Category: 2021 Newsletter October

Uniform Rules for Digital Trade Transactions (“URDTT”)

Uniform Rules for Digital Trade Transactions (“URDTT”)

The International Chamber of Commerce (“ICC”) has published the Uniform Rules for Digital Trade Transactions (“URDTT”), which constitute the international laws of trade financing practice, and came into force on 1 October 2021. You can read the rules here.

Background

Work on the URDTT began in December 2018 following the realization that there was a lack of rules for digital transactions. The first draft was prepared by the ICC National Committees (“Committees”) at the end of 2019. Since then, the Committees have drafted six different versions of the rules taking into consideration more than 1,500 comments. Finally, the definitive version of the URDTT was published on 1 October 2021.

What is the scope of the new rules?

The URDTT is a comprehensive set of rules designed to cover all parties of digital commerce transactions. Its core mandate is to pave the way for commercial transactions in compliance with the UNCITRAL Model Law. Pursuant to these rules, electronic records will form the basis of commercial transactions rather than any documents or written contracts. Thus, impartiality and uniformity will be ensured in terms of commercial transactions.

The URDTT are intended (i) for a fully digital environment, (ii) to be neutral with regard to technology and messaging standards and, (iii) to extend into the corporate space, including commercial transactions and the growing community of non-bank providers of financial services.[1]

Within the framework of the URDTT, it is possible for importers and exporters to create electronic records for the purchase and sale of goods and services. It will, therefore, provide documents that will prove a buyer’s obligation to pay and a seller’s obligation to sell.

Moreover, the new set of rules also specify how electronic records regarding parties’ obligations are submitted and under which terms and conditions they will be issued.

Conclusion

In today’s world, where digital transactions are becoming more widespread, there is no doubt that the importance of digitalization of the trade industry is one of the most discussed issues in the international dimension. With the new rules, an important step towards adapting to the new world has been taken, providing a standardization of digital transactions and namely, a legal certainty. It is clear that the URDTT rules will be revised according to developing technology, business life and the needs of the markets and thus, new versions could be developed in this regard.

 EXXARO AND SERITI RESOURCES JOIN FORCES WITH ESKOM IN REALISING A JUST ENERGY TRANSITION TO A LOW CARBON FUTURE IN SOUTH AFRICA

 EXXARO AND SERITI RESOURCES JOIN FORCES WITH ESKOM IN REALISING A JUST ENERGY TRANSITION TO A LOW CARBON FUTURE IN SOUTH AFRICA

Johannesburg, 25 October 2021: Eskom, Exxaro and Seriti Resources have announced the signing of a landmark Memorandum of Understanding (MOU) that spells out their intention to pursue, co-operatively and individually, the development of renewable energy projects to lower carbon footprint at their operations. In doing so, the parties aim to create employment and re-skilling opportunities for communities living and working at and around their operations and to take a step towards a just transition to a low carbon future in South Africa.

Exxaro and Seriti are the largest coal suppliers to Eskom, contributing around 80% of Eskom’s coal supply per year. By implementing renewable energy solutions at their Eskom-tied operations and at related Eskom sites, Seriti and Exxaro aim to achieve both carbon reduction and cost savings in the generation and use of electricity at these mines. This is symbiotic with Eskom’s mandate to provide electricity in an efficient and sustainable manner, which includes decarbonising its supply chain.

The first phase of the envisaged project pipeline will see the construction of a number of solar photovoltaic facilities both on-mine and at Eskom sites. These may be behind-the-meter solutions (that is, off-grid) or wheeled solutions, or combinations of the two. The companies have committed to begin the projects as soon as possible, subject to regulatory approvals. Further projects envisaged may include energy storage and possibly wind energy facilities.

Under the MOU, Seriti envisages achieving a reduction in CO2 emissions of up to 350,000 tonnes per annum, more than half of its current emissions of 700,000 tonnes of CO2 equivalent through the consumption of coal-fired electricity generation. In respect of Exxaro – the company envisages achieving a reduction in CO2 emissions of up to 130,000 tonnes per annum at its Matla coal mine, which represents a saving of 70% of the greenhouse gasses with Matla at full production.

André de Ruyter, CEO of Eskom said: “Eskom continues to explore means to lower the cost of coal supplied to its power stations, and this investment allows it to advantage of the low

cost of photovoltaic power This is one of the many initiatives Eskom has embarked on to achieve a NetZero status by 2050.”

Mxolisi Mgojo, CEO of Exxaro said: “This is a significant landmark development in South Africa’s energy transition to a low carbon economy for three of South Africa’s largest players in the mining and energy sectors. The investment in decarbonising our mining operations is a systematic and responsible approach to the energy transition without introducing risk to the country’s electricity generation. The collaboration amongst Exxaro, Seriti and Eskom is exemplary of the possibilities achievable through co-operative and constructive relations between business and government in securing livelihoods and a future for South Africa.”

Mike Teke, CEO of Seriti said: “We recognise that climate change and the need to decarbonise our economies is a significant challenge and imperative for South Africa. But, at the same time, we are very conscious that this needs to be done in such a way that does not destroy our industrial base, or the lives of South Africans that rely on our companies for jobs, enterprise and support: this is the very basis of a just transition. As a company, we are fully committed to decarbonisation and a just transition, and in working with our partners – in business, government, labour and communities – in achieving this.”

For further information:

Eskom:

Sikonathi Mantshantsha +27 83 276 0606

E-mail: mediadesk@eskom.co.za

Exxaro:

Mzila Mthenjane +27 83 417 6375

Tsabeng Ntithe +27 76 371 6810

Seriti Resources:

Alan Fine + 27 83 250 0757

Charmane Russell +27 82 372 5816

A Map of Middelburg to plan your deliveries

A Map of Middelburg to plan your deliveries

The staff of the Middelburg Chamber of Commerce and Industry have gone to the trouble of checking the streets of Middelburg and Mhluzi and producing a printable map of the area. You can order a copy of the map to fit in any room of your business.

We have updated the street names of recently developed areas and linked the streets to a grid. The map can be supplied in the size you require, in black and white, with your logo or in full colour print. Place your order at the Information Office to receive your personalised wall map of our town.

For more information about the map, contact the Middelburg Information Centre on 013 243 2253 or email admin@middelburginfo.com.

Amazing Race says thank you

Amazing Race says thank you

The second Middelburg Amazing Race, organised by the Middelburg Info Centre, took place last Saturday, 16 October 2021. The teams of 4 had a lot of fun. They started at the newly refurbished Middelburg train station and took on challenges to get clues to each destination.

Participants did everything from solving puzzles, tyre races, a maze, grave watching and archery, paddling a boat, and even writing a test about coffee!

The winning team, Quembu Miners, received R10 000, dr Kobus Family R7500 and Suicide Squad R5 000. Middelburg Care Village received a donation of R5000 and Dr Kobus kindly donated his winnings to Feral Care Friends.

Many thanks to the following sponsors who made the day possible: Thos Begbie, Underground Support Solutions, Middelburg Observer, Xpress Newspaper, 3@1 and Mpumalanga Rail Company.

We would also like to thank the places that hosted the challenges this year: MRC, OH Frewin Museum, Daily Coffee, Middelburg Parkrun, Oregon Place Guest House, Middelburg Heritage Committee, Gables Guest House, Middelburg Info, Middelburg Care Village, Retiefs Optometrist, Battlefields, 3@1 and Hermansdal Landgoed. You made the day great fun for all.

Let’s do it again next year!

How will businesses survive the current turmoil in our municipality?

 How will businesses survive the current turmoil in our municipality?

Since the mid-1980s, businesses and the community have had the opportunity to talk to each other and put the hard truth on the table so that we can survive as a community, whatever the future holds.

First, it was the COVID19 lockdown where it became the norm in government departments and local government to “work from home” or only work two to three days a week. Then there was the unrest in Kwa-Zulu Natal and Gauteng, Steve Tshwete Municipality’s (STLM) civil unrest in August, which escalated into the current unsustainable wage increase demand for STLM workers, which is a major concern for companies.

Business is used to working with the municipality. The STLM provides us with their services and we pay for what we use. Will businesses be quiet and accept the extra financial burden that will be placed on us? Will the infrastructure we depend on to be maintained at an acceptable level? How will we manage the additional cost of municipal services, cut jobs? Maintain the infrastructure at our expense? Police our properties and communities to ensure the safety of our people? Or are you as a business prepared to absorb these additional costs?

Is your company or employer a member of the Middelburg Chamber of Commerce and Industry? Do you want to be part of the solution that paves the way for the future, or do you accept the future that is being planned by the municipality. As a non-profit organisation, MCCI is a non-political organisation that only supports the interests of business. Contact the office with your vision and point of view on how you envision our future.