Construction at Orlando Stadium in Soweto in preparation for the 2010 Fifa World Cup. Infrastructure development ahead of the tournament is one driver in the massive rise in mergers and acquisitions activity in the country.Mary AlexanderWith deals worth R82-billion (US$10.4-billion), foreign direct investment (FDI) in South Africa surged 400% in 2007, up from R18-billion ($2.3-billion) in 2006, according to the Ernst & Young Mergers & Acquisitions Review 2007.Released on Tuesday 11 March, the report reveals that much of this growth was spurred by investment from other emerging economies.“This trend was signified by the largest transaction of the year, the sale of a 20% stake in the Standard Bank group to the Industrial and Commercial Bank of China,” says Dave Thayser, director for Ernst & Young transaction advisory services.Approved by 95% of shareholders in December 2007 and valued at R36.5-billion ($4.6-billion), the Chinese bank’s investment is a serial record-breaker. It’s the largest FDI in South Africa, the largest in Africa, and the largest, globally, by a Chinese bank.Not quite at the level of the Commercial Bank of China deal, but by no means small, the other driver of the 400% FDI inflow was the R25-billion ($3.2-billion) acquisition by Bain Capital, a multinational private-equity group, of South Africa’s Edcon. With CNA, Boardmans, Red Square, Jet and other brands under its belt, Edcon is one of South Africa’s leading retail groups.Ernst & Young’s Sean McPhee said international investors looking for higher yields found emerging economies a good bet. “We are encountering more and more foreign private equity groups that find the South African market attractive,” he said.“This stems from the growth our market is experiencing, access to resource-rich Africa, and the opportunities in infrastructure development.”Mergers, acquisitions and empowermentThe record FDI growth is seen as the main factor behind the 51.1% rise in total mergers and acquisitions (M&A) value in South Africa in 2007. Hitting another historic South African record, the year saw the signing of M&A deals worth R514-billion ($65-billion), with the top ten valued at R208.1-billion ($26.3-billion).Ernst & Young attributes much of this growth to black economic empowerment (BEE), which tends to encourage both the dissolution of traditional corporate structures and dynamic M&A deal-making. Empowerment deals jumped 71% in 2007 to R96-billion ($12.1-billion), another record. For every R100-million spent on a merger, some R20-million was spent on BEE.“M&A transactions constitute one of the dimensions of BEE and it consequently has become an important, perhaps crucial, aspect of M&A activity over the past few years,” said Thayser.One reason for the rise in BEE deals was the final publication of the Department of Trade and Industry’s Codes of Good Practice in 2007, which brought much-needed clarity to empowerment activity.Head of BEE at Ernst & Young, Sugan Palanee, said codes required companies to review their plans because they required less emphasis on equity ownership as the first priority. Other aspects of BEE, such as black participation in business and procurement from black business, have become more important.Infrastructure development and 2010Another driver was South Africa’s massive infrastructure development drive ahead of the 2010 Fifa Football World Cup. One of the largest BEE deals of the year, worth R7.6-billion ($961-million), was the sale of a substantial stake in cement company Holcim to the Afrisam BEE consortium. According to the latest Business Monitor International (BMI) infrastructure report, the South African construction industry has seen impressive growth in the last few years, with much potential for future expansion.“The forthcoming 2010 Fifa Football World Cup is expected to provide a tremendous boost to infrastructure development in the country,” said Thayser. “BMI expects the industry to grow at 6.14% during 2008 to 2012.”In 2007 many more construction-sector firms listed on the JSE, South Africa’s stock exchange, than in the previous year.“Once listed, the first thing many companies embark upon is bedding down one or more acquisitions, which are often important for the company to move from being a regional to a national player,” says John Wetton, Director at Ernst & Young “Reasons for consolidation are numerous, but one of the primary drivers of this trend is the increased complexity of the business environment.”Consolidation between existing players also became apparent, as well as deals intended to diversify the interests of existing players. The largest example during 2007 was the decision of the Royal Bafokeng Holdings to buy short term insurance company Mutual and Federal for R8-billion ($1-billion).“The private equity sector continued in 2007 where it left off in 2006,” said Thayser. “In the latter year, we reported that private equity had come of age in South Africa, with a number of major deals having been announced as well as record activity evident in funding.”This rapid growth has also brought with it greater shareholder assertiveness. “The feature of 2007 was a rise in shareholder activism broadly defined, or at least an apparent rise due to an appreciable increase in the volume of the verbal interplay,” said Thayser. “Three deals in 2007 really cemented the extraordinary power of institutional shareholders in SA and their increasing propensity to use this influence.”These deals were the bid by furniture and transport company Steinhoff for furniture retailer JD Group, the bid for Rainbow by conglomerate Remgro and Brait’s private equity bid for Shoprite.Thayser was reasonably confident in South Africa’s M&A prospects for 2008. “Pipelines of listings and private equity transactions remain strong and private local equity companies remain flush with cash,” he said. “Overall, confidence seems high that the South African economy will proceed modestly this year and M&A overall will be down – but not out.”Related articlesSouth Africa’s economyBlack economic empowermentInfrastructure developmentUseful linksErnst & Young South AfricaDepartment of Trade and IndustryIndustrial and Commercial Bank of ChinaStandard BankBain CapitalEdcon
The BnM-fired brazier on the left, with thetraditional, much smokier method on the right. Basa njengo Magogo is estimated to savehouseholds some 300 kg of coal a year.(Images: Nova Institute)MEDIA CONTACTS • Michelle LoweOgilvy press office+27 11 709 9687 or +27 72 130 3558Emily van RijswijckAs its carbon offset project for the future, Avis Rent a Car has chosen a cooking and heating method which reduces carbon emissions and is more economical than traditional methods commonly used in townships.The Basa njengo Magogo (isiZulu, meaning “make a fire like a grandmother”) teaches sound environmental principles through simple behaviour change and is the first Gold Standard project of its kind in the world. Gold Standard is recognised as the international benchmark for certification of carbon mitigation projects.The programme, which has already been introduced successfully around South Africa, teaches local communities to burn coal according to the Basa njengo Magogo (BnM) method, which is more fuel efficient and cuts pollution considerably.Simple yet effectiveThe traditional method of making fire in an imbawula (a metal brazier or drum) or stove entails placing paper and dry twigs at the bottom and then adding a heavy coal layer on top. The method produces excessive smoke and is known to cause respiratory problems. It also takes longer to fire up.With the BnM method, the process is simply reversed, placing the coal layer first in the drum and then topping it with the quick-burning kindling.“In addition to emission reductions, BnM leads to a reduction in indoor and ambient air pollution, better visibility and reduced health risk,” notes the London-based CarbonNeutral Company who will manage the programme on behalf of Avis.“This is because, with the heat on top, particulate matter and volatile compounds are burnt off when they pass through the fire, making it cleaner and more efficient,” the company explains.CarbonNeutral is a member of the International Carbon Offset and Reduction Alliance, and complies with the Greenhouse Gas (GHG) Protocol initiative.The company is a world leader in carbon offset and carbon management business and has purchased carbon credits from over 200 projects across six continents over the past decade. Its CarbonNeutral trademark is a leading brand mark and quality standard for action on climate change.Cleaner burning, cost effectiveWith the Basa njengo Magogo method, much less coal is necessary to achieve results – approximately 50% less of the fossil fuel is used to produce the same amount of heat created by the old technique.“One of the first monitoring reports from the project, which began in 2009, showed that a household which converts to BnM saves on average 300.7 kg of coal a year,” adds CarbonNeutral.According to the South African National Energy Research Institute, laboratory tests have shown that the method reduces smoke by up to 90%. This is welcome news for people whose health is affected by high levels of particles in the air.Importantly, the new technique does not require any change of household equipment and is implemented entirely through local training sessions on the improved use of stoves or braziers which people already own, Avis notes on its corporate website.The project and its methodology have been developed by the Nova Institute, a non-profit organisation which provides practical solutions to poor communities.The technique has been accredited to Nobelungu Mashinini of eMbalenhle township in Secunda, Mpumalanga province, and is named in honour of the enterprising grandmother.Since its pilot stage, initiated in 2008, the BnM method has been successfully introduced to communities across South Africa and is gaining a stronger foothold.It is endorsed by several reputable organisations, among them Enerkey and CEF, the latter mandated by the then Department of Minerals and Energy in 2008 to roll the programme out nationally. The Department of Environmental Affairs runs a similar programme, the Clean Fires Campaign.Becoming carbon neutral Avis is the first car rental company in South Africa to earn carbon neutral certification. This was achieved in 2009 when the company succeeded in offsetting greenhouse gas emissions for all of its internal electricity usage and fuel consumption for its fleet to net zero, as well as through several carbon offset projects initiated worldwide.“This means that each ton of carbon dioxide that Avis emits from its energy usage and fleet, is counterbalanced with a ton of carbon dioxide saved by a validated emission reduction project that has met international standards.”Avis’ programme currently only offsets internal company carbon emissions in line with Scope 1 and 2 of the GHG Protocol and not emissions for customers who rent Avis vehicles as the latter falls into the Scope 3 category.The GHG Protocol is the most important and widely accepted standard for measuring greenhouse gas emissions. It was developed by the World Resources Institute and World Business Council for Sustainable Development.“Our past relationship with the CarbonNeutral Company has been strong and for this next period, we tasked it to find a locally registered project that would complement our internal reduction efforts, and enable us to offset some of our unavoidable GHG emissions” says Wayne Duvenage, CE of Avis Rent a Car.Contributing to reforestation in TanzaniaAvis is also making its presence felt in Tanzania, where it has adopted the Uchindile-Mapanda Forestry Project into its portfolio of projects. The project involves the reforestation of degraded land to sequester, or trap carbon emissions from the atmosphere. Emissions reduction has been verified to the Verified Carbon Standard.The project is based in the Southern highlands of Tanzania and will establish commercial forests across the Uchindile and Mapanda districts. Avis has planted eucalyptus and pine varieties covering more than 7 000 ha at Uchindile and over 3 000 ha at Mapanda.The trees will be harvested in 13 to 21 years time for use in various timber related products.A range of exotic and indigenous tree species plus local fruit crops have also been planted on the sites to improve species diversity and forest health.
The Enforcement Directorate will question former Commonwealth Games organising committee chairman Suresh Kalmadi and two of his associates at Tihar Jail on Friday, for the second time in connection with the Prevention of the Money Laundering Act case registered against them.The ED had questioned Kalmadi, former joint director general (sport) ASV Prasad and deputy director general (procurement) Surjit Lal on June 3 but Friday’s questioning would be more comprehensive.”The previous interrogation was preliminary in nature. Based on that, we have prepared a comprehensive questionnaire which they would be asked to answer. It includes their foreign visits and monetory transactions, especially those in foreign currencies,” an official said. Kalmadi would be quizzed about various investments and transactions he made in his personal as well as professional capacity. The ED believes that he was responsible for all transactions.
Virat Kohli’s record as captain of Royal Challengers Bangalore went from bad to worse in the IPL this season as the team suffered its fourth successive loss on Wednesday.The Royal Challengers Bangalore side is yet to get off the mark with a win this season as they suffered their latest loss against Rajasthan Royals at the Sawai Mansingh stadium in Jaipur.Batting first, the Royal Challengers managed to post 158 for 4 on the board with useful contributions from Parthiv Patel (67), Marcus Stoinis (31 not out) and Kohli (23). The visitors though, struggled big time against RR leg-spinner Shreyas Gopal, who bagged three wickets including that of the RCB skipper and AB de Villiers in quick succession.That ended RCB’s hopes of setting a big target for the hosts even though Parthiv, Stoinis and Moeen Ali’s knocks gave a glimmer of hope to the visitors.But the Royals made light work of the run chase thanks to an explosive opening partnership of 60 runs between Ajinkya Rahane (22) and Jos Buttler (59), who took the RCB bowlers to the cleaners to dent their hopes of staging a comeback in the match.The Royals reached the target with 7 wickets in hand to register their first win of the season out of four matches.The result means that Royal Challengers Bangalore is now the only team which hasn’t won a game in the competition after four matches and are languishing in last place in the points table. The Royals meanwhile, surpassed Mumbai Indians to clinch the sixth spot having played a game more than Rohit Sharma’s team.advertisementThis was also Kohli’s seventh successive loss as captain of India and RCB since March 8, 2019. Under Kohli, Team India lost the last three games of the five-match ODI series against Australia last month and RCB has lost four in four in IPL 2019.Virat Kohli as captain since 24 Feb 2019…last two T20Is for India: L Llast three ODIs for India: L L Llast four IPL games for RCB: L L L LMohandas Menon (@mohanstatsman) April 3, 2019The latest defeat could mean that RCB will look to make quite a few changes in their team for the upcoming matches with Kohli also hinting at the same.”This tournament is not that long. You have to be on the eight ball. You have to think on your feet. You have to think of the best possible combination going forward.”We will definitely sit down and consider talking about what we can do. What can we do to get the balance right. Hopefully get some fresh guys in and they can make some cracking match-winning performances for us and get the team going,” Virat Kohli said after the game on Tuesday.”We have 10 games to go. If we start turning things around pretty soon, then we can get on a roll as well. We have to keep believing as a side,” Kohli said.Also Read | IPL 2019: Ajinkya Rahane relieved to get points on board after RR beat RCB for first winAlso Read | Shreyas Gopal after dismissing Kohli, de Villiers: One of the biggest moments of my journeyAlso Read | RR vs RCB, IPL 2019: Shreyas Gopal, Jos Buttler ensure RCB stay winless
Michael Soosairaj’s brace powered Jamshedpur FC to an emphatic 4-1 win over FC Goa in the Indian Super League on Thursday in Jamshedpur.Soosairaj scored in the 17th and 50th minute while Memo (77th) and Sumit Passi (78th) scored two goals in quick succession to take the game away from Goa.Mourtada Fall scored the only goal of the match in the 33rd minute for FC Goa.The five changes made by Cesar Ferrando in the form of Gaurav Mukhi, Pablo Morgado, Robin Gurung, Bikash Jairu and Pratik Chawdhury worked [email protected] were on fire tonight as they scored 4 goals and secured their first ever win over @FCGoaOfficial!More videos: https://t.co/8jtqJIjojH#ISLRecap #LetsFootball #HeroISL #FanBannaPadega #JAMGOA pic.twitter.com/FphVd9GnJ6Indian Super League (@IndSuperLeague) November 1, 2018The home side scored in the 17th minute, thanks to Soosairaj. Cidoncha’s corner was headed down by Memo inside the box, which fell on the feet of Pratik.Pratik fed Soosairaj with the perfect pass and the former Chennai City FC winger slotted the ball home.After starting the game on a defensive note, FC Goa slowly came out of their shell and started attacking.The visitors equalised in the 32nd minute when Fall headed home from a Hugo Boumous’ free-kick.Soosairaj again got his team the lead with a brilliant strike after change of ends.He exchanged a one-two with Sergio Cidoncha in their own half before forwarding a through ball down the left flank. Soosairaj outpaced Seriton Fernandes, entered the penalty box and chipped the ball over Mohammad Nawaz, who had come off his line.advertisementGoa lacked flair in the attacking third and failed to trouble the Jamshedpur FC defence as the second half progressed.Memo consolidated Jamshedpur’s lead in the 77th minute converting a rebound.Michael Soosairaj turned on the heat against @FCGoaOfficial and bagged a brace as @JamshedpurFC ran riot! He is the Hero of the Match!#HeroISL #LetsFootball #JAMGOA #FanBannaPadega pic.twitter.com/m4owDcUhsBIndian Super League (@IndSuperLeague) November 1, 2018Passi’s strike just a minute after Memo’s goal was the final nail in FC Goa’s coffin.Jamshedpur FC moved to the second position on the league table with 10 points from six matches. Goa are currently placed third.(With inputs from PTI)
Do you ever watch an OSU game and think, “This is taking forever?”There’s a reason for that. College football games are at an all-time high in terms of length and Oklahoma State games take the longest. Dennis Dodd of CBS Sports wrote a very interesting piece on that phenomenon and its contributing factors.Oklahoma State ranked first (or last, depending on how you look at it) in average game length at 3:57. He did qualify the two back-to-back weather delays against Pitt and Baylor. If you remove those, the Cowboys are still ninth on his list.“An average Oklahoma State game lasts three minutes short of that four-hour mark. The Wall Street Journal in September reported it was possible to fly from Los Angeles to Washington, D.C. in less time than it took to play a college football game.”He brings a very interesting point that “fast-paced” offenses actually tend to drag the overall length of the game out. It makes senses. With each first down, each incomplete pass, each score, each change of possession you’re stopping the clock.Another reason given is the steady increase in the use of official reviews.“A record 727 games last season included at least one review stoppage. Through nine weeks, that record was on pace to be shattered — 765 games before the bowls even kick off.”Big 12 commissioner and chairman of the NCAA’s Football Oversight Committee offered a possible solution.“If we decided we weren’t going to kick off anymore or only kickoff in certain situations, you save a fair amount of time then,” said Bowlsby, also the Big 12 commissioner. “That’s exactly why we put the oversight committee together — to take a holistic look at it. It’s going to continue to be on our agenda.”Whether such drastic changes are made or not, it does not appear that game length has negatively affected TV ratings. Although this weekend’s game against Texas Tech which could legitimately last five hours might challenge that.What about you? How do you feel about committing half of your Saturday to watch a football game? Let us know how you feel in the comment section.If you’re looking for the comments section, it has moved to our forum, The Chamber. You can go there to comment and holler about these articles, specifically in these threads. You can register for a free account right here and will need one to comment.If you’re wondering why we decided to do this, we wrote about that here. Thank you and cheers!
zoomIllustration. Source: Pixabay under CC0 Creative Commons license Germany’s shipbuilder Flensburger Schiffbau-Gesellschaft (FSG) has been acquired by the investment company Tennor Holding.Following the acquisition of all remaining shares in FSG from Siem Europe, Tennor Holding has become the sole owner of the Flensburg-based shipyard.In February of this year, Tennor — formerly Sapinda Holding — became the principal shareholder in the business. Tennor then agreed to purchase 76% of the shares in FSG. As explained, the investment has been part of FSG’s reorganization aimed at ensuring the continuation of the shipyard’s business operations.Siem Europe first became a shareholder in FSG in September 2014 and over the past five years has been the main purchaser of vessels produced at the yard, which has included the construction of eight large roll-on/roll-off (RoRo) vessels.On August 30, 2019, FSG handed over the seventh RoRo newbuilding to Siem. Named Leevsten, the 32,887 GT ferry features a length of 209.8 meters and a width of 26 meters.The eighth ship currently being built for Siem is scheduled to be launched at the end of October this year, according to FSG.
Las Vegas: Tyson Fury overcame a bloody cut over his right eye to pound out a unanimous decision over Sweden’s Otto Wallin and set up a lucrative heavyweight rematch with Deontay Wilder. Fury remained unbeaten in 29 fights and retained his claim to the lineal heavyweight title against a fighter who was little known but gave the big Englishman all he could handle. With blood streaming down his face, Fury dominated from the middle rounds on in what was supposed to be little more than a tune up fight for his scheduled February rematch with Wilder. Also Read – Puducherry on top after 8-wkt win over Chandigarh He was a 30-1 favorite at fight time, but after being cut in the third round had to reach deep to pull out the win on Saturday night. The three ringside judges had Fury winning by scores of 118-110, 117-111 and 116-112. The Associated Press had Fury winning 116-112. “It’s all heart and determination,” Fury said. “If I can keep going, I keep going. Otto is a great Swede, a Viking warrior.” Fury was cut over his right eye in the third round, and it clearly bothered him as the fight went on. Blood flowed down the right side of his face and stained his trunks, and Fury kept wiping at the cut to try and keep the blood out of his eye. Also Read – Vijender’s next fight on Nov 22, opponent to be announced later Referee Tony Weeks stopped the fight briefly in the sixth round for the ringside doctor to look at the eye. When the fight resumed, Fury fought at a quicker pace, seemingly realizing he might be running out of time. With renewed determination, he kept the pressure on Wallin the rest of the way to cement a huge payday against Wilder, who he fought to a draw in December. “Deontay Wilder, I want you next,” Wilder said. Wallin was still fighting hard in the final round, stunning Fury with a right to the head and chasing him around the ring in search of a knockdown that never came. Wallin, fighting for only the second time in the U.S., suffered his first defeat to fall to 20-1. “I did everything I could, I tried my best,” Wallin said. “Tyson is a great fighter.” Much of the fight was fought at close range, as the two men brawled on the inside. That was particularly true in the later rounds, as Fury (29-0-1) tried to land uppercuts and Wallin kept punching at Fury’s bloody right eye. Fury earned a reported 12 million for the fight, part of a deal with promoter Bob Arum, who scooped him up after the Wilder fight. He will earn a lot more against Wilder, who still must beat Luis Ortiz in November to make the February rematch happen. Arum said Fury stepped up the pace after the cut over his eye was ruled to be from a punch. Had the fight been stopped early because of the cut Wallin would have won. “It was a courageous performance, a terrific fight,” Arum said. “We knew the Swede wasn’t a quitter. But Tyson’s a real warrior. That’s why they call him the Gypsy King.” Fury came into the ring behind a mariachi band, wearing a pancho and a sombrero to stake his claim to fighting on Mexican Independence Day weekend in Las Vegas. But he quickly found himself in a rough and tumble battle with Wallin, who was plucked from obscurity to be Fury’s opponent. Wallin had his moments in the fight, but never seemed to really hurt Fury. Fury started landing cleaner punches as the fight went into the later rounds and when he wasn’t punching at Wallin he was leaning his 6-foot-9 256 1/2-pound fame on him. Wallin fought hard, but seemed to be tiring in the later rounds as Fury built up a lead on the scorecards. Wallin was trying to score the biggest win for a Swedish heavyweight since Ingemar Johnansson defeated Floyd Patterson for the heavyweight title in 1959.
HUMBOLDT, Sask. – Brenden Prokopchuk wrote Dayna Brons a love letter for their five-year anniversary, not knowing she would die a few weeks later.He told her that he was lucky to have her as his best friend and he looked forward to their next 50 years together. Prokopchuk read the letter aloud at her funeral Wednesday in Humboldt, Sask.He broke into sobs as he walked off a stage in the arena and was enveloped in hugs from family and friends.Brons, 24, was the athletic therapist for the Humboldt Broncos junior hockey team. She was injured after the team’s bus and a semi truck collided as the Broncos were on the way to a playoff game in northeastern Saskatchewan on April 6.She died five days later in hospital, the 16th person to be killed in the crash. Nine others remain in hospital, including two in critical condition.People filed into the Humboldt rink wearing Brons’s favourite colour, green, as well as green Humboldt Broncos jerseys to honour the young woman described as sunny, independent and tenacious.Brons was raised on a farm in nearby Marysburg and attended school in Lake Lenore, Sask., where her family says she loved sports and was one of the few girls to play hockey.She also played the saxophone. And she was an altar server at her family’s Catholic church.After graduation, Brons studied kinesiology at the University of Regina, where she met Prokopchuk.It took her four months to notice him, he told those gathered. He asked her out for sushi and they became an instant couple.Brons eventually moved to Calgary to study athletic therapy and, when she was finished, moved to Saskatoon with Prokopchuk. She worked there for an elite lacrosse team and at a Saskatchewan Roughriders football training camp in 2016. She joined the Broncos the same year.“Once hockey season started, she was excited to sign a contract with the Humboldt Broncos,” said the funeral program.Brons often brought her beloved dog to work, friend Curtis Strueby said in his eulogy. The animal would run around the team’s dressing room and sit on the logo in the middle of the floor.The players loved the dog anyway and they treated Brons like a teammate, Strueby said.On several road trips, when the team stopped to eat at a restaurant, some players would claim it was Brons’s birthday to get free dessert. She usually broke the truth to staff and had the players pay for it.She loved being part of a team, said Strueby, who also taught Brons in high school and coached her in basketball.She was selfless, he said. She volunteered and donated blood.And she was always smiling.“She was fantastic, reliable, really not fazed by anything,” he said.Ralph Viczko, her high school principal, said after the service that Brons was so many things.“Dayna was a really well-rounded kid,” he said. “It was athletics. It was music. It was band. It was ball.”Honour guards for the funeral included Broncos and SWAT lacrosse alumni, along with athletic therapists from across the country, who brought their trademark fanny packs in tribute.