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<p>The IDC and its financing subsidiaries recorded a loss of R3 billion for the year ended March, compared to a profit of R226 million in the previous financial year. A large contributor was a drop in the value of the IDC’s listed share portfolio. Sasol alone set the IDC back R22 billion, as the share price plummeted due to the Lake Charles Project challenges and the oil price war. Joining us to review those numbers is Tshokolo Nchocho, CEO of the Industrial Development Corporation.</p>


Tshokolo Nchocho on how the IDC is responding to COVID-19 crisis


<p>By Chris Bishop.</p>



<p>President Cyril Ramaphosa urged South Africa business not to throw in the towel in the face of COVID-19 for fear that it could many other send companies under.</p>



<p>Several times in his speech, President Ramaphosa referred to the damage COVID-19 is doing to an economy already reeling from a down grade to junk by Moody’s last week. This week, the South African Reserve Bank warned that the lockdown could cause 370,000 people to lose their jobs and force 1,600 businesses to go under.</p>



<p>“I would like to appeal to all&nbsp; large businesses not to resort to &nbsp;force majeure and stop paying their suppliers and rental commitments , as such practice has a domino effect on all other businesses dependent on that chain,” says President Ramaphosa in a broadcast to the nation.</p>



<p>President Ramaphosa said cabinet would be working towards a comprehensive support plan for the economy during the lockdown that has been extended to the end of April.</p>



<p>For now, the government is trying to pour tranches of cash into the economy to try to keep money in workers’ pockets and food on the table.</p>



<p>President Ramaphosa applauded employers who continued to pay salaries during the lockdown and said R40 billion was in the UIF – unemployment insurance fund – to help workers who had lost income. He said R356 million had been paid out since the lockdown.</p>



<p>Small businesses could claim from a R500 million relief fund and R1.2 billion would be put up to help small scale farmers survive the lockdown, in which the food supply is a huge concern.</p>



<p>The Solidarity Fund – set up at the lockdown by the President – gathered R500 million in its first week and has now raised R2.2 billion. &nbsp;It has spent a billion Rand on gloves, test kits and will set aside R400 million to help poor households.</p>



<p>On top of this, Vodacom has given 20,000 cell phones to health workers to help them use an app in the fight against COVID-19. The Industrial Development Corporation has set aside R3 billion to buy essential medical supplies. &nbsp;</p>



<p>President Ramaphosa also pledged that his deputy, ministers and their deputies, plus the provincial premiers, would all give a third of their salary for the next three months to the Solidarity Fund.</p>



<p>“We shall recover. We shall overcome. May God bless South Africa and protect her people,” concluded Ramaphosa as he concluded his speech announcing the two week extension to the lockdown. &nbsp;</p>



<p>Certainly, South African business is likely to welcome all the help it can get.</p>


ArcelorMittal South Africa fined R3.64 million over hydrogen sulfide emissions

Why business should not throw in the towel in the face of COVID-19

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Industrial Development Corporation CEO, Tshokolo Nchocho spoke to CNBC Africa’s Chris Bishop about the IDC’s role in driving investment into South Africa’s mining sector.</p>


#MiningIndaba2020: IDC CEO: Here’s is how much we are looking to invest into mining in 2020

#MiningIndaba2020: IDC CEO: Here’s  how much we are looking to invest into mining in 2020

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<p>Following the news of Telkom’s planned job cuts, the company sited spectrum and data regulations as one of the reasons for the company’s strategy change. So where does this leave the other giants in the telecoms sector with regard to the same issues. Sabelo Dlamini, Senior Research and Consulting Manager at the International Data Corporation joins CNBC Africa for more.</p>


What lies ahead for SA’s telecoms sector?

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<p>The Competition Commission of South Africa recently announced that South African telecoms companies MTN and Vodacom must reduce the prices of their mobile data. While consumers rejoiced at this news, critics argued that the commission had overreached. Sabelo Dlamini, Senior Research and consulting Manager at the International Data Corporation of South Africa says that he thinks the competition commission did not take the right approach to this. He joins CNBC Africa for more.</p>


Competition Commission of SA rides ‘data must fall’ wave

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<p>The Industrial Development Corporation’s funding activities have approved annual funding of R3 billion for funding of women-owned businesses. However, for one of South Africa&#8217;s biggest industries, funding approvals for the mining sector declined on a year-on-year basis. Joining CNBC Africa for more is Tshokolo Nchocho, CEO,IDC.</p>


IDC funding takes a hit as economy bites

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<p>According to International Data Cooperation (IDC), a total of 22.4 million smartphones were shipped into Africa during the second quarter of 2018. Mara phones, first ever made in Africa smartphones are already in the market ready to compete with big players and provide solutions to African needs. Ashish Thakkar, CEO of Mara Phone joins CNBC Africa for more.</p>


Mara Phone CEO Ashish Thakkar on building high quality affordable smartphones

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<p>Exponential technologies within business practices are rapidly changing the business landscape worldwide. But is Africa ready for this? A workshop themed “The Fourth Industrial Revolution” was held recently at the Industrial Development Cooperation in Sandton. The current impact of this revolution on South African businesses &#8211; in the context of financial inclusion, was discussed at this conference. CNBC Africa’s Chris Bishop asked Karabo Morule from Old Mutual how financial institutions will bring this to the mass population in South Africa’s smaller towns.</p>


How SA’s financial sector will implement inclusive 4IR development

<p>Land Bank CEO Tshokolo Nchocho has been appointed the new CEO of the Industrial Development Corporation, he replaces Geoffrey Qhena, who was at the helm for 13 years.</p>
<p>Nchocho has both academic qualifications and extensive experience in development finance and banking. He holds a B Com from the University of the North, a Master of Business Leadership from UNISA and a Masters degree in Development Finance from the University of London; and an Advanced Management Programme from the Harvard Business School. His experience in development finance and banking stretches over a 28-year period, including a lengthy period at the Development Bank of Southern Africa and as the CEO of the Land Bank.</p>
<p>The board is yet to finalise Nchocho’s commencement date at the IDC.</p>
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<p>Under Qhena&#8217;s watch, investment in green energy has increased significantly and the IDC introduced its black industrialists programme.</p>
<p>In the past five years the IDC investment commitments totalled R72 billion, an increase of 30% compared to the previous corresponding period. These investments in turn attracted a large level of private sector investments, bringing the investment level to R176 billion and creating or saving 105 822 direct jobs.</p>


IDC appoints new CEO

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<p>Geoffrey Qhena has resigned as CEO of IDC, Qhena stepped down after a 13-year period at the helm, he joins CNBC Africa to discuss his legacy.</p>


Geoffrey Qhena reminisces on his journey at the IDC

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<p>Geoffrey Qhena has resigned as CEO of IDC, Qhena stepped down after a 13-year period at the helm, he joins CNBC Africa to discuss his legacy.</p>


Why IDC CEO Geoffrey Qhena is stepping down after 13 years at the helm

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<p>The 15th edition of the BCX SuperSport Shootout wrapped up on Sunday at the Legend Golf and Safari Resort in Limpopo. Captains of Industries, sporting legends and politicians teed off at the 19-hole golf course for a generous cause.</p>


15th edition of the BCX SuperSport Shootout

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<p>The Ghana and South Africa government to government engagement is currently taking place at the IDC in Sandton. So far there is robust discussion about the government policies.</p>


Minister Rob Davies on how SA can benefit from trade with Ghana

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<p>CNBC Africa&#8217;s Bronwyn Nielsen spoke to Busi Mabuza, Chairperson, IDC to discuss South Africa’s agenda at the 48th World Economic Forum.</p>


IDC wants to extend its reach to rural areas

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<p>CNBC Africa’s Bronwyn Nieslsen caught up with Geoffrey Qhena, CEO of IDC to discuss investments on the African continent.</p>


SA companies urged to cash in on the rapid rise in renewables

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<p>South Africa&#8217;s Industrial Development Corporation released its financial results in Polokwane yesterday with the key highlights including a profit growth to R2.2 billion and an increase in funding approvals to R15.3 billion.</p>


IDC delivers strong results despite tough market

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<p>The inaugural SheEO SleepOut is around the corner, taking place at the Union Buildings on August 8 &#8211; a day before Women&#8217;s Day. The event aims to engage business as a force for change in society.</p>


IDC

Tshokolo Nchocho on how the IDC is responding to COVID-19 crisis

Why business should not throw in the towel in the face of COVID-19

#MiningIndaba2020: IDC CEO: Here’s how much we are looking to invest into mining in 2020

What lies ahead for SA’s telecoms sector?

Competition Commission of SA rides ‘data must fall’ wave

IDC funding takes a hit as economy bites

Mara Phone CEO Ashish Thakkar on building high quality affordable smartphones

How SA’s financial sector will implement inclusive 4IR development

IDC appoints new CEO

Geoffrey Qhena reminisces on his journey at the IDC

Why IDC CEO Geoffrey Qhena is stepping down after 13 years at the helm

15th edition of the BCX SuperSport Shootout

Minister Rob Davies on how SA can benefit from trade with Ghana

IDC wants to extend its reach to rural areas

SA companies urged to cash in on the rapid rise in renewables

IDC delivers strong results despite tough market

IDC’s Busisiwe Mabuza speaks about 2017 SheEO SleepOut challenge

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Advertise With Us

IDC

Tshokolo Nchocho on how the IDC is responding to COVID-19 crisis

Why business should not throw in the towel in the face of COVID-19

#MiningIndaba2020: IDC CEO: Here’s how much we are looking to invest into mining in 2020

What lies ahead for SA’s telecoms sector?

Competition Commission of SA rides ‘data must fall’ wave

IDC funding takes a hit as economy bites

Mara Phone CEO Ashish Thakkar on building high quality affordable smartphones

How SA’s financial sector will implement inclusive 4IR development

IDC appoints new CEO

Geoffrey Qhena reminisces on his journey at the IDC

Why IDC CEO Geoffrey Qhena is stepping down after 13 years at the helm

15th edition of the BCX SuperSport Shootout

Minister Rob Davies on how SA can benefit from trade with Ghana

IDC wants to extend its reach to rural areas

SA companies urged to cash in on the rapid rise in renewables

IDC delivers strong results despite tough market

IDC’s Busisiwe Mabuza speaks about 2017 SheEO SleepOut challenge

News Tips

Advertise With Us

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