Africa-Press – South-Africa. In a week capped by a State of the Nation Address that encompassed measures to combat load shedding, including having a new electricity minister, the business world once again continued to face the brunt of the disaster.
Court battles were won and lost, rail dysfunction and the energy crisis weighed on companies’ performances, boards were shaken up, executives were appointed and some defended the need for price hikes.
Here are the top 10 business stories of the week:
Surprise! Transnet stuns by launching biggest privatisation since 1997 after bailout fails
When Transnet announced a week or two ago that it would concession out the country’s busiest and most important rail corridor for 20 years to a private company, markets, politicians, the ANC, business, labour, the Presidency, and even the deputy minister of public enterprises was stunned.
ConCourt shoots down govt appeal over BEE in Covid-19 tourism funds case
SA’s highest court has declined to hear an application for leave to appeal a lower court’s ruling that found the state was wrong to include Broad-based Black Economic Empowerment (B-BBEE) as a criterion to access Covid-19 relief grants in the tourism sector.
In April 2020, as the Covid-19 pandemic caused local and international tourism to grind to a halt, then-tourism minister Mmamoloko Kubayi set up a Tourism Relief Fund.
Some R200 million was to be allocated for once-off payments of up to R50 000 for struggling small businesses. The minister included the B-BBEE status level of applicants as one of the criteria for funding.
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