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BizBytes, Wednesday 14th June 2023

June 19, 2023
in Business
BizBytes, Wednesday 14th June 2023
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Wednesday, 14th June 2023

JSE’s big stock major movers from Sharenet, platinum sponsor of the Fantasy Fund Manager game.


Powercuts drives confidence among SA manufacturers to near historic lows

Confidence levels in South Africa’s manufacturing sector continue to hover near historic lows, according to the Q2 Absa Manufacturing Survey. The persistent problem of electricity supply disruptions is weighing heavily on sentiment among manufacturers. While there has been some improvement since the pandemic’s record low, the confidence index remains at a dismal 17, even lower than during the global financial crisis. Load shedding not only impacts production and profitability but also dampens overall sentiment. Manufacturers face challenges such as reduced sales volumes, slowing price inflation, decreased production, and underutilized capacity. The survey also reveals significant pessimism regarding future business conditions, with a majority of manufacturers expecting further deterioration. However, there is hope for the long term as additional generation capacity is expected to improve business conditions over time. Despite the energy crisis, manufacturing remains crucial for South Africa’s economic growth, as demonstrated by the Q1 2023 GDP figures.


Spar Group’s financials plunge as SAP software woes and energy costs bite

South African retailer, Spar Group, has reported a significant hit to its financial performance for the first half of 2023. BusinessTech reports that the company’s turnover increased by 5.6% to R47.1 billion, but its grocery and liquor sales were adversely affected by issues related to the launch of new SAP software at its KwaZulu-Natal distribution center, resulting in a loss of R786 million in wholesale turnover. Additionally, load shedding and increased energy costs impacted the profitability of its Build It business. Despite international growth, Spar’s operating profit dropped by 17.5%, leading to a 30.2% decline in headline earnings per share. The company will not issue an interim dividend, and management plans to address the challenges and focus on growth areas for future performance.


South African Electricity Minister seeks Chinese support for reliable solar panel imports

South Africa’s Electricity Minister, Kgosientsho Ramokgopa, plans to request assistance from the Chinese government to ensure reliable access to solar panels for installers in the country. As the demand for alternative energy sources increases due to ongoing blackouts caused by inadequate coal-fired plants, South African businesses and households are turning to solar power. With only two solar panel manufacturers in the country, all other panels are imported from China, leading to delays. Ramokgopa aims to expedite the import process and address port inefficiencies. Additionally, discussions with banks and pension funds are underway to explore financing options for solar panel installations.


South Africa receives US backing to host AGOA conference despite calls for relocation over relations with Russia

South Africa’s government has announced that it has the support of the United States to host the African Growth and Opportunity Act (AGOA) conference this year, despite four American congressmen urging the Biden administration to move the event due to South Africa’s relations with Russia. No decision has been made by the US State Department or the White House to relocate the meeting. AGOA, which expires in 2025, allows South Africa to export goods to the US, and US officials have previously mentioned revising the qualifying criteria for beneficiaries.


Telkom CFO warns of prolonged energy crisis in South Africa, load-shedding hits earnings by R700 million

Telkom’s Chief Financial Officer, Dirk Reyneke, highlighted the ongoing energy crisis in South Africa during a presentation to media and investors. The company suffered a significant impact of R700 million on its earnings due to load-shedding. Eskom’s rotational power cuts increased five-fold, resulting in a record-high diesel usage by Telkom and increased roaming costs with partners Vodacom and MTN. Telkom Mobile’s network availability was reduced to 89%, and the company reported a 96% surge in diesel consumption, despite a 19% decrease in overall electricity usage.


Naspers and Prosus expect significant drop in earnings, primarily due to reduced profit from Tencent

Naspers and Prosus, major companies listed on the JSE, anticipate a substantial decline in their headline earnings per share (HEPS). Prosus expects a 39.8% to 46.7% fall in earnings per share (EPS) and a 74.0% to 80.9% drop in HEPS. Naspers forecasts a 49.8% to 56.8% decrease in EPS and a 75.1% to 82.1% drop in HEPS. The earnings decline is primarily attributed to reduced profit contributions from associates, particularly Tencent, and higher impairment charges. Both companies sold Tencent shares to fund repurchases, resulting in lower gains compared to the prior year.


South Africa approves law for Universal Health Insurance amid concerns of financial sustainability and implementation

South Africa’s National Assembly has passed a new law, the National Health Insurance (NHI) Bill, which aims to introduce universal health insurance. Critics argue that the plan will be financially unsustainable and difficult to effectively implement. The bill establishes a fund to cover medical treatment from accredited providers, with rates determined by the state. Private insurers will only cover services not included in the fund. Supporters argue that the current system, where a small percentage of the population with private insurance accounts for a large portion of healthcare expenditure, is straining the public system. Funding for the NHI will come from general tax revenue, payroll taxes, and reallocating funds from tax credits for private insurers. The law will now go to the National Council of Provinces for approval and, if passed, will be signed into law by President Cyril Ramaphosa. There may be legal challenges on the grounds of eroding constitutional rights. Critics also express concerns about the feasibility and sustainability of the proposed system, suggesting that it could lead to inadequate services and reduced choices for patients.


US Fed poised to stop rate hikes after promising inflation numbers

Federal Reserve policymakers are expected to pause interest rate hikes for the first time in 15 months while keeping the option open for future moves. With inflation still above the central bank’s target, the committee may emphasize its readiness to hike rates in July or September. The decision follows concerns about rising inflation and the impact of recent banking failures. Wall Street is keen to see if the committee maintains a hawkish stance in its forecasts. Chair Jerome Powell is likely to face questions regarding future tightening plans and the outlook for the US economy during the press conference.


Putin makes rare public admission on deficiencies of Russian forces

Russian President Vladimir Putin acknowledged the lack of advanced weapons in Russian forces fighting in Ukraine, despite increased arms output, as Ukraine pressed a counteroffensive with allied support. Putin admitted the shortages in a televised meeting, including high-precision ammunition, communications, and drones – and the loss of 54 tanks since the counter-offensive began. The counter-offensive aims to reclaim territory occupied since the 2022 invasion, while Putin claimed Russia had inflicted significant losses on Ukraine’s military. Western officials saw the Ukrainian push as more successful. NATO Secretary-General Jens Stoltenberg confirmed the advances and announced additional US weapons support. Putin remained defiant, criticizing Kyiv’s allies and considering exiting a grain export deal.


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