Innholdsfortegnelse for 2024-08-06 i Star

Pick n Pay expects to separately list the Boxer budget chain before the end of this year after it successfully raised R4 billion under an oversubscribed rights offer that closed last week, while the debt-laden retailer has also established new operational structures. The Pick n Pay rights offer closed on Friday and results show that 248.9 million rights offer shares were subscribed for while an excess of 270.4 million rights offer shares were received, representing an oversubscription rate of more than 100%. Only about 3.2 million of the 270.4 million in excess rights offer applications were allocated. Although it had set a target of R4bn for the rights offer, it received subscription applications worth about R8bn. The rights offer was undertaken at a subscription price of R15.86 per rights…

Local markets weakened yesterday amid a market bloodbath after a global sell-off that was triggered after worse-than-expected US jobs data spiked fear of a recession. Shares across board from Asia, to Europe to the US were in bear territory. Japanese shares plunged to their lowest level since the Black Monday crash in 1987. The Nikkei index fell 12.4% lower – its second-largest decline on record. US jobs data out late on Friday showed that the unemployment rate rose to 4.3%, when analysts had expected it to remain unchanged at 4.1%. Wages were also weaker than expected, with the year-on-year rate sliding to 3.6% from 3.8%. Goldman Sachs Group economists increased the probability of a US recession in the next year to 25% from 15%, but said there are several reasons…

Bitcoin lost more than 17% yesterday, to trade at a five-month low in response to market moves in developed economies amid fears of a possible US recession and ongoing geopolitical tensions. Christo de Wit, Luno country manager, said investors were leaving riskier assets in the wake of a severe deterioration in the markets. Binance’s information yesterday showed that Bitcoin lost 17.6% of its value during the day over the previous trading session. Over the past four weeks, Bitcoin lost 11.91%, although its price had risen by 76.19% over the past year, according to Trading Economics. The Spectator Index posted on X.com that more than $1 billion (R18.6bn) had been liquidated from crypto markets over the past 24 hours as of 9am yesterday. According to Trading Economics, global macro models’ projections…

Copper360 said yesterday that underground mining operations have commenced at its Rietberg mine in the Northern Cape. In June, Copper360 CEO Jan Nelson said current operations were already “generating positive cash flow, building up to almost R40 million (and) in the next two months to R40m to R50m of revenue” inflows. The commencement of underground mining operations at the Rietberg mine was being seen as a major boost to the company’s production profile. “Production has started with a target for the first month of 12 000 tons a month is being targeted at copper grades of 1.6% Cu in situ that will increase over four months to 45 000 tons a month as the second concentrator plant the company is constructing is commissioned in the next two months,”…

Local musician Eon le Roux’s ultimate goal is to create music that resonates deeply with listeners and evokes emotions. “I aspire to connect with a wide audience, share my stories and perspectives and inspire others through my music,” the singer and songwriter said. “Ultimately, I hope to leave a meaningful legacy through my songs and be recognised for my artistry and contributions to the world of music.” The season 3 finalist of The Voice SA has made an emotional connection with his fans through the release of his latest single, Legacy, which he created to honour his late grandmother. The empowering yet emotive ballad, which features Kevin Moreno, celebrates a life well-lived as well as cherished memories and the invaluable lessons that his grandmother imparted to him. The song,…

THE close-knit farming community of Koelenhof in Stellenbosch is mourning four farmworkers who died after drinking expired alcohol. Juanita Hull, Megan Heynes, 16, Wilhemina Snyder, boyfriend Elton Greene, and Monecia Alckers, 18, were drinking together on July 26. Monecia’s sister, Jestine Alckers, 29, said: “They took gin from Joubert Family Wine farm that Friday. It was a 25-litre bucket and they only got 1.5 litres. It was a very strong drink, it looked like water. It was expired but I don’t know if they knew that.” Monecia is the only farmworker still alive. Jestine said this was not the first time they had consumed the drink. “The first time, a month ago, they took a 25-litre bucket but nothing happened. They were told by someone at the farm that if…

The Department of Health (DoH) confirmed on Sunday that two more people contracted monkeypox in Gauteng and KwaZulu-Natal, bringing the total number of cases to 24. This was 26 days after the cases reported between May 8 and July 6; and of the initial 22 cases recorded, 19 patients had fully recovered. So far, three fatalities were linked to the disease, the department said. According to the DoH, 12 cases were discovered in Gauteng, 11 in KZN and one in the Western Cape. In KZN, a 36-year-old man was admitted to a local public hospital after he presented a rash related to mpox, alongside fatigue, muscle pain and rigour. The patient had no international travel history. Meanwhile, in Gauteng, a 20-year-old man was diagnosed with the disease after presenting with…

As cannabis becomes increasingly legal and socially accepted across the world, a worrying trend has emerged: more seniors are developing problematic relationships with the drug. A study published by JAMA Network Open, led by Dr Silvia Pérez-Vilar from the US Food and Drug Administration (FDA), highlights a significant rise in cannabis-related health issues among Medicare beneficiaries aged 65 and older from 2017 to 2022. The research, which analysed data from almost 56 million Medicare recipients, excluding nursing home residents, indicates a steady increase in healthcare encounters linked to cannabis use. The study specifically focused on Medicare claims involving any medical incidents associated with cannabis use. By 2022, states and territories that had legalised both medical and recreational marijuana use reported the highest rates of cannabis-related medical care, with approximately 45…

Global technology brand Honor is thrilled to announce that the new devices from its Number Series – the Honor 200 and 200 Pro – are officially available at selected network and retail providers across the country. With this range, Honor has developed powerhouse devices that highlight the new age of smartphones through Artificial Intelligence (AI)-powered photography, incomparable battery life, and competitive performance. Portrait photography that captures the essence of each Moment The 200 Pro and 200 feature a Triple 50MP Studio-Level AI Portrait Camera set-up, including a 50MP Portrait Main Camera, 50MP Portrait Telephoto Camera and 50MP Portrait Selfie Camera. Together, they work to intelligently analyse every scene and capture each moment as it unfolds, even under challenging lighting conditions. By working closely with the renowned Parisian Studio Harcourt, Honor…

Prudence Sekgodiso ran a brave 800m final last night in Paris, but unfortunately ran out of steam over the final bend. The 22-year-old, competing in her first Olympics, was caught inside a fiercely contested group for the first 500m, and attempted to make a break down the back straight. Sekogodiso made good strides and worked her way into the leading quartet with 150m to go and remained on track for a podium finish. But, unfortunately, Great Britain’s Keely Hodgkinson, Ethiopia’s Tsige Duguma and Kenya’s world champion Mary Moraa had too much power down the home straight. Realising she was not going to place in the medal positions, the fight was knocked out of Sekogodiso as she slipped all the way down the field to finish in eighth position in a…

Thank goodness TS Galaxy coach Sead Ramovic did not join north African giants Raja Casablanca because he is becoming local football media’s best friend as he shoots from the hip at post-match interviews. Two weeks ago, Galaxy boss Tim Sukazi declared of Ramovic’s pending move to the Moroccan club: “It’s a done deal!” However, the move did not happen and Ramovic is still in the hot seat at the Rockets, much to the delight of Galaxy fans, who expressed their happiness on social media. He had done a marvellous job with the club last season. On Sunday, the media in Stellenbosch were royally entertained by a seething Ramovic’s descriptions of the poor playing surface for the MTN8 quarter-final match against Stellies at the Danie Craven Stadium in the Winelands. In…

The Vision Consortium (VC) that won the bid to rescue southern African sugar group Tongaat Hulett says its position is irreversible in the business rescue proceedings and no outcome at the shareholder meeting on Thursday can change this, in spite of RGS Group trying to make a new offer. The VC is made up of entrepreneurs Robert Gumede of Guma Agri, Rute Moyo of Remoggo, and Nauman Khan of Almoiz. The Mozambique-based RGS’s first plan was withdrawn a day before the creditors meeting after it was discovered by THL lenders and its business-rescue practitioners (BRPs) that RGS had submitted an alleged fraudulent Absa Bank Mozambique R2 billion proof of funds. According to information received by Business Report, because VC had to increase its bid for THL due to the RGS…

When we celebrate Women’s Day on Friday, we should also ponder a very important question: Why do certain jobs tend to be dominated by men? This question has intrigued researchers for years since women’s workplace outcomes such as pay, promotion and leadership are all closely linked to the jobs they have access to. Economists have analysed extensive datasets to uncover patterns that might explain why men and women often gravitate toward different occupations and professions. Some social scientists point to the role of human reproduction. Because women give birth and can nurse children, it is often assumed they might prefer roles that allow them to care for young children. However, many workplaces are not designed to accommodate these needs, pointing towards the organising of work influencing the types of jobs…

The International Trade Administration Commission of SA (ITAC) has published guidelines explaining how agricultural safeguard duties on certain products from the EU and the UK will be implemented. National Agricultural Marketing Council (NAMC) spokesperson David Mohale said these developments did not pose a threat to the value chain actors in the region, but the purpose was to safeguard the sector, including consumers, from any injury caused by external factors emanating from trade. “The ITAC are responsible for ensuring that international trade complies with the protocols of the World Trade Organization and other trading partners,” he said. Donald MacKay, the founder and CEO of XA Global Trade Advisors, yesterday explained: “Because of the sensitivity of agricultural products, most trade agreements make provision for safeguard measures to be imposed on certain agricultural…

The lines between propaganda and conspiracy theories often blur when examining the origins of groundbreaking technologies like Bitcoin and Africa’s celebrated tech-innovation success, M-Pesa. Both fintech phenomena offer fascinating case studies on how information is shaped and perceived. Propaganda party Agnostic of intent – for better or worse – propaganda is often a tool wielded by powerful entities … Be it governments, corporations, political groups or influential individuals to shape public opinion and behaviour. It involves the intentional creation and distribution of biased or even misleading information to promote specific agendas. In my view, biases are not inherently problematic; owning up to them and making transparent attempts to advocate for biased positions (while challenging to deal with socially) is perfectly acceptable. It is the manufacture or dissemination of misleading information,…

Telkom said it produced strong results for the three months to June 30 in weak economic conditions, with group revenue within guidance and up by 3.9% to R10.91 billion. First quarter revenue growth was driven by growth in demand for next-generation (NGN) offerings. Key contributors to NGN growth include Mobile service revenue growth of 9.5%; fixed-data NGN revenue growth of 7.1%; and information technology revenue growth of 10.3%, the group said in a quarterly update yesterday. “Telkom had a good start to the financial year with pleasing performance on the top line benefiting from our data-led strategy and value propositions. Our NGN revenue streams continued their positive momentum. NGN revenues now comprise 80.7% of group revenue,” CEO Serame Taukobong said. The mobile subscribers number advanced by 14.6%, surpassing the 21…

Afropop band Malaika, best known for the hit song Destiny, originally consisted of Tshedi Mholo, Bongani Nchang and the late Jabulani Ndaba. Ex-member Mholo and Nchang are now at odds over Destiny. In 2021, Mholo left the band and announced she would no longer do public performances under the banner of Malaika. Mholo and Nchang were guests on Podcast and Chill with Mac G and Sol Phenduka to explain the root of their feud, with both sharing their sides. Nchang explained how the band Malaika began, how Mholo was brought in and the recording of Destiny. Mholo explained her grievances with Nchang, which included her exclusion from the credits of Destiny and booking and management squabbles. Nchang and music producer Godfrey Guffy Pilane are credited as writers on Destiny.…

Good news is on the cards for motorists tomorrow, as fuel prices are set to drop to their lowest level since January, according to data compiled by MotorMatters. The Department of Mineral Resources and Energy yesterday said 93 and 95 octane petrol will drop by 15c per litre, while 0.05% diesel decreases by 28c per litre, and 0.005% diesel by 17c per litre. Inland prices at the pump will be: 93 octane petrol R22.71, 95 octane R23.11, diesel 0.05% at R20.38 and diesel 0.005% at R20.74. Coastal prices will be: 93 octane petrol R21.92, 95 octane petrol R22.32, diesel 0.05% R19.59 and diesel 0.005% at R19.98. The key driver behind the lower prices was a stronger rand, while the cumulative slate amounted to a positive balance of R1.8 billion for…

A Diepsloot mother of a 7-year-old girl who was allegedly raped by a 34-year-old Ethiopian man in his tuckshop says he must be denied bail. The man appeared in the Randburg Magistrate’s Court on August 2, on a charge of allegedly raping the young girl inside his shop. Magistrate Hleziphi Mkhasibe postponed the case to today for a formal bail application. The man is accused of enticing the young girl in with snacks and giving her 10-year-old older brother R5, instructing him to close his eyes, while he led the young girl inside his shop and allegedly raped her. Commenting on the postponement of the case, the young girl’s mother said she desperately wants the court to deny him bail. “I want him denied bail because what he did…

Zakithi Nene and Lythe Pillay can look forward to today’s 400m semi-finals at the Paris Olympics after attaining victory in their respective repechage heats. The duo had missed out on automatic qualification, but were afforded a second opportunity through the repechage round. Pillay led from start to finish in his repechage heat, winning in a time of 45.4 seconds. The 21-year-old certainly still has some gas left in the tank as he has not yet come close to his season’s best of 44.33 set in Pietermaritzburg earlier this year. Nene, meanwhile, was much more impressive in his repechage heat as he cruised to the finish line in an impressive 44.81. South Africans can also look forward to seeing Rogail Joseph and Zeney Geldenhuys compete in the 400m women’s hurdles semi-finals…

Orlando Pirates set the tone for their defence of their MTN8 title this season after hammering SuperSport United 3-1 in their quarter-final on Saturday night. Many tipped that match to be the thriller of the opening round, but Stellenbosch provided another near-perfect performance, beating TS Galaxy 3-1 at home. Mihlali Baleka looks at five moments that stood out from the two matches in Soweto and the Winelands. PIRATES READY TO DEFEND Pirates were the best team in the Wafa Wafa cup in the last two seasons, winning the trophy back to back. As a result, they are regarded as the team to beat this season. Coach Jose Riveiro and his men have taken the responsibility seriously as they held their nerves to get past a plucky SuperSport side and reach…

Apple and Nvidia led a sell-off in technology stocks on Monday as US recession fears and Berkshire Hathaway’s decision to cut its stake in the iPhone maker punctured a months-long rally in the sector. High-performing shares of Alphabet, Amazon, Meta Platforms, Microsoft and Tesla, as well as Apple and Nvidia, fell as much as 6.5%. The losses in the Magnificent Seven stocks were set to wipe out nearly $900 billion (R16.6 trillion) from the combined market value of the companies. Chip stocks, the big winners of Wall Street’s picks and shovels trade for AI, also tumbled, with Advanced Micro Devices, Intel, Super Micro Computer and Broadcom falling as much as 7.8%. The Philadelphia Semiconductor Index was down nearly 3%. The share slide followed a weak US payrolls report on Friday…

As we enter the second half of 2024, the JSE Top 40 Index, a crucial barometer of the South African economy is poised for a reshuffle. This bi-annual review process based on market capitalisation and liquidity can significantly impact the investment landscape. In this column we review the past six months, analyse the current composition, predict potential inclusions and exclusions, and profile key companies and sectors expected to dominate the index. Six-months review: Major changes and emerging trends The first half of 2024 has seen significant movements within the JSE Top 40. The ongoing global economic uncertainties, coupled with local challenges have influenced investor sentiment and market performance. Notably, the resource sector has continued to be a significant player, driven by commodity price fluctuations and geopolitical factors. One of the…

I’ve been studying founders of technology companies and I’ve been inspired by tech start-up founder of DigsConnect, Alexandria Procter, after speaking to her and reading her book. I was deeply impressed by how she turned tough challenges into business opportunities. The 2015 #FeesMustFall student-led protest was a significant moment in South Africa. It shook the country’s education system and challenged the government to reconsider how it funds higher education. It also gave birth to a technology start-up called DigsConnect, the establishment of which is well described in her recently-published memoir, Upstart. In a technology start-up ecosystem that is dominated by men, the book illustrates that women can create and lead tech companies with success. ​​At the time of the #FeesMustFall protests, Procter was a member of UCT’s student representative council…

Mpact has leveraged opportunities it identified in the market through investments, acquisitions and production realignments, in spite of the tough trading environment in South Africa characterised by depressed consumer demand, CEO Bruce Strong said yesterday. Mpact is the largest paper and plastics packaging and recycling business in southern Africa. In the six months to June 30, headline earnings per share from continuing operations fell 35% to 122.2 cents compared with 188.2 cents at the interim stage last year. The interim dividend was lowered to 30 cents a share from 45 cents. Earnings for the year were not expected to exceed the high levels of last year, but the investments being made in high growth markets such as the fruit industry, convenience retail and online retail, would benefit in the medium…

South African businesses continued to signal a decline in activity at the start of the second half of the year, and the downturn had worsened since June amid weakening sales and greater supply side pressures. The S&P Global South Africa Purchasing Managers’ Index (PMI) released yesterday showed output and new business both dropped at the sharpest rate in four months, while port congestion both domestically and abroad led to a faster deterioration in vendor performance, a statement said. “Nevertheless, firms gave several reasons to remain upbeat that the coming 12 months will prove more fruitful. Many suggested that the stabilisation in the political landscape should lead to greater confidence and a pick-up in spending, while reduced load shedding and softer price pressures are also expected to support growth,” said S&P…

Karishma Dipa karishma.dipa@inl.co.za THE electrifying remix of Tshwala Bam by TitoM and Yuppe as well as Nigeria’s Burna Boy, featuring S.N.E and EeQue, has achieved a whopping 100 million streams across digital streaming platforms since its release on May 15. “This monumental achievement underscores the global resonance and massive appeal of the track, cementing its status as a cultural and musical juggernaut,” a statement read. In addition, when combining the streams of both the original version and the remix, the total streams soar to an extraordinary 277 million. “This staggering number is a testament to the song’s universal appeal and the immense talent of the artists involved.” On TikTok, the original version of the amapiano hit has garnered an astronomical 15.3 billion views and inspired 10.2 million creations as it…

It’s been 100 years since the discovery of the Taung Child Skull, a find described as one of the biggest in the field of palaeontology. The skull of the 3-year-old child was found in 1924 in the Taung limestone quarry in the North West province. It is believed the age of the skull dates back 3 million years and was also pegged as the first time researchers saw evidence of early humans walking in an upright position. Celebrating the centennial of the discovery of the Taung skull in South Africa and the 50th anniversary of the discovery of the Lucy fossil in Ethiopia, Breakthrough Initiatives and the Palaeontological Scientific Trust (Past), along with the African Astronomical Society and the SA Radio Astronomy Observatory, hosted the third Life in the Universe…

MORE charges could be brought against the 95 “secret military camp” suspects who appeared a second time in the White River Magistrate’s Court in Mpumalanga yesterday. This was according to the Mpumalanga National Prosecuting Authority (NPA) after the case was postponed to later in the month for further investigation. The 95 Libyan nationals are being charged with contravening the South African Immigration Act after provincial police raided a farm near White River last month, uncovering what appeared to be a secret military base for training the Libyan nationals. Authorities found the secret military camp after residents of the nearby village of Masoyi complained that the Libyans were terrorising locals. Villagers have now opened cases of criminal conduct including rape, according to the NPA’s Monica Nyuswa. There was also an issue…

Transport Minister Barbara Creecy has revealed that the Road Accident Fund (RAF) was saddled with a total of 321 251 outstanding claims as at last month. Creecy said over half the number of the claims were four years and older and summons were issued against the Road Accident Fund in at least 196 765 claims. “The net number of open claims as of 19 July 2024 is 321 251 claims. The number of claims that are four years or older from the date of lodgement is 174 042 claims, which made up 54% of the net open claims portfolio,” she said. “This situation is not sustainable from either a humanitarian or financial perspective, and requires policy and administrative reform,” Creecy said. She would not say how much the cost of…

AT LEAST 48 Tshwane Bus Service (TBS) drivers are in hot water after they failed to report for duty again on Friday, following their illegal strike action in May. Their latest absence from work resulted in partial interruption of bus operations and the City of Tshwane threatening to apply the “no-work no-pay principle” in addition to charges of absconding. It was unclear this time around why drivers downed tools, but in May their union, the SA Municipal Workers Union said they had concerns over occupational safety and health at their Pretoria West depot. At the time the union’s regional chairperson, Ngwako Mathabathe, said the drivers have long-standing concerns about ablution facilities and were concerned about their safety after one of them was attacked in Laudium in April by a group…

The annual Basadi in Music Awards (BIMA) have unveiled the finest line-up of performers, promising an evening of music, glamour, and inspiration at Joburg Theatre on August 10. The awards hosted by radio host and media personality Unathi Nkayi are set to celebrate the phenomenal achievements of women in the music industry. Nadia Nakai, Skye Wanda, Lady Zamar, Pixie Whip, Bassie, Nontokozo, Amanda Black, DJ Kmat, Busiswa, Naledi Aphiwe, Chubby Cheeks, and many more to be announced are among the line-up that will provide over 20 thrilling performances. This year’s awards theme, “Girl in the Mirror Our Re.Flexion”, highlights the stunning performances and visuals that honour the intellect and tenacity of women in the music industry. Jacqui Hlongwane, acting channel head for SABC2, announced that the channel will be the…

She Fest, in collaboration with Sizoya Sibuye and Constitution Hill, kicked off Women’s Month celebrations with the inaugural Women’s Month Honoree Gala dinner, spotlighting women from different industries. The ceremony celebrated 30 distinguished women, among them singer Lerato “Lira” Molapo, Dr Esther Mahlangu, Justice Zukisa Tshiqi, Candice Chirwa, Yvonne Chaka Chaka, and Humile Mashatile. Taking to Instagram, Lira expressed her joy: “Constitution Hill hosted a Women’s Month event – I received an honorary award with 30 other women on August 1. It was during the launch of the exhibit focussing on women in the arts, politics, fashion, and all kinds of industries. I was so happy with this honour. Thank you to @yvonne_chakachaka for giving us her homeware gifts.” Lira’s journey has been on an upward trajectory, and in the…

It doesn’t matter who he will come up against on Saturday, Springbok scrumhalf Grant Williams knows he will have to put forward his best foot forward no matter which Australian players he faces. With Faf de Klerk and Jaden Hendrikse injured, Williams will have the perfect opportunity during the Rugby Championship to strengthen his claim to become the Boks’ firts-choice No 9 with another solid performance this weekend. South Africa face Australia in Brisbane in the opening Test of the Rugby Championship (6.30 am start, SA time), and Williams, should he be announced in the starting line-up this morning by head coach Rassie Erasmus, will be an instrumental cog in the Bok game plan, on the attack and defensively. Veterans Nic White and Jake Gordon, alongside 25-year-old Tate McDermott, are…