Company News in Brief

Acsa finally reveals R10bn overhaul of Cape Town International Airport

Cape Town International Airport (CTIA) – SA’s fastest growing air hub that’s busting beyond current capacity during peak periods like December and during the week of Mining Indaba – is finally set to get its long-awaited upgrade and expansion.

The Airports Company South Africa (Acsa) on Friday revealed initial plans for the airport’s multi-billion-rand overhaul, which will happen over a number of phases over the next decade.

It released the first renderings of the airport plans on Friday showing the initial upgrades earmarked for the domestic and international terminals.

However, the much bigger new runway/runway realignment development plans, which will take up most of the overall capex plans for CTIA is also being finalised.

“A flagship component of the CTIA upgrade programme is the new, realigned main runway, currently estimated at approximately R6.39 billion, with contractor appointment planned for December 2026,” Acsa confirmed in a statement.

It said “complementing the runway project” is the expansion of the domestic terminal building and domestic arrivals area, which is set to commence in April next year. These two more immediate developments will cost almost R3 billion.

However, Acsa noted that the projects are still subject to final regulatory approvals and procurement processes.

“The expansion will significantly enhance passenger processing capacity, improve circulation, and modernise the overall terminal environment in line with projected demand growth,” it said.

-Moneyweb 

Trump’s 10% levy takes effect as US rebuilds tariff wal

Donald Trump’s new 10% global tariffs went into effect on Tuesday, kicking off a White House effort to preserve the president’s trade agenda after the Supreme Court struck down his original sweeping duties.

The president signed an executive order last Friday authorising the 10% import tax just hours after the ruling. He subsequently threatened to raise the number to 15%, but Trump did not officially issue a directive to increase the rate by Tuesday at 12:01 a.m. Washington time when the 10% levy went into effect.

The White House is working on a formal order that will increase the global tariff rate to 15%, according to an administration official. The timeline for implementing that higher levy has not been finalised, said the official, who spoke on the condition of anonymity to discuss private matters.

The lack of clarity from Washington has spawned confusion around the globe about Trump’s tariff agenda. Countries and corporations are poring over existing trade agreements to determine how they’d fare under Trump’s latest threats. Major trading partners, including the European Union and India, have abruptly halted ongoing trade negotiations amid the uncertainty.

Trump is applying the 10% baseline levy under Section 122 of the 1974 Trade Act, which allows the president to impose the charge for 150 days without congressional approval. He turned to this approach after the court ruled he violated an emergency-powers law by using it to enact his so-called “reciprocal” tariffs on goods from countries worldwide.

-Moneyweb 

WeBuyCars decides against entering the new vehicle market

JSE-listed used vehicle buyer and seller WeBuyCars has decided against selling new cars and has welcomed the strong growth in new vehicle sales driven largely by cheaper Chinese vehicle brands.

WeBuyCars chief marketing officer Rikus Blomerus tells Moneyweb the sale of new cars is not a direction the company is going in at this stage.

“We still have to grow a lot more in the used market and focus on a lot of things in our current business operations – getting better and striving to be the best and so forth – before we pursue that,” says Blomerus.

“Maybe for the long term it might be on the cards but it’s not something that we are actively pursuing and strategising on at this stage.”

Blomerus’s comments follow Moneyweb exclusively reporting in June last year that WeBuyCars confirmed it had been approached by some original equipment manufacturers (OEMs) about the possibility of it also selling new cars.

Blomerus said at the time there is only a small overlap of about 20% to 25% of people who sell their current vehicle to WeBuyCars and buy their next vehicle from the company, adding that about 30% of those”who sell their vehicle to us buy a brand new vehicle, which we do not offer at this stage”.

The company has declined to name the vehicle brands that approached it about possibly selling their new vehicle models.

-Moneyweb