New BEE rules, regulatory complexity a worry to business – BLSA
Business Leadership South Africa (BLSA) has sounded the alarm about BEE rules and growing regulatory complexity adding to high energy costs and logistics constraints in undermining manufacturing competitiveness and influencing investment decisions. BLSA’s members include the leaders of SA’s biggest and most well-known businesses. The organisation’s CEO, Busisiwe Mavuso, said proposed changes to procurement scoring had been consistently raised as a constraint by manufacturers. She is quoted as saying: “These pressures are well documented and continue to weigh on the competitiveness of the sector.”
Oil prices edge lower after Trump pauses Hormuz operation
Brent, the global benchmark for crude, fell by 1.7% to $108 a barrel after US President Donald Trump announced on social media yesterday that he was pausing the military operation, first announced on Sunday, to guide commercial ships through the Strait of Hormuz. He wrote: “Based on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, we have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed. President DONALD J. TRUMP” The dip in the oil price followed a jump earlier in the week of more than 6% in response to renewed attacks across the Middle East. In Tehran, the hardline Tasnim news agency, which is affiliated with the Islamic Revolutionary Guard Corps, writes that “Trump has retreated” and that the US president had tried “to cover up the failure” of the operation. Iran’s state-run IRNA news agency calls it “America’s defeat” and says that Trump has used his “last card”.
Home Affairs prepares for next step in digital ID launch
Draft amendments to South Africa’s identification regulations have been published by Home Affairs to prepare for providing electronic ID credentials the same legal standing as physical ID cards. Home Affairs Minister Leon Schreiber has said a digital ID would be extremely secure, would enable identity verification when citizens accessed digital services, and would offer an alternative route to obtaining an ID. It is envisaged that the digital ID, which is intended to be launched later this year, will expire after five years, requiring citizens to reapply for a new one. The public has until 6 June to comment on the draft amendments.
African ports derive limited benefit from closure of Hormuz – report
The closure of the Strait of Hormuz has driven maritime traffic around southern Africa up by as much as 90%, but it hasn’t boosted visits at regional maritime hubs, according to logistics firm Rhenus Logistics. Ebenezer Simba, the company’s ocean product manager for Africa and the Middle East, is quoted as saying: “The increase is driven primarily by Asia-Europe and Asia-Mediterranean container services, alongside crude oil, LNG and dry bulk trades … [but this] has not translated proportionally into African port calls.” Gains were concentrated in a handful of locations to service vessels rather than handle cargo, such as Port Louis in Mauritius and harbours in Namibia, which were benefiting from a jump in demand for fuel and servicing. Reportedly, operational constraints such as weather disruptions and congestion have limited the competitiveness of major South African hubs, including Durban and Cape Town.
Pope says church’s intent is “to preach peace”
Pope Leo has responded to attacks by US President Donald Trump by saying: “If someone wants to criticise me for preaching the Gospel… I hope simply to be listened to because of the value of God’s words.” He added: “The mission of the Church is to preach the Gospel, to preach peace.” Having last month made various statements about the Pope, Trump told conservative radio talkshow host Hugh Hewitt this week that the pontiff was “endangering a lot of Catholics and a lot of people” because he “thinks it’s fine for Iran to have a nuclear weapon”. The Pope has not said he supports Iran having a nuclear weapon. The Pope’s remarks come on the eve of a visit to Rome and the Vatican by US Secretary of State Marco Rubio. Brian Burch, the US ambassador to the Holy See, told reporters this week while he did not “accept the idea that somehow there’s some deep rift”, Rubio’s meetings in Italy could allow the two sides to “talk through” any differences. Burch is quoted as saying: “Nations have disagreements, and I think one of the ways that you work through those is… through fraternity and authentic dialogue.”
Sources: BBC, Business Day, Reuters, News24, Bloomberg