Latest news with #LAP
IOL News
18 hours ago
- Business
- IOL News
Residents learn about multimodal transport benefits in Clairwood meeting
Clairwood residents expressed their views about town planning at a placard protest previously. On Friday, Clairwood residents were informed about how a multimodal transport network and the Cato Ridge inland dry port could help prevent the suburb from becoming a logistics hub. Image: Mthobisi/Nozulela/IOL This week Durban's Clairwood residents were informed about how a multimodal transport network and the Cato Ridge inland dry port could help prevent the suburb from becoming a logistics hub. Warwick Lord, CEO of Cato Ridge Inland Port, gave a presentation to residents in Clairwood on Friday titled: Catalyst for the increased efficiency and sustainability of trade in Sub-Saharan Africa. Desmond D'Sa, coordinator of the South Durban Community Environmental Alliance (SDCEA),called for the meeting. In 2025, the municipality consulted stakeholders on amending the Land Use Scheme in Clairwood to Special Zone 40: Logistics. This aligned with the Local Area Plan (LAP) adopted by the City in 2014. Lord explained that multimodal transport involves using more than one mode of transport to move goods and offers significant benefits, including lower transportation costs, shorter delivery times, and improved reliability. He stated that this will lead to reduced costs, faster deliveries, and more dependable service. 'In Africa, the integration of road, rail, and maritime transport is vital for optimizing supply chains and improving regional connectivity,' he said. Lord added that South Africa acts as a major gateway for trade in Sub-Saharan Africa, with its extensive coastline and advanced port infrastructure. However, he noted that logistical inefficiencies, regulatory challenges, and infrastructural deficits hinder its potential as a regional logistics hub. He emphasized that inland ports are instrumental in developing integrated transport solutions that strengthen logistics corridors, boosting trade competitiveness. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading The country, he said, has well-developed port infrastructure, with major ports handling large cargo volumes. Lord proposed several solutions to strengthen the logistics corridor which includes: - Investment in infrastructure - Development of intermodal facilities - Standardization of processes - Data sharing initiatives - Improved customer services According to Lord, since 9 August 2024 to 3 April 2025, 32 trains have traveled between Durban Port and Cato Ridge, removing approximately 1,408 truck trips from the roads in the past seven months, although December 2024 and January 2025 saw limited volumes. 'The facilities are well-equipped with reach stackers, security generators, and staff. Several local companies are inquiring about capacity and services. We are specifically seeking export clients who can pack goods in Cato Ridge and rail them to the port to ensure balanced loads,' Lord stated. The city's deadline for submissions on the amendment was 8 April 2025. D'Sa described the presentation as excellent and highlighted alternatives that would not involve demolishing residential homes. 'The inland port presentation is an eye-opener and needs political will to be carried through. We did present objections to the city about the rezoning, and we hope we cannot be dictated to and lose our homes. We don't need to build infrastructure such as roads because rail provides a solution," he said.
Scoop
3 days ago
- Business
- Scoop
Updated Alcohol Policy And Keeping Animals Bylaw For Porirua
Updated rules on keeping animals and the sale and supply of alcohol in Porirua will be coming into force. The Keeping of Animals Bylaw 2025 and Local Alcohol Policy (LAP) 2025 have been recently officially ratified by Mayor Anita Baker and Porirua City councillors, following on from consultation (December 2024 to this March) and deliberations and hearings in May. The updated LAP aims to reduce alcohol-related harm in our city, particularly in some of Porirua's most vulnerable communities, while balancing growth in the city and the hospitality industry's needs. After input from the public, health officials, licensing inspectors and police, the policy will manage where and when alcohol can be sold and promotes responsible drinking. New LAP rules include: off-licence premises like bottle stores, grocery stores and supermarkets can only sell alcohol between 9am-9pm no new off-licences are allowed in vulnerable areas without very good reason (Porirua East, Titahi Bay, Elsdon, Takapūwāhia, Kenepuru and the city's CBD) all licences within 100 metres of a sensitive site, such as schools and drug/alcohol treatment centres, will need to do an impact assessment for a new licence or an application to renew. The LAP comes into effect on 18 July, except changes to the off-licence hours, which will take effect on 5 January, 2026. The Keeping of Animals Bylaw 2025, meanwhile, has updated rules to help prevent mess, noise and nuisance by domestic animals in Porirua. It includes new rules for cats (requiring owners to desex, microchip and register their feline), stock, and poultry, as well as new rules for beekeepers. Dogs are already governed by the Dog Control Bylaw.
IOL News
21-06-2025
- Business
- IOL News
UIF tightens oversight after fraud attempts delay employability stipends
The Department of Employment and Labour. The Unemployment Insurance Fund (UIF), which administers the LAP, said a recent review identified weaknesses in administrative processes that had created opportunities for fraudulent claims. Image: Leon Lestrade/ Independent Newspapers Payments of stipends to participants in South Africa's Labour Activation Programme (LAP) have been delayed due to attempted fraud by some partnering companies, the Department of Employment and Labour said on Friday. The Unemployment Insurance Fund (UIF), which administers the LAP, said a recent review identified weaknesses in administrative processes that had created opportunities for fraudulent claims. In response, the UIF is intensifying scrutiny of invoices and attendance records submitted by programme partners to safeguard public funds and restore payment timelines. 'We are strengthening internal controls and verifying records more rigorously to improve accuracy and efficiency,' the UIF said in a statement. As part of its corrective measures, the UIF has begun implementing a new electronic system to streamline stipend payments and has hired short-term contractors to assist with the processing of outstanding invoices. Internal capacity has also been reallocated to support the administration of the programme. While the exact scale of the attempted fraud has not been disclosed, the department confirmed that discrepancies are being investigated and legal action will be pursued against companies found to have submitted false information. Jacky Molisane, acting Director-General of the Department of Employment and Labour, assured participants that sufficient funds are available to cover stipends for the current financial year. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ 'We want to reassure all beneficiaries that payments will be made, but only in line with proper procedures. We are committed to protecting the integrity of the programme,' Molisane said. She cautioned beneficiaries against resorting to disruptive behaviour, including vandalism and violence, in response to payment delays, warning that such actions could jeopardise their participation in the programme and future employment prospects. 'The Labour Activation Programme must remain impartial and free from undue influence. Any attempt to circumvent procedures, including enrolling ineligible individuals, will be dealt with in line with the law and existing agreements,' Molisane said. BUSINESS REPORT Visit:
Time of India
19-06-2025
- Business
- Time of India
ETtech Explainer: Why are fintechs and their investors going after secured loans?
Live Events More and more fintech lending startups focusing on secured credit products such as loans against property (LAP), and loans against securities like mutual funds, are attracting venture capital (VC) home financing players like Vridhi Home Finance, Basic Home Loans, Easy Home Finance and others have been attracting venture investors, with their promise to bring about technology disruption in the sector. ETtech explains:Secured lending business is a financial service that provides loans to borrowers against collateral such as a vehicle or property. While banks and traditional non-banking financial companies (NBFCs) have been offering secured credit like home loans and auto loans for years, fintechs stayed away from these products, given the need for physical operations to evaluate the properties and assets. But now, startups are investing in branches and are building on-street teams to manage these shift comes as unsecured lending platforms witness a slowdown in the market, prompting startups to move towards secured credit products. Fintech platforms, including Paytm and Mobikwik, faced revenue pressure as banks and NBFCs scaled back on unsecured lending over the last few quarters. Even new-age NBFCs like Fibe, Kissht and others have seen stress on their books as new loan sanctioning slowed down. These trends have led to fintechs scouting for opportunities in secured Home Finance, Basic Home Loan, and Vridhi Home Finance together received nearly $150 million in equity capital from venture funds like Elevation Capital, Bertelsmann India Investments, Norwest Venture Partners, and Ranjan Pai's Claypond Capital. Mahaveer Finance, an NBFC based in Chennai, has raised $23 million from Elevation Capital and others with the aim of adding LAP and other similar NBFC Techfino has recently raised around $7.5 million from Stellaris Venture Partners and Saison Capital. Founded in 2019, the fintech company operates secured and unsecured lending models. The company focusses on secured more businesses move towards secured products, the unsecured lending startups are jumping onto the bandwagon. Fintech players Cred, BharatPe, and Paytm have announced a similar entry into secured products over the past year. Unsecured lending players like Kissht, Loantap, Fibe, and Kreditbee ventured into secured lending products such as are reducing their operational costs by making branches more efficient and leveraging technology to save costs and compete with big businesses. 'Traditionally, 70% to 80% of a housing finance company's costs go into running physical branches. We're bringing that down to 40% to 50% by leveraging technology, which enables lower customer acquisition costs and better interest rates,' said Atul Monga, CEO, Basic Home banks and larger NBFCs, branch expansions, while keeping costs in control, will remain a challenge for these while being attractive, tends to show up high non-performing assets (NPAs), which means fintechs will need to invest in strong collection teams. TransUnion Cibil's data released in January showed that LAP books showed among the highest NPA trends. As of September 2024, 1.7% of the LAPs were due for 90 days or more, said the report.'Investments in physical assets and branches would eat into the delta that fintechs can make between the cost of borrowing and rates they can offer their customers,' said Rohit Chokhani, founder, Easy Home Finance. 'This business will be sustainable only when there is a major scale.'
Time of India
19-06-2025
- Business
- Time of India
As fintech lenders chase secured credit options, VCs up their bets
As unsecured lending slows, investor interest is shifting to secured lending platforms, attracting significant venture capital. Startups are expanding into secured loans like LAP and vehicle financing, but face challenges like high operational costs and default risks. Fintechs aim to offset this with technology-driven efficiency and selective physical branch expansion. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The slowdown in the unsecured consumer credit market is resulting in an increase in investor interest in secured lending platforms, a sector dominated by traditional financiers till the past one year, venture funds which typically fund tech-first companies have been betting on home financing startups , branch-led secured lenders offering products such as loans against property (LAP), loans against securities like mutual funds, vehicle lending companies and asset-based lenders. Easy Home Finance , Basic Home Loan and Vridhi Home Finance received significant equity infusions from venture funds such as Elevation Capital, Bertelsmann India Investments, Norwest Venture Partners and Ranjan Pai's Claypond Capital. Together these startups, founded between 2017 and 2022, have raised around $150 million in equity capital from these recently, Techfino raised around $7.5 million (Rs 65 crore) from Stellaris Venture Partners and others. Mahaveer Finance, which has been lending for used vehicles since the early 1990s, raised $23 million (Rs 200 crore) from Elevation Capital and others with an aim to add LAP and other similar products to its portfolio.'When we look at NBFCs (non-banking financial companies), we typically index on highly experienced promoters or founders, great track record on execution, prudent approach to risk management and underwriting, and a technology driven mindset,' said Mridul Arora, partner, Elevation Capital. 'Valuation multiples, however, are more a function of market cycle and risk-reward for that particular investment versus being determined by whether it is family owned or not.'With the winds blowing towards secured products, even well-funded unsecured consumer lending startups are jumping onto the such as Kissht, Loantap, Fibe and Kreditbee, all unsecured consumer lending players, have now built secured products including LAP, mutual funds and vehicle loans. Among the large fintechs, Cred, BharatPe and Paytm have also announced their entry into secured credit products over the past one of these players like Kreditbee are also looking to build branch networks, hoping to underwrite the underlying assets better.'We have run down our consumer lending book by 50%. Now the focus is to build small business loans for retailers,' said Satyam Kumar, CEO of Pune-based startup recently closed $6.2 million in equity funding from July Ventures and a strong understanding of certain customer cohorts, these startups feel that they can scale up secured products quickly catering to consumers who might be too risky for an unsecured personal secured lending is a major opportunity to compete with banks and larger NBFCs, fintechs will need to invest heavily in branch could push up costs and make the small ticket size lending business unviable.'Investments in physical assets and branches would eat into the delta that fintechs can make between the cost of borrowing and the rates they can offer to their customers,' said Rohit Chokhani, founder, Easy Home Finance. 'This business will be sustainable only when there is major scale.'Add to that the need to build collection teams, another major cost item, given that these loans would require agents to take possession of machinery or property in the wake of a released in January by TransUnion Cibil on the credit market in India showed that as of September 2024, 1.7% of the loans under LAP were due for at least 90 days, among the highest in all categories of consumer compete with the traditional bigwigs, these startups are trying to disrupt two major business areas – one, to reduce the operational cost through technology and, second, to ensure that the online application forms can weed out unwanted customers without human intervention.'Traditionally, 70 to 80% of a housing finance company's costs go into running physical branches. We're bringing that down to 40 to 50% by leveraging technology, which enables lower customer acquisition costs and better interest rates,' said Atul Monga, chief executive officer, Basic Home LoanCurrently, customers can be charged 25-27% for micro LAP products, way more than 15-20% for a personal loan. Startups are trying to find out whether technology can help reduce these costs.'We have built our in-house loan origination and loan management systems, which helps make the entire application process digital. We will still invest in expanding our branch network over the years, but back-end processes need to be technology-led,' said Ratikanta Satpathy, cofounder, Techfino.
