Business

Volkswagen South Africa has achieved another milestone at its motor vehicle manufacturing plant in Kariega by reaching the half-million mark in production of the VW Polo at the facility. The Kariega plant has been building the current Polo since 2018 which it sells locally and also exports to 38 countries.

Transnet National Ports Authority has announced "bold plans" to inject R9.1 billion into upgrading its Central Region, namely the ports of East London, Port Elizabeth, and Ngqura.

The Nelson Mandela Bay Business Chamber has announced the appointment of Dr Robert Cisek as Vice President to replace MC Botha who recently stepped down following the completion of his term on the Board.

JSE-listed African Media Entertainment (AME) – which owns radio assets and a portfolio of digital media services, publishing and business broadcasting assets, including Moneyweb – is steadily recovering from the negative impact of the Covid-19 pandemic.

Economist Mike Schüssler has passed away.

Spur Corporation, the JSE-listed multi-brand restaurant franchisor, is facing a multi-million rand damages claim from GPS Foods Group RSA, a subsidiary of the global GPS Food Group. GPS Foods Group RSA has served a summons on Spur for alleged damages of R183.3 million related to the establishment of a so-called joint venture for a rib supply and processing facility in Cape Town.

The official unemployment rate in South Africa has increased by 0.4 to 35.3%. This is the highest unemployment rate since the quarterly labour force survey began in 2008.

Gqeberha-based Formex Industries is gearing up for new projects that are planned for Volkswagen South Africa (VWSA) and the expected localisation drive from other automotive OEMs.

According to the fund, further fundraising and new interventions, or funding, will not be considered – with immediate effect. Moreover, the remaining funds are in the process of being defined, allocated and aligned to the closure timeline of the fund.