Eskom aims to spend R24bn on emerging firms
Eskom had set itself a target to spend more than R24 billion a year on businesses owned by black youth by 2017, Public Enterprises Minister Malusi Gigaba said yesterday. Speaking at the third Buy Local Summit & Expo, which was hosted by Proudly South African at Emperors Place in Ekurhuleni, Gigaba said that Eskom had negotiated an export capacity allocation at the Richards Bay coal terminal to give emerging producers access to global markets and a joint Transnet and Chamber of Mines task team was investigating how expansion of the terminal could enable even more opportunities for emerging companies. Trade and Industry Minister Rob Davies told the summit that the success of the Buy Local campaign was dependent on the private sector and consumers throwing their weight behind the initiative. He said the government was committed to ensuring that public entities worked towards fulfilling the aspirational target of 75 percent local content in procurement. – Staff reporter
Corruption ‘still a major problem’
Corruption too often went unpunished, auditor-general Kimi Makwetu said yesterday. “Irregular expenditure… still is a major problem,” he said on the sidelines of the Institute of Internal Auditors’ forum at Emperors Palace. “A larger part of that problem is about deviations from supply chain management processes, among others… That is a reflection of a lack of proper and strong internal controls.” – Sapa
Google overtakes Exxon in value
Google has passed Exxon Mobil to become the second-most valuable US company by market capitalisation. According to FactSet data, the internet company’s market capitalisation surpassed that of the oil company last week. As of Friday’s market close, it sat at $395.42 billion (R4.37 trillion) compared with the oil company’s $392.66bn. – Sapa-AP
Sanlam shares leap on profit forecast
Sanlam, the largest South Africa-based insurer, gained the most in more than three years yesterday after reporting that profit might increase as much as 40 percent. Sanlam shares rose as much 5.8 percent, the most since May 24, 2010, on an intraday basis, and closed 5.7 percent up at R51 yesterday. – Bloomberg