Grain SA expressed its disappointment with the Johannesburg Stock Exchange's (JSE) decision not to retain the Multiple Reference Point (MRP) model for calculating soybean location differentials. The agricultural organization argues that this step ignores years of research and could put producers, who are already facing growing financial pressure, at a disadvantage.
In Grain SA's view, the JSE's decision to revert to a single reference point system failed to adequately explain why the MRP model did not meet the exchange's own evaluation criteria after a two-year pilot project. However, the JSE stated that it carefully reviewed market participants' proposals before deciding to return to the existing methodology.
The exchange reported that the review identified 'structural and operational limitations' that undermined confidence in the MRP model, including difficulties in obtaining accurate and verifiable data on soybean processing. Furthermore, feedback from stakeholders indicated that the MRP methodology was not considered sufficiently simple, clear, or practical by all participants.
Despite the criticism, Grain SA emphasized that the MRP model was developed in response to the JSE's own call for industry participants to propose alternatives to the current pricing system, which they believe incorrectly reflects regional differences in soybean demand. The organization worked with independent scientists and technical specialists to create this model, which was tested on a soybean futures contract over two marketing seasons.
According to Grain SA, the pilot project was supposed to be evaluated based on five agreed criteria: trading volumes, market participation, inventory management in zero differential zones, re-shipment of JSE warehouse receipts, and stakeholder feedback. Grain SA questioned whether the recommendations of the technical committee established to evaluate the pilot were adequately reflected in the JSE's final decision.
GrainSA expressed concern that the JSE's final decision and justification lacked sufficient, criterion-by-criterion transparent explanation refuting the agreed assessment system. The organization also argued that the exchange placed too much emphasis on issues related to soybean processing data without fully considering the overall performance of the model.
Grain SA noted that the concentration of soybean processing facilities led to information asymmetry, where key market information remains in the hands of a limited number of industry participants. They believe that data collected under the Agricultural Produce Marketing Act could be made available in an aggregated and confidential format to improve the calculation of soybean location differentials.
The agricultural body added that the existing single reference point methodology also relies on historical information, raising questions about the consistency of applying the data limitations identified by the JSE when comparing the two methodologies. Grain SA presented factual data demonstrating that the MRP model could function effectively and represented a significant improvement in eliminating distortions associated with a single reference point.
Grain SA warned that grain and oilseed producers operate under severe financial pressure, characterized by narrow margins, rising raw material costs, and significant production risk. They state that they cannot afford additional inefficiencies caused by the location differential methodology, which may not reflect the geographical distribution of soybean production and consumption.
Market participants were invited to submit their comments on this proposal by August 14, 2026. Grain SA stated that it would continue to advocate for the location differential methodology, which is transparent, evidence-based, and fair to all market participants.
Adani Green Energy reported consolidated net profit attributable to the parent company's shareholders, which increased by 18.5% compared to the previous year, reaching 845 crore rupees for the quarter ending June 30, 2026.
In the corresponding quarter of the last fiscal year, the company recorded profit attributable to owners amounting to 713 crore rupees. This consistent growth showed an increase in shareholder profit more than twofold compared to the March quarter, when it was 397 crore rupees.
The group's total consolidated profit, including non-controlling interests, grew by 19.3% to 983 crore rupees compared to 824 crore rupees a year earlier. Of this profit for the June quarter, 138 crore rupees belonged to non-controlling interests, whereas last year this amount was 111 crore rupees.
Revenue from power supply increased by 29.2% year-on-year, totaling 4,280 crore rupees compared to 3,312 crore rupees. Total operating income, which includes the sale of electricity, equipment, and related services, as well as other operating income, grew by 16.6%, reaching 4,431 crore rupees from 3,800 crore rupees.
Other income increased by 12.6% to 232 crore rupees, leading to a total revenue of 4,663 crore rupees, which is 16.4% more than 4,006 crore rupees.
EBITDA from power supply grew by 32.6% to a quarterly record of 4,122 crore rupees, up from 3,108 crore rupees. The core EBITDA margin expanded to 94% from 93%. Cash profit increased by 27.6%, amounting to 2,225 crore rupees versus 1,744 crore rupees. The company defines cash profit as profit after tax plus depreciation, deferred tax, and exceptional items.
Consolidated expenses rose by 13.9% to 3,473 crore rupees from 3,050 crore rupees. Interest expenses increased by 31.2% to 2,001 crore rupees, while depreciation and amortization expenses grew by 33.8% to 1,026 crore rupees. Other expenses increased by 28% to 389 crore rupees.
However, the cost of equipment and goods sold decreased to 35 crore rupees from 421 crore rupees, reflecting a lower volume of equipment sales during the quarter. Personnel costs decreased to 22 crore rupees from 33 crore rupees.
Profit before share of associates and joint ventures, exceptional items, and taxes increased by 24.5% to 1,190 crore rupees. Exceptional charges decreased to 2 crore rupees from 17 crore rupees. Consequently, profit before share of associates and joint ventures and taxes rose by 26.5%, reaching 1,188 crore rupees from 939 crore rupees. The exceptional charge was related to unamortized borrowing costs and early repayment penalties following refinancing or repayment of borrowings by a subsidiary.
Profit after tax, but before share of associates and joint ventures, grew by 30.8% to 925 crore rupees. Share of profit from associates and joint ventures decreased by 50.4% to 58 crore rupees from 117 crore rupees.
Adani Green's renewable generation operational capacity increased by 27.4% year-on-year to 20,142 megawatts (MW) as of June 30, 2026, compared to 15,816 MW. During the quarter, capacity increased by 848 MW compared to 19,294 MW at the end of March.
The company reported an annual addition of new renewable energy projects amounting to 4,327 MW, of which 3,051 MW was solar energy, 684 MW was wind, and 592 MW was a hybrid solar-wind installation. According to the operational statement on page 28 of the document, solar capacity reached 14,207 MW, wind reached 2,670 MW, and hybrid reached 3,266 MW by the end of June.
Energy sales volume grew by 30.3% to 13,657 million units from 10,479 million units. Solar sales increased to 7,653 million units, wind to 2,516 million units, and hybrid to 3,488 million units.
During the quarter, Adani Green commissioned 1,972 megawatt-hours (MWh) of battery energy storage system capacity in Howda, bringing the total installed reserve to 3,551 MWh. The company stated that it plans to add over 10,000 MWh of energy storage capacity by the 2027 fiscal year and aims for 50,000 MWh by 2030.
The operational portfolio of renewable energy in Howda increased to 10,262 MW from 5.6 GW the previous year. Of this total, 9,520 MW constituted Adani Green's own generation capacity, and 742 MW was capacity created for other Adani group companies.
Adani Green aims to achieve 30 GW of renewable capacity in Howda by 2029.
CEO Ashish Khanna stated that the company started the 2027 fiscal year with strong momentum, ensured by disciplined execution of tasks that allowed it to cross the 20 GW milestone. Khanna added that the expansion of the renewable energy portfolio helped the company meet the growing demand for clean energy, and storage will play a crucial role in ensuring round-the-clock reliability and grid stability.
Rising inflation to a two-year high in June has increased pressure on the South African Reserve Bank (SARB) ahead of the Monetary Policy Committee (MPC) meeting scheduled for Thursday. SARB Advisor Lesetja Kganyago is leading this process.
According to Statistics South Africa (Stats SA) data published on Wednesday, annual consumer inflation accelerated to 5% in June, which was higher than market expectations of 4.7% and higher than May's figure of 4.5%. This marks the fourth consecutive monthly increase and the highest since June 2024, when inflation reached 5.1%.
The main driver of the acceleration was high fuel prices, caused by rising global oil prices linked to the conflict involving Iran. This sharply increased transport inflation and strengthened assumptions about a potential further interest rate hike by the central bank.
Monthly consumer price growth was 0.7%, consistent with May's level. Transport became the main factor in inflation: annual price growth in this category accelerated to 12.7% from 9.4% in May. Over the past year, fuel prices have risen by 34.3%, with diesel increasing by 50.8% and petrol by 31.7%, reflecting higher international oil prices.
The rise in fuel costs quickly reflected in public transport. Inflation in passenger transport grew to 12.5% year-on-year from 4% in May following monthly fare increases: 11.5% for minivans, 8.7% for ride-hailing services, 8.4% for intercity buses, and 3.7% for school transport.
Housing and utilities are also exerting inflationary pressure: annual inflation in this sector reached 5.5% due to a 6.9% increase in water supply costs and a 3.9% rise in electricity, gas, and other fuel prices. Furthermore, core inflation, excluding food, fuel, and energy prices, accelerated to 4.1%, the highest level since September 2024, indicating entrenched underlying price pressures.
Dr. Elna Moolman, Head of Macroeconomic Research at Standard Bank Group in South Africa, noted that inflation remains significantly above SARB's target of 3%, despite recent growth being largely driven by external energy shocks. She emphasized that SARB has already acted more aggressively than many global counterparts, tightening monetary policy after the start of the conflict with Iran.
Moolman stated: 'At the same time, SARB is one of the few central banks in the world that has raised rates since the start of the war in Iran, and South Africa's interest rates are already quite high.' She added that if SARB continues to raise rates, it could mark the end of the hiking cycle, and they believe that after the war ends and oil prices significantly decrease, the bank can begin lowering rates towards the 6% target.
Nedbank economists Johannes (Matimba) Hosa and Nikki Wymar also forecast a 25 basis point repo rate hike, warning that geopolitical events have significantly increased the risks of inflation growth. They pointed out that the collapse of the truce between the US and Iran two weeks ago once again disrupted shipping through the Strait of Hormuz, raising Brent crude oil prices from around $72 per barrel on July 7th to approximately $93 per barrel, increasing the likelihood of further fuel price increases.
These analysts predict that overall inflation will reach around 3.6% by the end of the year, and an average of 3.7% in 2026, but risks to inflation forecasts remain skewed towards upside, mainly due to uncertainty related to the US-Iran conflict. They specifically noted that further disruptions or a potential closure of the Strait of Hormuz could exacerbate oil shortages and trigger a sharp rise in global oil prices, leading to a new moderate increase in domestic fuel prices.
Meanwhile, FNB economist Ame Muller believes that the updated model shows a slowdown in overall inflation to 4.4% in July, with the monthly increase of 0.5% being mainly driven by utility and electricity expenses, while remaining controlled in most other categories. Muller noted: 'Encouragingly, oil prices have fallen from recent highs, reducing some immediate pressure. However, geopolitical uncertainty remains high, and SARB is unlikely to place much weight on what may be a temporary easing of energy prices.' He concluded: 'Against this backdrop, and considering recent inflation expectations results suggesting that inflationary shocks are beginning to affect the perception of inflation in the medium and long term, we continue to expect a further 25 basis point repo rate hike.'
TikTok will return to the focus of political debate in the United States. On September 15, the director of security for the platform's American operation is scheduled to testify before Congress.
Will Farrell, who holds the position of Director of Security for TikTok in the United States, has been called to appear before the House of Representatives Special Committee focused on China. He will answer questions related to cybersecurity and data privacy, addressing the company's new organization and its mode of operation in the country.
This hearing marks the first time a TikTok executive has publicly appeared before the House since the Chinese parent company, ByteDance, finalized the separation of the American operation from its other global businesses in January.
This restructuring was a response to legislation passed in 2024, which required ByteDance to either sell the application or risk its ban in the United States. Lawmakers argued that the company could be vulnerable to influence from the Chinese government, which would constitute a national security risk.
Even after the agreement was reached, ByteDance maintained a 19.9% stake in the American operation and provided little detailed information about the new setup. The central topics planned for the session include: user data protection and privacy; the cybersecurity measures implemented by TikTok; ByteDance's participation in the American operation; and the structure of the new entity responsible for the app in the US.
Members of parliament will also investigate the role played by President Donald Trump in the negotiations that led to the company's division. Since the agreement was concluded, ByteDance has disclosed scarce information about how the American operation was structured. Currently, TikTok in the United States belongs to TikTok USDS Joint Venture LLC, a company formed by Oracle, Silver Lake, and the investment manager MGX, based in Abu Dhabi.
Adam Presser, who is the CEO of TikTok in the United States, will not participate in the session scheduled for September. On the other hand, Shou Zi Chew, the platform's global CEO, received an invitation from the Senate to testify on child online safety, although the committee has not yet set a date for this.
With the September hearing, Congress will have the inaugural opportunity to publicly question a TikTok representative since the finalization of the American operation's restructuring.
