Cape Town Finance – Bungeni http://bungeni.org/ Sat, 25 Sep 2021 17:08:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://bungeni.org/wp-content/uploads/2021/05/bungeni-icon-150x150.png Cape Town Finance – Bungeni http://bungeni.org/ 32 32 Presidential Minister Mondli Gungubele mourns the death of his son https://bungeni.org/2021/09/24/presidential-minister-mondli-gungubele-mourns-the-death-of-his-son/ Fri, 24 Sep 2021 16:57:47 +0000 https://bungeni.org/2021/09/24/presidential-minister-mondli-gungubele-mourns-the-death-of-his-son/

Through Siyabonga Mkhwanazi 9h ago

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Cape Town – Presidential Minister Mondli Gungubele was saddened after losing his son, Karabo, to a brief illness.

The presidency announced on Friday that Karabo, 32, died today and worked for a financial institution.

Gungubele was appointed minister to the presidency in early August during a cabinet reshuffle of President Cyril Ramaphosa.

He chaired the Social Development Portfolio Committee prior to his move to Pretoria.

He was also Deputy Minister of Finance a few years ago.

He also worked in the Gauteng provincial government for the past several years before moving to the national legislature.

The presidency said more details would be released on the funeral arrangements for Karabo.

“The presidency sends its deepest condolences to the Gungubele family at this time of need,” he said.

“Karabo passed away today, Friday September 24, 2021, at the age of 32 from a short illness,” he said.

He worked as a quality analyst at a leading financial institution.

He had a bachelor’s degree in mathematical sciences.

Karabo’s death comes as the presidency still mourned the death of Deputy Minister for the Presidency for Women, Children and People with Disabilities Hlengiwe Mkhize.

Mkhize, 69, died this week and will be buried on Saturday in Fourways, north of Johannesburg.

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West owes Africa $ 100 billion (at least) for climate recovery https://bungeni.org/2021/09/24/west-owes-africa-100-billion-at-least-for-climate-recovery/ Fri, 24 Sep 2021 12:25:00 +0000 https://bungeni.org/2021/09/24/west-owes-africa-100-billion-at-least-for-climate-recovery/

This week, as 100 world leaders gather to attend the 76th session of the United Nations General Assembly, a call on rich countries to urgently step up aid to help Africa recover. the double challenge of the climate catastrophe and the effects of the Covid-19 pandemic is required. .

With the widely successful vaccination campaign in most rich countries and the recent withdrawal from Afghanistan, the need to help Africa cope with the effects of Covid-19 and embark on a path of recovery a green and climate-resilient economy could take a back seat. the global leadership program.

Recently, due to the unprecedented flooding in Western countries including Spain, Germany and the United States, rich countries are beginning to realize the devastating effects of climate change and the need to take action. emergency response to the loss and damage caused by climate change in their territories.

However, Africa, small island states and many poor countries around the world have long lived with the debilitating effects of climate change. Ironically, most of these effects have not been fully appreciated by rich countries, which themselves are largely responsible for climate change.

Dangerously epic proportions

Climate change in Africa has exceeded dangerously epic proportions. Nigeria, for example, has been the scene of intense and unprecedented flooding over the past five years. The International Federation of Red Cross and Red Crescent Societies reports that in September of last year alone, torrential rains, river flooding and flash floods affected 192,594 people in 22 states in Nigeria (including 826 injured, 155 deaths and 24,134 displacements). Little, if any, of this information was reported by international news agencies.

It is estimated that 27 to 53 million people in Nigeria may have to relocate with a 50cm rise in sea level. Rising sea levels also threaten other low lying countries in Africa, research suggests that cities like Abidjan, Cape Town and Dar es Salaam will be totally submerged by an overall sea level rise of one meter. At the same time, the oil and diamond infrastructure of African coastal countries, worth several billion dollars, is highly sensitive to sea level rise and coastal erosion.

Climate change is also causing a decrease in the productivity of many staple food crops in Africa. About 86% of the continent’s agriculture is rainfed, implying that even moderate variations in precipitation, temperature and rainfall patterns could have an immediate effect on agricultural production. Analysts determine that climate change will reduce crop productivity by 20 to 50 percent over the next two to three decades. Again, the anticipated loss amounts to billions of dollars and the situation is sure to exacerbate food insecurity and other dimensions of insecurity in Africa.

According to recent preliminary estimates, the full economic effects of climate change, which have been compounded by the Covid-19 pandemic, could cost Africa $ 200 billion a year by 2070. The real figure may well be beyond. For example, a study by the UK Department for International Development indicated that climate change alone could cost Nigeria $ 460 billion by 2050.

Climate change and Covid-19

The effects of climate change in Africa have been exacerbated by the Covid-19 pandemic. Although the case fatality rates from Covid-19 have not been as high as originally feared, the social and economic impact of the pandemic in Africa has been devastating and potentially long lasting. African economies were growing around 3% of GDP before Covid-19, but are now expected to drop to between 2% and 8% due to the pandemic.

The African Development Bank (AfDB) indicates that the continent’s economy will contract between 173.1 and 236.7 billion dollars in 2020/2021. The region is also expected to experience inflation of up to 5%, alongside a dramatic drop in remittances and foreign direct investment in 2021 and beyond. The same AfDB sources indicate that up to 30 million jobs could be lost and that between 28 and 49 million people could fall into extreme poverty.

The climate and Covid-19 have indeed placed Africa at the center of a storm and many governments have no idea how to recover from the worst recession that has hit them in more than a half. century. Many African countries have been pushed to the limit in terms of financial and socio-economic resilience. The debt profile of many countries on the continent has increased dramatically and, in some cases, to levels that are widely considered unsustainable. Seen in this light, we can see that climate change and Covid-19 have put future African generations in debt to rich countries.

Rich countries must take responsibility

African citizens and governments are harmed by being forced to endure the disproportionate effects of Covid-19 and climate change, neither of which they caused. In less than three days, the average American citizen emits as much carbon as the average citizen of Chad or Niger in a year. This is the enormous asymmetry in accountability for climate change. Yet the West has grown accustomed to offering warm words and promises, as our continent is strangled by climate change.

At the same time, the global transition to a green economy could also worsen Africa’s situation, with several million jobs lost and trillions of oil and gas reserves that will have to be left in the ground for respond to global reductions in carbon emissions.

Given the role of rich countries in imposing the risk of climate change and Covid-19 on Africa, there is an argument to be made that 50% of the projected $ 200 billion cost of climate change for the Africa should be supported by the rich countries. This would imply that rich countries owe Africa at least $ 100 billion for climate-related loss and damage and several billion to help jumpstart recovery from the Covid-19 pandemic.

At a meeting of the United Nations General Assembly in 1967, Maltese and Swedish diplomat Arvid Pardo helped lay the groundwork for international cooperation and management of the world’s seas today; in his historic speech, he urged delegates to consider the resources of the oceans beyond national jurisdictions as “the common heritage of humanity”.

This week Africa needs another “Arvid Pardo moment” at the UN General Assembly. Assembly delegates are expected to rise to reaffirm that climate change is a common concern of humanity and that Africa deserves, not handouts, but generous compensation and significant investments to help it cope. the effects of climate change imposed on it by rich countries.

At the same time, the UN should commit to ensuring that the voices of those disproportionately suffering from the effects of climate change are not marginalized during the upcoming UN COP26 climate talks in November. There are already strong indications that unequal access to vaccines, rising travel and accommodation costs, as well as high rates of Covid-19 infection could limit the participation of African countries, among others, in global climate talks.

Africa is already showing climate ambition

Of course, Africa does not sit back and wait for the rest of the world to bail it out. Across the continent, there are many signs that African governments are ready to take strong action on climate change. Nigeria recently submitted its revised Nationally Determined Contributions (NDCs), which promise a 20% reduction in greenhouse gas emissions by 2030. Several other countries, including The Gambia, Democratic Republic of the Congo, Malawi, Namibia and Liberia also submitted NDC revisions.

Nigeria has raised over $ 60 million in green bonds; The country has also strengthened its emissions targets for 2030, with a focus on reducing emissions from the waste sectors and increasing conditional contributions. Malawi and South Africa have developed a fund to finance green growth projects, and Rwanda has created an $ 11 billion 10-year climate plan, among others.

However, Africa has received very limited financial support for its climate recovery efforts beyond warm words; this is particularly infuriating when African countries are asked to sacrifice their development aspirations to help meet global carbon goals.

A new green deal for Africa worth billions is needed to encourage its countries to leave their oil in the ground and embrace green agriculture, renewables and green transport, all of which can deliver solid benefits economic to the continent. There have been far too many warm words: the UN General Assembly is set to mark a key moment for action, with substantial commitments made by rich countries to deliver investments that will foster a green and resilient recovery to change climate for Africa.

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UAE regulator approves trading of crypto assets in free zone https://bungeni.org/2021/09/24/uae-regulator-approves-trading-of-crypto-assets-in-free-zone/ Fri, 24 Sep 2021 10:46:18 +0000 https://bungeni.org/2021/09/24/uae-regulator-approves-trading-of-crypto-assets-in-free-zone/ The UAE’s financial regulator has approved a regulatory framework for trading crypto assets in one of Dubai’s free zones.

The Securities and Commodities Authority (SCA) and the Dubai World Trade Center Authority (DWTCA) have agreed on rules to support the trading, issuance, listing and offering of crypto assets and associated financial activities that fall under the jurisdiction of the DWTCA.
While the SCA will be responsible for regulatory oversight, the DWTCA will issue the relevant approvals and licenses.
“Our agreement with the Securities and Commodities Authority will allow DWTCA to expand its regulatory, licensing and service capabilities, in addition to extending centralized oversight of the crypto market to our free zone,” said Helal Saeed Almarri, Director General of DWTCA.
“With the rise of new technologies such as non-fungible tokens expected to play an important role in the future of commerce, and building on the Future Blockchain Summit, DWTCA is also looking for ways to provide a sustainable home to this ecosystem, in order to stay ready for the future, ”he added.
The move is yet another sign of growing demand for crypto-related assets and the UAE’s ambition to establish itself as a regional hub for the asset class.
In recent months, Dubai has seen Canadian digital asset manager 3iQ list its Bitcoin fund on Nasdaq Dubai, while digital asset hedge fund Nickel Digital Asset Management has announced plans to launch a Mena subsidiary in Dubai.
There could also be competition between different free zones in Dubai to attract crypto and blockchain related businesses. In May, the Dubai Multi Commodities Center (DMCC) launched the DMCC Crypto Center, in the wake of the Dubai Airport Freezone Authority which received regulatory approval to trade crypto assets earlier this year.

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The Vineyard Gazette – Martha’s Vineyard News https://bungeni.org/2021/09/23/the-vineyard-gazette-marthas-vineyard-news/ Thu, 23 Sep 2021 20:10:00 +0000 https://bungeni.org/2021/09/23/the-vineyard-gazette-marthas-vineyard-news/

The Cape and Isles Attorney’s Office announced this week that it would not sue the Vineyard Trust for altering contractors’ work quotes, as the nonprofit considers its future after a turbulent summer that has having regard to the resignation of its executive director.

“After a full review of all investigative documents submitted to date, we have determined that there is insufficient evidence to support criminal charges,” DA spokeswoman Tara Miltimore wrote, in an e-mail to the Gazette. “However, if new evidence comes to light, the matter will be revisited.”

The DA’s announcement comes after the Edgartown and Oak Bluffs Police Department referred an investigation to state police regarding amended public funding applications submitted by the Trust for the Old Whaling Church in Edgartown and Flying Horses Carousel in Oak Bluffs earlier this summer.

But the island’s nonprofit, which owns and maintains 20 historic buildings on Martha’s Vineyard, including the recently reopened Alley’s general store in West Tisbury, still faces problems with its charitable records as it seeks to restore public confidence.

This week, the state attorney general’s office revealed that it sent the Vineyard Trust a letter of non-compliance after receiving anonymous information about the organization earlier this year.

“We received an anonymous complaint about this organization in March and sent them a letter of non-compliance afterwards,” a spokesperson for the attorney general’s office wrote in an email to the Gazette. “We have worked with them to bring them into compliance (we are currently awaiting their 2019 audit and their 2020 files).”

New Board Chairman John Klein and Interim Executive Director Sally Rorer. – Ray ewing

The Gazette filed for public registration with the attorney general’s office for the letter of non-compliance, and has not received a response.

Vineyard Trust board chairman John Klein, who took office after Patrick Ahearn’s tenure ended in July, said the issue was with the organization’s PC 2020 form, a financial document similar to a Federal Form 990 which must be filed annually by all nonprofits or charities in the state. The lengthy form includes financial disclosure requirements, annual donations, employee compensation, and a section on conflicts of interest requiring nonprofits to disclose various related party transactions, including directors and members of the board of directors.

A specific section of the document requires nonprofits to disclose rental agreements with trustees. The Trust leased two properties – Alley’s General Store and Osborne Wharf – to members of the Board of Directors.

Mr Klein downplayed the importance of the issue on Thursday and blamed the issue on the Trust’s former accounting firm.

“It’s not a problem from a content point of view. It’s more of an office issue, ”Klein said. “I was not satisfied with our accounting, with our CPA firm that dealt with taxes, and they did not respond to me when they took over. So I changed companies.

He declined to name the firm, but said it was based off the island and was replaced by a new accounting firm in August this year.

“The state requested the PC form from our accountant,” Klein added.

“We had it for 2019. The audit was complete and we combined the audits for 2019 and 2020 earlier this year… They will be filing their 2019 and 2020 tax returns in the coming weeks.”

The Attorney General’s Public and Nonprofit Charities Division is responsible for overseeing the assets of thousands of public charities statewide and also investigating and enforcing alleged breaches of fiduciary duty. Mr Klein said the state had requested all of the Trust’s financial documents in one submission, explaining why the organization was still non-compliant.

Questions about the trust were raised following the town of Edgartown meeting in June, when town officials tabled an article about the $ 300,000 community preservation committee mandate to paint and renovate the Whaling church. It later emerged that the executive director of Trust, Funi Burdick, had changed the quotation for the work without the knowledge of the contractor. A similar issue was discovered regarding an application for public funding for the Flying Horses carousel in Oak Bluffs. Although the Oak Bluffs tenure article was approved at the town meeting, city staff quickly froze funds.

Ms Burdick resigned following the discovery. The search for a new CEO is still ongoing.

In an interview with The Gazette, Klein said he was happy, but not surprised that the prosecutor’s office refused to prosecute and that the organization had hired a Boston attorney to conduct its own internal investigation. on questions.

“I was very, very happy that [the DA’s office] finally came out with the report, which didn’t surprise us. This is what we expected, ”Klein said. “We put all the facts on the table that we had. And we want to move forward.

Mr Klein said the Trust’s board of directors, which has more than 40 members, has been devastated by the contractors’ quote problem and two staff, including Ms Burdick, have left the organization. Mr. Klein declined to comment further

on the departure of the second staff member, citing privacy on staff matters.

“There were a few employees who did something they never should have done. And they are no longer with us, ”Klein said.

Three board members also voluntarily resigned from the board, mainly due to their age or a lack of commitment, Klein said. But he said there had been increased engagement from the organization’s governance, finance, events and building committees in recent months, and said the board had also formed a “community outreach committee” in hopes of fostering better relationships between residents of Vineyard, members of the board of directors. and trust properties.

After Edgartown froze funding for the Whaling Church project, Mr Klein said a private citizen in Edgartown launched an email campaign and created a separate organization called ‘Friends of the Whaling Church’ to to raise funds to finish painting and renovating. Mr. Klein confirmed that the citizen was Parthenia Kiersted and that the organization had raised nearly $ 300,000. He said the community engagement committee came out of the “Friends” organization and a similar effort was underway in Oak Bluffs.

The Trust currently has a banner on its website soliciting donations for the Flying Horses platform renovation and painting project, with over $ 25,000 raised. The city has yet to release CPC funding for the project, and work remains on hold.

Mr Klein said work was due to start on the whaling church in October, with hopes to be completed by the first week of December.

“The Trust, at the moment, is in very good internal shape,” Klein said. “Financially, we are in good shape. From a governance perspective, we are in good shape. From an economic and financial point of view, we have a hill to climb to reach the end of the year. But I’m confident with the team in place we can do it.

Mr. Klein also addressed conflict of interest issues relating to the Trust and the members of its board of directors. After leasing Alley’s General Store to a member of the board of directors and owner of Le Roux housewares store in Vineyard Haven Michael Levandowski last spring, Mr. Klein said the Trust and Mr. Levandowski had achieved a agreement that he would step down from the board. Alley’s general store reopened to the public this month after a summer shutdown.

“Michael and we both concluded that once he became an operator … it was not appropriate for him to stay on the board,” Klein said. “It was a mutual decision.”

But Mr Klein argued there was no problem with the Trust leasing a property it owns at 45 Dock Street, known as Osborne Wharf, to board member Garrett. Conover, for use as a real estate office. He said Mr. Conover had invested hundreds of thousands of dollars in renovating the building and that the lease was mutually beneficial for both parties.

He added that the trust lawyer had reviewed the arrangement and had not identified any issues.

“I don’t see a problem at all,” Klein said. “As long as [Mr. Conover] recuses himself from everything related to conditions, rent, et cetera.

Extensive research is still underway for a new Executive Director for the Trust. Mr Klein said the organization has received more than 60 applications, from applicants on and off the island, and interviews were conducted this week.

Reflecting on last summer, Klein said the unrest at the Trust was unrelated to its board of directors. But he apologized for what he called unforgivable mistakes at the staff level, and said his aim was to help the Trust refocus on its mission of vigorously maintaining the historic properties and regaining it. the confidence of the Vineyard community after the upheaval.

“This was not a governance issue at the board level,” Klein said. “But it is clear to us that the connection with the community is a lesson learned, and that [Ms. Burdick] and we haven’t been as open to our respective communities … as we could have been.

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Grindrod Shipping Holdings Ltd. announces the price of the secondary offering of ordinary shares https://bungeni.org/2021/09/22/grindrod-shipping-holdings-ltd-announces-the-price-of-the-secondary-offering-of-ordinary-shares/ Wed, 22 Sep 2021 23:52:00 +0000 https://bungeni.org/2021/09/22/grindrod-shipping-holdings-ltd-announces-the-price-of-the-secondary-offering-of-ordinary-shares/

SINGAPORE, September 22, 2021 (GLOBE NEWSWIRE) – Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping” or “Company” or “it” or “we”), a global provider of shipping services primarily to the dry bulk industry, today announced the price of the previously announced secondary public offering of 1,841,962 common shares by certain existing shareholders of the Company (the “selling shareholders”) at a public offering price of $ 13.50 per share, for a price of global purchase of $ 24,866,487. The Offer is expected to close on September 27, 2021, subject to customary closing conditions. The selling shareholders will receive 100% of the proceeds of the offering. Grindrod Shipping is not selling any of its Common Shares under the Offer and will not receive any proceeds from the Offer.

Jefferies acts as the sole accounting manager of the Offer. Noble Capital Markets, Inc. acts as co-manager of the Offer.

The Offer has been made in accordance with the Company’s existing current registration statement on Form F-3, including a base prospectus, filed with the United States Securities and Exchange Commission (the “SEC”) August 23, 2021 and a related prospectus supplement for the Offer. Prospective investors should read the Prospectus Supplement and Base Prospectus in this registration statement and other documents that the Company has filed or will file with the SEC for more complete information about the Company and the proposed offering. When available, copies of the prospectus relating to and describing the terms of the proposed Offer may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by phone at (877) 821-7388 or by email at Prospectus_Department@Jefferies.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities and does not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be illegal before registration or qualification under the securities laws of that jurisdiction.

About Grindrod Shipping Holdings Ltd.

Grindrod Shipping operates a fleet of owned and chartered long and short term vessels in dry bulk vessels, primarily in the handysize and supramax / ultramax segments. The dry bulk business, which operates under the “Island View Shipping” (“IVS”) brand, comprises a main fleet of 31 vessels consisting of 15 conveniently sized carriers and 16 supramax / ultramax dry bulk carriers. The Company also owns a medium-range tanker for bareboat rental. The company is headquartered in Singapore, with offices in London, Durban, Tokyo, Cape Town and Rotterdam. Grindrod Shipping is listed on the NASDAQ under the ticket “GRIN” and on the JSE under the ticker “GSH”.

Forward-looking statements

Statements in this press release that are not historical facts may be forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe havens for forward-looking statements to encourage companies to provide forward-looking information about their activities. The Company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes this caveat as part of such safe harbor legislation. The forward-looking statements contained in this press release are based on various assumptions, including, without limitation, management’s review of Grindrod Shipping of historical trends, data contained in company records and other data available from third parties. While the Company believes these assumptions were reasonable when made, as these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the control of the Company, the Company cannot assure you that it will meet or fulfill these expectations. , beliefs or projections. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. These risks and uncertainties include, among others, those discussed in public documents filed by Grindrod Shipping with the SEC. Except as required by law, Grindrod Shipping assumes no obligation to publicly update or publish revisions of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unforeseen events.

Company details :
Martyn Wade / Stephen Griffiths
CEO / CFO
Grindrod Shipping Holdings Ltd.
200 Cantonment Road, # 03 01 Southpoint
Singapore, 089763
Email: ir@grindrodshipping.com
Website: www.grinshipping.com

Investor Relations / Media Contact:
Nicolas Bornozis / Daniela Guerrero
Capital Link, Inc.
230, avenue du Parc, office 1536
New York, New York 10169
Phone. : (212) 6617566
Fax: (212) 6617526
Email: grindrod@capitallink.com

By decree of the Council of September 20, 2021
Sponsor: Grindrod Bank Limited

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Dr Thami Mazwai: We have reached our limit https://bungeni.org/2021/09/22/dr-thami-mazwai-we-have-reached-our-limit/ Wed, 22 Sep 2021 13:21:14 +0000 https://bungeni.org/2021/09/22/dr-thami-mazwai-we-have-reached-our-limit/

A stimulating article posted in our premium section (sign up here) discussed the controversial Basic Income Subsidy which is currently being touted in South Africa as a solution to mass unemployment and poverty. According to Joseph Cotterill, SA’s national treasury has previously commissioned research into cash payments to alleviate the country’s extreme poverty. Many fear this is a step in the wrong direction for the country. Speaking to the Financial Times, economist Thabi Leoka said his concern was that “whatever decision is made, it is a decision that will be made in perpetuity, when the budget does not allow it. In a country with budgetary constraints, there are going to be compromises. Below, Dr Thami Mazwai echoes those sentiments, noting that another grant will put the country in intensive care. “The country must think outside the box to develop new and mass economic activity, as the Brazilians and the Chinese have done. As the Financial Times reports, South Africa currently has one of the largest social assistance schemes on the continent, with 18 million people assisted by grants. – Jarryd Neves

By Dr Thami Mazwai *

The debate on the basic income allowance (BIG) reopens an ongoing narrative in our country on the fight against poverty, unemployment and inequalities (PUI). For the record, this PUI represents a monumental threat to our country – and we got a taste of it in July. We must avoid a situation where the poor, especially the young, have nothing to lose but their misery.

However, like it or not, BIG is an even more worrying threat. We are between the devil and the deep blue. If we were to go ahead with the BIG, knock on the water, we would hand our country over to the international bankers who would then set the policy for us.

The policy will not be based on the provision of services, but on how the services can be provided so that the country can reimburse the money it owes. We have already tasted downgrading. Why make it worse with the BIG?

Fortunately – and I say this with a huge sigh of relief – Finance Minister Enoch Godongwana is not convinced by the idea of ​​the BIG. Thank God for small mercies in an atmosphere where slogans are elevated to the rank of the gospel.

Godongwana rightly asked the University of Cape Town to study various alternatives. Maybe he should have asked all of our universities to provide concept notes and whichever has the best forces the company to dig deeper and come up with alternatives. We will then be able to ask the best minds in our country to come up with solutions. After all, we subsidize these institutions.

One of the problems identified by the National Planning Commission (CNP) is that our national budgets have over the years been more focused on consumption than production. This, unfortunately, must end. We cannot get out of the crisis we find ourselves in (or build our country) with money we don’t have.

The stupid story we hear from some in the labor movement is that due to the corruption that many have been involved in in the immediate past, we cannot punish the innocent. Yes, corruption means that the money has been abused. The point is, because of this abuse, we no longer have the funds that we used to order. Fortunately, the wheels of justice are now turning (albeit slowly) and many of those who were part of this corruption are now getting their places.

But can’t we now dig deeper into the hole and implement the OIG because of the corruption of the past? It just doesn’t make sense. Already, StatsSA warns that South Africa’s gross debt stood at 2.2 trillion rand in 2016/17. This translates to around R40,000 per person. Debt has accumulated over the years because, for example, the budget deficit in 2016/17 was R156 billion. In July we were then hit by the unrest and over 50 billion rand is needed. This is in addition to the financial crisis the country is currently facing.

Thus, the solution does not lie only in the subsidies, beyond the annual obligations of SASSA and these must continue. I use the expression “only in grants” wisely, as we will see much later. Coming back to the subject of grants, it should also be noted that several studies show that SASSA grants have a negative impact on entrepreneurship.

Once again, let me stress that the current system of subsidies must continue because it has lifted millions of people out of poverty. But we have now reached our limit and, as we argued earlier, more grants will put our country in intensive care. We now need to create more wealth and more taxpayers because even current subsidies could be threatened.

Thus, the country must think outside the box to develop new and mass economic activity, as the Brazilians and the Chinese have done. This would go beyond what has already been done, all the more so when one refers to the B4SA and the government’s reconstruction and economic recovery strategies.

Second, and going back to my “grant only” statement, all that means is don’t give people money when they haven’t worked for it. So, if money can be found for the BIG, people have to work or be required to engage in productive work to qualify.

Our economy thrives when people work. For example, the Expanded Public Works Program (EPWP) can be refined to create entrepreneurs rather than dependents. The program has gained momentum and the funds earmarked for BIG can be part of that program, but as I said, with some drastic improvements to the EPWP, what government and labor experts can do.

The most important argument against BIG is that a lot of research has shown that black South Africans are haunted by addiction and entitlement syndromes. While this is understandable in light of the past, when we were denied what we were owed, these syndromes are now at crisis levels. I visit the Eastern Cape regularly and find that in my village the fields are fallow when they used to be green. People expect the government to do this and that. It does not work.

Our politicians themselves are doing us a disservice because when they campaign they promise everything to the voter. The BIG is also part of these promises. So, if BIG is implemented as social grants are, our productivity levels will continue to be among the lowest in the world. According to the OECD, South Africa’s labor productivity is $ 20 per unit, the lowest of the 30 countries measured.

So, and in conclusion, the BIG must be a discussion of the past unless it is linked to people working for what they will get. Finish and klaar.

  • Dr Thami Mazwai is a small business researcher and president of Mtiya Dynamics; a company that trains companies and suppliers to BEE codes.

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Cape Town’s tourism sector remains under pressure according to latest statistics https://bungeni.org/2021/09/21/cape-towns-tourism-sector-remains-under-pressure-according-to-latest-statistics/ Tue, 21 Sep 2021 17:00:31 +0000 https://bungeni.org/2021/09/21/cape-towns-tourism-sector-remains-under-pressure-according-to-latest-statistics/

Cape Town – With significantly fewer foreign tourists than the pre-Covid-19 standard, the Western Cape tourism sector continues to be under pressure, as shown by the latest tourist accommodation income statistics for July released by SA Stats.

Stats SA said seasonally adjusted housing income fell 36.8% month-over-month in July 2021.

Guest houses and farms registered the largest decrease with -61.6%, followed by hotels with -42.2%.

The statistics were not divided into provinces but rather covered the whole country.

Compared to statistics for July 2020, which were during strict lockdown regulations that prevented the movement of people into and out of South Africa, this year housing income had increased by 121.8% in July 2021. .

Statistician General Risenga Maluleke said housing income increased 589% in the three months ended July 2021 compared to the three months before July 2020.

The main contributors to this increase were hotels at 457.3% and other accommodation at 682.6%.

Finance and Economic Opportunities MEC David Maynier said: “The tourism sector generated R15.5 billion in gross value added and supported 174,982 jobs in 2019 in the Western Cape.

“But the sector has been hit hard and, while the province maintains South Africa’s lowest unemployment rate, the tourism sector is estimated to have lost 75,477 jobs in 2020.”

Meanwhile, the domestic terminal at Cape Town International Airport continued to recover from the third wave in the first two weeks of September, with domestic passenger numbers reaching 49% of 2019 levels.

The periods compared are from September 1 to 12, 2021 and from September 1 to 12, 2019.

Acting Managing Director Mark Maclean said the recovery of the international passenger terminal was at 24% of 2019 levels for the first two weeks of September, the highest monthly recovery percentage since the restart of international travel in October 2020.

“The recovery of the passenger terminal since the start of 2021 is 44% for domestic passengers and only 14% for international passengers, compared to 2019, but these figures, especially on the international side, are expected to increase. magnitude as the South African summer season approaches, ”Maclean said.

[email protected]
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UPDATE 1-S. Africa plans next phase of new 2,500 MW nuclear power plant https://bungeni.org/2021/09/21/update-1-s-africa-plans-next-phase-of-new-2500-mw-nuclear-power-plant/ Tue, 21 Sep 2021 12:02:32 +0000 https://bungeni.org/2021/09/21/update-1-s-africa-plans-next-phase-of-new-2500-mw-nuclear-power-plant/

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CAPE TOWN, Sept. 21 (Reuters) – South Africa is moving forward with plans for a new 2,500 megawatt nuclear power plant to boost energy security and wants to end the process of supplying ‘by 2024, the deputy energy minister said on Tuesday.

“We plan to publish the call for tenders (RFP) for the 2,500 MW nuclear program at the end of March 2022 and complete the supply in 2024 to support the reconstruction and economic recovery plan and ensure the security of the ‘energy supply,’ Nobhule Pamela said in a speech. at the International Atomic Energy Agency (IAEA), according to a copy of his speech.

With the government not launching a request for information until June of last year to test the market’s appetite for the new plant, and the procurement process is still in its infancy, it does not There were no immediate details on the estimated cost or the project completion date.

South Africa‘s energy regulator last month backed a long-term government plan to build new nuclear power plants, a move that could help the country move away from coal and switch to power generation. less carbonaceous.

Africa’s most industrialized economy has the continent’s only operating nuclear power plant, a 1,900 megawatt (MW) facility outside Cape Town that was built under apartheid.

However, much of its electricity supply comes from a fleet of coal-fired power plants that spew harmful emissions into the air, many of which are set to close within a decade as South Africa cuts emissions.

South Africa, which regularly experiences power outages due to the erratic power supply, said it will look to expand its nuclear capacity at a rate and when it can afford, after giving up in 2018 a massive nuclear expansion plan defended by the former president, Jacob Zuma. .

Analysts had expressed serious concerns about Zuma’s plan for a nuclear power plant network totaling 9,600 MW, as it would have strained South Africa’s public finances as it faced a series of deterioration of its credit rating. (Reporting by Wendell Roelf; Editing by Emma Rumney and Bernadette Baum)

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Origins of the FLN, the armed wing of the Rusesabagina political coalition | New times https://bungeni.org/2021/09/20/origins-of-the-fln-the-armed-wing-of-the-rusesabagina-political-coalition-new-times/ Mon, 20 Sep 2021 20:23:39 +0000 https://bungeni.org/2021/09/20/origins-of-the-fln-the-armed-wing-of-the-rusesabagina-political-coalition-new-times/

After the 1994 genocide against the Tutsi, the perpetrators, including members of the FAR (Forces Armées Rwandaises), fled to Zaire (now DR Congo) where they regrouped to form armed and political groups to attack Rwanda.

On April 3, 1995, the RDR (Rally for the Return of Refugees and Democracy in Rwanda Where Rally for the Return of Refugees and Democracy in Rwanda) was established in Mugunga refugee camp in eastern Zaire

It gave birth to many other negative forces and terrorist groups that we know today, notably the MRCD / FLN (Rwandan Movement for Democratic Change / National Liberation Front) of Paul Rusesabagina.

The RDR was founded by General Augustin Bizimungu, Brigadier General Gratien Kabiligi, among others. General Bizimungu was convicted of crimes of genocide and sentenced in 2011 to 30 years in prison by the International Criminal Tribunal for Rwanda.

The RDR was primarily formed as a mechanism to escape the embargo imposed on the government-in-exile, which had moved its operations to Zaire. The image of the government in exile has been tarnished by its association with the genocide. The RDR acted as an intermediary between the refugees and the international community.

In an interview with the Sunday Times in 2005, Rusesabagina mentioned his relations with General Bizimungu and said: “I was with General Bizimungu and offered him a drink ……”. It was during the genocide when General Bizimungu had frequent visits to the Mille Colline hotel.

The infiltrations into Rwanda by ex-FAR soldiers called “Operation Insecticides” had started in early 1996 and required financial support. The soldiers sold vehicles and property they had seized in Rwanda to raise funds.

The disagreement on the funds and the imperative to demarcate the line between the military and the civilians led to a new round of discussions which gave birth to the Armed People for the Liberation of Rwanda (PALIR) with an armed wing called ALIR (Armé for the liberation of Rwanda).

The military defeat of ALIR and its inclusion on the American list of terrorist organizations after the murders of American, British and Australian tourists in the Bwindi Forest on March 2, 1999 weakened their hand in negotiations with the DRC government.

Due to other internal disputes, the Democratic Liberation Forces of Rwanda (FDLR) was created on January 14, 1999.

On September 12, 2004, Jean Marie Vianney Higiro and Félicien Kanyamibwa separated from the FDLR to form the RUD Urunana (Rally for Unity and Democracy).

According to SMS exchanges of May 17, 2008, revealed during the trial of Ignace Murwananashyaka, there was a collaboration between Rusesabagina and the FDLR battalion based in Walikale, DR Congo.

The Rusesabagina PDR-Ihumure has formed an alliance with several opposition groups including the FDLR and RUD-Urunana.

In 2005, internal disputes between the FDLR commander, General Sylvestre Mudacumura and one of his brigade commanders, Colonel Jean Damascene Ndibabaje, alias Musare, led to the creation of AN Imboneza, an armed group allied with the RUD Urunana.

On May 31, 2016, a split within the FDLR gave birth to another group, the National Council for Renewal and Democracy or CNRD-Ubwiyunge.

Its leader, General Wilson Irategeka, who was the 2nd vice-president of the FDLR, had decided to resign after months of disagreements with General President Victor Byiringiro. One of the reasons for the conflict was the biometric census of Rwandan refugees supported by Irategeka but opposed to Byiringiro.

A few months before his arrest, Paul Rusesabagina explained the origins of the FLN and the MRCD during a virtual press conference.

“We launched the MRCD in November 2016. It was a CNRD-Ubwiyunge coalition led by Wilson Irategeka and PDR-Ihumure led by me. After a long discussion, we put five pillars under one platform. The first pillar is what is achieved by our soldiers. The second was diplomacy, the third was mobilization, the fourth was communication, and the fifth was finance. We worked together and, at the end of 2017, our brothers from the Rwandan Revolutionary Movement (RRM) led by Callixte Nsabimana wanted to join us. After a long discussion, RRM was accepted in March 2018 and we were successful with our executions and that’s when we started to wonder what name we would give our soldiers..

He added “We called them FLN because RRM brought in their soldiers as well, which meant we had to get an inclusive name. Since then, our boys were called FLN and that is why the FLN does not belong to the PDR, CNRD or RRM, it is under the MRCD.

In 2007, Paul Rusesabagina traveled to Cape Town to meet with the FDLR who, at the time, were waging an armed struggle against Rwanda.

Speaking at the University of Central Florida, Rusesabagina repeatedly called the FDLR a “Rwandan liberation movement”.

He also told a reporter on June 18, 2019 while receiving Faustin Twagiramungu on the MRCD platform that “You have to keep in mind that the FDLR are the children of Rwanda, if the MRCD wins, we will have the FDLR back in Rwanda”

editor@newtimesrwanda.com


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No country for migrants – OZY https://bungeni.org/2021/09/20/no-country-for-migrants-ozy/ Mon, 20 Sep 2021 11:43:12 +0000 https://bungeni.org/2021/09/20/no-country-for-migrants-ozy/

Happy monday! With an unstable economy battling the Delta variant of COVID-19, we could all do with some smart financial advice. But why rely only on traditional experts? Today meet a 25-year-old Nigerian YouTuber who is emerging as one of Africa’s most prominent financial advisers. Amid a serious row over Australia’s plans to turn to the US and UK for nuclear submarines, take a look at the next nations that could develop atomic programs. And spice up the start of your week with mouth-watering new cookbooks from different cultures.

Charu Sudan Kasturi and Eromo Egbejule

News in a minute

1 – No country for migrants

The United States has begun returning hundreds of Haitian migrants to the Caribbean country against their will in dramatic scenes supported by a show of force along the Mexican border, where officers attempt to block illegal entries. But impoverished Haiti, still grappling with the aftermath of an earthquake, a hurricane and a political crisis, does not want the deportees either and begs America to keep them. It is a rare case where the United States returns migrants without giving them the opportunity to seek asylum. Do you agree with the US government’s approach? Vote here Or on Twitter. (Sources: CNBC, NYT)

2 – Van (ish) life

The FBI found a body that the agency said could belong to Gabby Petito, 22, who mysteriously disappeared in Wyoming in August during a van trip across the country with her fiance Brian Laundrie, who is went home without her. Since then, the laundry has also disappeared. Police arrested the couple in August and body camera footage shows Petito sobbing as she explains that she and Laundrie had been in a fight. (Sources: WaPo, BBC)

3 – Diktat TikTok

ByteDance, the company behind the viral social app TikTok, introduced a 40-minute daily limit on the Chinese version of the platform for children under the age of 14. While it’s unclear whether it will attempt similar restrictions in other countries where TikTok is very popular, the move to China follows new regulations from Beijing limiting access to online video games over the course of the year. week. (Sources: WSJ, The edge)

4 – Bee killers

A swarm of bees has stung 63 endangered penguins to death in South Africa, conservationists have said. But experts still don’t know why the bees attacked the penguins, despite their longstanding peaceful cohabitation in the same national park near Cape Town. (Sources: Tutor / AFP, Independent)

5 – Crown of glory for Netflix

The streaming service won more Emmys than any other broadcaster or network for the first time on Sunday, as multiple awards for The crown and The Queen’s Gambit propelled him to a total of 44 trophies. (Sources: Variety, Deadline)

breaking down barriers to well-being – for all

Every community deserves resources for healthy living, but not all communities have access to them. With the first ever Wellness Impact Award, WW selects five organizations to receive a $ 15,000 grant, mentorship, additional fundraising opportunities and more. These Wellness Champions address the systemic inequalities that marginalized communities face with everything from fresh food deliveries to nutrition education that encompasses culturally relevant foods. Other winners encourage young people to connect with the outdoors. It is a step forward in making healthy living a human right.

Advertising

Social media action selectors

These are the Jim Cramers of social media, providing advice on stocks and influencing billions of dollars in trading.

1 – Nathalie Rodrigues

She is arguably one of the biggest Brazilian social media influencers. At only 22 years old, this black woman has already won a spot on Fortune the magazine’s list of the 50 greatest world leaders. His YouTube channel Nath Finances has amassed more than 250,000 followers since its launch in 2019, and its audience clings to every word about investing and financial education. His videos aim to get more low income people to improve their economic status in life.

2 – Fisayo Fosudo

This 25-year-old Nigerian YouTuber has more than 180,000 subscribers and is one of Africa’s most recognizable content creators. A graduate in economics with a background in graphic design, Fosudo reviews gadgets and offers advice on budgetary discipline and investments for millennials and Gen-Zers through several series, such as Financial Fridays.

3 – Tori Dunclap

Her mission: to help more women around the world overcome economic patriarchy by accomplishing what she did at the age of 25: earn a six-figure income. At only 27 years old, Dunclap calls her philosophy “financial feminism”. She shares her financial advice on TikTok, where her platform Her First $ 100k earned 1.7 million subscribers. Need more proof that his strategy is working? Last year Dunclap won half a million dollars to run the business.

Next nuclear nations

The lingering controversy over Australia’s nuclear submarine project has not only pitted allies against each other. It has also raised new concerns about nuclear proliferation. But Australia is not the only country to watch.

1 – Brazil

The country is a signatory to the Treaty of Tlatelolco, which commits all countries in South America and the Caribbean to keep the region nuclear-weapon-free. But Brazil’s sophisticated civilian nuclear power program has the means to turn to military uses. And under current president Jair Bolsonaro, it’s also prepares for the launch of its first nuclear-powered submarine.

2 – South Korea

For decades since the end of the Korean War, Seoul has depended on the United States for a security umbrella to protect it from North Korea. But former US President Donald TrumpCriticism of military support for the South has sparked a wave of public opinion in that country in favor of a nuclear program. Like Brazil, South Korea’s sophisticated nuclear industry means it doesn’tdoes not lack know-how. Can President Joe Bidens commitment to historic alliances to sufficiently appease the Southnerves ?

Great new cookbooks

Start the week salivating over unique flavors from around the world with these mouthwatering new cookbooks that could become classics in no time.

2 – “Oaxacan food”

Bold. It’s the best word to describe what makes Oaxaca the cultural capital of Mexico and its cuisine the pinnacle of Mexican culinary traditions, says chef Alejandro Ruiz. It is therefore no surprise that his book is an adventure, with tasty chills at every turn of the page.

3 – “Afro vegan”

London-based chef Zoe Alakija blends British flavors with the unique tastes of her Nigerian roots to come up with over 50 delicious herbal recipes thatI will transport you gently to the unique cuisine of West Africa.

Learn more about OZY

Follow OZY on Twitter

What is happening under the Taliban in Afghanistan? Will women be allowed to study and work? What’s next for the United States in this region? Stay ahead of the news by following OZY on Twitter. It’s the fastest way to get the smartest views on world news.

ABOUT OZY

OZY is a diverse, global, forward-looking media and entertainment company focused on ‘the new and the next’. OZY creates space for new perspectives and offers fresh perspectives on everything from news and culture to technology, business, learning and entertainment.

www.ozy.com / #CarlosWatson / #OZY

Welcome to the New + Next!


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