Innholdsfortegnelse for 2024-12-05 i Star

THE Development Bank of Southern Africa (DBSA) released its reviewed condensed interim financial statements yesterday for the six-month period ended September 30, showing resilience amid global economic challenges. Despite macroeconomic headwinds, DBSA reported a marginal increase in net profit and strong asset quality metrics. For the period under review, DBSA’s net profit rose by 1%, reaching R2.2 billion, compared to R2.1bn in the prior year. However, operating income saw a slight decline of 2.8%, dropping to R3.6bn from R3.7bn in 2023. Sustainable earnings, a key metric for the bank, surged by approximately 32%, amounting to R2.5bn. DBSA improved its cost-to-income ratio, which decreased to 21.5%, compared to 22% in the prior year. The bank’s focus on operational efficiency continues to pay off, keeping the ratio well below the 35% threshold.…

Poor service and governance issues in the banking industry had caused significant pain among customers, an industry survey of consumer sentiment showed yesterday. The latest DataEQ SA Banking Sentiment Index analysed over 3.3 million social media posts to gauge public perception towards South Africa’s biggest retail banks. Among the seven regions analysed by DataEQ, South Africa ranked first in banking Net Sentiment, followed by Botswana, Kenya, Ghana, Saudi Arabia, the United Arab Emirates, and the UK. However, over 60% of related conversations locally reflected dissatisfaction with service levels. Common complaints included long response times, unresponsive service channels, and staff competency issues, particularly in call centres, said Sarah Lamb, the banking lead at DataEQ, in a statement. Despite a four-percentage-point decline in Net Sentiment from 2023, the banking industry maintained an…

Renowned Mzansi multi-instrumentalist Guy Buttery is on the brink of unveiling his most ambitious project to date. The award-winning musician will be releasing his new album, Orchestrations, next month. This breathtaking work encapsulates a 12-year journey of meticulous crafting, expansive collaborations and profound artistic exploration, earning a reputation as his “magnum opus”. The roots of Orchestrations can be traced back to 2012 when Buttery joined the KwaZulu-Natal Philharmonic Orchestra to perform three of his compositions, arranged for a 52-piece ensemble. For Buttery, this moment ignited a transformative dive into the world of orchestral composition. With Buttery’s signature guitar at its core, the album unfolds as a lush, layered soundscape, inviting listeners to explore the intricate tapestry interwoven with global influences and expansive orchestral arrangements by Chris Letcher. The 14-track offering…

Residents of Johannesburg are bracing for significant water supply disruptions as Rand Water prepares to conduct extensive maintenance on its Eikenhof and Zwartkopjes pump stations from December 13 to 16. The planned work aims to enhance the reliability and efficiency of the infrastructure but has sparked anger among locals and political parties. According to Rand Water, the maintenance at the Eikenhof pump station will last 86 hours, leaving thousands without water from 7am on December 13 until 9pm on the 16th. Additionally, the Zwartkopjes pump station will undergo 36 hours of maintenance, commencing at 5am on the same day, resulting in poor pressure or complete water outages for residents served by this facility. Criticism of the maintenance schedule is echoing across social media, with many residents expressing frustration at Rand…

The acting principal of Northview High School in Balfour, Johannesburg, was shot six times in his office on Tuesday morning by two unidentified men. According to the Gauteng Department of Education (GDE), the suspects entered the school premises under the guise of providing a quotation for tree felling. After entering the principal’s office, the assailants shot him multiple times. The GDE reported that the victim is currently in ICU, in a stable but critical condition. Gauteng Education MEC Matome Chiloane expressed grave concern over the increasing violence in schools, noting that 245 schools in the province have been identified as high-risk areas for violence. Chiloane stated: “As the department, we are deeply shocked by this brazen act of violence and lawlessness, which not only targeted a school leader but undermined…

Former Eskom CEO and MK Party MP, Brian Molefe, suggested yesterday that the power utility should implement prepaid electricity nationwide to prevent rising municipal debt. This follows a statement from Eskom’s board and executives to Parliament, revealing that the R90 billion municipal debt, which grows by approximately R1.5 billion each month, is one of the major factors hindering the utility’s performance. Eskom reported limited success with the Municipal Debt Relief Support Programme, citing low adherence to its conditions, which has led to municipal debt, including that of metros, increasing by over R10 billion annually. Speaking as Eskom presented in 2024/2025 performance report to the Portfolio Committee on Electricity and Energy, Molefe said Eskom would actually be able to borrow from its consumers as they pay in advance, rather than being…

Minister of International Relations and Cooperation Ronald Lamola has clarified that Nigerian tourists will still need to submit a passport when applying for their visas to South Africa. This revelation emerged during a media interview yesterday, just a day after President Cyril Ramaphosa suggested a major shift in the visa application process. Speaking at the 11th session of the Nigeria-South Africa Bi-National Commission (BNC) held in Cape Town and attended by Nigerian President Bola Ahmed Tinubu, Ramaphosa unveiled plans for a simplified five-year multiple-entry visa aimed at enhancing travel between Nigeria and South Africa. The president emphasised his government’s commitment to facilitating both business and leisure visits, thereby promoting increased investment and tourism between the two nations. “We want to enable investors to promote and operate their businesses in a…

LADY Justice Meaza Ashenafi Mengistu, the first woman in Ethiopian history to become the president of that country’s Federal Supreme Court, highlighted the plight of African women and children at the 2024 Unisa Founders Lecture. She recently gave the keynote address at the event, which was attended by dignitaries, diplomats, and judges, including former Deputy Chief Justice Dikgang Moseneke, Justice Baratang Mocumie of the Supreme Court of Appeal, and scholars from different disciplines. The lecture was themed “The role of women in delivering justice in Africa: Passive or active agents?”. Speakers examined the plight of African women under postcolonialism while reflecting on the 16 Days of Activism against Gender-Based Violence and Femicide. In her welcome address, Unisa Principal and Vice-Chancellor (VC), Professor Puleng LenkaBula, said that the university is honoured…

THE City of Tshwane’s move to tackle its waste management challenges by revising its by-law that has been in operation since 2016 will empower the municipality to crack down on rogue dumpers and impose serious penalties on those caught. MMC for Environment and Agriculture Management, Obakeng Ramabodu, welcomed the changes, stating that the municipality has spent millions dealing with illegal dumping. Ramabodu said: “We are inspired that there will be consequences for people who are consistently doing illegal dumping because that is one of the problems.” The amended by-law is seeking to ensure the City is enabled to respond to current pressing waste management practices such as waste minimisation and recycling challenges. The amended by-law, currently undergoing public consultation, also gives powers for municipal law enforcement officers to confiscate vehicles…

On November 30, the red carpet sparkled with glamour and excitement as the South African State Theatre (SAST) unveiled its groundbreaking online streaming platform, SAST TV. It was a night of elegance, celebration, and trailblazing innovation, marking a historic step for the arts in South Africa. The black-tie event saw industry veterans, popular faces, and rising stars gathering to honour this leap forward in the digital realm. Fireworks lit up the sky, and the evening showcased great performances, heartfelt speeches, and sheer creativity. Attendees, dressed to the nines, embodied the vibrancy and energy of the theatre community, radiating sophistication as they graced the iconic event. The highlight of the evening was the official launch of SAST TV, a digital platform designed to take the finest of South African theatre to…

THE “Register of Damage Caused by the Aggression of the Russian Federation against Ukraine”, also known as the Register of Damage for Ukraine or RD4U, is an acronym for Western ganging up against Moscow in the wake of a glaring geopolitical clash of interests between the West and Russia. Founded by the Council of Europe to proliferate ways to punish Russia economically and politically, the establishment of the RD4U was also a means by which to drain the Russian Federation off its resources invested overseas. When the Biden administration declared a proxy war on Russia and mobilised Nato and the EU behind Washington’s foreign policy objective to isolate President Vladimir Putin and his nation, Europe fell for the ploy, sleepwalking into a totally unnecessary war they could have evaded. In…

BENNI McCarthy says he hopes Orlando Pirates are fully prepared to take on the challenges that come with participating in continental competition. The Buccaneers are in the group stages of the CAF Champions League, and will host title holders and record champions Al Ahly in their second Group A match at Orlando Stadium on Saturday (3pm kick-off). Pirates began their campaign with a splendid 2-1 victory away to CR Belouizdad. “I hope they are strong enough,” the former Manchester United forwards coach said of the club he starred for towards the end of his illustrious playing career. “So far, they are doing really well, but I think when you want to win the PSL and you want to go into a final of the Champions League, you are going to…

Super Group’s share price ramped up 19.6% to R33.14 yesterday after it announced a plan to pay a special dividend of around R16.30 per share, should the R7.53 billion sale of its stake in Australia-based SG Fleet Group go ahead. With SG Fleet comprising about half of Super Group’s earnings, Urquhart Investments (@UrquhartPartner) commented yesterday on X: “Few management teams would consider shrinking their empire dramatically, even if it is in shareholders’ best interests, but this might be the case here.” Australia-based SG Fleet is in discussions with private equity firm Pacific Equity Partners (PEP) for PEP to acquire all of the shares of SG Fleet at a price of AU$3.50 per share. SG Fleet has proposed a scheme with PEP-owned Westmann Bidco, for Bidco to acquire 100% of SG…

The rand remained virtually unchanged yesterday though stocks on the JSE gained slightly after Moody’s Investor Services affirmed South Africa’s sovereign’s long-term foreign and local currency debt ratings at ‘Ba2’ and maintained the stable outlook. This country review by Moody’s implies neither a credit rating upgrade nor downgrade was currently likely for around the next 18 months. The local currency started the day at R18.10 to the US dollar and weakened 0.4% to R18.18/$1 during the day before settling at R18.10/$1 in the afternoon. But the JSE All Share index was up 0.6% to 86 315 index points by 5pm, driven by a surge in Karooooo, Tiger Brands, Absa, Pepkor, and Barloworld stocks. According to Moody’s, the ratings affirmation reflected South Africa’s credit strengths from effective core institutions such as…

Resilient REIT has predicted a dividend of between 428 cents and 433c per share for its year to December 31, 2024, compared with 406.24c last year, the company’s directors said yesterday. Resilient, which specialises in regional shopping centres, said yesterday that its retail sales increased by 2.9% in the 10-month period to end-October 2024, despite construction activity and subdued mining industry activity. There were construction and asset management activities at Mahikeng Mall, Tzaneng Mall, Diamond Pavilion and Boardwalk Inkwazi, Resilient directors said in a pre-close update. A subdued mining industry performance, particularly in the last five months, negatively impacted turnover at Kathu Village Mall, Northam Plaza and Tubatse Crossing, they said. Some better-performing centres included Jabulani Mall, which saw 15% turnover growth after a franchised Pick n Pay store was…

Youssof Altoukhi, a 19-year-old entrepreneur and crypto millionaire based in the United Kingdom, delivered a Ted Talk in 2021 at the age of only 16, discussing the challenges of youth entrepreneurship. He highlighted a notable lack of basic financial education in schools from “kindergarten to university” and recounted the discouragement he faced from teachers who dismissed his ventures as “useless”. Altoukhi admitted the following to laughter from the audience: “I believe it should be mandatory when you’re younger to be taught financial skills to prevent suffering when you’re older. But the government would never do this – they make too much money out of financially illiterate people.” The state of consumer debt in South Africa highlights an alarming similar financial knowledge gap with only 42% of the population being…

Virgin River fans are in for a treat as the recent trailer for season six promises plenty of romance and drama. The Netflix series, which is set to premiere on December 19, will see much of the original cast reprise their roles. This includes fan favourites such as Mel (Alexandra Breckenridge), Jack (Martin Henderson), Preacher (Colin Lawrence), Brady (Benjamin Hollingsworth) and Kaia (Kandyse McClure). Tim Matheson, Annette O’Toole, Zibby Allen, Sarah Dugdale, Marco Grazzini, Mark Ghanimé, Kai and Bradbury will also be part of the latest instalment. And if the trailer is anything to go by, viewers are in for a treat as it appears that Mel and Jack finally make it down the aisle. The trailer is packed with drama, the scenic location fans have come to know and…

The DA in the City of Joburg has demanded the immediate resignation of City Manager Floyd Brink, who was ordered by the Gauteng High Court, Johannesburg, yesterday, to vacate his position within 10 days. This ruling marks a significant victory for the DA, which has long argued that Brink’s appointment was unconstitutional, unlawful, and invalid. Following the judgment, DA Caucus leader Belinda Kayser-Echeozonjoku called for Brink’s immediate departure, emphasising that the court’s clear ruling not only nullified his reappointment but also awarded the DA costs related to the case. Kayser-Echeozonjoku said: “Floyd Brink, the City of Joburg City Manager, must resign his position after the Johannesburg High Court found that his reappointment was unconstitutional, unlawful and invalid, agreeing with the DA’s case and awarding the DA costs.” This ruling marks…

UNIQUE orchids, new species of coffee, clawed frog, crocodile, electric fish, owl, spiders, turtles and even a monkey species known locally as the ‘lesula’, are among over 740 new species of wildlife and plants discovered in the Congo Basin in the last ten years. A new report released by WWF entitled, New Life in the Congo Basin: a Decade of Species Discoveries (2013 - 2023), highlights the remarkable biodiversity and urgent conservation needs of one of the world’s most vital ecosystems. The report documents the work of hundreds of scientists from universities, conservation organisations and research institutes around the world. It reveals a stunning array of new species, including previously unknown plants, invertebrates, fish, amphibians, reptiles, birds, and mammals. The findings illustrate the richness of the Congo Basin and the…

Economic Freedom Fighters (EFF) leader Julius Malema recently sat down with DJ Sbu on the popular Hustle Corner Podcast, where he opened up about his personal life, political journey, and thoughts on the controversies surrounding South Africa’s political landscape. Malema shared a deeply personal story about his upbringing, revealing that he never knew his father. “I don’t know my father. I tried to ask my mother about him, but she would get upset every time I did,” Malema said in the episode filmed at the EFF’s headquarters, named after the late Winnie Madikizela-Mandela. Despite the absence of his father, he expressed pride in being a father to his three sons as well as being the EFF leader. “I am proud that I am a responsible father, both to my children…

Two bites at the same sweet apple doesn’t happen often and when it’s in a Ford Mustang Dark Horse, well, it’s even tastier. I was privileged to be present last year at the Global launch of Ford’s track-focused Mustang Dark Horse iteration of the iconic muscle car held in Charlotte, North Carolina, home of Nascar. It was one of those memorable occasions where we were allowed to run free on the track of Charlotte Speedway that allowed the Dark Horse to snort and gallop to its heart’s content. Later, we drove around the city at a much more sedate pace especially after we had learnt that one of the local scribes had been fined $1 000 for speeding. The Dark Horse was the first new performance name for the brand…

In today’s world, fake news and alternate facts have become the new norm. It is essential to recognise the importance of truthfulness in our personal and professional lives. Deceit can hijack our reality, leaving us questioning what is real and what is not. Our reality feels similar to living in a funhouse of mirrors where reflections are warped and reality is skewed. Untruths can be spread across all communication channels – social media, texts, emails and whispered conversations, infecting our relationships and tainting our perception of reality. The lines between truths and untruths blur, leaving us with a fragile sense of self, propped up by the fleeting admiration of onlookers. Let’s explore the concept of “Viriago”, a term that combines “virus” and “ego”. This network virus boosts individual self-importance and…

A CAF Champions League clash that was always going to be tense has been spiced up by the host team’s failed attempt at pre-match gamesmanship. As if Mamelodi Sundowns’ clash with AS FAR Rabat was not intriguing enough, the Moroccans have gone and intensified the animosity for Saturday night’s match (9pm kick-off) by trying to play mind games which the Brazilians did not fall for. Winners at Raja Casablanca on Matchday 1, AS FAR tried to move their clash against Sundowns from El Jadida to Meknes – no doubt in a ploy to unsettle the visitors. But having already done their reconnaissance trip and booked their accommodation, the South African champions rushed to CAF and lodged a complaint. The continental governing body agreed with the Brazilians, and have insisted that…

The Bulls may have had a great start to the season, winning five out of six United Rugby Championship games – including three out of four away from home. But Jake White’s team will know that they will be playing at a higher level when they take on English powerhouses Saracens at the StoneX Stadium in London in Saturday’s Champions Cup clash (7.30pm start). Centre David Kriel, who has again been one of the most consistent performers this season, fully understands the magnitude of the occasion. The Bulls have reached two URC finals – going down to the Stormers in 2022 and Glasgow last season – but chasing a first Champions Cup crown is of even greater importance for a team with three Super Rugby titles. Saracens have a similar…

FNB notes a much-improved willingness and ability to spend compared to last year Shopping activity in South Africa is expected to increase slightly this festive season on the back of easing rate of inflation and borrowing costs and early retirement withdrawals, in spite of sentiment remaining uninspired in the negative territory as financial pressures weigh on consumers. While the headline consumer price inflation has fallen to 2.8%, sentiment among consumers has remained subdued as household finances have deteriorated. The FNB/BER Consumer Confidence Index (CCI) released yesterday edged one point lower to -6 during the fourth quarter of 2024, down from -5 in the third quarter, which was the highest since the first half of 2019. Even though it had soared from -15 index points in the first quarter of 2024,…

Tiger Brands’ shares shot up nearly 5% yesterday as it reported full-year results that, as CEO Tjaart Kruger said, “restored the roar” to the company after it reported revenue up 1% to R37.4 billion, headline earnings per share of R1.81 and a final dividend payout of R1.034 for the year to September. The share traded at a high of R263.99 and by 4.30pm was trading at R261. The company, the home to Albany, Koo, Tastic, All Gold and Purity brands, has been working on becoming agile and decentralised and has, as a result, trimmed its business units from five to six. Speaking with Business Report, Kruger said, “What we set out doing a year ago is we said we must make Tiger a productive, low-cost produce of food.” He explained…

From the 4th to 9th November 2024, the 22 On Sloane Cape Town Hub came alive with energy, innovation, and collaboration as we hosted our first major ecosystem activity, The Google Startup Bootcamp. This milestone not only marked the debut of our facility in the heart of Green Point but also underscored our commitment to nurturing Africa’s dynamic startup ecosystem. The Google Startup Bootcamp is part of the Google for Startups Black Founders Fund initiative, which has pledged over $30 million (R545m) in equity-free funding to empower Black-led startups across the globe. For one week, participants engaged in transformative workshops, one-on-one mentorship sessions, and invaluable networking opportunities. It wasn’t just about learning, it was about building relationships, refining ideas and laying a stronger foundation for their ventures. This programme reflects…

The Disney musical sequel Moana 2 is like David Lynch’s surreal adult masterpiece Mulholland Drive before it, a repurposing of material originally intended for the small screen. The follow-up to the Dwayne Johnson-headlined hit was initially announced as a Disney Plus streaming series before being retrofitted into a theatrical feature. Johnson, who reprises his quippy role as the vain, shape-shifting demigod Maui, is also starring in a live-action remake of Moana due in July 2026, less than a decade after the animated version arrived. Remember when Disney would wait a generation before giving blue-chip animated musicals like The Little Mermaid, Beauty and the Beast and Aladdin underwhelming, live-action reskins? The target audience for Moana 2 is not so well-versed in the history of remakes, of course. But their parents, older…

WHILE food is said to be now slowly trickling underground for the miners trapped at Buffelsfontein gold mine in Stilfontein, the Gauteng High Court, Pretoria, on Tuesday night found that the police were in breach of the court order which allowed the community, volunteers, and charitable organisations to provide essentials such as food and water to the miners. This is after a community-based organisation called the Mining Affected Communities United in Action (Macua) yet again approached the court following Sunday’s ruling that the SAPS must for now allow miners at Stilfontein to immediately be supplied with food, water, and medication from the community and charitable organisations. Macua, in an affidavit handed to court on Tuesday night, said in spite of the SAPS being served with the court order, officials stationed…

The Office of the Public Protector, Advocate Kholeka Gcaleka, has initiated an investigation into Minister of Sports, Arts and Culture Gayton McKenzie amid serious allegations of misuse of public funds during his recent trip to the Olympics in Paris, France. This probe comes after a complaint lodged by the Economic Freedom Fighters (EFF), with spokesperson Sinawo Thambo declaring the party’s commitment to holding the so-called Government of National Unity (GNU) accountable for its actions. In a letter dated December 3, the Public Protector confirmed receipt of the complaint, which highlighted potential violations of the code of ethical conduct and the Ministerial Handbook governing members of the executive. Gcaleka’s office acknowledged Thambo’s allegations, which paint McKenzie’s actions in a dubious light, suggesting not only a misuse of funds but also a…

THE WinField United South Africa (WUSA) has been applauded for its efforts to recruit nine deaf learners in a groundbreaking initiative aimed at promoting disability inclusion in the workplace, coinciding with Disability Awareness Month. Disabled People South Africa (DPSA) chairperson, Patrick Mahlakoane, commended WUSA for taking proactive steps to promote disability inclusion, setting a positive example for other organisations to follow. DPSA said the initiative comes at a fitting time, as South Africa closes out Disability Awareness Month, held annually in November, under the theme “Empowering Persons with Disabilities through Inclusive and Accessible Communities.” At least nine deaf learners, aged between 20 and 29, have been recruited to participate in a learnership programme at Villa Crop Protection (Villa), a subsidiary of WUSA. The programme, which is accredited by the Wholesale…

The City of Tshwane is seeking to declare the widespread sinkhole problem in Region 4, including Centurion, a national disaster. This move comes after the municipality recorded around 50 sinkholes in the south of Pretoria, with the Gauteng Department of Transport and Logistics reporting several sinkholes on provincial roads last year. Mayor Nasiphi Moya informed residents at a community meeting at Centurion Council Chamber on a Tuesday evening that the City has allocated R14.7 million to address the sinkhole issue. However, she acknowledged that this budget falls short of what's needed to tackle the estimated 50 sinkholes identified. Moya revealed that the City is in the process of applying for national disaster status, which would enable them to better address the problem. “A process is under way for the issue…

Boozy chocochino Ingredients Dalgona coffee topping: 30ml instant coffee 30ml sugar 30ml boiling water 500ml milk 30ml cocoa powder 30ml sugar 5ml cornflour ½ slab (50g) 72% dark chocolate, broken into chunks ½ slab (50g) milk chocolate, broken into chunks 2 tots whisky 500ml freshly brewed coffee Hot chocolate powder, for dusting Method Whisk together dalgona coffee topping ingredients until pale in colour and thick. Set aside. Combine milk, cocoa powder, sugar and cornflour in a saucepan. Simmer over medium heat, stirring continuously until sugar is dissolved. Add chocolate chunks and stir to melt. Add whisky to two mugs, add hot chocolate mixture and top up with coffee. Stir to combine. Top with dalgona coffee mixture and dust with hot chocolate powder before serving. Frozen Chocolate Martini A frosty spin…

It’s been a mediocre year for South Africa’s new vehicle market, but with interest rates subsiding, the industry has entered a growth phase once again. According to Naamsa, November saw a year-on-year new vehicle sales gain for the second month in a row, with the market improving by 8.1% versus the same month last year. Passenger vehicle sales, amounting to 35 101 units last month, continue to lead the growth, showing a gain of 20% year-on-year. The bakkie and light commercial vehicle market continues to decline, with last month’s total of 10 827 units being 16.3% lower than November 2023’s figure. Medium and heavy commercial vehicle sales decreased by 9.2% and 0.5% respectively. Vehicle export sales also continued a downward trend, falling by 28.6% year-on-year. November saw 81.2% of…

Just a day after the scheduled conclusion of the second Test against Sri Lanka at St George’s Park, the Proteas will do battle with Pakistan in a T20 International further down the coast at Kingsmead. Never before have the Proteas been forced to split up their squads in this manner and play two internationals across different formats within the space of 24 hours. But such is the modern-day cricket landscape that any form of whinging about the schedule will merely fall on deaf ears. It’s best to simply accept one’s fate, move on as quickly as possible, and focus on the task at hand. And that alone will require all the focus of Temba Bavuma’s Test side, for they once again go searching for those 12 precious match…

The Gary Player Country Club course is ready to welcome 66 of the world’s top professionals for this week’s Nedbank Golf Challenge, with defending champion Max Homa leading one of the strongest fields in recent history as they battle it out for glory in ‘Africa’s Major’ at Sun City from today. Homa, who last year became one of the few players in the history of the tournament to win on debut, forms part of a strong field of DP World Tour, PGA Tour, Sunshine Tour, Ryder Cup, Presidents Cup and Olympic Games stars gathered for this year’s tournament. “I’ve been looking forward to coming back here. It’s been great to be the defending champion of this tournament, and to see my name alongside all the others on the walkway up…