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[1/3] One of Tiger Brands' most popular beverage products, Oros, is seen during production at a manufacturing facility in Germiston, South Africa November 17, 2022. This investment, sometimes at the cost of essential capital expenditure, will eventually be passed onto consumers, making food prices higher for longer, food companies, economists and lobby groups told Reuters. It comes at a time when South Africa is already struggling with acute unemployment, 14-year high interest rates and ballooning inflation and complicates efforts of the South African Reserve Bank (SARB) to ease interest rate hikes. Poultry producer Astral (ARLJ.J), diversified food producers AVI (AVIJ.J) and RCL Foods (RCLJ.J) have indicated in their recent earnings statements the mitigating measures would eventually translate into higher food prices. The listed food producers have collectively lost almost 15% in their market value since the beginning of the year.

Persons: James Oatway, Derek McKernan, Kobus, Pieter Taljaard, Thomas Funke, Charles Rossouw, Rosle, Cloete, Gertenbach, Tannur Anders, Anait, Promit Mukherjee, David Evans Organizations: Tiger Brands, REUTERS, Reuters, South African Reserve Bank, Reuters Graphics, Premier, RCL, Grain SA, Cane Growers ' Association, Food, Agricultural, Thomson Locations: Germiston, South Africa, JOHANNESBURG, Africa

☆ South African rand hits new low amid dollar strength, poor outlook
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

JOHANNESBURG, May 30 (Reuters) - The South African rand hit a record low on Tuesday on the back of a strengthening dollar and souring local investor sentiment that has seen massive capital outflows from the country. At 1518 GMT, the rand traded at 19.690 against the dollar , about 0.09% weaker than its previous close. Greg Davies, head of wealth at asset manager Cratos Capital, said South Africa was now a less desirable investment destination for international investors due to the local power crisis. "We've had poor results coming from Tiger Brands and Pepkor; two companies closely followed by foreigners," said Casparus Treurnicht, analyst and portfolio manager at Gryphon Asset Management. Tiger Brands shares crashed by more than 16%, while major retailer Pepkor (PPHJ.J) lost over a tenth of its market value.

Persons: Warren Venketas, Greg Davies, We've, Casparus Treurnicht, Alexander Winning, Tannur Anders, Rachel Savage, Sonia Cheema, Alison Williams Organizations: greenback, Cratos, Johannesburg Stock Exchange, Tiger Brands, Gryphon Asset Management, Thomson Locations: JOHANNESBURG, South Africa, Johannesburg

☆ South Africa's consumer goods firms warn of much higher prices as power cuts bite
▼ + stars: | 2023-02-08 | by ( Nqobile Dludla | ) www.reuters.com time to read: +2 min

[1/2] A shopper looks for goods during an electricity load-shedding blackout in Johannesburg, South Africa, February 12, 2019. Food, consumer goods companies and retailers in South Africa are cranking up diesel generators and spending more on back up power supplies, adding to the pressure from soaring costs for raw materials, transportation and packaging. In an open letter to President Cyril Ramaphosa, the chief executives of member companies of the Consumer Goods Council of South Africa pleaded for urgent and decisive action from the government to solve the power crisis. Shoprite has said its additional spend on diesel to operate generators amounted to 560 million rand ($32 million) in the six months to Jan.1. Supermarket group Pick n Pay (PIKJ.J) spent 346 million rand in the 10 months to Dec. 25 to run generators, and is currently spending about 60 million rand per month.

☆ In meat-loving South Africa, climate concerns whet appetite for veggie burgers
▼ + stars: | 2022-11-03 | by ( Tim Cocks | ) www.reuters.com time to read: +4 min

[1/5] Workers prepare a plant-based polony used as an alternative or meat substitute at meat processor Feinschmecker, in Germiston, in the East Rand region of Johannesburg, South Africa, October 11, 2022. That could be heartening for climate scientists, who say shifting diets from emissions-heavy meat and dairy towards more plant-based foods is vital to the fight against climate change. Plant-based meat substitutes are growing by 6.5% a year and sales are expected to reach $561 million by 2023, according to Research and Markets - more than half Africa's share of a global market forecast to hit $162 billion by 2030. But the popularity of veggie alternatives would have been unthinkable even a decade ago and the market is outstripping forecast growth for meat. She gave up meat over climate concerns and her diabetes.

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