Business - Page 33

South Africa’s broadcasting system is undergoing a radical transformation, as the Broadcasting Bill B322023 proposes to update and regulate the industry for the digital era. The proposed Bill includes guidelines for transparent and ethical governance of the South African Broadcasting Corporation (SABC) SOC Ltd, reflecting a more inclusive and forwardlooking approach. The public has until January 16, 2023, to provide feedback on the Bill, emphasizing democratic participation in shaping South Africa’s digital future. The revision of the SABC SOC Ltd Bill is a commendable leap forward to spearhead the global digital revolution while ensuring accessibility for all South Africans.

South Africa is making strides towards a more sustainable and selfreliant energy landscape with the Battery Energy Storage IPP Procurement Programme (BESIPPPP). Four top contenders have been appointed to establish projects utilizing renewable energy sources that will contribute 513 MW to the national grid and generate jobs and foster economic development. The programme is part of South Africa’s efforts to shift towards a more sustainable future and secure its energy supply. With further advancements in the pipeline, South Africa is anticipating a bright future for its energy landscape.

The Cape Winelands Airport is getting a major upgrade to become a commercial airport. The plan includes a new runway, terminal building, and cargo facilities. However, the expansion has raised concerns about noise pollution and environmental impact, leading to an ongoing environmental impact assessment. Public input will be crucial in shaping the project’s path and its effects on the local community. The airport’s rich history and ownership transitions also add to the significance of this transformation journey.

ArcelorMittal South Africa, the country’s unit of the world’s secondlargest steelmaker, has decided to shut down its long steel products division due to infrastructure challenges and weakened demand, affecting around 3,500 jobs. The announcement has triggered a significant drop in the company’s share value, revealing the challenging economic environment it is currently facing. The steel industry in South Africa has been grappling with challenges such as limited infrastructure spending, project delays, rail logistics problems, and an escalating electricity crisis, leading to substantial business costs. This decision underscores the challenges heavy industries face in adapting to fluctuating market dynamics and infrastructural constraints.

Charles T. Munger, the Vice Chairman of Berkshire Hathaway, passed away at 99, leaving behind a legacy of financial wisdom and resilience. Despite personal tragedies, Munger remained committed to his goals and transformed Berkshire Hathaway with Warren Buffett. His investment strategies and insightful perspectives continue to influence investors worldwide, and his life serves as a poignant reminder of the importance of facing challenges with wisdom and dignity. Munger’s legacy of perseverance, intellectual prowess, and integrity will continue to inspire future financiers.

Mark Davids, a Senior Superintendent in Cape Town’s Fleet Management Department, was honored for his three decades of public service at the Corporate Services Directorate of Cape Town’s city administration. Davids has climbed the ranks since starting over 35 years ago as a minor plant operator and is now responsible for mentoring and training the latest generation of mechanical plant operators. He attributes his success to hard work, dedication, adaptability, and openness to feedback, and aims to pass on his knowledge and skills to junior staff.

The South African financial sector is set for a new chapter with the appointment of Eileen Meyer as the Chairperson of the Ombud Council Board of Directors. The council’s role is to supervise regulatory actions for numerous ombud schemes, ensuring affordable, effective, and independent dispute resolution processes for financial customers. Ms. Meyer brings strong expertise in financial management and strategic leadership, making her an excellent fit for the position. With her and the board’s collective expertise, the Council is set to make a significant impact in promoting fairness and efficiency in the financial industry.

Exciting news for the Western Cape as the government reveals its MediumTerm Budget Policy Statement and Adjustments Budget on November 28th, 2023. This important financial event showcases the government’s commitment to building a prosperous future, managing public finances, and prioritizing essential services. The budget serves as a strategic plan for managing public finances and making necessary adjustments throughout the fiscal year. The diligent team behind the budgeting process ensures transparency and accountability, reflecting the government’s dedication to its citizens.

South Africa’s government has endorsed a new Financial Inclusion Policy Framework, which seeks to enhance the financial inclusion of individuals and households, widen access to financial services for SMMEs, and utilise a more diversified provider and distribution base for financial services in the country. While more than 81% of South African adults now have access to bank accounts, underlying issues such as economic stagnation and high unemployment still limit comprehensive financial inclusion. The Financial Inclusion Policy aims to tackle these issues, with the National Treasury working with key stakeholders to monitor and track progress towards a more inclusive financial sector.

The Department of Cooperative Governance in South Africa is taking a multipronged approach to address financial distress in municipalities, including Municipal Support and Improvement Plans, increasing revenue and reducing debts, boosting revenue, technical support for cost of supply studies, and assistance with data management. They are also implementing programs for recent graduates, capacity building, and disaster recovery grants to ensure the longterm financial viability and service delivery of municipalities. The briefing led by Minister Thembi Nkadimeng underscores the Department’s commitment to tackling the complex challenges faced by municipalities and nurturing their sustainable development.

The QwaQwa Ministerial Business Seminar is an important event for South African entrepreneurs, taking place on November 30th, 2023 in the cultural town of QwaQwa. The seminar is a collaboration between government bodies and aims to connect entrepreneurs with government agencies to identify potential partnerships and collaborations. The event will feature interactive information exchange sessions and introduce various incentives offered by the government to support small businesses’ growth nationally, reflecting the government’s dedication to improving the South African business landscape.

South Africa’s Department of Human Settlements has praised Limpopo Provincial Government for its efforts in championing economic empowerment among youth and women contractors. Limpopo’s Human Settlement Development Grant (HSDG) has redeemed its reputation in the current fiscal year, surpassing expectations. The Limpopo Department of Human Settlements has ensured that a minimum of 40% of the value of housing projects is dedicated to certain groups; up to 62% of the value of these projects has been apportioned to these groups, effectively revolutionizing the sector. The Department aims to provide quality, affordable housing to all South Africans.