially troubled rivals.\nTuskys, for instance, has been rapidly shutting stores on the back of heavy debt and insufficient working capital.\nEquity Bank #ticker:EQTY recently put up Tuskys’ five-storey commercial building in Nairobi, which also houses its store, up for auction over a Sh650 million debt.\nThe collapse of former retail giant Nakumatt Holdings also left scores of prime locations that Naivas and Carrefour have taken over.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/naivas-supermarket-opens-new-branch-in-syokimau-3751900"}
\ No newline at end of file
diff --git a/clean/cc/0b839502cce07689341a7e5ad2f2d980.json b/clean/cc/0b839502cce07689341a7e5ad2f2d980.json
new file mode 100644
index 0000000000000000000000000000000000000000..7f623b0dd41e28928fbeaa8747193ae651ceaccc
--- /dev/null
+++ b/clean/cc/0b839502cce07689341a7e5ad2f2d980.json
@@ -0,0 +1 @@
+{"doc_id": "0b839502cce07689341a7e5ad2f2d980", "text": "New data shows that cash-trapped South Africans will be conscious of what they spend their money on, with many saying they intend to cut back on non-essential spending as they battle to pay bills and service credit – which will impact the retail sector over the upcoming festive season.\nThis was flagged by TransUnion’s Q4 Consumer Pulse Study, which highlighted the financial standings of South African consumers and how they intend to utilise their disposable income over the next three months.\nAccording to TransUnion, only 59% of households expect to be able to meet their current bills and loan obligations.\nA larger proportion of Gen Z (born 1995-2004) and Millennial (born 1981-1996) respondents indicated that they were struggling the most and would not be able to meet their credit commitments in the coming quarter – 34% and 42%, respectively.\nAs a result, the credit reporting agency added that 34% of respondents will dip into their savings to service their debt in the short term, while 31% plan to make at least partial payments within their means.\nThe report also noted that strained consumers would adapt their budget strategies over the next quarter.\nNearly half (47%) of consumers said they would cut down on dining out, travel and entertainment and spend less on retail shopping and big purchases in the next three months.\nThis cut in spending is mainly targeted towards clothing and electronics, while other cuts include cancelling memberships – such as the gym – and cancelling digital services and subscriptions.\nTransUnion further noted that South Africa’s retail trade rose by 0.9% from a year earlier in September 2023, following a downwardly revised 0.3% decrease in the prior month and better than market forecasts of a 0.1% increase.\n“Retailers are hoping for a further recovery in spending during the festive season, but with the cost of goods having risen by 5.4%, consumers are mindful of affordability,” it said.\nThe strain on consumers and retail spending was also highlighted after Black Friday and Cyber Monday in 2023, with data showing a decline in sales.\n“The rand value on average over the extended Black Friday period was – in real terms that strips out inflation – behind the past few years. This shows the pressure consumers are under,” said Product Manager at Ecentric Payment Systems.\n“Companies that use Ecentric’s payment dashboard to monitor sales, which includes South Africa’s largest retailers, processed more than R1.1 billion in deals.\n“However, there was a 5.06% decline in transaction volume, and, in real terms, value dropped 12%,” the company added.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/736025/bad-news-for-shopping-malls-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/0ddfb152e320f0753a95257ad0a58171.json b/clean/cc/0ddfb152e320f0753a95257ad0a58171.json
new file mode 100644
index 0000000000000000000000000000000000000000..cc44ef1e59da7d0bef98384a746a9466cac65b94
--- /dev/null
+++ b/clean/cc/0ddfb152e320f0753a95257ad0a58171.json
@@ -0,0 +1 @@
+{"doc_id": "0ddfb152e320f0753a95257ad0a58171", "text": "Cisco Systems Inc spooked investors with a warning that Chinese lockdowns and other supply disruptions would wipe out sales growth in the current quarter, renewing broader concerns about tech spending in a shaky economy.\nThe outlook sent Cisco shares down as much as 19% in late trading and weighed on stocks of other networking companies, dealing a fresh blow to an already-battered sector. Even before Cisco’s latest plunge, its stock was down 24% this year.\nThe question for much of Wall Street was whether Cisco’s forecast meant that customers were cutting spending, but the networking-equipment giant said supply woes — and not a pullback in expenditures – was the main problem.\n“Even though these top-line numbers don’t look good, there’s a very simple explanation,” chief executive officer Chuck Robbins said on a conference call with analysts. “Customers are not signaling any real shift at this point. There’s no reflection of demand issues in our guidance.”\nRobbins acknowledged that Cisco wasn’t prepared for production to be closed down so extensively in China, a move triggered by the country’s Covid Zero policy.\n“We did not have a plan for a country to shut down,” he said. “And so it takes time to go out and create that geographic resilience, but our teams are working on all of those kinds of things right now.”\nChina’s lockdowns have hurt production from many companies, including Tesla Inc. and Sony Group Corp. Robbins said it’s not yet clear when supplies will return to normal, despite signs that government restrictions are easing in certain areas.\n“Shanghai now is saying they’re going to open up June 1 — we don’t know exactly what that means,” he said. When the reopening happens, “there is going to be lots of competition for ports capacity, airport capacity.”\nCisco is the biggest maker of machines that power corporate networks and form the backbone of the internet. Investors look at its outlook as a proxy for corporate spending on infrastructure, which is why the sudden shift was especially jarring.\nThe company had predicted growth in the current quarter of about 6%. It said Wednesday that sales would actually decline by 1% to 5.5% in the period, which ends in July. Cisco’s earnings forecast also was short of Wall Street predictions.\nCisco shares tumbled as low as $39 in late trading. That followed a 4.4% decline in regular trading Wednesday, bringing the stock to $48.36.\nOther networking related-companies saw their stocks fall after-hours following Cisco’s report. Juniper Networks Inc. was down as much as 9.6%, Broadcom Corp. fell as much as 4.3%, and Ciena Corp. dropped as much as 12%.\nBroader chip shortages and the war in Ukraine also have created disruptions for Cisco and its peers.\nLike many tech companies, Cisco began cutting ties with Russia after that country invaded Ukraine earlier this year. The company said Wednesday that stopping business in Russia and its ally Belarus cost it about $200 million in revenue during the fiscal third quarter. Historically the region, including Russia, Belarus and the Ukraine, has accounted for about 1% of total sales.\nOn the conference call with Cisco executives, analysts questioned whether the weak guidance indicated that customers are concerned about their own future prospects and have begun to cut their spending.\nRobbins insisted that demand remains robust. That said, the company doesn’t expect supply shortages to be resolved in the current quarter.\nThe inability to get power supplies from China cost Cisco $300 million in revenue in the third quarter, executives said. And even when the lockdowns end in China, the problem won’t be solved right away.\nThe tone of the report was a stark contrast from three months ago, when Cisco said orders rose more than 30% for a third consecutive quarter. Since then, investors have become more concerned that inflation and fears of slowing economic growth will make customers more cautious. This past quarter, the company said it orders increased 8%.\nWhile that’s a much slower rate of expansion, it shows strong growth ahead for a company of Cisco’s size, according to David Heger, an analyst at Edward D. Jones & Co.\n“I would be more concerned if that order number was flat or down,” Heger said.\nCisco has implemented a no-cancellation policy on its orders within 45 days of the shipping date, according to chief financial officer Scott Herren. Smaller customers, who tend to be the quickest to tighten their spending budgets, increased orders 19%. The growth and the overall low rate of cancellations give the company confidence that there are no underlying demand issues, Herren said in an interview.\nUnder Robbins, Cisco has been trying to spur growth with updated hardware, as well as new services and software. The hope is to make the longtime king of networking gear less dependent on one-time equipment sales.\nThe latest outlook marks a setback in that push. Excluding certain items, earnings will be 76 cents to 84 cents a share in the period, Cisco said. That compares with an average estimate of 92 cents.\nFor the year, revenue will grow 2% to 3%, the company said, compared with a previous prediction of as much as 6.5%.\nRevenue in the three months ended in April, was $12.8 billion, little changed from a year ago. Earnings per share, minus certain items, was 87 cents. Analysts had projected a profit of 86 cents on sales of $13.3 billion on average.\nBut without signs that orders truly are slowing, Wall Street may be overreacting to Cisco’s numbers, Heger said.\n“Short of some big drop-off in demand, it seems as though the market is overcompensating,” he said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/cloud-hosting/587836/cisco-spooks-investors-with-supply-warning/"}
\ No newline at end of file
diff --git a/clean/cc/0eb77c1a3ccfc29b0450889f26c1d8b5.json b/clean/cc/0eb77c1a3ccfc29b0450889f26c1d8b5.json
new file mode 100644
index 0000000000000000000000000000000000000000..6f42c5c40a481d9919b74865dcd32d42fe3b07fb
--- /dev/null
+++ b/clean/cc/0eb77c1a3ccfc29b0450889f26c1d8b5.json
@@ -0,0 +1 @@
+{"doc_id": "0eb77c1a3ccfc29b0450889f26c1d8b5", "text": "The Kenyan digital content creation space has exploded in the last few years with creators earning hundreds of thousands of shillings from platforms such as YouTube and Instagram.\nLocal firms have also been falling over themselves in the race to ink lucrative influencer deals. For the talented, it has felt like riding the gravy train, with some living flashy lifestyles.\nThey've caught the attention of the government and it now wants a bigger chunk of its share through proposed multiple amendments to the Finance Bill 2023, one of them; being the taxation of payments made to digital creators.\nIf approved by the lawmakers, the income earned through digital content monetisation will be subject to a 15 percent withholding tax, which is significantly higher than the 5 percent rate for professional services.\nMohammed Assad Alby, one of the well-known content creators says the tax proposal is \"extremely unfair\" to young people who are trying to make ends meet in an environment where quality jobs are hard to come by.\n“We have to come up with ways of creatively earning income for ourselves in ways that the older generation would never have thought of only to be slapped with tax. From all the tax changes ours is the craziest,” says the 24-year-old.\nAloof government\nMr Assad whose social media name is M.Alby says there is more to content creation beyond what is seen on social media and the government doesn't appear to appreciate this.\n“One thing people don’t know is that before we get to a point where we can earn money from content, we spend so much from our own pockets with a slim chance of making it in the competitive industry. Cameras laptops, editing software, microphones, lighting, all this equipment is expensive in Kenya,” says M.Alby.\nM.Alby who has amassed a following of over 634,000 on TikTok, over 159,000 on Instagram, and 32,000 YouTube subscribers says the tax will discourage job creation.\n“Digital content has empowered me to launch a company and employ youth. We’re a young generation of dreamers that are not sleeping because we are chasing after our dreams,” he says of his M. Alby Production Limited.\nThe take is not different from Kevin Maina’s, a 23-year-old young content generator who is all over social media, creating different digital pieces.\n“It isn’t worth it when facilitation for creators to grow financially is not upheld. Most creators are a forgotten lot and the taxes only create a strain,” says Mr Maina.\nBesides his comic pieces, Mr Maina is a poetic stage performer, an actor, and a podcast editor.\nBoasting over 367,000 followers on TikTok, and more than 71,000 on Instagram, Mr Maina is known for his piece Mainamind and a Showmax series Single Kiasi where he featured as a cast.\nUncertain future\nWith the recent government moves, he is concerned about the future of the creative industry.\n“It is likely to affect the quality of work. Because higher taxes on the same income only strain your capacity to invest more in the craft,” he notes.\nM. Alby blames the content creator's predicament on ‘wannabe’ creators who paint the picture of glamorous lifestyles on social media, giving the government a false impression about the earnings of a content creator.\nCurrently, there is no official data on what content creators take home.\n“I feel like this huge tax increase is because of the fake lifestyles so many people put out on social media. I just saw a recent report that in Kenya only about 1.9 million people out of our over 50 million population have over Sh100,000 in their bank accounts. If the government has such data, then surely they can tell how many influencers and social media personalities have over Sh100,000,” decries M. Alby.\nSurprisingly, when the Business Daily contacted a number of content creators, they said they were unaware of their sector, let alone the implications of the Financial Bill.\nPush for a lobby\nTo change this. M.Alby says, “We need to come together as content creators and form a body where we can express our complaints because we will be hit so hard and the same generation that used to laugh at online content and term it as 'wasting time' and not a 'real job' is now hunting for our little gains as we grow.”\nThe bill defines content creators as any individual that is offering \"entertainment, social, literal, artistic, educational or any other material electronically,\" through websites, and social media platforms like Facebook, Twitter, or Instagram, in partnership with brands or retailers.\nNancy Wotune, a senior advisor, at Ichiban Tax and Business Advisory LLP, offers insights on the topic that is proving to raise mixed reactions from the general public.\n“It is useful to understand that the proposed tax is an advance tax on the income of digital content creators. Ordinarily, these content creators are required to pay tax on their income. The proposal allows Kenya Revenue Authority (KRA) to collect 15 percent in advance. KRA expects that the digital content creators will also pay the balance of the tax in April of the following year,” said Mrs Wotune.\nWill the changes affect the creative industry?\n“I think the creative industry will continue growing given the rapid pace of replacement of traditional commerce by digital commerce. However, KRA will likely collect more from these taxpayers who were hitherto not on KRA's radar.\nIt is useful to note that the 15 percent rate is much higher than the ordinary 5 percent imposed on other professional services. This could lead to perpetual income tax refunds after the digital content creators deduct their expenses in arriving at the taxable income,” she noted.\nHow are the earnings going to be traced through all their digital platforms?\n“The obligation to withhold is on the person paying the digital content creator. Therefore, KRA will collect data on the persons paid and expect to collect. Don't forget that in the Finance Bill, 2023, KRA is seeking to collect data on transactions.\nTherefore, persons paying these digital content creators will need to disclose this data to KRA. There is also the proposal that an expense must be supported by an invoice issued through an electronic tax invoice system, meaning KRA will be able to trace these transactions,” adds Mrs Wotune.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/technology/digital-service-tax-content-creators-cry-foul-over-a-deep-15pc-cut-plan-4242094"}
\ No newline at end of file
diff --git a/clean/cc/114c1173373254de3af88b87a33a3cf4.json b/clean/cc/114c1173373254de3af88b87a33a3cf4.json
new file mode 100644
index 0000000000000000000000000000000000000000..c0ca7fb8fa02435f92b6d4772d6ecc420d664cb4
--- /dev/null
+++ b/clean/cc/114c1173373254de3af88b87a33a3cf4.json
@@ -0,0 +1 @@
+{"doc_id": "114c1173373254de3af88b87a33a3cf4", "text": "South African online retailer Takealot has managed to narrow its trading losses by a massive 85% – but the group is still not yet profitable.\nThis is also reflected in the group’s owner, listed tech and investment group Naspers’ wider results, where it reported a jump in profit for the six months ended 30 September 2023 (1H24), but operating losses have extended, and its e-commerce segment is not yet in the black.\nNaspers recorded a 9% increase in revenue to $3 billion for the period – however, operating costs ate away at all of this, leaving the group with an operating loss of $426 million (extended from an operating loss of $111 million in the prior year).\nThe group’s results reflect figures on a “consolidated basis” from continuing operations, which reflects all majority-owned and managed businesses in its portfolio.\nOperating losses rose US$315 million to US$426 million over the period, primarily due to an impairment loss recognised on Edtech investments, it said.\nThanks to its share of equity-accounted results and gains made on partial disposals of equity-accounted investments – related to its partial disposal of Tencent – the group managed to claw back to an overall profit for the period.\nThe group continues to struggle with its e-commerce segment, which is still posting a trading loss. Naspers said it hopes this segment will turn to profit by the second half of the financial year.\nE-commerce consolidated revenue from continuing operations increased by 10% or US$272 million from US$2.7 billion in the prior period to US$2.9 billion.\n“This was primarily due to revenue growth in Classifieds, Food Delivery, and Payments and Fintech,” it said.\nOn an economic-interest basis, e-commerce revenue grew 15% to US$5.3 billion and trading losses improved from US$820 million to US$249 million.\nTakealot\nLooking at a more South African context, Takealot continued to post a loss, though it has been reduced significantly from the prior period.\nTakelot’s losses amounted to $2 million for the period (~R at current rates), reduced by 85% from $13 million (~R at current rates) before.\nTakealot’s gross merchandise volume (GMV) was up to $711 million from $700 million before.\nThis was up 15% in local currency, Naspers said, but in dollar terms, down by 2%, with the online retailer taking a $91 million hit from the impact of foreign exchange rate changes in the conversion.\n“Rising interest rates and inflation depressed consumer demand while load shedding created strain,” Naspers said.\n“Despite this, Takealot group has managed to reduce its trading losses by a significant 85% when measured in US dollar, excluding any impacts from M&A.”\nTakealot.com continues to grow its marketplace seller base, which reached approximately 10,600 sellers in September 2023\nPart of the Takealot “retail” business, Mr D grew revenue by 11% and GMV by 15% in local currency, excluding M&A. Mr D’s partnership with Pick n Pay, a leading local grocery retailer, continues to scale, Naspers said.\nMamongae Mahlare, Takealot Group CEO said that, while the Takealot Group is not yet profitable at a trading profit level, strong momentum towards profitability has been made through takealot.com’s business operations, which are generating more revenue than they cost to run.\n“This is a clear indication that the business health is solid, with profitability at an operating level. The other two businesses – Mr D and Superbalist.com – are on track to do the same at the appropriate point in their development cycle,” she said.\nRead: Takealot stranglehold spells bad news for South Africa", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/734561/big-leap-for-takealot-but-still-no-profit/"}
\ No newline at end of file
diff --git a/clean/cc/12563bd93851cb8e71048e3d52fbbc91.json b/clean/cc/12563bd93851cb8e71048e3d52fbbc91.json
new file mode 100644
index 0000000000000000000000000000000000000000..3673edc72fcb03079722afce65e360226901b338
--- /dev/null
+++ b/clean/cc/12563bd93851cb8e71048e3d52fbbc91.json
@@ -0,0 +1 @@
+{"doc_id": "12563bd93851cb8e71048e3d52fbbc91", "text": "There are a number of local factors which will likely impact South Africa’s growth in 2019.\nHowever, Eskom has emerged as the single biggest risk facing the country in 2019, amid growing concerns of more load shedding and rising debts.\nSpeaking to the Sunday Times, Annabel Bishop, chief economist at Investec, said that there were a number of reasons why analysts are growing increasingly cautious of the state-owned enterprise.\n“SOEs remain a key concern, especially Eskom,” she said.\n“Given the parlous state of Eskom’s financial position, load shedding could persist into 2019 and if it was as extreme as in early 2008, GDP for Q1 2019 could see growth cut by as much as a third to a half.”\nAccording to Bishop, some of the risks currently facing Eskom include:\n- Debt of more than R100 billion;\n- Almost 1,000 corruption cases against employees at all levels in the company;\n- Supply constraints for coal needed to generate electricity that led to a bout of load shedding towards the end of 2018;\n- Constant changes in management.\n‘Load shedding on leave’\nIn December Eskom announced that the risk of load shedding would be low through to 13 January 2019 as businesses and industries closed shop for the holiday period.\nAs part of its bid to keep the lights on over the holidays, public enterprises minister Pravin Gordhan said that leave for managers was cancelled, and it would be all hands on deck over the period.\n“When we come back to work in mid-January up until the end of March we ideally want to tell the public that there will be no level 2 load shedding,” Gordhan said.\nInstead, Gordhan said that Eskom may introduce a greatly reduced ‘quarter level’ load shedding during this period.\nHe also pledged that Eskom would be better at communicating load shedding schedules and which areas will be impacted.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/292312/the-big-load-shedding-risk-facing-south-africa-in-2019-report/"}
\ No newline at end of file
diff --git a/clean/cc/1256ac1f78c40ac522517c190eb856c3.json b/clean/cc/1256ac1f78c40ac522517c190eb856c3.json
new file mode 100644
index 0000000000000000000000000000000000000000..c60ea67122745c3d8ed47734fc742bb8c65ce100
--- /dev/null
+++ b/clean/cc/1256ac1f78c40ac522517c190eb856c3.json
@@ -0,0 +1 @@
+{"doc_id": "1256ac1f78c40ac522517c190eb856c3", "text": "The International Finance Corporation (IFC) is set to invest $3 million (Sh300 million) in Kenya’s mobile-based food delivery firm Twiga Foods as part of the company’s efforts to raise more than Sh700 million from multiple investors.\nTwiga runs a mobile cashless platform through which vendors can order and pay for fresh food and vegetables from farmers, resulting in lower prices and more efficient supply chains by from elimination of multiple layers of middlemen. The stakes that IFC and its partners will take in Twiga Foods was not disclosed.\n“IFC, acting for its own account … is considering to invest a minimum of US$ 3 million (Sh300 million) alongside other investors, including TLCom who will invest up to US$ 4 million (Sh400 million) in the company,” the global financier said in an investment disclosure statement.\nTLCom is a venture capital firm with €200 million (Sh23.5 billion) in assets under management and has offices in Nairobi, Lagos and London.\nTwiga shareholders are Peter Njonjo, Grant Brooke, DOB Equity, Omidyar Network, Wamda Capital, 1776 Seed Investors, Alpha Mundi and Blue Haven Initiative.\nThe company, which launched operations in 2014, plans to use the funds to scale up its operations and introduce new offerings such as credit services. Twiga started off matching vendors with banana farmers and has grown to other produce such as mangoes, potatoes, onions, tomatoes and cabbages.\n“The project will enhance integration of different stakeholders in the agricultural value chain working towards increasing farmer productivity,” IFC said.\n“In addition, the project could increase access to new services (for example credit) by reducing informality and demonstrating that farmers can be reached in a commercially sustainable way through technology.”\nTwiga says it has sold more than 200 million bananas and works with some 2,600 vendors. Farmers are attracted to the platform which offers transparency in prices and helps increase their sales.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/twiga-foods-secures-sh300-million-ifc-funding-2208952"}
\ No newline at end of file
diff --git a/clean/cc/126c727cb37442c82e9c376c9af05126.json b/clean/cc/126c727cb37442c82e9c376c9af05126.json
new file mode 100644
index 0000000000000000000000000000000000000000..ec66fd7636e6164a1c143f1f0ded03e3c5604c85
--- /dev/null
+++ b/clean/cc/126c727cb37442c82e9c376c9af05126.json
@@ -0,0 +1 @@
+{"doc_id": "126c727cb37442c82e9c376c9af05126", "text": "Media services company Redhouse has acquired the advertising subsidiary of joint venture partner Media Edge Group in a multi-million shilling deal.\nThe move gives it more muscle to compete with market leader Scangroup.\nRedhouse already has majority shareholding of Media Edge Group, and the transaction which involves a cash and share swap gives it full ownership of Media Edge Interactive.\nThe buyout will see Esther Ngomeli, the founder and current managing director of Media Edge Interactive, pocket a significant amount of money and also acquire “significant equity” in Redhouse Group.\n“The deal involved cash and shares swop that enabled shareholders of Media Edge Interactive to be equity participants in Redhouse Group,” said Koome Mwambia, the chief executive for Redhouse.\n“Mrs Ngomeli, the founder of Media Edge, will effectively hold significant equity in the holding company Redhouse Group Limited.”\nRedhouse had applied to the competition watchdog for approval to acquire the “entire issued share capital” of the subsidiary.\nThe two firms had combined turnover of Sh371 million at the time of acquisition, which Mr Koome hinted has grown significantly since the application was lodged at the Competition Authority of Kenya.\nStart-up media services firm Redhouse Group entered the Kenyan market in August 2012 setting up its own public relations, advertising, and media buying unit.\nTo fast-track its foray into the market, Redhouse tapped experienced executives from its rival Ogilvy East Africa where Mr Mwambia was chief executive. It also hired former Ogilvy Kenya PR managing director Okoth Obado for a similar role at Redhouse PR.\nREAD: Redhouse takes on Scangroup in TBWA deal\nArmed with a capital base of Sh430 million, Redhouse Group acquired, through a joint venture, a majority stake in Media Edge Group which runs similar businesses.\nMedia Edge Group subsidiaries include Media Edge Public Relations, Outdoor Care Kenya and Media Edge Interactive, which has now been fully bought out by Redhouse.\nRedhouse chairman is Anthony Wahome whose business interests include crest International Schools, Linksoft Group of Companies and Rose of Sharon Academy. The Group plans to buy out the remaining Media Edge subsidiaries.\n“The approach is informed by the long-term plan by Redhouse Group to build independent but wholly owned specialist marketing companies,” said Mr Mwambia.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/redhouse-buys-advertising-unit-in-multi-million-deal--2053954"}
\ No newline at end of file
diff --git a/clean/cc/12d7d5b504bba5e8a59b238471889c58.json b/clean/cc/12d7d5b504bba5e8a59b238471889c58.json
new file mode 100644
index 0000000000000000000000000000000000000000..9383443426817e022f685656d5767c3d64791556
--- /dev/null
+++ b/clean/cc/12d7d5b504bba5e8a59b238471889c58.json
@@ -0,0 +1 @@
+{"doc_id": "12d7d5b504bba5e8a59b238471889c58", "text": "Business groups in South Africa are pushing president Cyril Ramaphosa to delay signing the National Health Insurance (NHI) Bill into law, saying that it does not pass constitutional muster and will likely lead to many legal and social troubles down the line.\nIn an open statement to Ramaphosa, Business Unity South Africa (BUSA) and Businesses for South Africa (B4SA) petitioned the president to first test the constitutionality of the NHI Bill before signing it into law.\nThe controversial NHI Bill was passed by the National Council of Provinces in late 2023 and sent on to President Cyril Ramaphosa to be signed into law. The office of the presidency said in December that Ramaphosa wouldn’t just rubber-stamp the bill into law and would apply his mind – however, during election campaigning, the president vowed to sign the bill into law whether critics wanted it or not.\nBUSA and B4SA warned the president that doing so would spell disaster for not only the goal of universal healthcare in South Africa but also the country’s economy as a whole.\n“The Bill, as it stands today, will materially delay access to universal health coverage, lead to disinvestment in the healthcare sector, further damage South Africa’s already fragile economy, and create significant risks for the country in terms of the availability, quality, management and governance of healthcare,” the groups said.\nMartin Kingston, chair of the B4SA steering committee, said that it is clear that the NHI is a cornerstone of the ANC’s election campaigning but stressed that the obvious weaknesses in the bill would have “material negative implications” and “devastating consequences for the country and its people for generations to come”.\n“There is a significant obligation on the President to ensure the Bill passes constitutional muster,” he said.\nBusiness Leadership South Africa (BLSA) CEO, Busi Mavuso said that the NHI was being used as a political tool, choosing populism over practicality – and that the president signing it into law in its current format would simply be the start of all the litigation to block it.\n“The president seems to feel that putting an unworkable law on the books would be an achievement – it will not be,” she said.\n“A genuine and deep improvement in the health system would be – but the NHI Bill will do the opposite, by driving doctors and other medical staff out of the country and damaging the private healthcare sector without any improvement in the public system. Yet the president seems determined to drive it through.”\nThe constitutionality problem\nBUSA and B4SA provided a summary of key procedural and substantive constitutional issues in the bill, which have been presented to the president:\nProcedural issues\nProcedurally, BUSA noted that Parliament’s socio-economic impact assessment process was inadequate, that the Nedlac process in respect of the Bill was not followed through, that public participation inputs were not properly considered, and that multiple constructive inputs from business and other stakeholders were ignored.\n“Parliament’s Portfolio Committee on Health also ignored an opinion by Parliamentary Legal Services, which highlighted several areas of the Bill that are unconstitutional,” the groups said.\nRush job\nBUSA highlighted the fact that the process conducted by the NCOP Select Committee on Health and Social Services was rushed, inadequate in terms of its mandate, and that it failed to properly deal with reports submitted by the provinces.\n“Importantly, the NCOP Committee failed to incorporate amendments, provincial public submissions and technical flaws noted by several provinces and even the Department of Health itself,” the groups said.\nOverreach galore\nBUSA noted that section 33 is unconstitutional in giving the Health Minister unfettered power to determine the restricted role for medical schemes, especially as this power is unnecessary for achieving the policy objectives of the Bill.\n“This is damaging to the private health sector as a whole and there is no rational basis for this approach,” the groups said.\nThe Bill provides for the adding of new taxes and altering tax policies, tasks that should be handled by the National Treasury in a Money Bill as per the Constitution.\nThe Bill also breaches the separation of powers by giving the Minister of Health judicial discretion.\nBottlenecking healthcare\nBUSA noted that the single-fund model (where the Government will buy and pay for all healthcare services for everyone) introduces significant concentration risk and adversely impacts people’s ability to seek care in the private sector.\n“This is also likely to result in significant strain being placed on the public sector. The amendments proposed by BUSA seek to allow for the role of medical schemes to be determined in a consultative process, in measured phases, in a manner that is consistent with the policy objectives.”\nLosing access\nBUSA highlighted that the procedures for accessing healthcare and appealing treatment denied by the NHI, could potentially hinder or violate the right to access health services, making them unconstitutional.\nPricing issues\nBUSA believes that the contracting provisions in Sections 11 and 26 of the Bill are unsustainable and inconsistent with the principles of value-based care and strategic purchasing, which is the global trend for sustainable healthcare contracting that is patient-centred.\nThey focus on price in an unsophisticated manner, which contradicts the Constitution’s criteria for lawful procurement.\nVague timelines\nThe roll-out envisaged in Section 57 of the Bill needs to be linked to milestones that are workable and relevant to South Africans having reasonable access to quality healthcare services, rather than dates which are arbitrary and unrealistic, and already outdated.\nSection 58 of the Bill introduces legislative changes that seem to take immediate effect. However, this conflicts with Sections 31 and 32 of the Bill, leading to the immediate removal of health functions from the Provinces.\nThis affects approximately R196 billion in funding from Provincial Equitable Share allocations and Conditional Grants. Additionally, the alterations to the Medical Schemes Act contradict Section 33.\nThere are conflicts with the Competition Act and the Protection of Personal Information Act which are unnecessary to give effect to universal health care.\nBUSA and B4SA said that all of these constitutional and other issues with the bill were raised during the various engagements with government and parliamentary committees, but still the bill passed by unchanged.\nThey are now again being raised in the petition to the president.\n“This is to ensure that, as part of due process, proper consideration is given to the fundamental procedural, and substantive constitutional flaws in the current version of the Bill,” the groups said.\n“BUSA and B4SA are confident that, in a constitutional democracy, these views will be taken into account by the President when he assesses the constitutionality of the Bill prior to his assent.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/748486/businesses-in-south-africa-send-a-warning-to-ramaphosa/"}
\ No newline at end of file
diff --git a/clean/cc/13dc9e6b39bf73779f645dc8ac765ece.json b/clean/cc/13dc9e6b39bf73779f645dc8ac765ece.json
new file mode 100644
index 0000000000000000000000000000000000000000..a10d9794b46fced4a61ff562e9765dad2adbaa3b
--- /dev/null
+++ b/clean/cc/13dc9e6b39bf73779f645dc8ac765ece.json
@@ -0,0 +1 @@
+{"doc_id": "13dc9e6b39bf73779f645dc8ac765ece", "text": "President Cyril Ramaphosa says that finance minister Enoch Godongwana will soon announce measures by the National Treasury to boost the rollout of solar in South Africa, including tax breaks.\nDelivering his State of the Nation Address on Thursday (9 February), the president said that “unleashing” own generation among private households and businesses is a key part of the country’s wider plans to end the load shedding crisis.\nThis was point four in the broad five-point plan to end the crisis:\n- Fix Eskom and improve the availability of the existing electricity supply\n- Enable and accelerate private investment in generation capacity\n- Accelerate procurement of new capacity from renewables, gas and battery storage\n- Unleash businesses and households to invest in rooftop solar\n- Fundamentally transform the electricity sector.\nWhile the national government is not deviating from this plan, swifter action is being taken to fast-track certain actions.\nHe said that during the 2023 Budget scheduled for 22 February, the minister of finance will announce how households and businesses will benefit from a tax incentive relating to rooftop solar.\nBeyond the tax breaks, National Treasury will also look at other measures to boost solar availability for businesses.\nRamaphosa said that Treasury will make adjustments to the “bounceback” loan scheme, which was severely underutilised following the Covid-19 pandemic, to help small businesses invest in solar equipment.\nBanks and financial institutions will also be allowed to borrow directly from the fund to help facilitate the leasing of solar equipment to small businesses, he said.\nGoing the route of offering tax breaks to incentivise rooftop solar takeup is broadly supported by the South African Revenue Service (SARS). During a webinar this week, SARS commissioner Edward Kieswetter said that he supported the move.\nWhile SARS is not in charge of setting financial policy – it only collects taxes – the commissioner said that he was actively engaging with the national government around this.\nHe said that the last amendment for policies on renewable energy was made in 2016, where a long-term incentive was given that equated to an effective 28% discount on investments in renewable energy at the time.\nKieswetter said that SARS is engaging with National Treasury to review the policy to find ways to provide relief and incentivise the adoption of private and own generation.\nWhile no progress on the measure was mentioned by Ramaphosa during his speech, it is known that other solar measures are part of the country’s Energy Action Plan.\nWork is also underway to develop a net billing framework for municipalities to enable customers to feed electricity from rooftop solar installations onto the grid, and designated local content for solar panels has been reduced from 100% to 30% to alleviate constraints.\nThe City of Cape Town already has a head-start with the plan, having recently announced that it will be buying electricity from commercial solar installations from June 2023, with plans to apply the same to residential customers from 2024.\nThe push for solar comes off a big year for the energy source in South Africa, with research from PwC showing that over R5 billion worth of panels were imported in 2022.\n“We estimate that these panels provide an additional 2,000 MW of generating capacity during 2023. Based on varying usage patterns, these off-grid solar panels could be saving the rest of the country from an additional stage of load-shedding at any given time,” PwC said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/663595/big-boost-for-rooftop-solar-in-south-africa/?utm_campaign=Prop%20Data%20Newsletter&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz--ZNdpdrio20chOB1uD3tXAh9aH6FwmsK4AOIHpssKqvDPxVd-_x9QEPIzDxIENp7a7lBY8"}
\ No newline at end of file
diff --git a/clean/cc/14732d98c1a3801c10a6632a31b7c396.json b/clean/cc/14732d98c1a3801c10a6632a31b7c396.json
new file mode 100644
index 0000000000000000000000000000000000000000..3e42b55f665896b1ec6ce504dc4260fb7ea41cc7
--- /dev/null
+++ b/clean/cc/14732d98c1a3801c10a6632a31b7c396.json
@@ -0,0 +1 @@
+{"doc_id": "14732d98c1a3801c10a6632a31b7c396", "text": "Tanzania will soon join Kenya as Africa50's shareholder to enhance its infrastructural project.\nThe East Country is at an advanced discussion stage with the Pan-African infrastructure investment platform to become its 33rd shareholding country on the continent.\nBy joining the Moroccan-based organisation, Tanzania is looking at attracting investment in energy, Internet, techs, electricity lines, among others, like its neighbours Kenya.\nKenya, which is its member, has been attracting investment in data center, affordable internet, and transmission line initiatives after joining the group.\nPAIX Data Centres, a Pan-African cloud and data centres provider with two data centers in Nairobi and Accra (Ghana)-for instance-got $20 million (Sh2.3 billion) funding to expand its services across the continent.\nThe series B funding, which forms the first tranche, came from Africa50, an African infrastructure investment platform.\nIt also invested $28 million (Sh3.18 billion) in a Kenyan-based affordable internet provider, POA Internet.\nThe Series C funding round was led by Novastar Ventures and Africa50, bringing its total funding raised so far to $36 million (Sh4.1 billion).\nTanzania application comes after the Republic of Cabo Verde was admitted as Africa50's 32nd shareholding State.\nThe admission of the West African country now brings its shareholding countries number to 32, comprising 29 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib.\n“Cabo Verde’s shareholding represents significant support to our organization in our mandate to bridge Africa’s infrastructure development and financing gap,\n\"The catalytic role of infrastructure as a driver of socio-economic development has never been stronger and partnerships with our Shareholders, including Cabo Verde, are critical to improving the quality of life of our people and ensuring a resilient and sustainable economic recovery,\" Africa50 Board of Directors Chairman Akinwumi Adesina said.\nWithin five years of operations, Africa50 has made 15 investments with an aggregate value of US$5 billion (Sh5929 billion).\nThis has helped over 17 million people in Africa access reliable and cleaner electricity.\nApart from the energy sub-sector, it has supported projects in transport, logistics and ICT.\n“Cabo Verde’s shareholding further demonstrates the critical role of Africa50 to African countries and infrastructure in Africa in general. More importantly, it provides us with additional capital to fulfill our mandate,\n\"The infrastructure needs of the continent are significant and we need to scale up and speed up projects to accelerate Africa’s recovery from the effects of the pandemic. Additionally, we need to help mitigate against the devastating impact of climate change, and help Africa weather the recent global, food and energy crisis,\" Africa50 CEO Alain Ebobissé said during its General Shareholders Meeting in Marrakech, Morocco, that attracted top African Governments officials, private sectors, among others.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/marketplace/tanzania-eyes-africa50-s-membership-after-kenya-3887496"}
\ No newline at end of file
diff --git a/clean/cc/15968fea96882125c548b891beec63b3.json b/clean/cc/15968fea96882125c548b891beec63b3.json
new file mode 100644
index 0000000000000000000000000000000000000000..9553897e7a67e4d02078d13cb3f54681c8dfc400
--- /dev/null
+++ b/clean/cc/15968fea96882125c548b891beec63b3.json
@@ -0,0 +1 @@
+{"doc_id": "15968fea96882125c548b891beec63b3", "text": "Kenya Airways (KQ) has resumed direct daily flights to New York as it seeks to cash in on the summer season expected to push up demand for air travel.\nThe national carrier has been operating five daily flights on the US route since January when the demand for passengers was low as America entered into the winter season.\nKQ says the decision to ramp up the frequencies has been informed by high forward booking from passengers seeking summer tickets.\n“We have increased our frequencies to daily on the New York route because of high demand from passengers as we approach the summer season,” said the airline.\nThe move comes as a boost to the national carrier, which is fighting to fly out of the loss-making territory.\nThe daily flights to the US come at a time when Ethiopian Airlines-Africa’s largest carrier has expanded its flights to the US by adding another route to Atlanta, and reintroduction of the New York route via Abidjan, heightening competition on the route.\nThe Ethiopian carrier introduced four weekly flights on the Atlanta route last month, allowing passengers who want to fly directly to the city to avoid connecting through JFK International Airport in New York, where most airlines that have direct links with the US fly. The carrier first started serving New York from its main hub Addis Ababa via Abidjan in June 2019.\nHowever, the route was suspended in March 2020 due to Covid-19. Later, the flight resumed serving New York via Lomé starting in October 2020.\nAtlanta is Ethiopian Airlines’ sixth destination in the US besides New York, Newark, Chicago, Washington DC and cargo service to Miami.\nKQ has been struggling financially, making it rely on the Treasury for bailouts to remain afloat, with the government announcing recently it would stop funding the carrier.\nThe plan, if implemented, could save taxpayers billions of shillings spent annually to keep afloat the national carrier that last returned a profit in 2012.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/shipping-logistics/kenya-airways-resumes-daily-new-york-flights-4276200"}
\ No newline at end of file
diff --git a/clean/cc/186aaa8cf3d8a9bca2a3d3957cc7d170.json b/clean/cc/186aaa8cf3d8a9bca2a3d3957cc7d170.json
new file mode 100644
index 0000000000000000000000000000000000000000..a7c58aeabc7d08150513e8f1706bd34ab497d3d2
--- /dev/null
+++ b/clean/cc/186aaa8cf3d8a9bca2a3d3957cc7d170.json
@@ -0,0 +1 @@
+{"doc_id": "186aaa8cf3d8a9bca2a3d3957cc7d170", "text": "The Broad-Based-BEE Commission has called for tighter legislation and greater powers to address companies that undermine transformation efforts in South Africa.\nThe commission briefed the media on its work over the past 20 years on Thursday (30 November), highlighting the body’s intentions of rooting out and clamping down on businesses that are fronting as BEE-compliant.\n“To date, we have received 1,273 complaints that the commission has registered. Of those, 84% of them pertain to fronting,” said Lindiwe Madonsela, senior compliance manager of the BEE Commission.\nThe B-BBEE Act has defined fronting practices to mean transactions, arrangements or other acts or conduct that directly or indirectly undermines or frustrates the achievement of the objective(s) of the B-BBEE Act or the implementation of any of the provisions of the B-BBEE Act.\nThis effectively means businesses are misrepresenting their transformation standing.\nThe Broad-Based BEE Commissioner Tshediso Matona has slammed these findings and described them as efforts to frustrate and oppose the commission’s work and undermine transformation in the country.\n“Recently, in my view, there has been an emergence of certain civil society groups that represent white interests, that have made it their business to attack transformation in South Africa,” he said.\nHe also lamented the slow pace of law enforcement to take action against businesses that have been found to be inviolation of the current BEE legislation.\nThe commission gave an update on the status of transformation across businesses in South Africa, stating that 33.9% of businesses are black-owned in South Africa – a 4.4% increase recorded in 2021.\nMadonsela said while this is an improvement, she noted with concern that, from a Johannesburg Stock Exchange (JSE) perspective, there are no companies that are 100% owned by black people in the country – based on reports the commission has received.\nMatona also highlighted the surge in fraudulent BEE-compliance certificates across businesses and has encouraged professionals to speak up against compliance issues and called for companies to play by the Triple BEE legislation.\nMatona added that efforts are now underway to strengthen legislation to ensure the prosecution of those businesses – calling for more powers to prosecute guilty entities, which he said will drive incentives to follow legislation and make the penalties clear.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/735407/bee-commission-is-coming-after-these-businesses-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/19085f3c99b98d208801a3a486996ac7.json b/clean/cc/19085f3c99b98d208801a3a486996ac7.json
new file mode 100644
index 0000000000000000000000000000000000000000..a3fdf7e2f371d27a5c7a23089cc66b8856c4782c
--- /dev/null
+++ b/clean/cc/19085f3c99b98d208801a3a486996ac7.json
@@ -0,0 +1 @@
+{"doc_id": "19085f3c99b98d208801a3a486996ac7", "text": "Professional services company PwC has published its report on South African executive directors for 2023, revealing the top-paying industries for executives in the country right now.\nThe report analysed executive pay during the period from 1 March 2022 to 28 February 2023, focusing primarily on executive remuneration among companies listed on the Johannesburg Stock Exchange (JSE).\nThe group noted that, in instances where executive directors have resigned from their roles on or before the cut-off date, they were excluded from the data set. Executive directors appointed after the company’s financial year-end have also been excluded from the analysis.\nIt added that, where directors were paid in foreign currency, their remunerations were concerted into rands using a one-year average exchange rate as of 28 February 2023.\nThe firm also focused on the ‘total guaranteed package’ (TGP), which represents the portion of total remuneration regardless of employee performance. It is a fixed cost made up of basic pay plus a cash value attributable to benefits.\nAs directors’ fees rarely follow a standard distribution curve, the financial services firm provided a snapshot of the average TGP across three quartiles: lower – median – and upper – on the top 200 JSE-listed companies.\nAn examination of TGP fees paid across the JSE shows that the average salary for chief executive officers (CEOs) was R9.36 million over the period.\nBy comparison, the average pay for chief financial officers (CFOs) was R5.93 million, and the average pay for executive directors was R4.84 million.\nTop paying Industries\nAs part of its analysis of executive director remuneration trends, PwC revealed the top 10 highest-paying industries on the JSE – averaging the pay across top management, including CEOs, CFOs, and Executive Directors (EDs).\nAccording to the data, the telecommunications industry pays the highest executive salaries, on average, across the JSE. The average telecoms executive gets paid an estimated total guaranteed package of R10.56 million – with the upper limit sitting around R13.57 million while the lower limit is R8 million.\nConsumer staples – including companies in beverages, food products, tobacco, household products and personal products – are the second highest-paying industry. Execs in these fields earn, on average, R9.82 million annually, with salaries ranging from R5.36 million to R13.23 million.\nFollowing consumer staples is the basic materials industry – such as mining – in third, with the average executive guaranteed pay estimated at R8.98 million annually, ranging from R4.88 million to R10.54 million.\nThe table below lists the top 10 highest-paying industries in South Africa in 2023, as outlined by PwC.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/719882/the-10-industries-that-pay-the-highest-executive-salaries-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/191dd1f3c5f86acf5b21812d023cc8ba.json b/clean/cc/191dd1f3c5f86acf5b21812d023cc8ba.json
new file mode 100644
index 0000000000000000000000000000000000000000..08c52ab4eb22187f548d9f50406fe0bf018c2195
--- /dev/null
+++ b/clean/cc/191dd1f3c5f86acf5b21812d023cc8ba.json
@@ -0,0 +1 @@
+{"doc_id": "191dd1f3c5f86acf5b21812d023cc8ba", "text": "South Africa’s biggest retailer, Shoprite, has recorded a strong financial performance despite spending over R1.3 billion on diesel to curb load shedding.\nIn its financial results for the 52 weeks that ended 2 July 2023, the group grew sales by 16.9% to R215 billion, which its supermarkets in South Africa have underpinned.\nCheckers and Checkers Hyper also saw 18.0% sales growth, whilst Checkers Sixty60 increased sales by 81.5%. The on-demand grocery delivery app also expanded its services from 300 stores in 2022 to 466 stores in 2023.\nThe low prices and affordability at Shoprite and Usave also resulted in sales growth of 15.6%.\nOverall, the group’s trading profit also increased by 5.7%, which resulted in a trading margin of 5.5% (restated 2022: 6.1%).\n“This was notably impacted by the R1.3 billion (2022: R226 million) diesel expense required to operate generators across our Supermarkets RSA store base during the year due to higher stages of load shedding,” the group said.\nAveraged out, the group has gone from spending R620,000 a day on diesel in 2022 to R3.56 million a day – a 470% increase.\nDue to the effect on liquidity caused by load shedding, the group did not repurchase any shares under its share buy-back programme, which has resulted in the group buying back R1.5 billion worth of shares since the 2021 financial year.\nReturning to positive news, the group opened 382 stores (340 net), which expanded its footprint to 3,326 stores – 94 of these new stores were acquired from Massmart.\nAmidst the improved financial position, the group upped its dividend by 10.5% to 415 cents per share.\n- Group sales of merchandise increased by 16.9% to R215.0 billion\n- Supermarkets RSA sales of merchandise increased by 17.8% to R173.6 billion\n- Diluted headline earnings per share (DHEPS) increased by 9.7% to 1 159.4 cents (restated 2022: 1 056.9 cents)\n- Adjusted headline earnings per share (adjusted HEPS) increased by 3.8% to 1 161.2 cents (restated 2022: 1 118.6 cents)\n- Full-year dividend per share (DPS) increased by 10.5% to 663 cents (2022: 600 cents). This is a result of the interim DPS increasing by 6.4% to 248 cents (2022: 233 cents) and final DPS increasing by 13.1% to 415 cents (2022: 367 cents)\n- The Group created 8,131 new jobs, including 4,480 jobs retained from the Massmart acquisition\nOutlook\nIn the first six weeks of FY24, the group’s sales growth in its South African supermarkets segment has reached double-digits, which is partly due to a reduction in selling price inflation.\n“In terms of costs, the group’s increased diesel expense as a result of the step change in load-shedding from last year is in our cost base from September 2023,” it said.\n“The Group continues to trade uninterrupted at current higher stages of load-shedding as a result of the Group’s solar PV installations and considerable diesel generator infrastructure in place across our South African supermarket operations,” it said,\n“It is clear that our customers’ disposable incomes are under enormous pressure, and there is an increasing need for us to sustain the lowest prices and best value across our various supermarket formats.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/716182/south-africas-biggest-retailer-is-spending-r3-5-million-a-day-to-beat-load-shedding/"}
\ No newline at end of file
diff --git a/clean/cc/1941f84a99064b774f1f382adb5de67f.json b/clean/cc/1941f84a99064b774f1f382adb5de67f.json
new file mode 100644
index 0000000000000000000000000000000000000000..ba167091a8ec845da4e7d00c1b690f69ad902c67
--- /dev/null
+++ b/clean/cc/1941f84a99064b774f1f382adb5de67f.json
@@ -0,0 +1 @@
+{"doc_id": "1941f84a99064b774f1f382adb5de67f", "text": "The Philip Ndegwa family has bought an additional 31.6 million shares of NCBA Group with a current market value of Sh1 billion in transactions that have seen them overtake the Jomo Kenyatta family to become the bank’s top shareholder.\nThe Ndegwas’ investment vehicle First Chartered Securities raised its stake in the lender to 14.44 percent –currently worth Sh8 billion— in the year ended December 2022 according to disclosures in the company’s latest annual report.\nRead: Kenyattas gain Sh3.1bn in a year as NCBA surges to top\nThis was up from the 12.52 percent stake that First Chartered held a year earlier.\nThe Kenyattas’ investment vehicle Enke meanwhile maintained its ownership at 13.2 percent which is valued at Sh7.4 billion.\nThis is the latest investment by the Ndegwas who have been bullish on NCBA for decades, investing substantial capital starting from NIC Group and CBA Group which were merged in September 2019 to create the Nairobi Securities Exchange-listed bank.\nThe expansion of First Charterted’s holdings boosted the personal portfolios of NCBA directors and brothers James Ndegwa and Andrew Ndegwa who are among the beneficiaries of the investment vehicle.\nJames’ direct and indirect ownership in NCBA rose by 5.55 million shares currently worth Sh188.7 million to 75.2 million shares equivalent to a 4.57 percent stake.\nAndrew’s ownership increased by 5.57 million shares currently valued at Sh189.1 million to 76.3 million shares representing a 4.63 percent equity.\nTogether, the brothers saw their portfolio grow by Sh377.8 million to Sh5.1 billion. Most of the additional share purchases by First Chartered were implemented towards the end of last year.\nThe Ndegwas’ increased investment in NCBA comes as the bank’s performance has improved in the wake of the merger which allowed it to build scale in a market where size is a key determinant of the industry’s profit distribution.\n“The financial outcomes across the group, three years post-merger are a clear demonstration that we are on track with our strategic priorities and have successfully built a bigger and more profitable business,” NCBA’s chief executive John Gachora wrote in the report.\nThe bank’s earnings, profitability metrics, dividend payouts and market value have all improved, benefitting long-term investors including former shareholders of NIC Group who were allocated a combined 47 percent ownership in the merged entity.\nNCBA now has a market value of Sh56 billion compared to the Sh17.7 billion that NIC held in the year ended December 2018 –its last full year of operations before the merger.\nThis implies a gain of Sh8.5 billion or nearly 50 percent expansion of paper wealth for the former NIC investors alone. NCBA posted a 35 percent net profit growth to Sh13.7 billion in the year ended December 2022 when it lifted its dividend payout to a record Sh7 billion or Sh4.25 per share.\nRead: Ndegwa family buys Sh296m NCBA shares\nThis marks a payout ratio of 50.8 percent, more than double the 20.8 percent distribution of net income that the bank made prior to the merger. NCBA’s return on shareholder funds also improved to 17.1 percent in 2022 from the 12 percent recorded in 2018.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/ndegwas-overtake-kenyattas-in-ncba-stake--4245808"}
\ No newline at end of file
diff --git a/clean/cc/19468eeb09922696a05f2af32a1b26d9.json b/clean/cc/19468eeb09922696a05f2af32a1b26d9.json
new file mode 100644
index 0000000000000000000000000000000000000000..23370247345c2ccdf037e11dd977ce1840e00bc9
--- /dev/null
+++ b/clean/cc/19468eeb09922696a05f2af32a1b26d9.json
@@ -0,0 +1 @@
+{"doc_id": "19468eeb09922696a05f2af32a1b26d9", "text": "Woolworths has seen a big boost in profit and earnings after dropping the Australian department store chain David Jones.\nIn a trading statement for the 52 weeks ended 25 June 2023, Woolworths said that its Earnings per share (EPS), Headline EPS (HEPS) and adjusted diluted HEPS (adHEPS) were expected to be 20% higher than the reported prior year.\nThe current financial year only had a 9-month contribution from David Jones, whilst the prior year had a full 12 months.\nHowever, the group said its earnings are now expected to be far higher than the prior 20% predictions.\nBelow are the Total group expectations for the 52 weeks ended 25 June 2023:\nDavid Jones sale\nWoolworths completed the sale of David Jones to Anchorage Partners in March 2023, which took about R17 billion of liabilities off Wooloworth’s books.\nWoolworths acquired David Jones in 2014 for roughly A$2.2 billion (about R22 billion at the time).\n“The history here has been a painful one. The transaction allows us to overnight improve our return on capital by several percentage points,” Woolworths Chief Executive Officer Roy Bagattini said.\nWoolworths initially tried to replicate its success in the South African food business with David Jones, but it simply didn’t work, with Bagattini noting that the retailers are fundamentally different.\nWhereas Woolworths sells mainly its own-branded goods, David Jones looks to offer other brands.\nWoolworths does still own the flagship store in Melbourne, which is being leased to David Jones on a long-term basis on market-related terms.\nWoolworths said it is returning to its core clothing range while refocusing on its five local brands and other Australian business Country Road.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/712696/good-times-for-woolworths/"}
\ No newline at end of file
diff --git a/clean/cc/1bf4a1bbb1d2ea90114db310c160491e.json b/clean/cc/1bf4a1bbb1d2ea90114db310c160491e.json
new file mode 100644
index 0000000000000000000000000000000000000000..16e12db1bb890b51af1fc94abbf5f3e154f10ed8
--- /dev/null
+++ b/clean/cc/1bf4a1bbb1d2ea90114db310c160491e.json
@@ -0,0 +1 @@
+{"doc_id": "1bf4a1bbb1d2ea90114db310c160491e", "text": "FIrstRand chief executive officer Alan Pullinger says that the South African government’s “open support” of Russia is presenting significant geopolitical risks for businesses and could bring extremely negative consequences to bear.\nCommenting on the FirstRand interim results for the six months ended December 2022 on Thursday (2 March), Pullinger flagged the most significant risks to the company’s and South Africa’s prospects in the period ahead.\nWhile the CEO flagged the Financial Action Task Force’s (FATF) greylisting of South Africa as one such risk, he said that the geopolitical risks from South Africa cosying up to Russia were more worrying.\nChina, Russia, and South Africa wrapped up a ten-day joint naval drill this week – an exercise that overlapped with the one-year mark of Russia’s full-scale invasion of Ukraine.\nWhile the South African government’s official stance on Russia’s war in Ukraine – which has been going on for over a year – is to remain neutral and push negotiations for peace, the country has come under close scrutiny by several nations opposed to Russia.\nThe government’s position on these drills is that they make up standard procedure and are routine in dealing with various militaries – noting that similar drills are run with South Africa and US and UK – and dismissing any outright support for Russia and its invasion of Ukraine.\nHowever, the optics around the participation with Russia, at a politically sensitive time, have been seen as South Africa effectively throwing its lot in with China and Russia in support of the war.\nSouth Africa’s office of international relations has also described its relationship with Russia as friendly, while president Cyril Ramaphosa has echoed pro-Russia talking points – such as blaming NATO for the “conflict”.\nPullinger said that despite claims of neutrality, South Africa’s relationship with Russia is being seen as open support, and it’s starting to reverberate among the country’s trading partners.\n“Our government’s open support for Russia is increasingly being called out by our major trading partners,” he said.\n“This could have extremely negative consequences for the country, which benefits far more from trade with and investment from the USA, UK and Europe than from Russia.”\nFor the banking sector in particular, Pullinger said that the sector – including the South African Reserve Bank – crucially relies on access to the US dollar, global clearing and settlement, which is a privilege and can be revoked at any time.\n“For all of these reasons, FirstRand does not share the government’s enthusiasm for Russia,” he said.\nPullinger said that compared to these risks, the FATF greylisting is less impactful.\nSouth Africa was officially added to the FATF’s watch list at the end of February for failing to have the necessary checks and balances in place to clamp down on money laundering and terrorism financing.\nThe FATF flagged issues with South Africa’s dirty money laws as far back as 2019, and in 2021 gave the government until October 2022 to get its affairs in order. The government tried to fast-track a host of new laws and regulations to deal with the issues raised, but fell short at the deadline.\nPullinger said the greylisting is “unfortunate”, but noted that it was not unexpected and should be manageable.\nThe main headwinds for South Africa and the banking sector, in particular, are increased compliance and transaction costs, and perhaps lower capital flows to the country, he said.\n“National Treasury, the FSCA and SARB put in a concerted effort to avoid this outcome, but some of the necessary deliverables were not within their control. As a sector, we will continue to work hard in partnership with them to get off the grey list as soon as possible,” he said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/669631/top-banking-ceo-warns-that-south-africa-is-getting-too-close-to-russia/"}
\ No newline at end of file
diff --git a/clean/cc/21689efc8673a6c85f94747a9e4d809c.json b/clean/cc/21689efc8673a6c85f94747a9e4d809c.json
new file mode 100644
index 0000000000000000000000000000000000000000..89a51ef5e294365c67fa7406d459d6e833b10719
--- /dev/null
+++ b/clean/cc/21689efc8673a6c85f94747a9e4d809c.json
@@ -0,0 +1 @@
+{"doc_id": "21689efc8673a6c85f94747a9e4d809c", "text": "The government’s decision to hive off property valued at Sh10 billion from Telkom Kenya’s balance sheet without the knowledge of Helios Investment Partners is one of the factors that prompted the private equity fund to initiate its exit from the struggling telecommunications firm in 2021.\nDocuments seen by Business Daily show that this was one of the two major developments that prompted the private equity fund to exercise its contractual right requiring the government to buy its stake.\n“The government of Kenya proceeded to unlawfully expropriate the prime property of Telkom Kenya Limited situated along Ngong’ Road Nairobi measuring approximately 79 acres valued at over Kes 10 billion without Telkom’s or Jamhuri Holding Ltd.’s consent and without any compensation being committed or paid,\" the letter from Paul Cunningham dated March 20, 2023, addressed to the Office of the Clerk of the National Assembly reads.\nMr Cunningham is a director at Jamhuri Holding Ltd which is the special purpose vehicle that was set up by Helios for its investment in Telkom Kenya Ltd in June 2016.\nIt has also emerged that the failure to consummate the joint venture between Telkom Kenya and Airtel Kenya in 2019 was also another major factor prompting the exit of Helios.\nDocuments show that it had been expected that the joint venture arrangement would scale down the need for further capital injection by Jamhuri Holding Ltd into Telkom Kenya.\n“There were considerable delays in securing regulatory approval for the merger transaction, in part attributable to protracted investigations launched by the Ethics and Anticorruption Commission on Telkom Kenya and its officials on various matters which were ultimately dropped with no adverse findings,\" Cunningham’s letter states.\nAccording to the letter, Telkom Kenya allegedly suffered a loss of $200 million (Sh26.1 billion) due to the government's failure to approve the proposed merger with Airtel through its agencies such as the Competition Authority of Kenya.\nMr Cunningham states that the Kenyan government acquired the 60 per cent stake in Telkom Kenya through a series of transactions including taking over shareholder loans that were first provided by French telecommunications firm Orange. Helios bought its stake from Orange.\nHelios also received a payout from the government, with the PE firm saying it did not make a gain from its investment in Telkom Kenya when it exited.\n“The transaction between Jamhuri Holdings and the government of Kenya was completed on August 12, 2022, following receipt of $51,186,058 (Sh6.6 billion at current exchange rates) by Jamhuri Holdings from the government of Kenya and delivery of the duly signed transfer documents from Jamhuri Holdings,” the letter says.\n“Therefore, in summary, Jamhuri Holdings obtained no more than the money it had invested directly into the business since it became a shareholder and the government of Kenya received all of Jamhuri Holdings’ shareholding and all the indebtedness owed by Telkom Kenya to Jamhuri Holdings.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/why-pe-firm-helios-disposed-telkom-kenya-stake-in-a-huff--4167478?__sta=vhg.hhksexovlelzhlzjnmjofs%7CBUJT&__stm_medium=email&__stm_source=smartech"}
\ No newline at end of file
diff --git a/clean/cc/238d5d71cb6b5a1b6ccb8258a352ecdc.json b/clean/cc/238d5d71cb6b5a1b6ccb8258a352ecdc.json
new file mode 100644
index 0000000000000000000000000000000000000000..1d6b3736111c91466140624eb23733f6773a0f30
--- /dev/null
+++ b/clean/cc/238d5d71cb6b5a1b6ccb8258a352ecdc.json
@@ -0,0 +1 @@
+{"doc_id": "238d5d71cb6b5a1b6ccb8258a352ecdc", "text": "Principal Secretary nominee for Treasury will push for a foreign strategic investor to buy a controlling stake in Kenya Airways as a path of returning the national carrier to profitability.\nTreasury Principal Secretary nominee Chris Kiptoo told MPs the government will push for a fresh equity investor who is expected to inject capital and offer management expertise in the next step of restructuring.\nIf the sale goes through, it would see the State reduce its shareholding from 48.9 percent and cut the ownership of lenders who converted their debt to a 38 percent stake.\nAir France-KLM owns a small stake in Kenya Airways and it remains to be seen if the multinational, previously KQ’s anchor shareholder, will sell its remaining 7.76 percent stake.\nKenya will prefer a cash-rich foreign airline as a strategic investor in a plan that could offer the national carrier aviation expertise and cut its reliance on the State for operational cash.\n“It is time to relook the national carrier and ensure that it continues to operate without government support. We need to bring in a strategic investor,” Dr Kiptoo told the National Assembly Finance and National Planning committee vetting principal secretary nominees.\nHe said KQ, as the national carrier is popularly known, operated profitably when a private investor pumped in money and that the government must seek the model in the push to return the airline to profitability.\nThe government in 1995 sold a 26 percent stake in KQ to Dutch airline KLM and sold a further 22 percent stake to local shareholders through an initial public offering at the Nairobi bourse in 1996. The deal offered KLM seats on the KQ board, the right to appoint certain executives, in particular the CFO, and act as the technical partner for the national carrier.\nKLM has reduced its stake from 26.7 percent after the conversion of State debt and bank loans to equity diluted the firm’s ownership to 7.76 percent.\nThe multinational had expressed its desire to exit KQ when the government opted to nationalise the airline.\nIn 2021, KQ agreed with Air France-KLM to end a code share for Africa-Europe routes.\nThe national carrier has received multi-billion shilling State bailouts amid delayed recovery from a travel slump following Covid-19.\nThe fresh restructuring plan comes after the State dropped the favoured long-term solution that was anchored on nationalisation of the airline.\nThe plan approved by lawmakers in July 2019 would have led to the delisting of the airline from the Nairobi Securities Exchange (NSE).\nRoads, Transport and Public Works Cabinet Secretary Kipchumba Murkomen during his vetting also alluded to a plan split KQ into various subsidiaries along its main business lines.\nHe did not offer details how the breakup would help turn around the carrier that has been in losses for over a decade. KQ’s main business lines—cargo, passenger and handling—are all in losses.\nALSO READ: Kenya Airways first-half loss narrows to Sh9.8bn, eyes profit in 2024\nPassenger service returned an operating loss of Sh4.5 billion, cargo Sh1.74 billion and handling Sh166 million.\nThis marks a departure from the Treasury’s earlier position to pursue a turnaround under the plan to nationalise KQ.\nA law to pave the way for the nationalisation of the airline, which had been proposed before the pandemic, is before Parliament.\nALSO READ: President Ruto wants Kenya Airways split after collapse of State takeover\nKenya wanted to emulate countries like Ethiopia which run air transport assets — from airports to fuelling operations —under a single company, using funds from the more profitable parts to support others.\nUnder the model approved by MPs, KQ would become one of four subsidiaries in an aviation holding company.\nThe others would be Jomo Kenyatta International Airport, an aviation college and the Kenya Airports Authority operating all other airports.\nThe previous administration, which was replaced by President William Ruto’s on September 13, pushed for the restructuring of the carrier on the back of the multi-billion shilling bailout after dropping the nationalisation plan. Mr Murkomen told Parliament that the State would not convert its debts or bailout cash into shares.\n“We do not want to cross the 50 percent shareholding because we want KQ to remain a privately owned company,” he said. “We have to ask ourselves why KQ is in the situation it is currently. It is because of mismanagement of project Mawingu, but there is a restructuring process currently underway,” he said.\nKQ recorded a ninth consecutive half-year loss, sinking it Sh15 billion deeper into a negative equity position.\nThe airline, which has been surviving on State bailouts since the Covid-19 pandemic, reported a Sh9.8 billion loss in August — a better performance than the Sh11.48 billion loss it recorded in the same period a year earlier.\nIt booked a further Sh5.3 billion loss on hedged foreign exchange differences, driving its total comprehensive loss to Sh14.9 billion.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/treasury-seeks-kq-sale-foreign-strategic-investor-4020250"}
\ No newline at end of file
diff --git a/clean/cc/2446f87ee0978fd0811354d5218c5e16.json b/clean/cc/2446f87ee0978fd0811354d5218c5e16.json
new file mode 100644
index 0000000000000000000000000000000000000000..955832ebf5d8db2eec0567f25bb4e40ae8c025dc
--- /dev/null
+++ b/clean/cc/2446f87ee0978fd0811354d5218c5e16.json
@@ -0,0 +1 @@
+{"doc_id": "2446f87ee0978fd0811354d5218c5e16", "text": "Safaricom is set to buy M-Pesa Holding Company Limited — the firm that holds hundreds of billions of shillings powering its mobile money service — from London-based Vodafone Group Plc.\nThe Nairobi Securities Exchange-listed company will pay the British multinational –which was previously its top shareholder— a token amount of $1 in the deal to receive regulatory approvals in the next few weeks.\nThe transaction, disclosed by Vodafone, has the potential to boost Safaricom’s cash flows besides earning the company interest income through investment of part of the M-Pesa war chest in short-term securities.\n“On 17 April 2023, the group entered into an agreement to sell M-Pesa Holding Company Limited (‘MPHCL’) to Safaricom Plc, an associate entity of the group, for USD 1 [Sh137 at current exchange rates],” Vodafone said on Tuesday when announcing its results for the year ended March.\n“No material gain or loss is expected to arise on disposal. Completion of this transaction is subject to various approvals which are expected to be obtained before or during July 2023.”\nM-Pesa Holding keeps customer funds in trust for the benefit of M-Pesa customers in Kenya.\nIt acts as the independent trustee for M-Pesa customers, independently administering the trust and holding all funds in the mobile money service.\nM-Pesa Holding is also a cash cow on its own, holding and investing hundreds of billions of shillings on a short-term basis amid rapid growth in customer deposits as well as transaction volumes and values.\nVodafone says M-Pesa Holding had short-term investments of €1.247 billion [Sh186.2 billion at current exchange rates] as of March 31, 2023.\nIt also held M-Pesa customer funds amounting to €1.226 billion [Sh183.1 billion] on the same date.\nRead: Ethiopia grants Safaricom M-Pesa licence\n“Balances included in the group’s consolidated financial statements for M-Pesa Holding at 31 March 2023 include short-term investments of €1,247 million and €1,226 million due to M-Pesa customers, recorded within Other investments and Other creditors, respectively,” Vodafone said.\nThe multinational added that any profit generated by M-Pesa Holding is currently donated for use for public charitable purposes only after defraying direct costs.\nIt remains to be seen whether the same policy on the use of profits will be retained under Safaricom’s control.\nThe Kenyan telco has been doing a lot of business with M-Pesa Holding as part of its mobile money service which has evolved from a person-to-person cash transfer platform to offer payments and credit among others.\nThe company sold services worth Sh96.8 billion to M-Pesa Holding in the year ended March 2022, according to its latest available annual report. This was an increase from Sh73.3 billion the year before.\nM-Pesa Holding owed Safaricom Sh1.16 billion in the review period, down from receivables worth Sh2.29 billion at the close of the prior year.\nThe transfer of M-Pesa Holding to Safaricom marks the telco’s increased control of the major aspects of the mobile money service which was pioneered in Kenya but whose intellectual property was previously held by Vodafone.\nSafaricom and South Africa’s Vodacom Group Limited in March 2020 teamed up to acquire the M-Pesa brand from Vodafone at a cost of Sh2.1 billion.\nThe companies now hold the mobile money brand in their joint venture firm M-Pesa Africa which is registered in Kenya and which they own on a 50/50 basis.\nThe move saved Safaricom significant licence fees it was paying to the UK firm to use the brand.\nVodafone is the majority shareholder of Vodacom with a 65.1 percent stake and also holds a five percent indirect equity in Safaricom.\nThe transfer of M-Pesa Holding to Safaricom comes as Vodafone’s new chief executive Margherita Della Valle swore to simplify the business and improve its performance.\n“Today I am announcing my plans for Vodafone. Our performance has not been good enough. To consistently deliver, Vodafone must change. My priorities are customers, simplicity and growth,” she said.\n“We will simplify our organisation, cutting out complexity to regain our competitiveness. We will reallocate resources to deliver the quality service our customers expect and drive further growth from the unique position of Vodafone Business.”\nRead: M-Pesa launches interest-free loans for buying goods\nThe multinational said the transfer of its 55 percent stake in Vodafone Egypt to Vodacom in December last year was among the simplification of the management of its African assets.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/safaricom-buys-m-pesa-cash-firm-from-vodafone--4237244"}
\ No newline at end of file
diff --git a/clean/cc/2519a19d923f0b2179ce6558e1ebbcbf.json b/clean/cc/2519a19d923f0b2179ce6558e1ebbcbf.json
new file mode 100644
index 0000000000000000000000000000000000000000..ce42133e943c4c3f1f1f0d9815ba03fa611fbbde
--- /dev/null
+++ b/clean/cc/2519a19d923f0b2179ce6558e1ebbcbf.json
@@ -0,0 +1 @@
+{"doc_id": "2519a19d923f0b2179ce6558e1ebbcbf", "text": "Despite some volatility with the rand, global oil prices have remained stable at lower levels in November, cementing a petrol and diesel price cut for South African motorists next week.\nThe Department of Mineral Resources and Energy will announce fuel price changes before they come into effect on Wednesday, 6 December, where current data points to a cut for both petrol and diesel.\nDaily under and over-recovery numbers from the Central Energy Fund (CEF) point to a petrol price cut of around R1.00 per litre, and a much bigger cut for diesel at between R2.22 and R2.28 per litre.\nHaving maintained relative strength for most of November, the rand is still contributing to an over-recovery of 32-38 cents per litre in local fuel prices – but the bulk of the benefit is coming from over-recoveries in international product prices, which are contributing 66 cents per litre for petrol and R1.90 per litre for diesel.\nAt these rates, South African motorists could see petrol prices reach R22.90 for 95 grade, while diesel could come down to a wholesale price of just over R20 per litre in time for the festive period, where many will be travelling to holiday destinations.\nWhile the rand has experienced quite a bit of volatility in recent weeks – trading in a wide range, between R18.10 to the dollar and even briefly touching past R19.00 to the dollar last week – it has averaged around R18.50 to the dollar for November.\nThis is much lower than the R19.10 average seen in October, hence its positive contribution to the over-recovery.\nOil prices, meanwhile, have come down significantly from the turmoil in global markets in early October where the Hama-Israel war sent traders into a spin over fears that the wider Middle East would be pulled into the conflict.\nHowever, as those jitters dissipated over November, prices fell, even testing a move under $80 a barrel at one point.\nOverall, international product prices have also trended much lower than the levels seen in October. Some uncertainty still persists in the market, but this late into November, changes are unlikely to impact the pricing for December.\nAccording to Bloomberg analysis, global benchmark Brent climbed above $82 a barrel after rallying by more than 2% earlier this week.\nPrices firmed on expectations across markets that the US Fed has finished with policy tightening and may start cutting borrowing costs in the States next year, with recent dollar weakness also providing support.\n“The price move pulled oil out of a holding pattern ahead of an OPEC+ meeting that’s set to take place Thursday (30 November). The producer group is due to meet online and set policy for 2024, but has yet to resolve a dispute over output quotas for some African members, according to delegates,” the group said.\nDespite these uncertainties, however, oil remains on track for a back-to-back monthly decline on increased supply from countries outside the OPEC+ countries – but this will boost pressure on the cartel and its allies to impose deeper output cuts, Bloomberg warned.\nRegardless, economists and analysts have pencilled in a petrol price cut for December, which should go some way in helping ease inflation, and settle worries over any potential interest rate hikes in the new year.\nInflation numbers in September and October were pushed higher by significant petrol price hikes in those months, which triggered some concerns that the South African Reserve Bank would hike rates in its November meeting.\nHowever, the bank unanimously voted to hold rates, with the prevailing view being that inflation will ease, and firmly settle within the target band.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/734789/big-petrol-price-cut-coming-next-week-2/"}
\ No newline at end of file
diff --git a/clean/cc/25b3b20fa0ff4e82fef45be3505fd5ff.json b/clean/cc/25b3b20fa0ff4e82fef45be3505fd5ff.json
new file mode 100644
index 0000000000000000000000000000000000000000..9bf841c06fcdd3b0282ab2231b563fe7799dda01
--- /dev/null
+++ b/clean/cc/25b3b20fa0ff4e82fef45be3505fd5ff.json
@@ -0,0 +1 @@
+{"doc_id": "25b3b20fa0ff4e82fef45be3505fd5ff", "text": "A mid-week block purchase of Safaricom shares by an unknown local institutional investor has halted the slide in the telco’s shares that had hit a 69-month low, triggering bargain purchases.\nNairobi Securities Exchange (NSE) data show Safaricom’s traded volume jumped to 57.13 million on January 18 from Tuesday’s 4.06 million, a rare surge for a counter that had witnessed sub 10 million trading for multiple days in recent weeks.\nSafaricom’s traded share volumes rose further to 107.51 million as more local investors rushed to snap up the stock as market watchers believed the telco had hit its lowest level at the Nairobi bourse, triggering a price appreciation.\nSafaricom's share price had touched a low of Sh20.60 on Wednesday last week to send the telco’s value to Sh825.35 billion—the lowest in 69 months.\nThe block purchase from one local institutional investor triggered more purchases on the belief the price had bottomed out, lifting the share to Sh21.75 on Thursday and Sh23 at the close of trading on Monday.\n“We saw a small rally driven by sentiments that Safaricom had hit bottom. One local institutional investor started buying then others joined, leading to the price appreciation,” said Kenneth Minjire, senior associate for debt and equity at AIB-AXYS Africa.\nRead: Safaricom share fall eases market concentration fears\nSafaricom’s daily turnover was valued at Sh86 million on Tuesday last week but rose to Sh1.18 billion the following day before hitting Sh2.2 billion on Thursday on the back of increased trading.\nThe telco’s valuation has risen by Sh96.16 billion in the last three days to hit Sh921.51 billion, making up 47.1 percent of the NSE’s combined market value of Sh1.957 trillion.\nSafaricom’s share of combined investor wealth at the NSE touched a high of 63 percent in May 2021, a dominance that is making it difficult for investors to gauge the performance of the bourse.\nAt Sh20.60, Safaricom’s share had hit levels last seen on May 23, 2017, when it closed the day averaging Sh20.50.\nThe plunge in share price had wiped out Sh975.6 billion in 17 months on the back of the continued exit of foreigners to cut the telco’s market value by more than half from the Sh1.84 trillion it was worth on August 23, 2021, when its share hit an all-time high of Sh44.95.\nThe Sh975.6 billion fall in Safaricom’s value made up about 90 percent of the Sh1.07 trillion that the combined stocks at the NSE shed in the 17 months.\nThe telco’s share fall had endured the worst fall (54 percent) on the NSE in the past 17 months, followed by Centum (48.4 percent) on the back of multiple factors, including interest rate hikes in developed economies, effects of the Russia-Ukraine war, the General Election and the drop in half-year results.\nThe Safaricom stock is heavily in the hands of foreign investors and a jump in interest rates in developed countries such as the US cut the attractiveness of the equities in emerging markets such as Kenya.\nHigh inflation rates forced central banks to adjust rates upwards, with the US Federal Reserve hiking its benchmark rate to a 15-year high by end of December, making the market more attractive to foreign investors in terms of returns.\nNow analysts say they expect a sustained rebound in the telco’s share, partly pegged on the interim dividend decision that is expected to be made by the Safaricom board by the end of next month.\n“An interim dividend will serve to push up the share price further. There was a lag around the exit of the Safaricom chairman but the market seems to have overcome this,” said Mr Minjire.\nSafaricom chief finance officer Dilip Pal said in mid-November that the telco’s board would discuss interim dividend “during January/February once we have a visibility of our full year’s net income”.\nCallstreet Research and Analytics CEO George Bodo says he does not expect Safaricom to match last year’s interim payout of Sh0.64 per share amounting to Sh25.64 billion that the telco announced at the end of February last year.\n“Safaricom needs a lot of money for Ethiopia operations and may want to conserve cash. I don’t see it matching last year’s interim dividend. But it may choose to surprise investors,” said Mr Bodo.\nRead: Safaricom value dips below Sh1trn after US rate hikes\nThe telco launched Ethiopian operations on October 6 last year, funding the activities through debt.\nThe management has maintained that Ethiopian costs will not impact the policy of paying out 80 percent of net profit as dividends to investors.\nSafaricom’s net profit for the six months ended September fell by 10 percent to Sh33.5 billion on the impact of a cut on the mobile termination rate (MTR) and higher costs associated with the entry into Ethiopia.\nTotal revenue rose by 4.6 percent to Sh153.4 billion in the period, helped by an 8.7 percent increase in M- Pesa revenue to Sh56.9 billion, and an 11.3 percent jump in data earnings to Sh26.3 billion.\nVoice revenue fell by 3.8 percent to Sh39.9 billion, while total costs rose by a third to Sh31 billion, largely on the back of the firm’s investment in its new Ethiopia subsidiary.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/mystery-investor-s-purchase-of-safaricom-shares-stops--4096800"}
\ No newline at end of file
diff --git a/clean/cc/26b22d45a5abd729ed334c3e165be182.json b/clean/cc/26b22d45a5abd729ed334c3e165be182.json
new file mode 100644
index 0000000000000000000000000000000000000000..33f1f2d28852cad84ea8187e4e624b43477653d4
--- /dev/null
+++ b/clean/cc/26b22d45a5abd729ed334c3e165be182.json
@@ -0,0 +1 @@
+{"doc_id": "26b22d45a5abd729ed334c3e165be182", "text": "Petrol and diesel prices are showing another mixed back in the first week of July, which points to a similar pathway ahead for price adjustments in August as was seen this week.\nPetrol prices were cut by between 17 and 24 cents per litre on Wednesday (5 July), with diesel prices going up by between 12 and 18 cents per litre.\nThe latest daily snapshot from the Central Energy Fund (CEF) for the first week of the new month shows that prices in August might follow the same trend.\nThe group currently shows an over-recovery (potential price drop) in petrol of between 24 and 34 cents per litre for petrol, while diesel has an under-recovery (potential price increase) of between 17 and 22 cents per litre.\nWhile the start of the month is too early to pencil in any definite changes, the daily snapshots serve as a basis on which to gauge potential movements in the price.\nSpecifically, the snapshot is on the basis of a R18.86 to the dollar exchange rate at a time when oil prices are around $76 a barrel.\nThis means that any further weakening of the rand or strengthening of the oil price is likely to adversely impact the daily recoveries and push more towards a price hike for petrol and a further climb for diesel. However, the inverse is also true, with a stronger rand and lower oil price leading to a bigger cut.\nUnder pressure\nHowever, the outlook is not that rosy, with the rand weakening significantly on Friday (7 July) to once again trade above R19 to the dollar – pointing to a more negative fuel price outlook.\nAt the same time, global oil prices have also risen, with the current spot price moving above $77 a barrel.\nThe rand’s woes are rooted in global market sentiment, which is in a risk-off position following minutes from the US Federal Reserve, indicating that the States will likely continue to hike rates.\nAccording to TreasuryOne, the minutes from the June meeting indicated that most members expected at least one more hike of 25bps this year, while the rest anticipate two or more hikes will be needed.\n“A strong mention was also made about the current labour market, which remains tight, economic activity still being strong, and inflation is moving in the correct direction,” it said.\nThe dollar firmed against most currencies following the release of the minutes, but has since softened as markets await payroll and employment numbers from the US. However, the softer dollar has not aided emerging markets – including South Africa – much, as investors remain in risk-off mode.\n“The rand touched R19.15 yesterday before closing nearly 2.0% weaker at R19.12. We are currently sitting at R19.11; however, there is room for a recovery to back below R19.00, given the softer Dollar and speed of yesterday’s move,” TreasuryOne noted.\nGenerally speaking, however, the rand’s weaker position makes the cost of importing petroleum products much higher, negatively impacting fuel prices.\nOn the oil front, the commodity headed for a second weekly gain after OPEC+ leaders Saudi Arabia and Russia tightened supplies and US crude stockpiles fell, Bloomberg reported.\n“Saudi Arabia set large price increases for its crude to Europe and the Mediterranean after announcing an extension into August of its unilateral 1-million-barrel-a-day supply cut. In addition, Russia said it would reduce exports by half a million barrels, although output won’t be lowered,” it said.\nCrude remains down about 10% this year, with tighter monetary policy, China’s lacklustre recovery, and resilient Russian exports pressuring futures – however the price decreases have already been factored into the daily balance and so local fuel prices are more susceptible to short-term changes.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/702485/petrol-and-diesel-price-outlook-mixed-for-august-as-rand-hits-over-r19-to-the-dollar/"}
\ No newline at end of file
diff --git a/clean/cc/2b7d8416a044d2bc83a202bbb3f12c69.json b/clean/cc/2b7d8416a044d2bc83a202bbb3f12c69.json
new file mode 100644
index 0000000000000000000000000000000000000000..b18eb35c9995327cdcf54293c0bea19a86679b2c
--- /dev/null
+++ b/clean/cc/2b7d8416a044d2bc83a202bbb3f12c69.json
@@ -0,0 +1 @@
+{"doc_id": "2b7d8416a044d2bc83a202bbb3f12c69", "text": "Loss-making East African Portland Cement Plc (EAPCC) #ticker:PORT plans to spend Sh425.87 million to evict squatters who occupy about a third of its vast 6,695 acres in Kikambala, Kilifi.\nThe asset-rich firm has for decades been in dispute with squatters whom it claims have illegally occupied its land.\n“Management has used significant judgement and assumptions in determining the appropriateness of classification of the encroached land as investment property and in arriving at the cost of evicting squatters,” the cement maker says in latest filings to shareholders.\n“Given the subjective nature of the estimates it is possible that outcomes that are different from the assumption could require a material adjustment to the carrying amount of the asset.”\nEAPCC’s 6,695 acres, spread on five pieces, are valued at an estimated Sh25.27 billion, according to its latest annual report for the year ending June 2021.\nMore than 2,200 acres are however occupied by squatters, but the state-run company says it is determined to repossess it.\nKenya’s oldest cement manufacturer, founded in 1933, now estimates the value of the land occupied by the squatters at about Sh8.34 billion, based on open market valuation as determined by Ark Consultants Limited and Knight Frank Valuers.\nThe litigation estimates, EAPCC says, take into consideration the assumed period it will take to evict the squatters, security resources required and their expenses as well as legal costs.\n“Despite the encroachment, the directors believe that the land occupied by squatters has an economic value to the Group based on the disposal done during the year, the offers already received for it and a commitment from the Government to facilitate eviction as necessary,” EAPCC says in the report.\n“It is therefore appropriate to continue classifying the land as investment property.”\nThe debt-ridden firm has returned to profitability after posting Sh1.8 billion in net earnings for the year ended June from Sh2.7 billion loss a year earlier, helped by gains in its land holdings and a larger tax credit.\nEAPCC booked a fair value gain of Sh5.7 billion in its investment property in the review period, up from a Sh1.1 billion gain a year earlier.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/portland-to-spend-sh426-million-on-squatters-eviction-3642326"}
\ No newline at end of file
diff --git a/clean/cc/2c2ce137603a8c23643c4df2785e8f95.json b/clean/cc/2c2ce137603a8c23643c4df2785e8f95.json
new file mode 100644
index 0000000000000000000000000000000000000000..895509085243c40b9e8cc3293335eac3667a36db
--- /dev/null
+++ b/clean/cc/2c2ce137603a8c23643c4df2785e8f95.json
@@ -0,0 +1 @@
+{"doc_id": "2c2ce137603a8c23643c4df2785e8f95", "text": "Rwandese authorities have approved KCB Group #ticker:KCB deal to buy Banque Populaire du Rwanda (BPR) from London-listed financial services firm Atlas Mara Limited.\nAtlas Mara made regulatory disclosures that it had obtained approvals to sell its banks in Rwanda and Botswana.\nThe firm said it was awaiting approvals from Tanzania where KCB Group has also set sights on African Banking Corporation Tanzania (BancABC).\nKCB Group announced in November it had signed a deal with Atlas Mara to buy 62.06 per cent stake in BPR and a 100 per cent stake in BancABC.\n“The Company has secured regulatory approval for the transactions with respects to its investments in Rwanda and Botswana, and parties are now in the process of concluding pre-completion conditions. Regulatory approval is pending with respect to the transaction with respect to its investment in Tanzania,” Atlas Mara said in the regulatory filing posted on its website.\nHigh rate of financial inclusion and digital banking have forced Kenyan lenders to look outside the Kenyan local markets for growth.\nMr Oigara said the transaction is part of KCB’s \"ongoing strategy to explore opportunities for new growth while investing in and maximising returns from the Group’s existing businesses.\"\nThe push for bank acquisitions has seen KCB battle with Equity Bank Group for regional domination in the race for boosting their asset base to over Sh1 trillion.\nKCB Bank and Equity Group have been top rivals, battling for superior customer base and assets to grow market share which has sent them on a trip of regional acquisitions.\nThe KCB deal came months after Equity Bank Group called off its plan to acquire four subsidiaries from Atlas Mara Limited in a move aimed at preserving its capital in the wake of the Covid-19 pandemic.\nThe parties had initiated talks in April last year, but the negotiations targeting Atlas Mara’s units in Rwanda, Zambia, Tanzania and Mozambique dragged on until the pandemic hit.\nEquity Bank then acquired Belgian tycoon George Forrest’s 66.53 percent stake in Banque Commerciale du Congo (BCDC)for Sh10.4 billion ($95m).\nThe Kenyan lender had already bought 86 percent shareholding of ProCredit Bank between 2015 and 2017 and renamed it Equity Bank Congo, then merge it with the new acquisition to create Equity Commercial Bank of Congo (Equity BCDC) biggest foreign bank in DRC.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/rwanda-now-kcb-atlas-mara-bank-deal-3478246?mc_cid=10b8753d33&mc_eid=587515234e&ref=thisweekinfintech.com"}
\ No newline at end of file
diff --git a/clean/cc/3313f4c9e271a4edfa1f66d1f7083b11.json b/clean/cc/3313f4c9e271a4edfa1f66d1f7083b11.json
new file mode 100644
index 0000000000000000000000000000000000000000..76ab1d345c82d32304d2a0049fc05d01fee43bc0
--- /dev/null
+++ b/clean/cc/3313f4c9e271a4edfa1f66d1f7083b11.json
@@ -0,0 +1 @@
+{"doc_id": "3313f4c9e271a4edfa1f66d1f7083b11", "text": "According to independent energy analyst Pieter Jordaan, South Africa’s power grid came dangerously close to pushing a new record for load shedding after he noted increasing cases of “ration creep” following the sudden escalation to stage 6 outages in November.\nProcessing the latest plant performance and power data published by Eskom, Jordaan said that Black Friday (24 November) almost became “national blackout Friday” as the national power utility’s emergency reserves were tapped dry, and there was no pumped storage to back up the grid.\nThis resulted in the sudden onset of stage 6 load shedding – which would linger for the week that followed.\nHowever, Jordaan noted that his own experience of outages on the day matched many other reports – instances of “ration creep”, where load shedding lasted longer than the planned schedules, started cropping up throughout the weekend, sometimes for an hour longer than indicated.\nWhile Eskom has never moved past stage 6 load shedding on an “official” or “national” basis, many energy experts and analysts have argued that outages have far exceeded these levels in a practical or ‘real-world’ experience.\nEnergy expert Chris Yelland recently noted that many people, including his family in Craighall Park, experience 12 hours of load-shedding daily.\nThis does not even include outages as a result of load shedding, where equipment and infrastructure break, leading to faults and other issues keeping households in the dark for much longer.\n“The level of load-shedding of ten to twelve hours per day that we are experiencing is stage 8 load-shedding,” Yelland said.\n“I know for a fact there are certain municipalities that are load-shedding certain areas differently to others – you may say in a discriminatory fashion.\n“So, it is happening where some areas experience higher load shedding stages than what is public knowledge,” he said.\nAccording to Jordaan, the draining of emergency reserves and the loss of pumped storage over the weekend of 24 November edged South Africa toward a national escalation beyond stage 6, which remains a political and psychological barrier for load shedding.\n“Eskom had no more emergency resources with which to defend the increased demand, and the psychological stage 6 barrier meant that ‘ration creep’ was the only way out,” he said.\n“Normally, in a major crisis episode, one would pick up an incursion into the 2.2 GW reserve, but there were no reserves to incur into – as these were already depleted.”\nLucky break\nFortunately for Eskom, the stage 6 load shedding and subsequent week of chaotic load shedding shifts (something which is still ongoing) helped the utility balance the supply gap and restore some semblance of stability.\n“Decreased supply against static demand did not increase blackouts due to frequent schedule changes that increased the load shedding yield,” Jordaan said.\nLooking at the data for week 48 (ending 3 December), unplanned outages dipped slightly below the 30% level where it has been stuck for the past few weeks, but this served no real benefit to energy availability due to a sharp increase in planned maintenance.\nDemand on the grid is higher than in previous years and the historic trend. This is likely due to the hotter weather, with Eskom noting previously that the heatwave hitting the country is leading to more use of aircon.\nDemand also typically ramps up leading into the festive season – though this is happening earlier than usual.\nA combination of all these factors means energy availability is stagnant, with EAF sitting at around 55% – still a long way off from the 65% target the government has set to be achieved by March 2024.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/736255/stage-7-load-shedding-south-africa-dangerously-close-to-the-edge/"}
\ No newline at end of file
diff --git a/clean/cc/34c10e06cc5f65ff187de94185739cf5.json b/clean/cc/34c10e06cc5f65ff187de94185739cf5.json
new file mode 100644
index 0000000000000000000000000000000000000000..19d0b0767d294681cdc7228557c6f986cede79c3
--- /dev/null
+++ b/clean/cc/34c10e06cc5f65ff187de94185739cf5.json
@@ -0,0 +1 @@
+{"doc_id": "34c10e06cc5f65ff187de94185739cf5", "text": "Standard Chartered Plc #ticker:SCBK is set to enter the local e-commerce business through Solv, a technology firm it first launched in India in December 2020.\nThe multinational’s local subsidiary, Standard Chartered Bank Kenya, is expected to be among the financial partners of the platform which offers small businesses an online marketplace, support services and credit from multiple lenders.\n“Expansion of Solv India tech stack to Kenya to attract financial anchors for scale with additional countries being assessed,” Standard Chartered Plc said when releasing results for the year ended December.\nThe entry of Solv marks increased interest in the country’s financial technology sector where digitisation of supply chains for small and medium-sized firms is one of the growing trends.\nSolv India says it has signed up 1,000 sellers and 30,000 buyers in the Asian country. The platform offers an online business-to-business marketplace where sellers are able to reach new and verified customers.\nBuyers on the other hand can source quality products at competitive prices from verified and pre-screened suppliers. Through Solv, businesses can access loans and invoice-based financing for orders placed on the platform.\nOther services include logistics and insurance. Standard Chartered Plc owns Solv and launched it in India through SC Ventures –its innovation, venture capital, and financial technology arm.\nIts local banking subsidiary Standard Chartered Bank Kenya, in which it holds a majority 73.89 percent stake, is expected to be among the providers of the loans to be issued on Solv.\nIt will mark StanChart’s growth and diversification outside the mainstay of corporate banking. The lender has been expanding its financial services, most of them automated, to fit its digitisation strategy.\nThe bank last year announced plans to enter the mobile lending business which has emerged as a popular means of serving retail clients.\nIt recently entered the money market fund business in partnership with Sanlam Investments East Africa and global digital wealth technology provider Bambu, allowing customers to make investments of as low as Sh1,000.\nThis adds to its wealth management business through which customers can buy and sell Kenya government debt securities on its digital platform SC Mobile app.\nStanChart reported a 46.6 percent net profit growth in the nine months ended September on the back of lower costs and higher non-interest income.\nIts net earnings in the review period stood at Sh6.3 billion, up from Sh4.3 billion a year earlier.\nThe performance saw the bank declare a surprise interim dividend of Sh5 per share.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/stanchart-eyes-a-share-of-kenyas-rising-e-commerce-3732478"}
\ No newline at end of file
diff --git a/clean/cc/3530a6dd15a33f9b1ad1701b2d8ff36f.json b/clean/cc/3530a6dd15a33f9b1ad1701b2d8ff36f.json
new file mode 100644
index 0000000000000000000000000000000000000000..08f6bae7e564dacec415eeb012433b8c38781098
--- /dev/null
+++ b/clean/cc/3530a6dd15a33f9b1ad1701b2d8ff36f.json
@@ -0,0 +1 @@
+{"doc_id": "3530a6dd15a33f9b1ad1701b2d8ff36f", "text": "Microsoft Corp’s cloud-based software helped drive robust sales and profit growth, which topped analysts’ estimates for an 11th straight quarter.\nRevenue in the first quarter, ended Sept. 30, climbed 22% to $45.3 billion, the Redmond, Washington-based software maker said Tuesday in a statement. That exceeded the $43.9 billion average estimate of analysts polled by Bloomberg. Profit excluding a tax gain rose to $2.27 a share, compared with predictions for $2.07.\nSales forecasts by division for the current period also topped projections.\nChief executive officer Satya Nadella has extended the company’s success in cloud computing by lining up a steady stream of deals for Azure software, which stores data and runs applications for corporations. Internet-based Office programs also keep growing as Microsoft persuades customers to pay up for high-end versions and expanded contracts.\nSales of Azure and other cloud services increased 50% in the recent period, just shy of the 51% rate in the prior quarter. Sales of Office 365 to business customers rose 23%, as demand for advanced features pushed more customers to the pricier subscriptions.\n“We used to say, ‘We’re going to have a huge party if they could do greater than 10% revenue growth’ and now they’re about double that,” said Dan Morgan, a senior portfolio manager at Synovus Trust Co., which owns shares of Microsoft. “It seems like Azure more recently has been kind of grabbing a little bit more market share.”\nMicrosoft shares gained about 1.6% in extended trading, after rising to $310.11 in New York. The stock increased 4.1% in the fiscal first quarter, while the S&P 500 Index was unchanged in the same period.\nOn a conference call, Microsoft said it sees Intelligent Cloud sales in the fiscal second quarter of as much as $18.4 billion, above the $17.9 billion average estimate of analysts. Chief Financial Officer Amy Hood forecast revenue in the More Personal Computing division to be as high as $16.8 billion, more than $1 billion above estimates.\nIn the past week, the software giant’s shares have hit all-time highs, reflecting investor optimism about growth prospects for Azure, Office, artificial intelligence and gaming. The company’s market capitalization sits above $2.3 trillion.\nMicrosoft revenues across product lines rise led by cloud\nIncluding the tax benefit, first-quarter net income rose to $20.5 billion, or $2.71 per share, Microsoft said. The benefit relates to Microsoft bringing some intellectual property back to the U.S., which will result in a higher overall tax rate later, Hood said in an interview.\nCloud sales to businesses in the recent quarter rose 36% to $20.7 billion, topping $20 billion for the first time, Microsoft said. Gross margin, or the percentage of sales left after subtracting production costs, in that area narrowed “slightly” to 71%, the company said in slides posted on its website. Without the impact of an accounting change, gross margin would have widened by 4 percentage points.\nIn Office software tapped via the cloud, customers are expanding the number of user subscription they’re buying and paying more for premium product tiers to get features like added security and voice controls, Hood said. She also noted strength in corporate PCs, which carry higher-priced versions of Windows.\nThe Azure business faces stiff competition from market leader Amazon.com Inc’s Amazon Web Services and No. 3 Google. While Azure revenue has been growing at a pace above 40% a quarter, investors have sometimes been disappointed when those gains slowed in certain periods.\nAzure’s growth rate has been fluctuating in recent quarters because of currency exchange rates. In the first quarter, revenue in that business increased by 48% in constant currency, compared with a constant-currency rate of 45% in the previous period.\n“Whether we’re talking about the infrastructure layer or the data layer or adopting of some of the Azure AI technologies, we’re seeing good, strong consumption growth in a broad portfolio,” Hood said.\nThe solid gains overall allayed some investor and analyst concerns that the company might not be able to keep up the pace after a strong performance in the last fiscal year, when total sales jumped 18%.\nIn the first quarter, sales by division broke down as follows:\n- Revenue in Intelligent Cloud, made up of Azure and server software, rose to $17 billion, above the $16.6 billion average estimate of analysts polled by Bloomberg.\n- In the Productivity division, mostly Office software, sales were $15 billion. Analysts had expected $14.7 billion.\n- For More Personal Computing, made up of Windows, Surface and Xbox, sales were $13.3 billion. That compares with the $12.7 billion analysts estimated.\nThe company’s Xbox business, in particular, has been held back by supply-chain snags that have meant there aren’t enough chips to keep up with console demand. Shipping slowdowns also have made it harder to get the devices, which are transported from Asia. Microsoft is working with its supply-chain partners and trying to rush delivery, Xbox chief Phil Spencer told a Wall Street Journal conference earlier this month, but the issues will persist into the coming year.\nRevenue from Xbox hardware more than doubled, though comparable sales from the year-ago period were low ahead of the release of a new version of the console, Microsoft said. Overall gaming revenue climbed 16%.\nHood said the company continues to expect Xbox demand to outpace supply as chips remain scarce.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/cloud-hosting/532444/microsofts-cloud-computing-strength-fuels-revenue-profit/"}
\ No newline at end of file
diff --git a/clean/cc/359f54b0e1c48ac21458bcc08e8c9503.json b/clean/cc/359f54b0e1c48ac21458bcc08e8c9503.json
new file mode 100644
index 0000000000000000000000000000000000000000..01cbf0b65e6dfddd5d039f789d595e4e189b4aca
--- /dev/null
+++ b/clean/cc/359f54b0e1c48ac21458bcc08e8c9503.json
@@ -0,0 +1 @@
+{"doc_id": "359f54b0e1c48ac21458bcc08e8c9503", "text": "South Africa’s National Treasury is considering whether it would be better to move a chunk of Eskom Holdings SOC Ltd’s R464 billion ($31 billion) of debt into a special-purpose vehicle or have the state take over responsibility for it directly, people familiar with the situation said.\nWhile banks have led discussions for the last few weeks over the creation of a so-called SPV that would take over at least R100 billion of Eskom’s debt, and possibly much more, that debt would almost certainly have to be guaranteed by the government, the three people said, asking not to be identified because an announcement hasn’t been made.\nUnder the SPV arrangement, the debt Eskom retains and any new debt it contracts would be paid off first as a priority, while that held in the SPV, which could have tenure of 10 years or more, would be last in line and would therefore likely need to be guaranteed by the state to win investor support, they said. That’s something the National Treasury will need to decide on, they said.\nFiscal Risk\nWhile either option would strengthen Eskom’s balance sheet, both risk imperiling South Africa’s credit ratings by further boosting public debt, seen climbing close to 90% of gross domestic product by 2026 even without adding the utility’s liabilities.\nThat makes the stance of major rating companies on any Eskom debt deal a factor in the government’s deliberations, the people said. Moody’s Investors Service already considers Eskom debt guaranteed by the government as sovereign debt.\nThe creation of the SPV is just “a complicated way of getting to the same result as moving it onto the sovereign,” said Jones Gondo, a credit analyst at Johannesburg-based Nedbank Group Ltd.\nEskom, described by Goldman Sachs Group Inc. as the biggest threat to the South African economy, has become mired in debt as a result of overspending on projects. The utility can’t meet its costs and is subjecting the country to intermittent power outages as a result of inadequate maintenance at its aging fleet of coal-fired power plants.\nIf swapping Eskom debt for debt issued by the SPV were deemed voluntary, it wouldn’t be regarded as an involuntary change in control which would trigger a default. The SPV may be managed by the Public Investment Corp., which is state owned and is Africa’s biggest fund manager.\nEskom is not considering any default on its outstanding debt and remains in “constant discussions with the relevant stakeholders” to find a sustainable balance-sheet solution, the utility said in response to Bloomberg’s emailed questions. The National Treasury directed inquiries to Eskom.\nYields on the utility’s unsecured 2028 dollar bonds have climbed 51 basis points this month to 6.88%, widening the spread over sovereign debt to about 45 basis points.\n“Ultimately there is only one option and we are honing in on that: the sovereign taking the risk,” said Peter Attard Montalto, the London-based head of capital-markets research at Intellidex UK Ltd. “All the structures etc. are by-the-by.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/477910/south-africa-seeks-lesser-of-two-evils-with-eskom-debt-options/"}
\ No newline at end of file
diff --git a/clean/cc/371dc375804aa82da7f18eb98295aba7.json b/clean/cc/371dc375804aa82da7f18eb98295aba7.json
new file mode 100644
index 0000000000000000000000000000000000000000..c0cc4fed81d4d4509c86540c75bfef65c6ee0359
--- /dev/null
+++ b/clean/cc/371dc375804aa82da7f18eb98295aba7.json
@@ -0,0 +1 @@
+{"doc_id": "371dc375804aa82da7f18eb98295aba7", "text": "There is a glimmer of hope in the midst of South Africa’s energy crisis – individuals and businesses are becoming more efficient in their use of electricity.\n2022 was the worst year on record in terms of load shedding, with a constant 4,000MW to 6,000MW deficit during peak demand.\nIt is estimated that load shedding in 2022 reduced potential real GDP growth by 5% and cost South Africa 600,000 potential jobs.\nThings were not always like this.\nAs recently as 2001, Eskom was awarded the Power Company of the Year Award at the Global Energy Awards in 2001.\nIn 1994, Eskom provided the most energy per capita globally at some of the cheapest rates.\nYet, in 2019 Eskom provided only 65% of the electricity per capita than it did in 1994.\nThe country’s growing population played a role, but the biggest factors were the minimal additional generation capacity added to the grid and corruption and mismanagement, which crushed Eskom.\nThe situation is causing tremendous damage to South Africa, but there is a silver lining according to efficient Group’s chief economist, Dawie Roodt.\nSouth Africans are becoming increasingly efficient in their use of electricity. This is measured using the GDP produced per 100 units of electricity.\nIn 2007, 100 units of electricity enabled you to produce 100 units of economic production. In 2022, 130 units of economic production can be produced with the same amount of electricity.\nThis indicates greater efficiency in using electricity and a reduction in using Eskom’s supply in economic production.\nThe private sector, in particular, has become increasingly independent of Eskom and self-sufficient.\nThe announcement of a 125% reduction in taxable income from investment in renewable energy by businesses aims to accelerate this trend even further.\nIn short, the private sector is taking over the supply of electricity in South Africa. Data collected by PwC supports this.\nOver the last three years, 4,550MW of private solar generation capacity has been added to the grid. It is expected to increase to 6,850MW by the end of 2023.\nPrivate-sector renewable generation will be almost on par with the total capacity of the government’s Renewable Energy Independent Power Producer Programme (REIPPP).\nIt indicates that privatisation, although quietly, is occurring in South Africa’s electricity supply.\nHowever, as PwC notes, there are still significant hurdles to feeding private renewable energy into the grid, and South Africa will require coal-fired power for the foreseeable future.\nSolar generation will make a difference, but it is “not going to solve our problems”, according to PwC. It has to be combined with other sources of generating electricity.\nBy Shaun Jacobs. This article was first published by Daily Investor and reproduced with permission. Read the original here.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/674155/the-silver-lining-of-load-shedding-and-a-power-crisis-for-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/382c3198796a8c289c2b9959a8144577.json b/clean/cc/382c3198796a8c289c2b9959a8144577.json
new file mode 100644
index 0000000000000000000000000000000000000000..71290a4e6c36f094e3e54ea83c3ecbaf6a1e3293
--- /dev/null
+++ b/clean/cc/382c3198796a8c289c2b9959a8144577.json
@@ -0,0 +1 @@
+{"doc_id": "382c3198796a8c289c2b9959a8144577", "text": "Nearly a third of chief executive officers (CEOs) expect to hire more workers in the next three months on improving business activity, stemming rampant job losses that had been seen in the coronavirus environment.\nAbout 26.7 per cent of CEOs that took part in the Central Bank of Kenya (CBK) May survey said they will increase the number of full-time employees on the back of growing sales as customer orders increase.\nThe majority (62.2) per cent of the CEOs expect to retain their current staff numbers as economic activities rise, while 2.2 per cent expect to cut workforce in the next three months.\n“Most CEOs expect business activity to strengthen in the third quarter. Respondents in the services and manufacturing sectors were the most optimistic with the majority reporting a general upward trend in business activity,” said CBK.\nThe latest survey findings—drawn from firms mostly employing between 100 and 500 workers—marks an improvement from the 10.6 per cent CEOs that had hired more workers in the second quarter as 14.9 per cent actually laid off.\nMost firms cited a highly skilled workforce as their top strength in delivering good customer service.\nAbout 1.72 million workers lost jobs in three months to June when Kenya imposed a lockdown to curb the spread of the coronavirus and recovery has been slow with salary cuts persisting in many sectors.\nSome 22 per cent of the CEOs had laid-off workers in the first quarter of the year as the State’s Covid-19 control measures hurt the demand for goods and services. However, the May survey has revealed increased optimism by responding CEOs on factors such as continued reopening of the economy, rollout of the vaccination programme and access to East African Community (EAC) market.\n“This optimism was mainly attributed to expected post-Covid-19 bounce-back, businesses shifting to more digitisation and anticipated increase in exports following improved relations in the EAC countries,” noted CBK.\nThe CEOs cited a more predictable tax regime, pro-growth taxation policy and faster processing of tax refunds as the key issues they would like the State to address in order to sustain growth.\nMarkit Stanbic Bank Kenya Purchasing Managers’ Index (PMI) had showed Kenya’s employment market conditions darkened in April as private firms cut jobs for the first time in seven months.\nThe firms were hurt by month-long curbs on travel and longer nighttime curfews in the capital Nairobi and four surrounding counties to control the spread of Covid-19.\nUnder the restrictions imposed in March but relaxed on May 1, Nairobi, Kiambu, Machakos, Kajiado and Nakuru were treated as one zone, with residents barred from travelling to other areas.\nThe State had also suspended in-person schooling and church services, closed bars and restricted restaurants to takeaway services.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/third-of-ceos-see-hiring-more-staff-in-3-months-3422426"}
\ No newline at end of file
diff --git a/clean/cc/38934cc734fe438c25a01ddd25434696.json b/clean/cc/38934cc734fe438c25a01ddd25434696.json
new file mode 100644
index 0000000000000000000000000000000000000000..92288df46cde909d955839b1e0302f888d06f4bd
--- /dev/null
+++ b/clean/cc/38934cc734fe438c25a01ddd25434696.json
@@ -0,0 +1 @@
+{"doc_id": "38934cc734fe438c25a01ddd25434696", "text": "Ekurhuleni, the industrial hub of more than three million people to the east of Johannesburg, may have a head start in the race between South African cities to buy their own power to alleviate crippling outages imposed by the national utility.\nA program to procure as much as 700 megawatts of electricity that began in 2016 is coming to fruition, with one funder saying a project to build a 41-megawatt solar plant at a cost of about R1 billion ($64 million) will begin by the end of this year.\n“We have secured the equity, and once that closes we can finalize debt and basically start overnight,” said Justin Naidoo, the chief executive officer of African Growth Partners, which is working with five independent power producers. “We will be ready to start building the project before the end of the year.”\nSouth Africa has been subjected to intermittent planned power outages since 2008 because Eskom Holdings, the state power utility, can’t meet demand.\nCape Town and Durban, the second-and third-biggest cities, have asked for proposals for companies to provide them with power and Johannesburg, the biggest, plans to do the same.\nIn addition to reducing power cuts, the cities will also primarily source power from renewable sources, meaning that there will be less impact on global warming.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/590254/this-south-african-city-is-winning-the-race-to-get-off-eskoms-grid-and-load-shedding/"}
\ No newline at end of file
diff --git a/clean/cc/396f1772991d53f366ebd7ab026f8d70.json b/clean/cc/396f1772991d53f366ebd7ab026f8d70.json
new file mode 100644
index 0000000000000000000000000000000000000000..a63d6b00f4945095401fadad3eb9894cebe73e31
--- /dev/null
+++ b/clean/cc/396f1772991d53f366ebd7ab026f8d70.json
@@ -0,0 +1 @@
+{"doc_id": "396f1772991d53f366ebd7ab026f8d70", "text": "Riders on taxi-hailing platform Uber Kenya are set to enjoy a 25 percent discount should they opt to share a cab with fellow users going in the same direction under new options meant to raise income for drivers.\nUber said yesterday that riders opting to use the new product, dubbed ChapChap Share will get an automatic five percent discount on the normal fare – currently the lowest-priced and most preferred – even if they are not matched to share the ride with a fellow user.\nThey will, however, see this discount bumped up to 25 percent should they get matched with another rider on the same trip to share the cab.\nThe product has been designed for the city’s busiest commuting periods and will be available from 5am to 6pm.\n“We have seen a number of people traveling at the same direction roughly at the same time. ChapChap Share allows you to tap into further savings by sharing your ride with somebody who is going along the same path as you,” said Imran Manji, Uber Head of East Africa\n“There will be a small detour to pick or drop the other user…but for a small increase in time taken to get to your destination, you can enjoy the discounts on the fare.”\nThe product targets to reduce costs for riders while pulling them into the app, and increase demand for drivers following a drop in the number of trips ordered in a month over biting cost of living and declining disposable income.\nThe US-based firm has expressed fears of a mismatch in the demand of rides and the supply of drivers on the high inflation and fuel price as trip orders are yet to fully recover to pre-Covid levels, despite the high number of drivers on the platform.\nIt places Nairobi among the top three markets in Africa out of the 61 cities in seven countries it has operations. The firm now hopes the ride-share option will incentivise riders in a market where people are not used to taking rides to work.\nIt will also launch Uber XL on September 19, a feature targeting large groups to travel together of up to six people set to utilise large capacity vehicles.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/shipping-logistics/uber-offers-riders-25pc-discount-on-cab-share-plan-3939304"}
\ No newline at end of file
diff --git a/clean/cc/39eccbf64277f95b20f87789003e795b.json b/clean/cc/39eccbf64277f95b20f87789003e795b.json
new file mode 100644
index 0000000000000000000000000000000000000000..c356b11b423ae594478aaa824528e857ffc48a64
--- /dev/null
+++ b/clean/cc/39eccbf64277f95b20f87789003e795b.json
@@ -0,0 +1 @@
+{"doc_id": "39eccbf64277f95b20f87789003e795b", "text": "When finance minister, Enoch Godongwana, delivers his Medium-Term Budget Policy Statement (MTBPS) towards the end of the month, he will need to focus on policies that accelerate real economic growth and address the financial future of Eskom, say wealth management specialists at Citadel.\nMaarten Ackerman, chief economist at Citadel, says all eyes will be on Godongwana to see if he will prioritise pragmatic policies that stimulate real business growth and job creation, instead of bowing to populist pressures that prioritise social spending but have no lasting positive impact on the country.\n“South Africa is still stuck in a balancing act between weak growth and populist needs that will continue indefinitely, such as the Basic Income Grant,” said Ackerman. As a country, it is vital that South Africa gets the economy going to address poverty and inequality in a sustainable way.\n“In terms of South Africa’s macro-economic outlook, it’s essential to note that there was yet another revenue windfall in addition to the revenue overruns in recent years. So, we’ll need to see what the finance minister does with that. We’d like to see the windfalls being used productively – not just on once-off, temporary social spending that does little to nothing to drive economic growth,” the economist said.\nFrom an investment perspective, Citadel’s chief investment officer, George Herman, urges Godongwana to address the Eskom situation. “We would appreciate any guidance the finance minister can give in terms of the intention to de-leverage the Eskom balance sheet. I think and hope that is going to be a core focus of the 2022 MTBPS,” said Herman.\nEskom has requested that the government relieve its debt balance sheet of approximately R200 billion, while recently informing the Standing Committee on Public Accounts that it was carrying a total debt burden of approximately R400 billion, which could not be serviced due to its current cashflows and liquidity problems.\nIt was also facing outstanding municipal debt to the tune of around R40 billion.\nIt was recently reported that Eskom expects to receive tranches of R20 billion of taxpayers’ money over the next few years to deal with its debt-servicing commitments, much to the dismay of taxpayers who are already paying for a service they are not fully receiving as a result of the rolling blackouts, which have recently escalated.\nIn 2021, Citadel also expressed the hope that the minister would be prudent and use the opportunity presented by additional revenue to get the country out of its “very tight fiscal position”. At the time, Ackerman said: “If we don’t get the economy going very soon, we might have some further fiscal challenges in the next two to three years.” Today, fiscal reform is still a great priority.\nColin Coleman, the former MD of Goldman Sachs in Sub-Saharan Africa, told BusinessLive that the budget is about more than making the numbers look good for the ratings agencies. “It’s about how we’re breaking out of our structural constraints and problems.”\n“Yes, the benefit of fiscal consolidation is to reduce the cost of capital to increase investment, but that’s an insufficient condition for investment,” he said.\nColeman stressed that the budget also needs to address the “festering sore” that includes unemployment, lawlessness, corruption, public mismanagement, and the country’s structural low-growth issue.\nDeep structural woes at Eskom\nIntellidex chair, Stuart Theobald said that South Africans know that the country is deeply rooted in an energy crisis, but may not understand the staggering challenge that lies ahead of it.\nThe analyst noted this past week that, based on outdated estimates in the country’s 2019 Integrated Resource Plan, it will need to procure and develop approximately 78,000 MW of energy capacity by 2030.\nBy 2035, however, 12 of Eskom’s 15 coal plants will have retired, wiping 33,000MW from the grid. If an optimistic plan by the government to get newer stations like Medupi and Kusile fully operational and the lifetime of Koeberg is extended, this means that South Africa needs to get at least 50,000MW of new energy on-grid over the next 12 years, Theobald said.\nThis is a ‘stupifying’ amount of energy required, he said, and South Africa faces an incredible challenge on two key fronts: cost and politics.\nOn the former, the Intellidex chair said that even leaning into cheaper energy technologies like renewables will carry immense costs.\n“Solar photovoltaic and onshore wind is now much cheaper than fossil fuel production, but you need storage to even out supply capacity. Based on current global capital costs for different types of technologies, we need to invest R1.8 trillion to R3 trillion to build that capacity, depending on technology spread,” he said.\n“And that doesn’t even consider the investment required to expand the grid to handle the volumes.”\nThe analyst noted that this cost is staggering – accounting for up to half of South Africa’s entire GDP, and even spread over 10 years, is equivalent to the total spend of a Medupi every year.\nOn top of the cost, South Africa’s energy sector also has to deal with the other massive hurdle: the government.\nTheobald noted that the country is awaiting the results of a 9,600GW energy bid window, but historically, politics and generally poor management of procurement have delivered very little.\nUrgent procurement of 2,000MW of energy ended up delivering only 150MW, and the most recent bid window saw only three projects – out of 25 – deliver, totalling 420MW. The analyst said that the country has managed to deliver only 1,400MW of new energy over the last few years.\nMeeting the challenge\nWhile the challenge appears insurmountable, Eskom itself is quite optimistic that it is able to meet it.\nPresenting at the Africa Renewable Energy Investment Summit in September, Eskom chief executive officer Andre de Ruyter outlined the group’s strategy to tackle the new generation problem, emphasising a strong focus on renewables as the way forward.\nCompared to coal, renewable projects like wind and solar farms cost less to build, can come online in less than two years, and can ensure that the country can protect its power exports amid rising carbon tariffs, he said.\nIn contrast, new coal builds would come at double or even quadruple the cost, take up to 12 years to complete – which would result in even more load shedding – and would put 46% of South Africa’s exports at risk as the country would fail to decarbonise.\nBy the end of 2024, de Ruyter said that most of the 33,000MW shortfall caused by the decommissioning of power stations will be covered by new projects, including:\n- 3,500MW from the Seriti renewables projects\n- 1,440MW from Kusile entering full operation\n- 2,000MW from independent power producers (IPPs) on leased land\n- 3,500MW from new pumped storage\n- 1,500MW from municipal procurement\n- 2,600MW from REIPPP 5 projects\n- 5,200MW from REIPPP 6 projects\n- 7,000+MW from other projects\nThis energy shift is not cheap, however, with the CEO pointing out that R1.2 trillion will be needed to realise the transition.\nAdding firm capacity of 7,000MW, variable capacity from renewables totalling 50,000MW and storage capacity of 10,000MW will cost approximately R990 billion to realise by 2035, he said.\nExpanding and strengthening the power utility’s transmission network over 8,000km of new lines and installing 101 new substations will cost another R130 billion. Boosting the distribution capacity will add another R56 billion to the mix.\nMeeting demand for economic growth\nEskom can’t meet demand and has imposed a record number of days of blackouts so far in 2022, according to Bloomberg calculations.\nLoad-shedding is projected to shave 1 percentage point off economic growth this year. The South African Reserve Bank lowered its gross domestic product growth forecast to 1.9% from 2% in September.\nReforms aimed at alleviating South Africa’s energy crisis could raise real private investment in the energy sector by as much as 15% per year from 2023 to 2025 and raise economic growth by about 0.9 percentage points over the first year, the central bank said.\n“Investment in energy has the potential to crowd in other productive investment, creating a virtuous cycle,” the bank said in its six-monthly Monetary Policy Review, as reported by Bloomberg.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/633823/staggering-challenge-ahead-for-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/3adaeaf36ad3fd8e16237bd9a95d5d49.json b/clean/cc/3adaeaf36ad3fd8e16237bd9a95d5d49.json
new file mode 100644
index 0000000000000000000000000000000000000000..1f324f3ed6fb32231db4aaa93e4aaa4f4f58ad81
--- /dev/null
+++ b/clean/cc/3adaeaf36ad3fd8e16237bd9a95d5d49.json
@@ -0,0 +1 @@
+{"doc_id": "3adaeaf36ad3fd8e16237bd9a95d5d49", "text": "South Africa must implement reforms to boost private-sector investment, promote good governance and improve the efficiency of public spending to shore up an economy hamstrung by rolling blackouts, the International Monetary Fund (IMF) said.\nSevere power outages, known locally as load shedding, coupled with softer commodity prices mean Africa’s most industrialized economy will probably only grow 0.1% in 2023, the IMF said Wednesday after a staff visit to South Africa.\nThis compares with its January estimate of 1.2% and the National Treasury’s projection of 0.9%.\nState-owned company Eskom implemented daily blackouts for more than 200 days last year and on all but one day of 2023. The rolling outages, which started in 2008, are needed to protect the grid from collapse when the company’s old and mostly coal-fired plants can’t meet demand.\nThe National Treasury is aware of “most of the risks to economic growth” flagged by the lender and is working on measures to address them, it said in a statement. It plans to respond to more detailed analysis and recommendations when the IMF publishes an Article IV report on the country.\nReforms aimed at restoring energy security that attracts private-sector participation in the electricity market and addresses Eskom’s operational and financial challenges may help to bolster output growth and create jobs, said the IMF.\nIf implemented, a R254 billion ($13.9 billion) debt-relief strategy the Treasury has announced for Eskom “should ensure material improvement in the company’s operation and establish its long-term viability,” it said.\nStill, it warned that the plan, together with continued support for other loss-making state companies, spending on temporary welfare grants and increased debt-service costs, will see the budget deficit widen to 6.5% of GDP in the fiscal year ending March 2024, and deteriorate further through 2026.\nCreating the conditions for higher economic growth and a reduction in South Africa’s debt vulnerabilities will require stronger fiscal consolidation efforts, including plans to reduce the public-sector wage bill and transfers to state companies while protecting well-targeted social spending and productive public investments, the IMF said.\n“South Africa’s public debt is among the highest in emerging markets and is set to continue rising on current policies,” the lender said. “This leaves limited fiscal space to respond to adverse shocks, including contingent liabilities from state-owned enterprises, social spending needs, and climate events. It also exposes the government to increasing borrowing costs, diverting limited resources away from more productive capital and social spending.”\nThe IMF also recommended that authorities work to broaden the tax base, strengthen the fiscal framework by introducing a debt ceiling, address shortfalls in public procurement and improve public investment management. Last month, Finance Minister Enoch Godongwana ruled out introducing a new fiscal anchor in the country’s budget framework.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/674545/imf-slashes-south-africas-gdp-growth-forecast-for-2023/"}
\ No newline at end of file
diff --git a/clean/cc/3e7409de525384ac31c059ed2cdd6a24.json b/clean/cc/3e7409de525384ac31c059ed2cdd6a24.json
new file mode 100644
index 0000000000000000000000000000000000000000..495bd014e3ffd4a751d6248d9f2720e913b07e71
--- /dev/null
+++ b/clean/cc/3e7409de525384ac31c059ed2cdd6a24.json
@@ -0,0 +1 @@
+{"doc_id": "3e7409de525384ac31c059ed2cdd6a24", "text": "Historical wine estate, Vrede en Lust, became one of the first farms in South Africa to invest in solar power to shift away from Eskom and rising electricity prices, with plans now in place to upgrade its infrastructure over time.\nThe estate – founded in 1688 and situated in the heart of the Cape Winelands, equidistant from Stellenbosch, Franschhoek and Paarl – made an investment in 1,000 solar panels, three big inverters, as well as cables and frames 10 years ago.\nThe project turned cash flow positive after four years, it said.\n“The plan is now to replace the panels and upgrade the inverters in another 10 years, but the significant investment in cables and frames will serve the next generation of technology to come,” it said.\nEstate owner, Dana Buys, said that in early 2012, electricity became Vrede en Lust’s second-largest expense.\n“The cost of electricity was growing far faster than inflation and it was also clear that climate change was becoming a critical problem. We all had to change our ways. We did the research and by investing in a significant solar power installation, we could tackle both issues at the same time; reduce our carbon footprint and get control over our escalating energy costs,” he said.\nHe said the Vrede en Lust energy needs were perfectly aligned with solar power, as both the generating of electricity and the operations on the farm at their peak in the summer.\nThe installation was financed over 10 years, and in that time, the estate prevented tonnes of carbon dioxide from being released into the atmosphere. The installation generates over 300,000 kWh of electricity annually, which supplies various departments on the farm with power.\nThe large row of solar panels stretches 350 meters in length and has a surface area of 1500 square meters. Most of the solar panels can be found in the vineyards below the Simonsberg in Simondium, the rest on the cellar roof.\nAccording to Buys, several other farms in the region have followed suit and also pursued solar builds.\nSouth Africa is riding a swelling wave of renewable energy projects, including solar and wind. Eskom on Monday (31 October) launched its plans to convert one of its oldest power stations into a massive wind and solar project.\nMeanwhile, brew maker Heineken launched its own massive 14,000-panel solar installation in the past week.\nSolar is also becoming a vital component within the retail sector, with South Africa’s largest retailer, Shoprite, expanding its own solar installations, while new flagship stores for groups like Food Lovers are also backed by the technology.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/639569/a-look-at-the-1500-square-metre-solar-installation-on-one-of-south-africas-oldest-wine-estates/"}
\ No newline at end of file
diff --git a/clean/cc/3f2f9b2719cf657024670c727e694714.json b/clean/cc/3f2f9b2719cf657024670c727e694714.json
new file mode 100644
index 0000000000000000000000000000000000000000..9b542190f56ca60a1e71f1055b38d414f9a5bf42
--- /dev/null
+++ b/clean/cc/3f2f9b2719cf657024670c727e694714.json
@@ -0,0 +1 @@
+{"doc_id": "3f2f9b2719cf657024670c727e694714", "text": "Maxwell Mwamburi loved spending time watching his mother cook while growing up. With time, making chapatis and trying out new menus became a passion that steered him towards his dream cake-baking career.\nAt his Maxwell’s Cakes in Bamburi, Mombasa city, traffic among bakers and cake decorators is evident. Just as fresh cake orders are received and noted, freshly baked and decorated cakes too are packed and delivered to clients by motorcycles.\nIn an interview with the Enterprise, the 24-year-old entrepreneur narrates with nostalgia how he spent the better part of his childhood cooking, and baking. However his father was not for the idea and instead wanted him to forge a career in engineering. He was however undeterred and he set his sights firmly on his passion.\n“I knew baking was my passion because I loved watching and participating in cooking activities while growing up,” notes Mr Mwamburi.\nAfter secondary education, he was keen to pursue his bakery passion. He enrolled at a bakery and confectioneries college in Mombasa between 2014 and 2016, where he did several courses, including pastry.\nWorking as a tutor and a freelance baker enabled him to save Sh70,000 which he used as capital to start his own cakes enterprise in 2017.\n“I was yearning to begin my own cake bakery however small it was. I therefore began baking from my house before acquiring a rented a shop and few bakery equipment,” says Mr Mwamburi.\nToday, he has three workers, including a cake decorator who design cakes according to customers' specifications and preferences.\nMr Mwamburi’s unbeatable artistic expressions on the cakes are his key selling points.\n“When baking birthday and wedding cakes, presentation and creativity are essential,” he says, noting that the business has its high and low seasons.\nMr Mwamburi says he maximises sales in the high seasons, especially during festivities and religious celebrations. He has also carved a niche for wedding and birthday cakes.\nBirthday and wedding cakes are charged between Sh5,500 and Sh100,000 depending on clients specifications. However, the prices can go higher or lower depending on various reasons.\nThe expenses of baking a cake of Sh5,500 is about Sh1,500,and the bakery can have up to 20 cakes sold in a good business day, bringing good earnings.\nTo operate a successful bakery business, Mr Mwamburi advises that one must obtain a licence from Ministry of Health and the county government and constantly keep abreast of the latest techniques and trends in cake baking and decoration.\nHe says the ability to demonstrate creativity, attention to detail, and excellent customer service skills is an asset too so are thigh hygiene standard. This, he notes will enable one to maintain clients.\n“Ensure that the display refrigerators are clean, polished, and fully stocked with cakes, pastries, and desserts.”\nMr Mwamburi gets his customers through referrals and online platforms such as Facebook, Twitter and Instagram.\nLast year, he began one-month cake baking tutorials that cost Sh25,000.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/enterprise/i-turned-my-love-for-baking-into-a-thriving-venture-2276180"}
\ No newline at end of file
diff --git a/clean/cc/3fc0ae7b89c1441fb832f881f5eba0b5.json b/clean/cc/3fc0ae7b89c1441fb832f881f5eba0b5.json
new file mode 100644
index 0000000000000000000000000000000000000000..6a228d85a2413dc26ec4ea8151700491dddaafd6
--- /dev/null
+++ b/clean/cc/3fc0ae7b89c1441fb832f881f5eba0b5.json
@@ -0,0 +1 @@
+{"doc_id": "3fc0ae7b89c1441fb832f881f5eba0b5", "text": "Electricity minister Kgosientsho Ramokgopa says that his department is pushing for the rooftop solar incentive in South Africa to be extended and expanded – specifically, to include equipment like inverters and batteries as part of the package.\nBriefing the media on the state of the Energy Action Plan on Monday (23 October), the minister said that the recent boost in performance of Eskom’s grid can be attributed to a conflux of factors.\nOne of the key factors giving the grid a boost is a significant drop in demand, he said.\nThe minister said that the rapid adoption of rooftop solar among residents in the country has contributed to this in a big way, with installed rooftop solar now estimated at about 4,500MW, almost doubling from June 2022.\n“Generation from rooftop (solar) is a significant feature of how we see the energy landscape in the country,” he said.\n“People say demand is going down because of rooftop solar – yes, that is what we want, that is what we are encouraging.”\nRamokgopa said that his department is advocating for more rooftop solar in South Africa, and it is pushing for the tax incentive that was put into effect this year to be extended and expanded to batteries and inverters.\n“It shouldn’t be restricted to (solar PV panels). Once we (expand the incentive), there will be a significant uptake,” he said.\nThe minister added that the department is also pushing for a new financing instrument to be introduced that will allow poorer households to also take advantage of the boom.\nHe said that an “unintended consequence” of the current incentive is that only middle- to high-income households could take part, creating an imbalance. The department is seeking to balance this.\nAny additional or extended incentives will work together with the coming feed-in tariffs, he said, which would further incentivise the uptake of solar as excess generation will then become an income earner.\n“We want this number (of rooftop solar MW) to be higher and higher,” he said.\nThe problem with (non-solar) inverters\nWhile an extension of tax breaks to inverters and batteries will be great news for anyone looking to go solar, it is unlikely that the government will incentivise these components on their own.\nNational Treasury has been clear that the tax incentives have been put in place to encourage new generation.\nIt previously dismissed the inclusion of inverters and batteries because these components do not generate electricity on their own.\nResearch has shown that inverters and batteries on their own – without the solar component – are actually detrimental to energy grid, and effectively undermine the goals and intention of load shedding as a way to protect the grid.\nA study conducted by the University of Stellenbosch found that a non-solar inverter and battery setup pushes peak power demand higher as these units come online at once after load shedding to recharge.\nThis means the grid has to deal with normal post-load shedding demand as well as the increased demand from these units.\nThe researchers found that because of this, inverter installations that are not connected to or charged by solar actually negate as much as 85% of the impact of load shedding.\nEskom has also previously acknowledged this problem, and has encouraged non-solar inverter and battery users to delay the charging of their units for a few hours after load shedding ends.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/726630/good-news-for-inverters-and-batteries-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/40257d89bd6444bfabafbeb48ab790e2.json b/clean/cc/40257d89bd6444bfabafbeb48ab790e2.json
new file mode 100644
index 0000000000000000000000000000000000000000..087750ab8f24298a0e21c975054dcc4afedb2f08
--- /dev/null
+++ b/clean/cc/40257d89bd6444bfabafbeb48ab790e2.json
@@ -0,0 +1 @@
+{"doc_id": "40257d89bd6444bfabafbeb48ab790e2", "text": "Data from Stats SA shows that 136 businesses closed their doors in October.\nAccording to Stats SA, the 120 businesses closed down voluntarily, while 16 did so on a compulsory basis.\nThis means that over 1,376 businesses have been liquidated since the start of the year.\nHowever, the number of liquidations actually decreased by 13.4% in October 2023 compared with October 2022.\nIn addition, the number of liquidations declined by 10.3% in the three months ending October 2023 compared with the same period in 2022.\nMoreover, the total number of liquidations decreased by 13.0% in the first ten months of 2023 compared with the first ten months of 2022.\nOn a per-industry basis, the unclassified industry saw the most liquidations, with 44 in October.\nThis was followed by the financing, insurance, real estate and business services industry, which saw the most liquidations, with 38 in October. This took its yearly tally to 463 – the most of any industry.\nThis was followed by trade, catering and accommodation (26) and community, social and personal services (38).\nDifficult quarter\nDespite the year-on-year decline in liquidations, several pieces of economic data showed that October was an abysmal month.\nFor instance, the Absa Purchasing Managers’ Index (PMI) dropped from an upwardly revised 46.21 in September to 45.4 in October.\n“Given that the frequency and intensity of load shedding eased notably in October, the weak performance from the activity index is perplexing,” the Bureau for Economic Research (BER) said.\n“It is now back to the July 2023 level when prolonged disruptions on the N3 transport corridor most likely resulted in a (temporary) shortage of inputs. These transport issues contributed to weak manufacturing output.”\n“On the consumer front, elevated relative (food and fuel) prices, as well as restrictive borrowing costs, are depressing demand for local manufactured goods.”\nNaamsa’s New Vehicle Sales data also showed a 2% y/y decline from 46,350 units in October 2022 to 45,445 in October 2023. This was the third successive month of decline in the new vehicle market.\nConfidence among South African business leaders also remains low due to the challenging economic environment, with the RMB/BER Business Confidence Index dropping by two points to 31 in Q4 2023. This means that less than a third of respondents were happy with the overall business conditions.\nThe low confidence amongst businesses means that South Africa’s real GDP – which is expected to slow in Q3 – is unlikely to accelerate in momentum in Q4.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/734131/over-1300-businesses-in-south-africa-have-shut-their-doors-in-2023/"}
\ No newline at end of file
diff --git a/clean/cc/409b944656d037b5b6138e2195329615.json b/clean/cc/409b944656d037b5b6138e2195329615.json
new file mode 100644
index 0000000000000000000000000000000000000000..f33327f83d0b4cd402a6b71375e846a28c9c0d99
--- /dev/null
+++ b/clean/cc/409b944656d037b5b6138e2195329615.json
@@ -0,0 +1 @@
+{"doc_id": "409b944656d037b5b6138e2195329615", "text": "Pick n Pay says heightened load shedding has had a severe impact on its costs in the first 20 weeks of its 2024 financial year.\nIn a trading statement for the period covering 27 February 2023 to 16 July 2023, the group’s sales jumped by 4.8%, whilst South African sales growth for the period was 4.4% (0.9% like-for-like).\nThe rest of the African segment saw strong growth of 15.9% (12.0% on a constant currency basis)\nClothing sales in stand-alone stores jumped 10.9%, whilst liquor sales grew 9.8%.\nOnline sales growth for the period was 75.3%, showing the group’s continued strong online sales growth momentum that was reported in FY23.\nHowever, it said that South African sales for the period were constrained by the slow performance from Pick n Pay, despite Boxer sales acceleration moderately from the 14.4% reported for H2 FY23.\nPick n Pay’s South African sales dropped by 0.3% (0.0% like for like).\nThe group said that the slower sales momentum relative to the 3.2% reported for H2 FY23 was due to a reduction in promotional activity during the period as the group tried to manage the cost pressures caused by load shedding.\nThe total diesel cost to run generators for the 4-month period of March to June was R300 million.\nIn FY23, the group spent an incremental R522 million on diesel to run generators.\nThe estimated net incremental energy costs were approximately R165 million, potentially annualising to R250 million in H1 FY24.\nThe group said that sales momentum recovered towards the end of the reporting period, with the reduction in load shedding in June and early July allowing the group to intensify its promotional programme.\nPick n Pay’s sales growth for the last three weeks of the reporting period totalled 2.4% (2.9% like-for-like).\nIt added that Pick n Pay Qualisave and the stores that have undergone customer value propositions (CVP) upgrades are outperforming the rest of the estate.\nBoxer South Africa sales grew by 15.4% (3.0% like-for-like), despite the high base of 27.2% sales growth recorded for H1 FY23.\nThe group padded that its internal selling price inflation was 9.5%, below Stata SA Food CPI of 13.2% for the period.\nOverall sales for the reporting period are:\nFinancials\nThe group said that it expects its earnings per share, headline earnings per share and pro format headline earnings per share for H1 FY24 to decrease by more than 20% when compared to H1 FY23.\nThe group said that it anticipated H1 FY24 to be under pressure due to H1 and H2 earnings seasonality, the base (H1 FY23) being less impacted by load shedding, the roughly R110 million duplication of supply chain costs during the handover from the Londmeadow to Eastport distribution centres and approximately R250 million in restricting costs.\nRead: R2.4 billion bill for South Africa’s biggest retailers", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/705079/load-shedding-wipes-another-r300-million-from-pick-n-pay/"}
\ No newline at end of file
diff --git a/clean/cc/456aa5181bcdc943a801af036e99c4ce.json b/clean/cc/456aa5181bcdc943a801af036e99c4ce.json
new file mode 100644
index 0000000000000000000000000000000000000000..9c4d381a66bbc277f2f22d18d4345ce50220dfe6
--- /dev/null
+++ b/clean/cc/456aa5181bcdc943a801af036e99c4ce.json
@@ -0,0 +1 @@
+{"doc_id": "456aa5181bcdc943a801af036e99c4ce", "text": "The Spar Group has recorded a major hit to its financials for the six months ended 31 March 2023.\nIn South Africa, the group said its total turnover grew by 5.6% to R47.1 billion (2022: R44.6 billion).\nHowever, the group added that its grocery and liquor sales were impacted by challenges facing the launch of its new SAP software at its KwaZulu-Natal distribution centre – noting that the estimated impact of the SAP go-live issues cost the company R786 million of lost wholesale turnover.\nTurnover for the core SPAR grocery business increased by 7.9% to R36.0 billion (2022: R33.4 billion), while; Tops at Spar saw its turnover decline by 1.9% to R5.3 billion (2022: R5.4 billion)\nThe group’s pharmaceutical business, S Buys, increased its turnover by 20% to R729.4 million (2022: R607.7 million), supported by growth in Scriptwise (specialist pharmacy) and the Pharmacy at SPAR businesses.\nDue to a drop in the building sector, Build It saw its turnover decline by 3.8% to R4.8 billion (2022: R5.0 billion)\nSpar said that the main reason for the slowdown at Build It was the increased intensity of load shedding during the reporting period, with the higher levels of load shedding also affecting retailer profitability due to the increased energy costs associated with backup power.\nSpar said that its retailers saw a significant increase in operating costs, driven by the increased cost of diesel for generators, higher repair and maintenance costs, and product wastage as generators can fail after extended hours of usage.\nThe group said that the added cost of diesel for its operations was more than R700 million for the period under review.\nIt added that it is trying to minimise the effect of load shedding by funding generators for retailers.\nAlthough the group’s solar energy installations have reduced energy costs at its distribution centres, it said that it is not enough to protect it from the impact of load shedding.\nThus, Spar’s costs for diesel tripled when compared to the prior comparative period.\nInternationally, the group’s activities in Ireland and England and Poland delivered turnover growth of 15.1% and 9.3% (ZAR-denominated), respectively.\nAlthough the group’s activities in Switzerland increased by 6.9% in ZAR-denominated terms, it delivered a drop in turnover of 4.3% in CHF-denominated terms.\nOverall, despite the group’s turnover increasing by 7.9% to R72.9 billion (2022: R67.6 billion), its operating profit dropped by 17.5% to R1.5 billion (2022: R1.8 billion).\nHeadline earnings per share also saw a major 30.2% drop to 447.7 cents per share (2022: 641.1 cents per share).\nIn light of the difficult situation facing its operations, the group said that it will not issue an interim dividend.\nOutlook\nThe group’s management said that it will continue to focus on growth areas to drive turnover, and has seen a positive uptick in sales in the post-period end.\nThe group will launch a new strategy for its private label and will try to resolve all outstanding SAP software implementation challenges in KZN.\nIts management will also focus on operational and capital expenditure discipline.\nIt added that the process of finding a new CEO is underway with the board conscious of the uncertainty caused during the period.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/696147/load-shedding-bleeds-one-of-south-africas-biggest-retailers-of-r700-million/"}
\ No newline at end of file
diff --git a/clean/cc/47c84ede5149080c2ea58050c3d8c613.json b/clean/cc/47c84ede5149080c2ea58050c3d8c613.json
new file mode 100644
index 0000000000000000000000000000000000000000..c0a66c6a8821a43ed7ebd7549477693835e5a7ed
--- /dev/null
+++ b/clean/cc/47c84ede5149080c2ea58050c3d8c613.json
@@ -0,0 +1 @@
+{"doc_id": "47c84ede5149080c2ea58050c3d8c613", "text": "NCBA Group #ticker:NCBA has differed with its partner Safaricom #ticker:SCOM over the push to lower the customer charges on M-Shwari loans amid pressure for the State to curb unregulated digital mobile lenders who charge exorbitant monthly interest rates.\nThe bank said there were no immediate plans to cut the fees linked to M-Shwari, adding that it’s focused on making the digital loan competitive relative to similar products in the market place.\nThis contradicts an earlier statement made by Safaricom that it was keen to the cost of M-Shwari cut as part of a larger plan that will see more features added on the M-Pesa platform, including insurance and wealth management.\nNCBA runs the M-Shwari app in partnership with M-Pesa and offers a maximum of Sh50,000 loan for up to 30 days with a \"facilitation fee\" of 7.5 percent on credit regardless of its duration.\n\"We have never said that we are reducing the rate of M-Shwari,\" NCBA group managing director John Gachora told the Business Daily in an interview.\n\"I think there have been comments about the rate that were made by our partner (Safaricom), not by NCBA. I do not think there have been any such plans.\"\nSafaricom’s push for lower M-Shwari and M-Pesa overdraft facility, Fuliza, charges coincided with the proliferation of unregulated micro lenders in response to the growth in demand for quick loans, which have left borrowers with high interest rates.\n\"We would like the cost of this lending to come down and Safaricom is working to that end. It’s a regulated activity, certainly we will push to find ways to make it cheaper,\" Safaricom said earlier.\nThe Fuliza overdraft facility, which was launched in January last year, provides M-Pesa users with top-up loans whenever they need to make a transaction but find they lack enough money in their mobile cash wallets.\nFor instance, those borrowing Sh1,000 on Fuliza pay a one-off of one percent or Sh10 and a daily charge of Sh10.\nThis translates to a monthly charge of 31 percent or an annualised fee of 372 percent — way above the maximum regulated annual bank interest of 13 percent.\nMarket leader M-Shwari, Kenya’s first savings and loans product introduced in 2012 by Safaricom and Commercial Bank of Africa, which is now NCBA Bank after merging with NIC, charges a \"facilitation fee\" of 7.5 percent on credit regardless of its duration.\nThis pushes its annualised loan rate to 395 percent.\nScores of unregulated microlenders have invested in Kenya’s credit market in response to the growth in demand for quick loans.\nTheir proliferation has saddled borrowers with high interest rates, which rise up to 520 percent when annualised, leading to mounting defaults and an ever ballooning number of defaulters who have been adversely listed with credit reference bureaus (CRBs).\n\"Obviously there is continuous discussions to ensure that M-Shwari meet the needs of our customers without being punitive or predatory,\" Mr Gachora said.\nPressure on banks to use mobile channels to cut costs increased when the government capped lending rates in September 2016, crimping profit margins.\nThe legal cap was removed in November last year.\nThe cap reduced private sector credit growth as commercial banks turned their backs on millions of low-income customers as well as small and medium-sized businesses deemed as too risky to lend to.\nIn turn, the credit crunch triggered an appetite for digital loans, paving the way for digital lenders to invade Kenya’s credit market.\nThe CBK, however, will regulate monthly interest rates charged by the digital mobile lenders and borrowers’ non-performing loans if a proposed law before Parliament is adopted.\nThe banking regulator will, among others, have to approve increases in digital lenders’ rates and other loan charges as well as put a ceiling on non-performing loans at not more than twice the defaulted credit.\nA key aim of the Central Bank of Kenya (Amendment) Bill, 2020, which seeks to empower the banking regulator to supervise digital lenders for the first time, is to curb the steep digital lending rates that have driven many borrowers into a debt trap as well as predatory lending.\nThe digital lenders will play under the same rules as commercial banks, including having to seek the CBK’s nod for new products and pricings, if the Bill becomes law.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/safaricom-ncba-split-on-cutting-m-shwari-charges-2453558"}
\ No newline at end of file
diff --git a/clean/cc/49fdc7d87047fed29366acc4f3643f64.json b/clean/cc/49fdc7d87047fed29366acc4f3643f64.json
new file mode 100644
index 0000000000000000000000000000000000000000..acd5bdd68f44f0984db774c660080ec4d7fac9cd
--- /dev/null
+++ b/clean/cc/49fdc7d87047fed29366acc4f3643f64.json
@@ -0,0 +1 @@
+{"doc_id": "49fdc7d87047fed29366acc4f3643f64", "text": "Kenya's government is close to approving a restructuring plan for Kenya Airways (KQ) to replace one introduced by the previous administration and backed by the International Monetary Fund (IMF), the airline's CEO told Reuters.\nThe airline, one of Africa’s three biggest, fell into insolvency in 2018 after an expansion drive left it with hundreds of millions of dollars of debt.\nThe administration of former President Uhuru Kenyatta introduced a plan in 2021 under which the government agreed to provide loans and eventually take over $800 million of the airline’s debt.\nKenyatta’s successor William Ruto, who took office last September, has said he will cut borrowing and called into question the government’s participation in Kenya Airways.\nA new restructuring plan is with the government, CEO Allan Kilavuka told Reuters.\nRead: Kenya Airways revives COO post, picks George Kamal\n“The government is currently at the tail end of approving this strategy,” he said, in written responses to Reuters’ questions.\nAlso responding to written questions, Treasury Cabinet Secretary Njuguna Ndung’u said the government wanted to turn around KQ so it can secure a strategic investor but did not provide details of the new plan.\nThe IMF approved the previous scheme as part of a $2.34 billion lending programme it agreed in April 2021 with the government, which holds a 48.9 percent stake in the airline.\nMr Kilavuka said the plan would include some of the same elements as the previous one, including eliminating loss-making routes, but did not say how the two would differ.\nRead: US issues Kenya a default notice for Sh57bn KQ debt\nA senior KQ source, who asked not to be named, said it was not yet known if the new plan would maintain the government’s commitment to taking over the $800 million in debt.\n“It is a big if,” the source said.\nRead: Treasury to end KQ bailouts by December\nThe IMF’s representative in Kenya did not respond to requests for comment.\nKenya Airways will present its 2022 results to investors on Monday.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/state-close-to-approve-kenya-airways-restructure-plan-4171660"}
\ No newline at end of file
diff --git a/clean/cc/4b88ed94ba2b35f6da7009b7fcef54f0.json b/clean/cc/4b88ed94ba2b35f6da7009b7fcef54f0.json
new file mode 100644
index 0000000000000000000000000000000000000000..fd53bba1d80d9d0f3b2327974370cded41bd99c7
--- /dev/null
+++ b/clean/cc/4b88ed94ba2b35f6da7009b7fcef54f0.json
@@ -0,0 +1 @@
+{"doc_id": "4b88ed94ba2b35f6da7009b7fcef54f0", "text": "Africa’s largest supermarket chain Shoprite Holdings will lay off 115 workers and close its second branch in Kenya in less than five months, citing reduced flow of shoppers.\nShoprite, which opened its first store in Kenya in 2018, has informed the workers’ union of the closure of the City Mall branch in Nyali, Mombasa, and job cuts.\n“Endeavour to continue trading at the Nyali branch is no longer viable. Financial and other data will be provided and discussed at a proposed meeting,” Shoprite said in a notice to the Kenya Union of Commercial Food and Allied Workers (KUCFW).\n“It is contemplated that the intended date of termination on account of redundancy will be August 31, 2020. There are currently 115 persons employed at the branch of which 92 are members of KUCFW.”\nThe retailer, which is retreating in countries outside South Africa, in April closed its Nairobi’s Karen branch, shedding 104 jobs and triggering a court battle with the billionaire owners of Waterfront Mall.\nThe closure of the stores will put a dent in Shoprite’s expansion plans in Kenya, where it has remained with two branches and had targeted opening seven stores, including six in Nairobi.\nIts reduced branch count comes amid increased competition from cash-rich retailers such as Naivas and Carrefour in a sector where local retailers like Tuskys are struggling with lower sales and mounting debts.\nWhen setting shop in Kenya, Shoprite said it was taking advantage of the disarray in Kenya’s retail sector.\nRegional leader\nTwo of Kenya’s three top retailers Uchumi and Nakumatt were in trouble, with the former having closed stores.\nFormer regional leader Nakumatt collapsed.\n“Retail in Kenya currently is in total disarray...we could now go in and secure seven premises without paying anything other than agreed rental,” Shoprite said ahead of Kenya entry.\nShoprite was an anchor client at Karen’s Waterfront Mall and Nyali’s City Mall.\nThe billionaire Muguku family, which owns Waterfront Mall, has sued Shoprite and is seeking Sh520 million in lost rent after the retail chain cut short its tenancy at the mall.\nShoprite, 17-per cent owned by retail tycoon Christo Wiese, has grown from eight supermarkets in 1979 to a no-frills mass-market grocer with operations in 15 African countries, including two stores in Uganda.\nShoprite Holdings said Monday that it was considering reducing or selling all of its stake in its Nigerian subsidiary.\nThe company has been reviewing its long-term options in Africa as currency devaluations, supply issues and low consumer spending in Angola, Nigeria and Zambia have weighed on earnings.\nShoprite, which owns more than 2,800 outlets across Africa, said in a trading update that it was pursuing the sale after reviewing its operating model and receiving approaches from various investors.\nIn February chief executive Pieter Engelbrecht told analysts that Shoprite remained committed to the continent but not at any cost.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/shoprite-lays-off-115-shuts-second-kenya-store-in-four-months-2297710"}
\ No newline at end of file
diff --git a/clean/cc/4ba0a8b4c9ed0c612f22693a017a623b.json b/clean/cc/4ba0a8b4c9ed0c612f22693a017a623b.json
new file mode 100644
index 0000000000000000000000000000000000000000..ce9bedfd0fcf80c76e3c00dd191102e806cdad2b
--- /dev/null
+++ b/clean/cc/4ba0a8b4c9ed0c612f22693a017a623b.json
@@ -0,0 +1 @@
+{"doc_id": "4ba0a8b4c9ed0c612f22693a017a623b", "text": "The recent CEO Sleepout has raised a record-breaking R26 million for charity.\nThe Sleepout saw 247 South African executives and business leaders spend an evening sleeping on the streets outside the JSE, with only a sleeping bag and a cardboard floor covering for comfort.\nThe night in question saw temperatures drop to -3 degrees.\nIn order to take part in the event, CEOs had to donate R100,000 to the charity Girls and Boys Town (GBT) – though some executives donated far beyond that.\nTelco firm, Blue Label Telecom’s joint-CEO Brett Levy made the highest contribution of R540,000, while Paul Dunne, CEO of Northam Platinum contributed R429,900 to the cause.\nInvestec’s Stephen Koseff raised a further R400,500 – with all the other hundreds of contributions taking the final total to a record-breaking R26,054,869.\nThe final tally was affirmed by auditors, BDO SA.\nSee it in pictures: South Africa’s richest CEOs sleeping on the street in a cardboard box\nThe CEO SleepOut originated in 2006 in Sydney, Australia, by local business leader Bernard Fehon, and the concept was brought to South Africa by Ali Gregg, founder of The Philanthropic.\nGregg announced that The Philanthropic and CEO SleepOut Trust have made plans to host nationwide SleepOuts in Johannesburg, Cape Town, Durban and Port Elizabeth in 2016.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/96027/ceo-sleepout-breaks-sa-charity-record/"}
\ No newline at end of file
diff --git a/clean/cc/4c0e19e42613d2f883da63fd516e58a0.json b/clean/cc/4c0e19e42613d2f883da63fd516e58a0.json
new file mode 100644
index 0000000000000000000000000000000000000000..d7da93a769dcece58e4ede4f9b5d0086bd9f09e6
--- /dev/null
+++ b/clean/cc/4c0e19e42613d2f883da63fd516e58a0.json
@@ -0,0 +1 @@
+{"doc_id": "4c0e19e42613d2f883da63fd516e58a0", "text": "ArcelorMittal South Africa (AMSA) has announced that it will delay the shutting down of its Longs Business by six months, potentially saving thousands of jobs.\nIn November 2023, the group said it would wind down its Longs Business due to the challenging steel environment in 2023, which was characterised by low demand in almost all markets and prices under pressure.\nSteel and Engineering Industries of Southern Africa (SEIFSA) said that the closure would result in 3,500 job losses.\nSince the announcement, the Minister of Trade, Industry and Competition, Transnet, numerous industry associations, organised labour, affected suppliers, community forums, and customers have engaged with AMSA.\nThe group said that the government needs to address the structural constraints affecting the steel industry.\nAs a result of the various engagements, specific short-, medium- and longer-term interventions were identified, with the group announcing the deferral of the wind-down of the Longs Business for up to six months.\nShort-term initiatives being progressed include addressing the port and rail inefficiencies at Transnet, not extending the export ban on steel scrap, which gave a cost advantage to lower quality steel makers, expediting demand-side opportunities, key customers agreeing to longer-term volume commitment and localisation efforts, and working with suppliers to reduce costs.\n“AMSA will continue to monitor its working capital requirements over the deferral period, which will extend for a period of up to six months, to ensure that there is sufficient access to liquidity,” the group said.\n“In this regard, in the interest of prudent liquidity management, the Company is in the process of applying for an additional working capital facility up to R1 billion, which may be called upon to support continued operations.”\n“Although the short-term initiatives do not fully address the structural shortcomings highlighted before, AMSA has confidence that the deferral of the wind down decision enabling the Longs Business to continue to operate for a period of up to six months, combined with the commitment from many of the Company’s affected partners, will provide enough time to cement and implement the agreed medium- and longer-term interventions.”\nFinances\nThe challenges facing the steel industry were clear to see in the group’s financial results for the year ended 31 December 2023, with the group posting a headline loss of R1,890 million (2022: R2,607 million profit)\nThe group also posted a loss per share of 352 cents after impairment charges of R2,115 million (2022: earnings of 236 cents per share)\nIt also saw a 170 cents loss per share in its headline earnings per share (2022: headline earnings of 234 cents).\nAmid these struggles, the group did not declare a dividend for the period under review.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/749984/major-job-cuts-in-south-africa-halted-for-now/"}
\ No newline at end of file
diff --git a/clean/cc/4c7553c4d1796dca01733eb4e4918c3a.json b/clean/cc/4c7553c4d1796dca01733eb4e4918c3a.json
new file mode 100644
index 0000000000000000000000000000000000000000..b1767d2a1fb76de5c64d2cbbb8920b31db5f937f
--- /dev/null
+++ b/clean/cc/4c7553c4d1796dca01733eb4e4918c3a.json
@@ -0,0 +1 @@
+{"doc_id": "4c7553c4d1796dca01733eb4e4918c3a", "text": "Kenya’s plan to introduce a three percent tax on cryptocurrencies such as bitcoins and non-fungible tokens (NFTs) has sparked mixed reactions.\nWhile some financial analysts argue that the tax on the transfer of digital assets could stifle the nascent industry, crypto experts say that in treating these investments as property for tax purposes, Kenya is finally recognising them, hence arousing investors’ interests.\n“Taxation is a clear recognition of this asset class. Taxation is welcome, crypto investment is not a means to run away from tax but rather an advanced form of exchange. Essential governance will, therefore, create greater accessibility, transparency, and growth,” says Avhit Bij, a blockchain and crypto expert.\nGlobally, there has been a strong appetite for new rules to shape the future of the industry and tighten the grip on investors.\n“Africa too can become a hub for blockchain and crypto if it creates favourable systems. The likes of El Salvador are making bitcoins legal tender, and Belgium and Iceland are having high tax brackets on gains. Tax-friendly countries with supportive regulations in the crypto space are seen to have a broader outlook on the future of this asset,” says Mr Bij.\nBenjamin Arunda, a blockchain expert, says the tax may actually increase awareness of digital assets investments. Over the years, more Kenyans have been drawn to digital asset investments.\nAccording to the Knight Frank wealth report 2022, six percent of Kenya’s dollar millionaires now own an NFT, while 13 percent have invested in a cryptocurrency.\nWealthy Kenyans are also seeking second homes in countries with better investment options such as St Kitts and Nevis, which are crypto-friendly, hence attractive to technology investors and entrepreneurs.\n“Therefore, much of it relies on the investor to accurately report crypto returns as most crypto transactions are semi-anonymous. However, I think the government should come up with a legal framework to regulate crypto activities before seeking to tax it,” Mr Arunda says.\nRonny Chokaa, an analyst at investment firm Genghis Capital, argues that the tax proposal may suppress growth.\n“The tax might stifle the sector’s growth which has been on the rise as an alternative to contemporary financial instruments. There is also a possibility that the trading of digital assets will now go incognito,” he says, adding that the tax proposal came as a surprise as it originates from a government that is yet to pronounce itself adequately on its position on digital assets.\nThe Central Bank of Kenya (CBK) has distanced itself from cryptocurrency trading, pointing to the risks involved in such dealings.\n“There are people who are excited about cryptocurrencies because they see it as a sort of investment that can win big because prices are going up quickly, so they believe they would see a huge return for their investment,” CBK Governor Patrick Njoroge said in March last year.\nThe CBK previously issued circulars to banks warning them against dealing with cryptocurrencies or transacting with firms dealing with assets.\nNevertheless, the CBK seems to be softening its stance as it mulls the creation of a Central Bank Digital Currency (CBDC).\n“A CBDC would make the financial system safer by allowing individuals, private sector companies, and non-bank financial institutions to settle directly in central bank money, rather than bank deposits,” the CBK stated in February last year.\nMr Bij says Nigeria and Ghana have also joined the CBDC bandwagon to trace the flow of money into the digital asset space.\nTax challenges\nBut as countries become aggressive in their efforts to make sure investors pay the tax due on digital assets, there might be challenges in calculating gains if investors are using trading bots that perform thousands of trades daily, or investors will be relying on their exchanges to get the records.\n“A basic taxation structure with a simple tax rate cannot be applied in a general context,” Mr Bij says.\n“It requires an understanding of how crypto is stored and traded. Among the many factors that need to be considered are the depositing and withdrawals of funds, Fiat [a government-issued currency that is not backed by a physical commodity such as gold or silver] is most realised and where the fiscal policy is given the most importance. However, taxation on ‘real money’ gains is purely the focus for now,\" he says.\nHe adds that to navigate some of the challenges, one needs to simply look at the bottom line of the trading bots at the end of the year.\n\"Whether the gain has come from human traders or bots, a gain is a gain,\" he says.\nCryptocurrencies are also used as a medium of exchange for goods and services and not just as an investment asset as part of a portfolio. Digital assets cover cryptocurrencies such as bitcoins, stable coins, alternative coins, and NFTs.\nConsidering this, experts argue, using both direct and indirect tax would be more effective.\n\"Clarity on the way the tax is calculated will make the system more effective,” says the blockchain and crypto expert.\nLow-tax havens\nWhile no official data exists on digital assets in Kenya, private research and surveys have uncovered a bubbling industry in the country.\nA report by the United Nations Conference on Trade and Development published in July last year showed 4.25 million Kenyans owned cryptocurrencies.\nThe report placed Kenya ahead of developed countries such as the US whose share of population owning the digital assets stood at 8.3 percent.\nLow fees charged by crypto exchanges, speed in remittances, and Internet access were factors attributed to a rise in the adoption of digital assets in Kenya.\nSo can taxation be counterproductive if Kenyans opt to invest in low-tax countries? In some developed countries, capital gains tax on cryptocurrencies can be as high as 37 percent.\nBut long-term holders are avoiding tax altogether on digital assets by investing in low-tax havens in the Caribbean island.\nHowever, Mr Bij says various trading blocs are looking at harmonising policies to avoid a situation where investors shift and coordinate how they hold their assets.\n“A 3.0 percent tax rate seems fair and manageable at this stage but the policymakers must avoid shifting their position which could result in investors re-thinking their stance,” he says.\n“The best way to deal with cryptocurrency is to welcome it and have a tax level which makes investors want to be transparent, and pay their due tax on gains. A fair tax system will retain existing investors and at the same time attract a much-needed influx.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/technology/crypto-nfts-tax-signals-kenya-s-softening-stance--4226720"}
\ No newline at end of file
diff --git a/clean/cc/4d27c609a8e21cd88f7236914ebbf562.json b/clean/cc/4d27c609a8e21cd88f7236914ebbf562.json
new file mode 100644
index 0000000000000000000000000000000000000000..6070ff8111c1673f81fc814f2f7595a19275a76c
--- /dev/null
+++ b/clean/cc/4d27c609a8e21cd88f7236914ebbf562.json
@@ -0,0 +1 @@
+{"doc_id": "4d27c609a8e21cd88f7236914ebbf562", "text": "Local branches of multinational banks –Stanbic Holdings, Standard Chartered Bank Kenya and Absa Bank Kenya— are the most efficient lenders among the top-tier institutions.\nTheir relatively better efficiency is derived from growing their income while keeping a lid on costs, according to an analysis of the banks’ performance in the half year ended June.\nRead: Kenya banks' lending to parent firms abroad up 61pc\nIn general, the lenders recorded reduced efficiency in generating income on the back of higher operating and staffing costs, with higher provisioning for bad loans also denting their ability to keep total costs below half of income in the period.\nThe analysis of the nine lenders shows that on average, their cost-to-income ratio without including provisions for non-performing loans stood at 46.6 percent in the period, up from 45.9 percent in the first half of 2022.\nInclusive of provisions, the cost-to-income ratio rose to an average of 58.2 percent from 55.7 percent a year earlier, indicating the effect of the higher provisioning put in place to cover rising dud loans.\nThe cost-to-income ratio, which compares a lender’s operating expenses and operating income, is an indicator of how efficiently a bank is being run —measuring the proportion of income that is used to cover operating expenses.\nHalf-year financials show that five out of the nine large banks recorded a rise in the efficiency ratio in the six months to June, net of provisions.\nKCB had the biggest jump on a cost-to-income basis, rising to 55.3 percent from 45.7 percent last year. The lender’s higher expenses were driven by exceptional costs including legal claims in the National Bank of Kenya subsidiary, staff restructuring costs and expansion costs related to its entry into the DRC market.\nNCBA, DTB, Equity Group, and I&M Group also recorded higher cost-to-income ratios relative to last year, ranging from 1.9 to 6.3 percentage points.\nNCBA’s ratio rose to 46 percent from 39.7 percent previously due to expenses rising faster than income, largely on employee and operating costs.\nDTB’s ratio rose by 3.6 percentage points to 50.3 percent as operating costs rose at a faster pace compared to income, primarily on staff costs.\nEquity recorded a jump of 2.3 percentage points to stand at 49 percent, also on the back of higher employee costs.\nStanChart, Stanbic, and Absa meanwhile recorded the biggest declines in their ratios, helped by income growth outpacing that of expenses.\nStanChart’s cost-to-income ratio thus dropped to 44.1 percent from 50.6 percent while that of Stanbic retreated to 42.9 percent from 48.6 percent and Absa’s to 37 percent from 42.3 percent. Co-op Bank’s ratio was flat at 46 percent.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/multinational-banks-lead-in-profit-efficiency--4364498"}
\ No newline at end of file
diff --git a/clean/cc/4d8769ed66c37b09d5f9e75f92ce5cee.json b/clean/cc/4d8769ed66c37b09d5f9e75f92ce5cee.json
new file mode 100644
index 0000000000000000000000000000000000000000..1ef97721932a6bf074e11fa17310e826a7cae8d7
--- /dev/null
+++ b/clean/cc/4d8769ed66c37b09d5f9e75f92ce5cee.json
@@ -0,0 +1 @@
+{"doc_id": "4d8769ed66c37b09d5f9e75f92ce5cee", "text": "Finance minister Enoch Godongwana has announced that National Treasury will be providing tax incentives and tax relief to South African businesses and households to encourage a rapid move to renewable energy.\nThis will include a massive rebate for businesses launching renewable energy projects and a smaller incentive for private households.\nThrough these two incentives, the Treasury said it would be offering R4 billion in relief provided for individuals that install solar panels and R5 billion to companies through an expansion of the renewable energy tax incentive.\nFor private households, individuals who install rooftop solar panels from 1 March 2023 will be able to claim a rebate of 25% of the cost of the panels, up to a maximum of R15,000.\n“This can be used to reduce their tax liability in the 2023/24 tax year. This incentive will be available for one year,” the minister said.\nTo qualify, the solar panels must be purchased and installed at a private residence, and a certificate of compliance for the installation must be issued from 1 March 2023 to 29 February 2024.\nThe rebate is only available for solar PV panels, and not inverters or batteries, to focus on the promotion of additional generation.\nIn a practical example, Treasury said an individual who purchases 10 solar panels at a cost of R40,000 could reduce their personal income tax liability for the 2023/24 tax year by R10,000.\nA different person is able to buy 20 panels at a cost of R4,000 per panel (so total cost of R80 000). The calculation of 25% adds up to R20,000, but they can only claim R15 ,000.\nOther caveats to the solar incentive include:\n- Only new and unused solar PV panels qualify to ensure that the capacity is in addition to what the country already has in place. The panels can be installed as part of a new system, or as an extension of an existing system.\n- Only solar PV panels with a minimum capacity of 275W per panel (design output) qualify for the rebate.\n- Other components of a system – batteries, inverters, fittings or diesel generators – and installation costs do not qualify. Portable panels will also not qualify.\n- Solar PV panels must be installed at a residence that is mainly used by an individual for domestic purposes. The installation will have to be proved with a certificate of compliance in terms of the Electrical Installation Regulations, 2009 to ensure safety of the installation and compliance to electric regulations.\n- The solar PV panels must form part of a system that is connected to the mains distribution of the private residence\nRenewable tax breaks for businesses\nAccording to the minister, from 1 March 2023, businesses will be able to reduce their taxable income by 125% of the cost of an investment in renewables.\n“There will be no thresholds on the size of the projects that qualify, and the incentive will be available for two years to stimulate investment in the short term,” he said.\nThe current incentive allows businesses to deduct the costs of qualifying investments over a one- or three-year period, which creates a cash flow benefit in the early years of a\nproject.\nBusinesses are able to deduct 50% of the costs in the first year, 30% in the second and 20% in the third for qualifying investments in wind, concentrated solar, hydropower below 30 megawatts (MW), biomass and photovoltaic (PV) projects above 1 MW. Investors in PV projects below 1 MW are able to deduct 100% of the cost in the first year.\nUnder the expanded incentive, businesses will be able to claim a 125% deduction in the first year for all renewable energy projects with no thresholds on generation capacity.\nThe adjusted incentive will only be available for investments brought into use for the first time between 1 March 2023 and 28 February 2025.\n“For a business with positive taxable income, the deduction will reduce its tax liability. For example, a renewable energy investment of R1 million would qualify for a deduction of R1.25 million. Using the current corporate tax rate, this deduction could reduce the corporate income tax liability of a company by R337,500 in the first year of operation,” Treasury said.\nOther measures\nIn addition to these two measures, the government will also be moving ahead with the rejigging of the so-called “bounce back” scheme announced in 2022.\nGodongwana said that changes to the Bounce Back Loan Guarantee Scheme are also proposed to incentivize renewable energy and rooftop solar and address energy-related constraints experienced by small and medium enterprises.\n“Government will guarantee solar-related loans for small and medium enterprises on a 20% first-loss basis,” he said.\nNational Treasury will launch the Energy Bounce Back Scheme in April 2023.\n“The energy and electricity sector, here at home and globally, is undergoing a rapid process of systemic change. Green technologies are becoming cheaper, and the deployment of low-carbon\nsolutions is accelerating,” the minister said.\n“We recognise that we have a role to play in encouraging adaptation and mitigation.”\nIn addition to the tax measures to promote investments in renewable energy, Godongwana also announced that the general fuel levy and the Road Accident Fund levy will not be increased this year.\nAnd to ease the impact of the electricity crisis on food prices, the refund on the Road Accident Fund levy for diesel used in the manufacturing process, such as for generators, will be extended to manufacturers of foodstuffs.\nThis takes effect from 1 April 2023 for two years.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/667161/tax-breaks-for-rooftop-solar-in-south-africa-come-with-a-big-catch/"}
\ No newline at end of file
diff --git a/clean/cc/4e13222563d83bf6aed4c6cbd1f772f3.json b/clean/cc/4e13222563d83bf6aed4c6cbd1f772f3.json
new file mode 100644
index 0000000000000000000000000000000000000000..1fdaa550cae283c6c74e546f29f010790645b135
--- /dev/null
+++ b/clean/cc/4e13222563d83bf6aed4c6cbd1f772f3.json
@@ -0,0 +1 @@
+{"doc_id": "4e13222563d83bf6aed4c6cbd1f772f3", "text": "The family of Peter Mukuha Kago, the founder of Naivas, is set to sell an extra 11 percent stake in the company for an estimated $41.7 million (Sh5.8 billion) in a deal that will see foreign investors take controlling ownership of Kenya’s largest supermarket chain.\nThis will be the third time the Mukuhas will be selling their shares in Naivas, which has become an investors’ magnet on the back of profitability and market share growth.\nThe latest proposed deal has been disclosed by Mauritian conglomerate IBL Group, which is part of a consortium that bought a combined 40 percent stake in Naivas last year for $151.97 million (Sh21.4 billion at current exchange rates).\nThe deal, if concluded, means that Kenya’s three largest supermarkets will now be controlled by foreigners.\n“The … company will subscribe to additional shares in Mambo Retail Ltd,” IBL said in a disclosure to its investors.\n“The proceeds of the subscription of shares will be utilised by Mambo Retail Ltd to acquire an additional 11 percent in Naivas International … the leading retail chain in Kenya which will result in Mambo Retail Ltd holding 51 percent of the shares in Naivas International Ltd.”\nMambo Retail is the investment vehicle through which IBL, French fund Proparco and German fund DEG currently hold a 40 percent stake in Naivas International, which in turn fully owns the operating subsidiary Naivas Limited.\nThe proposed transaction will see the Mukuhas’ interest in the supermarket chain drop from the current 60 percent to 49 percent, making them minority shareholders.\nThe family’s investment vehicle –Gakiwawa Family Investments— has been offloading its shares in recent years in multi-billion shilling deals bucking the trend of local founders of other retail giants such as Nakumatt Holdings and Tuskys holding onto their stakes only to see their fortunes evaporate with the collapse of those ventures.\nThe Mukuhas used to own 100 percent of Naivas until 2020 when they sold a 31.5 percent stake for Sh6 billion to a consortium comprising the International Finance Corporation (IFC), DEG and private equity firms Amethis and MCB Equity Fund.\nThe money was spent on fuelling the retailer’s growth across the country, with the ownership of the Mukuhas falling to 68.5 percent but becoming more valuable as the supermarket operator witnessed a profitable expansion.\nIn June last year, the IBL-led group reached a deal to buy the 31.5 percent stake held by IFC and its co-investors at a cost of $119.68 million (Sh16.8 billion).\nThe group also acquired an additional 8.5 percent stake from the Mukuhas for $32.29 million (Sh4.5 billion), marking the first time the family cashed out of its investment through sale of shares.\nThe family stands to receive at least Sh5.8 billion from the new deal, based on last year’s transaction which valued the retailer at $379.9 million (Sh53.5 billion at current exchange rates).\nThis makes it one of the most valuable privately held companies in Kenya, with its valuation exceeding the market capitalisation of publicly traded BAT Kenya (Sh44 billion) and Stanbic Holdings (Sh46.6 billion).\nIt was not immediately clear whether IBL’s partners DEG and Proparco will also provide new capital that will be used to buy the extra shares from the Mukuhas.\nIBL currently holds an effective stake of 26.32 percent in Naivas through its majority ownership of 65.8 percent in Mambo Retail.\nIt is followed by Proparco and DEG whose indirect interest in the retailer stands at 8.29 percent and 5.39 percent respectively.\nDEG reinvested in Naivas alongside IBL immediately after being bought out along with the earlier investors –IFC and the PE funds.\nThe deal underlines IBL’s confidence about Naivas’ future prospects, with the retailer being the most important among a string of investments it has made in Kenya, including buyouts of a solar firm (Equator Energy) and a pharmaceutical distributor (Harley’s).\nNaivas grew its profit to Sh2 billion in the nine months ended March, according to disclosures by IBL.\nPrevious disclosures showed that the retailer reported sales of Sh65.1 billion in the year ended June 2021 when its net profit stood at Sh2 billion, representing a net margin of 3.18 percent.\nThis was an improvement from the prior year when it made a net income of Sh1 billion on sales of Sh54 billion, amounting to a net margin of Sh1.9 percent.\nEstablished in 1990, Naivas has grown to become the largest supermarket chain in the country with more than 84 stores and employing 8,000 people as of June 2022.\nIts growth came amid stumbles by its rivals such as Nakumatt Holdings, Uchumi Supermarkets and Tuskys, which went bankrupt due to large debt or mismanagement.\nOther recent challengers such as Massmart and Shoprite of South Africa closed their operations after failing to gain traction in the competitive formal retail market.\nCarrefour and Quickmart are among the supermarket chains that have continued to expand alongside the dominant Naivas.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/naivas-founders-eye-sh5-8bn-as-foreigners-seize-control--4295594"}
\ No newline at end of file
diff --git a/clean/cc/51757d2873e7b40c0396be6a896618e7.json b/clean/cc/51757d2873e7b40c0396be6a896618e7.json
new file mode 100644
index 0000000000000000000000000000000000000000..de2e12d0b98fc46c3e80b15231a936964554b880
--- /dev/null
+++ b/clean/cc/51757d2873e7b40c0396be6a896618e7.json
@@ -0,0 +1 @@
+{"doc_id": "51757d2873e7b40c0396be6a896618e7", "text": "Despite having the worst year of load shedding in 2023, and many analysts noting it is firmly here to stay in 2024, South Africans must prepare for another double-digit Eskom tariff increase this year.\nIn December 2023, the High Court of South Africa rejected the requests for a judicial review on the revenue decision and tariff approval made by The National Energy Regulator of South Africa (Nersa) regarding Eskom’s fifth MultiYear Price Determination (MYPD5) application for the 2023/24 and 2024/25 fiscal years.\nThe judgement followed applications by the Democratic Alliance (DA) and the South African Local Government Association (Salga) to review the Nersa decision on Eskom’s MYPD5 revenue application.\nThe High Court found that “when all is considered and the detailed and extensive reasons furnished by Nersa is compared with the attacks on its decisions, none of the review grounds pass muster,” the court said.\n“All relevant factors have properly and in detail been considered, the conclusions reached were neither arbitrary nor irrational, and the issue of cross-subsidisation was considered at the appropriate stage,” it added.\nTherefore, The High Court found that both the DA and Salga review applications must fail.\nThis means Nersa’s approved 18.65% increase in electricity prices for 2023 and 12.74% hike effective April 2024 will stand.\nThis is even though Eskom has failed to meet key conditions placed on it by Nersa aligned with its MYPD5, according to independent energy analyst Pieter Jordaan.\nDue to the high cost of the diesel fuel used in Open Cycle Gas Turbines (OCGTs), an average utilisation rate – also called a load factor – of 1% is typically regarded as the utility-scale standard for this energy supply.\nIn Eskom’s price determination, due to the worsening power situation in South Africa, Nersa relaxed the 2023/24 load factor to 6%. This relaxation was conditional on Eskom reducing its breakdowns (UCLF) from 31% (2022/23 FY) to 20% and improving plant availability (EAF) from 57% (2022/23 FY) to 65%.\nHowever, Eskom has failed to meet these conditions for the 2023/24 financial year to date, with UCLF averages at 33% and EAF at 55%. Meanwhile, the OCGT load factor stands at 20%.\nEskom in dangerous territory\nFormer Eskom CEO Andre de Ruyter noted last month that while the R254 billion debt-relief package is essential for Eskom’s recovery, it alone would not be enough.\nHe mentioned that he would have included one more requirement in the debt relief package: that Eskom obtains cost-reflective tariffs from Nersa, which has often granted Eskom less than what it has asked for.\n“If we do not get them, Eskom doesn’t get cost-reflective tariffs, then in three to four years’ time, the entity will be back at Treasury’s door with a begging bowl, asking for more, because its costs will be higher than its revenues,” he said.\nHowever, on the flip side, De Ruyter said that Eskom’s current path would see an end-point where the utility will eventually be left with a customer base of people who cannot afford electricity and, therefore, don’t pay for it.\nEchoing similar sentiments, Jordaan said the recent democratisation and decarbonisation of electricity production, driven by the private sector, means that future price hikes will price Eskom out of the market – as many would simply move to alternative sources of energy.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/742375/another-massive-electricity-price-hike-hitting-south-africans-soon/"}
\ No newline at end of file
diff --git a/clean/cc/528021c4e84c1a187b1debd2ccbdab57.json b/clean/cc/528021c4e84c1a187b1debd2ccbdab57.json
new file mode 100644
index 0000000000000000000000000000000000000000..6c1dfed01793b79a1148f9c9a7ebee4b6c36649f
--- /dev/null
+++ b/clean/cc/528021c4e84c1a187b1debd2ccbdab57.json
@@ -0,0 +1 @@
+{"doc_id": "528021c4e84c1a187b1debd2ccbdab57", "text": "The Department of Energy has published the official fuel price adjustments for March, showing a big hike for both petrol and diesel.\nThe following changes will take effect from Wednesday, 3 March 2021:\n- Petrol 95: increase of 65 cents per litre;\n- Petrol 93: increase of 65 cents per litre;\n- Diesel 0.05%: increase of 54 cents per litre;\n- Diesel 0.005%: increase of 56 cents per litre;\n- Illuminating Paraffin: increase of 47 cents per litre.\nThe movement in prices is affected by two main factors – international petroleum costs, and the movement in the rand/dollar exchange rate.\nThe average international product prices for petrol, diesel and illuminating paraffin increased during the period under review.\nThe rand, meanwhile, appreciated against the US dollar during the period under review, on average, when compared to the previous period.\nThe average rand/US dollar exchange rate for the period 29 January 2021 to 25 February 2021 was 14.7631 compared to 15.0872 during the previous period. This led to a lower contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 14.34 c/l, 14.18 c/l and 13.72 c/l respectively.\nDespite the rand emerging stronger over the last month, the exchange rate benefit was not enough to counter rising oil prices.\nThe Automobile Association has warned that global oil prices are reaching their pre-Covid-19 levels, which will translate to price hikes over the coming months if trends stay unchanged.\n“The USA’s domestic oil production tailed off in the wake of the petroleum glut at the height of the Covid-19 first wave in 2020, but information from the US Energy Information Administration (EIA) is showing that US inventories have dropped back into a normal range,” the AA said.\n“If US production doesn’t catch up with the falling inventory, the oil price will come under further pressure,” it said.\nApril will also see tax hikes around fuel come into effect, with a significant addition of 26 cents a litre to fuel prices because of increases to the General Fuel and Road Accident Fund levies. These were announced by National Treasury in the 2021 budget speech.\nThis is how the prices will reflect in March:", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/471864/here-is-the-official-petrol-price-for-march-2/"}
\ No newline at end of file
diff --git a/clean/cc/53c552906d00660afc3379144d1b14f8.json b/clean/cc/53c552906d00660afc3379144d1b14f8.json
new file mode 100644
index 0000000000000000000000000000000000000000..4bf1f41a9f7aa4c918720646b1226647476362d1
--- /dev/null
+++ b/clean/cc/53c552906d00660afc3379144d1b14f8.json
@@ -0,0 +1 @@
+{"doc_id": "53c552906d00660afc3379144d1b14f8", "text": "Listed financial technology and payment specialist firm Capital Appreciation says the long-term trend towards digitalisation continues to fuel growth in the sectors in which it operates.\nCapital Appreciation was listed on the main board of the JSE in 2015 and raised R1 billion through a private placement of shares. Having acquired 100% of African Resonance, Dashpay and Synthesis Software Technologies in 2017, it migrated to the Software and Computer Services sector on the JSE.\nThe group said in a company update for the five months since its March 2022 financial year-end that “demand for the adoption of electronic payments, cost-saving software solutions and cloud services have served to maintain the positive momentum in the technology sectors in which we operate, despite the acknowledged economic challenges being experienced both globally and in South Africa”.\nThe group stressed that while it is not immune to the consequences of the economic challenges, the positive trajectory of demand for its products presents opportunities for growth and expansion.\nCapital Appreciation is operational in 20 countries, with offices in South Africa and the Netherlands, and employs 427 people.\n“The demand from local and international customers for the products and services in the software division has continued in the past five months, leading to notable growth in service and consulting fees and sales of state-of-the-art Hardware Security Modules (HSM),” it said.\nHSMs are used for enterprise encryption and to protect Payment Card PINs and contactless payments.\n“Demand for cloud and digital services continues to grow, and the areas of intelligent data and managed services are showing strong progress,” Capital Appreciation said.\nIt said that in anticipation of strong growth, the software division has increased its headcount by 50% year-on-year, which includes a substantial intake of recently qualified graduates.\n“The division has also materially increased its marketing and business development spend, particularly on its tap-on-phone Halo Dot initiative, which continues to make good progress and is achieving notable interest both in South Africa and internationally.”\nThe group said that demand for point-of-sale (POS) terminals continues to be robust, particularly as its addressable market increases. Economic challenges as well as the increasing preference for the additional functionality of the Android devices at lower price points are gradually shifting the terminal sales mix in favour of these terminals, it said.\nThe fintech said that the replacement lifecycle of terminals is also gradually becoming shorter as financial institutions and corporate customers replace their ageing terminal estates sooner to take advantage of improvements in technology, more functionally-rich solutions and to comply with international card specifications and certifications.\n“These trends all point to consistent demand for POS terminals over the medium term.”\nIn June, the company reported a 34% increase in revenue R831 million for the financial year ended March 2022, benefiting from large terminal orders and terminal transaction income growth, as well as significant increases in cloud-based and digital consulting revenue and third-party software and hardware sales.\nHeadline earnings per share increased by 30% to 13.40 cents and dividends by 36% to 7.50 cents per ordinary share.\nThe group intends to release its interim results for the six months ended 30 September 2022 on or about 29 November 2022.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/cloud-hosting/623465/south-african-fintech-on-a-hiring-spree-as-it-targets-tap-on-phone-payments/"}
\ No newline at end of file
diff --git a/clean/cc/5444c265838355cd9425e1980f0234ae.json b/clean/cc/5444c265838355cd9425e1980f0234ae.json
new file mode 100644
index 0000000000000000000000000000000000000000..1202898aacbb39e4a1c49cfdaed5bc70510106f8
--- /dev/null
+++ b/clean/cc/5444c265838355cd9425e1980f0234ae.json
@@ -0,0 +1 @@
+{"doc_id": "5444c265838355cd9425e1980f0234ae", "text": "Homes with solar can sell for 3% to 4% more than homes that do not, says Carl Coetzee, the CEO of BetterBond.\nCoetzee said it is a good idea for homeowners to take advantage of the new solar panel tax incentive if they have the financial means to invest in renewable energy.\nIn February this year, finance minister Enoch Godongwana delivered the 2023 National Budget Speech, with one of the major initiatives being two new tax measures to encourage individuals and businesses to invest in green energy.\nRegarding homeowners, from 1 March 2023, people who install rooftop solar panels are able to claim a rebate of 25% of the cost of the panels, up to a maximum of R15,000 – until 29 February 2024.\nThe solar panel tax incentive, announced in the National Budget in February, provides a one-year window of opportunity for homeowners to make the switch to renewable energy. And with load shedding seemingly here to stay, it makes a lot of sense to be thinking solar right now, said the CEO.\n“Energy-efficient homes are increasingly sought-after, not only because they are more sustainable over time, but because homeowners want alternative energy solutions that will provide uninterrupted power,” he added.\nGreen features – including alternative power supplies – ranked in the top five of a recent Lightstone Estate Agent Survey of what buyers desire in new homes.\nThe higher selling price seen by BetterBond shows that solar solutions have become a necessity – no longer a nice to have.\nSolar installations are, however, very costly, and as a result, there are various financing options available to homeowners seeking to no longer sit in the dark.\nMajor banks, like FNB and Standard Bank, enable customers to apply for a solar energy loan of up to 15% of their property value with new or existing home loans.\nCoetzee said that the loan that funds the solar installation is added to the bond amount and registered as one total.\n“Homeowners benefit from the same interest rate and term on their home loan,” Coetzee explained. Banks also partner with accredited renewable energy providers to ensure reliable and competitive solutions.\nAccording to the BetterBond CEO, experts in the solar field argue that the amount saved on electricity costs could cover the cost of the initial installation within five years.\nSolar solutions vary a lot in price, with multiple institutions offering up different average price expectations.\nAccording to estimates from both Capitec and Absa, the cost for an average household to become fully off-grid using solar panels, battery storage, and backup generators would range from R150,000 to R350,000, depending on the financing methods used.\nAbsa’s load-shedding finance calculator suggests that a household spending R2,500 per month on electricity would need over R190,000 to become fully off-grid.\nPrivate solar provider Hohm Energy estimates that a medium-energy home could cost around R150,000 to R170,000, while Solana Energy puts the cost of a large-scale solution without solar panels at R290,000.\nIf solar is outside of a person’s budget, BetterBond said the following alternatives can also help improve energy efficiency at home:\n- Have a less open-pan home – allowing free flow of air, but can be expensive to heat and light. If you are buying a new home, consider one with defined rooms that are easier to keep warm or cool down, said Coetzee.\n- Living spaces in a home should be north facing to make the most of daylight and warmth.\n- Use blackout curtains and blinds to maintain optimal temperatures in summer.\n- Pay attention to insulation when viewing a new home.\n- Ensure installations, like double-glazing on the windows, fall within your available budget.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/684691/how-much-solar-can-boost-property-prices-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/552d87328cd50adbd4f2f942725f465f.json b/clean/cc/552d87328cd50adbd4f2f942725f465f.json
new file mode 100644
index 0000000000000000000000000000000000000000..816bb35eec82bcf498ddd201f3deb88962015f92
--- /dev/null
+++ b/clean/cc/552d87328cd50adbd4f2f942725f465f.json
@@ -0,0 +1 @@
+{"doc_id": "552d87328cd50adbd4f2f942725f465f", "text": "Demand for credit among South African households is dropping in South Africa, while banks are tightening lending conditions amid the continued challenging economic environment.\nMeanwhile, South African businesses are taking out more credit as the investment environment declines.\nPrivate Sector Credit Extension (PSCE) grew from 4.39% y/y in August to 4.60% y/y in September – this was notably higher than the Bloomberg consensus of a 3.5% lift. On a m/m basis, PSCE grew 1.5.\nCredit uptake from corporations – which makes up more than 50% of the PSCE – increased 2.7% m/m, jumping from 3.1% y/y in August to 3.8% in September.\nThe unsecured loans and advances – which makes up roughly 45% of the credit given to corporates – increased significantly from 2.6% y/y in August to 5.5% y/y in September.\nThe acceleration in company loans was also driven by a sharp increase in credit card usage from 6.9% y/y in August to 19.1% y/y in September.\nThat said, the investment category contracted further from -1.0% y/y to -2.6% y/y.\n“Indeed, business confidence remains lacklustre. Persistent load shedding, political uncertainty and the high-interest rate environment continue to suppress sentiment,” Investec’s Lara Hodes said.\nOn the other hand, credit demand from households dropped from 5.9% y/y to 5.5% y/y.\n“Consumers remain highly constrained grappling with high-interest rates and elevated unemployment, which in turn continues to weigh heavily on consumer confidence,” Hodes said.\nMortgage advances – which make up roughly 59% of household credit demand – dropped from 5.4% y/y to 5.0% in September.\n“This is in line with the results of the BER’s latest building survey for Q3.23, which shows that confidence amongst residential builders slumped further in the third quarter. Specifically, ‘the outlook for work deteriorated as based on respondents’ own expectations.'”\nThe investment sales category – which makes up almost 18.0% of all household credit, dropped from 7.4% y/y to 7.1% y/y in September. Naamsa’s latest vehicle sales stats support this after dropping 8.4% y/y in September.\nExpectations\nThe Nedbank Group Economic Unit said that it expects credit growth to remain modest in the next coming months, dropping from 9.2% in December 2022 to 6% in December 2023 amidst the challenging economic environment.\n“The downward pressure will come from the weakness in both households and companies’ demand,” Nedbank’s economists said.\n“On the household side, the cumulative impact of the interest rate hikes will continue to filter through the economy, keeping debt service costs high and compelling households to be cautious of spending and\nincurring additional debt.”\n“At the same time, banks will be cautious of extending loans given the rising payment defaults.”\nThat said, corporate credit will benefit from renewable energy projects as more companies try to isolate themselves from Eskom’s unreliable electricity supply.\nCorporate credit will still, however, be contained by poor growth projections, high costs and declining profits, forcing companies to cut back on capital expenditure projects.\n“We forecast bank credit growth to remain subdued in early 2024 before gradually picking up pace during the second half of next year as the interest rates ease and the economy improves slightly,” Nedbank’s economists said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/728104/south-africans-feel-the-crunch/"}
\ No newline at end of file
diff --git a/clean/cc/571aa6f793a2bbdc3cdb7716f40ab18e.json b/clean/cc/571aa6f793a2bbdc3cdb7716f40ab18e.json
new file mode 100644
index 0000000000000000000000000000000000000000..eb247530f90861de772ad5f5fb9d62d7b3898204
--- /dev/null
+++ b/clean/cc/571aa6f793a2bbdc3cdb7716f40ab18e.json
@@ -0,0 +1 @@
+{"doc_id": "571aa6f793a2bbdc3cdb7716f40ab18e", "text": "Pepkor, Africa’s largest clothing retailer, is exploring a potential takeover of South African rival Edgars, according to people familiar with the matter.\nThe owner of chains including Pep, Ackermans and Tekkie Town is considering paying as much as R2.4 billion for the 94-year-old brand, which three years ago was bought out of business rescue by retail holding company Retailability, the people said.\nTalks could yet fall apart, and another buyer may emerge, they said.\nA deal could provide Pepkor with an additional 131 stores with a focus on women’s clothing and cosmetics, areas in which Pepkor is looking to expand, according to the people who asked not to be identified because the information is private.\nPepkor Chief Executive Officer Pieter Erasmus last week said that while the discount retailer is “focused on organic growth,” it also wants to sell more adult clothing and would consider doing that through an acquisition “at the right price.”\n“We’re not constrained from a capital point of view. Our gearing is well under control,” Erasmus said in a 29 November interview.\n“Our biggest opportunity is where we have a very low market share, which is in adult wear.”\nPepkor declined to comment on the possible purchase of Edgars.\n“Private equity is always open to opportunities, but there is no deal to sell Retailability or Edgars at present,” said Retailability CEO Norman Drieselmann in response to questions.\nThe talks come as The Foschini Group’s turnaround of local rival discount clothing chain Jet is increasing competition for the lower end of the market.\nTFG bought Jet in 2020 from the administrators in charge of salvaging Edcon Holdings Ltd. from bankruptcy proceedings. Edcon owned both Jet and the Edgars chains.\nSince buying Edgars, Retailability has reduced nonperforming store space and negotiated more favourable rents.\nThe company, which is backed by Johannesburg-based private equity firm Metier, also owns brands such as Legit, Beaver Canoe and Boardmans.\nEdgars’ turnaround is continuing, with the department stores “in the final phase of the recovery program,” said Drieselmann.\nPepkor is also expanding in Brazil. The Cape Town-based company bought Grupo Avenida SA for less than R3.2 billion last year — its first move into South America — and is now increasing investments there as it repositions that unit toward the discount segment. Erasmus said it plans to open 50 Avenida stores a year, double its initially planned rate.\nShares of Pepkor have dropped 5.1% this year as it’s struggled with poor fashion choices at its flagship Ackermans unit, making it the worst-performing clothing retailer on the FTSE/JSE Retailers Index.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/736907/pepkor-considering-r2-4-billion-edgars-acquisition/"}
\ No newline at end of file
diff --git a/clean/cc/58061a7dd2eff833048f7a6292e11093.json b/clean/cc/58061a7dd2eff833048f7a6292e11093.json
new file mode 100644
index 0000000000000000000000000000000000000000..c3e7c34b5fc9c88815fcd7f3cccd9fe97cacf299
--- /dev/null
+++ b/clean/cc/58061a7dd2eff833048f7a6292e11093.json
@@ -0,0 +1 @@
+{"doc_id": "58061a7dd2eff833048f7a6292e11093", "text": "The total stock of maize in Kenya can only last up to July, the latest government statistics have indicated, supporting the case for duty free imports.\nA report on the national food situation released last week by the Ministry of Agriculture indicated that maize stocks held by farmers, traders, millers and the National Cereals and Produce Board (NCPB) stood at 16.9 million bags at the beginning of May.\nAgriculture permanent secretary Dr Romano Kiome said the stock was only likely to last for three more months, justifying the case for scrapping the 50 per cent duty on maize imports.\n“Due to low level of the strategic grain reserve stocks held by NCPB, importation of maize by the private sector is advised,” said Dr Kiome in the report issued after a closed-door meeting at the Prime Minister’s office.\nFarmers are holding 10.9 million bags, traders 2.4 million, millers have 519,530 bags with National Cereals and Produce Board (NCPB) is holding 3.1 million bags – against a target of 8 million bags - as the strategic reserve.\nThe report released last Thursday came almost three weeks after Prime Minister Raila Odinga promised Parliament that the government would scrap duty on maize and wheat imports after conducting a national food survey.\nMaize is the country’s staple food with a national consumption rate of 3.5 million bags a month.\nThe report says large-scale farmers have refused to release their stocks into the market, meaning only the 2.9 million bags held by traders and millers are in circulation.\nThis artificial scarcity has forced national prices up at a time that cross border inflows have also dropped due to drought that affected short season production across the region.\nThe national maize prices have hit a 13-month high of Sh3,000 in most parts of the country — up from Sh1,000 at the close of last year — according to the ministry’s data.\nThe price of a two-kilogramme packet of high grade flour has risen to Sh100 from Sh72 at the beginning of the year while wheat flour is now priced at Sh130 from Sh115 in January.\n“The prevailing market prices have raised the cost of every two-kilogramme packet of dry maize at Sh66, long before other factory overheads and distribution costs are factored in,” said Munir Sabit, finance officer at Mombasa Maize Millers.\nThe government report indicates that only 24,202 bags of maize got into the country from Uganda and Tanzania last month, a 35 per cent drop from March inflows.\nThis decline defied rise in the prices of dry maize from Sh2,300 to Sh2,700 per 90-kg bag over the same period.\n“Traditionally, the national maize stock is partly cushioned by maize inflows from neighbouring countries, especially Uganda and Tanzania,” says the Assessment Report, adding that inflows from neighbouring countries have generally declined since February this year.\nMaize from East African Community countries is allowed in the country duty free and is normally counted as part of the domestic stock.\nA duty free import window usually helps the country to buy maize from southern African countries like Malawi, Zambia and South Africa.\nBeing Comesa members, maize from Malawi and Zambia are subjected to 25 per cent duty to be allowed into the country while those import from South Africa -like other non-Comesa markets – attract 50 per cent import duty.\nUnder the duty free window that the government used to accelerate imports in 2009, maize imports from South Africa increased from Sh5.57 billion in 2008 to Sh23.64 billion, meaning the Government lost the opportunity to collect up Sh11.82 billion in custom duty.\nThe planned duty waiver on maize and wheat is expected to further undermine Kenya Revenue Authority’s ability to meet its collection target coming just one week after the state proposed to lower taxes on diesel and paraffin.\nThe taxman is already Sh35 billion below its collection target according to quarter three budgetary review released by treasury last week.\nMr Sabit said the duty waiver will stabilise without lowering the retail cost of flour since the landing cost of imported maize will be Sh3,200 per bag – slightly higher than current domestic prices.\n“The cheaper and readily available maize in South Africa is the genetically modified type but we cannot import at the moment because the government is yet to gazette the Biosafety Act which regulates such commodities,” said Mr Sabit.\nThe country is, however, cushioned from future supply shock of other important grains like beans, wheat and rice as their prices are projected to fall sharply both in the domestic and international markets after the coming harvests, the report indicates.\nDr John Omiti, head of productive sector division at Kenya Institute for Public Policy Research and Analysis says the country’s vulnerability to international food prices is driven by over-reliance on grains as the main foodstuff.\n“By making widely consumed cereals our staple food, we are directly exposing the local consumer to direct competition with consumers across the world,” said Dr Omiti in an earlier interview.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/industry/shortage-of-maize-sets-the-stage-for-imports-1984310"}
\ No newline at end of file
diff --git a/clean/cc/59645b46e5885cf2c8731aa386a26d8f.json b/clean/cc/59645b46e5885cf2c8731aa386a26d8f.json
new file mode 100644
index 0000000000000000000000000000000000000000..8ceb0d5fc26656a72b31c29b7a67067fcda991c9
--- /dev/null
+++ b/clean/cc/59645b46e5885cf2c8731aa386a26d8f.json
@@ -0,0 +1 @@
+{"doc_id": "59645b46e5885cf2c8731aa386a26d8f", "text": "The sale of a 40 percent stake in Naivas supermarket in June to a consortium of international investors valued the chain at 10 times its book value, making this one of the largest premiums paid for local business in recent years.\nDisclosures by Mauritius-based conglomerate IBL Group—which led the buying consortium— show that the transaction valued Naivas Limited at Sh45.6 billion, which is 10 times the value of its net assets which stood at Sh4.56 billion at the end of June 2021.\nNaivas reported sales of Sh65.1 billion in the year ended June 2021 when its net profit stood at Sh2 billion, representing a net margin of 3.18 percent. This was an improvement from the prior year when it made a net income of Sh1 billion on sales of Sh54 billion, amounting to a net margin of 1.9 percent.\nIBL pointed to competitive bidding for the stake—underlining the attractiveness of the retailer to international investors despite the relatively low net margin— which might also explain the high premium paid in relation to the book value of the chain.\nOther recent buyouts in the country, especially in the banking sector, have tended to be at a much lower premium on price-to-book multiples.\n“The price for the acquisition was determined in reference to an earnings multiple and negotiations between the respective parties as part of a bidding process,” said IBL in a circular to its shareholders.\nThrough an investment vehicle called Mambo Retail, IBL together with French and German development finance institutions Proparco and DEG paid a total of $151.97 million (Sh18.25 billion) for the minority stake.\nThey bought part of the stake (31.5 percent) from another group of investors consisting the International Finance Corporation (IFC), private equity firms Amethis and MCB Equity Fund and DEG, for whom the transaction marked a simultaneous exit and re-entry into Naivas.\nThe IFC group paid Sh6 billion for their stake in 2020, which they held for just two years before spinning it off to the IBL consortium for $119.68 million (Sh14.4 billion), more than doubling their outlay.\nThe family of Naivas founder Peter Mukuha Kago, through their investment vehicle Gakiwawa Family, also sold an 8.5 percent stake to the IBL consortium in the deal pocketing an estimated $32.3 million (Sh3.8 billion) and remaining with a 60 percent share of the business.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/naivas-is-priced-10-times-its-book-value-in-transaction-3936910"}
\ No newline at end of file
diff --git a/clean/cc/599b89883a51a362b902857ec982ca52.json b/clean/cc/599b89883a51a362b902857ec982ca52.json
new file mode 100644
index 0000000000000000000000000000000000000000..a0a949ed9b3805871fed952e606d52856941baf7
--- /dev/null
+++ b/clean/cc/599b89883a51a362b902857ec982ca52.json
@@ -0,0 +1 @@
+{"doc_id": "599b89883a51a362b902857ec982ca52", "text": "Crypto exchange FTX and its sister company Alameda Research, which have filed for bankruptcy in a United States court, invested billions in at least three Kenyan start-ups in what could throw the young firms into financial wild waters.\nRegulatory filings and court papers show that Sam Bankman-Fried’s collapsed $32 billion crypto empire through investment arm Alameda Research, pumped billions of shillings into local digital finance start-up Mara and remittance company Chipper Cash.\nMara received Sh2.8 billion ($23 million) in May backed by FTX-affiliated Alameda Research and Coinbase Ventures for expansion and to create a platform for its users to buy and sell crypto tokens using the Kenya shilling and other currencies in the region.\nMara is a crypto brokerage firm that allows users to buy, sell and send digital assets using local currencies.\nFor its part, Chipper Cash raised Sh18.3 billion ($150 million) at Sh244.9 billion valuation last year from the collapsed crypto firm and other investors for expansion in Africa.\nChipper Cash is a money remittance and payments platform founded in 2018 to offer instant cross-border mobile money transfers in Africa.\nThe peer-to-peer payment services platform operates across nine countries, including Kenya, Ghana, Uganda, Tanzania, Rwanda, Nigeria and South Africa.\nIn the first bankruptcy case filed by Bankman-Fried on November 11, BitPesa Kenya was listed among the over 100 subsidiaries spread across continents. FTX later clarified that some of the firms initially listed as part of the suit including BitPesa are not part of its sprawling crypto empire.\nBitPesa is a blockchain payments platform founded in 2013 that was at one point linked to the former ICT Cabinet Secretary, Joe Mucheru. Mr Mucheru offloaded his minority stake in 2018 citing a conflict of interest.\nBitPesa is owned by AZA Finance and its relationship with FTC Africa was a partnership with FTX Africa to expand web3 in Africa which failed to take off.\nALSO READ: Mucheru finally sells stake in Bitcoin dealing firm Bitpesa\nThe collapse of the exchange has further plunged the volatile digital currency market into crisis, coming on the back of a recent meltdown with many investors yet to recover as Bitcoin struggles to maintain the key level of Sh2.4 million ($20,000).\nThe ripple effects have already seen other crypto firms like BlockFi file for bankruptcy following the implosion.\nMore than four million Kenyans who hold digital assets for speculation and hedge on local currency could be pushed deeper into losses as the full impact of the latest crisis in the industry unravels.\nFTX has been one of the most popular digital tokens trading platforms in Africa and Kenya being one of the leading markets in the region could signal losses running into billions.\nALSO READ: 4m Kenyans suffer crypto crash losses\n“That’s where [Africa] the most underserved globally are and where there’s a whole lot of lowest-hanging fruit in terms of being able to make people’s lives better,” Bankman-Fried told the news website Vox in 2021.\nExperts and insolvency professionals have said that the company collapsed under the weight of mismanagement and financial impropriety in what the new FTX chief executive, John Ray III, said was the biggest case of corporate failure he has seen in 40 years.\nFilings in the US Bankruptcy Court for the District of Delaware indicate that the company owes over $3 billion to one million creditors.\nIn a damning filing of the company’s fall, Mr Ray III has said that the FTX group companies lacked appropriate corporate governance. The new management is now seeking to restructure or sell the crypto empire.\n“Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises,” Mr Ray III said in a statement\n“I respectfully ask all of our employees, vendors, customers, regulators and government stakeholders to be patient with us as we put in place the arrangements that corporate governance failures at FTX prevented us from putting in place prior to filing our chapter 11 cases.”\nA team of lawyers are currently working to track assets in the complex web of companies to repay creditors who are said to be over one million.\nLawyers of the collapsed firm said in the first hearing last week that the company was run by an inner circle of Bankman-Fried operating from the Caribbean Island of Bahamas with no regard to corporate governance rules.\nThey said the 30-year-old ran the exchange as a “personal fiefdom”, using customer funds to buy homes for executives and holiday homes in the Bahamas.\nIt emerged last week that the disgraced crypto king and his parents used company funds to purchase at least 19 properties worth about Sh14.8 billion ($121 million) in the Caribbean Island over the last two years.\nMr Ray III, who is leading the efforts to restructure or sell the company, has accused his predecessor Bankman-Fried of frustrating and undermining the case by working with Bahamian regulators to shift some assets overseas.\nThe crypto market, known for its wild price swings, has shed more than half of its value since November last year as investors pulled out money from riskier assets amid worries over soaring inflation and rising interest rates.\nSince the implosion of FTX, some crypto players are taking to decentralised exchanges known as “DEXs” where investors trade peer-to-peer on the blockchain.\nOverall daily trading volumes on DEXs leapt to their highest level since May on November 10, as FTX imploded, according to data from market tracker DeFi Llama, but have since pared gains.\nEditor's note: The previous version of this story reported that BitPesa, which is owned by AZA Finance, is part of the ongoing FTX bankruptcy case filed on November 11. Subsequent court filings and hearings indicate that BitPesa is not part of the suit. Its engagement with the collapsed crypto giant was a commercial partnership with FTX Africa to expand web3 in Africa which did not take off.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/technology/-collapsed-us-crypto-firm-ftx-put-billions-in-3-kenyan-firms--4037700"}
\ No newline at end of file
diff --git a/clean/cc/5e03c527a91e6d0c93baf021bae21d91.json b/clean/cc/5e03c527a91e6d0c93baf021bae21d91.json
new file mode 100644
index 0000000000000000000000000000000000000000..0a00467bed815f43fd725127311a79d91a9906f2
--- /dev/null
+++ b/clean/cc/5e03c527a91e6d0c93baf021bae21d91.json
@@ -0,0 +1 @@
+{"doc_id": "5e03c527a91e6d0c93baf021bae21d91", "text": "Technology service provider EOH has published its interim results for the period ended January 2022 showing a big turnaround in earnings – headline earnings per share of 41 cents per share, was up 214% from a total headline loss per share in 2021.\nThe group generated an operating profit of R167 million from continuing and discontinued operations for the six month reporting period compared to R76 million generated a year earlier.\nStephen van Coller, EOH CEO, said: “We embarked on a challenging turnaround strategy for the EOH Group and it has been a tough but truly rewarding journey. Today we stand together as an agile and focused organisation proudly celebrating the fact that we are able to report positive earnings per share. This important milestone is clear evidence of our collective success.\n“EOH’s full stack of technology offerings, its 5000-strong diversified client base as well as its global footprint, ensure that the group is well-positioned for the future.\n“Our clients’ strong demand for full digital transformation and EOH’s ability to deliver on all their needs across infrastructure, software, and services puts the group in an attractive position with the ability to increase its market share.”\nHighlights\n- Total revenue – R3.5 billion – down 20% to R4.4 billion\n- Gross profit margin improvement to 29.9% for HY2022 from 27.6% for HY2021\n- The operating profit margin increased to 4.8% for HY2022 from 1.7% for HY2021\n- Cash generated from operations was positive for the period. EOH had a cash balance of R625 million at the end of January and had undrawn overdraft facilities of R250 million available at 12 April 2022.\nEOH said it made good progress in the deleveraging strategy with the conclusion of the sale of Sybrin and the proceeds received on 31 March 2022. It has also repaid R360 million of debt since the end of January 2022 with the majority of the proceeds coming from the Sybrin sale.\nThe sale of Information Services is expected to conclude in May 2022 and the group has also recently announced the sale of Network Solutions. “R500 million is expected to flow from these transactions which will further help in deleveraging the group,” EOH said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/cloud-hosting/577208/eoh-reveals-turnaround-progress/"}
\ No newline at end of file
diff --git a/clean/cc/60d7c3529cf5dc72b4e992766eaadbb9.json b/clean/cc/60d7c3529cf5dc72b4e992766eaadbb9.json
new file mode 100644
index 0000000000000000000000000000000000000000..dce5d2618a472da7bb3cd204db4167ee458f015c
--- /dev/null
+++ b/clean/cc/60d7c3529cf5dc72b4e992766eaadbb9.json
@@ -0,0 +1 @@
+{"doc_id": "60d7c3529cf5dc72b4e992766eaadbb9", "text": "French development institution Proparco has acquired a stake worth Sh1.2 billion ($10 million) in Mauritian insurance company MUA Ltd, which has a presence in Kenya.\nThe deal makes Proparco the largest international institutional investor at MUA, which entered the Kenya market in 2014 through the acquisition of Phoenix Transafrica Holdings, which traded in Kenya, Tanzania, Uganda and Rwanda under the brand Phoenix East Africa Limited.\nMUA deepened its local presence in 2020 by buying out Nairobi-based Saham Assurance company in a deal worth Sh1.23 billion.\nThe firm merged the two businesses last year into MUA Kenya, after previously coming under pressure from the sector regulator to merge the licences.\nThe Proparco investment will see the French fund get 4.1 million ordinary shares in MUA, but the firms did not disclose the size of stake this represents in the insurer. They however said the deal received the required shareholder and regulatory approvals in July and August respectively.\n“With the completion of the final regulatory steps, MUA’s partnership with Proparco truly begins. By strengthening the group’s financial capacity, we aim to grow insurance coverage in the East African region and to reach our sustainability objectives,” said MUA group outgoing chief executive Bertrand Casteres.\nProparco will now appoint one board member to the board of directors of the Mauritian insurer, allowing it a say in the strategic direction of the firm.\nThe firm is now hoping to leverage on the new investment to deepen its reach in Eastern African markets, which also include Seychelles.\nLocally, MUA first expressed interest in expanding its presence during former President Uhuru Kenyatta’s visit to Mauritius in 2019, when the firm announced plans to acquire a local insurer in what turned out to be the Saham deal.\nThe Kenyan insurance market remains attractive to potential investors due to headroom to grow— because of low insurance penetration.\nData from IRA shows insurance penetration in the country dropped to 2.34 percent in 2019 –the lowest in 15 years— on the back of price undercutting in an industry where players are facing increasingly tough competition.\nPenetration hit its peak in 2013 when it stood at 3.44 percent, but the rate has been declining in the last five years with a vast population of low-income as well as micro and small businesses generally not covered.\nMajority of Kenyans without an insurance policy decry high premiums, keeping penetration low despite efforts by the sector regulator to educate the public on the need for cover.\nThe 2021 Financial Access Household survey shows the proportion of the population that says it cannot afford insurance almost doubled over the last five years, to 65.4 percent from 35.2 percent in 2016.\nThe survey was carried out by the Central Bank of Kenya, FSD Kenya and the Kenya National Bureau of Statistics between 2019 and 2021.\nAt the same time, the proportion saying they do not have insurance cover because they do not know about insurance has dropped to 14.3 percent, from 40.9 percent in 2016.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/proparco-buys-sh2bn-stake-in-mauritian-insurance-firm-3955806"}
\ No newline at end of file
diff --git a/clean/cc/61f7ede0bdc3eb7202d24bfc6bface1b.json b/clean/cc/61f7ede0bdc3eb7202d24bfc6bface1b.json
new file mode 100644
index 0000000000000000000000000000000000000000..fcf532c83134e8891f61d4e1d0e865a883a9888f
--- /dev/null
+++ b/clean/cc/61f7ede0bdc3eb7202d24bfc6bface1b.json
@@ -0,0 +1 @@
+{"doc_id": "61f7ede0bdc3eb7202d24bfc6bface1b", "text": "The Department of Employment and Labour has gazetted the draft sectoral employment equity targets for designated businesses in South Africa for public comment.\nThe employment and labour minister has set targets in terms of the country’s new Employment Equity Amendment Act, which was recently assented to by President Cyril Ramaphosa.\nUnder the new laws, the employment minister is empowered to set sector-specific numerical targets for the racial and gender makeup of designated businesses, which must be achieved over five years.\nThe targets are expressed as a percentage of the population, either nationally or provincially, and it is up to businesses to choose one or the other in executing their transformation plans, the department said.\nDesignated businesses are all businesses in South Africa that employ more than 50 people.\nFailure to comply with the laws can result in penalties, such as fines.\nCompanies seeking to do business with the government will also need a Certificate of Compliance from the department.\nFurthermore, the EE Act requires employers to submit employment equity plans and annual reports on their progress in meeting the targets.\nThe laws apply to all designated businesses – even those that have no intention of doing business with the state.\nTargets\nBroadly, the proposed targets appear to push companies to be more demographically representative, especially in top and senior management positions.\nThe department did not publish an explanatory note with the gazette explaining how the targets are to be read. The tables instead show a barrage of percentages split across:\n- 18 industries/sectors\n- 4 skill levels per industry (Top management; Senior management; Professional; Skilled)\n- 4 racial groups per skill level (plus a total for “Black” which includes Indian, Coloured and African)\n- 2 genders (Male; Female)\n- 10 regional breakdowns for all of the above (9 provinces and national).\nEach sector breakdown features a workforce profile for 2022, which is ostensibly what the targets are set against, although this is not explicitly stated.\nThe targets look at 18 sectors overall. The full breakdown of the targets can be seen in the file below.\nBEE Targets 4 39 Rotated by Quinton Bronkhorst\nThe proposed targets are open for public comment for 30 days.\nChallenges ahead\nNotably, the 2022 profiles show a wide over-representation of white South Africans in the workforce, particularly in top and senior management.\nHowever, the purported targets do not account for the shifts away from these figures. Simply put – the numbers don’t add up, which has already raised flags among commentators.\nBusiness interest group Sakeliga has, through its attorneys, written to the employment minister demanding that the gazette be withdrawn.\nSakeliga said that the targets are incoherent and incomprehensible, adding that if the regulations are promulgated, they will be susceptible to judicial review.\n“The draft regulations… seek to determine race and gender quotas per industry per province. However, the regulations have been so incoherently and incomprehensibly constructed that it is impossible to formulate meaningful comments on the proposed targets.\n“Furthermore, no explanation was provided to assist in making sense of the numbers,” the group said.\nSakeliga said is totally opposed to state interference in private enterprises.\n“The draft regulations and the enabling legislation for them provide for intrusive race and gender quotas which the minister can ostensibly impose on any business with more than 50 employees.\n“Sakeliga is already busy preparing court papers to have the amended Act reviewed and the most objectionable parts of it set aside. The fact that the draft regulations in terms of the Act are unintelligible and incoherent is an aggravating circumstance,” it said.\nSakeliga said that, as it currently stands, the group cannot comment on the draft regulations, “and the rest of the public probably won’t be able to either”.\nTrade union Solidarity is also in the midst of a court process challenging the new BEE laws, saying they place excessive focus on racial categorisation and ultimately give an afterlife to ‘apartheid-style’ classifications.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/688535/these-are-all-the-new-bee-targets-for-businesses-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/6277c8bf87394147d8cfad64b2b62997.json b/clean/cc/6277c8bf87394147d8cfad64b2b62997.json
new file mode 100644
index 0000000000000000000000000000000000000000..b77b02825d6031b6d9d566c22785420fadeaf2b1
--- /dev/null
+++ b/clean/cc/6277c8bf87394147d8cfad64b2b62997.json
@@ -0,0 +1 @@
+{"doc_id": "6277c8bf87394147d8cfad64b2b62997", "text": "French sovereign wealth fund Proparco has acquired a $31.5 million (Sh3.7 billion) stake in supermarket chain Naivas as part of a consortium that will take a combined 40 percent ownership in the retailer.\nNaivas had earlier announced that Proparco, Mauritian conglomerate IBL Group and German sovereign wealth fund DEG were taking a minority interest in the company without disclosing the details of the proposed transaction including the stake to be purchased.\nThey are acquiring stakes owned by a cluster of investors including World Bank’s International Finance Corporation (IFC), MCB Equity Fund, Amethis, and German sovereign wealth fund DEG, which acquired the shares in the retailed for Sh6 billion in April 2020.\nThe deal underlines the worth of Naivas, which remains a star attraction to private equity funds in Kenya’s retail sector where the collapse of one of the major players in recent years has left a gap.\n“Proparco is pleased to announce its partnership with IBL Group, the largest conglomerate of Mauritius [and] DEG … to jointly acquire a 40 percent interest in Naivas International, which owns 100 percent of the shares of Naivas Limited,” the French fund in a statement.\nProparco said its capital contribution will be $31.5 million (Sh3.7 billion).\nALSO READ: Naivas signs 10-year Greenspan Mall lease after Tuskys eviction\nIt is not clear whether the 40 percent stake will be split equally among the three institutional investors.\nThe parties have indicated that the deal is much larger than the Sh6 billion that IFC, Amethis and DEG paid to acquire the 30 percent stake in Naivas.\nDEG is simultaneously exiting its initial investment in Naivas and re-entering the retailer’s shareholder list as part of the new consortium.\nIt is not clear whether the IFC consortium had bought an additional 10 percent stake in the retailer or if the founders –the family of the late businessman Peter Mukuha Kago— are selling additional shares alongside the institutional investors.\nIf Proparco and its partners are investing equal amounts, it means the 40 percent stake is being acquired at a cost of Sh11.1 billion, valuing Naivas at Sh27.8 billion.\nThe entry of the IFC consortium valued Naivas at Sh20 billion in 2020 and the retailer’s worth has increased amidst its aggressive expansion across the country since then.\nUnlike the earlier transaction in which Naivas received growth capital, the proposed deal will see the IFC consortium cash out its two-year investment.\n“We have adequate capital to fund our future expansion,” said Naivas in reply to Business Daily inquiries.\nALSO READ: Naivas to open three more stores in expansion blitz\nIBL earlier said this is the highest-value transaction it has ever undertaken.\n“The investment in Naivas International [the owner of the retail chain] is the biggest investment in IBL’s history,” the multinational said in a statement.\nThe exit by the IFC consortium represents an unusually short investment period for institutional investors that typically hold companies for seven years or more.\nIBL says the proposed transaction will give it a platform for further investments in East Africa, noting that Naivas has scaled up its operations substantially to entrench its position as the biggest supermarket operator in the country.\n“This family business created in 1990 is an example of a success story that has continued to grow despite the pandemic thanks to its strong business model,” Arnaud Lagesse, IBL’s chief executive, said in a statement.\n“With 84 outlets in 20 cities and towns across Kenya, it has put modern grocery retail within everyone’s reach. Naivas also contributes to the Kenyan economy, notably by employing over 8,000 people.”\nMr Lagesse added that IBL has expertise in the retail sector, running the Winners supermarket chain in Mauritius.\nNaivas has grown to become one of Kenya’s largest companies by sales and employment.\nThe retailer is set to close the financial year ending this month with a gross turnover of $860 million (Sh101 billion) with an ambition of raising it to $1 billion (Sh117 billion) in the next financial year.\nWhen the IFC group bought into the retailer, it had 60 stores. The company used cash that was raised from the share sale to open more branches including taking over premises vacated by collapsed or struggling rivals Nakumatt Holdings and Tusker Mattresses Limited (the owner of Tuskys brand).\nNaivas’ closest rival in terms of branch network is Quick Mart which had 51 stores as of April. Quick Mart has also been expanding aggressively after receiving an investment from Africa-focused Adenia Partners.\nCarrefour Kenya, which benefits from relatively higher spending per shopper in wealthy suburbs, has an estimated 16 branches from which it posted substantial revenue of Sh33 billion last year.\n“This is an exciting partnership by our shareholders that will drive us to the next phase of growth. We appreciate the immense knowledge and capacity in the retail industry that IBL brings to the table,” David Kimani, the managing director of Naivas, said in a statement.\nALSO READ: Naivas opens new branch in Syokimau\nProparco said Naivas will continue with its expansion in the modern retail market across various formats, responding to consumers’ needs and increasing demand for food quality and safety.\nFor IBL, the acquisition of a minority stake in Naivas marks the expansion of its conglomerate business model that spans 18 countries.\nThe company, which is listed on the Mauritius Stock Exchange, employs 25,000 people and has operations in agriculture, energy, distribution, logistics, engineering, financial services, and hospitality among others.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/proparco-of-france-buys-sh3-7bn-naivas-supermarket-stake-3860636"}
\ No newline at end of file
diff --git a/clean/cc/650f8597b5646d1aabd2260c2031417e.json b/clean/cc/650f8597b5646d1aabd2260c2031417e.json
new file mode 100644
index 0000000000000000000000000000000000000000..ded6ffd20627cb7d18c3022b85a05150a95bbd0b
--- /dev/null
+++ b/clean/cc/650f8597b5646d1aabd2260c2031417e.json
@@ -0,0 +1 @@
+{"doc_id": "650f8597b5646d1aabd2260c2031417e", "text": "President Uhuru Kenyatta on Tuesday evening urged the Ethiopian government to consider opening up opportunities for mobile money services as part of its ongoing telecommunications liberalisation process.\nMr Kenyatta said such a move, which would allow Safaricom #ticker:SCOM to introduce its popular M-Pesa service in the market of more than 110 million people, could boost the country's economy and widen access to financial services.\n“Studies have shown that enhanced access to mobile financial services have a great potential to reduce poverty as more people are enabled, easier and safer savings and in effect, greatly influencing the kind of choices they make in life,” President Kenyatta said.\nA Safaricom-led consortium won an $850 million (Sh91.8 billion) licence to enter Ethiopia’s underserved telecoms market.\nThe head of State, during his State visit in Ethiopia on Tuesday, witnessed the formal award of the operating licence to the group which includes Vodafone, British development finance agency CDC Group and Japan’s Sumitomo.\nThe entry of the consortium will end the monopoly of the State-owned Ethio Telecom. Safaricom will have a 56 percent stake in the consortium.\nEntry into Ethiopia presents a significant growth opportunity for Safaricom that reported net earnings of Sh68.67 billion in the year ended March, with M-Pesa contributing the biggest revenue.\nThe financial service was launched on March 6, 2007.\n“In Kenya, the success of M-Pesa, Africa’s, if not global, first mobile money platform, is a classic example of what possibilities lie in mobile financial services, if fully exploited,” said President Kenyatta.\n“Women, have particularly been empowered by these services, and are now able to participate meaningfully in the economy, alongside men. This is an area we must devote our collective efforts to as we usher in the digital economy,” he said.\nU-turn\nLast year, Ethiopia issued a directive that only allowed locally-owned non-financial institutions to offer mobile money service, but has since reversed the decision.\nEthiopian Prime Minister Abiy Ahmed said last month that the mobile-based financial services would be open to competition from May next year, with foreign firms free to battle with Ethio Telecom which recently launched a similar service dubbed telebirr.\nOn Tuesday, Dr Abiy said the award of the telecom licence to Safaricom catalyses “inclusive prosperity”.\nLiberalisation of the telecom sector is expected to boost job creation and the rise of new micro, small and medium enterprises (MSMEs).\nSafaricom has said it will launch operations from next year following the licence nod and is expected to create over 1.5 million jobs, according to Mr Kenyatta.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/uhuru-kenyatta-urges-ethiopia-to-open-up-market-for-m-pesa-3430972"}
\ No newline at end of file
diff --git a/clean/cc/6709fda840f4ef977cfbe46779791bcd.json b/clean/cc/6709fda840f4ef977cfbe46779791bcd.json
new file mode 100644
index 0000000000000000000000000000000000000000..118176027acb7b11a1047c335f1210f873968ff9
--- /dev/null
+++ b/clean/cc/6709fda840f4ef977cfbe46779791bcd.json
@@ -0,0 +1 @@
+{"doc_id": "6709fda840f4ef977cfbe46779791bcd", "text": "The SOLA Group has started construction on a new 195 MW Solar PV plant in the Free State, which it says will be the first to sell power to multiple buyers across the country on flexible terms.\nThe project has received a capital investment of R2.8 billion, with SOLA as the majority equity shareholder, whilst three multinational energy users have been secured as anchor buyers for the project.\nHowever, the group said that a significant amount of the project’s capacity has been left to flexible, short-term power purchase agreements, which will be available to a wide range of South African energy users.\nThis will give businesses access to reliable renewable energy, even if they do not want to enter into a long-term contract.\n“Government has embarked on a process to unbundle Eskom and eventually create competition among multiple electricity suppliers. In this sense, SOLA is pioneering the first steps toward a more flexible and efficient electricity system and makes use of the existing Eskom wheeling framework to bring choice and flexibility to South African businesses”, said Dom Wills, CEO of the SOLA Group.\nWheeling is where electricity is bought and sold between private parties using the existing distribution infrastructure.\nSOLA said it plans to sign interested buyers up for uncontracted power from mid-2024, with electricity delivery set for mid-2025.\n“This is the fourth utility-scale renewable wheeling project that SOLA has closed and commenced construction on in the last 15 months. The project firmly establishes SOLA as South Africa’s leading IPP engaged in the sale of power to private buyers and brings the group’s portfolio to 581 megawatts of wheeling capacity currently under construction,” said Katherine Persson, the head of SOLA Assets.\nThe four projects are set to create 1,500 jobs for the surrounding areas, whilst the group’s fleet is expected to generate 1.34 terawatt-hours annually – enough to power just under 500,000 homes.\nWheeling push\nSOLA’s projects highlight South Africa’s major push to electricity wheeling.\nFor example, in August, Eskom and Vodacom South Africa signed a ‘first of its kind’ virtual wheeling agreement as the telecoms company moves to renewable energy.\n“Having co-developed the virtual wheeling solution with Eskom and concluded our agreement, we estimate that we will move approximately 30% of Vodacom South Africa’s power demand onto renewable sources, a significant step towards our renewable energy ambitions,” Sitho Mdlalose, CEO of Vodacom South Africa, previously said.\nThe City of Cape Town also launched a wheeling pilot in September, with the hope of adding 1,000 MW of independent grid over time to help end load shedding.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/736399/major-r3-billion-solar-project-breaks-ground-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/6a2ca5a1758fac30763bbfad0da6f1ba.json b/clean/cc/6a2ca5a1758fac30763bbfad0da6f1ba.json
new file mode 100644
index 0000000000000000000000000000000000000000..3c0fe7a2c8dcd16e489006debba45c7203247f91
--- /dev/null
+++ b/clean/cc/6a2ca5a1758fac30763bbfad0da6f1ba.json
@@ -0,0 +1 @@
+{"doc_id": "6a2ca5a1758fac30763bbfad0da6f1ba", "text": "The Carbon Tax Bill will come into effect in from 1 June 2019 – bringing added costs for some South Africans.\nAccording to environmental lawyer at Norton Rose Fulbright, Tina Costas, the bill aims to address the country’s carbon emissions which are disproportionately high.\nThere are various causes for these high levels, the primary one being the country’s reliance on coal in energy generation, she said.\n“To minimise emissions, South Africa has made several international and national commitments to reduce greenhouse gas (GHG) emissions.\n“The carbon tax, through the 2018 Carbon Tax Bill, will introduce the ‘polluter-pays principle’.\n“This principle incorporates the costs of damage caused by greenhouse gases into the price of high carbon-emitting goods and services. It should change consumer behaviour and encourage investors to shift towards low carbon options.”\nCostas said that companies, individuals and public entities will be liable to pay the carbon tax if conducting an activity that results in the emission of GHGs above the prescribed emission thresholds.\nThe greenhouse gases covered include carbon dioxide, methane, nitrous oxide, perfluorocarbons, hydrofluorocarbons and sulphur hexafluoride.\nHow the tax will work\nThe tax is measured per ton of CO2 or CO2 equivalent. The headline tax rate is R120 per ton of CO2 equivalent.\nThis rate is subject to inflation plus 2% (CPI+2%) until end of phase 1 (December 2022), and will then be increased in line with inflation.\nThe headline rate is subject to a number of tax breaks in the form of allowances and performance incentives.\nThese offsets provide a baseline tax break of 60%, and a maximum tax break of 95% during phase 1.\nThe tax breaks create an effective carbon tax rate of between R6/t and R48/t for carbon dioxide-equivalent (CO2e) emissions during phase 1.\nAccording to Ayanda Msimang of law firm Shepstone Wylie, for liquid fuels, the estimated carbon tax will amount to 11 c/litre for petrol and 13 c/litre for diesel assuming a 60% basic tax-free allowance.\n“This may affect the prices of petrol and diesel as petroleum producers and refiners will have to factor the carbon tax in their value chain assessment, particularly on diesel as the proposed carbon tax will result in a higher tax on diesel than on petrol due to the higher carbon intensity of diesel fuel relative to petrol,” he said.\nImpact on South Africans\nCostas said that while the impact of the bill will vary by sector, the average consumer will also feel the impact of direct and indirect costs as the price of goods and services rise.\nNotably, the tax will cause a direct fuel increase of 9 c/l on petrol and 10c/l on diesel as of 5 June 2019.\n“Businesses should assess the extent of their exposure to the tax and act accordingly. As an example, price increases on taxable activities such as transport could necessitate a supply chain review,” said Costas.\n“Additionally, implementation of any mitigation measures to minimise the impact of the tax should be accomplished during phase one, since the operational specifics of phase two are still uncertain.\n“Finally, and on a positive note, the intention to move away from carbon reliance, and the recent structural changes within Eskom, may create an opportunity for investors in the field of renewable energy and assorted green industries,” she said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/317326/how-south-africas-new-carbon-tax-will-hit-petrol-prices-from-june-and-beyond/"}
\ No newline at end of file
diff --git a/clean/cc/6b495ed501fabdff13594a9d80a7a7e5.json b/clean/cc/6b495ed501fabdff13594a9d80a7a7e5.json
new file mode 100644
index 0000000000000000000000000000000000000000..2b946f8bd0b79e3988a5edcafaaa53e039158c6f
--- /dev/null
+++ b/clean/cc/6b495ed501fabdff13594a9d80a7a7e5.json
@@ -0,0 +1 @@
+{"doc_id": "6b495ed501fabdff13594a9d80a7a7e5", "text": "As of the end of 2023, foreign employers must register as “employers” with the South African Revenue Service (SARS) – meaning they’re now mandated to withhold and pay PAYE.\nThis is according to consultancy firm PwC, which warned affected firms that this is a notable change that needs to be addressed to avoid non-compliance.\n“There has been a significant change (effective from 22 December 2023) to the employment withholding tax (PAYE) responsibilities of a foreign employer who conducts business through a South African (SA) permanent establishment (PE).\n“Such foreign employers are now required to register for and withhold PAYE,” said PwC.\nBefore the amendment, a foreign employer with no ‘representative employer’ in South Africa with the authority to pay remuneration need not deduct PAYE from the amounts it pays to South African employees as these individuals will pay the income tax due as provisional taxpayers.\nHowever, in the February 2023 budget, the National Treasury proposed to align provisions on foreign employers to ensure consistency between resident and foreign employers, which is now the case.\nAccording to PwC, the amendment now requires that every non-resident employer who:\n- Conducts business through a South African Permanent Establishment; and\n- Pays or becomes liable to pay any amount by way of remuneration to any employee must withhold and pay over PAYE to the South African Revenue Service (SARS).\nIt is important to note that the amendment only affects a foreign employer’s PAYE obligations.\nTheir obligations with respect to the Skills Development Levies (SDL) and Unemployment Insurance Fund (UIF) obligations remain the same as before, i.e.:\n- UIF – All employers and employees must pay UIF unless a specific exemption applies (e.g. in the private sector, where employees are employed for less than 24 hours in a month).\n- SDL – All employers are required to pay SDL on remuneration payable to all SA-based employees unless the total remuneration is expected not to exceed R500,000 during the following 12-month period.\n“SA PEs of foreign employers should consider the new PAYE requirements to confirm whether they should register for and withhold PAYE from employees,” said PwC.\n“The SA PE should also advise its foreign head office of the broad application of the new PAYE requirements, i.e. that a PAYE obligation can arise where the employer employs a South African resident in a foreign jurisdiction or where an employee of the company exercises his / her employment (independent from the SA PE) in SA,” it added.\nPwC warned that the appropriate guard rails should be put in place to avoid non-compliance.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/750782/sars-is-coming-after-these-employers-and-workers-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/6c647304fcf9802ca950a578224bbdbd.json b/clean/cc/6c647304fcf9802ca950a578224bbdbd.json
new file mode 100644
index 0000000000000000000000000000000000000000..5ed639b2edab8f813f87889c58e5d632fec59dfb
--- /dev/null
+++ b/clean/cc/6c647304fcf9802ca950a578224bbdbd.json
@@ -0,0 +1 @@
+{"doc_id": "6c647304fcf9802ca950a578224bbdbd", "text": "Businesses in South Africa are struggling amidst a disastrous economy, with the number of liquidations continuing to tick up in 2023.\nAccording to Stats SA, 151 businesses were liquidated in May, with 134 volunteering to do so and 17 on a compulsory basis.\nThis takes the total number of liquidations to 674, adding to the 112 businesses that were liquidated in April.\nLiquidations are significantly higher than in April 2023, but year on year the rate is lower at -20%. On year-to-date measure, total liquidations are also down from 2022 (-14.5%) as well as over a three-month rolling period (-15%).\nAccording to the data, the worst hit industry was trade, catering and accommodation, with 36 liquidations.\nThis was followed closely by the financing, insurance, real estate and business services sector with 33 – a decline from 45 in April.\nHowever, the unclassified industry category saw the largest number of liquidations, with 59.\nLike April, the electricity, gas and water and the agriculture, hunting and forestry industries saw no liquidations in May.\nIn the midst of South Africa’s unemployment crisis, Stephen de Blanche, Chief Revenue Officer for TransUnion Africa, said that small businesses are crucial for creating jobs in the country.\nHowever, de Blanche noted that small businesses face many headwinds limiting their ability to grow.\nResearch by the University of the Western Cape said that only 1% of micro-enterprises that start with fewer than five employees grow to employ ten or more people. Moreover, approximately 70%-80% of small businesses fail within five years.\n“There are many reasons for this; Covid-19, spiralling inflation and interest rates, and soaring fuel prices are creating a perfect storm of chaos. A storm that’s making it really hard for existing small businesses to survive and new ones to start up,” de Blanche said.\n“The other challenge is that many small business owners lack the core skills you need to run a successful business. This includes basic financial acumen, like how to manage cash flow and debt, along with business and project management skills that are critical in helping small businesses operate efficiently.”\nHe said that to improve the current situation, entrepreneurial skills are clearly needed, with large corporate players key to helping small businesses in South Africa.\nHowever, many small businesses lack a credit history, making them practically invisible to the economic mainstream.\nDe Blanche said that there are ways that large players can help their smaller counterparts.\n“The answer may lie in using alternative data to qualify more SMMEs. In this space, business owners are inextricably linked to their businesses. If you lend money to a business, you effectively lend money to the person. So, by evaluating their personal risks, you may be able to get a picture of their ability to repay loans,” he said.\n“Beyond that, corporates have a major role to play in getting more SMMEs to become accredited vendors. Apart from giving them the skills and support they need to do the onboarding needed to become a supplier, they can ensure those SMMEs are paid as quickly as possible.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/699059/trouble-for-businesses-in-south-africa-as-liquidations-climb/"}
\ No newline at end of file
diff --git a/clean/cc/6da290fed4c44ad260172d5e6b32e3d1.json b/clean/cc/6da290fed4c44ad260172d5e6b32e3d1.json
new file mode 100644
index 0000000000000000000000000000000000000000..85fc05d7ebad1cca5a28d17ecdd4a9f1fca7ff9d
--- /dev/null
+++ b/clean/cc/6da290fed4c44ad260172d5e6b32e3d1.json
@@ -0,0 +1 @@
+{"doc_id": "6da290fed4c44ad260172d5e6b32e3d1", "text": "The Foschini Group (TFG) has recorded a drop in profits for the first six months ended 30 September 2023 (H1 2024) as it fights a challenging economic environment.\n“Performance in the current period was impacted by challenging trading conditions in all three territories, occasioned by rising interest rates, high inflation and, in South Africa specifically, taxi strikes and flooding in the Western Cape, as well as sustained levels of load shedding across all provinces,” the group said.\nGroup retail turnover grew by 12.4% due to the group’s expansion of its footprint and the further growth in online retail turnover.\nStrong trade and the resetting of the cost base enabled growth of 0,8% in operating profit before finance costs.\nHowever, the group’s headline earnings per share dropped by 15.3%, whilst basic earnings dropped by 16.2%.\nThe group’s interim dividend was thus cut from 170 cents per share in H1 2023 to 150 cents in H1 2024.\nThe group noted that its African operations showed resilience despite high unemployment, declining consumer confidence and load shedding – which resulted in a loss of 287,000 trading hours over the period.\nThe group added that the significance of load shedding has forced it into significant inventory clearance throughout H1’2024, impacting gross margin. However, it stressed that this positions its brands will going into H2 2024.\nOutlook\n“The Group continues to demonstrate its operating and financial strengths and agility and is well positioned to navigate through tough economic conditions and stretched consumer wallets in all territories in which we operate,” the group said.\n“Trading conditions and consumer confidence are likely to remain under pressure, exacerbated by the sustained high interest rates and inflation across the three territories and ongoing load shedding in South Africa.\nThat said, retail turnover is expected to grow, especially in Q4 2024 as it will be against a softer base, with gross margins expected to improve in the second half of the financial year.\n“The outlook remains cautious, especially in the UK, with possible further softening in the coming months as many industries battle persistent inflation, higher energy costs and higher interest rates, which may have a negative impact on jobs and consumer confidence,” the group said.\n“It is expected that customers will continue to seek value, which could drive further promotional activity as the cost of living pressures continue throughout 2023.”\nRead: Big blow for Multichoice", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/730371/foschini-takes-a-hit/"}
\ No newline at end of file
diff --git a/clean/cc/6e3f5c7ae293d69699b43ba80ffad5a3.json b/clean/cc/6e3f5c7ae293d69699b43ba80ffad5a3.json
new file mode 100644
index 0000000000000000000000000000000000000000..2c6cf3f1b9fa18c1858d675c3ba23a4b7627b4ab
--- /dev/null
+++ b/clean/cc/6e3f5c7ae293d69699b43ba80ffad5a3.json
@@ -0,0 +1 @@
+{"doc_id": "6e3f5c7ae293d69699b43ba80ffad5a3", "text": "The Postal Corporation of Kenya (PCK) has declared redundant all senior manager positions at the State corporation in the ongoing staff restructuring that seeks to cut costs amid dwindling revenues.\nThe positions will be open for insiders first and later open to the public should the PCK fail to find suitable candidates.\nThe corporation will also declare the positions of assistant managers and senior officers vacant next month, targeting to fill them up by March 2024.\nRead: Posta to receive Sh1.7bn for IEBC poll services\n\"All management positions, that is PCK/MG2 to PCK /MG4 were declared vacant immediately for any eligible applicants internally first,\" says the corporation in its latest corporate strategic annual review report.\nPosta says in the report the board has approved the new organisational structure for phase one, which should be implemented on or before December 31.\nThe corporation says the lean structure, which will see it remain with 1,860 staff on its payroll, will reduce the wage bill from 82 percent to 50 percent. PCK currently has 2,364 workers.\nPostmaster-general and CEO John Tonui who has led the organisation since February 2023 told the Business Daily in a past interview that the staff restructuring will cost Sh1 billion.\nThe corporation that sent home 1,280 workers in 2018 will look into factors such as age, skill set, and competency in determining who should be retrenched, said the boss.\nOnce the workers are sent home, he explained, Posta will be able to settle its dues such as payment of salaries which are in arrears to the tune of Sh530 million, covering five months.\nRead: MPs intervene as Posta salary arrears hit Sh504m\nMail, parcels\nHowever, ICT Cabinet Secretary Eliud Owalo last week told a parliamentary committee that his ministry has struck a deal with the Treasury to release at least Sh550 million to Posta to clear the arrears.\nThe corporation has cut its staff numbers many times in the past as its business of delivering mail and parcels has come under increased attack from new competitors and expansion of digital communications.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/posta-declares-all-senior-managerial-posts-vacant--4456034"}
\ No newline at end of file
diff --git a/clean/cc/6eafd4a9324bdc8303cf514a990d8482.json b/clean/cc/6eafd4a9324bdc8303cf514a990d8482.json
new file mode 100644
index 0000000000000000000000000000000000000000..11c3258036b585804d082a98b5db5e7dc1b93146
--- /dev/null
+++ b/clean/cc/6eafd4a9324bdc8303cf514a990d8482.json
@@ -0,0 +1 @@
+{"doc_id": "6eafd4a9324bdc8303cf514a990d8482", "text": "Private universities have started increasing tuition fees for government-sponsored students that they host, setting them up for a clash with the Ministry of Education.\nThe institutions including the Catholic University of Eastern Africa (CUEA) and Daystar University have increased fees by up to Sh20,000 per semester for the new students who will join in September.\nSources in the admissions and finance departments of CUEA and Daystar University who are, however, not authorised to speak to the Press have confirmed the fee increment on Friday.\nThe move looks set to trigger a clash with the ministry that declared the increments illegal due to lack of consultations.\nDaystar University increased fees for the government-sponsored students by an average of Sh17,000 for those reporting in September while learners joining CUEA will pay up to Sh20,000 more based on a degree course.\nStudents who elect to join private universities receive a government sponsorship of at least Sh70,000 annually depending on the course they are pursuing.\nThe shift was expected to be a big win for private universities and colleges that had for years complained that the admission agency denied them the opportunity to get top students to their institutions.\n“They are not supposed to increase the fees, it is against the agreement signed years ago when placement of government-sponsored students in private universities started,” Education Principal Secretary Simon Nabukwesi said in a response to Business Daily.\n“Let affected students write to us then we pick it up because this (increment) is an illegality.”\nThe government has set fees paid by government-sponsored students at Sh16,000, which is equivalent to the charges in public universities.\nSince 2016 when the system was introduced, the private universities have enrolled 47,548 students.\nStudents joining CUEA to pursue an undergraduate course in Law will pay Sh46,000 per semester up from Sh24,500 while those joining to take Education and Business will pay Sh39,500 up from 24,500.\nUnder the arrangement, the government pays more than half per unit cost while the students, parents and universities foot the remaining costs.\nThe placement of government-sponsored students in private universities is to address congestion in public institutions of higher learning.\nThe admissions department of CUEA could not explain the reasons behind the increment, only saying it was a decision made by the authorities while Daystar attributed the rise to the high cost of living.\nThe increments look set to pile more pressure on households that are grappling with squeezed budgets due to the increased cost of living amid struggles to recover from the economic meltdown of the coronavirus pandemic.\nKenya’s inflation hit a 58-month high in June at 7.9 percent on soaring food and fuel prices, breaching the government’s upper limit ceiling of 7.5 percent for the first time in nearly five years.\nBesides the costs, the institutions say the delays in receiving the government’s share of the fees has put pressure on their operations.\nVice-chancellors/chief executives of public universities have been pushing the State to allow them to increase tuition fees to ease the cash flow hitches.\nThe institutions have targeted new students for the fee increments to ease opposition from continuing learners. But the Ministry of Education has several times turned down requests by universities to increase tuition fees in the wake of funding shortfalls from the Treasury and the increased cost of living.\nSome of the universities have had to sell assets like buildings, close some of their satellite campuses and scrap some courses in a bid to cut operational costs.\nThe cash-flow hitches have left the institutions struggling to honour obligations such as payroll taxes, retirement benefits, insurance premiums for employees and payment for contractors and suppliers.\nThey have outstanding remittances to the Kenya Revenue Authority, the National Health Insurance Fund, the National Social Security Fund, pension schemes, insurance companies and saccos.\nCUEA and Daystar University are the latest universities to raise tuition fees after the University of Nairobi (UoN) in a bid to ease the financial woes.\nUoN more than doubled fees for undergraduate students who joined in September last year despite the recent public pressure on the institution to reverse the decision.\nThe institution also increased fees for postgraduate students, prompting court cases to reverse the decisions.\nNew undergraduate students who joined UoN to pursue medical courses in September last year have been paying Sh59,000 from Sh26,500, making the increment the highest for new students at the university.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/private-varsities-raise-fees-for-state-sponsored-students-3890666"}
\ No newline at end of file
diff --git a/clean/cc/6ece7c8fa897828c9473f77c15c927ad.json b/clean/cc/6ece7c8fa897828c9473f77c15c927ad.json
new file mode 100644
index 0000000000000000000000000000000000000000..883a496d666fccaa8a948c3c18a4c41f236b5c67
--- /dev/null
+++ b/clean/cc/6ece7c8fa897828c9473f77c15c927ad.json
@@ -0,0 +1 @@
+{"doc_id": "6ece7c8fa897828c9473f77c15c927ad", "text": "JOHANNESBURG, Aug 29 (Reuters) - Walmart Inc has launched a 6.4 billion rand ($377.6 million) offer for the remaining 47 percent of South African retailer Massmart it does not already own, valuing it at a premium of over 50 percent.\nShares in Massmart surged 46 percent after the company announced the news on Monday, as its Chairman Kuseni Dlamini said the offer seems \"fair and reasonable.\"\nThe world's biggest retailer had acquired a 51 percent stake in Massmart in 2010 for $2.3 billion, an investment that was seen as an outlay to use South Africa as a base to grab a share of the so-called 'Africa growth story.'\nBut it has struggled since then in the face of very competitive and highly profitable local retailers such as Shoprite and Woolworths, curtailing the company's aims to expand further into Africa and shaving off almost three-quarters of its market value in the last decade.\nWalmart has offered 62 rand for each outstanding Massmart share, a premium of 53 percent to Friday's closing share price, Massmart said, adding if approved, it would de-list the company.\nThe deal would help Walmart put \"further intervention operationally and significant additional financial investment,\" Massmart's Chairman Dlamini told reporters.\n'GO THE WHOLE HOG'\nMassmart, which sells a lot of discretionary items such as apparel, home supplies and seasonal goods, has faced a number of challenges over recent years, forcing Walmart to dole out financial relief and convert loans into equity.\nMassmart's management launched a turnaround plan in 2019 involving selling off non-core assets, but it was not enough and financial support by Walmart deepened during the pandemic when it injected 4 billion rand into the company.\nThe COVID-19 crisis was followed by civil unrest last year, flooding of its stores earlier in the year and most recently inflation.\n\"The potential offer, if finalised, will provide Massmart with needed access to ongoing financial and operational support,\" Massmart said in a statement.\nAnalysts and bankers said having invested billions into the company, it is tricky for Walmart to back out now, especially as rivals have shown the South African retail market is highly rewarding.\nIts peers have been posting gross profit margins - a key measure of profitability of retail companies - of up to 36%, nearly double that of Massmart.\n\"Considering the support that they (Walmart) have to give Massmart in this process, they probably thought well... why shouldn't we get the benefit of it and let's just go the whole hog and take the rest of the shares out,\" Sasfin Wealth senior equity analyst Alec Abraham said.\nThe amount that Walmart has been investing into Massmart is a fraction of the profits the parent company makes annually, so it can keep on investing until it manages to turn it around, a banker who has advised Massmart in the past said.\nHe did not wish to be named as he is not involved in the deal.\nMassmart's losses widened in the 26 weeks ended June 26 to 903.5 million rand, from a loss of 358.5 million rand a year earlier.\n($1 = 16.9507 rand)", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/walmart-makes-offer-rest-of-s-african-retailer-massmart-3930222"}
\ No newline at end of file
diff --git a/clean/cc/71854897c105250505ac606fcf0fe388.json b/clean/cc/71854897c105250505ac606fcf0fe388.json
new file mode 100644
index 0000000000000000000000000000000000000000..0ad8831db310868ec4e931a197adf4227d5bc624
--- /dev/null
+++ b/clean/cc/71854897c105250505ac606fcf0fe388.json
@@ -0,0 +1 @@
+{"doc_id": "71854897c105250505ac606fcf0fe388", "text": "Fidelity Investments is launching a pair of crypto-focused exchange-traded funds in a bid to grab flows from rivals that have swooped into the nascent space.\nThe Fidelity Metaverse ETF (ticker FMET) and the Fidelity Crypto Industry and Digital Payments ETF (FDIG) will begin trading Thursday. FMET will primarily invest in companies involved in building out the “future state of the Internet.”\nFDIG will track blockchain and digital payment processing companies, according to a statement.\nFidelity steps into an increasingly crowded market with more than a dozen crypto-themed equity ETFs already trading. The firm had hoped to launch a spot Bitcoin ETF, but the Securities and Exchange Commission rejected its application this year and has not approved of proposals by other firms for similar products.\nFidelity faces tough competition in the thematic arena as well, as billions pour into such funds across the industry and firms such as BlackRock Inc. build out teams. However, the firm’s scale will likely give the issuer a leg up in the crypto space, said Jennica Ross, managing director at WallachBeth Capital.\n“People are increasingly becoming familiar with what the metaverse is, and what it could be in the future. Naturally, investors are looking for ways to play this,” Ross said.\n“The question of success is often a combination of first-mover advantage – like we saw with Roundhill’s METV fund – along with access to distribution, which Fidelity and other larger issuers have.”\nThe Roundhill Ball Metaverse ETF (METV) is a front-runner among other metaverse ETFs, with $705 million in assets under management less than a year after it launched, according to data compiled by Bloomberg.\nNow, FMET is coming in with the lowest fee among the four other ETFs that track the metaverse: 39 basis points. FDIG also charges 39 basis points.\nFMET isn’t Fidelity’s only foray into the metaverse. Also on Thursday, the firm is launching a metaverse experience called “The Fidelity Stack,” aimed at teaching retail traders the basics of investing.\nIt will be built in Decentraland, a browser-based metaverse backed by the Digital Currency Group. And, it will be accessible to any user via computer, including those without Fidelity trading accounts.\n“We are very focused on reaching the next generation of customers to Fidelity,” said David Dintenfass, chief marketing officer and head of emerging customers at the firm.\nFidelity joins other major financial institutions launching their own metaverse experiences. JPMorgan Chase & Co., for instance, also has a lounge in Decentraland where visitors are greeted by a digital portrait of Jamie Dimon and a roaming tiger.\nAnd HSBC Holdings Plc debuted in the metaverse in March by acquiring a space in The Sandbox, a blockchain-based mobile game consisting of a map of virtual lands which can be bought, sold and built upon.\nIn addition to the crypto-focused ETFs, Fidelity is also launching five sustainable fixed-income mutual funds and ETFs on Thursday. The new offerings expand Fidelity’s ETF lineup to 51 products with more than $33 billion in assets, a spokesperson said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/cloud-hosting/579698/fidelity-joins-other-major-financial-institutions-inside-the-metaverse/"}
\ No newline at end of file
diff --git a/clean/cc/73634d6a3f00274563d75fea37f5c53a.json b/clean/cc/73634d6a3f00274563d75fea37f5c53a.json
new file mode 100644
index 0000000000000000000000000000000000000000..ac7e429a903ddfc0275c3592b1385d059f95891d
--- /dev/null
+++ b/clean/cc/73634d6a3f00274563d75fea37f5c53a.json
@@ -0,0 +1 @@
+{"doc_id": "73634d6a3f00274563d75fea37f5c53a", "text": "Eskom has applied to energy regulator Nersa to hike tariffs by 32% on 1 April next year.\nIn its most recent price determination application to the National Energy Regulator of South Africa (Nersa), Eskom said the tariff hikes would cover emerging costs.\nThe power utility said that depreciation due to an incorrect asset valuation by the energy regulator, increases in diesel and fuel oil prices, and the cost implications of independent power producers all contribute to its 32.02% application.\nThe last increase granted to the national power utility was 9.61% for the year 2022. However, Eskom applied for a 20.5% increase.\nNersa has been trying to shift its methodologies in how it determines what Eskom can include in its tariff applications, but these have not been finalised. The regulator has been met with legal challenges from Eskom over the methodologies.\nEskom, meanwhile, is looking to completely overhaul its tariff structure to be more reflective of costs and keep pace with the changing energy landscape. Until these matters are settled, however, both Nersa and Eskom are using the old systems.\nEskom said that in this application, the total revenue as applied for in June 2021 of R335 billion for 2024 and R365 billion for 2025 – remains the same.\nThe Supreme Court of Appeal ruled that R59 billion of incorrectly deducted equity from the utility can be added back to it through the allowable revenue decisions for each year.\nFrom 1 April, R15 billion will be granted on top of the standard allowable revenue until 2026, then a final R14 billion in 2027.\n“The proposal is to allow these recovered amounts to be targeted towards the return on assets for the transmission and distribution network businesses.”\n“It also allows for the further migration towards cost reflectivity for the Eskom network businesses. Focus can then be shifted to the generation business in subsequent years,” said the utility.\nDiesel\nOne of the primary drivers of the new price application is the assumption that global factors such as the Russia-Ukraine conflict will continue to make diesel more expensive.\nSpeaking to the media on Monday (12 September), Eskom chief operating officer Jan Oberholzer said that R7.7 billion had been spent on diesel in the year’s first six months.\n“Are we proud of it? No. Do we have money to spend on this? No.”\nThis is way above the budget, Oberholzer said – it is the entire budget set for the year, six months in. “So we will overspend on diesel this year,” he said.\nThe power utility’s CEO, Andre de Ruyter, said that the overspending has been due to Eskom having to rely on more diesel than expected to try and avoid load shedding but also due to high global prices.\nEskom said that they submitted proposals to Nersa to restructure tariffs to allow for the allowable revenue allocations to reflect the costs better (unbundled, fixed and variable) included.\n“This ensures that customers are more aligned to the actual costs they impose on the system.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/625978/eskom-wants-a-massive-32-electricity-price-hike-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/7446a39dda081f564ed83b34a4b3d81d.json b/clean/cc/7446a39dda081f564ed83b34a4b3d81d.json
new file mode 100644
index 0000000000000000000000000000000000000000..60393c1c78b91f985a00bd82fcb6c3a7ed84b641
--- /dev/null
+++ b/clean/cc/7446a39dda081f564ed83b34a4b3d81d.json
@@ -0,0 +1 @@
+{"doc_id": "7446a39dda081f564ed83b34a4b3d81d", "text": "It's not all doom and gloom.\nEven as the crypto sector shivers in the bleak winter, venture capitalists are pouring money into digital currency and blockchain startups at a pace that's set to outstrip last year's record.\nIn the first half of the year, VCs bet $17.5 billion on such firms, according to data from PitchBook. That puts investment on course to top the record $26.9 billion raised last year, a warmer and happier time for bitcoin and co.\n\"The current market conditions - I don't think they faze investors,\" said Roderik van der Graf, founder of Hong Kong investment firm Lemniscap, which focuses on crypto and blockchain. \"The capital available is massive.\"\nVC funds offer financing to young companies they believe have strong growth prospects. The data suggests a solid faith in the future of crypto and blockchain tech, despite a bruising six months for the industry.\nA double whammy of macroeconomic headwinds and blow-ups at major projects this year have seen bitcoin plummet about 65% from its November record of $69,000, with the overall value of the crypto market tumbling by two-thirds to $1 trillion.\nCompanies have shuddered as prices fall, with major U.S. exchange Coinbase Global (COIN.O) and NFT platform OpenSea among those to lay off hundreds of workers.\nYet some VCs are shrugging off the gloom, with many deploying substantial war chests as their faith in the underlying tech behind crypto coins remains strong.\nThough not all investors are so bullish in the face of the crypto carnage, not by any means.\nDavid Siemer, CEO of California crypto management firm Wave Financial, said there were signs of a pullback from the sky-high valuations of crypto firms last year.\n\"This will get a lot worse - we're a couple of months into this cycle. In the last cycle the pain for those looking for funding was about 12 months.\"\nAMERICAN HOTSPOT\nNorth America, long the hotspot for VC deals, has again been the focus of activity with about $11.4 billion in the six months to June, versus $15.6 billion for the whole of last year.\nThe numbers contrast with general VC activity in United States, where deals fell to $144.2 billion in the first half from $158.2 billion in the same period last year as macro conditions and market turmoil chill investment.\nRumi Morales, director of investments at Digital Currency Group, a major U.S. crypto investor, said the data reflected increasingly robust faith in the crypto and blockchain sector.\n\"There used to be existential risk being in the space - that the whole industry was just going to go away, it was all a dream. That is not the case anymore.\"\nAdoption of crypto as an investment tool mushroomed last year, with the use of blockchain also gaining ground - even if the revolutionary changes from the technology promised to industries such as finance and commodities remain elusive.\nAmong the mega U.S. crypto deals in 2022: $400 million raised by the U.S. arm of crypto exchange FTX in January; a $450 million fundraising round by blockchain developer ConsenSys in March; and $400 million raised by stablecoin issuer Circle a month later.\nActivity is strong in Europe too, with $2.2 billion of VC investment in the first half of the year.\nLisbon-based Fedi, an app designed to help people receive, hold and spend bitcoin, said this month it had raised $4.2 million in seed financing.\n\"Within seven days we had all of the investment commitments,\" Obi Nwosu, one of its founders, told Reuters. \"And within less than a month and a half we had the initial fundraise target in the bank. Done.\"\nALSO READ: UN urges Kenya to tax crypto sector players and outlaw ads", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/technology/cryptoverse-what-crisis-venture-capitalists-on-crypto-3893674"}
\ No newline at end of file
diff --git a/clean/cc/7551d9f0afef4b881c2713886cd561dd.json b/clean/cc/7551d9f0afef4b881c2713886cd561dd.json
new file mode 100644
index 0000000000000000000000000000000000000000..0ffb3e6e1f1ab329538c1a3cd7adbe86f607dbcf
--- /dev/null
+++ b/clean/cc/7551d9f0afef4b881c2713886cd561dd.json
@@ -0,0 +1 @@
+{"doc_id": "7551d9f0afef4b881c2713886cd561dd", "text": "Despite a challenging trading environment, Woolworths has seen sales growth for the 20 weeks ending 12 November 2023.\nThe group’s turnover and concession sales from continuing operations (i.e. excluding David Jones, which was disposed of in the prior period) grew by 4.7% and 3.9% in constant currency terms.\n“This is notwithstanding an increasingly challenging macro-economic backdrop, given the sustained effect of interest rate increases and higher living costs, which are negatively impacting footfall and discretionary spend in both geographies,” the group said.\n“In South Africa, our business operations were further disrupted by a number of external factors, including the Western Cape taxi strike, congestion at the ports, and the impact of Avian flu on the availability of key product lines.”\nWhen including the contribution of David Jones in the prior period, group turnover and concession sales on a total basis dropped by 22.4%.\nDespite the difficult macro environment, the group said that it remains focused on profitability trading its businesses, which should be supported by robust trade plans going into the festive season.\nLocal operations\n“The economic environment in South Africa remains weak, exacerbated by the country’s energy crisis, which continues to have a pronounced impact on both business and consumer confidence,” the group said.\n“However, our unwavering commitment to quality, the ongoing investment into our value proposition, and our intensified focus on execution has further strengthened the trust customers place in our brand.”\nThe group’s food business showed underlying growth, with turnover and concessions sales up 8.4% and 7.2% on a comparable basis.\nThis is in spite of the Avian flu outbreak, which has reduced the availability of eggs and poultry.\nOnline sales increased by 46.2% – 5% of total South African sales – mainly due to increased use of Woolies Dash.\n“Whilst the Fashion, Beauty and Home business continues to make steady progress against its strategic priorities, sales performance in the latter part of the 20-week period was impacted by the late arrival of certain summer ranges, arising from congestion at the ports,” the group said.\nTurnover and concession sales in this business grew by 1.4%, with comparable store sales in line with last year.\nAlthough net trading space declined by 0.2% from the prior period, online sales grew by 23.0% and contributed 5.2% of South African sales.\nThe Woolworths Financial Services Book also showed a year-on-year increase of 10.7% at the end of October, primarily due to new accounts and credit card advances.\n“The annualised impairment rate for the four months ended 31 October 2023 was 7.5%, compared to 6.2% in the prior period,” the group said.\n“While this reflects the strain that consumers are under in the current macro-economic environment, it is reducing from the peak of the last quarter of the previous financial year.”\nCountry Road Group\nSouth Africa is not alone in its difficult trading conditions, with the challenging situation in Australia and New Zealand resulting in a decline in the group’s retail sales.\nCountry Road Group sales dropped by 8.1% and by 10.7% in comparable stores, but this comes off a particularly high base where sales increased by 36.2% following the end of the Covid-19 lockdowns.\n“We are making good progress in the expansion of our wholesale and concession offering in support\nof our growth agenda. Trading space increased by 4.3% during the period, while online sales contributed 26.0% to total sales, broadly in line with the 25.8% contribution in the prior period.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/731173/consumers-in-south-africa-are-under-pressure-but-still-making-their-way-to-woolies/"}
\ No newline at end of file
diff --git a/clean/cc/766f5d8a17bc029420a55cdecaea1046.json b/clean/cc/766f5d8a17bc029420a55cdecaea1046.json
new file mode 100644
index 0000000000000000000000000000000000000000..6da5b4f4d87b646f70fd566ae157e1593f39766c
--- /dev/null
+++ b/clean/cc/766f5d8a17bc029420a55cdecaea1046.json
@@ -0,0 +1 @@
+{"doc_id": "766f5d8a17bc029420a55cdecaea1046", "text": "The National Social Security Fund (NSSF) is set to earn a Sh5.9 million dividend from its investment in MTN Uganda after the telco declared a final payout equivalent to Sh0.149 per share.\nThe State-controlled pension fund acquired 39.18 million shares in the telecommunications firm last year when it went public through an initial public offering (IPO).\nThe dividend will be paid on June 24 through electronic bank transfers to shareholders who will be on the May 26 register.\nNSSF, which made the investment through asset manager Sanlam, was the highest-profile Kenyan investor to participate in the transaction which did not meet the target of reducing MTN Group’s ownership by 20 percent.\nThe South African multinational managed to sell a 12.96 percent stake to individuals and institutions in an offer that featured a significant discount for East African investors.\nThis is the first time MTN Uganda is publishing its results as a publicly-traded firm listed on the Uganda Securities Exchange (USE).\nNet income for the year ended December increased 5.8 percent to Sh10.8 billion, helped by a 9.7 percent jump in total revenue to Sh65.3 billion.\nThe company says the earnings would have been higher under normal trading conditions, noting that it paid a total of $17.1 million (Sh1.9 billion) in licence fees and costs of terminating a services agreement with Invesco Uganda Limited.\n“The adjusted profit after tax of Sh12.2 billion results into a 20.4 percent year-on-year increase if the above is excluded and an increase of [net] margins by 1.7 percentage points,” the telco said of the impact of the non-recurring payments.\nMTN Uganda saw its customer numbers rise 10.7 percent to 15.7 million, with active data subscribers jumping 16 percent to 5.3 million.\nIts financial service subsidiary MTN Mobile Money Uganda paid the parent company a dividend of Sh1.9 billion in the review period.\n“We see a significant opportunity for data growth in fixed connectivity through MTN WakaNet, fibre to home and fibre to business, and will continue our investment programme in that segment,” the telco said in a statement.\n“We are currently progressing with the implementation of a new pricing framework for the fixed data connectivity services to widen our customer catchment area.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/industry/nssf-set-to-earn-sh5-9m-dividend-from-mtn-uganda-3740172"}
\ No newline at end of file
diff --git a/clean/cc/7684a53d428f24dc5bba10a395f4ee8e.json b/clean/cc/7684a53d428f24dc5bba10a395f4ee8e.json
new file mode 100644
index 0000000000000000000000000000000000000000..69fe7ba924760c89892f7eb82624f07d97101e08
--- /dev/null
+++ b/clean/cc/7684a53d428f24dc5bba10a395f4ee8e.json
@@ -0,0 +1 @@
+{"doc_id": "7684a53d428f24dc5bba10a395f4ee8e", "text": "Eight tier-1 banks including Equity, KCB and Stanbic have increased their loan-loss provisions by 45.8 percent to Sh62.5 billion in the third quarter of this year in anticipation of massive defaults due to a tough operating environment.\nIn the third quarter of 2022, the eight large lenders put aside Sh42.9 billion as insurance cash against potential defaults, or what is known as loan-loss provision.\nThe Sh62.5 billion loan loss provision is close to what these lenders set aside in a similar 2020, a pandemic period when most borrowers were offered debt repayment holidays, analysis of financial statement shows.\nRead: Loan loss provisions hold I&M profit at Sh2.5 billion\nThe data shows that three of the eight banks have set aside a record stockpile of insurance cash in the review period.\nThe loan-loss provision for Equity Bank, I&M and Stanbic has surpassed what they had set aside in a similar period during the Covid-19 pandemic year.\nIn the review period, the Nairobi Securities Exchange (NSE)-listed Equity Bank was forced to increase its provisions by 96.6 percent to Sh19 billion from Sh9.66 billion in September last year, thus reducing its profitability.\nStanbic, also listed on the NSE, increased its provisions by 56.6 percent to Sh4.48 billion in September from Sh2.86 billion in a similar period last year.\nI&M Bank has increased its provisions by a third to Sh4.4 billion in September from Sh3.4 billion in similar period last year.\nLoan-loss provisions for the other five banks — Co-operative Bank, NCBA, Absa, Standard Chartered and KCB — in were not as high as in the pandemic period. NCBA and Co-op Bank recorded a drop in loan-loss provisions.\nWhere principal or interest is due and goes unpaid for 90 days, the Central Bank of Kenya (CBK) requires banks to set aside funds just in case borrowers default.\nNon-performing loans (NPLs) or loans that have not been serviced for more than three months have been rising, pointing to a tough operating environment, which has been aggravated by the devaluation of the shilling, high-interest rates and sky-high inflation.\n“At the household level, we are still struggling with inflation and price of commodities, particularly food and energy, and this has caused a significant strain on consumers,” said James Mwangi, the CEO of Equity Bank in an investor briefing.\nCBK data shows that the ratio of NPLs to gross loans increased to 15 percent in August from 14.2 percent in August last year.\nNPLs surged to a record Sh611.4 billion for eight months up to August from Sh505 billion in similar period last year, explaining the increase in loan provisions.\nDeepak Dave, the founder of Riverside Capital, noted that in an era of high income from interest rates, “banks have more operational margin to devote to padding their losses.”\n“Secondly, tough times ahead arising from a rapidly weakened operating environment,” added Deepak.\nBusinesses are grappling with high-interest rates, a weaker shilling and sky-high inflation.\nHigh-interest rates stemming from the tightening of the supply of money by the CBK to bring down the high consumer prices have also contributed to increased defaults.\nThe new tax measures implemented by the administration of President William have also reduced the disposable income for most households and businesses, making it hard to service loans.\n“This is a sign of tough times to come. It is a very tough business environment. The disposable income is reducing and the borrowers are finding it harder and harder to sell their products and services,” said Kunal Ajmera, the chief operating officer at Grant Thornton Kenya, an audit firm.\nRead: Bad loan woes return to haunt Tier-one lenders\nIn 2020, most banks put up one of the largest cash buffers against potential defaults by borrowers negatively affected by the Covid-19 pandemic.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/top-banks-set-aside-sh62bn-anticipate-record-defaults--4447168"}
\ No newline at end of file
diff --git a/clean/cc/76c4d3bfee5badefbb04ce85e4c8c6c5.json b/clean/cc/76c4d3bfee5badefbb04ce85e4c8c6c5.json
new file mode 100644
index 0000000000000000000000000000000000000000..5f5f7b7bb0c0259a5df038a01eaaf262db3efb60
--- /dev/null
+++ b/clean/cc/76c4d3bfee5badefbb04ce85e4c8c6c5.json
@@ -0,0 +1 @@
+{"doc_id": "76c4d3bfee5badefbb04ce85e4c8c6c5", "text": "Poor quality of university education in the East African Community (EAC) is eating away the region’s skills base, adding a fresh layer of challenge to the bloc’s quest for faster growth and realising dream of integration.\nEducationists are warning that mushrooming universities and their uncontrolled expansion in Uganda, Kenya, Tanzania, Rwanda and Burundi was diluting content.\nThis, coupled with relatively low government funding, risked denying the region the needed skills to boost economic growth.\n“The region has ended up with so many universities where most of them have nothing to write home about,” said Prof Mondo Kagonyera, the chancellor of Makerere University.\n“The downside is that the institutions are churning out half-baked graduates who can hardly meet the desired industry skills,” said Prof Kagonyera at a regional conference in Nairobi on Thursday.\nThe concerns look set to scuttle the integration process which gained impetus in July with the launch of the EAC Common Market Protocol, allowing free movement of goods and labour.\nUniversities are expected to ride on the wave of increased demand for professional services in the 127-million-people economy and a combined GDP of $73 billion, by producing skilled graduates\nA recent survey by the World Bank and Kenya’s Export Promotion Council found that demand for professional services such as banking, insurance, legal, accounting, architectural, ICT and engineering has been rising with the progression of the integration project, offering universities a chance to boost their enrolment and course offering.\n“As it is, there exist a great disconnect with the skills needed in the market and what is coming from universities in the region, ” said David Muturi, the executive director at the Kenya Institute of Management which has organised the three-day conference.\n“This is a link that we must get right to grow the economies,” said Mr Muturi.\nThe ongoing reconstruction of East Africa’s infrastructure and the rising number of foreign investors eyeing the mergers and acquisitions market has created fresh opportunities in project finance, venture capitalism, business formation and due diligence investigation that require professional support—raising demand for highly skilled professional.\nPushing these projects through demands a wide range of professionals, while other demand in other key professions such as teaching, medicine, ICT is expected to edge up as the economies expand.\nBut efforts at boosting EAC’s human capital base are at risk.\nA lucrative examinations brokerage market involving the sale of term papers, project and thesis writing has emerged around campuses across the region, educationists warned saying this was offering ready-made answers to students with the money to pay.\n“Due to overflowing classes and high morale among the teaching force, lecturers can hardly detect the cheating which is becoming a big problem in most of these countries,” said Prof Kagonyera.\nKenyan universities, for example, have been admitting students for courses they have not registered with the regulator, the Commission for Higher Education (CHE), exposing graduates to the risk of rejection in the labour market.\nThe high lecturer to student ratio has only come to worsen issues.\nThe University Academic Staff Union (Uasu) data indicates that there were 9,000 lecturers in both public and private universities, up from 7,000 four years ago.\nDuring the same period, student enrolment grew from 91,541 to 130,000 — a 42 per cent jump, shows the Economic Survey 2010.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/industry/poor-quality-of-varsity-education-slows-eac-growth-1972372"}
\ No newline at end of file
diff --git a/clean/cc/78dd6b0e6cdae949dba50e2b3276be8e.json b/clean/cc/78dd6b0e6cdae949dba50e2b3276be8e.json
new file mode 100644
index 0000000000000000000000000000000000000000..58451e2e9551270f2297fe7502ababb03cdd7b43
--- /dev/null
+++ b/clean/cc/78dd6b0e6cdae949dba50e2b3276be8e.json
@@ -0,0 +1 @@
+{"doc_id": "78dd6b0e6cdae949dba50e2b3276be8e", "text": "The High Court has dismissed an appeal by Mwalimu National Sacco seeking to quash a tax demand of Sh44.9 million.\nJustice David Majanja dismissed the petition stating that an appellate court dealing with matters of law cannot engage in a factual exercise as it will be usurping the powers of the tax appeals tribunal and also exceeding its own jurisdiction.\nRead: Equity's takeover of Spire the best way out, says CBK\nThe Sacco was slapped with the demand in 2018 arising from Pay As you Earn (PAYE) and corporate tax. The initial amount demanded by KRA was Sh1.2 billion but the tribunal struck out a chunk of the amount leaving Sh44.9 million.\n“I find that the appellant (Mwalimu) is inviting the court to look at the evidence again and come to a different factual conclusion to that of the Tribunal and as a consequence, conclude that the computation therein tallied with the payments made to the commissioner and that the same was sufficient to absolve the appellant,” the judge said.\nKRA said it carried out reconciliation on taxable expenses on the Sacco and concluded that some of the expenses were not subjected to tax as required.\nIt then sent the assessment, which was objected to by the Sacco and the matter was referred to the tribunal.\nThe Sacco said it provided evidence of all its PAYE tax payments made to KRA from January 2013 to December 2016.\nHowever, the court heard that the tribunal only considered a table drawn by the Sacco and submitted it, without looking at the supporting documentation for the information.\nOn corporate tax, the judge said the KRA is still open for Sacco to follow up on the expenses through the prescribed procedure.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/mwalimu-sacco-suffers-blow-in-sh45m-tax-row--4106704"}
\ No newline at end of file
diff --git a/clean/cc/799c3b61bf599e848d4f3b46b516b5ce.json b/clean/cc/799c3b61bf599e848d4f3b46b516b5ce.json
new file mode 100644
index 0000000000000000000000000000000000000000..771a389024ab0382559e11e4cdb721661db5ea58
--- /dev/null
+++ b/clean/cc/799c3b61bf599e848d4f3b46b516b5ce.json
@@ -0,0 +1 @@
+{"doc_id": "799c3b61bf599e848d4f3b46b516b5ce", "text": "At the height of his career, just as his employer was about to pull out a seat for him at the big boys table, Thomas Njeru made a drastic decision.\nInstead of snapping up the opportunity he had been working so hard for, he quit his well-paying job to enter the murky world of entrepreneurship.\nThe 37-year-old actuary by training says quitting employment was one of the toughest decisions he has made.\n“I had built my reputation, competency and skills, networks in the corporate world,” says the co-founder and CEO of Pula, an insurtech firm that specialises in digital and agricultural insurance.\nHis journey in agriculture insurance began while working as the Chief Actuary at UAP, now Old Mutual, where he spotted a gap in the insurance sector.\nThe problem\n“I characterise the low uptake of agriculture insurance as two-sided – demand and supply,” surmises Mr Njeru.\nOn the supply side, he explains, the reason the insurance industry doesn't have solutions that work well for smallholder farmers is because the unit economics of insurance is different from insuring smallholder farmers.\n“The traditional insurance indemnity-based product requires a physical visit, valuation and loss assessment and if you approach it in that manner for a farmer with a little premium of between $10 -15, it cannot work, so you have to leverage on technology and that’s where Pula comes in.”\nHe is quick to point out that Pula is not an insurance company but a technology service provider offering distribution mechanisms to bridge the gap and enable the traditional insurance companies to reach smallholder farmers.\nFear of failure and initial misses\nAccording to the semi-finalist in Africa’s Business Heroes, a pan-African entrepreneurs competition, failure is part of entrepreneurship but it is a process and you have to fail several times before you get there adding that everything is a hypothesis, test it first to see if it works.\n“At the beginning, we first worked on our flagship product (Area Yield Index) but after launching the product, the question was then how to get it to as many farmers as possible,” recalls Mr Njeru.\nHe says that they made the mistake of trying to sell it directly to farmers and quickly learned that that approach cannot work because just like everyone else, farmers are optimistic buyers - hoping for the best but do not prepare for the worst.\n“All farmers believe every season will be good but the truth is that there will always be a bad season due to floods or drought and when you try to sell it that way, you cannot go far.”\nThey had to change the model to embedded insurance.\n“When a farmer goes for credit, input support programme or contract farming, insurance is included and they consume insurance as part of that package and that’s now our go-to-market model because people think of insurance when it is too late,” he clarifies.\nFunding and growth\nHe says that starting the business as a side hustle while working at Deloitte at times on a pro bono basis helped them secure $1.8 million (Sh263.4 million at current exchange rate) seed funding from venture capitalists in the US and Europe.\n“We had to think through our financial plan, business model and ‘founders’ problem feat’ and my professional background worked because you have to convince investors that you are best suited to solve a particular problem.”\nHe explains that from the onset, the plan was to onboard as many partners as possible and presently, they have partnered with 78 insurance companies in 17 countries, 24 Re-Insurance companies where they have digitised their model on a platform called Pula Insurance Engine.\n“Through our embedded model, we have about 200 partners including financial institutions, governments and off-takers spread in 18 countries across Africa, Asia, and Latin America serving 9.4 million farmers with 120 full-time and 1,500 fields seasonal staff,” Mr Njeru reveals.\nHe sees Pula’s growth doubling every year because the opportunity is huge and with technology, they are able to build their capability to service double the number of customers they served in the previous year. Their goal is to get to reach 100 million farmers in the next five years.\n“We are aiming $100 million (Sh1.46 billion) in revenue and $500 million (Sh73.1 billion) in insurance payments and becoming one of the largest agriculture insurance companies in the world, if not the largest,” he adds.\nTapping experienced hands\nIn September 2022, Pula appointed former Safaricom CEO, Michael Joseph, as its board chairman to strengthen its corporate governance structure.\n“We stand on the shoulders of giants and have mentors who have showed us the way because every problem you are facing today, there is someone who has faced it,” he adds.\nMr Joseph has been a mentor to the business and Mr Njeru says he constantly says that \"if you want to be a $100 million business, you have to start behaving like one and if you want to be a multinational, then you have to behave like one and one characteristic of great businesses is great corporate governance and skilled people with expertise\".\n“We are preparing ourselves for the future. A business that will withstand the test of time so we have to bring in people who understand what it means to run a big technology company.\nHe is our coach to help us navigate the different challenges we will go through.”\n“Building a business in Africa is like an extreme sport so you have to bring on board people who have done that. You don’t have to reinvent the wheel. People who will challenge you, force you to think 10, 20 steps ahead,” he affirms.\nLessons learned building Pula\nMr Njeru's biggest lesson is to build a great organisation, run it on merit and lead by example.\n“I learned the hard way that if you start showing favouritism, the rot starts from there. Promotion and hiring have to be performance-driven and merit-based.”\nHe adds that as a business person, you have to constantly remember that your reputation is everything and that whatever you promise customers, keep that promise because it is a small world and people talk.\n“Defend your reputation at all costs and avoid shortcuts.”\nChoosing the right partner and talents\nMr Njeru's biggest challenge has been bringing the right talent on board. He says you can hire people with lots of hope but get disappointed because they can’t deliver.\n“We are creating a completely new thing and the talent we are looking for is different. We cannot poach from elsewhere.”\nHaving tried his hand in other businesses which failed because of the wrong partners, Mr Njeru attributes his success at Pula to his current business partner.\n“Picking her was the best business decision I ever made because we complete each other – she has the passion, resilience, persistence, is hardworking and takes responsibility,” he says of his partner Rose Goslinga.\nJust like marriage, Mr Njeru says that selecting the right business partner is the most important business decision one can make and that you need a partner who understands the challenges of entrepreneurship.\n“Entrepreneurship is not for everyone and you must be willing to make sacrifices. Fail and pick up. You may have a business plan but something happens that completely throws off that business plan,” he advises.\n“In one of the partnerships, we kept arguing about the business plan because things weren’t according to the business plan so one having the ability to adapt as you go matters.”\nHe adds that a business plan is as good as outdated as soon as you put it together and stresses that a war has never been won according to plan neither has it been won without a plan.\nHe emphasises that as an entrepreneur, you will not always have good times, so be prepared for tough moments and be careful about your costs, revenues, competition and business model.\n“Capitalism is rough with cutthroat competition and you have to constantly think of your next move, how you protect what you are building and build a solution that is sustainable,” he adds.\nHe says all these lessons are based on his previous businesses and seeing what works and what doesn’t and they have helped him to get where he is today.\nInvestments and cash flow management\nMr Njeru says that there are certain investments they have to make in the next couple of years to achieve their growth ambitions and they are in the process of going through their Series D fundraising to finance their growth plans.\n“To raise funds, focus on building a sustainable business impacting the community, that is profitable and generating cash. Money looks for opportunity so be open to speak to people but be careful on the type of investors you bring on board because not all money is the same,” he advises.\n“Some people are not honest so focus on growing your business and make sure it can run with or without investors because some of them are coming to be over and above what you can do.”\nHe adds that as an entrepreneur, don’t be desperate to onboard investors because quite often, they don’t give money to those who need it.\nOn cash flow management, he concludes by saying that as an entrepreneur, the rule is not to run out of cash and always anticipate the worst-case scenarios if it happens.\n“What you do, consistently prepare yourself. We’ve gone through our tough times.\nAnticipate and be ready to make difficult decisions well in advance before you get to the hole,” he concludes.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/enterprise/pula-tweaks-model-to-capture-9-4m-farmers--4368010"}
\ No newline at end of file
diff --git a/clean/cc/79cd123e8003ba69c20a0f8afd07618e.json b/clean/cc/79cd123e8003ba69c20a0f8afd07618e.json
new file mode 100644
index 0000000000000000000000000000000000000000..40faabc32a9840ee908976185176d7a155cf71ab
--- /dev/null
+++ b/clean/cc/79cd123e8003ba69c20a0f8afd07618e.json
@@ -0,0 +1 @@
+{"doc_id": "79cd123e8003ba69c20a0f8afd07618e", "text": "Horticulture business in the Lake Region is set to get a boost as the national carrier, Kenya Airways plans to increase cargo flights at the Kisumu International Airport.\nKenya Airways also plans to triple cargo flights to the Netherlands and United Kingdom.\n“We are likely to have more frequencies of shipment being lifted from Kisumu,” said Kenya Airways Cargo officer Joseph Omwanda.\nALSO READ: Kenya Airways, SAA now plan to launch regional airline 2023\nSome of the fresh produce in the Lake Region include avocados, fish, chilies, mangoes, pineapple, peanuts, bananas and traditional green vegetables.\nThe news come as the region plans to resume the export of chili from Kisumu. The shipment of the produce had taken a break due to low supply.\nFresh Produce Consortium of Kenya CEO Okisegere Ojepat noted that shipment of chili and other fresh produce are set to resume on June 15.\n\"In the next three weeks, we anticipate the produce to start increasing. The chili production can sustain three flights on a weekly basis,\" said Mr Ojepat.\nALSO READ: African airlines projected to acquire Sh16trn planes\nMr Omwanda said the production of chilli is likely to increase.\nSome of the consignments being shipped to the United Arabs Emirates and Netherlands include avocado, bananas, and pineapple.\nAccording to the Kenya Bureau of statistics, earnings from horticulture exports hit a historic high last year at Sh158 billion to remain the leading foreign exchange earner.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/shipping-logistics/kq-eyes-more-cargo-flight-for-kisumu-route-3841422"}
\ No newline at end of file
diff --git a/clean/cc/7ba71a6754a32ce238e0b00337502fad.json b/clean/cc/7ba71a6754a32ce238e0b00337502fad.json
new file mode 100644
index 0000000000000000000000000000000000000000..fef8b634a678f0155212c9121a1efeced3d01735
--- /dev/null
+++ b/clean/cc/7ba71a6754a32ce238e0b00337502fad.json
@@ -0,0 +1 @@
+{"doc_id": "7ba71a6754a32ce238e0b00337502fad", "text": "Although the private use of cannabis is legal in South Africa, having the substance in your system can lead to severe punishments.\nAccording to Silindokuhle Magagula and Tshepo Mofokeng from ENS Africa, the right to cannabis for cultural purposes and workplace testing policies is still debated.\nThe Labour Court (LC) would have to deal with the matter in Marasi v Petroleum Oil and Gas Corporation of South Africa.\nThe employer had a policy aimed at dealing with substance use by employees that could affect its operations – including an annual and ad hoc medical assessment to ensure that their staff was fit for duty.\nThe employee in the case wanted to join a traditional healer training programme and requested a transfer from Cape Town to Mossel Bay. The transfer was granted, and the employee had to undergo a medical assessment when he arrived in Mossel Bay.\nThe assessment found that the employee had high levels of cannabis in his system, which exceeded the limit in the policy.\nDue to the presence of cannabis in the employee’s system, the employer stopped him from entering the workplace until more tests could be conducted. Further tests confirmed the existence of cannabis in his system, which was above the acceptable limit.\nThe employee was then declared unfit for duty and blocked from entering the premises until he proved a test that was either negative or below the permissible limit.\nHe argued that cannabis use was part of his training programme and lodged a complaint against his treatment.\nAlthough the matter was resolved and the employee returned to work after a medical assessment showed that he abided by the employer’s policy, he said that his treatment included unfair discrimination based on culture, controverting the Employment Equity Act (EEA).\nHe also argued that the policy was outdated and conflicted with the Constitutional Court’s decision in Minister of Justice and Constitutional Development and Others v Prince, which legalised cannabis for personal use.\nCourt case\nAfter denying the employee’s disputes, the employer brought the matter to the LC, which held that the policy did not discriminate between employees.\nThe policy affected all employees within the organisation, and there was no direct discrimination. However, the LC said that it could accept that there was indirect discrimination in the case.\nThe EEA recognises indirect discrimination, where, for example, a policy may seem non-discriminatory but, in practice, has a disproportionate impact on certain employees, and the impact is based on prohibited grounds for discrimination.\nThe LC said that the policy might indirectly discriminate against individuals who use cannabis for religious or cultural reasons, which, according to EEA, are protected grounds for discrimination.\nNevertheless, it said that it had to determine whether the indirect discrimination was unfair.\nSection 6(2) of the EEA states that is not unfair discrimination to exclude, distinguish or prefer someone of the inherent requirements of the job. It said that testing negative for cannabis use was reasonable and a requirement for the job.\nIt thus ruled that there was no unfair discrimination.\nIt admitted that the employee had his dignity negatively impacted but emphasised that discrimination is not determined by individual feelings.\nAlthough the use of cannabis is no longer illegal for private use, the LC said that the employer is still permitted to regulate its use if it can affect the employment environment.\nFor instance, drinking alcohol is not illegal, but employers are allowed to regulate its use in a work environment.\n“This decision is of interest in that it is one of the rare occasions where indirect discrimination has been alleged and it illustrates the potential scope of the concept,” the experts said.\n“Perhaps of more importance is the LC’s rejection of the notion that, because the private use of cannabis is no longer illegal, this prevents an employer from implementing rules regarding the use of cannabis in so far as it impacts the workplace.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/707280/what-the-law-says-about-cannabis-use-at-work/"}
\ No newline at end of file
diff --git a/clean/cc/7bc9c2f7bc9dde124a249c30dfd67fbb.json b/clean/cc/7bc9c2f7bc9dde124a249c30dfd67fbb.json
new file mode 100644
index 0000000000000000000000000000000000000000..1c731a83611a55c4e2b46ee8bc4dabbc82a95d13
--- /dev/null
+++ b/clean/cc/7bc9c2f7bc9dde124a249c30dfd67fbb.json
@@ -0,0 +1 @@
+{"doc_id": "7bc9c2f7bc9dde124a249c30dfd67fbb", "text": "Startups are being urged to come up with strategies to attract capital funding from investors to expand their business.\nMuthuri Kinyamu, programme coordinator for Hong Kong-based venture capital firm Nest, says the ongoing interest by global companies in Nairobi provides a good opportunity for businesses to position themselves to receive funding.\n“Nairobi is the launch pad for a lot of global companies who want to expand into the region. We have so many investor’s funders and big corporates who have set up shop and who can provide much needed capital,” he said.\nNest opened its Africa offices in Nairobi in July looking for startups across the continent that are ready for additional funding for expansion.\nIt is particularly searching for businesses that offer services to the mass or the lower end of the market. The company recently invested close to Sh13 million in startup Ongair.\nMr Kinyamu says startups should focus on the scalability of their business rather than just having a local perspective.\n“From the onset, entrepreneurs need to take a pan African and a global view of what they are trying to build. We see so many Nigerian and South African startups looking to expand into Nairobi but very few Kenyan firms think of how their business can be scaled to other parts,” he said.\nAccording to a report released last week, Kenyan technology startups were among those able to raise capital funding throughout the continent amounting to about $186 million (Sh18.6 billion).\nThe report by Disrupt Africa showed that Kenyan businesses are among the third most funded in the region, preceded by Nigeria and South Africa.\nDisrupt Africa is a one-stop portal for the continent’s tech startups providing news, information and commentary pertaining to the continent’s tech startups and investment ecosystem.\nThe Disrupt Africa African Tech Startups Funding Report 2015, showed that Kenyan technology based businesses accounted for 14.4 per cent of the $185,785,500 raised by 125 startups on the continent.\nKenyan tech startups were able to raise $47,365,000, with Mkopa, BRCK, Kopo Kopo Angaza and Asoko insight listed as among the top listed startups to be funded.\nSouth Africa received 36 per cent of the total funding ($54,568,000) while Nigeria received 24 per cent ($49,404,000) though the report shows that Kenya and Nigeria had larger average funding per startup.\nStartups that dealt with the solar sector accounted for 32.9 per cent of all the funds raised, with the financial technology sector coming in second to receive 29.6 per cent of the funds.\nTech startups in Tanzania Egypt and Ghana also attracted a lot of attention from investors.\nAnother report released at the end of last year by Burbidge Capital showed that the country had attracted over Sh102 billion ($1 billion) in private equity (PE), impact investment and venture fund deals in the first eight months of 2015.\nFinanciers were buying into or lending to energy, financial, healthcare and real estate companies.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/enterprise/startups-urged-to-position-themselves-for-funding-from-investors-2106656"}
\ No newline at end of file
diff --git a/clean/cc/7c84bbefd6c364a6534bf116133c4174.json b/clean/cc/7c84bbefd6c364a6534bf116133c4174.json
new file mode 100644
index 0000000000000000000000000000000000000000..e58c220c38e61f7153760bafb07745c683caf30a
--- /dev/null
+++ b/clean/cc/7c84bbefd6c364a6534bf116133c4174.json
@@ -0,0 +1 @@
+{"doc_id": "7c84bbefd6c364a6534bf116133c4174", "text": "Annual consumer inflation dipped to 7,6% in August from 7,8% in July. The monthly increase in the consumer price index (CPI) was 0.2%, the lowest reading since January 2022 when it was also 0.2%.\nFuel prices decreased by 3.8% between July and August, with petrol falling by 5% and diesel by 0.9%. This pushed the annual rate for fuel down to 43.2% from 56,2% in July. The welcome decrease in the cost of fuel had an impact on the overall transport index, which declined by 1% between July and August.\nIn contrast to fuel, food inflation continued upwards. The food and non-alcoholic beverages (NAB) index increased by 11.3% in the twelve months to August, higher than the reading of 9.7% in July. Annual food and NAB inflation has climbed significantly from the recent low of 6% in April this year and has remained above 5% since October 2020.\nNine of the eleven food and NAB categories recorded an annual inflation rate above 8% in August.\nBread & cereals registered an increase of 3.1% between July and August, pushing the annual rate from 13.7% to 17.8%. Maize meal increased by 4.8% from July, taking the annual rate to 29.1%. Brown bread registered a monthly rise of 2.2% and cake flour 3,9%.\nAnnual meat inflation eased slightly from 9.4% in July to 9.2% in August, with a monthly increase of 0.7%. Annual meat inflation has remained above 8% since May 2021.\nPrices for milk, eggs & cheese increased by 2.1% between July and August. Products with higher than average monthly increases include cheddar cheese (3.1%), low fat milk (2.9%) and full cream milk (2.6%).\nOils & fats hit another annual high – 37.6% in August, up from 36.2% in July. The monthly rate, however, has slowed from its peak of 10.1% in May this year to 1.1% in August.\nHot beverage prices steamed to their highest annual rate in 64 months at 11.8% (compared with 12,1% in April 2017), stirred up by monthly increases in rooibos tea (7.6%) and instant coffee (3.9%).\nHousehold cleaning products (detergents) recorded significant price increases. Washing powder is 26.2% more expensive than a year ago. Laundry soap will set you back an additional 33.9% compared with August last year, and the price of dishwashing liquid has climbed by 13.6% over the same period. Overall, the price index for cleaning and maintenance products increased by 23.4% over the past 12 months.\nThe charts below list the products that recorded the largest annual and monthly price increases in August.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/628680/these-things-have-become-more-expensive-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/82f9c0b97257a793501734613930c628.json b/clean/cc/82f9c0b97257a793501734613930c628.json
new file mode 100644
index 0000000000000000000000000000000000000000..51d27c7ce2974995ce485f8a28664b1a5b900305
--- /dev/null
+++ b/clean/cc/82f9c0b97257a793501734613930c628.json
@@ -0,0 +1 @@
+{"doc_id": "82f9c0b97257a793501734613930c628", "text": "South Africa’s plan to take over part of Eskom’s R396 billion debt is in the “right direction,” because the power utility is “too big to fail,” Nedbank chief executive officer Mike Brown said.\nSouth Africa’s Treasury is finalising a plan to take over a portion of the utility’s debt to place the struggling electricity company on a sustainable footing, Duncan Pieterse, head of assets and liability management at the National Treasury, said in an interview Wednesday. That helped lower the company’s bond yields.\n“It makes absolute sense to shift a portion of Eskom’s unsustainable debt onto the government balance sheet,” Brown said in an interview in Johannesburg on Friday. “Because in all economic sense, it’s there already.”\nA debt transfer plan for Eskom would be a key step toward turning around the engine that drives Africa’s most industrialised nation. Years of government bailouts and rolling power outages have weighed on the economy.\nAuthorities will seek cabinet and parliament’s approval for the plan after determining the amount, along with the conditions the utility will need to meet before and following such a transaction.\n“It’s going to take time; it’s complicated, legally and economically,” Brown said. “You’ve got to get the amount right because you’ve got to take enough debt off their balance sheet so that they are actually sustainable, but not too much to give them a free ride and everyone has to be treated fairly.”\nPresident Cyril Ramaphosa on Monday announced measures to bring to end a 14-year-old power crisis. The state scrapped a 100 megawatt limit on plants, allowing companies to build power plants of any size without a license to meet their own needs and to sell it to the grid.\nThe government also doubled renewable energy procurement to 5,200 megawatts. A move that will accelerate the country’s shift from a dependence on coal for more than 80% of its power toward the use of the nation’s abundant wind and solar resources.\n“Electricity supply is a binding constraint to growth and job creation, and hence the president’s plan to fix that,” Brown said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/612376/government-taking-over-part-of-eskoms-debt-is-sensible-nedbank/"}
\ No newline at end of file
diff --git a/clean/cc/846e7d31376efd92d56ee2d62070e6c4.json b/clean/cc/846e7d31376efd92d56ee2d62070e6c4.json
new file mode 100644
index 0000000000000000000000000000000000000000..6568bb64953abe59cb4beaefcb14dd9db89f608b
--- /dev/null
+++ b/clean/cc/846e7d31376efd92d56ee2d62070e6c4.json
@@ -0,0 +1 @@
+{"doc_id": "846e7d31376efd92d56ee2d62070e6c4", "text": "The National Minimum Wage (NMW) Commission recommends a CPI plus 3% for 2024 but is sitting with another two proposals as it invites further suggestions from interested parties for the year ahead.\nThe NMW Commission has published a report in the government gazette to present the Commission’s information and recommendations on the annual review of the national minimum wage and also inviting written representations from the public.\nThe three proposals tabled in the report are as follows:\n- The majority recommendation is the Consumer Price Index (CPI) plus 3%. Eight of the 12 commissioners propose that the national minimum wage increase by CPI plus 3%;\n- The recommendation by the Business Constituency is only CPI; and\n- The recommendation by an independent expert is CPI plus 0.75%.\nThe CPI is a measure of the change in prices as paid by consumers for goods and services over time. In South Africa, the latest consumer price inflation, as published by Statistics South Africa, was 5.9% in October 2023, up from 5.4% in September 2023.\nThe latest invitation for inputs by the National Minimum Wage follows similar calls in August and September 2023. The request is conducted in accordance with section 6(2) of the National Minimum Wage Act, No. 9 of 2018.\nThe Commission comprises representatives from organised labour, business, community and experts in the field of labour market and conditions of employment.\nIn terms of the NMWA, the Commission is tasked to review the national minimum wage annually and to recommend adjustments; investigate and report annually to the Minister on the impact of the national minimum wage on the economy, collective bargaining and the reduction in income differentials and to make such information available to the public.\nIn 2021, the Commission recommended increasing the national minimum wage from R20,76 to R21,69 per hour. The 2022 national minimum wage was revised from R21,69 to R23,19 per hour. In 2023, the minimum wage was adjusted to R25.42 per hour.\nIf the Commission follows its recommendation, the minimum wage would increase by another 9% next year – meaning the wage could be revised to R27.71 per hour in 2024.\nA minimum wage is the lowest remuneration employers can legally pay their employees for each ordinary hour worked. It is illegal for an employer to pay employees less than this minimum floor.\nFactors considered by the Commission in the annual adjustment include:\n- Inflation;\n- The cost of living and the need to retain the value of the minimum wage;\n- Wage levels and collective bargaining outcomes;\n- Gross Domestic Product (GDP);\n- The ability of employers to carry on their businesses successfully;\n- The operation of small, medium or micro-enterprises and new enterprises; and\n- The impact on employment or the creation of jobs.\nEmployment and Labour Minister will announce in February 2024 the new rate of adjustment, which will come into operation from 1 March 2024.\nRequests for inputs should reach the directorate: Employment Standards, Department of Employment and Labour, Private Bag X117, Pretoria, 0001, or be sent to [email protected].\nThe public has until 8 January 2024 to make their written representations.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/736793/the-proposed-national-minimum-wage-hike-for-2024/"}
\ No newline at end of file
diff --git a/clean/cc/84892442d98ebb30ad6af0de1c0ae056.json b/clean/cc/84892442d98ebb30ad6af0de1c0ae056.json
new file mode 100644
index 0000000000000000000000000000000000000000..0f5ae33f1eedb1243a22dd9ad21431e9d6e1643e
--- /dev/null
+++ b/clean/cc/84892442d98ebb30ad6af0de1c0ae056.json
@@ -0,0 +1 @@
+{"doc_id": "84892442d98ebb30ad6af0de1c0ae056", "text": "Postal Corporation of Kenya has received a Sh65 million loan from the National Treasury to acquire eight trucks during the current financial year.\nThe trucks will enable the corporation meet its obligation of serving customers through door-to-door delivery while augmenting its digital commerce. This will also help the postman grow its market share in the mail and courier service.\n“I am happy to report that The National Treasury has granted approval and authority to modernise and upgrade our fleet for logistics and ICT at a cost of Sh65 million. The funds … will be used for the acquisition of a new fleet of eight trucks during the 2021/2022 financial year,” Dan Kagwe, the Postmaster-General said in a statement.\nIn the last five years, Posta has embarked on digitisation and fleet acquisition to enhance its capacity in the last-mile delivery service, whilst enhancing the current e-commerce platform.\nTo roll out the last-mile delivery services to all parts of Kenya, Posta has partnered with Kibo Africa, a manufacturer of quality motorcycles designed in Netherlands and assembled in Kenya.\nFourty new motorcycles were flagged off to add to the corporation’s current fleet of courier motorcycles, to deliver goods and services in the shortest time possible.\nIn 2019, the number of private courier firms in Kenya grew to 1,027 from 997 in the previous year with sector deliveries up 22.2 percent in the same period, according to the Communications Authority of Kenya.\nSince the onset of the Covid-19 pandemic, the postman has identified the logistics sector as a key focus area for revenue growth as the change in consumer behaviour and new shopping trends becomes the new normal, said Mr Kagwe.\nAs consumers increasingly turn to e-commerce for all their shopping needs, speedy fulfillment and distribution has become the expectation of every online shopping experience.\n“Kenya’s e-commerce potential has not been fully realised owing to logistical challenges such as high last mile-delivery costs. The launch of this service will support and strengthen the already existing e-commerce platform in the corporation,” added Mr Kagwe.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/posta-gets-sh65m-for-courier-trucks-in-growth-drive-3704638"}
\ No newline at end of file
diff --git a/clean/cc/85a726362f23d1045bb1e47f8fc430fb.json b/clean/cc/85a726362f23d1045bb1e47f8fc430fb.json
new file mode 100644
index 0000000000000000000000000000000000000000..f2e853fe2b14dcae213f0789d56038999819fd8a
--- /dev/null
+++ b/clean/cc/85a726362f23d1045bb1e47f8fc430fb.json
@@ -0,0 +1 @@
+{"doc_id": "85a726362f23d1045bb1e47f8fc430fb", "text": "It is in the 1926 novel, The Sun Also Rises, Mike, one of the characters, when asked how he went bankrupt responds: \"Two ways. Gradually and then suddenly.\"\nMike, when probed further on what brought the bankruptcy, says he had a lot of false friends and then “I had creditors, too.”\nThis reads like a script for many of the Kenyan firms that were at some point the Goliaths that towered over the corporate scene, but are now chocking under an iceberg of debt. And banks’ patience is being put to a big test.\nPhoenix Publishers, which was founded in 1988, in 2021 decided to put itself under administration to give itself time to recover by keeping away creditors, including banks, from attaching its property. But for many, it is creditors who knock at the door first.\nFor many of these firms, including Uchumi, Nakumatt, Mumias Sugar, ARM Cement and now TransCentury, their false friend was high ambition and governance lapses. Then they turned to loans in an attempt to lift their heads from the raging waters. But they are instead sinking under weight of their own debts.\nAnd banks, increasingly running out of patience, have become more aggressive at pouncing on these struggling firms, triggering legal battles that do not seem to benefit anyone—except leaving a trail of once-upon-a- time tales in corporate Kenya.\nTransCentury and its subsidiary, East African Cables, have become the latest firms to feel the heat of bankers over piling debt. Equity Group on Saturday placed the two under administration and receivership respectively.\nThe firm, which recently raised Sh538 million from the targeted Sh2 billion cash call from investors, now faces a survival battle after Equity rejected its debt repayment plan which it termed as “unacceptable.”\nTransCentury had proposed to pay down Sh108 million of Equity debt, estimated at $34.3 million (Sh4.8 billion), and requested significant discounts of over Sh2.8 billion ($20 million) and a new restructure but the lender declined.\nLike many other firms who have walked in this murky waters, TransCentury Monday morning moved to the High Court seeking a temporary suspension of the administration, pending inter-parties hearing.\nThis has now become a tool familiar script for many other companies whose strategy to ride out of the storm using debt has driven them straight into the direction of even stronger headwinds.\nFrom retail to manufacturing and hospitality to fashions industry and education, corporate Kenya is increasingly witnessing once booming companies stare at the risk of going burst. Like Mike’s tale, it is always gradual, then sudden.\nRetail giants\nTuskys Supermarket, once a success story and a retailer that was at some point supposed to rescue Nakumatt Supermarket, opted to follow its competitor to the graveyard as both were hounded by debts owed to suppliers and banks.\nThe High Court early this month ordered the liquidation of the nearly Sh20 billion debt-riddenTuskys, ending a 30-year long journey for what was once one of the largest family –owned businesses in the East African region.\nEquity last year put on auction Tusky’s five-storey commercial building at the junction of Tom Mboya Road and Accra Road in Nairobi over a Sh650 million debt as lenders and suppliers ran out of patience with the retailer.\nRead: Equity kicks off auction of Tuskys over Sh650m debt\nSuch has been the story of Nakumatt, which has survived over three liquation attempts with lenders including Bank of Africa, DTB, Standard Chartered Bank, UBA and Guarantee Trust Bank all having camped at the doors of the retailer over unpaid loans running into billions of shillings.\nUchumi Supermarket still puts on a fight but it is nowhere near the retailer that many Kenyans had come to love since 1975 and even operated in Uganda. From being known for serving customers for over 40 years, its story is now more of court battles.\nIt has just three branches still standing—Langata Hyper, Nairobi West and Adams Arcade. Lenders such as KCB, UBA and Co-operative Bank have found it increasingly difficult to recover their loans from this retailer.\nFor such businesses and those in hospitality sector such as Boma Hotel and English Point Marina, Covid-19 only served to take an already fragile situation and make it worse.\nNational Bank of Kenya in 2019 placed the Red Cross-owned Boma Hotel under receivership due to huge debt, while KCB in June last year seized English Point Marina over a Sh5.2 billion debt and placed it under receivership, triggering legal battles.\nRead: KCB seizes English Point Marina over Sh5bn debt, again\nFor some other brands, like Mumias Sugar, which for ages awed Kenyans with its ‘natural sweetness’ tag, the beautiful story soon ran into debts.\nKCB, with a Sh545 million outstanding loan in the sugar miller, was the first to pull the plug in 2019 by placing it under receivership.\nOther lenders including Ecobank and Commercial Bank of Africa also laid claim on the miller over debts, leading to legal and political process that culminated in the leasing of the miller to save it from total collapse.\nAway from the sweet sugar turning bitter for banks, the crunchy biscuits at Britania Foods in August 2021 also turned less attractive as banks including Diamond Trust Bank (DTB) were forced to place it under administration over Sh1.3 billion loan.\nBritania, which had operated for over 30 years said its woes were not fully of its own making but of Nakumatt and Tuskys, which went under while owing it more than Sh50 million.\nCement manufacturer East African Portland Cement Company (EAPCC), partly owned by government, has also not had the best of times as it chokes under debt and high operating costs.\nKCB was at some going to sell EAPCC assets including land to recover its loan. But EAPCC acted fast by transferring part of it its land to the lender to cut debt by over Sh4.8 billion.\nEAPCC last year also rolled out a plan to subdivide 907 acres of land into 50-acre plots to raise about Sh5 billion to help in settling all debts and boosting its working capital.\nBut ARM Cement, another cement firm, was put under liquidation in October 2021, costing creditors Sh11 billion at the end the process. The firm had racked up Sh14 billion in debt and had negative equity of Sh2.4 billion before collapse.\nRead: ARM Cement creditors suffer Sh11 billion loss\nFashions retailer Deacons in 2018 moved into administration as losses piled and debts crossed Sh600 million mark. It was owing UBA Sh98.38 million and Sh94.28 million to NIC, now NCBA following the merger with CBA.\nARM’s financial difficulties saw it placed in administration in August 2018 after failing to service loans from banks such as Absa Bank Kenya, Stanbic and UBA Bank Kenya as losses piled up and ate into its capital.\nNCBA and Co-op Bank mid last 2021 placed Kaluworks Ltd, part of billionaire Manu Chandaria’s Comcraft Group, under receivership for defaulting on over Sh9 billion debt.\nThe two lenders in August last year, however, surrendered Kaluworks, one of Kenya’s largest manufacturers of aluminium utensils and roofing sheets, back to Comcraft after balking at having to inject Sh750 million to revive the company.\nCases between banks and companies over debt repayments have continued to be reported, showing that the troubles are far from over, even though lenders are having to spend a lot of time in the legal process.\nKaruturi Limited, a grower of roses that was exporting more than one million stems annually, was put under receivership in 2014 after failing to repay a Sh1.8 billion loan from Stanbic Bank.\nThe receivership triggered a legal battel that went all the way to the Supreme Court before Stanbic was in 2021 allowed to auction the firm’s assets including a 70-hectare piece of land to recover the money.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/tragic-tale-of-booming-kenya-firms-burst-in-iceberg-of-debt-4276800"}
\ No newline at end of file
diff --git a/clean/cc/888da995436c83716951df0157880f15.json b/clean/cc/888da995436c83716951df0157880f15.json
new file mode 100644
index 0000000000000000000000000000000000000000..83bc881105da57511752ef3e922ef1eba48d4009
--- /dev/null
+++ b/clean/cc/888da995436c83716951df0157880f15.json
@@ -0,0 +1 @@
+{"doc_id": "888da995436c83716951df0157880f15", "text": "Facebook owner Meta has rolled out non-fungible tokens (NFT) in 100 countries as the social media giant seeks to join the digital collectible frenzy.\nMeta on Thursday announced that it is expanding NFT features to Africa, Middle East, Asia-Pacific and the Americas following a successful test in May.\nThis comes after Meta integrated with Coinbase Wallet and Dapper besides Trust Wallet, MetaMask and Rainbow. The platform has also added support for Flow Blockchain on top of Polygon and Ethereum.\nMeta has said that the new feature will give users artistic connections on the platform and grow earnings for content creators.\nIt was not immediately clear whether the rollout would include Kenya, which ranks top on the continent in digital technologies adoption.\nThe new feature will allow Instagram users to create and sell non-fungible tokens as Meta tries to cash on the hype-fuelled $40 billion digital collectible market.\nThe new functionality will allow Instagram users to connect their accounts to digital wallets, share NFTs and tag collectors and creators.\nUsers will be able to share the NFTs in their feeds, stories or through private messages.\nThis latest development follows the announcement on Tuesday that Instagram chief Adam Mosseri is relocating to the United Kingdon capital London from San Francisco, United States temporarily.\nThe move is planned to make London the nerve centre of Instagram's operations in the coming months as the company gears gears to open a fresh battlefront with Chinese rival Tik Tok over younger users.\nThe UK hub has over 4,000 employees and is the biggest outside the US base.\nThe expansion also comes a few weeks after the company announced that it is also testing NFTs on Facebook to allow cross-posting on its platforms as it attempts to gain a foothold in the digital collectible market.\nAccording to a United Nations report, Kenya has the largest share of its population with cryptocurrencies in Africa. The report says that 8.5 percent of the population or 4.25 million people own cryptocurrencies in the country.\nCrypto-assets such as bitcoin picked up during the pandemic alongside nonfungible tokens (NFTs), driven by the perception of safer assets and social media frenzy.\nALSO READ: UN urges Kenya to tax crypto sector players and outlaw ads", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/technology/facebook-owner-rolls-out-nft-on-instagram-in-100-countries-3903904"}
\ No newline at end of file
diff --git a/clean/cc/893d975e883614a989bdf0bec7a143b2.json b/clean/cc/893d975e883614a989bdf0bec7a143b2.json
new file mode 100644
index 0000000000000000000000000000000000000000..43f5160b4a770332fc1f0f611180badf358cb9d1
--- /dev/null
+++ b/clean/cc/893d975e883614a989bdf0bec7a143b2.json
@@ -0,0 +1 @@
+{"doc_id": "893d975e883614a989bdf0bec7a143b2", "text": "South Africa’s biggest retailer, Shoprite, says it is spending close to R94 million a month on diesel to keep its operations going amid continued load shedding.\nIn a voluntary trading update for the first quarter of its financial year (July to September 2023), the group said that its diesel bill for the three-month period had risen by R90 million to R281 million.\nThe sharp increase in costs was attributed to the higher diesel price over the period relative to the same quarter last year.\nReporting its full-year results for year ended June, Shoprite flagged a total diesel spend of R1.3 billion for the year to counteract the impact of load shedding.\nThe R281 million spent in just Q1 is already more than that total spent in the 2022 full-year (R226 million) and equates to over R3 million a day.\nOperational upside\nDespite the continued pressure from load shedding, Shoprite said that its operations are showing positive strides.\nThe group’s core Supermarkets RSA segment, the majority of which is represented by Shoprite, Usave, Checkers, Checkers Hyper and LiquorShop increased sales for the first quarter by 13.3%, it said.\nInternal selling price inflation for the first quarter measured 8.3%.\n“Market share for the 52 weeks ending September 2023 increased by 124 basis points versus the corresponding period last year, extending the period of uninterrupted market share gains in our core South African supermarket business to 55 months,” the group said.\nThe group is also continuing to expand, with a net 42 store openings in the last three months, including two Checkers, six Shoprite, five Usave, 18 LiquorShop, eight Petshop Science, two UNIQ by Checkers and two Checkers Outdoor.\nThe group’s said its core Supermarkets RSA operating segment is on track to open its planned 195 new stores for the 2024 financial year.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/730711/load-shedding-still-tearing-away-at-south-africas-biggest-retailer/"}
\ No newline at end of file
diff --git a/clean/cc/8a84d73154fe1951b3b2d7c3342543c9.json b/clean/cc/8a84d73154fe1951b3b2d7c3342543c9.json
new file mode 100644
index 0000000000000000000000000000000000000000..afbf28cf2e6a3b3673305d712389ad097e345f1b
--- /dev/null
+++ b/clean/cc/8a84d73154fe1951b3b2d7c3342543c9.json
@@ -0,0 +1 @@
+{"doc_id": "8a84d73154fe1951b3b2d7c3342543c9", "text": "Coffee and tea grower Sasini #ticker:SASN has reported that its net profit for the year to September has dropped 41.2 per cent to Sh339.7 million on lower gains from divestitures.\nSasini, which is listed at the Nairobi Securities Exchange (NSE) #ticker:NSE, sold Savanna Coffee House in a transaction which boosted its income by Sh16.9 million in the period under review.\nThe firm booked a gain of Sh422.7 million from divestments in the financial year to September 2016, helping the business close with a net profit of Sh576.98 million.\nSasini’s profit drop came about despite the fact that its revenues during the period increased 17.7 per cent to Sh4.2 billion with management attributing this growth to stronger international tea prices.\nThe firm’s income was further positively impacted by a Sh81.7 million gain in fair valuation of its biological assets, compared to a loss of 117.9 million the previous year.\n“Despite the effects of the severe weather conditions in the early part of the year, there was an improvement in tea production to 11.2 million kilogrammes against the production of 11.1 million kg the previous year,” the firm said Tuesday.\n“Coffee production was 861 tonnes compared to 944 tonnes the previous year,” adding that prices of this commodity reduced slightly and remained sluggish through the year due to large stocks held by the consuming markets.\nREAD: Sasini profit falls 61pc on lower cash crop sales\nDividend\nThe firm’s board of directors recommended the payment of a second interim dividend of 75 cents per share held, adding to the 25 cents per share already paid out in July 2017.\nThis proposed payment to shareholders, which is set to take place on or about February 21, will bring the total dividend payout for the year to Sh228 million.\nDisposal of Sasini Coffee House marks the latest divestiture by the firm whose principal activities are growing and processing of tea and coffee.\nSasini in 2015 sold its building on Nairobi’s Loita Street, Sasini House, for more than Sh600 million. It recently raised Sh1 billion from sale of its land in agricultural operations it says are unprofitable, recording large capital gains from the properties it bought decades ago.\nThese include land in its two coffee estates in Nyeri — Mweiga and Wahenya — that it said had been running losses for six consecutive years.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/sasini-profit-drops-despite-income-boost-from-coffee-house-sale-2185656"}
\ No newline at end of file
diff --git a/clean/cc/8ad2af86db2677b2f4b923190da22b8a.json b/clean/cc/8ad2af86db2677b2f4b923190da22b8a.json
new file mode 100644
index 0000000000000000000000000000000000000000..4c29e5c60bda197c90d0ce589c923023c59d434a
--- /dev/null
+++ b/clean/cc/8ad2af86db2677b2f4b923190da22b8a.json
@@ -0,0 +1 @@
+{"doc_id": "8ad2af86db2677b2f4b923190da22b8a", "text": "French oil multinational Rubis took a Sh3.9 billion (€25 million) hit in forex losses in the six months to June in the local market, highlighting the impact of the weakening of the Kenya shilling.\nThe oil marketer disclosed the losses in its half-year to June report, adding that the local market has since last year been plagued by ‘extreme currency tensions’.\nRubis, like other oil marketers, has since last year been hit by a sharply depreciating shilling amid dollar access hitches, eating into their earnings despite growing sales.\nThe weakening shilling was a significant contributor to the growth of Rubis' forex exchange losses from all its markets in the half year to Sh10.13 billion (€66.4 million) from Sh1.49 billion (€9.8 million) in the same period last year.\nRead: Rubis revenues surge to Sh132 billion during last year\n“The half-year was marked by extreme currency tension in Kenya and Nigeria, peaking in the latter country with a 50 percent devaluation of the naira on 8 June, exacerbating the exchange rate losses recorded during the half-year, which reached €66.4 million compared to €9.8 million in 2022,” Rubis says in the report.\nRubis recorded sales of Sh70.3 billion (€448 million) from Kenya in the six months to June, as it firmed its grip as the third biggest player in the local market after Vivo Energy and TotalEnergies Marketing Kenya.\nThe French multinational controls 10.02 percent of the local market behind TotalEnergies which has a 17 percent share. Vivo Energy— retailer of the Shell branded products –is the market leader with a 23 percent share as at the end of last year.\nRubis is now betting on State measures to stem the slide of the shilling and strengthen the inter-bank market to ease forex exchange woes in the remaining part of the year.\nKenya in April started a government-backed deal with the United Arab Emirates and Saudi Arabia to import fuel on a 180-day credit period in a bid to ease the monthly demand for dollars and prop up the shilling against foreign currencies.\nThe deal that will lapse in December has revived the interbank market besides slowing down the depreciation of the shilling against the dollar.\nUnder the deal, the sector is paying the three oil importers (Oryx Energies, Galana Oil and Gulf Energy) in Kenyan shillings, a move that has eased pressure on their forex demands.\nThe trio then pay their UAE and Saudi Arabia counterparts in dollars and the first payment will be made on September 25.\nRead: Deported Rubis Kenya CEO returns after Ruto's victory\n“The significant foreign exchange losses recorded in the first half of the year should fade with the measures taken in Kenya to counter foreign exchange risk,” Rubis added in the report.\nOil firms last year turned to cross-currency swaps to guard against future depreciation against the dollar amid a shortage of the greenback.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/rubis-takes-sh3-9bn-forex-hit-in-kenya--4368900"}
\ No newline at end of file
diff --git a/clean/cc/8ae2cedbdefd358b9e9ad284a9339c2f.json b/clean/cc/8ae2cedbdefd358b9e9ad284a9339c2f.json
new file mode 100644
index 0000000000000000000000000000000000000000..4ad428c25d23933f4911a9b4faaab5a712f6be64
--- /dev/null
+++ b/clean/cc/8ae2cedbdefd358b9e9ad284a9339c2f.json
@@ -0,0 +1 @@
+{"doc_id": "8ae2cedbdefd358b9e9ad284a9339c2f", "text": "The National Social Security Fund (NSSF) has bought an additional 11.7 million shares of KCB Group #ticker:KCB , raising its stake to a new high of 8.38 percent.\nThe extra shares have a current market value of Sh440.5 million. The fund raised its holdings of KCB shares to 269.2 million in March, according to the bank’s shareholder register.\nNSSF held 257.4 million shares of the lender in the same month last year.\nThe State-controlled fund, which is the second-largest investor in KCB after National Treasury with a 19.76 stake, has been steadily increasing its ownership in the lender over the years.\nNSSF had a 6.12 percent ownership in the bank in March 2019 and has been raising it from purchase of more shares besides the transfer of its previous stake in National Bank of Kenya (NBK) into shares of the country’s second-largest bank.\nKCB completed the buyout of NBK owners in March 2020 by issuing them with one share for each 10 they held in the institution that is now a subsidiary of the Nairobi Securities Exchange #ticker:NSE -listed firm.\nNSSF’s latest additional investment in KCB comes as banks, in general, are posting strong profit growth, recovering from the impact of the Covid-19 pandemic which caused a sharp increase in defaults and provisions early on.\nThe bank’s net income increased 74 percent to Sh34.09 billion in the year ended December, helped by lower provisions for bad debts and higher income from loans.\nIt tripled its dividend payout to Sh3 per share.\nKCB says it is still keen on expanding in the regional market through acquisitions.\nTanzania and the Democratic Republic of Congo (DRC) are the markets the bank is eyeing.\nKCB already has a subsidiary in Tanzania while DRC will be a new entry.\nThe bank last year acquired a 62.06 percent stake in Rwanda’s Banque Populaire du Rwanda Plc (BPR) from Atlas Mara, expanding in that market where it was already running a subsidiary (KCB Bank Rwanda).", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/industry/nssf-buys-additional-11-million-kcb-group-shares-3802342"}
\ No newline at end of file
diff --git a/clean/cc/8b8a0012a3f1c1ac89923cb917c447d2.json b/clean/cc/8b8a0012a3f1c1ac89923cb917c447d2.json
new file mode 100644
index 0000000000000000000000000000000000000000..a4c53def6961a12b15e25dabcac4f060934bf02a
--- /dev/null
+++ b/clean/cc/8b8a0012a3f1c1ac89923cb917c447d2.json
@@ -0,0 +1 @@
+{"doc_id": "8b8a0012a3f1c1ac89923cb917c447d2", "text": "Mid-month data from the Central Energy Fund points to some relief for diesel drivers in April – but petrol is still lined up for a hike.\nAccording to the daily snapshot for 14 March 2023, petrol prices are currently on course for a hike of 25 cents per litre, while diesel prices could come down by around 20 cents.\nThese are the expected changes:\n- Petrol 93: increase of 25 cents a litre;\n- Petrol 95: increase of 26 cents a litre;\n- Diesel 0.05%: decrease 20 cents a litre;\n- Diesel 0.005%: decrease of 22 cents a litre;\n- Illuminating paraffin: decrease of 68 cents a litre.\nThe Department of Energy has stressed that the daily snapshots are not predictive and do not cover other potential changes like slate levy adjustments or retail margin changes, which are determined by the department at the end of the month, taking all variables into account.\nThe DoE makes adjustments based on a review of the entire period. Furthermore, the outlook can change significantly before month-end. Ultimately, the expected price changes are contingent on current market conditions persisting through the end of the month.\nLocal fuel price fluctuations are impacted by two main factors – the international price of petroleum products, driven mainly by oil prices, and the rand/dollar exchange rate used to purchase these products.\nIn the first two weeks of March, South Africa’s rand was hammered by a slew of negative economic data, which was exacerbated by risk-off sentiment globally. This has contributed to a significant under-recovery (increase) in fuel prices of around 40 cents per litre.\nHowever, oil prices have also eased significantly, providing at least some balance – especially for diesel.\nRand exchange\nThe rand has had a rough March so far.\nSouth Africa as a whole has been hit with the perfect storm of bad news in the past few weeks, with the ongoing energy crisis, poor GDP data, declining business confidence and a current account deficit in negative territory all emerging against the backdrop of material risk-off sentiment in global financial markets.\nAs a result, the rand weakened to R18.74 against the dollar at one point, before recovering at the start of this week to around R18.20. The unit is currently trading slightly stronger at R18.16 on Wednesday (15 March).\nThe currency has been hit from both ends: weak GDP data for Q4 2022 signalled that the South African economy has likely entered a technical recession, with the damage from load shedding taking its toll. Load shedding has run a red line straight through the economy, beating down business confidence and generally impacting all facets of life in the country.\nAdding to local woes, however, is a global aversion to risk – which pushes investors out of emerging markets like South Africa – due to the collapse of Silicon Valley Bank in the United States, which added to worries that the already tighter lending environment, on the upwards US interest rate cycle, would cause other banks to pull back on lending.\nAs much as problems hit the rand at home, it is inextricably tied to the state of the global economy and the US, in particular. This means that the current environment does not spell good news for the local unit in the weeks ahead.\nOil prices\nWhile the rand has taken a beating, global oil prices seem to provide some relief.\nOil prices have been range-bound between $80 and $90 per barrel for most of the year, bandied back and forth by switching narratives over global supply and demand.\nOn the one hand, demand forecasts have been higher thanks to China getting rid of its zero-Covid policy and opening back up for business. This has generally pushed oil prices up slightly, countering a narrative of a looming global recession and reigning productivity.\nHigher prices have also been supported by supply issues as a result of sanctions against Russia over its war in Ukraine – with a price cap attached to Russian oil – and OPEC+ nations cutting production to support prices.\nOn the other hand, projections have been that China’s post-Covid production boom would be much slower than anticipated, and sanctions against Russia have had little impact on supply, pushing prices down.\nAccording to Bloomberg’s analysis of the market, prices are still fluctuating between these narratives, and general volatility is expected.\n“Oil has endured a bumpy year, whipsawed by aggressive monetary tightening from the Fed and optimism around China’s demand recovery. Further gains may be constrained in the near term, with OPEC forecasting a modest surplus in the second quarter, a typical period of soft demand prior to the summer,” it said. “The price cap imposed on Russian crude is working.”\nFor now, oil prices are favouring lower fuel prices back home. After trading around $83 a barrel in the first weeks of March, prices have now dropped below $80 a barrel and sit closer to $78 a barrel.\nThis is how the expected price changes could reflect at the pumps:", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/672761/here-is-the-expected-petrol-price-for-april-4/"}
\ No newline at end of file
diff --git a/clean/cc/8cd113c6c11893f9dfa55a9f3d940b6a.json b/clean/cc/8cd113c6c11893f9dfa55a9f3d940b6a.json
new file mode 100644
index 0000000000000000000000000000000000000000..88e00f32e3cdf1e7502269528d5c5bbc3efceae0
--- /dev/null
+++ b/clean/cc/8cd113c6c11893f9dfa55a9f3d940b6a.json
@@ -0,0 +1 @@
+{"doc_id": "8cd113c6c11893f9dfa55a9f3d940b6a", "text": "Economists at Nedbank say that South Africa’s economy likely scraped by with a marginally positive growth figure for the third quarter of the year – but the prospects heading into 2024 remain bleak as both the power and Transnet crises continue to pummel industries.\nIn a GDP expectations note on Friday (1 December), Nedbank said that South Africa is likely to show just 0.1% GDP growth in the third quarter, down from the 0.6% growth figure posted in Q2.\nThis is a result of various sectors in the economy showing significant declines in production – even despite the lower levels of load shedding over the period.\n“Despite the improvements in electricity supply, the damage done and the costs incurred in the drive for greater self-sufficiency, together with the operational issues at Transnet, stricter financial conditions, weaker global demand, and cheaper commodities, all weighed on industry, resulting in a moderation in output in most sectors over the quarter,” the group said.\nLooking at the sector analysis, production (year-on-year) has been almost entirely in decline in the third quarter, with positives seen in accommodation income, food services, passenger transport and real credit extended.\nHowever, mining, manufacturing, electricity, buildings, wholesale and retail sales and vehicle sales have all shown decline.\n“The economy probably lost significant momentum in Q3 despite the improvement in energy availability. While the intensity of power shortages declined by 18.8% relative to Q2, a substantial 5 942 GW of electricity was shed over the quarter, with 121 more hours (5 days) of load-shedding and more time spent at stages 1-4.\n“As a result, the energy-intensive primary and secondary sectors continued to buckle under the pressures of operational difficulties,” Nedbank said.\nDespite the improved energy availability factor over Q3, the underlying energy problem remains unresolved, the bank said, a trend which it expects to continue into the new year.\n“Operational failures on the part of Transnet have also worsened, with time lags significantly increased at the ports. According to the South African Association of Freight Workers, 46,000 containers were stuck outside two ports off the coast of the Eastern Cape and 61,986 containers outside the Durban port in November,” Nedbank said.\n2024 troubles\nThe outlook for the rest of the year and into 2024 remains bleak, Nedbank said.\n“The power crisis, other logistical constraints, weaker global demand, and lower international commodity prices will continue to undermine production across sectors,” it said.\nAlthough inflation has come down meaningfully, the cumulative 475-basis point hike in interest rates will continue to strain household finances, weighing on consumer confidence and demand.\n“These pressures will cap the upside for services. Altogether, we expect meagre growth of another 0.1% in Q4, limiting real GDP growth to 0.7% in 2023, down from 1.9% in 2022,” it said.\nOn the upside, the bank anticipates a modest cyclical recovery from 2024 onwards, with growth averaging around 1.3% over the next three years.\n“Domestically and globally, falling inflation and lower interest rates will likely boost demand. However, much still depends on whether private companies can shift more aggressively to alternative energy, whether Eskom can reduce load shedding, and whether Transnet can enhance efficiencies significantly,” it said.\nStats SA will publish the latest GDP numbers on Tuesday, 5 December.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/735465/double-blow-for-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/8f6cd7faae414480e73870ebc91cee58.json b/clean/cc/8f6cd7faae414480e73870ebc91cee58.json
new file mode 100644
index 0000000000000000000000000000000000000000..e453fa608807b9540e2815df50580659faf0905d
--- /dev/null
+++ b/clean/cc/8f6cd7faae414480e73870ebc91cee58.json
@@ -0,0 +1 @@
+{"doc_id": "8f6cd7faae414480e73870ebc91cee58", "text": "South African digital insurance provider Pineapple has announced the conclusion of a R400 million funding round – the largest insuretech fundraiser ever in Africa.\nThe investment was led by new investors Futuregrowth, Talent10 and MIC, whilst existing investors Old Mutual ESD, Lireas Holdings, ASISA ESD Fund and E4E Africa also gave additional funding.\nPineapple said that the new funding came off the back of robust growth and sustainable claims ratios that exceed industry standards for a newer insurance portfolio.\n“This funding round stands as a testament to our tech and AI-powered operating model, enabling our mission to offer affordable and comprehensive insurance to all South Africans,” Pineapple co-founder and CEO Marnus van Heerden said.\nThe group’s technology and AI-powered operating model allow it to service customers at 20% of the cost of traditional insurance providers, enabling them to pass this cost saving in insurance premium savings to customers.\n“Their (Pineapple’s) exceptional growth and customer-centric model exemplify a potent combination of technology and market understanding,” Amrish Narrandes, Head of Futuregrowth Asset Management’s Private Equity/Venture Capital, said.\n“With our R100 million investment, we are thrilled to spearhead this round, fueling Pineapple’s journey in redefining the insurance landscape.”\nTens of thousands of customers have insured their vehicles with Pineapple, with nearly 50% of customers being first-time insurance buyers.\nThe company offers car insurance via its website and app in partnership with Old Mutual Insurance, allowing customers to get a full insurance quote and buy their policy in under two minutes.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/731021/pineapple-raises-r400-million-in-funding/"}
\ No newline at end of file
diff --git a/clean/cc/8f77719f606427395fa1eabf879bd443.json b/clean/cc/8f77719f606427395fa1eabf879bd443.json
new file mode 100644
index 0000000000000000000000000000000000000000..5b79516d5e41a96639b04775199d26b3f466fe17
--- /dev/null
+++ b/clean/cc/8f77719f606427395fa1eabf879bd443.json
@@ -0,0 +1 @@
+{"doc_id": "8f77719f606427395fa1eabf879bd443", "text": "A new restructuring plan is with the government, CEO Allan Kilavuka says.\nKenya's government is close to approving a restructuring plan for Kenya Airways (KQ) to replace one introduced by the previous administration and backed by the International Monetary Fund (IMF), the airline's CEO told Reuters.\nThe airline, one of Africa’s three biggest, fell into insolvency in 2018 after an expansion drive left it with hundreds of millions of dollars of debt.\nThe administration of former President Uhuru Kenyatta introduced a plan in 2021 under which the government agreed to provide loans and eventually take over $800 million of the airline’s debt.\nKenyatta’s successor William Ruto, who took office last September, has said he will cut borrowing and called into question the government’s participation in Kenya Airways.\nA new restructuring plan is with the government, CEO Allan Kilavuka told Reuters.\n“The government is currently at the tail end of approving this strategy,” he said, in written responses to Reuters’ questions.\nAlso responding to written questions, Treasury Cabinet Secretary Njuguna Ndung’u said the government wanted to turn around KQ so it can secure a strategic investor but did not provide details of the new plan.\nThe IMF approved the previous scheme as part of a $2.34 billion lending programme it agreed in April 2021 with the government, which holds a 48.9 percent stake in the airline.\nMr Kilavuka said the plan would include some of the same elements as the previous one, including eliminating loss-making routes, but did not say how the two would differ.\nA senior KQ source, who asked not to be named, said it was not yet known if the new plan would maintain the government’s commitment to taking over the $800 million in debt.\n“It is a big if,” the source said.\nThe IMF’s representative in Kenya did not respond to requests for comment.\nKenya Airways will present its 2022 results to investors on Monday.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/state-close-to-approve-kenya-airways-restructure-plan-4171660?view=htmlamp"}
\ No newline at end of file
diff --git a/clean/cc/917c65e40b2771f44e0e6c10535dc3d1.json b/clean/cc/917c65e40b2771f44e0e6c10535dc3d1.json
new file mode 100644
index 0000000000000000000000000000000000000000..84954179d5f36223115d1dd0cc63ac216c59de65
--- /dev/null
+++ b/clean/cc/917c65e40b2771f44e0e6c10535dc3d1.json
@@ -0,0 +1 @@
+{"doc_id": "917c65e40b2771f44e0e6c10535dc3d1", "text": "Pepkor has seen a drop in profits amidst a challenging economic environment.\nIn its financial results for the year ended 30 September 2023, the group said that consumers are facing severe financial strain due to high living costs, unemployment and continued disruption in social grant payments.\n“Electricity load shedding continues to restrict economic activity. The lost trading hours more than doubled this year, reaching 845,000 hours, and diesel costs surged by 69% to R141 million for the year,” the group said.\nHowever, the group has invested heavily in alternative power sources, with 100% of PEP and Ackermans fully covered.\n“These measures are, however, only effective up to certain stages of load shedding. Load shedding further affects customer movement, activity and spending power,” it added.\nGrowing crime, such as burglaries and armed robberies of stores, also affects employee and customer safety; the group said it has put in several measures to protect employees and assets at additional costs.\nHowever, the group did experience market share gains in the Babies, Adult and Home categories, with the group selling two out of three babies’ and one out of two kids’ apparel items in South Africa.\nSpeciality also expanded market share in the Adult category whilst Ackermans gained share in the Schoolwear, Younger girls and Lingerie categories.\nHowever, product supply challenges were experienced in certain categories, such as cellular handsets. Although this negatively affected sales performance, the group still sells seven out of 10 prepaid handsets in South Africa.\n“Headline earnings of R5.5 billion was in line with expectations, negatively impacted by elevated debtors’ costs and net finance costs,” the group said.\n“The implementation of the group’s credit interoperability strategy in the South Africa-based clothing and general merchandise retail brands has yielded pleasing results, notwithstanding increased debtors’ costs in the form of provisions raised. The overall group credit sales mix increased to 10% from 8% in the prior year.”\nMore specifically, the group’s headline earnings per share dropped by 8.2% to 149.2 cents (FY22: 162.6 cents).\nThe dividend per share also dropped by -12.9% to 48.1 cents (FY22: 55.2 cents).\nOutlook\nThe consumer and operating environment in South Africa continues to pose challenges. Substantial disruption in port operations is adversely affecting stock inflows following year-end,” the group said.\n“Although sales performance exhibited fluctuations in October 2023, trading remains resilient and robust during periods when money is injected into the market, such as payment days for\nsocial grants, salaries and wages.”\nIt noted that the success of the first quarter of FY24 depends on the performance of the festive and back-to-school trade,\n“In FY24, it is anticipated that product inflation will alleviate to mid-single-digit levels, supported by enhanced sourcing strategies and deflation in factory gate prices. This will benefit customer affordability and boost sales volumes. The group continues to implement specific cost-reduction measures.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/734549/r141-million-load-shedding-pain-for-pepkor/"}
\ No newline at end of file
diff --git a/clean/cc/9329e834c09812cb849b69d31d9238be.json b/clean/cc/9329e834c09812cb849b69d31d9238be.json
new file mode 100644
index 0000000000000000000000000000000000000000..bda96ab8e649586cd6e67912e42d0926dba5d081
--- /dev/null
+++ b/clean/cc/9329e834c09812cb849b69d31d9238be.json
@@ -0,0 +1 @@
+{"doc_id": "9329e834c09812cb849b69d31d9238be", "text": "Mr Price has seen its profit dip amid a challenging economic environment.\nIn the group’s financial results for the 26 weeks ended 30 September 2023 (H1 FY24), the group recorded growth in revenue of 26.4% to R16.8 billion when including Studio 88 (S88), excluding which revenue grew 3.5% to R13.7 billion.\nCompared to H1 FY23, basic and headline earnings per share dropped 10.3% and 9.3% to 448.8 cents and 449.9 cents, respectively.\nThe interim dividend of 283.5 cents also declined by 9.3% from H1 FY23.\nThe group said the challenging circumstances from H2 FY23 passed onto the current financial year.\nFor instance, load shedding was four times higher in Q1 2024 than the same period in the prior year, with the group spending R140 million to acquire backup power systems.\nThe group said it lost 60,000 trading hours from load shedding over the period, equivalent to approximately R190m in revenue.\nIn addition, the value customer was severely impacted by double-digit inflation in food and public transport, coupled with rising interest rates.\nElevated inventory levels in the retail sector resulted in a significant promotional retail environment. The higher markdowns were required to remove excess inventory, which impacted gross profit margins.\n“Pleasingly, there was a significant momentum shift in Q2, with sales growth improvements in all sales channels, tender types and geographies, resulting in market share gains and an uplift in GP%,” the group said.\n“The positive market share trend continued into H2, with market share up 70 basis points (bps) in October 2023, according to the RLC.”\nOutlook\nThe group said that South African consumers will remain constrained in 2024 as the recovery in employment lagged economic activity and real wage growth has been negative.\n“The recent improvements in consumer price inflation, fuel prices, currency exchange rates and unemployment will bring some respite to business and consumers. The interest rate cycle is anticipated to turn positive by mid-2024, which will alleviate consumer pressure,” the group said.\n“Electricity supply remains a risk to economic activity; however, there is an expectation that the load shedding intensity moderates.”\n“An increasing risk to business in South Africa is the instability of port operations. The company will continue to take the necessary steps to minimise this impact, and management is satisfied that the group has adequate stock levels for the upcoming festive season.”\nDespite the challenges in the operating environment, it is confident that the positive momentum experienced in Q2 will continue into H2.\nThe group said that several attractive growth opportunities are available, including Mr Price Kids, which has 16 standalone stores that exceed expectations and can potentially be a significant retail chain for the group.\nThe group also plans to open roughly 140 new stores during the year through its annual capital expenditure of R1.4 billion.\nAlthough the retail sector faced a problematic October, with the RLC noting that the total market declined by 1.5% over the period, the group saw a growth of 2.3% in retail sales. Retail sales were also up 6.2% in the first two weeks of November.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/733047/mr-price-takes-a-hit/"}
\ No newline at end of file
diff --git a/clean/cc/9423624faf0a54962d4cf588774b89b7.json b/clean/cc/9423624faf0a54962d4cf588774b89b7.json
new file mode 100644
index 0000000000000000000000000000000000000000..3a79e357d3cfe9b5fb9a27eb467a8a0afe43ce21
--- /dev/null
+++ b/clean/cc/9423624faf0a54962d4cf588774b89b7.json
@@ -0,0 +1 @@
+{"doc_id": "9423624faf0a54962d4cf588774b89b7", "text": "Kenya Power chairperson Vivienne Yeda is set to quit the utility after the Treasury opted not to support her re-election at the firm’s AGM set for December 16.\nMs Yeda, who was tapped in November 2020 to shepherd the turnaround of Kenya Power, informed investors she will be quitting on the day of the shareholder meeting.\nSources at the power utility reckon that the new government was uncomfortable with her stay at Kenya Power and links with top officials at State House under the Uhuru administration.\nALSO READ: Kenya Power CEO replaced amid fight over tenders\nHer exit will add to the instability on Kenya Power’s board and executive suite that has seen directors quit in quick succession.\n“We received a November 18 letter from the Treasury indicating the government’s desire for the removal of Vivienne as director of Kenya Power,” said a Kenya Power top executive who sought anonymity. “Vivienne did not want to fight and opted to retire.”\nThe Business Daily saw excerpts of the letter from the Treasury, which holds 51.01 per cent of Kenya Power voting rights, seeking a special notice on the agenda of the AGM calling for the removal of Ms Yeda.\nTraditionally, a change in administration often triggers shake-ups in parastatals as the President and ministers move to assert their influence over government-managed firms that have previously been used as centres of patronage by previous regimes.\nALSO READ: Local firms block Kenya Power Sh2bn meter tender\nWilliam Ruto was sworn in as Kenya’s fifth President on September 13.\nMs Yeda’s term was expected to expire in November 2023.\n“Ms Vivienne Yeda has given notice of retirement as a director with effect from the date of the annual general meeting,” Kenya Power said in a public statement yesterday.\nMs Yeda also serves as CEO of the East Africa Development Bank.\nShe joined Kenya Power in 2020 on a freshly minted board that had a brief of restructuring the company and lifting the utility firm from losses.\nIn May, three directors-- Elizabeth Rogo, Abdulrazaq Ali and Caroline Kittony-Waiyaki-- appointed together with Ms Yeda resigned under unclear circumstances, leaving the utility short of independent board members.\nThe board exits came days after Kenya Power appointed a new acting managing director, Geoffrey Waswa Muli, replacing Rosemary Oduor, who had been acting in the same capacity since August 2021.\nThe firm said mid this month Mr Muli would take over from Ms Oduor immediately as she proceeded on annual leave.\nMs Oduor took over from Bernard Ngugi, who also resigned last August.\nMr Ngugi was the fourth CEO in four years to exit the firm amid a boardroom fallout that came months after the court dismissed a petition to remove him over past procurement dealings.\nHe had come under pressure from the board and shareholders over turnaround plans in the wake of a streak of losses at the utility. He quit barely two years after he was appointed for a three-year term.\nLast year, Kenya Electrical Trades and Allied Workers Union (Ketawu) threatened to go on strike to push for the resignation of Ms Yeda and the three directors.\nThe strike threat came at a time the anti-corruption watchdog had summoned non-executive board members of Kenya Power to record statements over procurement fights that had rocked that utility company weeks after the exit of Mr Ngugi.\nALSO READ: Kenya Power suspends five senior managers amid forensic audit\nA source at the firm said the new board took an active role in management, including querying procurement decisions and dropping management’s strategy to increase tariff rates that officials believed would lift Kenya Power out of the red.\nIn July 2018, Kenya Power faced a crisis after its chief executive and several senior executives were arrested and charged with conspiracy to commit economic crimes and abuse of office. They all denied the charges.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/treasury-triggers-kenya-power-chair-ouster-ahead-of-agm--4031200"}
\ No newline at end of file
diff --git a/clean/cc/95b1842c066345a28426218aa8cf6ebb.json b/clean/cc/95b1842c066345a28426218aa8cf6ebb.json
new file mode 100644
index 0000000000000000000000000000000000000000..f82f97a74aa8951840bb2be0955c11ceda453de1
--- /dev/null
+++ b/clean/cc/95b1842c066345a28426218aa8cf6ebb.json
@@ -0,0 +1 @@
+{"doc_id": "95b1842c066345a28426218aa8cf6ebb", "text": "South Africa’s second-biggest mobile network estimated that load-shedding cost its South African operations R695 million in 2022 alone.\nIn the MTN Group annual results for 2022, the telecoms operator said that operating conditions were significantly impacted by national grid power availability worsening in the second half of the year.\n“We estimate that the overall effect of load-shedding on topline and costs resulted in a negative impact of R695 million (or 3.4%) on MTN South Africa’s EBITDA (earnings before interest, tax, deductions and amortisation),” MTN said.\n“Power supply in South Africa was an ever-increasing risk through 2022 with 208 days of load shedding – 146 of these in H2.\n“This impacted not only network availability but also some business functions, which hampered our customers’ ability to recharge and upgrade their packages,” MTN added.\nHowever, the company said it continued implementing a “comprehensive network resilience plan” to mitigate the impact of load-shedding, which began rolling in the second half of 2022 and is targeting its completion by May 2023.\n“Our investment in this regard, which included dealing with vandalism and additional security on sites, put additional pressure on operating costs,” it stated.\nIn South Africa, MTN racked up R15.39 billion in capital expenditure in 2022 towards its tower infrastructure investments, which included backup batteries.\nMTN has estimated to spend another R13.24 billion on capex in the country in 2023.\n“Considering the increased frequency and intensity of stage 6 load shedding and the potential threat of stage 8, MTN SA is working with its partners on further optimising sites to ensure consistent performance of the resilience upgrades,” said MTN.\nThis will include the rollout of additional batteries, generators and “enhanced security features” to address an anticipated increased prevalence in load-shedding.\nMTN noted that this optimisation process is expected to be concluded by December 2023.\n“The anticipated higher frequency and intensity of lead shedding has impacted MTN SA’s outlook for both service revenue and costs,” the company stated.\nDespite the severe load-shedding, MTN South Africa grew service revenue by 3.6% during the year, while data revenue increased by 13.1%.\nEBITDA also increased by 4.7%, or 2.8%, when excluding the gain from selling MTN towers, while a dividend of 330 cents per share was declared – increasing by 10% compared to the 300 cps in 2021.\n“MTN delivered a solid operating and financial performance in 2022 as we continued to execute our network resilience plan. We are pleased with the business’ continued resilience under challenging global and regional macroeconomic conditions,” said Group CEO Ralph Mupita\n“However, given the higher-than-expected power and network security costs and a re-assessment of the management fee agreement with the Group, we are revising the targeted range for MTN SA’s EBITDA margin to 37-39% (previously, 39-42%),” He added.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/672001/load-shedding-costs-mtn-r695-million-as-it-gears-up-for-stage-8/"}
\ No newline at end of file
diff --git a/clean/cc/95b569f2275109021a013c2299effa90.json b/clean/cc/95b569f2275109021a013c2299effa90.json
new file mode 100644
index 0000000000000000000000000000000000000000..b1fa58ac6930f7e06f66e25b805c4d3de7954300
--- /dev/null
+++ b/clean/cc/95b569f2275109021a013c2299effa90.json
@@ -0,0 +1 @@
+{"doc_id": "95b569f2275109021a013c2299effa90", "text": "Mobile operator Vodacom has reported a decline in headline earnings for the six months ended 30 September 2023, citing higher interest rates, elevated levels of inflation and currency volatility as the cause.\nThe group reported a huge jump in revenue for the period at R72.8 billion, up 35.5% from the comparable period in 2022. Revenue was boosted by the acquisition of Vodafone Egypt.\nService revenue grew by 42.2%, or 7.9% when excluding the Vodafone Egypt acquisition.\nVodafone Egypt was the largest acquisition in Vodacom’s history and delivered service revenue of R14.3 billion, contributing 24.1% of group service revenue despite challenging macroeconomics, the company said.\nThis performance was supported by strong growth in data revenue, customer engagement and content integration. Vodafone Egypt ended the period with 47.0 million customers, up 5.5%.\nVodacom’s EBITDA increased by 35.1%, or 5.5% on a pro-forma basis, but the company’s EBITDA margin shrunk by 0.1 percentage points.\nThe group declared an interim dividend of 305 cents per ordinary share, down from 340 cents per share the year prior.\nHowever, despite the big jump in earnings, the company’s earnings per share declined by 5% to 434 cents per share, while headline earnings per share shrunk by 4.2% to 438 cents.\nVodacom CEO Shameel Joosub said that higher interest rates, elevated levels of inflation and currency volatility across markets had an impact on the group’s earnings.\nSouth Africa\nVodacom South Africa service revenue grew 4% to R30.7 billion, which the group noted was “credible” given the tough macroeconomic environment.\nMobile customer revenue was up 4.1% to R11.7 billion, which benefitted from contract price increases coupled with additional data allocation.\nMobile contract ARPU was up 1.7% to R302. Prepaid ARPU was up 3.6% to R58, it said.\nThe group added 3 million new customers in South Africa (100,000 contract, 2.9 million prepaid) to take its total to 40.5 million customers in the country.\nVodacom said it invested R4.8 billion in its South African network over the period to support network resilience and leverage its new spectrum assets – however, this was down from the capex in the same period last year.\nThis is going to change, however.\n“The year-on-year decline in capital expenditure reflects accelerated energy resilience spend in the first half of the prior year period, ahead of load shedding. Looking ahead, we expect to spend around R11.0 billion on capital expenditure in the current financial year, with increased spend in the second half of the year,” it said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/730709/vodacom-earnings-take-a-hit/"}
\ No newline at end of file
diff --git a/clean/cc/961870bd56e04d81e9ac2c86714d0b62.json b/clean/cc/961870bd56e04d81e9ac2c86714d0b62.json
new file mode 100644
index 0000000000000000000000000000000000000000..75e374e3064f7ad2cf0058e2d293196b3a4a3021
--- /dev/null
+++ b/clean/cc/961870bd56e04d81e9ac2c86714d0b62.json
@@ -0,0 +1 @@
+{"doc_id": "961870bd56e04d81e9ac2c86714d0b62", "text": "Loan defaults rose by Sh133.6 billion in the financial year ended December 2023, overtaking levels recorded during the Covid-19 pandemic era and sinking the banking sector into a rare profit drop as economic hardship ravaged households and businesses.\nThis is a record jump in the value of loan defaults in a single year and erodes the banking sector’s unaudited net profits for the period to Sh172.9 billion from Sh175.5 billion the previous year.\nA disclosure by the National Treasury showed that loan defaults rose by 27.4 percent from Sh487.7 billion to Sh621.3 billion, marking the largest rise in a single year since CBK started making the data public.\nThe Treasury said manufacturing and trading sectors accounted for about Sh248.52 billion or 40 percent of the Non-Performing Loans (NPLs) at the end of December, pointing to struggles among businesses and an elevated fear of layoffs and slowdowns in new jobs.\nThe Sh133.6 billion rise in the value of defaulted loans raced past the Sh99.2 billion that was added in the year ended December 2020 when households and businesses were battling Covid-19 economic disruptions.\nThe defaults took the NPLs ratio—a measure of the proportion of loans for which interest has not been paid for at least three months— to 14.8 percent at the end of December, compared with 13.3 percent in a similar period in 2022.\nRead: Manufacturers shake banks with Sh133bn loan defaults\n“The slightly elevated NPL ratio is due to a higher government spending bill as well as the economic slowdown. Approximately 40 percent of total NPLs are concentrated in the manufacturing and trade sectors, thus reducing contagion to the banking sector,” the Treasury said in its newly published $2 billion (Sh319 billion) Eurobond buyback prospectus.\nThe rare Sh2.6 billion decline or 1.5 percent drop was in contrast with a similar period last year when the banking sector’s net profit jumped by 22.5 percent from Sh143.3 billion.\nThe only recent years in which the sector returned a drop in profits was in 2017 on the impact of interest rate capping law and in 2020 when Covid-19 disrupted businesses. On both occasions, they rebounded within a year.\nFactors such as the elevated price of goods and services, new statutory deductions including housing levy, and increased interest rates in line with a higher Central Bank Rate (CBR) — now at 13 percent, the highest point in 12 years—have combined to weaken borrowers’ ability to service loans.\nBorrowers were last year hit with three rises in the CBR, which has translated to increased prices of loans and ultimately caused many borrowers to struggle with monthly repayments.\nThe Monetary Policy Committee of the CBK in December last year, served one of the biggest surprises by raising the CBR to 12.5 percent from 10.5 percent. The committee last week increased this to 13 percent, matching the September 2012 rate.\nThe new rate is set to usher in a fresh round of upward repricing of loans, giving borrowers a new pain point as they start 2024.\nWeighted average lending rates for banks stood at 14.63 percent in December—the highest since August 2016 when it averaged 17.66 percent.\nCBK Governor Kamau Thugge last Wednesday said he is “concerned” about the NPLs and what impact the rising interest rates will have on them but said the focus now is on controlling inflation and managing the weakening of the shilling.\n“We continue to keep an eye on them (NPLs) but we are convinced that stabilising inflation and exchange rate at this time is the most critical thing we can do to stabilise the macro-economic environment,” he said.\nBorrowers are already grappling with elevated prices of goods and services even as new deductions hit the salaried.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/record-sh621bn-loan-defaults-push-banks-into-rare-profit-fall--4521758"}
\ No newline at end of file
diff --git a/clean/cc/96f22a9ea86221833df8fb9253cffa83.json b/clean/cc/96f22a9ea86221833df8fb9253cffa83.json
new file mode 100644
index 0000000000000000000000000000000000000000..952aee1d51d18f35b3c24aa1b29bce0bda4ab598
--- /dev/null
+++ b/clean/cc/96f22a9ea86221833df8fb9253cffa83.json
@@ -0,0 +1 @@
+{"doc_id": "96f22a9ea86221833df8fb9253cffa83", "text": "The National Treasury and the South African Revenue Service (SARS) have called on the public to comment on the draft legislative amendments to give effect to the two renewable energy tax incentives announced in the 2023 Budget.\nThe proposals, which were published on Friday, assist in partially addressing the country’s energy crisis and encourage private investment in expanding electricity generation.\n“This initial batch of the 2023 draft Taxation Laws Amendment Bill (TLAB) covers these two specific tax amendments and are urgent due to the proposed early effective dates for implementation and to enhance certainty for individuals and businesses that would like to immediately invest in renewable energy.\n“The publication of the initial batch of the 2023 draft TLAB enables an early and additional public comment process that will enable the more detailed second-round process of public comment when these provisions are incorporated in the more comprehensive 2023 draft TLAB in July 2023,” National Treasury said.\nThis initial batch of the 2023 draft TLAB is intended to solicit comments on the following two specific and urgent amendments and serves as notice to taxpayers for earlier effective dates of the proposed amendments.\nPublic comments may include proposals by body corporates on how the rooftop solar incentive could be applied to members of the body corporate if a body corporate were to install solar PV panels for members’ benefit.\nExpansion of the renewable energy tax incentive\nUnder the enhanced renewable energy tax incentive, taxpayers who are conducting businesses will be able to claim a 125% tax deduction (in the first year) for qualifying capital expenditure in respect of all renewable energy projects, with no threshold on generation capacity.\nThe enhanced incentive will be available for a period of two years and apply to investments in renewable energy projects brought into use for the first time on or after 1 March 2023 and before 1 March 2025.\nRooftop solar tax incentive\nWith respect to the rooftop solar tax incentive, individuals will be able to receive a tax rebate to the value of 25 per cent of the cost of any new and unused solar PV panels, up to a maximum of R15,000.\n“The rooftop solar tax incentive will be available for a period of one year and will apply to new and unused solar PV panels that are acquired by the individual and brought into use for the first time on or after 1 March 2023 and before 1 March 2024.\n“The draft legislation and the accompanying draft explanatory memorandum containing a comprehensive description of the proposed amendments can be found on the National Treasury (www.treasury.gov.za) and SARS (www.sars.gov.za) websites,” National Treasury said.\nThe due-date for public comments\nWritten comments can be forwarded to the National Treasury’s tax policy depository at [email protected] and SARS at [email protected] by the close of business on 15 May 2023.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/682517/sars-looking-at-how-rooftop-solar-tax-breaks-can-be-expanded-including-to-complexes-and-estates/"}
\ No newline at end of file
diff --git a/clean/cc/9749f263b64497b2db65737e613403fa.json b/clean/cc/9749f263b64497b2db65737e613403fa.json
new file mode 100644
index 0000000000000000000000000000000000000000..9aab6322ea59bd9e759f619cfc573422e1544ef8
--- /dev/null
+++ b/clean/cc/9749f263b64497b2db65737e613403fa.json
@@ -0,0 +1 @@
+{"doc_id": "9749f263b64497b2db65737e613403fa", "text": "Students from rich families will pay more for their education in public universities in the latest push to ease a biting cash crunch in the institutions and cut reliance on the Treasury.\nThe University Funding Board (UFB)—the State agency that guides allocations of student funds to universities--is pushing for a cut on government funding for children of the rich at universities.\nThe review will also affect government-sponsored students in private universities who receive at least Sh70,000 annually depending on the course they are pursuing irrespective of their income status.\nThe government is expected to pay 80 percent of the cost of degrees per student under the current funding model, with the learners in public universities paying about Sh28,000 annually. The funding board, with the backing of the Treasury and university vice-chancellors, wants the allocations reviewed to reflect the students’ income status.\nPublic universities have come under financial strain in recent years as a result of rapid expansion amid lower State funding and a sharp fall in enrolment on self-sponsored programmes after the government opted to fully fund students scoring the minimum C+ entry grade and above in the Kenya Certificate of Secondary Education (KCSE) exams.\nStudents enrolling for the parallel degree courses had over the years generated billions of shillings for the institutions because they pay the full cost of programmes that top over Sh600,000 annually for those like medicine.\nNow, UFB and vice-chancellors want students from wealthy families to pay the full or a larger share of the cost of degrees, starting with next year’s intake.\n“This policy brief recommends a gradual introduction of targeted free tuition to shift the burden of higher education funding to only needy and bright students,” UFB says.\n“Evidence has shown that a number of households in Kenya, especially those in the middle and upper income quotients, may not require any financial support to put their children through university education.”\nThe State will have students vetted by the Higher Education Loans Board (Helb) when disbursing funding, with the rich locked out.\nScholars cite scenarios where parents pay Sh175,000 annually for a pupils in Kabarak Primary School, and over Sh200,000 in the institution’s secondary schools and less than Sh50,000 at their university section under government sponsorship.\nKenya will follow in the footsteps of Uganda, which is seeking to block children of the rich from getting government funding for degrees in public universities.\nState support per student has dropped from 80 percent of the cost of degree to the current 48 percent on the back of increased enrolment.\nThe drop reduced the flow of State funds to the troubled public universities, forcing some of the institutions to scrap courses, shut down campuses as well as resort to pay cuts and hiring freezes.\nThe funding board estimates that the funding gap for government-sponsored students in public universities will hit Sh96.27 billion in the year ending next June, from the current Sh27 billion.\nAlso read: Will portal restore varsities' financial sanity?\nIn the 2020/21 financial year, Sh87.317 billion was required to fully fund the 434,631 government-sponsored students at the universities but the Treasury only released Sh47.39 billion, leaving the universities with a hole of Sh39.91 billion.\nUFB says that Sh20.1 billion is needed to fully finance students who sat their KCSE exam last year and a further Sh30.68 billion will be required to pay for those writing their national examinations next month.\nThe Treasury in May rejected requests for additional funding to the institutions, with University of Nairobi demanding an extra Sh13.8 billion.\nTreasury Cabinet Secretary Ukur Yatani asked the universities to review the State funding of the students, put a freeze on hiring and raise the out-of-pocket fees paid by the learners.\n“Review university fees and charges paid by students…and the Differentiated Unit Cost criteria which is used to determine the funding allocated to universities,” Mr Yatani said.\nThe vice-chancellors have revived the petition to increase tuition fees in public universities in their latest efforts to keep the institutions afloat.\nA memo from the Education ministry reveals the push by the top university administrators for the upward review of fees in the next intake.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/students-from-rich-families-to-pay-more-university-fees-3984286"}
\ No newline at end of file
diff --git a/clean/cc/97b3cbcbb6a8ed04d6d8c18636850db7.json b/clean/cc/97b3cbcbb6a8ed04d6d8c18636850db7.json
new file mode 100644
index 0000000000000000000000000000000000000000..770430f697babfd6b4dcbdcc641fde0d3290115f
--- /dev/null
+++ b/clean/cc/97b3cbcbb6a8ed04d6d8c18636850db7.json
@@ -0,0 +1 @@
+{"doc_id": "97b3cbcbb6a8ed04d6d8c18636850db7", "text": "Business interest group BLSA says that stage 8 load shedding is all but certain in the coming months, warning that companies relying on diesel to keep their operations going during outages will be hit even harder as the lights go out for as much as half the day.\nAccording to Business Leadership South Africa (BLSA) chief executive Busi Mavuso, not only will record load shedding hit companies’ bottom lines, but the knock-on effect on the country through business confidence and investor sentiment will also be felt for some time.\n“The impact on already weak business confidence is obvious. This is not the environment in which businesses are going to undertake new investments. That will feed into weaker overall economic performance with growth facing yet another setback,” she said.\nMavuso said that the bitter pill of stage 8 load shedding would be easier to swallow if there was any guarantee that this would be the worst outages the country would ever experience – but a lack of progress in resolving the wider energy crisis does not instil hope.\n“The National Electricity Crisis Committee (Necom) last year pulled together the best minds on electricity and set out a plan to address the crisis as best we can, both in the short term and long term.\n“Necom’s Energy Action Plan has had some successes…But key further steps are now mired in confusion and political contestation,” she said.\nWhile South Africa has managed to make amendments to the Electricity Regulation Act to free up the private sector to build new generating plants at scale – and a request for proposals for battery storage has been published, with bids due in July – other measures have stalled or gone completely off track.\n“For one thing, the Integrated Resource Plan (IRP), the roadmap for the entire energy sector, is meant to have been updated from the 2019 version but we are still waiting for the document to be released despite promises that we would get it in March,” Mavuso said.\n“We are also meant to have made significant progress on the unbundling of Eskom’s transmission, distribution and generation units, largely to set up an independent system operator. Requests for proposals for new gas power generation were also meant to have been launched.”\nMavuso said that these missed opportunities and the glacial pace of energy reform make it difficult for businesses to bank on or trust in any resolution coming soon.\n“The painful experience of Stage 8 would be easier to endure if we had high confidence that it was the low point in our electricity recovery plan,” she said. “Instead, the plan is being buffeted from various sides, apparently unmoored from its political anchors.”\nInstead of sticking to the plan, ministers in charge have gone rogue. Mavuso noted that minerals and energy minister Gwede Mantashe has announced an RFP for 2.5GW of nuclear power will be launched by the end of this year – this was not part of any plan.\nElectricity minister Kgosientsho Ramakgopa has also departed from any plan with new talk of extending the lives of Eskom’s coal plants, in conflict with transition plans that have already been agreed upon.\n“Global funders have taken note of the shifting goalposts, threatening the just energy transition partnership that was formed at COP26 to raise $8.5 billion of funding for South Africa’s transition. These missteps are going to be harder to bear as stage 8 is implemented,” she said.\nMeanwhile, stage 8 load shedding implies half of the day will be without electricity, and businesses continue to suffer greatly.\nFor companies running diesel-powered generators during outages, consumption is likely to spike, creating logistics and storage challenges, as well as extensive costs.\n“Already the cost of dealing with load shedding is a major driver of inflation and is doing serious damage to the profitability of companies. This will require extensive contingency planning by businesses across the country,” Mavuso said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/689931/business-sounds-the-alarm-on-stage-8-load-shedding/"}
\ No newline at end of file
diff --git a/clean/cc/9bf9758eff60d9f7cd81e072287e79ab.json b/clean/cc/9bf9758eff60d9f7cd81e072287e79ab.json
new file mode 100644
index 0000000000000000000000000000000000000000..14a6ac0d2fbdfbba05dc03126126751bd384b7cb
--- /dev/null
+++ b/clean/cc/9bf9758eff60d9f7cd81e072287e79ab.json
@@ -0,0 +1 @@
+{"doc_id": "9bf9758eff60d9f7cd81e072287e79ab", "text": "South Africa’s largest retail group, Shoprite, says that it spent R560 million on diesel to keep its operations going during stage 5 and stage 6 load shedding over the last few months.\nThe group published an operational update on its business for the six months ending 1 January 2023, outlining strong growth across its operations for the period.\nThe group’s core business, Supermarkets RSA, contributed 80.1% to group sales and achieved sales growth of 17.5%. This growth is reported against the six-month period ended 2 January 2022 when sales increased by 11.3%.\nAccording to Shoprite, the growth in sales reflects a record Black Friday and festive season, underpinning 46 months of uninterrupted market share gains.\nWhile sales were significantly higher, Shoprite said that margins were tighter as the group moved to shield consumers from high food price inflation and also absorbed operational costs related to ongoing load shedding.\n“Internal selling price inflation for the period measured 9.4%, reflecting the group’s product mix exposure to commodities, where selling price inflation has been notably higher,” it said.\n“As a result of our commitment to price leadership, the group invested in selling prices to counter the impact of inflation for customers, thereby saving our Shoprite and Checkers Xtra Savings customers R7 billion over the period.”\nThis was exacerbated by a 56% year-on-year increase in fuel prices in Shoprite’s supply chain operations.\n“The group’s additional spend on diesel to operate generators across our Supermarkets RSA store base in order to trade uninterrupted during load shedding stages five and six amounted to R560 million for the period,” it said.\nShoprite is another in a growing list of JSE-listed and other businesses in South Africa counting the costs of higher stages of load shedding that have hit the country.\nR560 million over six months averages out to over R3.1 million a day.\nProperty developer Attacq revealed in December that it costs retailers over R500,000 a day on average to keep operations going during stage 6 load shedding.\nAccording to the Bureau for Economic Reasearch, major production companies have warned of the toll load shedding is taking on business – affecting the country’s food supply, mining and shopping malls. Losses relating to load shedding are mounting across various sectors – specifically within the agricultural and mining sectors.\nThe group highlighted commentary coming from a handful of companies expressing this alarm:\n- Sibanye Stillwater (mining): The worsening power constraint could lead to the early closure of marginal shafts and reduces the appetite to invest in capacity expansion, said Sibanye Stillwater.\n- Impala Platinum (mining): The company reported that output in 2023 is likely to be down compared to 2022. “If the situation worsens, at some point, the company will stop sending people underground on certain days.”\n- SA Canegrowers: The group’s scenario modelling shows that continuous load shedding at stages 4-6 will cost growers more than R723 million in 2023.\n- Astral (poultry): South Africa’s largest poultry producer has warned it would suffer severe operational disruptions through the first quarter of 2023 due to load shedding. These disruptions result in abnormal/additional costs, as well as substantial production cutbacks – pushing chicken prices up for consumers.\n- Nando’s (fast-food): Has wanted of the threat to their fresh food supply.\n- Truworths (retail): Despite its stores still being able to trade through power cuts – it is likely fewer people will be visiting malls in South Africa.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/660785/stage-6-load-shedding-costs-south-africas-biggest-retailer-r560-million/"}
\ No newline at end of file
diff --git a/clean/cc/9fe9d1c323af2a9a8076ee6539fa8cd1.json b/clean/cc/9fe9d1c323af2a9a8076ee6539fa8cd1.json
new file mode 100644
index 0000000000000000000000000000000000000000..5a1d1b819f2446abec9913be0e0f9cfc78c43003
--- /dev/null
+++ b/clean/cc/9fe9d1c323af2a9a8076ee6539fa8cd1.json
@@ -0,0 +1 @@
+{"doc_id": "9fe9d1c323af2a9a8076ee6539fa8cd1", "text": "The firm behind the Sh23 billion Garden City project on Thika road has announced that the first phase is complete, paving way for the opening of its shopping mall in three months’ time.\nActis, the London-based private equity firm constructing the $250 million mixed development, says the high-end shopping complex at its heart will open on May 28, with the official ceremony to be held in June.\n“We are confident that the scale and quality of this project are something that has not been seen before in East Africa,” said Actis managing director Michael Turner.\n“We are very proud of what we have built so far, and welcome everyone to the new Garden City Mall.”\nLast month, the developer said it was working with the Nairobi County government to set up an efficient road access to Garden City to spare shoppers heading to its mall the hassle of using the Kasarani underpass, which is always jammed with customers heading or exiting the nearby Thika Road Mall.\nShoppers will access the Garden City Mall through the overpass at the Garden Estate interchange, while those coming from Thika will use exit number seven then branch left into the new road which cuts through Willmary Estate adjacent to the mall.\nThe first phase of the high-end mall features 33,000 square metres of retail space, 76 two and three-bedroom apartments and duplexes and a three-acre central park.\nThe anchor tenants of the shopping complex include Massmart, a South African retailer set to open its first Kenyan store through its subsidiary the Game, and Nakumatt Supermarkets.\nOther tenants set to open shop in May include Tile & Carpet, Victoria Courts, and a range of cafés and restaurants. The outside seating on the dining terrace will overlook the three-acre Garden City Park.\nBilled as the second largest development in East and Central Africa after Centum’s 62,000 square metre Two Rivers project, Garden City is expected to be completed by 2017.\nREAD: Garden City’s phase two set for February\nIt includes a multiplex cinema, additional residential and retail space, plus a business hotel and 20,000 square metres of office space.\nMeanwhile, property consultants Knight Frank have advertised a 15-acre parcel of prime development “adjacent to Garden City”, with an option for a further 35 acres. No price has been provided.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/nairobi-s-garden-city-mall-to-open-doors-in-may-2079794"}
\ No newline at end of file
diff --git a/clean/cc/a3e2c712fdaa2b11f6a3866de74ca149.json b/clean/cc/a3e2c712fdaa2b11f6a3866de74ca149.json
new file mode 100644
index 0000000000000000000000000000000000000000..da1a0e5c96065795d5ca6030925e6c8ac92adc43
--- /dev/null
+++ b/clean/cc/a3e2c712fdaa2b11f6a3866de74ca149.json
@@ -0,0 +1 @@
+{"doc_id": "a3e2c712fdaa2b11f6a3866de74ca149", "text": "Petroleum products firm Ken Petrogas Limited plans to build a Sh1 billion Liquefied Petroleum Gas (LPG) and natural gas terminal and a jetty in Shimoni in Kwale County as it moves to diversify its revenue streams.\nThe firm has revealed in an environmental and social impact assessment study report that the facility will have a capacity to handle 10,000 tonnes of LPG and 140,000 cubic metres of Liquid Natural Gas (LNG).\nThe facility, which will be built on land measuring 6.52 acres will also have a floating jetty and a marshalling yard that can accommodate up to 65 trucks.\nRead: Treasury revives LPG subsidy scheme as prices rise\n“The total estimated cost for the project is approximately Sh1.13 billion,” said Ken Petrogas in the report submitted to the National Environment Management Authority (Nema) in March for approval.\nThe firm’s entry into the gas handling business is expected to further lower the cost of gas in the country through the advantage of bulk purchases.\nPreviously, oil marketers imported cooking gas individually in relatively small quantities due to inadequate gas discharge facilities.\nThis led to cooking gas shortages and expensive LPG due to high import premiums and demurrage, which are penalties marketers pay shipping companies when tankers fail to offload in the stipulated period.\nKenya last month offered a Tanzanian billionaire Rostam Aziz a licence to set up a cooking gas plant and storage facilities in Mombasa, under his Taifa Gas brand.\nRead: Kenya's plan to call the shots in LPG logistics\nTaifa Gas will build the 30,000-tonne facility at the Special Economic Zone in Dongo Kundu, near the port of Mombasa. It was earlier estimated to cost $130 million (Sh16.25 billion).\nThe firm is Tanzania’s largest LPG supply company and has been feeding the Kenyan retail market via road.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/oil-firm-to-set-up-sh1bn-lpg-terminal-in-kwale-county--4161764"}
\ No newline at end of file
diff --git a/clean/cc/a56b34e745a5a86d9400c5c4718948f0.json b/clean/cc/a56b34e745a5a86d9400c5c4718948f0.json
new file mode 100644
index 0000000000000000000000000000000000000000..b15d03fbd7960aa739c1d6897ec738680499cd4b
--- /dev/null
+++ b/clean/cc/a56b34e745a5a86d9400c5c4718948f0.json
@@ -0,0 +1 @@
+{"doc_id": "a56b34e745a5a86d9400c5c4718948f0", "text": "Kenya has received fifty new standard gauge railway (SGR) wagons that are aimed at boosting the transport of cargo on the Chinese-built line.\nThe wagons, procured for the Madaraka Express SGR freight service, were received on Monday by the Transport Cabinet Secretary Kipchumba Murkomen.\nA second batch of 250 wagons is expected to dock at the port of Mombasa later this month having been loaded at the Tianjin port in China towards the end of last month, said Mr Murkomen.\n“Railway transport is a key enabler of the aspirations set out in our country’s long-term development blueprint, Vision 2030,” Mr Murkomen said.\n“My ministry, therefore, will ensure we have the requisite human capital, operational assets and information systems that are geared towards achieving this goal,” he added.\nThis is the first time new wagons have been added since the launch of SGR in May 2017.\nAt the time, Kenya received 60 wagons that were deployed on the modern railway, which runs from Mombasa through Nairobi to Suswa.\nMr Murkomen said 20 of the expected wagons will also have power plugins to enable the movement of refrigerated containers, a hitherto untapped business potential for SGR.\nSh2.1 trillion plan\nThe refrigerated wagons, said Mr Murkomen, would be a big boost to Kenya’s horticultural sector, enabling rail services to respond to the preferences of customers from around the world.\nTo this end, Kenya has also concluded a cold-chain logistics agreement with its partners in the Netherlands.\nKenya is also expecting 20 more SGR passenger coaches, he said. Of these, six will accommodate people with disabilities.\nKenya has set sights on a Sh2.1 trillion plan to extend the SGR to Kisumu, Malaba and Isiolo by the end of June 2027.\nThe initial plan was for the SGR to extend to the lakeside city of Kisumu before connecting to Malaba town, which borders Uganda.\nCurrently, the SGR ends abruptly in Naivasha, thus hampering the movement of cargo from the region on the modern railway line.\nSGR loans\nMeanwhile, debt repayment for the SGR continues to eat into the country’s dwindling foreign exchange (forex reserves).\nKenya’s January payments towards the SGR loans from China have appreciated by Sh14 billion on account of a weaker shilling that has inflated external debt and its service costs.\nWorld Bank data on Kenya’s external debt payments shows that the country will spend $536.9 million (Sh84.8 billion) to service the loans, which are paid on a semi-annual basis in January and July.\nThe payments comprise a principal amount of $289.95 million and interest of $246.96 million.\nRead: SGR January loan payments up Sh14bn on weak shilling\nIncreased financing costs for the SGR might have offset the 21.2 percent increase in revenue in the financial year to June 2023.\nData from the Kenya Railways Corporation shows SGR made a record Sh18.2 billion in revenues during the period, marking a significant increase from Sh15.01 billion it earned in the previous year.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/shipping-logistics/kenya-to-acquire-300-sgr-wagons-by-end-of-february-4514932"}
\ No newline at end of file
diff --git a/clean/cc/a635e5ad36d9f44ab62f4a0842951bd9.json b/clean/cc/a635e5ad36d9f44ab62f4a0842951bd9.json
new file mode 100644
index 0000000000000000000000000000000000000000..6d2d63e78e9edc84d1161e5183ee92a11448dc1e
--- /dev/null
+++ b/clean/cc/a635e5ad36d9f44ab62f4a0842951bd9.json
@@ -0,0 +1 @@
+{"doc_id": "a635e5ad36d9f44ab62f4a0842951bd9", "text": "Mid-month data from the Central Energy Fund (CEF) points to petrol and diesel price relief on the cards for November 2023, with lower oil prices currently being the bigger boon for energy users.\nThe CEF’s data points to a drop in petrol prices of around R1.90 per litre, while diesel is lining up for a cut of up to 75 cents per litre.\nIf these over-recoveries carry through to the end of the month, motorists and other fuel users could see the first cuts in three to four months.\nThese are the expected changes:\n- Petrol 93: decrease of 189 cents per litre\n- Petrol 95: decrease of 193 cents per litre\n- Diesel 0.05%: decrease of 75 cents per litre\n- Diesel 0.005%: decrease of 69 cents per litre\n- Illuminating paraffin: decrease of 72 cents per litre\nDaily snapshot data for LP Gas is not presented by the CEF.\nThe Department of Mineral Resources and Energy (DMRE) has noted that its daily snapshots are not predictive and do not encompass other possible modifications, such as slate levy adjustments or retail margin changes. The department determines these adjustments, considering various factors, at the end of the month.\nDomestic fuel costs are primarily governed by the rand/dollar exchange rate and international oil prices. In South Africa, the fuel price is adjusted on the first Wednesday of every month based on these two factors.\nFor November, lower oil prices have been working in the favour of lower prices, while a generally weaker rand is still pushing an under-recovery.\nRand\nThe rand has maintained a generally weaker position in October, ranging from just under R19.00 to the dollar, to well above R19.50.\nWhile starting the month on the front foot, the local unit crashed in the first week of the month, only to balance out with a solid recovery by the end of last week.\nThe rand weakened at the start of the week on risk aversion linked to the Israel-Hamas war, before gaining sharply on Tuesday and Wednesday on lower U.S. Treasury yields and dovish Fed comments.\nStronger-than-expected US payroll data saw the rand weaken to R19.64/$ during the course of the week, but the unit managed to find its feet by Friday, closing at R19.01/$.\nThis week, the rand started off slightly stronger, moving below R19.00 to trade at R18.92 in early trade – but the risk factors that are keeping it under pressure still longer.\nEconomists have expressed concern that ongoing tensions in the Middle East, mixed with the same local factors that have kept the rand on the back foot for much of the year, will keep the unit range-bound at the current weaker levels.\nOil\nA significant drop in oil prices have been the main contributor to the lower price forecast for fuel – although the Israel-Hamas war has increased risk factors here.\nOil prices pushed higher than $95 a barrel in recent weeks, but managed to pull back to $85 a barrel over the period under review by the CEF.\nIt is uncertain how long the good times will last, however, with oil prices again shooting up to over $90 a barrel on Monday.\nThe new risks associated with oil prices are tied to Iran – a major oil producer – potentially being pulled into the Israel-Hamas conflict. Should this happen, and should more nations be drawn in, economists have warned that oil prices will definitely be affected, and this will filter through to energy prices.\nAs things stand, however, global oil and petroleum costs are currently feeding into a 80 cents to R2.00 per lire over-recovery for diesel and petrol, respectively.\nThis is how the prices are expected to reflect at the pumps:", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/725138/here-is-the-expected-petrol-price-for-november-6/?utm_source=newsletter"}
\ No newline at end of file
diff --git a/clean/cc/ab2924e4e39c12debed2b15feccbdeff.json b/clean/cc/ab2924e4e39c12debed2b15feccbdeff.json
new file mode 100644
index 0000000000000000000000000000000000000000..49d0d36bcd2be4913be335e2054b36d9e668cd72
--- /dev/null
+++ b/clean/cc/ab2924e4e39c12debed2b15feccbdeff.json
@@ -0,0 +1 @@
+{"doc_id": "ab2924e4e39c12debed2b15feccbdeff", "text": "Werksmans head of employment, Sandile July, and senior associate, Nonkosazana Nkosi, say that the recent “BEE settlement agreement” signed by trade union Solidarity and the Department of Employment and Labour (DEL) has changed nothing in South Africa’s employment equity laws.\nThe parties signed the settlement at the end of June after Solidarity approached the International Labour Organisation seeking intervention against the government’s black economic empowerment and affirmative action policies.\nThrough the Commission for Conciliation, Mediation and Arbitration (CCMA), Solidarity and the government – via the DEL – reached some form of consensus on the laws, with both parties hailing it as a ‘landmark’ in dealing with sensitive racial employment issues in the country.\nBroadly, the settlement agreement ensures:\n- Race is not the only criterion taken into account when hiring or promoting employees in South Africa;\n- Employment cannot be terminated on the basis of race or to meet the government’s racial targets;\n- Businesses cannot be penalised for non-compliance with the laws, provided they have a valid reason not to.\nWhile the agreement has been celebrated as a victory by Solidarity, supported by the government for ‘demystifying’ the country’s BEE laws, and seen as a positive for businesses by other legal experts – Werksmans said the agreement has done nothing but reinforce what has always been the case in law.\n“The settlement agreement goes no further than to succinctly convey the existing and/or proposed employment equity regime. It was not necessary to approach the ILO, as the outcome maintains the current course of developments,” the legal experts said.\nThis is especially the case with one of the biggest ‘fights’ underpinning the agreement – where Solidarity and other stakeholders were concerned that the government’s racial targets would force businesses to fire minority workers to make room for black workers.\n“A bar against the termination of employment as a means of compliance with the employment equity targets is included in the settlement. Is this a necessary or helpful condition? No,” said July.\n“Employment equity interventions must not apply in violation of a person’s constitutional rights to human dignity, fair labour practices and freedom of trade, occupation and profession.\n“Employment policies and practices are still subject to the Labour Relations Act 66 of 1995, as amended. A dismissal must be lawful and fair. No employer can justify an irrational and arbitrary decision to terminate employment on account of compliance with employment equity targets,” he said.\nJuly noted that in any event, any employment policy or practice must comply with the Employment Equity Act, which already clearly prohibits the implementation or enforcement of employment equity targets in a manner that creates absolute barriers to prospective or continued employment.\nThis includes barriers for the advancement of individuals that are not part of the designated groups.\n“So the ‘no absolute barrier’”’ condition simply reiterates the status quo, as we know it,” he said.\nThe legal experts noted that the same is true for all other aspects of the agreement, making the entire exercise unnecessary.\nThe criteria highlighted to be taken into account for hiring and promotions – outside of race – are not new, and were introduced into law in 2018. The conditions under which businesses could be allowed to deviate or not comply with the laws are also not new additions or proposals.\n“Given the current state of employment equity interventions, was the settlement agreement necessary? We are of the view that the complaint and, consequently, the agreement was not necessary.\n“The settlement agreement reaffirms and reinforces the very essence of the proposed employment equity regime,” they said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/701155/bee-settlement-changes-nothing-legal-experts/"}
\ No newline at end of file
diff --git a/clean/cc/abd6bb082da2df07a21cc9bb34434488.json b/clean/cc/abd6bb082da2df07a21cc9bb34434488.json
new file mode 100644
index 0000000000000000000000000000000000000000..7757e75a4b0d60eee554ad0652fcb9e71150a530
--- /dev/null
+++ b/clean/cc/abd6bb082da2df07a21cc9bb34434488.json
@@ -0,0 +1 @@
+{"doc_id": "abd6bb082da2df07a21cc9bb34434488", "text": "National Treasury’s tax incentives for renewable energy projects in South Africa are paying off in a big with, with a new R300 million investment fund successfully closing on Monday (31 July).\nThe fund is being managed by Westbrooke Alternative Asset Management, which achieved the target by securing investment from numerous private funders in just eight weeks.\nThe group said it will now invest the capital into South African businesses that install, operate and own small and medium-scale embedded generation solar photovoltaic (PV) projects nationally.\nThis, it said, will boost private solar generation projects in the country while also giving the investors access to returns and tax breaks as per Treasury’s guidelines.\nTo incentivise investment in the sector, the Minister of Finance expanded the Section 12B tax incentive to enable investors to claim up to a 125% up-front tax deduction for all renewable energy projects brought into use for the first time between 1 March 2023 and 28 February 2025.\nThe Westbrook fund allows investors to benefit from owning the underlying solar PV projects and claim the 12B tax benefits.\n“After recouping their initial capital, investors will remain invested in a high-quality solar project that will deliver stable and predictable yields for up to 20 years. It’s attractive for investors seeking long-term returns with a capital preservation focus,” the group said.\nIn turn, the fund will invest in renewable energy projects:\n- South African small-scale and medium-scale embedded generation projects are either grid-tied or in a hybrid system (batteries/generators). This will range from project sizes of 100KW up to 25MW, with the ability to invest in larger projects\n- Existing and greenfield solar projects underpinned by power purchase agreements and/or operating leases with a focus on commercial, industrial, agricultural and body corporate off-takers.\nThe group said that it will be focusing on projects that will “move with speed” and assist in fast-tracking project execution, investing in “off-takers” with the certainty of electricity supply and cheaper electricity over the long-term.\nSolar boom\nThe investment is one of the first major funding projects delivered in terms of the new incentives and comes along a massive boom in solar uptake in the country.\nThe tax incentives delivered by National Treasury were two-fold.\nThe incentives for funds are not restricted to solar and can encompass many other forms of renewable energies, with the tax break covering various aspects of the projects, including other equipment (batteries, inverters etc) involved.\nHowever, incentives offered to individual taxpayers are restricted to rooftop solar, and only cover the cost of the (new) solar panels themselves.\nDespite the restrictions on the individual tax break, rooftop solar in the country is still booming.\nRecent analysis by energy experts, using data from Eskom, estimates that South African households have already installed around 4,400MW of rooftop solar capacity in the country, nearly doubling the installed capacity at the power utility that has come from its bid windows.\nImports of solar panels have also reached an all-time high of R3.6 billion in South Africa in the first quarter of 2023, three times higher than the previous quarter.\nThe value of imports in the first three months of 2023 is almost as much as the entire value imported in 2022, which was R5.6 billion.\nGaylor Montmasson-Clair, a senior economist at Trade and Industrial Policy Strategies, said this is due to sustained demand from South Africa’s private sector.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/707872/solar-boom-in-south-africa-as-private-investors-sweep-in-with-r300-million/"}
\ No newline at end of file
diff --git a/clean/cc/ac652edbd99ec9c5547683eec37ba95e.json b/clean/cc/ac652edbd99ec9c5547683eec37ba95e.json
new file mode 100644
index 0000000000000000000000000000000000000000..f99b0f7937da17aea639d857d08c6582bdbd3fbd
--- /dev/null
+++ b/clean/cc/ac652edbd99ec9c5547683eec37ba95e.json
@@ -0,0 +1 @@
+{"doc_id": "ac652edbd99ec9c5547683eec37ba95e", "text": "While growing up within Mumias Sugar Company where his parents worked, Erick Bosire saw locals invest in sugarcane, a long-term low-value crop, and noted with pain their frustrations; delayed payments and low income after donkey work in their farms.\nAfter graduating from Kenyatta University with a Bachelor’s degree in medical laboratory sciences, he thought of coming up with a tech-based solution to their predicament.\nFor Erick, it was a passion rather than expertise that led him to start Irri-Hub Ke Venture, a firm that supplies climate-smart irrigation materials like solar-powered pumps.\n“I used my research knowledge to analyse exactly what these farmers were facing and realised they lacked information on the high-value crops they could venture into, proper irrigation equipment’ that could enable them to shift to high-value crops, and finances to help them invest in these technologies,” the managing director of Irri-Hub Ke says.\nBuilding resilience\nThe medic who took to agriculture says the whole essence of setting up Irri-Hub was to help smallholder farmers increase productivity and build strong resilience towards climate change.\n“In as much as we want them to make money, we are fully aware of the impact of climate change on the environment and food security, and we want the smallholder farmers to build muscle around it,\" Eric explains.\nFor him, transitioning from employment to running a company was made smooth by his passion for agriculture, having grown up surrounded by cane fields.\n“I had all the knowledge I needed in terms of research, interrogating things from a different lens and using that third eye to analyse things critically,” he explains.\nCapital and growth strategies\nThe entrepreneur says that in as much as he didn’t have adequate capital, he had the best asset in his clear vision and mission and knew exactly what they wanted to achieve.\n“My partner, who has a finance background, and I started by bootstrapping – getting finances from family, and friends and using the initial investment of Sh 500,000 to get hold of first clients and inject all the profits back into the business,” Erick says.\nSince 2017 when the company began operations, growth has been tremendous with 11 full-time employees and three on a part-time basis, having attended to more than 2,000 farmers across the country and helped them triple their productivity.\n“There are giants who have been in this industry for more than 20 years and we realised that if we are not very strategic, then we may not penetrate, so we came up with different strategies, one being creating strategic partnerships with other SMEs within our age space that were yearning for growth,” says the medic.\nFlexible payments\nThe other strategy they employed was to take a customer-centric approach to get to know exactly what the farmers needed differently from what was in the market.\n“One of the things they wanted was a flexible form of payment for products and we gave them a three installment plan. That flexibility was a plus for us,” recalls Erick.\nThey also had to be very innovative, so they incorporated Internet of Things (IoT) systems into their models, something which he says their competitors do not have.\nThey have scaled it down to even the smallest farmers, a smart system they can control using a phone. The hurdles\nFor the past six years he has been in business, Erick says that the biggest hurdle he faced from the start and in growth has been funding.\n“Securing adequate funding to support our business, product development, research and general operations has been the biggest hindrance. We have seen a rise in impact investors, but the kind of work we do at Irri-Hub Ke needs very patient capital – don’t invest today and want your money back the next day,’ he points out.\nHowever, some impact inventors with patient capital who understand their kind of business have been coming on board and are willing to extend credit for a long period of time.\n“We had a challenge of funding but over time, that is improving because we are getting to interact with investors here and there.”\nThe other challenges they have had at Irri-Hub Ke are market penetration and changing the perception about technology adoption as most farmers are averse to new technologies.\n“It’s tough to sit them down and explain the need for technology adoption in the face of climate change and its impact on food security as a country,” he adds.\nCovid-19 pandemic had negative effects on local businesses and Irri-Hub was not an exception. According to Eric, most of the inventories they use are imported and the closure of borders in a bid to contain the pandemic greatly disrupted their supply.\n“We leveraged on the partnerships we had built with our local suppliers to overcome the supply disruptions but the prices really changed and we had to transfer the cost to the farmers. We were still able to deliver but at an extra cost,” he recalls.\nHard lessons\nErick explains that acquiring the right talent that aligns properly with the company’s vision and mission has been a daunting task that has left him with painful lessons.\n“Getting the right talent on board is a key thing. It will either make or break your company, so that has been a big challenge for me,” he said, noting that his lack of a role model to guide him in running the venture meant that he had to learn most things the hard way until he joined accelerator programmes to help him understand business model, financial model and pricing.\nThe dream\nIn Eric's assessment, the need for durable, sustainable and affordable climate-smart irrigation equipment that Irri-Hub Ke has been supplying transcends Kenyan borders.\nHe believes he can go continental, but first, he seeks to spread the tentacles to East Africa starting from Rwanda and Ethiopia within the next three years and to Zambia or Ghana within the next five years.\n\"We are at a growth stage where we need more capital to accelerate growth. Already, we are in talks with two investors and will hopefully sign an agreement before the end of the year. Going forward, we are looking and bringing in more partners in the form of convertible debt, equity and grants from organisations that understand the kind of work that we do,” he concludes.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/enterprise/the-medic-showing-farmers-where-big-money-grows--4360836"}
\ No newline at end of file
diff --git a/clean/cc/ae6978fc809a49025725faabcacadcf5.json b/clean/cc/ae6978fc809a49025725faabcacadcf5.json
new file mode 100644
index 0000000000000000000000000000000000000000..86209576af79fcabf027d88938caba57142e86e3
--- /dev/null
+++ b/clean/cc/ae6978fc809a49025725faabcacadcf5.json
@@ -0,0 +1 @@
+{"doc_id": "ae6978fc809a49025725faabcacadcf5", "text": "Former Eskom consultant Matthew Cruise expects electricity prices to double in South Africa over the next five years and urges consumers to move away from the state power utility by adopting their own personal power systems.\nCruise was speaking at a roundtable hosted by solar installer group, Hohm Energy, for which he also consults.\nThe energy expert said his estimation is based on the trend where Eskom and municipalities see a price increase close to inflation year-on-year, rising costs of diesel and coal contributing to the cost of electricity in the short to medium term, and ageing power stations coming offline.\nHe also pointed to the recent price hike trends by the National Energy Regulator of South Africa’s (Nersa) – up 17.9% last year, and in 2022, the average increase is expected to be 17.1% and will be introduced in July.\nAs old power stations such as Camden, Hendrina, Arnot, Grootvlei and Komati come offline due to reaching end-of-life, the ability to meet the peak demand of 32,000MW will be reduced as they have 7,885 MW of combined capacity, Cruise said.\nEskom has again implemented stage 2 load shedding for the entire week during the peak hours of between 17h00 to 22h00 due to a continued shortage of generation capacity. The power utility is on course for its worst year of outages.\nThe problem with renewables on a large scale\nCruise said that the renewable energy planned to come onto the grid over the next five years is equal to less than one-fifth of the coal that will be taken offline over the same period. He added that renewables also do not contribute much to public demand.\nThe latest Renewable Energy IPPP window 5 has a combined capacity of 2,583MW (608 MW wind, 75MW solar) and will come online after 18 months. A further bid window 6 is anticipated to have a generation capacity of 2,600MW.\n“Unfortunately, these renewable energy sources, totalling 5,183MW, will not contribute much towards meeting the peak demand,” he said.\nThe Risk Mitigation IPP Procurement Programme (RMIPPPP) was released to the market in August 2020. The aim was to alleviate the electricity supply constraints and to reduce the extensive utilisation of diesel-based peaking electrical generators in the medium-to-long term.\nIt is a direct response to fill the 2,000MW short-term electricity supply gap and includes 1,500MW of new coal and 513 MW of battery energy storage.\nCruise said that the government is not doing enough to encourage independent power producers (IPPs) in South Africa, despite this programme. He said that batteries to store renewable energy for peak hours are not viable due to how expensive they are. He noted that gas turbines, among other power generation methods, are being looked at more intensively.\nSouth Africa needs utilities that can switch on and supply the peak demand to mitigate load shedding and have constant power, he said.\nPossible solution\nThe former Eskom consultant said that the recommended solution is for home and business owners to take control of their electricity needs with a solar and grid-tied battery installation.\n“Getting a system that takes care of 80%-90% of the electricity needs is recommended – with a lifeline to Eskom to recharge the battery during cloudy weather. The result is the home, and the business owner becomes immune to load shedding and price increases.”\nHe added that it is the best year to invest in a solar or battery installation as solar equipment prices have historically declined but are turning upwards after 2021.\nCruise said that the costs of the system, when financed through a bond or rent-to-own model, balance out, resulting in minimal impact on one’s monthly budget.\nAccording to Hohm Energy, a household that spends roughly R1,500 on Eskom each month can save R1,215 (while electricity costs R2.50 kWh) on electricity if they add a 3.6kWp, 3.6kW inverter and a 2.8kWh battery to their household.\nOverall the system, including VAT, will cost R118,450 and can, in some cases, be paid off as part of a bond.\nCruise said that when looking at how countries such as Germany and Australia have incentivised people to move to renewables and install solar panels with rebates or make the cost of the system tax-deductible, South Africa is moving in the opposite direction.\nEskom is saying it wants to remain an attractive option for consumers, and it is doing that by charging fixed-line costs to people who are taking their need for power into their own hands.\nEskom is in a ‘death spiral’ where demand from wealthier people is diminishing as they move away from fossil fuels. The utility then increases the price of electricity to account for a large portion of its income base leaving.\nThe load is then placed on the middle class to pay for most electricity from the utility. The middle class then follows in the footsteps of wealthier households as prices increase again, said Cruise.\nSubsequently, the brunt of paying for the state provided power is on the shoulder of the poorest in South Africa.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/589626/if-your-monthly-eskom-bill-is-r1500-heres-how-much-it-will-cost-to-just-about-get-off-the-grid/"}
\ No newline at end of file
diff --git a/clean/cc/afcf246b72e059ebe9da25c801c634fb.json b/clean/cc/afcf246b72e059ebe9da25c801c634fb.json
new file mode 100644
index 0000000000000000000000000000000000000000..8673a3dece6293ca3d386e1ba1b4752508512751
--- /dev/null
+++ b/clean/cc/afcf246b72e059ebe9da25c801c634fb.json
@@ -0,0 +1 @@
+{"doc_id": "afcf246b72e059ebe9da25c801c634fb", "text": "The cost of second-hand cars has shot up by up to Sh600,000 in the last four months, fresh data shows, driving them out of reach for more Kenyans.\nIndustry data shows that the prices of second-hand cars manufactured between 2016 and 2017 have jumped significantly, pointing to the rising cost of ordering the units from abroad that has cut expenditure on motor vehicle imports by double-digits for the second year in a row.\nMercedes C-Class tops the price surges, with a used car now going for Sh4.4 million or more, depending on the dealer, compared to Sh3.8 million in September last year.\nA second-hand Toyota Harrier is now retailing at Sh4 million on average in Nairobi, up from Sh3.8 million in September last year, making it costlier for its key middle-class buyers.\nThe price surge has been driven by the shilling whose market exchange rate to the dollar has shed 14.1 units in the period to trade at 160.4 units currently. Car models with low engine capacity such as Mazda Demio and Honda Fit, which have over the years been popular due to low prices, also recorded significant price increments in the period.\nThis comes at a time when provisional data from the Central Bank of Kenya (CBK) and the Kenya Revenue Authority (KRA) shows that Kenyans cut spending on car imports by $162 million (about Sh25.92 billion under prevailing conversion rates) last year.\nThe value of imports amounted to a multi-year low of $835 million compared with $997 million the year before. The 16.25 percent decline came on the back of taxation measures, weakening shilling, rising cost of credit and reduced production of some models.\nRead: Used car prices rally on shortage, dollar strength\nThe Kenya Auto Bazaar Association, which represents second-hand car dealers, has attributed the contraction largely to the slide of the shilling against the dollar, difficulty in accessing bank loans for small traders and eroded purchasing power of households.\nAs a result, car buyers are increasingly switching to buying locally available units which are older than eight years —the limit for imports.\n“The dollar is the key issue affecting volumes of vehicles coming in. Since we are ending up with less dollars for the same amount of shillings, people end up importing less volumes,” the Kenya Auto Bazaar Association secretary-general, Charles Munyori, said on the phone.\n“For small traders, the issue of accessing dollars is also a challenge sometimes because anything above $10,000, you have to wait for two to three days for your bank to process.”\nThe slide in the value of the shilling made car imports more expensive, prompting some dealers to cut orders at a time when demand also dropped.\nThe KRA increased duty on shipping cars into the country from 25 percent to 35 percent from July last year after the East African Community Council of Ministers approved Kenya’s application to levy a higher rate than the 10 percent common external tariff (CET) for the seven-nation EAC bloc.\nImportation of vehicles further attracts excise duty ranging from 25 percent to 35 percent depending on the size of the engine, in addition to the standard 16 VAT.\nExcise tax is charged on the sum of the landed cost of the car and import duty, while VAT is applied on the resultant value (the sum of landed cost, import tax and excise duty).\nThe cost for second-hand car importers went up even higher after the KRA capped the maximum depreciation rate at 65 percent of the value of the vehicle from the previous 70 percent.\nLowering the maximum depreciation rate, which the taxman said last August was in line with other countries within the seven-nation EAC trading bloc, raised the value applied when calculating import duty.\nFor instance, the cost of a used Subaru Forester is now hovering around Sh3.5 million from under Sh3 million last year, while Toyota Premio is going for about Sh2.7 million from about Sh2 million at the beginning of last year.\nCar models popular with operators of the online-taxi hailing services like Uber and Bolt are also priced higher, with the cost of Honda Fit now going for Sh1.6 million compared to Sh1.4 million in September last year.\nA used Mazda Demio (petrol engine) is retailing at Sh1.4 million from Sh1.25 million in the same period.\n“Business [for second-hand car dealers] is very low and banks have become very strict on financing the purchase of cars,” Mr Munyori said.\nOfficial data shows the expenditure on vehicle imports has fallen from a peak of $1.3 billion in 2021.\nThe shipments had earlier been hurt by reduced global production of cars in the wake of the disruption caused by the Covid-induced shocks, including a shortage of semiconductors, which are a critical component in modern vehicles.\nThe falling demand for vehicles caught the eye of Treasury Cabinet Secretary Njuguna Ndung’u who listed them amongst key goods, including fuel and beer, whose flagging sales were being felt on revenues.\n“The shortfall in excise duty is explained by the decline in oil volumes, motor vehicle imports and deliveries of domestic excisable goods such as cosmetics, beer and spirits,” Treasury officials wrote in the 2023 Budget Review and Outlook Paper (BROP), which was finalised in November.\nKenya allows the importation of second-hand cars within an eight-year age limit, meaning that used units that were manufactured before 2017 will not be allowed into the local market.\nJapan, the United Kingdom and South Africa are the leading source markets of used cars that are imported by local dealers.\n“Japan has been facing a production deficit due to the cuts that happened when Covid-19 struck and also the shortage of semiconductor chips. Getting some models such as Mazda CX-5 was increasingly becoming difficult,” said another car dealer.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/second-hand-cars-price-shocker-as-imports-drop-by-sh26bn--4521986"}
\ No newline at end of file
diff --git a/clean/cc/b213eb6159cbdc453a90ca6b0bf015d7.json b/clean/cc/b213eb6159cbdc453a90ca6b0bf015d7.json
new file mode 100644
index 0000000000000000000000000000000000000000..fa825f198da7a272653fe0a0ab4cb3d78073a53c
--- /dev/null
+++ b/clean/cc/b213eb6159cbdc453a90ca6b0bf015d7.json
@@ -0,0 +1 @@
+{"doc_id": "b213eb6159cbdc453a90ca6b0bf015d7", "text": "Eskom has reported a massive loss of R23.9 billion for the 2022/23 financial year, exacerbated by a huge escalation in load shedding, mounting municipal debt and skyrocketing losses due to criminal activity.\nThe group presented its full-year financials for the 12 months ending 31 March 2023 on Tuesday (31 October).\nIt said that the year was characterised by a significant deterioration in performance, including a steep decline in its energy availability factor of 56.03%, down from 62.02% in 2022.\nUnplanned losses rose to 31.92% (2022: 25.35%), while planned maintenance remained the same.\nLoad shedding escalated severedly to 280 days, from 65 days in FY 2022, which impacted revenues. Load had to be curtailed by an estimated 13,476GWh, the group said, up from 1,605GWh in 2022.\nThis resulted in a staggering jump in spending on the group’s gas turbines, with spending more than doubling from R14.7 billion in 2022 to R29.7 billion in 2023.\nEskom is spent over R7,000 per MWh to run the generators, making it by far the most expensive form of generation. Given the constraints in the market, the price of generating power increased for all forms of energy, except for renewables, which saw a 2% drop in price.\nThe group reported a total net loss after tax of R23.9 billion (from R11.9 billion in 2022). This was despite a 9.61% hike in tariffs.\nLooking at the group’s overall results summary, it is a sea of red, with revenue being the only increase.\nRevenue climbed to R259.5 billion for the year, but earnings before tax, depreciation and amortisation dropped to R38 billion.\nA glaring hole for the group is municipal debt, which has hit R58.5 billion at FY23, it said. This is up from R44.8 billion the year prior.\nHowever, the group also noted mounting losses related to irregular and wasteful expenditure as well as losses attributed to criminal activity.\nWith irregular expenditure, the group’s closing balance was R91.15 billion for the year, having incurred further irregular spending of R5 billion during the year. This comprised R2.6 billion of new incidents and R2.4 billion of historic incidents.\nR252 million was recovered or condoned.\nIn terms of wasteful expenditure, Eskom said it only incurred R105 million of new expenditure categorised as fruitless or wasteful, R2 million of which was recovered.\nHowever, the group ended the year with a massive R6 billion of “material losses” attributed to criminal activity.\nThis includes R344 million related to theft and damage to equipment, R81 million attributed to fraud and corruption and a whopping R5.6 billion linked to “non-technical losses”.\nEskom said that this R5.6 billion is its estimate of its losses due to electricity theft by communities and other similar incidents.\nAccording to the group’s income statement, the Generation unit remains the biggest drag on finances.\n2024 Outlook\nLooking ahead to the 2024 full year, Eskom expects its losses to continue, currently projecting another R23.2 billion loss for FY24.\nWhile the 18.65% increase to tariffs for 2024 will boost revenues, this will be tempered by an estimated 2% decline in sales volumes.\nThe financial performance is also expected to be contained by the poor performance in EAF (below 60%) as well as delays in IPP programmes.\nSpend on gas turbines is expected to be within budgeted levels of R28.5 billion – however, this continues the escalation and dependence on this costly form of generation.\nAccording to Eskom acting CEO Calib Cassim, the 2024 full year should be the last year of such harrowing results, with the group’s turnaround strategy and improvements likely to feed through in 2025 and beyond.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/728329/massive-r24-billion-loss-for-eskom/"}
\ No newline at end of file
diff --git a/clean/cc/b31c0c4a9a8e743175878d9fb33f4634.json b/clean/cc/b31c0c4a9a8e743175878d9fb33f4634.json
new file mode 100644
index 0000000000000000000000000000000000000000..13b06a184256b7450baa493bc833db90d32d9ab5
--- /dev/null
+++ b/clean/cc/b31c0c4a9a8e743175878d9fb33f4634.json
@@ -0,0 +1 @@
+{"doc_id": "b31c0c4a9a8e743175878d9fb33f4634", "text": "Directors of the Betting Control and Licensing Board (BCLB) and principals of gambling firm Milestone Games risk jail and fines for defying the High Court in the continued use of SportPesa brand in Kenya’s gaming business.\nBusinesswoman Asenath Wachera Maina has petitioned the court to punish BCLB board members and Milestone Games principals -- Ronald Karauri and Bernard Chauro—for failing to terminate the use of SportPesa brand in line with court orders issued last month.\nThe High Court last month froze the licence issued to Milestone Games in August by the BCLB to use the SportPesa brand for the year to June 2023.\nThe freeze followed a petition by Ms Maina who has a 21 percent stake in Pevans East Africa that pioneered the sports gaming business in the country with the SportPesa brand.\nPevans East Africa ceased operations after losing its licence in 2019, partly due to allegations of non-payment of taxes that the Kenya Revenue Authority last computed at Sh95 billion.\nBut the brand got its first approval from BCLB in August, triggering the court fight for the key assets of the gaming firm, including the trademark and web domains.\nAlso read: Betting board split over new SportPesa licence\n“The cited contemnors herein do stand committed to jail for a period as this court may determine and or pay a punitive fine for contempt of court in that being aware of the orders issued by the High Court on September 19,” Ms Maina said in affidavits filed in court last week.\n“On September 19, the court issued an order suspending the operation and use of the bookmakers licence number 0000448 pending hearing and determination of the judicial review application.”\nThe High Court on September 19 said it was prudent to suspend the licence pending the determination of the dispute over the ownership of SportPesa.\nThe judgment, he said, might be rendered useless because Ms Maina may not recoup earnings made by Milestone Games for using the brand should her case be successful.\nMs Maina and tycoon Paul Wanderi Ndung’u, who has a 17 percent stake in Pevans East Africa, have accused Milestone Games of procuring the licence under circumstances shrouded in mystery while the country was focused on the August 9 elections.\nRead: Billionaire joins fight for SportPesa assets\nShe has faulted the BCLB for allowing Milestone Games to use the SportPesa brand, saying it acted unreasonably and in breach of laws governing betting.\nShe added that Milestone Games was previously licensed to trade as Milestone Bet and that a deal of May 26, 2022 that allowed the current use of SportPesa brand was not backed by Pevans East Africa’s board.\nThe award of the SportPesa licence has split the board of BCLB, with some directors denying knowledge of the deal and court consent.\nTwo BCLB board members Sabrina Kanini and Joy Masinde told the court that they were not part of the decision that reached a consent, which was filed in court on May 22, allowing Milestone Games to renew its licence and use the SportPesa brand in betting activities.\nMs Masinde said that lawyers representing Milestone Games and a State counsel later reached an agreement on the matter but the board was never informed of the deal for approval.\n“Just like the consent, the board was not involved at all in the process leading to the issuance of licence number 000448 to the interested party,” she told the court last week.\n“The board last held a meeting in April 2022 and I do not recall sitting in a duly convened meeting to evaluate and approve any licence including number 00048.”\nMilestone Games has in the past two years relied on a temporary court order to operate amid battles over ownership of the SportPesa trademark.\nThe key assets are listed as the SportPesa trademark, websites bearing the same name, shortcodes 79079 and paybill numbers 9555700 and 955100.\nSportPesa is the most popular gaming brand in the country, enjoying a loyal customer base of over 12 million.\nThe brand was built through heavy marketing and sponsorship of sports by Pevans East Africa at a cost of more than Sh5 billion, Mr Ndung’u said in court papers.\nPunters resumed betting on the SportPesa platforms, indifferent to the ownership wrangles which do not appear to have affected the customer experience. The fallout among the sports betting pioneers is pitting a group led by Mr Karauri against Mr Ndung’u’s and Ms Maina’s side.\nBesides being sidelined in the ownership of Milestone Games, the two entrepreneurs have also been diluted in the multinational Sportpesa Global Holdings Limited (SPGHL) which owns gaming subsidiaries in Tanzania and the United Kingdom among other markets.\nAt stake are billions of shillings in profits and dividends.\nBefore the fallout, the partners pocketed dividends totalling Sh7.6 billion from Pevans East Africa in the four and a half years to June 2019.\nOver the same period, the company reported a cumulative profit of Sh12.9 billion.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/ronald-karauri-risks-jail-over-sportpesa-brand-court-order-3995450"}
\ No newline at end of file
diff --git a/clean/cc/b4acd734965ec743becd6bab23537d25.json b/clean/cc/b4acd734965ec743becd6bab23537d25.json
new file mode 100644
index 0000000000000000000000000000000000000000..34b5f3cc84bc9ecaf1a9beda7286839a70315cc7
--- /dev/null
+++ b/clean/cc/b4acd734965ec743becd6bab23537d25.json
@@ -0,0 +1 @@
+{"doc_id": "b4acd734965ec743becd6bab23537d25", "text": "Microsoft Corp will slow hiring in its Windows, Office and Teams chat and conferencing software groups, citing a need to realign staffing priorities as it approaches a new fiscal year in a time of global economic uncertainty.\nAll new hires must be approved by executive vice president Rajesh Jha and his leadership team, Jha told employees in an email Thursday, a Microsoft spokesperson said.\nThose groups have expanded recently and the company wants to make sure it’s making the right hires in the right places, the spokesperson said.\nThe slowdown is not companywide, and overall the software maker will continue to hire, the spokesperson said, noting that such caution is typical in periods of economic volatility.\n“As Microsoft gets ready for the new fiscal year, it is making sure the right resources are aligned to the right opportunity,” the company said in a statement.\n“Microsoft will continue to grow headcount in the year ahead and it will add additional focus to where those resources go.” The company’s fiscal year starts July 1.\nOther big technology companies have been slowing or freezing hiring in the past several months as stocks plummet and fears of an economic recession escalate.\nChipmaker Nvidia Corp said Wednesday it expects to decelerate hiring in the second half of fiscal 2023, and companies such as Meta Platforms Inc, Snap Inc and Salesforce Inc have taken similar steps.\nEarlier this month, Microsoft said it will nearly double its budget for salary increases and boost stock grants in order to better retain key workers.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/cloud-hosting/590832/microsoft-to-slow-hiring-in-windows-office-teams-groups/"}
\ No newline at end of file
diff --git a/clean/cc/b5003decb2e4afa290722c71ad5754ea.json b/clean/cc/b5003decb2e4afa290722c71ad5754ea.json
new file mode 100644
index 0000000000000000000000000000000000000000..0008f9cd4acec0c3be5b11a4374f4862f11b8a14
--- /dev/null
+++ b/clean/cc/b5003decb2e4afa290722c71ad5754ea.json
@@ -0,0 +1 @@
+{"doc_id": "b5003decb2e4afa290722c71ad5754ea", "text": "Mid-month data from the Central Energy Fund (CEF) points to another big month for petrol and diesel price relief in December 2023.\nThe CEF’s data points to a drop in petrol prices of around R1.05 per litre, while diesel is lining up for a cut of up to R2.14 cents per litre.\nIf these over-recoveries carry through to the end of the month, motorists and other fuel users will catch a much-needed break ahead of their travels for the festive season.\nThese are the expected changes:\n- Petrol 93: decrease of 105 cents per litre\n- Petrol 95: decrease of 107 cents per litre\n- Diesel 0.05% (wholesale): decrease of 209 cents per litre\n- Diesel 0.005% (wholesale): decrease of 214 cents per litre\n- Illuminating paraffin: decrease of 175 cents per litre\nDaily snapshot data for LP Gas is not presented by the CEF.\nThe Department of Mineral Resources and Energy (DMRE) has noted that its daily snapshots are not predictive and do not encompass other possible modifications, such as slate levy adjustments or retail margin changes. The department determines these adjustments, considering various factors, at the end of the month.\nDomestic fuel costs are primarily governed by the rand/dollar exchange rate and international oil prices. In South Africa, the fuel price is adjusted on the first Wednesday of every month based on these two factors.\nFor December, lower oil prices have been working in the favour of lower prices, while a moderately stronger rand has also been adding to the over-recovery.\nRand\nThe rand has experienced some relatively wild swings in recent weeks, having been sustained below R19 to the dollar for much of the month.\nThe local unit got a strong boost from the wider risk-on environment in the markets following US economic data pointing to the prolonged hiking cycle of interest rates coming to an end.\nHowever, this was later tempered by hawkish comments from US Federal Reserve Chair Jerome Powell, saying that inflation was still too high and that future hikes could not be discounted.\nOn Wednesday (15 November), the rand made another swing as markets awaited retail data from the States. The rand is currently trading at R18.20 to the dollar, down from the R18.80 levels hit earlier in the week.\nGiven the rand’s journey over the past week or so, it is apparent that local market movements are being driven by non-local data, and much of the rand’s fortunes are tied to the US and related events\nSouth African problems – like load shedding, infrastructure woes and the fight to close the budget gap – are taking a back seat and are likely already priced into the rand and have been for some time.\nAccording to Investec chief economist Annabel Bishop, the rand is likely to remain volatile as market risk-taking rises and weakens as sentiment wanes.\nOil\nOil prices have seen a sharp drop in November, following a rapid rise after war erupted between Hamas and Israel in October.\nThe war in the Middle East stirred fears that more countries would get pulled into the conflict, sending oil prices surging to over $95 a barrel, with markets eyeing a move above $100.\nHowever, as the escalation did not happen, and the reality of China’s lower demand (and ample supplies in the US) fed through, the oil price fell back down and even dropped below the $80 a barrel mark last week.\nGiven the turn in pricing, this is reflected in the international cost of petroleum products, which is working in motorists’ favour in current forecasts.\nHowever, economists have warned that this is not the end of the oil price stresses, with the risk of escalation in the Middle East ever-present, threatening to send prices surging once again.\nWhile this may not feed through in the immediate term (ie, December 2023), it may be a reality motorists will have to face in 2024.\nWith global benchmark Brent trading near $83 a barrel, analysis from Bloomberg noted that oil markets will be kept on edge for some time.\n“Oil has fallen sharply since mid-October as the Israel-Hamas war risk premium evaporated and doubts set in about the demand outlook before rising in the three days through Monday,” the group said.\n“It’s lacked direction since then, with worries over the health of the global economy balanced by indicators that still show the market is in deficit.”\nHere is how the expected prices could reflect at the pumps.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/731257/here-is-the-expected-petrol-price-for-december-6/"}
\ No newline at end of file
diff --git a/clean/cc/b51eb0f642817bfdde4957623d22ee96.json b/clean/cc/b51eb0f642817bfdde4957623d22ee96.json
new file mode 100644
index 0000000000000000000000000000000000000000..ea8e7a3f75d4f75bf9efd716bec85be8d8637cb1
--- /dev/null
+++ b/clean/cc/b51eb0f642817bfdde4957623d22ee96.json
@@ -0,0 +1 @@
+{"doc_id": "b51eb0f642817bfdde4957623d22ee96", "text": "Simba Cement, part of the businessman Narendra Raval’s empire, has inked long-term contracts that will see it export up to Sh27.7 billion worth of clinker to the neighbouring countries annually.\nThe move comes ahead of the opening of the firm's West Pokot plant in August. The company has targeted regional markets of Rwanda, Uganda, and Burundi given the proximity of the new plant to these countries.\nMr Raval told the Business Daily that the signing of the long supply deal has started with the neighbouring countries with the supply of 6,000 tonnes of clinker a day.\nRead: State shields cement firms with clinker tax\nThe West Pokot plant, said Mr Raval, will export 80 percent of the total production to the regional market.\n“Currently we are exporting 20 percent of our production to these countries but we are now signing long-term contracts that will see us supply clinker worth $200 million dollars (Sh27.7 billion) a year,” he said.\nHe said these countries are already making orders because the West Pokot plant is closer to them and it will make the cost of the commodity cheaper as compared to other markets where they are acquiring it currently.\nThe new plant will pump into the country an additional 2.5 million tonnes of clinker, a key raw material in the manufacture of cement.\nThe commissioning of the plant will make Mr Raval the largest producer of clinker in East Africa with the production of 7.5 million tonnes from his three factories.\nThe businessman has other cement operations through National Cement Company Limited.\nThe West Pokot plant will be the second largest in Kenya after his Emali plant, which currently produces 3.5 million tonnes of clinker annually.\nMr Raval said the additional capacity in Kenya has the potential to cut the cost of cement from the current Sh650 for a 50-kilo bag to Sh500.\nThe plant, said Mr Raval, would also contribute to job creation with at least 2,000 people to be employed directly at the facility.\nIn the 2023/2024 budget to be read next month, Treasury has proposed a 10 percent tax on imported clinker, resulting in an outcry from small players who have opposed the move through the Kenya Association of Manufacturers (KAM).\nKAM issued a statement calling on the government to reconsider the proposal, saying it poses serious negative economic and social ramifications including a possible loss of more than 100,000 jobs.\nThe billionaire, who also has an interest in steel, has been pushing for an increase in duty levied on imported clinker to protect the local industry.\nAlso read: Competition regulator fights tycoon in cement price war\nHe has been pushing for enhanced import duty on clinker, the main ingredient for the manufacture of cement, as the steel magnate eyes some Sh8.3 billion that factories without grinders pay to import the crucial raw material. Import levy on clinker stands at 25 percent currently.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/simba-cement-bags-sh28bn-contracts-to-export-clinker--4253618"}
\ No newline at end of file
diff --git a/clean/cc/b607be128ca1b4ef09abea6cfab8c96c.json b/clean/cc/b607be128ca1b4ef09abea6cfab8c96c.json
new file mode 100644
index 0000000000000000000000000000000000000000..0842a5dc727eb74b40099a8e19354c79c83380c6
--- /dev/null
+++ b/clean/cc/b607be128ca1b4ef09abea6cfab8c96c.json
@@ -0,0 +1 @@
+{"doc_id": "b607be128ca1b4ef09abea6cfab8c96c", "text": "Safaricom #ticker:SCOM has grown its control of the mobile money market to 99.9 percent amid efforts by regulators to open its M-Pesa platform to interface with those from rival Airtel Kenya and Telkom Kenya in a bid to enhance competition in the sector.\nData from the Central Bank of Kenya (CBK) shows that M-Pesa has grown its share of the value of mobile money transactions in the last three years to hit Sh2.206 trillion (99.9 percent) out of the total of Sh2.208 trillion worth of transactions in 2021.\nM-Pesa’s growth has eaten into the market of Airtel Money and Telkom’s T-Kash in the period with their shares dropping to 0.2 percent and 0.1 percent respectively.\nSafaricom’s control of the market has prompted a push for regulatory changes initiated by its rivals who allege that the telco is abusing dominance.\nThe CBK, in a presentation to Parliament, said competition in the industry is being addressed through increased integration of the competing platforms.\n“Key initiatives to impact the payments sector include full-scale interoperability to build on existing collaboration and progress to national switch ‘pay anyone anywhere,” CBK says in the presentation.\nThe regulator in 2020 published draft regulations to allow users to withdraw cash from an agent of their choice irrespective of whether they belong to Safaricom, Airtel, or Telkom.\nAirtel and Telkom subscribers will also be allowed to pay for bills via Safaricom’s Lipa na M-Pesa if the proposed regulations get Parliamentary nod, marking the latest push to deepen financial inclusion in the country.\nSafaricom has been uncomfortable with the push to open M-Pesa outlets to rival firms.\nMobile money has over the years grown to be a lucrative revenue stream for telcos as customers use them to send cash, pay for goods and services and take short-term credit.\nThe CBK data shows that Safaricom grew its control of the mobile money market from 99.7 percent in 2019 to 99.8 percent a year later.\nAirtel Money has recorded a drop in its share from 0.3 percent in 2019 to 0.2 percent a year later while T-Kash grew from 0.004 percent to 0.006 percent in a similar period.\nSince 2018, subscribers on the three telcos have sent money across mobile phone networks but can only withdraw cash from agents associated with the operator.\nAirtel and Telkom have petitioned Parliament on several occasions for the government to declare Safaricom the dominant player in the sector, paving way for regulatory changes intended to boost their dwindling fortunes.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/safaricom-takes-99-9pc-of-mobile-money-market-3751888"}
\ No newline at end of file
diff --git a/clean/cc/b77aff4843802dc378e7a896b6f24b59.json b/clean/cc/b77aff4843802dc378e7a896b6f24b59.json
new file mode 100644
index 0000000000000000000000000000000000000000..b69545ea7c670c8d2551d552d5f9294db9ec5945
--- /dev/null
+++ b/clean/cc/b77aff4843802dc378e7a896b6f24b59.json
@@ -0,0 +1 @@
+{"doc_id": "b77aff4843802dc378e7a896b6f24b59", "text": "Despite the government’s efforts to extend petrol price relief, South Africa and much of the rest of the world face the possibility of continued petrol price hikes in the coming months as global oil issues continue, say economists.\nCrude supplies are likely to remain tight amid limited spare capacity among producers, said investment bank UBS in a research note on Wednesday (15 June).\n“Recent protests in Libya have dragged down the country’s oil production by more than 1mbpd from its earlier peak, while the pause in nuclear talks between Iran and major nations suggests additional Iranian oil barrels are unlikely to return this year.\n“Meanwhile, the recent pledge from OPEC+ to step up production is unlikely to result in any material increase in output, as many countries in the group are already struggling to meet existing targets.”\nThe EU’s ban on Russian oil imports, though staggered, will also worsen the long-term structural imbalance in global oil supply, the bank said.\n“So we maintain our positive outlook on oil and energy equities. We have lifted our forecasts for Brent to $130/bbl by end-September, and to $125/ bbl for the subsequent three quarters, up from our previous forecast of $115/bbl over this period.” At 12h20 on Wednesday (15 May), Brent was trading at a spot price of $119.72/bbl.\nRand weakness\nSouth Africa’s local petrol prices have also not been helped by a tumultuous rand, which has slipped in the last week on expectations of further rate hikes in the US and the possibility of a global recession.\n“In South Africa, the rand is at risk of further marked weakness as the differential between South African and US interest rates are eroded on the US interest rate hike this month, which would add to fuel price pressures, as rand weakness increases the rand oil and petroleum product prices,” said Investec chief economist Annabel Bishop.\nShe noted that the current fuel price increase forecast in South Africa is for another R2.00/litre hike in the petrol price in July, to R26.18/litre, the highest petrol price South Africa has ever experienced, while the diesel price is set to rise by R1.18/litre, taking it to R24.27/litre, again unprecedented.\n“Petrol prices in South Africa are around double what they were about two years ago, and unsurprisingly inflation is more than double as food cost inflation has increased substantially as well, while second-round price effects are building, and the SARB warns against a wage/price spiral. ”\nAdding to the pressure is the end of fuel price interventions announced by the government in March. Fuel prices in July will see R1.50 kept off the general fuel levy. In August, this will be reduced to 75 cents per litre as the other 75 cents are added back.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/597444/south-africas-petrol-price-is-heading-towards-r30-litre-get-used-to-it/"}
\ No newline at end of file
diff --git a/clean/cc/b87644b291479ff1a87de986d8960e52.json b/clean/cc/b87644b291479ff1a87de986d8960e52.json
new file mode 100644
index 0000000000000000000000000000000000000000..ba60e80d32ed65f915c4d8e38f4ca02daa706d89
--- /dev/null
+++ b/clean/cc/b87644b291479ff1a87de986d8960e52.json
@@ -0,0 +1 @@
+{"doc_id": "b87644b291479ff1a87de986d8960e52", "text": "The CEO and co-founder of Nigerian payments company Flutterwave, Olugbenga Agboola, flew into Kenya this week amid efforts to unfreeze his Sh6.6 billion and lift a Central Bank of Kenya (CBK) embargo on the firm.\nIn a space of just one year, the start-up has seen its Kenya operations — which was the second-largest market after Nigeria— brought to a halt, with the High Court freezing Sh6.6 billion on money laundering fears and the CBK ordering banks to cut links with the firm.\nMr Agboola landed in Nairobi to meet the firm's local team and seek an audience with the CBK, which in December asked his firm to make a fresh licence operation.\nThe CBK had in July ordered local banks to stop dealing with Flutterwave, arguing it was not licensed as its accounts got frozen under the country's anti-money laundering laws.\nMr Agboola's visit coincided with a verdict by the High Court that on Thursday dismissed an application from over 2,000 Nigerians who sought a share of the frozen Sh6.6 billion.\nThe Nigerians said in a petition that they were swindled of billions of shillings through a sports betting platform that used Flutterwave to process the payments.\nThe dismissal of the suit marked another victory for Flutterwave after Kenya’s Assets Recovery Agency (ARA) in December withdrew from the case in which it secured orders freezing the billions in 29 accounts at GTB, Equity and Ecobank denominated in Kenya shillings, US dollars, euros and Sterling pounds.\nThe dismissal of the suit and ARA’s withdrawal have brought Flutterwave closer to accessing the Sh6.5 billion and shaking off the money laundering tag.\n\"CBK invited us in December to reapply for a money remittance and payments service provider licenses,\" Mr Agboola said in an interview with the Business Daily in Nairobi.\n“Kenya is the bedrock of mobile money. We have seen the gap and have raised capital to invest here. Without Nairobi, building a global mobile money payments system is not possible,\" he added from Flutterwave’s Kenya base in Nairobi’s Riverside Drive.\nFlutterwave has described the Kenya trip by the 37-year-old as a \"normal course of doing business\" that the techie takes quarterly.\nWhile in Kenya, the mostly reserved Mr Agboola, or GB as he is fondly known in the tech space, came in tow with Riva Levison, a top US lobbyist and PR guru.\nSolving challenges\nMs Levison prides herself as a political strategist, solving challenges for clients across governments in Africa — from political risk to election strategy, handling briefs for former presidents like Ellen Johnson Sirleaf (Liberia) and Joyce Banda (Malawi).\nIn recent months, Mr Agboola’s reputation has stretched beyond his leadership at Flutterwave thanks to a personal investments spree in other African startups.\nHis Nairobi trip came days after revelations that the firm had Sh184.9 billion in 62 bank accounts spread across five banks in four years without the knowledge and licence from the CBK.\nIt was one of the three Nigerian fintechs that were at the centre of a complex money laundering probe in Kenya.\nThe three, including RemX and Kandon Technologies, were investigated by ARA on fears of card fraud and money laundering.\nFlutterwave termed claims of financial impropriety in Kenya \"entirely false\".\nThe firm said its operations were regularly audited and it continuously engaged regulatory agencies to stay compliant.\n“Innovation in most cases is normally ahead of regulations and compliance is a journey that takes time. What we are doing now is bring in qualified global experts to strengthen our processes,” Mr Agboola said.\nThe Lagos-based company, founded in 2016, is now the biggest payments start-up on the continent. It has processed over 400 million transactions worth more than $25 billion in 35 African countries.\nARA in December changed tune on Flutterwave, saying investigations revealed that the money was not linked to money laundering—which was behind the CBK’s blockade of the licence.\nDespite the intention of ARA to withdraw from the suit, several applications have been filed before the court either seeking a share of the frozen cash or continued freeze of the billions.\nYesterday the court struck out one of the applications.\nJustice Esther Maina rejected the application by Mr Morris Ebitimi Joseph on behalf of 2,468 Nigerian investors, saying there is no reason to grant the application, after ARA signalled its intention to withdraw the case against Flutterwave.\n“I have carefully considered the application and my finding is that it has no merit. The ARA has intimated its intention to withdraw the petition,” the judge said.\nThe Nigerians claimed that they invested the money through a sports betting platform that was used by Flutterwave to process the payments.\nThe judge said the apprehension by the Nigerians that they would lose their money cannot stand in view of the decision by ARA to withdraw the case.\n“The court sees no reason to grant the application sought,” she said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/technology/flutterwave-ceo-in-nairobi-for-seized-billions-cbk-permit-4118200"}
\ No newline at end of file
diff --git a/clean/cc/bbb8398eb88bd525c979bf5de2424c3e.json b/clean/cc/bbb8398eb88bd525c979bf5de2424c3e.json
new file mode 100644
index 0000000000000000000000000000000000000000..b852517f9cc361f10f8080ef59347b6d4e5ba873
--- /dev/null
+++ b/clean/cc/bbb8398eb88bd525c979bf5de2424c3e.json
@@ -0,0 +1 @@
+{"doc_id": "bbb8398eb88bd525c979bf5de2424c3e", "text": "A new bean technology is proving to be a simple innovation to keep wildlife away from the farms.\nGrazers such as antelopes are said to dislike the taste of the four new varieties’ foliage compared to traditional legumes grown by farmers in the South Rift.\nAccording to Kenya Agricultural Research Institute (Kari)-Katumani, which developed the four varieties — KATB1, KATB9, KATX56, KATX69 — the beans also mature early, reducing the length of time they are likely to be in contact with wildlife.\n“The beans can do well even with little rainfall,” says Dr David Karanja, co-ordinator of the green legume project at Kari-Katumani. “This helps in eluding wildlife feeding patterns.”\nA study by the Kenya Wildlife Service (KWS) indicates that human-wildlife conflict peaks in April and July, a period when crops are said to be doing well on farms. The latest fact sheet by KWS says 5,495 cases of crop damage by wildlife were recorded between 2010 and last year.\nSouth Rift is particularly vulnerable because of its location where the wildebeest migratory corridor cuts through in the Maasai Mara Game Reserve and is also an agricultural region famous for wheat, barley, maize and livestock farming.\nOf Late, however, climate change and human-wildlife conflict are a growing challenge to agriculture, affecting mostly small-scale growers.\n“Farmers have also been encountering losses because traditional legumes cannot withstand the changing weather hence the need to introduce the new varieties,” says Dr Karanja, who is also the principal investigator in the project.\nHe says that the beans are drought tolerant, mature early and yield twice as much as the traditional ones also known as ‘ruling’ varieties.\nFor instance, says Dr Karanja, it takes a month for the new varieties to flower after germination ready to harvest within 65 days.\nThe ‘ruling’ varieties like the Mexican 142, which was bred in 1952 take 90 days to flower while farmers have to wait for 120 days before the legumes mature, he says.\nKari-Katumani collaborated with the Bio-resources Innovations Network for Eastern Africa Development and other partners to breed the new varieties.\nFarmers are organised into groups to access the new varieties, costing Sh20 at local seed retail outlets in small packages.\n“The small pack approach allows farmers to experiment the beans on their farms since it is cheap,” says Job Dan Sirari, a senior district officer facilitator at CLUSA Kenya, an NGO which advocates co-operative development among small-scale farmers.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/enterprise/new-bean-varieties-keep-wildlife-away-from-farms-2027118"}
\ No newline at end of file
diff --git a/clean/cc/bca8f4415e2d78557fe8c71657761140.json b/clean/cc/bca8f4415e2d78557fe8c71657761140.json
new file mode 100644
index 0000000000000000000000000000000000000000..4ae9bc1f56b314b026ba5a01ece0072775d01f63
--- /dev/null
+++ b/clean/cc/bca8f4415e2d78557fe8c71657761140.json
@@ -0,0 +1 @@
+{"doc_id": "bca8f4415e2d78557fe8c71657761140", "text": "Mid-month data from the Central Energy Fund shows that motorists could see another significant petrol price cut in October 2022 – but it’s bad news for diesel.\nThe data, which serves as a snapshot of market conditions as of 14 September 2022, shows that the petrol price could drop by as much as R1.31 per litre next month. However, diesel is showing an under-recovery – thus potential increase – of 66 cents per litre.\nThe mid-month snapshot is as follows:\n- Petrol 95: over-recovery/decrease of 131 cents per litre;\n- Petrol 93: over-recovery/decrease of 122 cents per litre;\n- Diesel 0.05%: under-recovery/increase of 59 cents per litre;\n- Diesel 0.005%: under-recovery/increase of 66 cents per litre;\n- Illuminating Paraffin: over-recovery/decrease of 1 cent per litre.\nThe Department of Energy has stressed that the daily snapshots are not predictive and do not cover other potential changes like slate levy adjustments or retail margin changes, which are determined by the department at the end of the month, taking all variables into account.\nThe DoE makes adjustments based on a review of the entire period. Furthermore, the outlook can change significantly before month-end.\nThe expected price changes are contingent on current market conditions persisting through to the end of the month. Notably, even if these changes come into effect, fuel prices are still much higher than they were in February before the impact of the Russian invasion of Ukraine was felt in global markets.\nLocal fuel price fluctuations are impacted by two main factors – the international price of petroleum products, driven mainly by oil prices, and the rand/dollar exchange rate used in the purchase of these products.\nFor the first two weeks of September, oil prices have remained $100 a barrel, contributing to a significant over-recovery in local prices. However, a weaker rand has cut into the recovery over the same period.\nExchange rate\nThe rand has trended significantly weaker in the first two weeks of September, largely at the mercy of global markets.\nSpecifically, the rand has taken its lead from the US and European markets, which are experiencing high levels of inflation, and central banks in the regions pushing interest rates higher to cope.\nThe US Fed recently announced higher-than-expected inflation in the states, all but cementing a 75 basis point hike in rates at the end of September. The European Cental Bank, meanwhile, also hiked rates by 75bps.\n“US CPI for August came out at 8.3% YoY vs market estimates of 8.1% but still down from July’s 8.5%. What really spooked the market was the rise of 0.1% in the MoM figure, which was expected to actually fall due to the sharp drop in gasoline prices,” said TreasuryOne, in a note.\n“Markets are now fully pricing in a 75 bps rate by the Fed at next week’s FOMC, with the Fed also now to be extra hawkish on monetary policy.”\nThese international moves – dealing with the fallout of two years of Covid-19 and the ongoing war in Ukraine – have created a risk-off environment to the detriment of emerging market economies, including South Africa.\nEconomists anticipate rand weakness and volatility to persist over the next few months, with a wide range projection for year-end. If market conditions persist – the most likely scenario – the rand could end the year in the R17.00 to the dollar range.\nOil prices\nOil prices have helped ease the pressure on international petroleum product prices.\nHowever, the price has fluctuated in recent sessions, Bloomberg reports, as traders grapple with concerns about global demand and assess comments from the US on refilling strategic reserves.\nThe price is also sensitive to events in China, which is pursuing a zero-Covid strategy, heavily disrupting industry activity. The International Energy Agency warned this week that the country is on course for its biggest annual drop in oil demand in over three decades.\n“Oil is on course for the first quarterly loss in more than two years as central banks, including the Federal Reserve, tighten monetary policy to tame inflation, hurting the outlook for energy consumption,” Bloomberg said.\n“The retreat has erased all the gains seen in the wake of Russia’s invasion of Ukraine, with prices earlier this month hitting the lowest level since January.”\nWhile the lower oil price is great news for motorists, the drop hasn’t had an equal effect on petrol and diesel. While petrol prices have benefitted, global demand for diesel has tightened as the Northern Hemisphere starts to shift away from gas heating, increasing demand for middle distillates like diesel.\nAs demand for diesel increases, so too does the price.\nThis is a major red flag as diesel is used mainly by farmers, haulage vehicles and emergency power generators, and any diesel price hike directly impacts transportation and the costs of manufacturing goods.\nThis is how the expected price changes could reflect at the pumps:", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/625658/here-is-the-expected-petrol-and-diesel-price-for-october/"}
\ No newline at end of file
diff --git a/clean/cc/bec92257776fc6fe5e241866d667fede.json b/clean/cc/bec92257776fc6fe5e241866d667fede.json
new file mode 100644
index 0000000000000000000000000000000000000000..f243192c712f2874aa9064f84babf3be6b520879
--- /dev/null
+++ b/clean/cc/bec92257776fc6fe5e241866d667fede.json
@@ -0,0 +1 @@
+{"doc_id": "bec92257776fc6fe5e241866d667fede", "text": "South Africa’s Treasury is finalising a plan to take over a portion of Eskom’s R396 billion ($24 billion) debt as part of a process to place the struggling electricity company on a sustainable footing, a top official said.\nThe “broad brush strokes” of the debt transfer will be announced in the mid-term budget scheduled for October, Duncan Pieterse, head of assets and liability management at the National Treasury, said in an interview Wednesday. The authorities will seek cabinet and parliament’s approval for the plan after determining the amount, along with the conditions the utility will need to meet before and following such a transaction.\nThe Treasury has done financial modeling around the debt transfer and appointed lawyers to advise it on regulatory and legal hurdles, including loan covenants, Pieterse said. It’s also working with Eskom to determine what needs to be done to ensure the state-owned company is sustainable after the debt transfer has taken place.\n“There is no point in dealing with the debt, only for the entity to return to the fiscus for further support,” Pieterse said. “Then you are basically executing a debt transfer without making sure that you will have a sustainable entity in the end,” he said, adding that “Eskom has been very constructive in our engagements with them.”\nBailouts, Blackouts\nSetting a plan for Eskom’s debt would mark a key step toward turning around the engine that drives Africa’s most industrialized nation, after years of government bailouts and rolling power outages that have weighed on the economy. The utility has been unbundling into generation, distribution and transmission units in a strategy to update the nearly century-old monopoly, but the government has been stymied by the debt pile that’s required cash injections just to service.\nEskom’s bonds surged the most since May 2020, with yields on unsecured 2028 dollar securities dropping 150 basis points to 11.18% by 3 p.m. in Johannesburg. Yields on benchmark 10-year government rand bonds fell 19 basis points to 10.9%, and the rand erased a decline of as much as 0.8% to trade little changed against the dollar.\n“The government has responsibility for the debt build-up on Eskom’s balance sheet, so it is a good step in the right direction,” said Lutz Roehmeyer, chief investment officer at Berlin-based Capitulum Asset Management. The debt transfer alone would not solve Eskom’s problems without operational reforms, he added.\nFinance minister Enoch Godongwana said in his February budget statement that the Treasury would work on a plan to find a “fair and equitable” debt solution for Eskom by the end of the current financial year. The debt-transfer proposal flows from that announcement, Pieterse said.\n“Once the technical work is complete, then this work has to be subjected to budget processes and be incorporated and tested within the fiscal framework, which is ultimately approved by the minister of finance, cabinet and parliament,” Pieterse said. “As announced by the president, we intend to outline the principles of the proposal at the time of the medium-term budget policy statement in October and the execution modalities thereafter.”\nYields on South African local-currency government bonds are among the highest in emerging-markets, an ascent that accelerated from 2017, when Eskom started to face mounting fiscal and governance issues. Goldman Sachs Group identified the utility as the biggest single threat to the nation’s economy.\nIn 2019, Eskom received a multibillion dollar bailout, which resulted in the government increasing the amount of debt it sold at weekly auctions, driving up yields. The following year the Public Investment Corp., a manager of government workers’ pensions and unemployment funds, emerged as the potential counter-party of an Eskom debt-for-equity swap. Other solutions have since emerged and faded.\nAmong the other proposals to help reduce Eskom’s debt is one resurrected by Godongwana to sell some of its coal-fired power plants. That idea is still under consideration, Pieterse said.\n“In terms of the selling of power plants, it is something that we have asked Eskom to look into and it is obviously tricky,” he said. “That is one of the issues under discussion, but it isn’t the main issue. The main issue is how do you create the space for Eskom to maintain the plants they currently have and to invest in the transmission and distribution parts of their business.”\nTaking a large portion of Eskom’s debt onto the state’s balance sheet may help lower South Africa’s borrowing costs by removing the uncertainty that’s built into sovereign yields, Pieterse said.\n“The question is what happens to our risk premium going forward,” he said. “The feedback we have received has been along the lines of, provided you can get the right conditions in place, provided it is a credible transaction, this can actually be net positive for the sovereign.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/611710/government-set-to-take-over-portion-of-eskoms-r396-billion-debt/"}
\ No newline at end of file
diff --git a/clean/cc/bf00b101c31c554962489fa56737ff42.json b/clean/cc/bf00b101c31c554962489fa56737ff42.json
new file mode 100644
index 0000000000000000000000000000000000000000..89c170a447f980e7fb97dd5efbc7e42df1f04a7d
--- /dev/null
+++ b/clean/cc/bf00b101c31c554962489fa56737ff42.json
@@ -0,0 +1 @@
+{"doc_id": "bf00b101c31c554962489fa56737ff42", "text": "SARS commissioner Edward Kieswetter says that the revenue service is engaging with National Treasury to find ways to provide relief to consumers and businesses who turn to solar and own generation to get off Eskom’s grid.\nSpeaking on the latest episode of PSG’s Think Big, Kieswetter said that he was “aligned with the principle” that people and businesses should be incentivised to alleviate pressure on the national power utility’s grid by turning to private generation.\nHe was asked whether private producers should be given tax incentives or rebates for solar, generators, inverters and batteries in light of the ongoing electricity crisis in the country.\nWhile SARS is not in charge of setting financial policy – it only collects taxes – the commissioner said that he was actively engaging with the national government around this.\nHe said that the last amendment for policies on renewable energy was made in 2016, where a long-term incentive was given that equated to an effective 28% discount on investments in renewable energy at the time.\n“Back then, we were not aware of how the crisis would grow by today,” he said.\nKieswetter said that SARS is engaging with National Treasury to review the policy to find ways to provide relief and incentivise the adoption of private and own generation.\nHowever, he cautioned that using tax is not always the most effective route to correct behaviour.\nThe commissioner’s comments come as South Africa waits on president Cyril Ramaphosa to lay out the government’s plans to boost rooftop solar in South Africa. The president recently noted that rooftop solar could become a major source of generation capacity in the country as Eskom continues to struggle to keep the lights on.\nRamaphosa said that work would soon be completed on a pricing structure that will allow customers to sell surplus electricity from rooftop solar panels into the grid.\n“To incentivise greater uptake of rooftop solar, Eskom will develop rules and a pricing structure – known as a feed-in tariff – for all commercial and residential installations on its network.”\nDesignated local content for solar panels has also been reduced from 100% to 30% to alleviate constraints. The president is expected to deliver more details on these plans during his State of the Nation Address on Thursday (9 February).\nThe City of Cape Town already has a head-start with the plan, having recently announced that it will be buying electricity from commercial solar installations from June 2023, with plans to apply the same to residential customers from 2024.\nThe push for solar comes off a big year for the energy source in South Africa, with research from PwC showing that over R5 billion worth of panels were imported in 2022.\nEskom hitting SARS\nAccording to Kieswetter, the ongoing Eskom crisis has had a huge impact on economic activity and crippled many companies – from small to large – and it will undoubtedly have a material impact on SARS’ ability to collect revenue.\nHe said that during times of crisis, taxpayers become more conservative and are often tempted to withhold tax. As such, the group’s debt book has grown significantly, prompting a more aggressive stance from the revenue service.\n“It is definitely harder (to collect), but we will leave no stone unturned,” he said.\nHe stressed that SARS is not acting out of desperation or trying to bully taxpayers during a tough time – the service is just doing its mandated job.\n“We will continue to do everything we can to fulfil our mandate. Every additional rand we collect is a rand the Treasury doesn’t have to borrow from an expensive market,” he said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/662591/sars-on-tax-breaks-and-other-incentives-for-solar-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/bf2b5654e192bbc8122e98094557d733.json b/clean/cc/bf2b5654e192bbc8122e98094557d733.json
new file mode 100644
index 0000000000000000000000000000000000000000..b49d375bfcd0722586b57ecd1d441159af020c7a
--- /dev/null
+++ b/clean/cc/bf2b5654e192bbc8122e98094557d733.json
@@ -0,0 +1 @@
+{"doc_id": "bf2b5654e192bbc8122e98094557d733", "text": "The consumer goods sector, one of the largest employers in South Africa, says the nation can not survive any more shocks from infrastructure bottlenecks, load shedding and poor municipal service delivery.\nSpeaking at the annual summit of the Consumer Goods Council of South Africa (CGCSA), co-chairs Pick n Pay’s Gareth Ackerman and Clover’s Johann Vorster said that the cost of doing business has skyrocketed amid the challenging economic environment.\nThis has limited the ability of companies to operate profitability, create value, and invest for growth and employment creation.\n“The challenge is that the government is not doing its job properly, and we now have to help it in doing things for which we are paying tax for it to be done,” Ackerman said.\n“We need to ensure water, electricity, potholes and sewerage are repaired and work. We have to deal with crime and poor service delivery. These are unbelievably depressing things, yet they are basics.”\nHe noted that the port and rail infrastructure is incredibly ineffective, forcing the consumer goods sector to use expensive road freight, damaging roads.\nBusiness insurance has also increased nearly twofold following the 2021 riots, whilst salary and wage increases have not improved with the rising cost of living.\n“It has become a lethal cocktail which needs to be adequately addressed by the government, working together with business to get things going on to grow the economy,” said Ackerman.\nVorster added that businesses should help their localities by cleaning the environment and partnering with municipalities to repair broken infrastructure. He noted that local authorities are willing to work with the private sector in areas where they need help.\n“We need as businesses and every company to put its own pressure in its own community and municipality, and we can win as a nation. We need to realise that we need to take responsibility and accountability in business and government,” Vorster said.\n“There is place for policy and government, and I think as businesses, we can also add something. To create jobs and get the economy moving, we need to work together.”\nCGCSA CEO Zinhle Tyikwe noted that the consumer goods sector is one of the biggest sectors in the country, with more than 2.5 formal jobs.\nIt is also a serious contributor to GDP and plays a significant role in ensuring food security.\n“We are therefore advocating for the government to improve economic conditions, attract investment and allow businesses to make profits, enabling them to reinvest and create employment. We need to work together to make the economy grow for the good of the country,” Tyikwe noted.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/724318/alarm-bells-for-one-of-south-africas-largest-employers/"}
\ No newline at end of file
diff --git a/clean/cc/bf43062a7d9a2919324c58343eb4fd83.json b/clean/cc/bf43062a7d9a2919324c58343eb4fd83.json
new file mode 100644
index 0000000000000000000000000000000000000000..9ea3aa70d528b25c581855fa8f90074186f5a7ee
--- /dev/null
+++ b/clean/cc/bf43062a7d9a2919324c58343eb4fd83.json
@@ -0,0 +1 @@
+{"doc_id": "bf43062a7d9a2919324c58343eb4fd83", "text": "US private equity group TPG-backed Evercare health care fund, which took over the management of over Kenyan hospitals and clinics previously managed by scandal-hit Dubai-based fund Abraaj, plans to expand its presence in its five key markets including Kenya.\nThe firm's chief executive Massimiliano Colella said it would add more clinics and diagnostic centres citing huge demand for the health care services.\nHe did not divulge the number of new clinics to be added in Kenya and the specific timelines for the expansion.\nThe aim is to boost coverage to six million patients by 2025, from four million in Kenya, Nigeria, Pakistan, India and Bangladesh, Mr Colella told Reuters in an interview.\n“There is still an opportunity to further expand care and increase the reach in the five countries we operate in,” Colella was quoted saying by Reuters.\n“We are discussing with TPG on how to expand and we are looking at different options.”\nThe expansion plans offer relief to the near half dozen hospitals run by the US healthcare fund in Kenya and their workers and marks a sudden change of fortune two years after the Kenyan hospitals stared an uncertain future following the collapse of Abraaj.\nAbraaj’s health fund Kenyan portfolio was made up of 18 clinics and 10 hospitals that provide over 700 patient beds.\nThe fund had invested in Nairobi Women’s Hospital, Avenue Hospital, Metropolitan Hospital, and Ladnan Hospital among others all of which are now under ownership and management of Evercare.\nEvercare expansion plans mirror several other private Kenyan firms which are expanding health care services in the country in a race to plug gaps in the relatively poor public health infrastructure that is plagued by an acute shortage of doctors, a lack of essential drugs and medical equipment.\nTPG Growth, the group’s mid-market buyout arm, took over the existing assets of Abraaj’s Growth Markets Health Fund in Kenya, renaming it The Evercare Health Fund.\nIt currently owns 30 hospitals, 16 clinics and 82 diagnostic centres around the world.\nMr Colella was quoted saying Evercare has taken a number of steps to improve governance such as changing leadership, investing in finance and information technology, and creating compliance and audit committees at hospitals.\nTPG signed a deal in 2019, to take over and manage Abraaj’s $1 billion (about Sh101 billion) healthcare fund offering relief for the Kenyan medical outlets where the fund had pumped in billions of shillings.\nAbraaj, once the Middle East and North Africa’s biggest buyout funds, collapsed following a row with investors over the use of money in the healthcare fund.\nAbraaj had a row with investors including the Bill & Melinda Gates Foundation and the IFC over the use of money in the Sh101 billion healthcare fund.\nThis led to months of financial turmoil at the Dubai-based firm which filed for provisional liquidation in 2018.\nThe arrest of Abraaj executives on fraud charges had heightened uncertainty among Kenyan firms where it pumped billions before collapse.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/nairobi-women-s-metropolitan-new-owner-expand-hospitals-3549140"}
\ No newline at end of file
diff --git a/clean/cc/bf626f30c27c830f73319a7b99881f25.json b/clean/cc/bf626f30c27c830f73319a7b99881f25.json
new file mode 100644
index 0000000000000000000000000000000000000000..a18af4da89f83d13c9ec007d52497a6ef54b46a2
--- /dev/null
+++ b/clean/cc/bf626f30c27c830f73319a7b99881f25.json
@@ -0,0 +1 @@
+{"doc_id": "bf626f30c27c830f73319a7b99881f25", "text": "Safaricom has restructured $400 million worth of short-term credit facilities into medium-term loans in a process that saw part of the debt converted into local currency to ease pressure on cash flows and reduce foreign exchange risks.\nThe company had borrowed the cash last year from a consortium of lenders including Standard Chartered Bank Kenya to make its contribution to the payment for the $850 million fee for a telecoms licence in Ethiopia.\nThe Nairobi Securities Exchange-listed firm says in its latest annual report that the borrowings have since been restructured into two facilities, stretching out the repayment over seven years.\n“During the year, the bridge facility was converted into a five-year long-term facility of $120 million and a Sh31.1 billion ($280 million) seven-year with two years moratorium on principal repayment,” the firm said.\n“The new facility was done through a syndication process where both local and international banks participated in.”\nThe extension of the maturity period and conversion of part of the debt into local currency have saved the telco from a major repayment headache at a time when the weakening of the shilling has inflated dollar-denominated loans.\nThe Kenyan shilling has depreciated 8.7 percent over the past 12 months to trade at 118.3 units to the dollar, raising the cost of repaying interest and principal for borrowers in the hard currency.\nSafaricom did not disclose the interest rate on the two new credit facilities and neither did it specify the lenders who provided the funds. Stanchart has separately said it was part of the consortium that lent the funds to the telco.\nThe telco said it closed the year ended March with net debt of Sh34.5 billion. The company borrows tens of billions of shillings but usually pays most of the debt within months.\nThe expansion into Ethiopia has seen it borrow more funds long-term as it invests in the new subsidiary that is expected to break even within four years.\nThe Ethiopia business reported a net loss of Sh4.8 billion in the 10 months ended March, reflecting the startup costs in a period when it had no revenue.\nSafaricom’s partners in the joint venture –Safaricom Ethiopia— are Sumitomo Corporation, CDC Group and Vodacom Group. The Nairobi-based telco is the majority shareholder in the new subsidiary with a 55.71 percent stake.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/safaricom-extends-repayment-of-sh47bn-credit-facilities-3878806"}
\ No newline at end of file
diff --git a/clean/cc/bfbc9d3cdfb6ae31651c83d4d3804c79.json b/clean/cc/bfbc9d3cdfb6ae31651c83d4d3804c79.json
new file mode 100644
index 0000000000000000000000000000000000000000..c9be144529d35508d9a5eb9c03fd924a712a24ad
--- /dev/null
+++ b/clean/cc/bfbc9d3cdfb6ae31651c83d4d3804c79.json
@@ -0,0 +1 @@
+{"doc_id": "bfbc9d3cdfb6ae31651c83d4d3804c79", "text": "MTN Uganda has appointed Sylvia Mulinge –currently the head of consumer business at Safaricom— as its new chief executive starting September 1.\nThe move marks Ms Mulinge’s successful jump to the CEO’s post after her appointment to lead Vodacom Tanzania in 2018 was thwarted by Tanzanian authorities who refused to issue her with a work permit.\nMTN Uganda, which has been rolling out services similar to those pioneered by Safaricom, will be relying on her extensive experience to grow the business.\n“Sylvia Mulinge becomes MTN Uganda CEO, joining from Safaricom, where she served as Chief Consumer Business Officer for the Group. A seasoned executive, she brings with her a passion for transforming customers’ lives using technology,” South Africa’s MTN Group said.\n“Mulinge replaces Wim Vanhelleputte, who will take on the new MTN Group role of Operations Executive: Markets.”\nMs Mulinge was among three CEOs that the multinational has appointed for its various markets effective the same date.\nShe is among a group of long-serving Safaricom executives who have steered the company that grew to become the largest in the region by sales, earnings, and market value.\nStarting with voice and SMS as its core business lines, the telco has diversified into various segments including mobile money which now leads in terms of revenue.\nOther high-profile executives who have left Safaricom recently include Joe Ogutu who retired after 17 years with the company.\nRead: Safaricom boss retires after 17-year stint\nMs Mulinge joined Safaricom in 2006, rising through the ranks to chief customer officer in 2018. She took her current role in July 2021.\n“She was instrumental in setting up two key businesses in Safaricom; Enterprise and Fixed Data,” Safaricom CEO Peter Ndegwa said, announcing her exit on Thursday.\nMTN Uganda was listed on the Uganda Securities Exchange last year through an initial public offering that saw its South African parent firm sell a 12.96 percent stake against the target of 20 percent.\nThe transaction was done to comply with local ownership rules.\nMTN Uganda’s net income for the year ended December increased 5.8 percent to Sh10.8 billion, helped by a 9.7 percent jump in total revenue to Sh65.3 billion.\nThe company says the earnings would have been higher under normal trading conditions, noting that it paid a total of $17.1 million (Sh2 billion) in license fees and costs of terminating a services agreement with Invesco Uganda Limited.\nMTN Uganda saw its customer numbers rise 10.7 percent to 15.7 million, with active data subscribers jumping 16 percent to 5.3 million.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/mtn-appoints-safaricom-sylvia-mulinge-as-uganda-ceo-3865132"}
\ No newline at end of file
diff --git a/clean/cc/bfdb58cddd3b5cd376448dc1f5b7f067.json b/clean/cc/bfdb58cddd3b5cd376448dc1f5b7f067.json
new file mode 100644
index 0000000000000000000000000000000000000000..adae5952c8c183bd12198b8a388301f4e1f9dd5a
--- /dev/null
+++ b/clean/cc/bfdb58cddd3b5cd376448dc1f5b7f067.json
@@ -0,0 +1 @@
+{"doc_id": "bfdb58cddd3b5cd376448dc1f5b7f067", "text": "South Africa’s petrol price will hit another record high this month, as the department of energy has announced a massive increase in prices at the pumps.\nAccording to the DoE, petrol will be climbing by 82 cents a litre for both 93 and 05 octane fuel, while diesel will be hiked between 85 and 87 cents per litre, and illuminating paraffin will go up by 82 cents.\nThis will take the official petrol price up to R15.54 for 93 octane, and R15.79 for 95 octane. Diesel (0.05% sulphur content) will hit R14.19.\nAdjustments:\n- 93 ULP and LRP – 82 cents per litre increase\n- 95 ULP and LRP – 82 cents per litre increase\n- Diesel 0.05% Sulphur – 85 cents per litre increase\n- Diesel 0.005% Sulphur – 87 cents per litre increase\n- Illuminating Paraffin (wholesale) – 82 cents per litre increase\n- LP Gas – 138 cents per litre increase\nAccording to the department, the average international product prices of petrol and diesel and illuminating paraffin increased during the period under review.\nAdditionally, the rand depreciated against the US dollar during the period under review, on average, when compared to the previous period.\nThe average rand/US dollar exchange rate for the period 25 April 2018 to 31 May 2018 was 12.5099 compared to 11.9797 during the previous period. This led to a higher contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 30.46 c/l, 31.17 c/l and 31.53 c/l respectively.\nOn top of prevailing market conditions, the latest hike also takes into account the leftover under-recovery from April, according to the Automobile Association (AA).\nThe AA also warned this week that, should market conditions continue on the current path, motorists can expect yet another petrol price hike in July, with the price expected to shoot past R16 a litre on a steady march to R17 a litre.\nThe new petrol prices kick in on Wednesday, 6 June.\nThis is what you can expect to pay:", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/249121/here-is-the-official-petrol-price-for-june-2018/"}
\ No newline at end of file
diff --git a/clean/cc/c015b12d4c95af67668d0201125b12ee.json b/clean/cc/c015b12d4c95af67668d0201125b12ee.json
new file mode 100644
index 0000000000000000000000000000000000000000..b7b5222b5800b3c7c80f86001df968739499aa27
--- /dev/null
+++ b/clean/cc/c015b12d4c95af67668d0201125b12ee.json
@@ -0,0 +1 @@
+{"doc_id": "c015b12d4c95af67668d0201125b12ee", "text": "President Cyril Ramaphosa says that finance minister Enoch Godongwana will soon announce measures by the National Treasury to boost the rollout of solar in South Africa, including tax breaks.\nDelivering his State of the Nation Address on Thursday (9 February), the president said that “unleashing” own generation among private households and businesses is a key part of the country’s wider plans to end the load shedding crisis.\nThis was point four in the broad five-point plan to end the crisis:\n- Fix Eskom and improve the availability of the existing electricity supply\n- Enable and accelerate private investment in generation capacity\n- Accelerate procurement of new capacity from renewables, gas and battery storage\n- Unleash businesses and households to invest in rooftop solar\n- Fundamentally transform the electricity sector.\nWhile the national government is not deviating from this plan, swifter action is being taken to fast-track certain actions.\nHe said that during the 2023 Budget scheduled for 22 February, the minister of finance will announce how households and businesses will benefit from a tax incentive relating to rooftop solar.\nBeyond the tax breaks, National Treasury will also look at other measures to boost solar availability for businesses.\nRamaphosa said that Treasury will make adjustments to the “bounceback” loan scheme, which was severely underutilised following the Covid-19 pandemic, to help small businesses invest in solar equipment.\nBanks and financial institutions will also be allowed to borrow directly from the fund to help facilitate the leasing of solar equipment to small businesses, he said.\nGoing the route of offering tax breaks to incentivise rooftop solar takeup is broadly supported by the South African Revenue Service (SARS). During a webinar this week, SARS commissioner Edward Kieswetter said that he supported the move.\nWhile SARS is not in charge of setting financial policy – it only collects taxes – the commissioner said that he was actively engaging with the national government around this.\nHe said that the last amendment for policies on renewable energy was made in 2016, where a long-term incentive was given that equated to an effective 28% discount on investments in renewable energy at the time.\nKieswetter said that SARS is engaging with National Treasury to review the policy to find ways to provide relief and incentivise the adoption of private and own generation.\nWhile no progress on the measure was mentioned by Ramaphosa during his speech, it is known that other solar measures are part of the country’s Energy Action Plan.\nWork is also underway to develop a net billing framework for municipalities to enable customers to feed electricity from rooftop solar installations onto the grid, and designated local content for solar panels has been reduced from 100% to 30% to alleviate constraints.\nThe City of Cape Town already has a head-start with the plan, having recently announced that it will be buying electricity from commercial solar installations from June 2023, with plans to apply the same to residential customers from 2024.\nThe push for solar comes off a big year for the energy source in South Africa, with research from PwC showing that over R5 billion worth of panels were imported in 2022.\n“We estimate that these panels provide an additional 2,000 MW of generating capacity during 2023. Based on varying usage patterns, these off-grid solar panels could be saving the rest of the country from an additional stage of load-shedding at any given time,” PwC said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/663595/big-boost-for-rooftop-solar-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/c15a5f815dfa77ed5efd38eee0c6a0ae.json b/clean/cc/c15a5f815dfa77ed5efd38eee0c6a0ae.json
new file mode 100644
index 0000000000000000000000000000000000000000..62bc44b6680bbcfd8fefb92ec59b75ea051029cc
--- /dev/null
+++ b/clean/cc/c15a5f815dfa77ed5efd38eee0c6a0ae.json
@@ -0,0 +1 @@
+{"doc_id": "c15a5f815dfa77ed5efd38eee0c6a0ae", "text": "South Africa’s manufacturing sector showed minimal growth in December, with it set only to have a diminutive impact on the country’s Gross Domestic Product (GDP) figure for Q4.\nStatsSA’s data showed that South African manufacturing production increased 0.7% year-on-year in December 2023 – the slowest increase in three months primarily attributed to a struggling energy sector.\n“While load shedding eased somewhat in December, the electricity supply predicament remains a significant challenge for the energy-intensive manufacturing sector and the economy as a whole,” said economist Lara Hodes from Investec.\nAdditionally, quarter-on-quarter seasonally adjusted basis (the measure used to calculate GDP), manufacturing output largely fell flat at 0.1%.\n“Accordingly, it will make a negligible contribution to the quarter’s overall GDP reading,” said Hodes.\nManufacturing production in South Africa was up by a marginal 0.7% year-on-year in December 2023, which was notably below expectations of a 2.7% year-on-year lift.\nThe largest contributions were made by:\n- Petroleum, chemical products, rubber and plastic products (5.3% and contributing 1.1 percentage points);\n- Wood and wood products, paper, publishing and printing (2,7% and contributing 0,3 of a percentage point); and\n- Food and beverages (0,9% and contributing 0,3 of a percentage point).\nAdditionally, seasonally adjusted manufacturing production decreased by 1.7% in December compared with the previous month.\nManufacturing sales\nSeasonally adjusted manufacturing sales increased by 1.3% in December 2023 compared with November 2023.\nThis follows month-on-month changes of +1.7% in November 2023 and -0.6% in October 2023.\nNumbers show that 5 of the 10 categories included in the manufacturing basket increased annually in December. Petroleum, chemical products, and rubber and plastic categories collectively comprise 24.86% of the manufacturing basket, contributing 1.1% points to the overall growth of 5.3% y/y.\nThe largest volume of sales were in the food and beverages division, followed by basic iron and steel products, and then petroleum/chemical products.\nYearly manufacturing statistics\nTotal manufacturing production increased by 0,4% compared with 2022. This is a marginally better performance than the 0.3% annual decline seen in 2022.\nIn 2023, the largest positive contributors to this were:\n- Basic iron and steel, non-ferrous metal products, metal products and machinery (1.7% and contributing 0.3 of a percentage point);\n- Motor vehicles, parts and accessories and other transport equipment (2.2% and contributing 0.2 of a percentage point);\n- Wood and wood products, paper, publishing and printing (1.4% and contributing 0.2 of a percentage point).\nThe “still subdued global manufacturing environment continues to undermine export potential,” said Hodes.\n“Advance indications provided by the seasonally adjusted (SA) headline Purchasing Managers’ index (PMI) for January reveal that the manufacturing sector remained depressed at the start of 2024, with both the business activity and new sales orders indices declining markedly during the month.”\nRead: Businesses in South Africa hoping for the best in 2024", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/750102/more-disappointment-for-south-africas-economy/"}
\ No newline at end of file
diff --git a/clean/cc/c25f8243bad26b6a532a67f5ded5efd6.json b/clean/cc/c25f8243bad26b6a532a67f5ded5efd6.json
new file mode 100644
index 0000000000000000000000000000000000000000..900507e79a99c04895a127f9bc31ff7dda271f2b
--- /dev/null
+++ b/clean/cc/c25f8243bad26b6a532a67f5ded5efd6.json
@@ -0,0 +1 @@
+{"doc_id": "c25f8243bad26b6a532a67f5ded5efd6", "text": "The tech industry was one of the worst hit in 2022, making it the year that put brakes on a sector that had witnessed roaring growth for decades.\nThe Covid-19 pandemic helped cushion the sector as consumers went online and organisations grew online presence, but it was not enough to reverse the downturn.\nAs the pandemic softens, tech firms seem to be seeing the last of their short-lived season of glory as even the revered Silicon Valley’s most powerful and established companies send disturbing signals of tough days.\nThe shocks of the pandemic are slowly catching up with all sectors thanks to inflation impacts and rising lending rates that have curtailed consumer spending.\nIn October this year, American tech giant Google reported a sharp decline in profits just weeks after social media companies such as Meta indicated their advertising sales had dropped.\nMicrosoft, which is touted as the tech industry’s most solid performer, had predicted a slowdown towards the end of the year.\nMass job layoffs from global tech giants have been making headlines during the second half of the year with pointers showing the industry woes are still far from over.\nLast month, Tesla billionaire Elon Musk slashed nearly half of Twitter’s global workforce just days after taking over the social networking site with Meta and Amazon following suit with staff layoffs that saw thousands lose livelihoods days before the Christmas holidays.\nRead: Twitter layoffs start, company tells staff in an email\nDuring the month, Meta, which owns popular networking platforms Facebook, WhatsApp and Instagram, fired 11,000 workers, affecting 13 percent of their entire staff.\nThe giant said in October its profit for the most recent quarter declined by more than 50 percent compared to a similar period a year ago.\nOverall, more than 900 tech companies collectively fired 150,000 employees globally this year surpassing the great recession levels of 2008-2009.\nCloser home, tech start-ups have not been spared either. A Business Daily analysis in October showed that at least six promising tech newbies had collapsed in quick succession, most of them citing difficult market conditions and funding hitches.\nThe six included Kune Foods, Notify Logistics, WeFarm, BRCK, Sendy and Sky-Garden, which went under within just four months to October.\nBut what exactly is ailing the tech sector?\nAnza Now CEO Bobby Gadhia, whose initial tech firm PC World Limited collapsed in 2016 after being in the game for 21 years, faults overzealous hiring during periods of rapid growth, the effects of the Covid-19 pandemic as well as copycat culture.\n“When things are going well, companies are optimistic and tend to hire more people in efforts to capitalise on future opportunities. In this particular case, a lot of those future opportunities received a hit when the pandemic struck and firms had to go back to the drawing board,” says Mr Gadhia.\n“A key cause of the mass layoffs is the copycat effect. When one company starts firing and downsizing, others follow suit. For ‘social acceptance’, firms tend to do it when everyone is doing it so that it doesn’t look abnormal or erode public confidence,” he adds.\nTech policy expert and founder of Lawyers Hub Linda Bonyo faults regulation in the deployment of capital that puts off angel investors from pumping resources into tech ventures.\n“The decision by the US Government to raise lending rates has impacted sources of venture capital fund, which largely focused on growth metrics for start-ups in terms of personnel and customer acquisition without a necessary focus on revenue,” states Bonyo.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/technology/2022-the-year-that-tech-bubble-burst-4068350"}
\ No newline at end of file
diff --git a/clean/cc/c352db972a345e35d97d6ab69d31cd7e.json b/clean/cc/c352db972a345e35d97d6ab69d31cd7e.json
new file mode 100644
index 0000000000000000000000000000000000000000..b2f5f861ad9d4e2206f280c35076a4c3a0251c2f
--- /dev/null
+++ b/clean/cc/c352db972a345e35d97d6ab69d31cd7e.json
@@ -0,0 +1 @@
+{"doc_id": "c352db972a345e35d97d6ab69d31cd7e", "text": "Businessman and former ANC treasurer general Mathews Phosa has expressed misgivings about the ability of the current black economic empowerment policy to lead to real broad-based black economic empowerment (BBBEE).\nSpeaking at a conference on black economic empowerment on Thursday, Phosa did not hold back on his criticism of black economic empowerment.\n“The present black economic empowerment policy… is with respect, not a cure-all to real broad-based black economic empowerment. Millions of black people feel left out and are very sceptical since they cannot enter the formal economy. They only see a few that largely benefited from tenderpreneurship and not from hard work,” Phosa said.\nHe said empowerment should be broad and based on education and skills. “Rearranging” ownership through legislated processes and codes, as is the current practice, brings no benefits as sustainable jobs are often lost to accommodate a new “empowerment” partner through paying for the costs associated with the moves, he said.\n“I wonder if those with empowerment shares in struggling commodities feel empowered today, or do they feel overwhelmingly indebted? It is our duty to focus our efforts on removing all the real barriers to growth and job creation, Phosa said.\nPhosa’s comments come amid general apprehension among companies and businesses about the effect of the recently updated codes of good practice. There are fears that companies will lose BEE ratings under the new codes, which now put increased emphasis on supplier, enterprise and skills development.\nThe amended BBBEE Act has reduced the number of compliance categories from seven to five. Employment equity and management control have merged, while preferential procurement and enterprise development are now one category.\nRyland Fisher, associate publisher and editor at Topco Media, said businesses are worried about the new codes as these affect them at several tiers. Fisher said there is a general sentiment that sectors which do little business with government are slow to transform.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/98793/bee-isnt-doing-what-its-supposed-to-former-anc-treasurer/"}
\ No newline at end of file
diff --git a/clean/cc/c442cdb7b0646f528e50b2e639acd7b9.json b/clean/cc/c442cdb7b0646f528e50b2e639acd7b9.json
new file mode 100644
index 0000000000000000000000000000000000000000..8c7abd88b5e338f33903194586a6bd3a76a69540
--- /dev/null
+++ b/clean/cc/c442cdb7b0646f528e50b2e639acd7b9.json
@@ -0,0 +1 @@
+{"doc_id": "c442cdb7b0646f528e50b2e639acd7b9", "text": "Dan Marokane is expected to be appointed as the new chief executive officer of South Africa’s state power utility Eskom after an almost year-long search for a candidate, according to people familiar with the decision.\nThe company’s failure to boost generation from its old and poorly maintained power plants has led to nationwide electricity outages — implemented to prevent a total collapse of the grid. The worsening situation has weighed on a process to fill the top job at Eskom, which has had 14 leaders since 2007.\n“The process is with the shareholder to finalize and make the decision,” Eskom spokeswoman Daphne Mokwena said. She referred further questions to the government, which hasn’t made any formal announcement on the appointment. Ellis Mnyandu, a spokesman for the Department of Public Enterprises, declined to comment. A special cabinet meeting is scheduled for Friday, where the CEO appointment may be discussed.\nThe yield on Eskom’s dollar bonds due 2028 edged two basis points higher to 7.58% by 5:36 p.m. in Johannesburg. The rand was 0.7% stronger at 18.8361 per dollar, paring an earlier advance of as much as 1.3%.\nMarokane, an engineer who was previously Eskom’s head of group capital and has served as CEO of troubled sugar producer Tongaat Hulett Ltd. since March, will have to begin the process of reviving the foundering utility months before South Africa votes in national elections. The energy crisis — the central bank has said that blackouts may have reduced the economic growth rate by as much as 3.2% last year — may, in part, result in the governing African National Congress seeing its support slip to as low as 45% next year, according to one survey.\nCompanies — reeling from blackouts and inefficiencies at the state-run logistics firm — have been slashing jobs to keep costs under control.\nAndre de Ruyter said he would resign as CEO in December last year and quit the beleaguered company following a television interview in which he said that Eskom was losing about R1 billion ($53 million) a month to corruption and theft that could be connected to government officials and politicians. Calib Cassim, the company’s chief financial officer, has been the interim head since De Ruyter left.\nIn September, the search for De Ruyter’s successor raised tensions between the board of Eskom — which reported a 23.9 billion rand net loss for the past financial year — and Public Enterprises Minister Pravin Gordhan.\nA month later, Mpho Makwana resigned as chairman of Eskom. He was replaced by Mteto Nyati, a former MTN Group executive and ex-chief executive officer of Altron.\nRead:", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/736865/dan-marokane-lined-up-as-new-eskom-ceo/"}
\ No newline at end of file
diff --git a/clean/cc/c5bba432d05f2436340f080a8caffb4b.json b/clean/cc/c5bba432d05f2436340f080a8caffb4b.json
new file mode 100644
index 0000000000000000000000000000000000000000..46a464cbad6340ed727d2686fe3d8b9492f1cb93
--- /dev/null
+++ b/clean/cc/c5bba432d05f2436340f080a8caffb4b.json
@@ -0,0 +1 @@
+{"doc_id": "c5bba432d05f2436340f080a8caffb4b", "text": "Germany, through its KfW development bank, will on Friday sign an agreement to lend South Africa €500 million (R10 billion) at below commercial market rates to help it transition away from the use of coal-fired electricity.\nThe concessional finance forms part of the $8.8 billion in climate financing offered to South Africa by some of the world’s richest nations in a 2021 agreement known as the Just Energy Transition Partnership.\nIt adds to the €600 million (R12 billion) Germany and France extended to South Africa last year. The interest rate on the most recent loan was not disclosed.\nThe loan “is intended to support the South African government in implementing reform measures that contribute to resolving the acute energy crisis in South Africa,” KfW said in a response to a query. It will also contribute to “a socially acceptable and ecologically sustainable restructuring of the South African energy sector and to combating climate change,” KfW said.\nThis is a boost for the troubled agreement, which has been beset by delays and political infighting in South Africa. Ruling party ministers and officials have expressed concern that the country is being pushed to close down its coal-fired plants, jeopardizing energy security and threatening jobs.\n“The signing represents another significant milestone in the implementation of the Just Energy Transition Partnership,” Germany’s embassy in South Africa said in a statement.\nState-owned power utility Eskom Holdings SOC Ltd. has so far closed down one coal-fired plant under a different agreement and has said that the facility is no longer viable.\nSouth Africa’s National Treasury didn’t respond to a request for comment.\nSA needs R2.5 trillion\nSouth Africa cannot escape the need to spend significantly on new wind and solar power plants, a BloombergNEF study shows.\nUnder a range of scenarios considered by researchers, the country may need to spend as much $136 billion (R2.5 trillion) on new power generation capacity over the next two decades. A slowing down of the proposed closing of coal-fired plants wouldn’t negate the need for renewable energy.\n“Even if coal plant closures were to be delayed, there is still a need for investment in new power generation capacity,” the researchers said, adding that South Africa has 43 gigawatts of coal-fired power.\nSouth Africa, which failed to maintain its fleet of coal-fired plants or invest in adequate new capacity, is now scrambling to meet demand with power cuts imposed almost daily. The outages are hindering economic growth.\nStill, some politicians and labour unions are opposing a switch to renewable energy, saying that it will cost jobs and jeopardize energy security.\nThe researchers considered three scenarios on how the country’s energy sector may develop until 2040.\n- The Economic Transition Scenario: The lowest cost route would see a massive expansion of solar power capacity to 65 gigawatts by 2040, with wind adding 21 gigawatts and battery storage 31 gigawatts. Five gigawatts of gas-fired power would be built and by 2040 65% of energy would come from renewables compared to 8% in 2021.\n- Coal Extension Scenario: Coal would account for 58% of generation in 2030, from more than 80% today, and 29% in 2040. By that date there would be 79 gigawatts of wind and solar.\n- Clean Power Scenario: This would take South Africa closest to its target of reaching so-called net zero emissions by 2050. There would be 13 gigawatts of gas or hydrogen-fired power and 105 gigawatts of wind, solar and batteries by that date.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/731853/south-africa-gets-r10-billion-loan-from-germany-to-move-away-from-coal/"}
\ No newline at end of file
diff --git a/clean/cc/c6f6b6d30221a0f22d3c82335de40caf.json b/clean/cc/c6f6b6d30221a0f22d3c82335de40caf.json
new file mode 100644
index 0000000000000000000000000000000000000000..745f84b59f7f2deafcfdd6ea299a393cd9ce454e
--- /dev/null
+++ b/clean/cc/c6f6b6d30221a0f22d3c82335de40caf.json
@@ -0,0 +1 @@
+{"doc_id": "c6f6b6d30221a0f22d3c82335de40caf", "text": "The opposition Democratic Alliance says the government should embrace privatisation in the energy sector – proposing a R75,000 tax rebate for households installing solar energy should it come to power after the 2024 national elections.\nDA leader John Steenhuisen said that the DA would push a multi-party government to introduce laws to privatise the country’s electricity market, including reintroducing a DA bill to create an Independent Transmission System and Market Operator that would be mandated to urgently establish a “fully private market for the trading and distribution of electricity”.\nAs part of this process, the party would also push for an expanded R75,000 tax rebate to further encourage private households to install solar energy, he said.\n“We will table legislation to rapidly increase private electricity generation and transmission. It is time for South Africa to stop beating around the bush. We live in a failing state that cannot even fix potholes. That same state is never going to end load shedding,” Steenhuisen said.\n“It is time to embrace privatisation, especially when it comes to electricity.”\nThe likelihood of the DA and a multi-party government coming into power in the 2024 elections is currently slim despite election polls showing that the ruling ANC is set to fall below 50% of the national vote for the first time.\nSupport for the ANC is expected to drop to 48% from 57% five years ago, according to the median estimate of 14 analysts canvassed by Bloomberg. The DA is expected to garner 22% backing, and the populist EFF — currently the third-largest party — 12.5%.\nMost analysts anticipate either an outright ANC win or for the party to work with smaller political parties to attain the 51% majority needed to form a government.\nSolar rebates\nElection campaigning aside, the government has already been forced to lean on the private sector to deal with the energy crisis in South Africa, with state-run power utility Eskom only showing slight improvements in maintaining the national grid at current levels.\nDespite record levels of maintenance and a stated 5% reduction in unplanned outages, South Africa still faces daily load shedding, albeit at low stages.\nEskom’s own data shows that these lower levels of load shedding are only really possible because around 2,000MW of demand has been removed from the grid – likely permanently – as energy users turn away from the utility to source power elsewhere.\nThis ties into the mass adoption of rooftop solar by private households, where some 4,500MW of solar energy has been installed, taking a huge chunk of pressure off the grid.\nIn 2023, the National Treasury implemented a tax incentive for households looking to install rooftop solar, but the actual rebate was quite limited.\nThe solar panel tax rebate was announced by Finance Minister Enoch Gondongwana during the 2023 Budget when South Africa was facing higher levels of load shedding.\nUnder the system, individuals who pay income tax could claim a tax rebate to the value of 25% of the cost of new and unused solar PV panels, up to a maximum of R15,000.\nThe tax incentive is only applicable to solar panels bought and installed from 1 March 2023 to 29 February 2024, with analysts casting some doubt that the incentive will continue beyond this point.\nIn late 2023, economists at Nedbank said, “the government will likely discontinue the solar panel tax rebates introduced for the 2023/24 tax year as load shedding becomes less intense.”\nHowever, Electricity Minister Kgosientsho Ramokgopa has been in favour of the incentive continuing, even proposing that it be expanded to include inverters and batteries.\nThe future of the tax incentive will be made clear when Godongwana delivers his 2024 budget speech later this month.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/749050/call-for-r75000-rooftop-solar-tax-break-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/c7eea49d7074cd8d5b899f7959f341c6.json b/clean/cc/c7eea49d7074cd8d5b899f7959f341c6.json
new file mode 100644
index 0000000000000000000000000000000000000000..dbcbee2495a433fbc763e79e9eb922d091f27a0c
--- /dev/null
+++ b/clean/cc/c7eea49d7074cd8d5b899f7959f341c6.json
@@ -0,0 +1 @@
+{"doc_id": "c7eea49d7074cd8d5b899f7959f341c6", "text": "Standard Chartered Bank Kenya’s net profit for the half-year ended June 2023 rose by 27.7 percent to Sh6.91 billion on the higher interest income from customer loans and foreign exchange commissions.\nThe lender’s top-line revenue rose by a third to Sh20.88 billion in the period, while operating expenses rose by 40.6 percent to Sh11.23 billion, largely on account of higher provisioning for bad loans and higher employee costs.\nRead: StanChart escalates 30-year fight with Galot\n“Operating income increased 34 percent driven by strong performance across our wealth management, financial markets and retail products; operating expenses were up due to increased staff costs and continued investment spend into transformational digital initiatives,” said StanChart.\nThe lender’s net interest income grew at a faster pace compared to non-funded income, reflecting the impact of higher interest rates on loans on the economy.\nNet interest income was up 38.4 percent to Sh13.85 billion, with earnings from lending to customers going up by 34.4 percent to Sh8.01 billion, while interest earned from lending to the government was flat at Sh4.82 billion in the period.\nIts loan book stood at Sh145.4 billion at the end of June, up by 13 percent from Sh128.5 billion a year earlier, while its stock of government securities fell by Sh34.26 billion to Sh69.3 billion in the period.\nCustomer deposits fell by Sh3.2 billion in the period, to Sh283.7 billion. Fees and commissions from forex trading doubled to Sh4.46 billion, backing a 26.9 percent growth in non-funded income to Sh7.03 billion.\nMost big banks have been reporting higher income from foreign exchange arising out of the weakening of the shilling against major hard currencies.\nOn the expense side, StanChart raised its provisioning for bad loans to Sh2.04 billion from Sh108.2 million in June 2022, citing a difficult economic environment that has raised the volume of repayment defaults —where the banking sector NPL ratio stood at 14.5 percent in June 2023.\n“Loan impairment charge has increased by Sh1.9 billion [year-on-year] reflecting a volatile and challenging micro-economic environment,” said the bank.\nThe lender, however, expressed optimism that with inflation starting to cool off, and the measures being taken by both the monetary and fiscal authorities to stabilise the economy, there will be an improvement in the second half of the year.\nThe bank is not paying investors an interim dividend for the half-year period.\nIn 2022, Stanchart paid an interim dividend of Sh6 per share, but this was only announced at the end of the third quarter of the year.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/stanchart-profit-rallies-to-sh6-9-billion--4344724"}
\ No newline at end of file
diff --git a/clean/cc/ca33b3a2590ce38874b5540b3eaa0701.json b/clean/cc/ca33b3a2590ce38874b5540b3eaa0701.json
new file mode 100644
index 0000000000000000000000000000000000000000..fc77ef14ea1dfdbd0e777292a28448568b11b8b0
--- /dev/null
+++ b/clean/cc/ca33b3a2590ce38874b5540b3eaa0701.json
@@ -0,0 +1 @@
+{"doc_id": "ca33b3a2590ce38874b5540b3eaa0701", "text": "Top bank owners booked billions of shillings in capital gains at the Nairobi Securities Exchange (NSE) in the past one year, defying the difficult operating environment that has been subdued by the coming into force of a law capping interest rates and the politics-driven slowdown of the economy.\nLatest NSE data shows that the market capitalisation or investor wealth in the 11 listed lenders rallied by 48 per cent or Sh229 billion in the last 12 months to Sh704 billion – significantly increasing paper wealth of top owners.\nBillionaire bank chief executives James Mwangi of Equity Bank #ticker:EQTY and Gideon Muriuki of Co-operative Bank #ticker:COOP, the Ndegwa family of NIC Bank #ticker:NIC and other high net worth investors such as Baloobhai Patel, who has a stake in Co-operative, Barclays #ticker:BBK and DTB #ticker:DTK, have been the big beneficiaries of the share price rally.\nMr Mwangi, who holds a direct stake of 3.4 per cent in Equity as per the latest available data dated December 2016, has seen the value of his stake rise Sh2.06 billion to Sh5.52 billion, in line with the Equity share’s 59 per cent rally to Sh43 a share.\nMr Muriuki’s 110.3 million shares in Co-operative, equivalent to 1.88 per cent of the lender’s issued shares, are now worth Sh1.91 billion having gained Sh700 million above its worth a year earlier.\nREAD: Co-op Bank MD sells 10 million shares\nIn February last year, the Co-op Bank CEO held 100.2 million shares, then equivalent to 2.05 per cent of the lenders stock.\nThe bank approved 977 million new shares in a one-for-five bonus last May, giving Mr Muriuki an additional 20.1 million units, meaning he has sold some 9.9 million shares since the bonus was issued. Co-operative’s stock has gained 44 per cent to Sh17.30 in the past 12 months.\nMeanwhile, the Ndegwa family, which owns a quarter of NIC Bank, has seen the value of their 160 million shares rise by Sh1.44 billion to Sh5.72 billion. The bank’s stock is up 34 per cent to Sh35.75 since February 2017.\nTough business environment\nThe gains in bank stocks came in spite of a difficult operating environment that has seen the lenders’ interest income fall due to the rate cap and demand for loans plummet, slowing down profitability.\nAnalysts said that the sharp dip in share prices that followed the coming into effect of the rate cap law in August 2016 meant that bank stocks offered very attractive entry points in February last year.\nThe stocks were therefore able to attract demand, especially from foreign investors, setting off the rally that has culminated to the present capital gains.\n“The banking trading multiples offered a very attractive entry point in February 2017 because we hadn’t seen these levels in years. The median price to earnings, price to book and dividend yields were at 4.6 times, 0.9 times and 6.4 per cent respectively…in essence political risk had also been factored in the prices and there was still capital gains upside,” said Dyer & Blair Investment Bank head of research Linet Muriungi.\nMs Muriungi said that the rally has been sustained this year because investors are seeing the possibility of the rate cap law being repealed, sparking a possible revival of the outsized bank profits of the pre rate caps levels.\nThis would bode well for the wealthy long term investors, who held on to their shares through the rate cap dip.\nBaloobhai Patel, who holds stakes in Co-operative Bank, Barclays and DTB, has seen the value of his shares in the three lenders hit Sh678.1 million, largely due to his move to raise his stake in Co-operative from 5.8 million shares to 25.2 million last September, and the one-year share price gain in DTB from Sh107 to Sh209.\nIn February last year, his stock in the three lenders were worth Sh215.8 million.\nEquity Bank chairman Peter Munga’s 0.4 per cent (15.1 million shares) stake in the lender is now valued at Sh649.3 million, from Sh407.6 million a year ago.\nThe Babla family, which has a 1.55 per cent shareholding in KCB, has booked paper gains of Sh970 million on their holding which is now valued at Sh2.16 billion.\nThe lender’s stock is up 82 per cent in the past one year, gaining Sh20.50 to stand at Sh45.50.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/top-bank-owners-gain-billions-despite-rate-caps--2191756"}
\ No newline at end of file
diff --git a/clean/cc/cb0fdacacaea2c50c966d8e74e82bfbf.json b/clean/cc/cb0fdacacaea2c50c966d8e74e82bfbf.json
new file mode 100644
index 0000000000000000000000000000000000000000..92ee7e9f50341e87407b880fb62f483027a79176
--- /dev/null
+++ b/clean/cc/cb0fdacacaea2c50c966d8e74e82bfbf.json
@@ -0,0 +1 @@
+{"doc_id": "cb0fdacacaea2c50c966d8e74e82bfbf", "text": "Spar is expecting a big drop in profit amidst major tech issues in KwaZulu-Natal.\nThe group said that it expects to report an operating profit of between R1.6 billion and R2.0 billion (2022: R3.4 billion) for the year ended 30 September 2023 and lower earnings per share.\nThe group’s earnings per share are expected to drop from -27% to -86% to 288.4 cents to 156.5 cents (FY22: 1,118.2).\nHeadline earnings per share are also expected to drop between -43% and -53% to 154.5 to 268.4 cents (FY22: 1,118.2)\nThe group previously noted that the issues impacting profitability in the first of the 2023 financial year continued into the second half.\nAmidst the challenges, the group also said that it is in the process of selling its interests in Poland.\nMajor issues impacted earnings for the year ended 30 September 2023, a large portion of which, roughly R1.4 billion, hurt operating profit and is considered non-recurring.\nThe failed launch of Spar’s new ERP IT system (SAP) at the KZN distribution centre severely hurt the KZN trading performance, causing an estimated loss of R1,6 billion in group turnover – increasing the R1.42 billion estimated turnover loss that the group warned of in September.\nThe estimated loss of profits in KZN totalled R720 million for the period due to the SAP implementation issues.\n“As a result of the change in approach towards the SAP implementation roll out for the foreign regions, a write-off of R94 million in respect of the SAP ‘asset under construction’ has been recognised,” Spar said.\n“The group also made further impairments of business assets amounting to R120 million as a result of the change in operational strategy towards onsite meat processing in the Irish business.”\n“The evaluation of SPAR Poland, following the Board’s decision to engage in a process to sell the group’s interests, gave rise to impairments of associated goodwill and assets amounting to R440 million.”\nIn addition, the lower-than-expected turnover growth was exacerbated by significant inflationary cost increases across all the group regions.\nThere was also a massive increase of R433 million in net finance costs over the period due to the far higher interest rates across the markets.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/733129/spar-expects-earnings-pain-as-tech-losses-mount/"}
\ No newline at end of file
diff --git a/clean/cc/cbd95b1c30cfdf099157380a3199f7a1.json b/clean/cc/cbd95b1c30cfdf099157380a3199f7a1.json
new file mode 100644
index 0000000000000000000000000000000000000000..7481f4ea25470d10b0d565fbe34a2cbaf3126699
--- /dev/null
+++ b/clean/cc/cbd95b1c30cfdf099157380a3199f7a1.json
@@ -0,0 +1 @@
+{"doc_id": "cbd95b1c30cfdf099157380a3199f7a1", "text": "Multimedia group Multichoice has reported a massive R911 million loss for the six months ended September 2023 as it bled subscribers and took a hit from foreign exchange volatility.\nRevenue for the period was down marginally (1%) to R28.3 billion from the R28.6 billion recorded in HY22. Operating profit was down by 22% to $.8 billion from R6.2 billion before.\nThe group extended its loss per ordinary share from 60 cents in 2022 to a loss of 310 cents per share in 2023. Headline loss per share dropped from 58 cents to 289 cents per share.\nPre-tax profit of R980 million was down 57% from R2.3 billion the year before – and the loss after tax ended at R911 million, down from the small profit of R55 million in HY22.\nThe group reported a loss for the period of R911 million. Given the results for the period, no interim dividend was declared.\nMultichoice said that it has “executed well on its operation objectives”, despite operating in an environment that has been hamstrung by power interruptions, cost of living pressures and depreciation in local currencies against the US dollar.\n“Profitability came under pressure, but the impact was mitigated by a change in focus towards subscriber retention, an improved customer mix, as well as ongoing annual pricing and cost-saving disciplines,” it said.\nForeign exchange currency losses and adjustments took a huge bite out of the group’s bottom line, knocking headline earnings by R2.26 billion in the period.\nSouth Africa losses\nThe group said that the South African business had to contend with the ongoing high levels of load shedding, with 43% of the days in the reporting period impacted by stage 4 to 6 load shedding.\nIn total, SA customers were 5% lower at 8.6 million. However, the group noted that premium customers showed 5% growth – reflecting a positive trend for the first time in years.\nActive customers declined to 7.8 million.\nLosses in subscribers in South Africa were also impacted by the group’s decision to remove 311,000 non-revenue-generating customers from the base. These customers were linked to the special load shedding campaigns the group ran.\n“Although the Premium and Compact bases showed improved stability compared to the latter part of FY23, mass-market subscribers are proving less resilient and more reluctant to pay when uncertainty around the ability to consume pay-TV exists,” it said.\nOutlook\nMultichoice said its focus is to work on efficiencies in its operating expenditure and get optimal returns on all capital deployed.\nAt the same time it want to “optimise” pricing strategies and its customer mix, including content monetisation.\nIt said that the second half of the year will be important for its strategy to expand beyond Africa and into the broader ecosystem of interactive entertainment and consumer services.\nThis is being led by the relaunch of Showmax and with KingMaker’s entry into the local sports betting market.\nRead: Big blow for Multichoice", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/731319/massive-loss-for-multichoice/"}
\ No newline at end of file
diff --git a/clean/cc/cc48f311264663d247a659572346aee8.json b/clean/cc/cc48f311264663d247a659572346aee8.json
new file mode 100644
index 0000000000000000000000000000000000000000..503e6307976e96a318349f6eba720db89dfbc54e
--- /dev/null
+++ b/clean/cc/cc48f311264663d247a659572346aee8.json
@@ -0,0 +1 @@
+{"doc_id": "cc48f311264663d247a659572346aee8", "text": "The Department of Mineral Resources and Energy has published the official fuel price adjustments for February 2024, showing a jump for both petrol and diesel.\nPrice adjustments will come into effect on Wednesday, 7 February 2024.\nPetrol prices will be hiked by 75 cents per litre, and diesel will be going up by 70 to 73 cents a litre.\nThe average international product prices for Petrol, Diesel and Illuminating Paraffin increased during the period under review.\nThe Rand depreciated against the US Dollar during the period under review, on average, when compared to the previous period.\nThe average Rand/US Dollar exchange rate for the period 28 December 2023 to 1 February 2024 was 18.7655 compared to 18.6608 during the previous period.\nThis led to a higher contribution to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 6.86 c/l, 7.41 c/l and 7.54 c/l, respectively.\nIn line with the provisions of the Self-Adjusting Slate Levy Mechanism, the Slate Levy on petrol and diesel will remain at 0.00 c/l with effect from 7 February 2024.\nThe Single Maximum National Retail Price for the period 7 February 2024 to 5 March 2024 will be 2 052.0 c/l compared to 1 981.0 c/l for the period 03 January 2024 to 06 February 2024.\nThis is how the price changes will reflect at the pumps (Diesel prices reflect wholesale, pump prices will differ):", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/748370/here-is-the-official-petrol-price-for-february-5/"}
\ No newline at end of file
diff --git a/clean/cc/cd18b18c0c2d85f195dff1661f6aaea0.json b/clean/cc/cd18b18c0c2d85f195dff1661f6aaea0.json
new file mode 100644
index 0000000000000000000000000000000000000000..73ef939fa49e862c7b3ecb1d5561a69c2b8073d8
--- /dev/null
+++ b/clean/cc/cd18b18c0c2d85f195dff1661f6aaea0.json
@@ -0,0 +1 @@
+{"doc_id": "cd18b18c0c2d85f195dff1661f6aaea0", "text": "The Takealot Group says Frederik Zietsman will take over as Chief Executive from 1 February 2024.\nZietsman will take on the wider group role from his current position as Chief Executive of takealot.com.\nCurrent group CEO Mamongae Mahlare will now take over as the Executive Chairperson of the Takealot Group.\nCurrent chairperson Kim Reid will remain on the board as a director and as a strategic advisor to the\nChairperson and Group CEO.\nThe leadership changes highlight the consolidation of the takealot.com and group CEO\nroles, with the streamlining of the leadership between the group and takealot.com reinforcing its\nresources around its flagship online marketplace platform.\n“I’m excited about the opportunity to continue building this great business, as well as continuing to work alongside Mamongae. We have strong and committed teams across our Group, and I believe that simplifying our structures will go a long way to building on their great work. Our future is clear. We are focused on enabling SMMEs and improving the lives of South Africans every day,” said Zietsman.\nThe group said that its operations have created and supported 33,000 jobs across takealot.com, Superbalist and Mr D. There are currently 12,000 SMMEs using its platforms.\nThe overall GDP contribution of the group is over R19 billion, with over R2 billion paid in taxes.\n“My role as Executive Chair is about supporting the leadership to grow the business and on driving opportunities that move our group forward. I will also be collaborating with our stakeholders to champion the enablement of e-commerce and how we can accelerate SMME development in the digital economy to create much-needed jobs,” said Mahlare\n“Takealot has built a strong brand in South Africa and has done so much to champion the establishment of the ecommerce category from the ground up. I remain committed and excited to continue working with Mamongae, Fred and the team in delivering on the possibilities within the Group and the opportunity to accelerate SMME development on our platforms, a cornerstone to further job creation in South Africa.” said Reid.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/745659/big-changes-at-takealot/"}
\ No newline at end of file
diff --git a/clean/cc/ced9eee3718cb5fe02712a1beec2eafe.json b/clean/cc/ced9eee3718cb5fe02712a1beec2eafe.json
new file mode 100644
index 0000000000000000000000000000000000000000..b5808388236e9311eb4edb04414704aa11869b00
--- /dev/null
+++ b/clean/cc/ced9eee3718cb5fe02712a1beec2eafe.json
@@ -0,0 +1 @@
+{"doc_id": "ced9eee3718cb5fe02712a1beec2eafe", "text": "Safaricom #ticker:SCOM half-year net profit fell six percent to Sh33.07 billion with M-Pesa revenue dropping the most on account of free transactions to support customers during Covid-19 period.\nThe results, covering between April and September also saw voice and messaging revenue dip in the period that coincided with rising Covid-19 infections that forced the state to enforce disruptive measures such as curfew and ban on social gatherings.\nM-Pesa revenue dropped by Sh6.08 billion while voice and messaging revenues dipped by Sh2.79 billion and Sh0.53 billion respectively, contributing to a drop in service revenue.\nCEO Peter Ndegwa on Monday described the performance as “good” given the massive disruption that the infectious virus has had on households and businesses.\n“It has been a good half-year and we are seeing improvement in the second half. However, we know Covid-19 disruption is not over given the resurgence in infections,” said Mr Ndegwa.\n“Our business has proved to be resilient despite tough operating conditions. There is no doubt that Covid-19 has dealt a huge blow to many people not just in Kenya, but across the globe.”\nM-Pesa revenue dropped by 14.5 percent to Sh35.89 billion despite the value of transactions rising by 32.9 percent to Sh9.47 trillion.\nThe drop was on account of the decision to zero-rate fees on transactions of Sh1,000 and below to reduce cash handling in Covid-19 environment.\n“We have seen increased activity in the M-Pesa eco-system as customers take advantage of the free fees on person to person and Lipa na M-Pesa transactions below Sh1,000 and M-Pesa wallet to bank and bank to wallet transfers,” said the telco.\nHowever, the telco benefitted from the increased number of people who were working from home to lower risks of contracting the infectious virus.\nMobile data revenue grew by 14.1 percent to Sh22.23 billion while fibre to home revenues rose by 47.2 percent to Sh1.64 billion.\nSafaricom says that uncertainties still persist for the full year given the recent surge in infections, the continued zero-rating of M-Pesa transactions of Sh1,000 and how customers will react when charges are reinstated.\nThe telco says it expects earnings before interest and taxes to be in the range of between Sh91 billion and Sh94 billion, a decline of 10.5 percent to 7.5 percent.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/safaricom-profit-drops-6pc-sh33bn-on-free-m-pesa-transactions-3016028"}
\ No newline at end of file
diff --git a/clean/cc/d11c20cd91d7cea6cd8012e3636f124d.json b/clean/cc/d11c20cd91d7cea6cd8012e3636f124d.json
new file mode 100644
index 0000000000000000000000000000000000000000..5ec4e0b2f6c6b944ae1dbb0a265b5aa675017264
--- /dev/null
+++ b/clean/cc/d11c20cd91d7cea6cd8012e3636f124d.json
@@ -0,0 +1 @@
+{"doc_id": "d11c20cd91d7cea6cd8012e3636f124d", "text": "Safaricom and its partners in the Ethiopian venture will see their combined stake drop by up to 15.5 percent after the International Finance Corporation (IFC) announced a plan to purchase Sh19.2 billion ($160 million) worth of shares in the subsidiary.\nKenya’s biggest telco is the major shareholder in the Ethiopia venture with a stake of 55.7 percent and the entry of IFC as a shareholder could see its ownership drop to below the 50 percent mark, reducing its exposure in the populous nation.\nVodacom Group holds a 6.19 percent share of the business. Sumitomo Corporation and British International Investment (formerly CDC Group) control stakes of 27.2 percent and 10.9 percent respectively in Safaricom Telecommunication Ethiopia Plc (STE)—which is the operating arm of the venture.\nThe partners together paid $850 million (Sh102.2 billion) towards the licence fee.\nALSO READ: Safaricom pays IFC Sh474m for Ethiopia entry transactions\nSafaricom indicated in books for the year ending March 2022 that the equity contribution by joint venture partners in the business totalled Sh105.2 billion, meaning that the injection of IFC’s Sh19 billion would leave them with a combined stake of 84.5 percent.\nSafaricom’s stake is set to drop to about 47.1 percent, while those of Vodacom, Sumitomo and BII would decline to 5.23 percent, 22.99 percent and 9.21 percent respectively.\nIFC’s new shareholding is expected at 15.46 percent, which would make the financier the third largest owner in STE behind Sumitomo.\nIFC is also expected to provide debt financing to the venture at a later date but did not specify the amount saying the package is still under discussion.\n“IFC’s investment will support STE’s countrywide mobile network roll-out and help position the company to comply with the terms of its license, which outlines the requirement for a specified population and geographic coverage targets and reasonable tariffs, universal accessibility and tele density target, amongst others,” said the IFC in its disclosures.\nThis is not the first IFC involvement in the venture with the institution having been paid a fee of $4 million (Sh481 million) for services rendered with the entry into the new market.\nSafaricom did not disclose the services received from IFC but they could be mobilisation of loans or advisory on bidding for the licence, which was issued last year.\nALSO READ: Safaricom extends repayment of Sh47bn credit facilities\nThe new capital injection has come at a time when STE has started rolling out a large-scale customer pilot of its network in three regions of Ethiopia as it builds up to a national launch next month.\nSTE expects to switch on its network in 25 cities in Ethiopia by April next year, the company said in a statement.\nOn August 29, the firm carried out the first network pilot in Dire Dawa City and followed up with the second test in Harari Region in eastern Ethiopia from September 1. The company added that the third pilot began on September 7 in Oromia Region, starting in Haramaya City.\nExpansion into Ethiopia’s telecommunications market is capital intensive, where the financial investment is expected to top the $1 billion (Sh120 billion) mark.\nThese funds are set to be raised mainly through debt. Safaricom had earlier said it was ready to take more debt in its role as the majority shareholder of the consortium.\nThe telco sees Ethiopia, a market with more than 100 million people and a relatively lower uptake of mobile and broadband services, as presenting significant growth opportunities.\nThe new operation has ambitions of achieving gross margins of 40 percent in 10 years. The target is backed by heavy investments that the subsidiary will make in hiring staff and building infrastructure to acquire customers in Ethiopia.\nOther funding may yet come from American sovereign wealth fund US International Development Finance Corporation, which in late 2020 signed an agreement to lend up to $500 million (Sh60 billion) to the consortium towards the Ethiopia business.\nALSO READ: Safaricom share price rallies to Sh30 on new buying wave\nThe DFC loan would offer long-term financing on relatively favourable terms, given that its loans typically mature between five and 25 years, with repayment schedules set on a quarterly or semi-annual basis.\nDFC, however, levies a series of special fees on its credit facilities, including upfront retainer (to cover due diligence), origination (payable once on the first disbursement), commitment (an annual percentage on undisbursed amount) and maintenance (an annual charge to cover the cost of monitoring the loan).\nThe consortium is yet to disclose whether it has drawn down any funds from DFC.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/safaricom-ethiopia-s-stake-to-drop-15-5pc-on-ifc-buy-3942042"}
\ No newline at end of file
diff --git a/clean/cc/d1531511b74b48be17fa95c13202ff15.json b/clean/cc/d1531511b74b48be17fa95c13202ff15.json
new file mode 100644
index 0000000000000000000000000000000000000000..c770d7cf1d2dfbbc56803f593bd319e70327316c
--- /dev/null
+++ b/clean/cc/d1531511b74b48be17fa95c13202ff15.json
@@ -0,0 +1 @@
+{"doc_id": "d1531511b74b48be17fa95c13202ff15", "text": "The Sh7.5 billion infrastructural upgrade at Moi International Airport, Kenya’s second-largest airport has led to increased export of fresh produce.\nThe upgrade included the cargo terminal, cold room replacement of the airfield, ground lighting systems, and approaching lighting masts with fiberglass from the traditional steel.\nFresh Produce Consortium of Kenya (FPCK) Chief Executive Officer Okisegere Ojepat said the upgrading of the airport is a major boost to Kenya’s export of fresh produce to the international market.\nKenya Plant Health Inspectorate Service (Kephis) Coast Regional Manager Thomas Kosiom said there has been a steady rise in exports of fresh produce ranging from chilies, French beans, flowers, avocados and pineapples through the international airport.\nKephis is the government parastatal whose responsibility is to assure the quality of agricultural inputs and produce to prevent adverse impacts on the economy, the environment and human health.\n\"The destinations for these products have been Germany and the Netherlands which have provided good business,'' said Mr Kosiom.\nThe official urged Kenyan exporters to leverage the upgraded international airport to export mangoes, citrus, tomatoes, pineapple, passion, herbs, spices, pepper and bananas from the Coast region which have ready market internationally.\nHe spoke after supervision of the export of 13 tonnes of chilies shipped to Frankfurt in Germany by Invour Fresh, Forever Green Growers Limited, Phyma Fresh Produce Limited and Vermont Flowers Limited.\nThe chilies were grown by local Kenyan farmers and have ready markets in Germany and the Netherlands.\n“We are sorting out our domestic market challenge. We are capacity building farmers and exporters through training and engaging the overseas market which is why export has increased. We are engaging Europe, Asia, the US, Australia and the Middle East to source for opportunities,” he said.\nMr Ojepat said the market is looking for a consistent supply of produce.\nHe urged all stakeholders involved in the horticulture supply chain to play their active roles to ensure they abide by the set standards for exports.\n“We will be able to satisfy the global demand. Accountability is crucial for the foreign market. In the export market, they check the way the product is prepared and how it should be packaged. We must ensure we handle fresh produce to avoid contamination,” said Mr Ojepat.\nHe said that FPCK has teamed up with various agencies to support members to access international markets.\nHe called upon farmers to eye more foreign markets for their products to increase their earnings.\nMr Ojepat urged Kenyans to diversify their exports and stop over-reliance on traditional commodities like tea and coffee.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/shipping-logistics/moi-airport-upgrade-lifts-exporters-of-fresh-produce-3818682"}
\ No newline at end of file
diff --git a/clean/cc/d200849da54e955b68c2c1e7da1b5cfe.json b/clean/cc/d200849da54e955b68c2c1e7da1b5cfe.json
new file mode 100644
index 0000000000000000000000000000000000000000..210cf9d9d8bddbaf58f3a3c3abb11d704aae436a
--- /dev/null
+++ b/clean/cc/d200849da54e955b68c2c1e7da1b5cfe.json
@@ -0,0 +1 @@
+{"doc_id": "d200849da54e955b68c2c1e7da1b5cfe", "text": "South African businesses have faced a challenging start to 2024, but many are expecting the operating environment to improve.\nThe S&P Global South Africa Purchasing Managers’ Index (PMI) – a composite gauge giving a snapshot of operating conditions in the private sector economy – increased slightly from 49.0 in December 2023 to 49.2 in January 2024 – still below the neutral mark of 50.\nSouth African businesses reported a decrease in new business for the ninth month in a row, with the pace of decline the sharpest seen in a year.\nSurvey panellists highlighted the weak economic conditions and reduced client spending power.\nNew orders from abroad also dropped, with firms citing the worsening global demand and shipping disruption led to a drop in sales.\n“As well as weak demand, businesses faced further headwinds on the supply side, largely due to the Durban port crisis,” S&P Global said.\n“Delays to the processing of shipping containers meant that one in five firms saw their delivery times lengthen over the latest survey period, marking the second-fastest deterioration in supplier performance in nearly two years.”\nThese factors led to a solid contraction in business activity in January, the fifth monthly decrease in a row.\nHowever, the reduction rate softened slightly from December, partly due to an uptick in services output.\nLooking more positively, the latest survey did show some positives regarding inflation, especially the slower rate of increase in purchase costs for the sixth month in a row and the weakest growth since December 2020.\n“A slowing of input cost inflation meant that output prices rose only modestly, which suggests that clients should start to see some relief in prices. This turnaround has given firms greater optimism that 2024 will deliver a better year for the private sector,” David Owen, Senior Economist at S&P Global Market Intelligence, said\nMoreover, wage costs grew slightly and to the most minor extent in the last two years, as weaker demand hurt hiring and salary pressure.\nThis meant that selling charges were only raised at a moderate pace in January, with the rise similar to those seen in the preceding two months.\nPurchasing activity was also near to being stable in January, only seeing a slight drop and to the smallest extent for five months. This was linked to greater restocking efforts from firms, which offset reduced purchases at some companies.\nBusinesses also acted to soften the rate of job cuts in January, which resulted in employment falling only fractionally and at the slowest pace for three months. While some firms saw a drop in staff numbers due to decreased workloads and financial issues, others filled in previously vacated roles.\nFinally, businesses were upbeat primarily about activity and demand trends in 2024, with many predicting an improvement in economic conditions that could drive company expansion. The degree of positivity rose to its highest since July 2023.\n“This confidence encouraged more stable trends in purchasing and employment, which signals that firms are willing to spend more in the hope of a near-term recovery,” Owen said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/749726/businesses-in-south-africa-are-still-taking-pain-but-hope-for-a-turnaround-soon/"}
\ No newline at end of file
diff --git a/clean/cc/d2166cff50c29c840bc75f6360728231.json b/clean/cc/d2166cff50c29c840bc75f6360728231.json
new file mode 100644
index 0000000000000000000000000000000000000000..5737ceef063baaccd7bb30da2eb04ba76f7c23be
--- /dev/null
+++ b/clean/cc/d2166cff50c29c840bc75f6360728231.json
@@ -0,0 +1 @@
+{"doc_id": "d2166cff50c29c840bc75f6360728231", "text": "The government is set to announce further interventions on the petrol price as the country faces a potential record hike of R4 per litre on Wednesday.\nOfficials from the National Treasury and Department of Energy met this past weekend to discuss possible interventions, with an announcement expected to be made sometime this week, finance minister Enoch Godongwana told BusinessDay.\nHe said that the government is aware that price hikes not only impact transport costs but will also lead to a higher cost of living for citizens. “Everyone understands that an increase in petrol prices is a blunt instrument — it cuts across food prices. It is just really going to raise the cost of living in the economy and therefore something must be done,” he said.\nThe government introduced a temporary R1.50/litre relief for April and May with the hope that global energy prices might stabilise and that the two months would create enough of a buffer for local petrol prices to reduce at a more normalised rate.\nHowever, crude has remained stubbornly high – above $120 per barrel – largely thanks to Russia’s ongoing invasion of Ukraine.\nThe government heavily regulates fuel prices, which include a general fuel levy and Road Accident Fund levy, along with other levies that make up about a third of what consumers pay. An almost 40% reduction in the duty imposed on each litre of fuel helped contain increases in the retail prices of 95-octane gasoline and the wholesale cost of diesel during the two months through 31 May. Time is now almost up, and the government will need to make an announcement before Wednesday (1 June).\nThe latest data from the Central Energy Fund (CEF) shows an under-recovery (increase) of between R2.42 and R2.31/litre for petrol. This could be compounded by a further R1.50/litre increase as the government’s fuel tax relief comes to an end. Combined, these increases are expected to push the petrol price above R25/litre level.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/591394/government-expected-to-intervene-on-petrol-prices-in-south-africa-finance-minister/"}
\ No newline at end of file
diff --git a/clean/cc/d2d7da09208d82e6caa72841b679771f.json b/clean/cc/d2d7da09208d82e6caa72841b679771f.json
new file mode 100644
index 0000000000000000000000000000000000000000..bfe49516ad2a878559367666ead319650dca1e94
--- /dev/null
+++ b/clean/cc/d2d7da09208d82e6caa72841b679771f.json
@@ -0,0 +1 @@
+{"doc_id": "d2d7da09208d82e6caa72841b679771f", "text": "Output at the Kilimapesa gold mines in Narok, operated by UK’s Goldplat, increased 69.98 per cent in the year ended June 30, 2017, but the mining firm reported a higher net loss of about Sh153.8 million (£1.1 million) for the year compared to a loss of Sh99 million (£711,000) the previous year.\nKilimapesa produced 3,408 ounces of gold in the period, up from 2,005 ounces a year earlier, after expanding its processing plant.\nThe firm in February commissioned a new plant with a view to raising production. It pumped in $2 million (about Sh206.6 million) last year for expansion of its processing capacity at Kilimapesa.\n“An increase in unrealised foreign exchange losses of £177,000 (about Sh24.7 million) on inter-company payables contributed to the increased loss,” said the firm in a statement. It added the benefits of increased production capacity were only realised during the second half of the financial year, with the firm making operational profits during the last two months of the financial year, the first time in the 10 years since acquisition.\nIn the year ended June 30, 2017, revenue increased to £3,150,000 (about Sh440 million) compared to £156,000 (about Sh21 million) a year earlier.\n“This has been made possible primarily due to the substantial completion during the year of an additional processing plant, but also as a result of continued cost cutting and process efficiency improvements across the operation,” it said. Out of the 3,408 ounces of gold produced 3,215 ounces were sold compared to 1,999 ounces sold in the period a year earlier.\nREAD: Goldplat in Sh200m Kilimapesa loan deal\nALSO READ: Kenya’s gold loses its lustre as earnings slide\n“Significantly, 1,254 ounces of gold was produced during the last quarter of the year and an annualised production rate of roughly 5,800 ounces of gold was achieved in the last two months of the year — a rate which is sustainable with current infrastructure,” it said.\nThe firm said a tax probe by the Kenya Revenue Authority (KRA) had been “substantially finalised.” “Of the original preliminary assessment of £1,288,540, (Sh180.1 million) £55,000 (about Sh7.6 million) has been paid and £51,000 (about Sh7.1 million) still remains under dispute,” said finance director, Werner Klingenberg.\nIt is demanding a balance of £812,000 (about Sh113 million) in Value Added Tax refunds from KRA.\n“Despite clear provisions in the Kenyan legislation regarding the recoverability of VAT, and two audits and continuous consultation with the Kenya Revenue Authorities the balance due remain outstanding,” he said.\nThe firm is eyeing conversion into a mining licence next year for the neighbouring Teng Teng area where it has been conducting exploration.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/narok-gold-miner-reports-sh153-8m-loss-despite-rise-in-output-2170186"}
\ No newline at end of file
diff --git a/clean/cc/d3220ca8b0fa33e339807588dcf96ca4.json b/clean/cc/d3220ca8b0fa33e339807588dcf96ca4.json
new file mode 100644
index 0000000000000000000000000000000000000000..d6361ce479e8d6a2af8ef40e61b92923e651d22d
--- /dev/null
+++ b/clean/cc/d3220ca8b0fa33e339807588dcf96ca4.json
@@ -0,0 +1 @@
+{"doc_id": "d3220ca8b0fa33e339807588dcf96ca4", "text": "When Mary-Ann Musangi Kirubi, left her job to open a restaurant, she did not know she would close it due to the Covid-19 pandemic.\nClose to three years since Covid-19 hit the country in 2020, the daughter of billionaire businessman, late Chris Kirubi, reveals that she shut down her food venture, scrapping any plans to take that path.\nShe was operating three restaurants- two chains of Secret Garden and Olpul Steakhouse at Two Rivers Mall- and a catering business.\nShe closed two of the restaurants when the government ban on people's movements and activities to contain the virus put many restaurateurs in a fix.\n“I had to let go my members of staff and sell all my assets within the restaurant business because it was difficult financially to navigate through the Covid-19 season,” she says.\n“And at the same time, I was also managing on a full-time basis, Haco Industries, as well as overseeing the other businesses within the estate.”\nHaving sat on the boards of all her father's companies even before he fell sick and passed on in 2021, Ms Musangi was a natural pick to manage the vast business empire.\nAlso read: Chris Kirubi: Tycoon who easily juggled business and pleasure\nShe opened her first business in 2011 after an early retirement from working with KCB Bank Group as the marketing director for five years.\nShe opened her first Secret Garden outlet on Riverside Drive in Nairobi. The business was however among those that suffered the terrorist attack in 2019 at the Dusit complex.\nIn February 2017, she established Olpul, an upscale steakhouse when Two Rivers Mall opened.\nThe food businesses had been born out of passion. However, she says running the outlets served her more lessons despite her years of experience in other industries.\n“I had my two children for consecutive years so I decided to retire from banking. This was supposed to be my retirement job which ended up being a lot more difficult than working in the bank. So yes, it was very different and it was born out of a passion of love of an idea and creating a concept,” she says.\nThe hospitality industry was among the worst hit by the Covid-19 pandemic.\nAt the height of the crisis, hotels and restaurants were no-go zones after the government imposed heavy restrictions including closures and limited operating hours that sharply cut revenues and forecasts showed it could take up to 2023 for the industry to recover.\nBesides the pandemic, Ms Musangi adds that running a restaurant business needs one to have good control measures and people management skills to avoid leakage, theft and navigate the industry.\n“People management is the most difficult part of navigating a business. Because you are working with a lot of people in the restaurant business, you have to be very patient to understand the people that you are working with, and be able to explain your vision, how you want things, how things need to be done, and why it will be done in a certain way, otherwise, you will not achieve.”\n“You only achieve through your people. I am only as good as my people, my team. I truly believe that 110 percent. In the restaurant business, we are working with a lot of people. That’s another big area that can be quite challenging if you don't know how to work with people.”\nMs Musangi has also previously worked for British multinational pharmaceutical GlaxoSmithKline and advertising, marketing, and public relations agency Ogilvy & Mather where she honed her skills and experience in the corporate world for over 25 years.\nAlso read: Chris Kirubi's narrow path to success\nWith a lack of hospitality experience, she says running restaurants was ‘different’ compared to the rest.\n“Yes, it was very different. …I had gone to business school. I had only worked in the business arena of fast-moving consumer goods (FMCG) and marketing, so running a restaurant was very different. I like taking on new challenges, different things and pushing myself to the next level. So I did. I went out and learned, I got a consultant to work with me, and I set up the first restaurant in 14 Riverside.”\nThe entrepreneur has scrapped any plans to open any food outlet even as economies continue to reel from the impact of the pandemic such as the spiralled inflation.\n“It was the hardest business I ever run. The restaurant business looks like it is very simple but it is actually very difficult, and very technical. So if you don't have the proper preparation for it you can end up losing a lot of money.”\n“But I enjoyed it very much. I just loved that aspect of being able to create with the chefs and also meeting people. I loved meeting new people every day at the restaurant and even today, people come up to me and say they know me; they remember me from one of my restaurants.”\nShe sold the restaurant assets less than the undisclosed invested capital and shifted to overseeing the other businesses in media, investment, marketing and technology among the entire Kirubi portfolio.\n“I sold them at a loss. When you are in business you have to be ready. You win some, you lose some. You are not going to be successful in everything,” she says.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/enterprise/chris-kirubi-heir-s-lessons-from-failed-restaurants--4116856"}
\ No newline at end of file
diff --git a/clean/cc/d841406c6b437a80cbfeb7ad40c7e892.json b/clean/cc/d841406c6b437a80cbfeb7ad40c7e892.json
new file mode 100644
index 0000000000000000000000000000000000000000..a1c4dddef8d2dfd05c9fb2b48b8700be77879efd
--- /dev/null
+++ b/clean/cc/d841406c6b437a80cbfeb7ad40c7e892.json
@@ -0,0 +1 @@
+{"doc_id": "d841406c6b437a80cbfeb7ad40c7e892", "text": "Employers in South Africa are planning to increase their budgets for pay by 6.1% in 2024 as they try to attract and retain staff amidst ongoing inflation and a competitive labour market, according to HR consultancy group WTW.\nThis would place expected salary hikes for next year above current projections for headline inflation (CPI) which is expected to average around 4.5% year-on-year in 2024 – meaning salaried employees can expect salary growth in real terms.\nAccording to WTW, the increased budgets for pay are lower than the hikes in 2023 (6.6%); however, average inflation in 2023 is tracking much higher for the year.\nInflation in South Africa has been steadily declining over the last few months, with CPI dropping from 6.3% in May to 5.4% in June. The Reserve Bank and economists anticipate inflation for 2023 averaging around 6.0%.\nIn real terms, the salary increases delivered in 2023 would average around only 0.6%. However, if no inflation shocks hit in 2024, the real increase in 2024 could be around 1.6% if not more.\nWTW said that its research has pointed to organisations increasing their pay budgets in 2024 for two main reasons.\nInflationary pressure was a factor cited by seven in ten firms (70%), while almost half (44%) said they are responding to a more challenging labour market and trying to attract and retain staff.\n“Businesses are still grappling with inflationary pressures and a tight labour market, and these factors are pushing up salaries,” said Melanie Trollip, Director of Work and Rewards, WTW South Africa.\n“The forecast rises for next year are slightly lower than what we have seen this year, but overall they are still at a relatively high rate. Inflation seems to be cooling and that may leave people with an improvement in what they earn in real terms,” she said.\n“Employers are trying to adapt to an evolving environment in which yesterday’s certainties no longer apply. Those companies that have a clear strategy on how they reward their workforce will be more successful at attracting and retaining the best people.”\nBusiness Optimism and Hiring\nWhile industry indices like the purchasing managers index (PMI) and business sentiment index point to muted if not depressed views on the South African economy, WTW’s survey points to a more upbeat sentiment emanating from businesses.\nThe group said that South African firms are fairly upbeat about the economy, with a third (34%) saying that the outlook for their business is better than they had forecast, while 57% said it was in line with their expectations.\n“Reflecting this optimism, 16% plan to increase their total headcount over the next 12 months. Six in ten (59%) employers plan to recruit engineers in the next 12 months, while 56% are hiring in IT roles, and 48% want more salespeople,” the group said.\nIt noted that technical skills like engineering and IT remain hotspots in the labour market, while interest in sales staff often reflects an ambition to expand.\nHowever, it warned that it takes more than higher pay to attract and keep great talent, and the past few years have pressed companies to be more resourceful.\n“As workforces become more diverse, demanding and dynamic, the key is understanding their specific needs and preferences, and matching that to an overall reward programme,” it said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/710452/good-news-for-salary-increases-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/d86bef4b8e6b40b55d0844e1ebf1212e.json b/clean/cc/d86bef4b8e6b40b55d0844e1ebf1212e.json
new file mode 100644
index 0000000000000000000000000000000000000000..920ebb050f07124abc901a98e7e722fced516a0e
--- /dev/null
+++ b/clean/cc/d86bef4b8e6b40b55d0844e1ebf1212e.json
@@ -0,0 +1 @@
+{"doc_id": "d86bef4b8e6b40b55d0844e1ebf1212e", "text": "Due to poor management, rising costs, declining demand, and runaway debt, Eskom’s electricity tariffs have increased by around 450% since the start of load shedding in 2008 – outstripping inflation substantially.\nThis is according to an economic bulletin published by the South African Reserve Bank (SARB) – written by economists Zaakirah Ismail and Christopher Wood.\nThe report showed that the current electricity pricing regime ties prices to Eskom’s costs, with decades of mismanagement and crisis spending passed along to consumers.\nThe National Energy Regulator of South Africa (Nersa) regulates the electricity price per the Electricity Regulation Act 4 of 2006 and the National Energy Regulator Act 40 of 2004, according to the Department of Public Enterprises.\nEskom makes a tariff application based on the Multi-Year Price Determination (MYPD) methodology, which bases prices on an allowable revenue that Eskom can earn to cover costs and expected energy sales for the period.\nA part of this MYPD methodology is the Regulatory Clearing Account (RCA). Select deviations from Nersa’s forecasts – such as changing costs for energy generation or capital expenditure – are then captured in the RCA.\nThe RCA is effectively the difference between actual and forecast costs and is used to adjust the following year’s tariff to account for these deviations.\nAs a result, the report showed that most tariff price increases occurred after 2007, coinciding with the onset of the first wave of load-shedding before skyrocketing as Eskom faced the costs of addressing its neglected and collapsing power plants.\nHowever, while the MYPD methodology itself is relatively rigid, Nersa is not bound by its findings and can deviate from the methodology given “due consideration of what may be in the best interest of the\noverall South African economy and the public,” noted the report.\nDespite this, between 2007 and 2017, the average Eskom tariff increased by 333%. By 2022, it had increased by 450%. Inflation over the same period was recorded at 98% – meaning tariff hikes more than quadrupled that of headline inflation.\n“Electricity price inflation has consistently exceeded headline inflation by a substantial margin, driving up the overall price level and impacting South Africa’s price stability,” said the report.\nAs a result of this excessive price escalation over the last 15 years, the report further showed that South African households pay more than those in most African, Southeast Asian, and BRIC countries – with the exceptions being Rwanda, Kenya, Uganda, Hong Kong, Singapore, the Philippines, and Brazil.\nCompared to a list of 147 countries, South Africa’s electricity prices ranked 62nd highest, placing it above the midpoint of cheap and expensive markets, noted the report.\nHowever, despite the price escalation over the last 15 years, South African businesses still pay low tariffs compared to businesses in other countries, the SARB noted. The average price paid by South African businesses in 2021 was below all European, Southeast Asian and the BRIC countries.\nAccording to the report, despite these higher prices, Eskom has not generated enough productive capacity to meet demand.\nWith Eskom unable to supply sufficient electricity despite dwindling demand, a ‘utility death spiral’ is a real risk, the economists said.\n“This death spiral occurs when declining demand, and therefore, sales, means that tariffs need to increase to cover the costs of maintaining and expanding the grid, which in turn reduces demand even further as customers substitute alternative electricity sources or find themselves unable to pay,” it said.\nThe report noted that significant annual electricity price increases will be necessary for the foreseeable future unless direct support is provided to Eskom or broader reforms in the industry are fast-tracked.\nThese reforms refer to what’s currently underway in the sector – in which Eskom’s generation, transmission and distribution components will be split into separate entities ahead of introducing competitive markets in each of these areas.\n“This is a clear scope for Eskom to improve efficiencies, but given the governance inertia and active resistance to change at Eskom, it is unlikely that this reform will be realised quickly,” said the report.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/714614/crazy-eskom-price-hikes-in-south-africa-how-tariffs-have-changed-since-load-shedding-started/"}
\ No newline at end of file
diff --git a/clean/cc/d95fb880d835dd12a1e7cb2d104246d3.json b/clean/cc/d95fb880d835dd12a1e7cb2d104246d3.json
new file mode 100644
index 0000000000000000000000000000000000000000..3822ca201ce49f06c3ea04f741facc499b4d190d
--- /dev/null
+++ b/clean/cc/d95fb880d835dd12a1e7cb2d104246d3.json
@@ -0,0 +1 @@
+{"doc_id": "d95fb880d835dd12a1e7cb2d104246d3", "text": "South Africans who can’t afford to go full solar to escape load shedding are turning to easier solutions like inverters and battery backups – but researchers say that these systems are basically undoing any ‘good’ that load shedding is trying to achieve.\nAs load shedding shows no signs of stopping, more South Africans are turning to power backups to keep outages at bay. This has seen a boom in alternatives like solar and generator use in the country.\nThe use of solar is being incentivised by the government, with the introduction of solar tax incentives for the 2023/24 financial year. A big point of contention with the incentive, however, is that it only applies to solar panels – not the batteries, inverters or installation costs that go with it.\nThe reason for this, according to the National Treasury, is that the incentive’s goal is to boost alternative generation and take pressure off the national grid. Inverters and batteries do not do this, even though they may be vital to an effective solar setup.\nNew research from the Departments of Electrical and Electronic Engineering and Industrial Engineering at Stellenbosch University shows that the situation may be worse than simply not being net generators of power.\nAn inverter and battery setup without solar is actually undoing the work of load shedding altogether, and may pose a greater risk to the grid, they said.\nAccording to the researchers, this is because non-PV-linked inverters have to charge batteries of various sizes, and this charging kicks in as soon as load shedding ends. Suddenly, the draw from the grid is the normal load and the added load of having to charge the batteries.\nTo test the extent of this problem, the researchers simulated a large group of residential households in South Africa to determine the aggregated electricity usage. They then evaluated the impact of load shedding on the grid and the effect of users installing inverters.\nWhat they found is that the installation of inverters ultimately increased the amount of energy demand on the grid and negated the impact of load shedding. This negation differed depending on the level of penetration of the systems, as well as the charging rates.\nAt a base level, even with a 15% penetration level, the load peak is closely matched to the normal load, meaning that load shedding is negated.\n“This is caused by the fact that when the power is returned for a zone that just experienced load shedding, all the inverters will begin to charge at the same time, which, consequently, pulls additional electricity from the grid.\n“Most importantly, a peak is formed at the start of the charging period,” the researchers said.\nThis peak can range from matching the load shedding load to surpassing the normal load by adjusting the inverter penetration level and varying the charging rate.\nBy comparing the results of inverters for the various penetration levels, battery charging can undo approximately 85% and 90% of load shedding in summer and winter, respectively, at a PV-free inverter\npenetration level of 25%, the researchers said.\n“Even with a penetration level of 15%, these values are still as high as approximately 70%,” they said.\nThis is a problem that Eskom itself is acutely aware of, with the utility calling for inverters to be switched off and charging to be delayed when load shedding returning.\nThe researchers offered some more solutions.\nThey concluded that the impact of allowing users to charge at 0.5 C (half the battery capacity equivalent), without solar augmentation, will have a dramatic impact on the domestic load, even with only 15% penetration.\nTherefore, they said it is imperative that charging batteries from the grid is restricted to protect the potency of load shedding as a grid-balancing tool.\n“The default charge rate on inverters can be as high as 1 C (e.g. 5 kW for a 5 kWh battery). We recommend that the charging rate of battery backup solutions is restricted to 0.15 C (e.g. 0.75 kW for a 5 kWh battery) to prevent the high curtailment after a zone is switched on,” they said.\n“This lower charge rate should be ample to recharge the battery between bouts of load shedding.”\nThe full research paper can be found here.\nThe research was conducted by the Departments of Electrical and Electronic Engineering; Industrial Engineering at Stellenbosch University. The papers were published in the South African Journal of Science.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/722170/massive-inverter-problem-brewing-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/dbe5a27097e687b041239c4075c513be.json b/clean/cc/dbe5a27097e687b041239c4075c513be.json
new file mode 100644
index 0000000000000000000000000000000000000000..0dc7e3d9707757749255bbc765772d245f81f91c
--- /dev/null
+++ b/clean/cc/dbe5a27097e687b041239c4075c513be.json
@@ -0,0 +1 @@
+{"doc_id": "dbe5a27097e687b041239c4075c513be", "text": "The latest data from the Minerals Council South Africa shows that the mining sector’s contribution to GDP crashed 12% in 2023 due to the electricity and logistics crises that have hit mining companies hard.\nDespite this, the council said that the mining sector is still pulling its weight and fulfilling its end of the “social bargain” by contributing to job creation and higher tax revenues.\nBroadly, a “social bargain” is an acknowledgement that mining companies benefit from the country’s natural resources and, in return, have a responsibility to contribute to the development of the communities in which they operate. This includes providing jobs.\nAccording to the council’s Facts & Figures 2023 booklet, South Africa’s mining sector saw an increase in jobs and delivered a higher contribution of taxes for the fiscus in 2023.\nData from the report shows that the sector added more than 7,500 jobs in 2023, employing more than 477,000 people in total.\nThe industry also contributed R135.3 billion to the country’s fiscus, with wages increasing to R186.5 billion, which the council said “supported livelihoods in a weak domestic economy characterised by high unemployment.”\n“It is gratifying that the mining sector again delivered a crucial contribution to the South African economy despite the significant constraints caused by unprecedented electricity load curtailment, debilitating rail and port failures and pervasive criminal activities during the year,” said Mzila Mthenjane, the CEO of the Minerals Council.\nThe mining sector in South Africa faced a tumultuous 2023, with the council saying that its expectation is that mineral sales will post its first calendar year decline since 2015 and the largest annual fall since the global financial crisis in 2009.\nIn 2023, the South African mining sector saw:\n- Mineral sales falling by more than 13% in the first ten months of 2023;\n- The direct contribution of mining to South Africa’s gross domestic product (GDP) fell by 12% to R425.6 billion, and its percentage contribution to GDP dropped to 6.2% from 7.3%;\n- Mineral exports fell by more than 11% to R781.6 billion;\n- PGM sales saw a 33.3% annual decline to R199 billion;\n- Total estimated coal sales declined 22% to R192.2 billion;\nMthenjane said that “electricity load-curtailment that was a particular constraint on deep-level mining in the precious metals industry, debilitating rail and port failures that adversely impacted the bulk commodities sub-sector, pervasive criminal activity, the devastating loss of life late in the year… [and] the commodity price cycle turned against PGM and coal miners,” were some of the biggest contributors to the sector’s woes.\nAs a result, towards the end of 2023 and the beginning of 2024, many mining companies announced restructuring processes.\n“Fast-tracking structural reforms in the energy and logistics sectors, agreeing inflation- and productivity-related wage increases, implementing reasonable electricity tariff hikes, and improving municipal service delivery are crucial to the competitiveness of the industry,” says Hugo Pienaar, chief economist at the Minerals Council.\nThe council said it remains “cautiously optimistic” for 2024, hoping for “less intense and frequent load shedding, progress on the mining logistical front, an improved mine safety performance, and a downward trend in criminality around mine sites.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/749022/major-blow-for-one-of-south-africas-biggest-employers/"}
\ No newline at end of file
diff --git a/clean/cc/dbeeae718d9c1eff3f7fa835ef992081.json b/clean/cc/dbeeae718d9c1eff3f7fa835ef992081.json
new file mode 100644
index 0000000000000000000000000000000000000000..6d83b5bb06971557c46ebad49c43f30502924a6c
--- /dev/null
+++ b/clean/cc/dbeeae718d9c1eff3f7fa835ef992081.json
@@ -0,0 +1 @@
+{"doc_id": "dbeeae718d9c1eff3f7fa835ef992081", "text": "Private tertiary education provider Stadio Higher Education reported an 8% jump in enrolments to 41,296 students for the period that ended December 2022, with distance learning, in particular, being more popular.\nIn its full-year financial results posted on 15 March, the group noted increased semester-one student enrolments of 11% to 38,348 students as of 30 June 2022 (June 2021: 34,494).\nThis saw a further increase in semester two, with student enrolments increasing by 8% to 41,296 (December 2021: 38,262) as of 31 December 2022.\nOver the same period, distance learning student numbers reflected notable growth of 14% to 32,686 in semester one (June 2021: 28,573) and 10% to 35,597 in semester two (December 2021: 32,320).\nIn contrast, contact learning student numbers declined by 4% to 5,662 in semester one (June 2021: 5,921) and by 4% to 5,699 in semester two (December 2021: 5,942).\nStadio Holdings was spun out of Curro in 2017 and owns three higher education institutions – Stadio, Milpark and AFDA – offering a diverse range of programmes, including undergraduate and post-graduate programmes.\nThe decline in contact-learning students is in part due to Milpark Education transitioning away from offering contact-learning programmes to becoming a preferred provider in online distance learning education, the Group said.\nStadio added that Covid-19 also negatively impacted new student intakes during 2021, which resulted in fewer students rolling over into 2022, adversely affecting contact learning students in the current year.\nCore headline earnings increased by 18% from R149 million to R176 million, with core headline earnings per share growing by another 18% from 17.6 cents to 20.7 cents, it said. Revenue increased by 11% from R1.098 billion to R1.214 billion.\nCore headline earnings reflect headline earnings adjusted for certain items that may distort the financial results from year-to-year, giving shareholders a more consistent reflection of the underlying financial performance of the group.\nEarnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 13% from R309 million to R351 million due to good growth in student numbers for the period, coupled with controlled cost management, Stadio said.\nThe group also declared a dividend increase of 89% from 4.7 cents per share to 8.9 cents per share over the period.\nStadio currently offers 86 qualifications and noted another 31 programmes in the pipeline – including new qualifications in information technology, education, law, commerce and architecture.\nIt noted that phase two of the Stadio Centurion campus was completed at the end of June 2022, and the campus is now fully operational.\nStadio has also expanded its distance learning operations centre in Krugersdorp, which will allow Stadio Higher Education to scale its distance learning offerings, it said.\nStadio chief executive Chris Vorster said that the group is cognisant of the negative impact that load shedding, coupled with the after-effects of Covid-19, has on the economy and, more specifically, on the ability of cash-strained consumers to afford higher education offerings.\nHowever, there continues to be a high demand for quality higher education in South Africa, and the group continues to strategically position itself by focussing on optimising systems and processes, improving customer service and strengthening its links with the world of work to meet this growing demand, he added.\nVorster also noted that it has invested in generators and other backup power solutions to enable the group to continue its operations with minimal disruption.\n“Management is actively investigating solar energy solutions, to not only alleviate the burdens of load shedding but also to progress the group’s commitment to greener campuses,” he said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/672709/online-and-distance-learning-dominates-at-private-university-group-stadio/"}
\ No newline at end of file
diff --git a/clean/cc/df7a9660862e795745509b8df9297d3a.json b/clean/cc/df7a9660862e795745509b8df9297d3a.json
new file mode 100644
index 0000000000000000000000000000000000000000..98a3be9034ca1dd577009fef71b5654aa08f9e41
--- /dev/null
+++ b/clean/cc/df7a9660862e795745509b8df9297d3a.json
@@ -0,0 +1 @@
+{"doc_id": "df7a9660862e795745509b8df9297d3a", "text": "Remgro, chaired by South Africa’s richest man, billionaire Johann Rupert, has upped its dividend substantially – despite a challenging economic environment.\nOriginally established by Rupert’s father, Anton, in 1940, Remgro is an investment holding company with significant holdings in Mediclinic, the OUTsurance Group, Vumatel, Discovery and more.\nThe group decided to up its dividend by 60% from 150 cents per share in 2022 to 240 cents in 2023.\nRupert, through Rupert Beleggings Proprietary Ltd, owns all 39 million unlisted B-shares in Remgro, while also holding approximately 7.5 million ordinary shares in the group (FY 2022 figures).\nThus, the billionaire stands to gain a dividend payout of around R110 million before tax.\nIn its audited summary of consolidated results for the year ended 30 June 2023, the group said that the operating business environment was incredibly challenging due to load shedding, high inflation, geopolitical tensions, the decline in foreign investment confidence and more.\n“The current economic environment is troubling; the disruption in business operations directly impacts consumers and runs the risk of increased social instability due to the undoing of livelihoods and rise in poverty levels,” the group said.\n“With low levels of expected economic growth – combined with the breakdown of state infrastructure relating to energy, transport and logistics, and the slow pace of economic reforms to date – the urgency to address these issues cannot be overstated.”\nWith this in mind, the group said that it was pleased to continue its positive earnings momentum as the group completed the takeover of Mediclinic Group Limited (Mediclinic) and Distell Group Holdings Limited (Distell)/Heineken International B.V. (Heineken) transformative corporate actions.\nOverall, the group’s headline earnings increased by 8.7%, which it says is due to greater contributions from the Outsurance Group, Mediclinic, the Pembani Remgro Infrastructure Fund (PRIF), KTH and FirstRand.\nIt also linked this increase to the higher interest income and foreign exchange gain realised with respect to the acquisition of an additional 5.4% indirect interest in Mediclinic.\nHowever, this profit growth was slightly offset by lower contributions from TotalEnergies, RCL Foods and Grindrod (due to its unbundling) and the costs of the Mediclinic acquisition and the Distell/Heineken transaction.\nThe group noted that the comparative year also had contributions from Grindrod Shipping (which was disposed of) and the discontinued operations of OUTsurance Group (it unbundled its investments in Discovery and Momentum Metropolitan and disposed of its investment in Hastings).\nThese impacted the comparability of the group’s headline earnings over the last two years. Excluding the impact on headline earnings of these actions, the group said that headline earnings increased by roughly 27%.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/720008/massive-payday-for-south-africas-richest-man/"}
\ No newline at end of file
diff --git a/clean/cc/e18f2b2cd35435c2d76240d71a7218a8.json b/clean/cc/e18f2b2cd35435c2d76240d71a7218a8.json
new file mode 100644
index 0000000000000000000000000000000000000000..0a3a1b42e8762b1f3b18e8fb3cc0dbe0d83f0815
--- /dev/null
+++ b/clean/cc/e18f2b2cd35435c2d76240d71a7218a8.json
@@ -0,0 +1 @@
+{"doc_id": "e18f2b2cd35435c2d76240d71a7218a8", "text": "Technology firm Twiga has transferred its rights at the one million-acre Galana-Kulalu Scheme to Selu Limited for the development of 20,000 acres under maize production.\nSelu Limited is a special-purpose vehicle established to invest in and transform the Galana- Kulalu irrigation project through innovative and sustainable farming practices.\nRead: Twiga leads private firms' queue at Galana Kulalu\nIt is backed by Latin American firm Campos and US-based AgCo, among others.\nTwiga managing director Peter Njonjo said there was no consideration paid in the transfer of concession as Selu has been funding the initial phase in the development of the vast irrigation scheme.\n\"We are more of an e-commerce and agriculture is not our primary business that is why we have transferred our rights to Selu who have expertise in farming,\" Mr Njonjo told the Business Daily, on Thursday.\nThe transfer comes soon after it was revealed in March that Twiga had been allotted land at the site. Twiga uses technology to connect consumers and suppliers including more than 1,000 farmers.\nMr Njonjo said Selu, which through one of the companies under it, is overseeing over 600,000 acres of farmland in Latin America which is in a similar climate to Kenya, hence making them the best-suited firm to run operations at Galana.\n\"We believe that Selu Limited is the best fit to manage the next stage of the project, which is to develop it further, manage and then operate it,\" he said.\nSelu is currently undertaking the development phase covering 500 acres and aiming to achieve above nine tonnes per hectare, which is 4.5 times the Kenyan average yield that stands at two tonnes from the same size of land.\nThe firm is targeting to start commercial operations in the fourth quarter of this year, with the development of 20,000 acres that is feasible based on available water from the Galana River throughout the year.\nYvonne Okafor, who is managing the development phase at Selu, said Galana-Kulalu will be Kenya’s most significant maize producer.\n\"We are committed to implementing innovative strategies and leveraging state-of-the-art infrastructure to optimize efficiency and productivity. With a strong emphasis on sustainability, Selu aims to positively disrupt the agricultural sector,\" said Ms Okafor.\nSelu has partnered with large seed, fertiliser, and other farming input providers to achieve optimal yields and produce safe, high-quality maize.\nThe firm says the development of a dam on the Galana River, which will capture run-off during the rainy season and maximise irrigation potential, the scope of the project will be scaled to 100,000 acres.\n\"This will generate annual production equivalent to the average maize deficit in Kenya over the last 5 years and over 10 percent of the country’s annual production,\" said the firm.\nThe development of the Galana-Kulalu project is through a Public-Private Partnership with the government, as it seeks to make the country food secure.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/twiga-offers-galana-land-to-new-investors--4254748"}
\ No newline at end of file
diff --git a/clean/cc/e1ddef35f36fdfcac433d4a19e4d66b5.json b/clean/cc/e1ddef35f36fdfcac433d4a19e4d66b5.json
new file mode 100644
index 0000000000000000000000000000000000000000..bc2dd5a96b55ef908b743b6be9b48f73e0d2e815
--- /dev/null
+++ b/clean/cc/e1ddef35f36fdfcac433d4a19e4d66b5.json
@@ -0,0 +1 @@
+{"doc_id": "e1ddef35f36fdfcac433d4a19e4d66b5", "text": "Nedbank has released its updated Capital Expenditure Project Listing for the entirety of 2023, showing a massive decline in fixed investment activity across the year.\nThe listing, done by Nedbank’s Crystal Huntley and Johannes Khosa, shows a sharp fall in fixed investment activity in 2023, with the value of new projects announced amounting to R148.8 billion. This is a sharp decline from the R392.7 billion and R259.9 billion in 2021 and 2022, respectively.\n“The slowdown resulted from a moderation in new projects announced by the private sector and public corporations. Projects announced by the private sector fell to R56.1 billion from R203.3 billion, accounting for only 30% of the total,” Nedbank said.\nThe largest project announced by the private sector – a solar farm in the Northern Cape by Mulilo – Renewables is worth R11 billion.\nNearly half of the projects announced by the private sector involved the shift to renewable energy sources, with projects cumulatively valued at R27 billion, highlighting the need for self-generation capacity due to the nation’s energy crisis.\nSix projects announced by public corporations during the year amounted to R27 billion – roughly R8 billion less than in 2022. The largest of these is the R18 billion from Lepelle Northern Water for the upgrade and refurbishment of the Olifantspoort and Ebenezer bulk water supply scheme.\nAlthough the general government announced R101.6 billion worth of projects, 60% of these are projected by the City of Cape Town (CoCT), including R45 billion for upgrading wastewater works, sewers\nand road infrastructure and R24 billion toward minimising load shedding.\nThe manufacturing industry announced R19 billion worth of planned projects, with the largest being the R4.2 billion investment that BMW is making to upgrade its Rosslyn plant. The upgrade will see manufacturers making more energy-efficient vehicles like the BMW X3 plug-in hybrid.\nProjects announced by the finance, real estate, and business services sector amounted to R6.3 billion. This included three malls (one new and upgrades of the remaining two), a business park, and two residential lifestyle estates.\nGross fixed capital formation (GFCF) contracted 3.4% quarter on quarter in Q3 2023 – the first contraction in nearly two years, driven by a quick turnaround in private sector outlays on machinery equipment and drops in transport equipment and residential and non-residential buildings.\nOn aggregate, investment by the private sector (74% of investment by the private sector and 74% of GFCF) contracted by 3.1% quarter on quarter, public corporations by 4.1%, and government by 4.5%.\n“This decline reflects higher interest rates, shrinking corporate profits and failure by public corporations to make significant progress in delivering on key infrastructure projects essential to supporting capital spending by the private sector.”\nOutlook\nUnfortunately, the outlook for fixed investment remains cloudy, with the recovery in fixed investment struggling to gain momentum amid the challenging economic environment.\n“Consumer spending is likely to remain subdued, particularly in the first half of the year, depressed by high interest rates, worries about job security and weak consumer confidence,” Nedbank said.\n“On the production side, persistent load-shedding and a weak global economy will continue undermining activity in the mining and manufacturing sectors.”\n“Business confidence is unlikely to improve significantly in 2024 due to persistent infrastructure constraints, slow economic reforms, and higher production costs.”\nWith this in mind, the private sector will be cautious when making large capital investment spending, even if the seventh window of the Renewable Energy Independent Power Producers Procurement Programme will continue to support investment in renewable energy.\nThus, GFCF is expected to grow only by a modest 0.5% in 2024 before rising to 3.9% in 2025, supported by renewable energy assets, more promising prospects for global growth and higher commodity prices.\nThe government will continue to spend on infrastructure programmes, but this will also be slow as the government contends with budget constraints.\n“Faster growth in fixed investment can be achieved through resolving the energy crisis, accelerating structural reforms, restoring fiscal discipline, and tackling crime and corruption,” Nedbank said.\n“All of which will lift business confidence, raise the country’s potential growth rate, and encourage investment by the private sector.”\nThe table below outlines the mega projects announced in 2023 and when they’re anticipated to be finished.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/750878/22-mega-projects-coming-to-south-africa-including-new-lifestyle-estates-and-a-big-upgrade-for-bmw/"}
\ No newline at end of file
diff --git a/clean/cc/e6b402e33581653f8b33d6466b18a1d8.json b/clean/cc/e6b402e33581653f8b33d6466b18a1d8.json
new file mode 100644
index 0000000000000000000000000000000000000000..e91194aae6c85d48f0f94b7c9db7751ed16d4080
--- /dev/null
+++ b/clean/cc/e6b402e33581653f8b33d6466b18a1d8.json
@@ -0,0 +1 @@
+{"doc_id": "e6b402e33581653f8b33d6466b18a1d8", "text": "FNB has opened up applications for individual solar loans tied to the government’s Energy Bounce Back Loan Guarantee Scheme.\nThe scheme was announced by the National Treasury earlier this year and is administered by the South African Reserve Bank.\nThe aim of the scheme is to help customers mitigate the impact of power supply challenges and load shedding by giving them easy access to financing at a lower interest rate.\nThe loan scheme was open to commercial users earlier in the year, but individual loans have only become available in recent months. Standard Bank activated its personal loan applications in September, with FNB launching its offering this week.\nAccording to FNB, the loan for individuals is considered a personal loan and will initiated at a personalised interest rate, but once proof of use is verified – ie, the bank verifies it will be used for solar panels and related expenses like inverters – the rate will be dropped to prime plus 1%.\nAt current rates, this would be an interest rate of 12.75%.\nBusinesses and commercial customers can take loan options between R10,000 and R10 million, while individuals will be limited to R3,000 to R300,000.\nNotably, the loan scheme doesn’t activate in the typical way and comes attached with a host of terms and conditions.\n- In order to access the benefit, customers will first need to obtain a quote from a reputable solar supplier.\n- They will then need to apply for an FNB Personal Loan.\n- The loan amount must not exceed R300,000 and must also be within 90% of the invoice received.\n- Applicants will be quoted on a personalized interest rate.\n- After the personal loan has paid out, customers will need to pay a deposit to the supplier.\n- Once the deposit has been paid, they will need to log onto the FNB App to activate the benefit.\n- The interest rate will only be lowered on the FNB Personal Loan once the benefit has been activated and all supporting documentation is received and verified.\n- Activation may take up to 10 business days.\n- The rate will only be effective from the date of activation and will not backdated.\nOther requirements for the loan include that the funds must be used for solar panels and other solar-related expenses. Solar-related expenses can include batteries, inverters, and installation costs.\nAccording to FNB, the invoice must include solar panels as part of the quote.\n“Solar must be part of the solution being financed. If there is no generation on the invoice, the loan will not be converted.”\nThis is in line with the National Treasury’s overall goal with opening up financing for solar – as well as the rooftop solar tax incentive – which is to increase energy generation in the country.\nBenefit must be activated within two months (60 calendar days) after payout on the FNB Personal Loan.\n“As per National Treasury, only one credit product per customer will be allowed to benefit from this scheme. This means if you’ve already taken up a solar benefit credit product with us or with another bank you will not qualify for this benefit,” FNB said.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/730733/good-news-for-rooftop-solar-inverters-and-batteries-in-south-africa/"}
\ No newline at end of file
diff --git a/clean/cc/e7690a60d956c909880a0beb02bf7a7f.json b/clean/cc/e7690a60d956c909880a0beb02bf7a7f.json
new file mode 100644
index 0000000000000000000000000000000000000000..d1c4e703f2c969ff4aa66744718e90438311292f
--- /dev/null
+++ b/clean/cc/e7690a60d956c909880a0beb02bf7a7f.json
@@ -0,0 +1 @@
+{"doc_id": "e7690a60d956c909880a0beb02bf7a7f", "text": "The Department of Mineral Resources and Energy has published the official fuel adjustments for August 2022, with motorists finally getting some relief from hikes.\nFollowing months of massive fuel price hikes, both petrol and diesel drivers will see a sizeable cut to prices.\nThe price cuts come despite 75 cents per litre being added back to the general fuel levy, as the government’s previous fuel price interventions are fully withdrawn.\nPrices will be adjusted as follows:\nThe changes will be implemented on Wednesday, 3 August.\nThe reprieve comes as the average international product prices for petrol, diesel and illuminating paraffin decreased during the period under review, and the rand depreciated against the US dollar during the period under review, on average, when compared to the previous period.\nThe average rand/US dollar exchange rate for the period 1 July to 28 July 2022 was 16.8719 compared to 15.7624 during the previous period. This led to a higher contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 95.66 c/l, 103.68 c/l and 105.12 c/l respectively.\n“The Minister of Finance and Minister of Mineral Resource and Energy jointly announced on 31 May 2022 that an extension of the temporary reduction in the general fuel levy by 150.0 c/l on both petrol and diesel until 5 July 2022 and thereafter adjusting the relief to 75.0 c/l from 6 July 2022 until 2 August 2022,” the department said.\n“The temporary relief will be withdrawn from 3 August 2022. With effect from 3 August 2022, the Fuel Levy in the price structure of petrol and diesel will therefore amount to 394.0 c/l and 380.0 c/l respectively in the price structure of both petrol and diesel.”\nThere was no change to the slate levy for the month.\nThis is how the price changes will reflect at the pumps:", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/611872/here-is-the-official-petrol-price-for-august-3/"}
\ No newline at end of file
diff --git a/clean/cc/e937fef988e65875ddda2f78f9241421.json b/clean/cc/e937fef988e65875ddda2f78f9241421.json
new file mode 100644
index 0000000000000000000000000000000000000000..9ac885b94ff8c860b7e18a3cb45d55846f72ae3c
--- /dev/null
+++ b/clean/cc/e937fef988e65875ddda2f78f9241421.json
@@ -0,0 +1 @@
+{"doc_id": "e937fef988e65875ddda2f78f9241421", "text": "Businessman Benson Ndeta is set to take controlling stake of Savannah Cement after he gained regulatory approval for a deal that would increase his interest in the company by 29.4 per cent.\nIn a press release, the Competition Authority of Kenya said it had unconditionally okayed Mr Ndeta’s acquisition of Savannah Cement.\nThe agency declined to reveal details about the transaction.\nSavannah Cement currently has two shareholders — Seruji with a 60 per cent stake and Savannah Heights with a 40 per cent stake. Mr Ndeta owns 51 per cent of Seruji and 35 per cent of Savannah Heights.\nSources familiar with matter told the Business Daily that following the transaction, Mr Ndeta will own 100 per cent of Seruji. Given his present holdings in Savannah Heights, this raises his effective stake in Savannah Cement to 74 per cent from 44.6 per cent.\nMr Ndeta said the changes in shareholding would have no impact on the company’s operations.\n“The restructuring at the shareholder level will not see any changes at the management of the company nor its strategy,” he told the Business Daily in a telephone interview.\nThis latest transaction follows a 2015 deal in which Seruji bought out Chinese firms Wan Ho International and Acme Wanji who had collectively owned 60 per cent of Savannah.\nStandard Investment Bank (SIB) estimates that Savannah Cement had a 15 per cent market share in Kenya last year, the fourth largest after market leader Bamburi (32.6 per cent market share), Mombasa Cement (15.8 per cent) and East African Portland Cement (15.1 per cent).\nREAD: Cement production, use fall in first half\nSavannah last year said it was planning to increase its annual production capacity to 2.4 million tonnes by mid-2018.\nThe SIB notes that expansion in capacity at a time when activity in the construction sector is depressed means that production is outpacing consumption, making it difficult to increase prices.\nData from the Kenya National Bureau of Statistics show that cement consumption fell by 62,000 metric tonnes in the first five months of 2017.\nALSO READ: Slow construction activity hits ARM Cement's half-year earnings", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/ndeta-gets-savannah-cement-control-stake-2167742"}
\ No newline at end of file
diff --git a/clean/cc/eb1276625f2e559d1fd88d539fcf8268.json b/clean/cc/eb1276625f2e559d1fd88d539fcf8268.json
new file mode 100644
index 0000000000000000000000000000000000000000..2e19d480d170d17f4139155541e33ac9720b842d
--- /dev/null
+++ b/clean/cc/eb1276625f2e559d1fd88d539fcf8268.json
@@ -0,0 +1 @@
+{"doc_id": "eb1276625f2e559d1fd88d539fcf8268", "text": "The power-distribution utility in South Africa’s commercial capital is in talks with the state electricity company to reduce outages in the city of more than 5 million people.\nCity Power officials proposed that the duration of the blackouts in Johannesburg be cut to two hours at a time to help businesses cope, spokesman Isaac Mangena said in an interview on Tuesday.\nThe authorities are also discussing alternative sources of energy supply, including solar and gas, as well as other initiatives, including converting street lights to solar power, he said.\n“What we are working on is a plan to cushion our customers from the frequency of load shedding,” Mangena said.\n“Currently, customers are being switched off for four hours at a time. This is killing a lot of people because you have no productivity for that period. So we have looked at the viability of reducing this to two hours.”\nState power utility Eskom is subjecting South Africa to outages that add up to as much as half a day because its dilapidated equipment can’t meet demand. The blackouts cost the economy R300 billion ($15.6 billion) last year, or about 5% of gross domestic product (GDP), the company said in a briefing this month.\nLoadshedding is forcing small businesses to cut production time and drive up costs, impacting their profitability. A study by Nedbank, one of the nation’s biggest banks, estimates that two-thirds of small firms in South Africa’s townships have shed jobs because of the power cuts.\nThey’ve also left City Power in “a very critical state,” with the company losing about R3.6 million a day because it has to constantly repair broken equipment and use additional staff to carry out load shedding, Mangena said.\nHe said an announcement on the plan to reduce the hours of blackouts in Johannesburg is expected to be made by mid-June.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/691043/joburg-plans-big-changes-to-load-shedding-hours/"}
\ No newline at end of file
diff --git a/clean/cc/eca08dc8f722cc5aaf220acc5b331b3a.json b/clean/cc/eca08dc8f722cc5aaf220acc5b331b3a.json
new file mode 100644
index 0000000000000000000000000000000000000000..6414b8decb4dabbd9462a24f766603d739100217
--- /dev/null
+++ b/clean/cc/eca08dc8f722cc5aaf220acc5b331b3a.json
@@ -0,0 +1 @@
+{"doc_id": "eca08dc8f722cc5aaf220acc5b331b3a", "text": "Safaricom #ticker:SCOM and its partners have signed an agreement to borrow up to $500 million (Sh55.7 billion) from America’s sovereign wealth fund US International Development Finance Corporation to fund expansion into Ethiopia’s telecommunications market.\nSafaricom and its parent companies Vodafone Group Plc and Vodacom Group Limited have formed a joint venture – Global Partnership for Ethiopia — through which they are bidding for one of two telecommunications licences being auctioned in that country.\nThe financial investment in Ethiopia is expected to top the $1 billion (Sh111 billion) mark, with the DFC loan deal seen as part of the project’s fundraising efforts.\n“An up to $500 million (Sh55.7 billion) loan to the Vodafone-led Global Partnership for Ethiopia that will finance the design, development, and operation of a new private mobile network provider and the acquisition of a mobile network provider licence,” DFC said in a statement.\n“The project is expected to have a highly developmental impact through the creation of a new private telecommunications network that will increase connectivity in Ethiopia while utilising trusted technology.”\nSafaricom had earlier said it was ready to take more debt in its role as the majority shareholder of the consortium with a 51 percent stake.\nVodacom has a five percent interest in the joint venture, with the rest of the ownership spread among unnamed strategic financial investors.\nThe DFC loan offers the consortium long-term financing on relatively favourable terms.\nThe international financier says its loans typically mature between five and 25 years, with repayment schedules set on quarterly or semi-annual basis.\nA grace period on principal repayment at the beginning of the loan term is also common. The interest rate is a “negotiated spread over the base-cost of funds.” Long-term US government bonds currently have interest rates of below two percent, setting a low base on which to price the DFC loan.\nDFC, however, levies a series of special fees on its credit facilities, including upfront retainer (to cover due diligence), origination (payable once on first disbursement), commitment (an annual percentage on undisbursed amount) and maintenance (an annual charge to cover cost of monitoring the loan).\nThe Safaricom consortium, if successful, will likely rely on funding from deep-pocketed foreign investors such as DFC given the size and international nature of the Ethiopia investment.\nThe Nairobi Securities Exchange-listed firm’s borrowings have so far been limited to local banks from which it has mostly taken short-term debt denominated in Kenya shillings.\nThe company recently raised its bank borrowings to a new high of Sh32.7 billion to fund capital expenditure and pay dividends, with most of the debt expected to be settled by March next year.\nSafaricom sees Ethiopia, a market with more than 100 million people and relatively lower uptake of mobile and broadband services, as presenting significant growth opportunities.\nThe Ethiopian Communications Authority announced that it had received expressions of interest from scores of firms including telcos and non-telecom operators by June 22.\nThey included the Safaricom consortium, Etisalat, Axian, MTN, Orange, Saudi Telecom Company, and Telkom SA.\nOthers were Liquid Telecom, Snail Mobile, Kandu Global Communications and Electromecha International Projects.\nVodacom recently told its investors that the capital expenditure for the potential Ethiopian entry is not yet clear, adding that the auction of the licences is anticipated in February or March next year.\nThe South African telco added that while it is limiting its exposure in the consortium to five percent, it could raise its ownership after a couple of years into the operation.\nSafaricom was allowed to lead the consortium for several reasons, including Kenya’s geographical proximity to Ethiopia.\n“I think it will be a very good exposure to Safaricom from the perspective of geographical closeness on the one perspective, but also giving Safaricom additional exposure to more growth areas,” Vodacom’s chief executive Shameel Joosub said in a recent earnings call.\nBesides selling the new telecoms licences, the Ethiopian government is also disposing of a minority stake in Ethio Telecom which has a monopoly in that market. The transactions are part of economic liberalisation policies being implemented by Ethiopia, a country which is seen as presenting major growth opportunities.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/safaricom-sh55bn-loan-for-ethiopia-entry-3234836"}
\ No newline at end of file
diff --git a/clean/cc/ece61403e8b4c5867768223c48213cf4.json b/clean/cc/ece61403e8b4c5867768223c48213cf4.json
new file mode 100644
index 0000000000000000000000000000000000000000..fb59509fb1cc2d84c15faf5a03eff3a48c952afa
--- /dev/null
+++ b/clean/cc/ece61403e8b4c5867768223c48213cf4.json
@@ -0,0 +1 @@
+{"doc_id": "ece61403e8b4c5867768223c48213cf4", "text": "Ahead of the official announcement on petrol price adjustments by the Department of Energy this week, the latest data from the Central Energy Fund shows that motorists can expect major pain at the pumps next week.\nThe CEF’s daily price tracking for 25 April 2018 shows that as it currently stands, petrol could rise by 92 cents per litre in May, while diesel could rise by in excess of a rand.\nThe data shows an under recovery of 91.69 cents for 95 grade petrol, and 91.90 cents for 93 grade, while diesel shows an under recovery of 107 cents.\nThe biggest contributors to this massive hike is the rising cost of international product prices, headlined by a huge jump in the oil price – while the movements in the exchange rate between the rand and the dollar has also played a part.\nThe jump could push local fuel prices to record highs in the coming months – over R15 a litre – where the previous highest price for fuel was in December 2017 when petrol cost R14.76 a litre.\nThe Automobile Association (AA), however, noted that prices are likely to rise by 49 cents a litre for petrol, 60 cents for diesel, and 52 cents for illuminating paraffin, using the CEF’s data from Tuesday.\nBased on these figures, a litre of 93 octane unleaded petrol (inland) – which currently costs R14.23 a litre – will now cost R14.72. This is 23 cents higher than the previous record high of R14.49 in December last year.\nHowever, the sharp depreciation of the rand the past few days will definitely impact future fuel prices.\n“Going into May, there is already an under-recover of 46 cents a litre. If the rand doesn’t appreciate significantly against the US dollar, and if international prices don’t decrease, this will mean another increase into June,” the AA said.\n“Motorists should be aware that further oil strength and rand weakness could produce further increases in the short to medium term,” the AA said.\nThis is what you can expect to pay in May:\nThe article has been updated to reflect data as at the department of energy’s cut-off date for the period under review", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/240971/massive-petrol-price-increase-coming-next-week/"}
\ No newline at end of file
diff --git a/clean/cc/ef0d8ed64ec40da2636990ba3c2d9ff6.json b/clean/cc/ef0d8ed64ec40da2636990ba3c2d9ff6.json
new file mode 100644
index 0000000000000000000000000000000000000000..b14cc03f0246cf7b9a6720906eacded246cbe0af
--- /dev/null
+++ b/clean/cc/ef0d8ed64ec40da2636990ba3c2d9ff6.json
@@ -0,0 +1 @@
+{"doc_id": "ef0d8ed64ec40da2636990ba3c2d9ff6", "text": "Confidence in South Africa’s other services sector has plummeted in the first quarter of the year, the latest data from the Bureau for Economic Research (BER) shows, as companies drop services in favour of higher spending on load shedding solutions.\nAfter continuously increasing since reaching a nadir during the level 5 lockdown in the second quarter of 2020, confidence in the other services sector plummeted in the first quarter of the year, showing a 23-point drop on the index from 68 to 45.\nThis is the largest ever recorded in the survey’s 18-year existence the BER said.\nThe other services sector comprises hotels, restaurants, transport, real estate and business services. They are denoted as “other” services to distinguish them from the retail, wholesale and motor trade sectors, which are also part of the services sector but included in the RMB/BER business confidence index (BCI).\nThe other services sector is not included in the BCI due to its lagging business cycle characteristics, i.e., it recovers/deteriorates later than the BCI sectors, the BER said.\nAlthough the other services sector contributes a considerable 22% to GDP and employment, the BER does not include it in the BCI to safeguard its advanced signalling properties.\nThe fall in the overall index stemmed from the transport and business services sub-sectors.\nConfidence in the transport sub-sector collapsed to 14 and in the crucial3 business service sub-sector fell from 64 to 47.\nIn contrast, confidence in the hospitality sub-sector increased from 73 to 75, a far cry from zero at the time of the hard lockdown in 2020\nIn the case of the last remaining sub-sector, real estate, confidence declined from 47 to 43.\nThe main driver behind the huge drop in confidence in these sectors is the persistent load shedding which has devastated businesses and economic operations over the period.\nThis was felt particularly hard in the business services sector – such as renting of machinery and equipment, computer services, legal services, accounting, consulting engineering, advertising, building and plant cleaning, debt collection and exhibitions – as fewer businesses made use of these services and instead increased spending on load shedding mitigation measures.\nIn the first quarter, the only bright spot was hotels and restaurants, which recorded even faster activity growth than during the fourth quarter of 2022.\nPart of the exceptionally strong year-on-year growth could be attributed to a base effect, the BER said.\nIn the first quarter of 2022, not all Covid-19 restrictions were lifted and the international travel bans knocked foreign tourist numbers. In contrast, the current summer holiday season saw international visitors return.\nAnother explanation for the strong growth is a partial resumption in business travel, more local trips, increased eating out and, in the final instance, the normal pre-Covid summer seasonal factors, the BER said.\nThe rate of increase in selling prices in the hotels and restaurants sector skyrocketed as accommodation rates increased and restaurants had to adjust their menu prices sharply upwards to compensate for higher food prices and load-shedding costs.\nThings look bleak in all other sectors, however.\nRoad freight transport and other supporting services – such as travel agencies, cargo handling and freight forwarding – had to contend with higher fuel costs, fierce competition and delays at ports over the period.\nReal estate confidence declined further from 47 to 43. Given that the long-term average is 45, confidence could be regarded as neither high nor low in the first quarter, the BER noted.\nRespondents commented that the continued improvement in property management – such as renting – partly compensated for the weaker sales of properties.\n“After continuously recovering in 2021 and 2022, the fortunes of the other services sector reversed abruptly in the first quarter of 2023. While hospitality kept on improving, the situation in transport, real estate and business services took a turn for the worse, primarily due to extensive load-shedding and surging costs,” the BER said.\n“Whereas the other services sector supported GDP growth for the most part in recent quarters, it seems destined to join the more energy-intensive sectors of the economy in detracting from growth in the first quarter of 2023.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/674379/these-businesses-in-south-africa-are-taking-a-beating-and-you-already-know-why/"}
\ No newline at end of file
diff --git a/clean/cc/f09ad9b1ff1762fcd0bbd7cea333e99e.json b/clean/cc/f09ad9b1ff1762fcd0bbd7cea333e99e.json
new file mode 100644
index 0000000000000000000000000000000000000000..bbadd666c6591b1ebe5e6c7e8d50379e896f7f01
--- /dev/null
+++ b/clean/cc/f09ad9b1ff1762fcd0bbd7cea333e99e.json
@@ -0,0 +1 @@
+{"doc_id": "f09ad9b1ff1762fcd0bbd7cea333e99e", "text": "Logistics firms have warned that growing backlogs at South Africa’s ports risk causing delivery delays and stock shortages in the coming months.\nMeanwhile, surcharge fees payable by businesses are expected to increase in December as a result of the congestion – threatening to put pressure on the prices of goods in the country.\nAccording to the South African Association of Freight Forwarders (SAAFF), container ships have been avoiding the congested and delayed Cape Town harbour. They are instead docking at the Port of Port Elizabeth in Gqeberha and the Ngqura (Coega) port.\nHowever, this has led to a massive buildup of congestion on the Eastern Cape coast, resulting in 46,000 containers being stuck outside the two ports.\nIn addition, as of last Friday, 79 vessels and 61,968 containers remained stranded outside the Durban port, reported News24.\nThis means there are over 100,000 containers stuck outside South Africa’s ports, carrying an estimated R7 billion worth of goods.\nAccording to the SAAFF, the congestion crisis at South Africa’s ports has resulted in cargo ships waiting 215 hours (nearly nine days) and 32 hours to enter Port Nqura and Port Elizabeth port, respectively.\nMeanwhile, vessels are waiting 227 hours to enter the Durban port.\nAccording to fleet management and vehicle tracking company Ctrack, the issues at these ports are compounding problems all along the value chain and logistics sector – with the congestion at sea freight having a knock-on impact on the road freight sector.\n“It is clear that all these developments, cumulatively, will have a detrimental impact on the South African economy, just as we enter the festive season,” it said.\n“Many retailers anxiously await stock for Christmas, which is now stuck somewhere in a container either in the port or at sea, with Transnet Port Operations indicating that the backlog created will only be cleared by February/March 2024.”\n“Heavy vehicle traffic on the N4 route also continues to increase notably, as ongoing operational troubles at South African ports result in loads being redirected towards the Port of Maputo, clearly to the detriment of the South African economy.”\nCostly incompetence\nThe problem of port congestion is a complex one, and it is something that was due to happen at some point, as a result of many years of underinvestment in equipment and its maintenance, said Transnet chairperson Andile Sangqu.\nHe added that the lead times for some of the equipment need will be anything from 12 to 18 months – and if the port issues continue – it will cost South Africans and the economy dearly.\nSeveral shipping lines are now imposing surcharges of around R8,000 ($400) per container, claiming that delays in South Africa are disrupting their international schedules. Among them are Hapag-Lloyd, Maersk, MSC and CMA CGM.\nWorking on just the 108,000 reported delays, and these surcharges are estimated to cost South African businesses almost a billion rand – roughly R864,000,000.\nAdditionally, a large container vessel costs about R643,000 to operate a day.\nThe surcharge is likely to hit South African consumers as well, as it will make imported goods more expensive.\nBusinesses this week held talks with the government and shipping line representatives to discuss the implications of the surcharge and the new cargo regime. Major retailers involved included Mr Price, Toyota and Defy.\nMr Price noted that port instability could affect the local clothing industry’s autumn lines if delays persist, while frozen food and dry produce exporter and importer Hume International operations and logistics director Roy Thomas said South African consumers will inevitably be hard hit by rising prices due to the port problems.\nSouth Africa’s table grape industry – a major source of export earnings – also voiced its concerns.\nBusiness Day reported that delays at ports cost the industry over R600 million last year, and with shipments anticipated to increase by 12% to about 330,000 tonnes this season, the losses could be even higher.\nAdditionally, The industry employs 15,000 to 20,000 people permanently, but during the harvest and pruning seasons, employment increases to about 100,000 – all of which are at risk if things don’t improve at the ports.\nThe collapse of South Africa’s rail and port utility, Transnet, has cost the country R1 billion a day in economic output, equivalent to 4.9% of annual GDP or R353 billion. This was revealed in a study by the GAIN Group, a boutique consultancy focusing on contract research of freight transport.\nThus, the transport crisis is rapidly displacing electricity as the main hurdle to reviving South Africa’s stagnant economy. John Lawson, CEO of the Cape Chamber of Commerce & Industry, said the private sector urgently needed government support at national and provincial levels to ease port congestion.\nAs reported by Business Day, it will take four-and-a-half months to clear the backlog at the Durban harbour alone, while Transnet said the backlog at the Cape Town Port is close to being cleared.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/business/734617/warning-over-delivery-delays-stock-shortages-and-higher-prices-hitting-south-africans-this-christmas-1/"}
\ No newline at end of file
diff --git a/clean/cc/f09de94ed537a060ecda941f3d729ede.json b/clean/cc/f09de94ed537a060ecda941f3d729ede.json
new file mode 100644
index 0000000000000000000000000000000000000000..61d49692a32fa3af70d238edc377e23812d8ed5e
--- /dev/null
+++ b/clean/cc/f09de94ed537a060ecda941f3d729ede.json
@@ -0,0 +1 @@
+{"doc_id": "f09de94ed537a060ecda941f3d729ede", "text": "RMB chief economist Isaah Mhlanga says that global markets have not priced in the significant risks associated with the Hamas-Israel war escalating to other countries – which could send oil prices shooting through the roof.\nWriting in a column for the Sunday Times, Mhlanga said that current oil prices – sitting around $80 a barrel – reflect a scenario where the war in the Middle East is contained.\nHowever, he said that this is already not the case, with Iran already involved as a backer of Hamas, fighting a proxy war through the ongoing conflict.\n“I think markets are mispricing by assuming a confined conflict…oil and the broader market are not pricing this currently… a direct conflict between Iran and Israel will imply a shock to oil markets well above $130 a barrel,” he said.\nHaving oil prices shoot up by $50 a barrel would devastate fuel prices and inflation globally, but especially in South Africa.\nThe latest data from the Central Energy Fund shows South African motorists are in for another sizeable price cut to fuel in December, between R1.20 per litre for petrol and R2.00 for diesel.\nThis is off the back of much lower global oil prices compared to previous months.\nMarket analysts have acknowledged the risk of the Hamas-Israel war escalating but have largely diverted attention to other factors, such as lower demand from China, high interest rates, and the risk of recession in the United States.\nIn most analyses, the conflict in the Middle East is flagged as a “short-term” concern.\nBroadly, Mhlanga indicated that the general assumption in the market will prove to be resilient and that the end of next year will be better than the end of this year. However, this does not factor in the critical risk of war.\n“The risk is if the Middle East war expands across the region and directly involves Iran. In that case, these assumptions might be turned upside down, resulting in a global recession,” he said.\nThis scenario would be incredibly damaging locally, with South Africa already dealing with its own pressures and mounting issues.\nOn top of load shedding, high unemployment and collapsing state companies, a massive increase in oil prices would push up inflation (directly and through higher fuel prices), which would pile on the pressure for the South African Reserve Bank to keep it contained.\nSeptember headline inflation came in higher than expected at 5.4%, directly tied to higher fuel prices that month; economists expect a similar figure for October for the same reasons.\nA sudden spike in oil and fuel in 2024 would overturn general expectations for inflation to ease to comfortable levels for the SARB to start cutting interest rates.\nWhile most economists expect the Reserve Bank to hold rates again at its final meeting for 2023 later this month, there are risks that the central bank could hike by another 25 basis points on the dimmer inflation outlook.\nInterest rate expectations have already shifted to seeing the hold on rates in restrictive territory lasting until the second half of 2024, and worsening global conditions risk cementing this view or extending it.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/730645/big-trouble-ahead-for-petrol-prices-in-south-africa-economist-warns/"}
\ No newline at end of file
diff --git a/clean/cc/f144b1e7e65c52553615bd0eb4dfe565.json b/clean/cc/f144b1e7e65c52553615bd0eb4dfe565.json
new file mode 100644
index 0000000000000000000000000000000000000000..da16bb3938eca2906f524ea053d07316e6951afa
--- /dev/null
+++ b/clean/cc/f144b1e7e65c52553615bd0eb4dfe565.json
@@ -0,0 +1 @@
+{"doc_id": "f144b1e7e65c52553615bd0eb4dfe565", "text": "Despite the downbeat economic environment, South Africans can be hopeful as there are indications that load shedding will start to ease in the foreseeable future.\nIn its weekly review, the Bureau for Economic Research (BER) said that sentiment in South Africa is broadly negative, with respondents in Absa’s Purchasing Managers’ Index (PMI) showing levels of pessimism last seen during the strictest stages of the covid-19 lockdown.\nHowever, the BER said that a recent update from Operation Vulindlela provided some optimism.\nOperation Vulindlela is a joint operation between the Presidency and National Treasury that seeks to unlock growth-boosting reforms, including those in the energy space.\nCrucially, the pipeline for new private sector energy generation projects tracked by Operation Vulindlela’s Embedded Generation Task Team has jumped from roughly 4,000 MW in March 2022 to a combined capacity of 10,000 MW.\nThere are 108 projects involved with a combined expected fixed investment requirement of over R200 billion.\nIn a positive for South Africa’s immediate energy needs, 3,000 MW is expected to be online next year, equating to roughly three stages of load shedding.\nIn addition, the BER added that Eskom should return several major generating units from long-term outages by late-2023 or early-2024.\nThis means that South Africa’s energy crisis could improve dramatically in 2024.\n“Therefore, we are cautious not to extrapolate the current very poor domestic business conditions into 2024. Although slow going, there seems to be more progress being made behind the scenes to alleviate the debilitating power constraint than is generally appreciated,” the BER said.\nPlans on the go\nElectricity Minister Kgosientsho Ramokgopa recently announced a series of initiatives to combat load shedding.\nFor instance, ex-Eskom employees and other experts will be deployed to underperforming power stations to boost their Energy Availability Factor (EAF), including the Matla, Kriel, Majuba, and Kendal power stations.\nSupport from experts will also be made available at the nation’s open-cycle gas turbines in regard to logistics and storage.\nMoreover, the minister said that two more hydrogen projects, as per the Risk Mitigation Independent Power Programme, had been approved by the Eskom board and should be online by the end of June, adding another 274 MWs to the grid.\n“We’re looking at the additional Bid windows in June and July of 2023, including a Big Window, number seven, for wind and solar PV,” Ramokgopa added.\n“We need to make sure the prospects of these projects are located geographically in the areas with access to grid capacity” – alluding to the prior Bid Window, where roughly 3,000 MW remains unallocated due to a lack of access to grid capacity.\nThe minister also said that a further Bid window involved four battery storage projects of 1,200 MW and a 3,000 MW gas project.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/693823/there-is-light-at-the-end-of-the-tunnel-for-load-shedding-in-south-africa-economists/"}
\ No newline at end of file
diff --git a/clean/cc/f3b6f3a0c04964e5e8274d6f754f92e5.json b/clean/cc/f3b6f3a0c04964e5e8274d6f754f92e5.json
new file mode 100644
index 0000000000000000000000000000000000000000..7afb29ade6ec0665f6cac73cfbde759300b02b77
--- /dev/null
+++ b/clean/cc/f3b6f3a0c04964e5e8274d6f754f92e5.json
@@ -0,0 +1 @@
+{"doc_id": "f3b6f3a0c04964e5e8274d6f754f92e5", "text": "The Philip Ndegwa family raised its shareholding in tier-one lender NCBA by 8.25 million shares with a current market value of Sh315.6 million in the first half of this year, deepening their position as the biggest stakeholders in the bank ahead of the Jomo Kenyatta family.\nLatest regulatory filings show that the Ndegwa family, through their investment vehicle First Chartered Securities, held 246.15 million shares in the bank as at July 10 –valued at Sh9.41 billion— up from 237.9 million units at the end of December 2022.\nRead: Ndegwa family transfers Sh1.7bn NCBA Bank shares\nThis has seen their stake in the lender through the vehicle rise to 14.94 percent from 14.44 percent at the end of last year, with the stake held by the Kenyattas through Enke Investments Limited remaining unchanged at 13.2 percent or 217.49 million units valued at Sh8.32 billion presently.\nThe Ndegwas’ addition to their stake has coincided with a period of gains for the NCBA share at the stock market, where it has outperformed all the other banking stocks over a 12-month period.\nThe counter has recorded a gain of about 60 percent in the period, closing at Sh38.25 per unit on Monday.\nThe Ndegwas have been bullish on NCBA for decades, investing substantial capital starting from NIC Group and CBA Group, which were merged in September 2019 to create the Nairobi Securities Exchange-listed financier.\nThe rise in stake in the first half of this year follows on from the purchase of an additional 31.6 million shares in the lender in the year ended December 2022, which is worth Sh1.2 billion at the bank’s current trading share price.\nThe Ndegwas’ increased investment in NCBA also comes as the bank’s performance has improved in the wake of the merger which allowed it to build scale in a market where size is a key determinant of the industry’s profit distribution.\nThe bank’s earnings, profitability metrics, dividend payouts and market value have all improved, benefitting long-term investors including former shareholders of NIC Group who were allocated a combined 47 percent ownership in the merged entity.\nNCBA now has a market value of Sh63 billion compared to the Sh17.7 billion that NIC held in the year ended December 2018 –its last full year of operations before the merger.\nIn the first quarter of this year, NCBA’s net profit rose by 48.5 percent to Sh5.1 billion, from Sh3.4 billion in the corresponding quarter in 2022.\nRead: Ndegwa family puts empire on new path with asset sales\nThe lender’s loan book expanded to Sh287.2 billion from Sh243.9 billion, while its holding of government securities jumped to Sh207.1 billion from Sh194.7 billion.\nThis combined growth of loan book and bond holdings raised the bank’s asset base to Sh628.8 billion from Sh587.4 billion in the same period last year.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/ndegwas-buy-an-extra-sh315-million-ncba-stake--4314370"}
\ No newline at end of file
diff --git a/clean/cc/f451a86f74ad2d2cdcbfc613fff33724.json b/clean/cc/f451a86f74ad2d2cdcbfc613fff33724.json
new file mode 100644
index 0000000000000000000000000000000000000000..eb947dcce468ebc63e574d2ea1ae7342b3f8e4bb
--- /dev/null
+++ b/clean/cc/f451a86f74ad2d2cdcbfc613fff33724.json
@@ -0,0 +1 @@
+{"doc_id": "f451a86f74ad2d2cdcbfc613fff33724", "text": "Truth and Energy civil nuclear engineer Hugo Kruger said Eskom is no longer a monopoly as the private sector is slowly taking over electricity generation in the country.\nKruger’s comments come in light of Eskom reporting its financial results for the year through March 2023.\nThe power utility confirmed in its results presentation earlier this week that its net loss after tax increased to R23.9 billion – a significant jump from the R11.9 billion loss reported in 2022.\nEskom interim CEO Calib Cassim said the 2023 financial results reflect the company’s challenging operational performance.\nHe revealed that municipal debt to Eskom increased from R44.8 billion to R58.5 billion over the last year.\nCassim also revealed that the utility’s energy availability factor worsened from 62.02% to 56.03% in 2023 due to generation supply constraints and shortfall from the IPP programmes.\nFaced with intense power cuts with seemingly no end in sight, South African households and businesses are increasingly turning to alternative energy sources.\nData from Eskom and Professor Anton Eberhard revealed that South African households and businesses had installed 4,400 MW of rooftop solar PV.\nEberhard posted data from Eskom, which showed that the country’s installed solar rooftop PV increased from 983 MW in March 2022 to 4,412 MW in June 2023 – a 349% increase.\nFurthermore, this allows companies to continue to operate during outages, reducing the impact of load-shedding on lost trading hours.\nThe import of solar panels also hit a new record, with R8.4 billion worth of panels being imported in the second quarter of 2023, over double the amount imported in the year’s first quarter.\nThe value of imports in the first half of 2023 is more than the entire value imported in 2022, which was R5.6 billion.\nR12 billion worth of solar panels have been imported by South Africans so far in 2023, adding 2,200 MW of capacity to the grid.\n“If you look at solar installations in South Africa a few years ago, it was a luxury. Now, the cost of solar panels has become extremely affordable,” Kruger said.\nWhile everyone cannot afford batteries and solar panels, people can shift their demand.\n“They’re starting to cook on gas; they’re doing all kinds of things to avoid Eskom. So, Eskom is no longer a monopoly, and they must come to terms with that mindset,” he said.\nIf the state wants to have a state-owned enterprise, it now has to compete against the private sector, which Eskom is struggling to do.\nThe fourfold increase in solar rooftop PV significantly reduces the residual load that Eskom needs to meet during the day, which has cut into the utility’s revenue.\nBloomberg reported that the surge in the installation of solar panels on houses and business premises has already cut Eskom’s sales by 2.3%.\nA good example is the Buffalo City Metropolitan Municipality. With a population of more than 700,000 people, it lost R350 million in revenue because of solar installations.\nThis is bad news for the utility already struggling to keep afloat.\n‘Back-door privatisation’\nIn February, Finance Minister Enoch Godongwana announced that the National Treasury would be taking over a significant portion of Eskom’s debt through a R254 billion debt relief package.\nHowever, this bailout did not come without strings attached, as the Minister also outlined several conditions for the utility.\nEskom, the National Treasury, and the Department of Public Enterprises have agreed to design a mechanism for building new transmission infrastructure that will allow for extensive private sector participation in developing the transmission network.\nIn addition, Eskom must implement the operational recommendations emanating from an independent assessment.\nThis will include determining which plants can be resuscitated to the original equipment manufacturer’s standards.\nEskom must then concession all these power stations with clear targets for the electricity availability factor and operations.\nMany experts agreed that these conditions spell out the privatisation of Eskom.\nEfficient Group chief economist Dawie Roodt said this is a “back-door kind of privatisation” with the Treasury forcing Eskom to privatise its distribution network and partially privatise its generation fleet.\nThis article was first published by Daily Investor. Read the original here.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/730523/eskoms-monopoly-is-over/"}
\ No newline at end of file
diff --git a/clean/cc/f59313ace16fe298ffeee90122aa7250.json b/clean/cc/f59313ace16fe298ffeee90122aa7250.json
new file mode 100644
index 0000000000000000000000000000000000000000..596c0248aa8a2713455f34eb52fff33dcdeaeb4e
--- /dev/null
+++ b/clean/cc/f59313ace16fe298ffeee90122aa7250.json
@@ -0,0 +1 @@
+{"doc_id": "f59313ace16fe298ffeee90122aa7250", "text": "The Treasury has refused to offer a commitment to Kenya Airways’s #ticker:KQ request for a Sh7 billion emergency bailout after its aircraft were grounded due to the restrictions on international passenger flights sparked by the coronavirus pandemic.\nTreasury Cabinet secretary Ukur Yatani said the State was keen on a long-term solution anchored on nationalisation of Kenya Airways, arguing the carrier’s financial troubles go beyond the corona-related woes.\nThe national carrier needs money for the maintenance of the grounded planes, payment of staff salaries and settlement of utility bills like security, water, electricity and parking fees.\nThe freeze on all cross-border passenger flights on March 22 and restriction of movement into and out of four counties including Nairobi, Mombasa, Kwale and Kilifi to curb the spread of the virus has hit Kenya Airways hard.\nMr Yatani reckons that the Treasury is keen to pursue a turnaround under the plan to nationalise Kenya Airways, which was approved by lawmakers in July. “We are not making any commitments at this stage,” he said about the Sh7 billion bailout. “Kenya Airways need to remain afloat but it is also important to look at structural challenges because what is happening now is more than the business environment.”\nHe added that a restructuring plan backed by the Treasury and Transport ministry is ready and would be unveiled in coming weeks.\nKenya wants to emulate countries like Ethiopia, which runs air transport assets — from airports to fuelling operations —under a single company, using funds from the more profitable parts to support others. Under the model approved by MPs, Kenya Airways will become one of four subsidiaries in an aviation holding company.\nThe others will be Jomo Kenyatta International Airport, an aviation college and Kenya Airports Authority, which will operate all other airports.\nKenya Airways was privatised more than 20 years ago but sank into debt and losses in 2014 after a failed expansion drive and a slump in travellers.\nIn August, it saw its first-half pretax loss more than double from a year earlier to Sh8.56 billion.\nKenya Airways is surviving solely on cargo business, which is also facing stiff competition from Ethiopian Airlines.\nKenya Airways chief executive Allan Kilavuka said revenue from the carrier’s cargo business is not adequate for the airline to meet its obligations.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/treasury-snubs-kq-plea-for-sh7bn-virus-bailout-2290696"}
\ No newline at end of file
diff --git a/clean/cc/f59dc49889e9c60facff54a26491bf51.json b/clean/cc/f59dc49889e9c60facff54a26491bf51.json
new file mode 100644
index 0000000000000000000000000000000000000000..7563e40a1d878338b1b0290474b47dd12ed6c8af
--- /dev/null
+++ b/clean/cc/f59dc49889e9c60facff54a26491bf51.json
@@ -0,0 +1 @@
+{"doc_id": "f59dc49889e9c60facff54a26491bf51", "text": "Global hotel brand Radisson Blu has halted its operations in Nairobi’s Upper Hill and sent most of its staff home as bookings remain low due to Covid-19 pandemic.\nThe closure comes at a time the Central Bank of Kenya (CBK) survey on hotels has shown that bed occupancy remains low, averaging 23 percent in November and October, compared to 24 percent in September.\nA Radisson Blu Hotel spokesman confirmed the development to the Business Daily, saying the decision to send employees home was aimed at mitigating the economic impact of Covid-19 on the business.\n“To mitigate some of the economic impact of the pandemic, coupled with the uncertainty of Radisson Blu Hotel Nairobi Upper Hill’s reopening date, we have had to make the difficult decision to reduce the size of our workforce at the hotel,” said the spokesperson.\n“We understand this is an extremely difficult time for those affected and we will provide support to them throughout the process.”\nThe decision mirrors what was taken by the Fairmont Hotels and Resorts in late May when they closed Fairmont The Norfolk and Fairmont Mara Safari Cub due to low business and laid off all employees.\nPersistent infections\nPersistent Covid-19 infections forced Norfolk to renege on a March deal that had promised its workers half pay in April and May and a fresh deal from June.\nRadisson Blu hotel has been paying employees since mid-March when Covid-19 hit Kenya and was hoping to reopen this month but failed to do so.\nThe information on the hotel’s website now puts the tentative date of reopening to end of March next year.\nThe 271-room hotel was mainly running on conferences and parties in the busy Upper Hill area that was attracting business people who wanted venues outside the city centre.\nSome of the released employees who spoke to the Business Daily on anonymity said they were given severance pay — amount paid to workers on early termination of contracts — and told that they would be given priority when conditions will be right to reopen.\nHowever, the hotel’s sister establishments — Radisson Blu Hotel & Residence Nairobi Arboretum and Park Inn by Radisson Nairobi Westlands – remain in operation.\nThe Upper Hill hotel is the largest facility compared to the other two whose joint bed capacity is 262.\nThe CBK survey conducted mid-November to assess the extent of recovery in the hotels found that employment in the sector was averaging 53 percent from September’s 45 percent when compared with the pre-Covid-19 levels.\nThe surveyed hotels told the CBK that a resurgence in Covid-19 infections in November relative to October was hurting recovery.\n“Local guests continue to support activity in the sector during the Covid-19 period, accounting for more than 80 percent of the total clientele for accommodation and restaurant services,” said the survey.\nOn average, just 58 percent of hotels said they expect to attain pre-Covid-19 levels of operations between late 2020 and 2021.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/radisson-blu-shuts-its-upper-hill-outlet-3227864"}
\ No newline at end of file
diff --git a/clean/cc/f7801c34c58edf742ae2ba058c5e5d14.json b/clean/cc/f7801c34c58edf742ae2ba058c5e5d14.json
new file mode 100644
index 0000000000000000000000000000000000000000..2b6d043dc4135e9196504e6c210e83ffeacada94
--- /dev/null
+++ b/clean/cc/f7801c34c58edf742ae2ba058c5e5d14.json
@@ -0,0 +1 @@
+{"doc_id": "f7801c34c58edf742ae2ba058c5e5d14", "text": "The global airline fuel industry is projected to hit $200bn (Sh20.4 trillion) this year, accounting for about a quarter of operating expenses, according to a report released last month by the International Air Transport Association (IATA).\n“In 2019 the fuel bill is forecast to be $200 billion, accounting for around 24.2 per cent of operating expenses at $65 (Sh6,630) per barrel of Brent, while the industry net profits are forecast to reach $35.5bn (Sh3.6trn).\nThis is an increase from 2018, where the global airline industry’s fuel bill totalled to $180bn (Sh18.4trn) accounting for 23.5 per cent of operating costs and a profit of $32.3bn (Sh3.3trn),” reported IATA. This will, in turn, affect their revenues and lead to air freight companies looking for measures to curb transport expenses, especially during this horticulture peak season in Kenya.\nThe first quarter of each year sees increased demand for horticulture products in Europe, mostly flowers, due to Valentine’s Day in February and Mother’s Day in March.\n“During this season we double our flights from five to 10 a week in order to accommodate the high demand which can double to reach 700 tonnes of flowers to cities in Europe,” said an industry insider.\nTherefore, the increase in fuel prices is likely to lead to higher operating costs for freight companies, which is in contrast to 2017 when forwarders enjoyed lower operating costs.\nAccording to a 2018 study on Kenya’s air freight market conducted by the Netherlands Enterprise Agency, in 2017 — when the global fuel bill was 20.5 per cent lower than in 2018 — freight companies were able to recover from losses experienced in previous years.\n“The fall between 2014 and 2016 in airline cargo revenues was driven mainly by lower oil prices, with the drop in fuel costs reflected in lower surcharges — in turn lowering gross yields.\n“The effects of such yield drops had different effects. Freight operators saw their lost revenues partly recovered through lower fuel costs. For forwarders and ultimately shippers, the reduction in surcharges meant lower costs of doing business,” reported the Netherlands Enterprise Agency\nAir freight companies will be forced to adjust to the increasing fuel prices in order to still earn a profit and meet demand.\nFor instance, in the 2001 to 2010 period, when there were global fuel fluctuations, international freight company FedEx reduced the use of its less fuel-efficient planes and increased fuel-efficient planes in order to cut costs.\nIn a study on the impact of oil prices on the air transportation industry released in 2014 by the US National Centre of Excellence for Aviation Operations Research, the company increased its use of McDonnell Douglas DC-10 and Airbus A300 for transportation as they were more fuel-efficient. It decreased the use of Being 727 and Cessna 208.\nOver the 11-year study period, the share of departures made by FedEx using the Cessna 208 dropped from 36 per cent at the beginning of 2000 (and a high of 40 per cent ) down to 30 per cent by the end of 2010 (a 17 per cent reduction).\nThe share of departures performed by the Boeing 727 dropped even more, from over 26 per cent to less than 12 per cent over the same interval (a 56 per cent reduction). It dropped from the second most flown aircraft type to the fourth.\n“Two aircraft types that saw the biggest increase in their share of departures were the McDonnell Douglas DC-10 and the Airbus A300.\nThe DC-10’s share increased by nearly 50 per cent (from 12 per cent of the total to 18 per cent), while the A300’s share of total departures increased by 83 per cent (from nine per cent to 16.5 per cent),” reported the researchers.\n- African Laughter", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/shipping-logistics/tough-times-for-air-freighters-as-fuel-cost-set-to-hit-200bn-2233900"}
\ No newline at end of file
diff --git a/clean/cc/f7a68d99d55e42beb14618dd51477cc4.json b/clean/cc/f7a68d99d55e42beb14618dd51477cc4.json
new file mode 100644
index 0000000000000000000000000000000000000000..f183c1415fb7e00db11346bb113c1753fcb1ac6d
--- /dev/null
+++ b/clean/cc/f7a68d99d55e42beb14618dd51477cc4.json
@@ -0,0 +1 @@
+{"doc_id": "f7a68d99d55e42beb14618dd51477cc4", "text": "Safaricom stands to lose an estimated Sh1.5 billion annually after it reached an agreement with the Communications Authority of Kenya to cut mobile termination rates (MTR) from the current Sh0.99 per minute to Sh0.58 per minute.\nMTRs are the charges levied by a mobile service provider on other operators for terminating their voice calls on its grid.\nSafaricom is the major beneficiary of the MTRs due to its leading market share in the voice business, with the telco recording a net gain of Sh3.8 billion from its rivals Airtel Kenya, Telkom Kenya, and Equitel in the year ended June 2021 under the current tariff.\nThe new proposed rate, to be effected for one year starting this month, will cut Safaricom’s net income from the charges 41 percent to about Sh2.2 billion while rivals will save on what they have been paying to the Nairobi Securities Exchange-listed firm.\nSafaricom’s earnings from the charges were to fall by a much steeper margin based on the earlier move by CA to cut MTR to Sh0.12 per minute effective at the beginning of this year.\nCA’s announcement was challenged by Safaricom at the Communications and Multimedia Appeals Tribunal which was due to determine the matter on Friday before the parties reached a middle ground and filed consent.\n“That the [tribunal] forebear its decision expected to be delivered on August 5, 2022,” the consent, which sought to have the matter certified as settled read.\n“That the authority [CA] rescinds its decision contained in determination No. 3 of 2021 in its entirety. That the current mobile termination rate and fixed termination rate (FTR) be revised from Sh0.99 to an interim rate of Sh0.58.”\nOther parties with an interest in the matter including Telkom Kenya have supported the settlement agreement, which averted a potentially adverse decision for Safaricom or the regulator.\nThe tribunal could have backed CA’s decision, cutting Safaricom’s earnings from MTR by about 88 percent.\nThe tribunal could have also sided with Safaricom, protecting its current income from the charges.\nThe telco, which has a 67.8 percent market share in the voice market, had told the tribunal that the regulator should have used a cost-based study to inform its decision rather than the benchmarking methodology it relied on.\nAs part of the settlement, the parties agreed that CA will now conduct a new cost study and will implement a new MTR and FTR based on the findings.\nMost calls are now made on mobile telephony networks and the reduction of the tariff to Sh0.58 per minute could give the telcos headroom to further reduce calling charges.\nTelcos, alongside other businesses, are, however, facing inflationary pressure which reduces their appetite to engage in a new round of price wars.\nThe rivals have been offering standard calling rates per minute besides several promotions and bundled offerings featuring calls, SMS, and mobile data.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/safaricom-to-lose-sh1-5bn-in-new-tariff-deal-3906612"}
\ No newline at end of file
diff --git a/clean/cc/fc103dbf97f0b0ddc65045a138cfde75.json b/clean/cc/fc103dbf97f0b0ddc65045a138cfde75.json
new file mode 100644
index 0000000000000000000000000000000000000000..8c1116e104126c1057b6cf1c64f73a60ec9f030f
--- /dev/null
+++ b/clean/cc/fc103dbf97f0b0ddc65045a138cfde75.json
@@ -0,0 +1 @@
+{"doc_id": "fc103dbf97f0b0ddc65045a138cfde75", "text": "South Africa’s financial system is being overhauled, with parliament in the process of introducing various amendments to critical business legislation.\nThe new bills, recently approved by Cabinet, include provisions which focus on strengthening the methods of mitigating financial crime, altering workplace transformation laws and making it easier to do business – to name a few.\nThe government has been working in a flurry to ensure that a deadline set by the international watchdog, the Financial Action Task Force (FATF), is met in order to avoid a possible greylisting that might make doing business more challenging.\nThe FATF is an international body for setting standards and promoting anti-money laundering and counter-terrorism financing that has made recommendations to South Africa in terms of what has to change. It found that the county’s financial legislation had gaps that allowed for money laundering and other financial crimes to occur.\nSouth Africa has until the end of October 2022 to prove to the FATF that it has policies to meet the recommendations.\nThe Parliamentary Monitoring Group (PMG) lists over 53 bills at various stages of the parliamentary process of passing through either the National Assembly or the Nationals Council of Provinces and finally assented to by the President.\nBelow are some of the key laws currently going through the legislative process that will be taken into consideration or passed in the upcoming months.\nIn light of a possible greylisting, finance minister Enoch Godongwana recently tabled the Anti-Money Laundering and Combating Terrorism Financing Amendment Bill.\nOnce in law, according to the National Treasury, it will align the country with some of the recommendations made by the FATF and further improve its resilience to financial crime and corruption.\nThis bill will amend the following other pieces of legislation that deal with specific sectors:\n- Trust Property Control Act;\n- Nonprofit Organisations Act;\n- Financial Intelligence Centre Act;\n- Companies Act, and;\n- Financial Sector Regulation Act.\nThis amendment bill expands on the General Laws Amendment bill and aims to address shortcomings in at least 14 of the 20 suggestions the FATF gave, including a proper improvement of the authority and practices of regulatory authorities.\nThe purpose of this money bill is to enable the implementation of new financial industry charges. This bill requires banks and other government-regulated financial services companies, such as life insurance entities, to pay annual levy fees.\nThe levy is one of the supervisory mechanisms the Financial Sector Conduct Authority (FSCA) and the South African Reserve Bank (SARB) use to monitor and preserve the nation’s financial stability.\nDepending on the type of supervised entity, each payment made by that entity can be as much as R45,000,000 for large banks or as little as R1,000 for smaller banks.\nThis private members bill was introduced to specifically deal with Regulatory Impact Assessments (RIA) and the cost of new regulations on the economy.\nThe bill will introduce measures to look into the financial implications of new legislation and improve the effectiveness and efficiency of government interventions.\nIt said that conducting an evaluation of regulatory measures allows for increased competitiveness by reducing regulatory burdens, increased accountability for decision-makers and more transparency when developing regulatory measures – among others.\nThe amendments under this bill will give the employment and labour minister power to regulate sector-specific employment equity targets and regulate criteria regarding the issuing of compliance certificates.\nThe deputy director-general of Labour Policy and Industrial Relations, Thembinkosi Mkalipi, said that even businesses that do not necessarily deal directly with the state would need to comply with the laws.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/625017/5-new-laws-set-to-change-business-in-south-africa-what-you-need-to-know/"}
\ No newline at end of file
diff --git a/clean/cc/fc3e420c6b79dfc6446eac053055d723.json b/clean/cc/fc3e420c6b79dfc6446eac053055d723.json
new file mode 100644
index 0000000000000000000000000000000000000000..f4021e526fcb1ba7a179d26f26048f20c06d4a9e
--- /dev/null
+++ b/clean/cc/fc3e420c6b79dfc6446eac053055d723.json
@@ -0,0 +1 @@
+{"doc_id": "fc3e420c6b79dfc6446eac053055d723", "text": "South Africa’s reliance on coal to generate most of its power makes it an environmental pariah but it’s also helping keep inflation in check, according to S&P Global Ratings.\nWhile energy prices have soared as European nations scramble to find alternatives to Russian gas supplies following its invasion of Ukraine, South Africa’s power utility Eskom Holdings has been left relatively unscathed.\n“One of the reasons that South Africa’s inflation is more manageable than in certain other countries is because Eskom is largely a coal-fired generator and the coal is locally sourced, mostly under long-term contracts,” Omega Collocott, S&P’s director of corporate ratings for the country said in an interview.\n“That means the world’s 13th-biggest greenhouse gas emitter “ironically doesn’t have as much inflationary pressure because of dirty power generation,” she said. Inflation in the Euro-area has averaged 7.9% since March, and 6.1% in South Africa.\nStill, South Africans might be hard-pressed to come up with any other redeeming qualities about the utility, which generates over 80% of the nation’s power from coal and is closing in on record annual power outages just seven months into the year.\n“Whether electricity is off or on is a different story, but I think that’s an interesting observation and may be a bright spot in the dark,” Collocott said.\nRead: New ‘fuel theft’ trend to look out for in South Africa", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/604814/dirty-coal-is-keeping-south-africas-inflation-in-check/"}
\ No newline at end of file
diff --git a/clean/cc/fe65b6e3345205671d1061e8a6daf38a.json b/clean/cc/fe65b6e3345205671d1061e8a6daf38a.json
new file mode 100644
index 0000000000000000000000000000000000000000..6375c5cde36056159273c08808cacb6829052f75
--- /dev/null
+++ b/clean/cc/fe65b6e3345205671d1061e8a6daf38a.json
@@ -0,0 +1 @@
+{"doc_id": "fe65b6e3345205671d1061e8a6daf38a", "text": "Experts have called on the government to pursue more power purchasing agreements (PPAs) that are denominated in local currency in a bid to lower the cost of electricity.\nSpeaking at the Sustainable Energy Conference in Naivasha, the experts reckon that this will shield the country against the forex fluctuations because the majority of the PPAs are dollar-denominated and this is passed on to the consumers through costly power.\nThe bulk of PPAs between Kenya Power and power producers are dollar-denominated, leading to higher forex exchange in the computation of power bills at a time the shilling has plunged to record lows against the greenback.\n“We need more local currency-denominated PPAs because there is enough capital in the country to support energy projects in the local currency,” Janice Kotut, a founding member of investment firm Sustainable Link said.\nForex adjustment is one of the factors that determine power bills and this has exposed consumers in the wake of the record weakening of the shilling against the dollar.\n“In our current energy mix, we have wind, geothermal and solar and these generally derisk the local currency because God does not sell them to us,” George Njenga, CEO of Ap Moller Capital East Africa Platform added.\nKenya Power’s PPAs with power producers are denominated in the dollar, making electricity bought from the power producers costly.\nForex adjustment caters for the fluctuation of hard currencies, notably the dollar against the Kenya Shilling for expenditure related to the power sector.\nKenya Power collects forex adjustments from consumers through bills on behalf of power producers.\nThe local currency has been on a freefall against the dollar from 111.7 units in November last year to 117.28 units as at last Friday on the increased demand of the greenback.\nThe weakening of the local currency has been passed on to consumers through high forex fluctuations, partly contributing to the rise in power bills before the government effected a 15 percent drop in the cost of power in January.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/industry/experts-push-for-local-currency-negotiated-power-purchase-plans-3853320"}
\ No newline at end of file
diff --git a/clean/cc/fe7ae1798d951e651d966019507244d9.json b/clean/cc/fe7ae1798d951e651d966019507244d9.json
new file mode 100644
index 0000000000000000000000000000000000000000..b785c17eb6dd65d923ac7eb3cc9d8074766aa7aa
--- /dev/null
+++ b/clean/cc/fe7ae1798d951e651d966019507244d9.json
@@ -0,0 +1 @@
+{"doc_id": "fe7ae1798d951e651d966019507244d9", "text": "Safaricom chief executive Bob Collymore faces contempt of court charges in a copyright row with a musician.\nJohn Boniface Maina, popularly known as JB Maina, wants the court to take action on Mr Collymore and three other executives for allegedly disobeying court orders issued in May.\nThe High Court in May restrained Safaricom from storing and selling Mr Maina’s Kikuyu songs and directed the mobile company to grant the musician access to its head office for him make copies of all the purchases and sales records of his songs.\nBut Mr Maina argues that Safaricom did not comply with the court orders, prompting the contempt of court suit.\n“To date the respondent and the third parties are enjoying earnings from my music and not paying me whereas they don’t even give me an account of what they have sold,” said Mr Maina in court documents.\nThe musician is also asking the court to punish Alex Mwenga, CEO of Interactive Media Services, Sydney Wachira (head of Liberty Afrika) and Maurice Okoth, the chief executive of Music Copyright Society of Kenya (MCSK).\nMr Maina sued the telco for allegedly using 10 of his songs as ringtones through its “Skiza” and “Surf 2 Win Promotion”.\nSafaricom has always denied the allegations, saying it signed a Content Provision Agreement with Interactive Media Services and Liberty Afrika Technologies, which are licensed by the MCSK.\nThe firm maintains that payments linked to the download of Mr Maina’s music were made to Liberty Afrika as per the content provision agreement.\nLiberty Afrika claimed in its defence that it paid royalties from use of the musician’s songs to the MSCK, which denied authorising the firm to use Mr Maina’s song by Safaricom.\nThe musician is demanding Sh5 million in damages in addition to any money due after accounting for the alleged illegal sale of his songs through promotions.\nThe suit against Mr Collymore comes days after the Kenya Meat Commission (KMC) was fined Sh10 million and its acting managing director committed to a jail term of three months or a fine of Sh2 million for disobeying court orders to reinstate the firm’s suspended head.\nJustice George Kimondo while delivering the May ruling observed that Mr Maina was in the dark over use of his songs by Safaricom and that the musician proved he had not received royalties.\nThe judge added that only Safaricom has details of the song downloads and sales from the musician tunes, adding that there was a need to protect the evidence by allowing Mr Maina access to the telco’s premises.\nMr Maina said the mobile firm is further delaying the conclusion of the case and expressed fears that Safaricom may tamper with evidence being withheld from him.\nSafaricom in a letter attached to court documents and dated June told Mr Maina’s lawyer that it is not possible to supply the list of the song downloads because they are not classified based on individual artiste.\nThe mobile phone operator reckoned that it was difficult to evaluate the value of songs downloaded because their pricing is based on megabytes and not on the number of tunes.\nSafariom said that it can only offer Mr Maina the bill for songs accessed as ringtones on “Skiza” tunes, adding that this will take long to compile.\nSafaricom has faced a number of copyright suits including that of the money transfer service M-Pesa.\nChristopher Ondieki took Safaricom to court in 2008 saying he invented M-Pesa’s upgraded technology that allows users to transfer money in US dollars and in Kenya shillings to and from bank accounts.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/safaricom-ceo-faces-contempt-suit-in-rights-row-2045268"}
\ No newline at end of file
diff --git a/clean/cc/ffa0884ffbf8af81940f08f551e90256.json b/clean/cc/ffa0884ffbf8af81940f08f551e90256.json
new file mode 100644
index 0000000000000000000000000000000000000000..46e780e4262da5f1ea0624bc86e1a6d2e0132946
--- /dev/null
+++ b/clean/cc/ffa0884ffbf8af81940f08f551e90256.json
@@ -0,0 +1 @@
+{"doc_id": "ffa0884ffbf8af81940f08f551e90256", "text": "Eskom briefed parliament on its efforts to curb carbon emissions on Tuesday (9 March), warning that its coal-powered plants will need significant investments to meet the country’s new pollution standards.\nEskom chief executive Andre De Ruyter told parliament that the power utility is ‘very aware’ of the negative environmental impact of some of its operations, particularly the emissions and water use of its coal-fired plants.\nWith the introduction of new emissions standards in the country, De Ruyter said that a number of Eskom’s coal-fired power plants will have to undergo a series of upgrades.\nThis is because electrostatic participators on certain plants are incapable of meeting the new emissions standards.\nDe Ruyter said that the cost of bringing the ageing coal fleet into full compliance would exceed R300 billion and would involve Eskom retrofitting more economical and environmentally-friendly technologies, while still maintaining adequate power supply for the country.\nHe said that the installation of these technologies will also have an impact on power station output, and would require their own respective costs.\nEskom said that it is aiming for a net-zero greenhouse gas emission goal by 2050. While this timeline is still a ways out, Eskom said that action is needed now to reduce the environmental impact of its ageing coal fleet.\nIt added that it was actively researching technologies to help it meet its emissions goal.\nInvestigation\nIn a separate statement on Tuesday, Eskom’s board said that it will investigate allegations made against De Ruyter.\nDe Ruyter has been accused of racism by suspended chief procurement officer, Solly Tshitangano.\n“In light of the allegation of racism that has been made in the public domain against group chief executive (GCE) André de Ruyter, the Eskom Board of Directors has resolved to initiate an investigation in order to establish the veracity and the basis to the allegation,” Eskom said.\n“The allegation not only brings Eskom into disrepute, but it also threatens to detract and distract the focus of the Executive Team and the GCE in particular from their critical job of restoring Eskom to operational and financial sustainability.”\nEskom said the board will appoint an independent Senior Counsel to conduct the investigation.\nThis appointee will be empowered to interview any person that may be of assistance in the probe, and consider any evidence, and will then report back to the board and make a recommendation.\n“The board unanimously and unequivocally stands against racism and sexism, and for transformation and employment equity,” Eskom said.\n“Simultaneously, however, the board has instructed the executive to promote a high-performance culture to enable the critically important turnaround at Eskom to be delivered as soon as possible.”", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/474436/eskom-says-it-will-cost-over-r300-billion-to-upgrade-its-power-plants-to-meet-pollution-standards/"}
\ No newline at end of file
diff --git a/clean/cc/ffc0a3c568c7ddca7c065937b2653cde.json b/clean/cc/ffc0a3c568c7ddca7c065937b2653cde.json
new file mode 100644
index 0000000000000000000000000000000000000000..0ebfba42bae48788d054b046de0aa4da7d18311b
--- /dev/null
+++ b/clean/cc/ffc0a3c568c7ddca7c065937b2653cde.json
@@ -0,0 +1 @@
+{"doc_id": "ffc0a3c568c7ddca7c065937b2653cde", "text": "South African motorists are in for a blow at the pumps in October, with the latest data from the Central Energy Fund (CEF) pointing to another massive hike for petrol and diesel.\nAccording to mid-month data from the CEF, petrol is looking at a hike of between R1.15 and R1.22 per litre, and diesel between R1.93 and R2.03 per litre.\nIf these prices follow through to the end of the month, motorists will see fuel prices climb over R25 per litre.\nThese are the expected changes:\n- Petrol 93: increase of 115 cents per litre\n- Petrol 95: increase of 122 cents per litre\n- Diesel 0.05%: increase of 203 cents per litre\n- Diesel 0.005%: increase of 193 cents per litre\n- Illuminating paraffin: increase of 187 cents per litre\nDaily snapshot data for LP Gas is not presented by the CEF.\nThe Department of Mineral Resources and Energy (DMRE) has noted that its daily snapshots are not predictive and do not encompass other possible modifications, such as slate levy adjustments or retail margin changes. The department determines these adjustments, considering various factors, at the end of the month.\nDomestic fuel costs are primarily governed by the rand/dollar exchange rate and international oil prices. In South Africa, the fuel price is adjusted on the first Wednesday of every month based on these two factors.\nFor October – like September – both the exchange rate and the oil prices are working against South Africa’s local pricing.\nRand/Dollar Exchange rate\nThe South African rand has remained on the back foot in September, sticking around the R19 to the dollar mark.\nWhile recovering slightly at the start of the week, the local unit has suffered due to the country’s weakening fiscal outlook, which suggests that the National Treasury has run out of budget and may need to implement drastic cuts to keep South Africa afloat.\nAccording to Investec chief economist Annabel Bishop, the hefty R143.8 billion fiscal deficit recorded in July has sounded alarm bells, with the markets not responding well to the data.\nEconomic data from the mining sector – also weaker than anticipated – has also kept the pressure on the rand.\nSouth Africa’s total mining output fell 3.6% year on year in July after a revised 1.3% increase the previous month, Statistics South Africa data showed. Analysts polled by Reuters had predicted a 0.5% increase in July.\nMeanwhile, the dollar has been trading stronger.\nIn fact, it’s a combination of both local and global factors keeping the rand weak at the moment.\nThe economic slowdown in China, concerns over inflation in the US, and the increase in political noise in South Africa ahead of the 2024 elections – all while the state’s finances are seeing market deterioration – are adding to rand weakness.\nAs a result, the weaker rand is contributing to a 24-28 cents per litre under-recovery in fuel prices.\nOil prices\nOil prices remain the biggest driving force behind fuel price under-recoveries at the moment, contributing between 90 cents and R1.76 per litre to expected price hikes at mid-September.\nAfter trading just under $90 a barrel by the end of August, prices have now shot up to around $95 a barrel, pushing petroleum costs much higher.\nAccording to analysis from Bloomberg, brent oil has seen price gains for three weeks in a row. This is due to a tighter market on the back of supply curbs from Saudi Arabia and Russia.\n“The International Energy Agency and Organization of Petroleum Exporting Countries both warned this week that the market would be in deficit through the end of the year, helping to propel crude more than 4% higher since last Friday’s close,” the group said.\nWhile supplies are under strain, demand has also held up on increasing signs the US may be able to avoid a recession, while data from China on Friday beat economists’ estimates in a sign the worst of the downturn is passing.\nCrude prices have surged over 30% from a low in mid-June, with predictions from analysts that oil will reach $100 a barrel becoming less rare, Bloomberg said.\nThis is how the prices are expected to reflect at the pumps:", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://businesstech.co.za/news/energy/718686/here-is-the-expected-petrol-price-for-october-5/"}
\ No newline at end of file
diff --git a/clean/cc/ffc4013c570e72c15309be6576a2984c.json b/clean/cc/ffc4013c570e72c15309be6576a2984c.json
new file mode 100644
index 0000000000000000000000000000000000000000..4a766357f924c8eb18f4a3c9116304556b864e1c
--- /dev/null
+++ b/clean/cc/ffc4013c570e72c15309be6576a2984c.json
@@ -0,0 +1 @@
+{"doc_id": "ffc4013c570e72c15309be6576a2984c", "text": "The Treasury has been asked to release funds for settling a Sh6.7 billion KCB #ticker:KCB loan which was used to purchase subsidised fertiliser.\nThe State Department for Crop Development and Agricultural Research told Parliament last week that the interest on the loan continues to accrue at a penalty rate of 22.5 percent.\nThis translates to a penalty of Sh3 million daily and Sh90 million monthly, highlighting the financial burden of defaulting on the credit facility.\n“Implement the Cabinet directive … that directed the National Treasury to provide funding of Sh8 billion to settle all outstanding debt to suppliers, service providers and National Cereals and Produce Board,” the department wrote in its submission to Parliament last week.\nThe National Assembly’s Departmental Committee on Agriculture and Livestock was also told that no allocations have been made to settle fertiliser pending bills in the 2022/23 fiscal year.\nIt was not clear why the Treasury has failed to act on the cabinet directive.\nNCPB borrowed Sh4 billion from KCB in the 2016/2017 financial year for the subsidised fertiliser imports but has failed to repay, with the loan growing due to unpaid interest and penalties.\nIf the default continues, the government could end up paying more in interest and penalties than the amount borrowed from the country’s second-largest bank.\nNCPB bought a bag of fertiliser at Sh3,400 and sold the same at between Sh1,500 and Sh1,800, with the government supposed to cater for the difference.\nHowever, the government failed to pay the subsidy difference leaving the debt to accumulate. The loan is among several major credit facilities taken from banks by various government agencies and which remain unpaid for years.\nThe government, however, tends to eventually pay nearly all its debt. Delayed payments are one of the biggest issues affecting companies doing business with the government.\nAudits have shown that state corporations lead in default. National carrier Kenya Airways is among the State-owned firms that have defaulted on creditors including banks and suppliers.\nKCB, in which the government has a controlling stake through the National Treasury and the National Social Security Fund, has participated in many State programmes.\nFor banks, suspended loan repayments means reduced profitability and potential provision for the debt depending on the period over which it has remained unpaid and the creditworthiness of the borrowing entity.", "source": "cc", "stratum": "cc", "fetch_date": "", "url": "https://www.businessdailyafrica.com/bd/corporate/companies/treasury-told-to-pay-sh6-7-billion-kcb-loan-3710922"}
\ No newline at end of file