Innholdsfortegnelse for 2024-09-16 i Mercury

FORMER Cabinet Minister Pravin Gordhan has been described as a government leader with “deep integrity” who spearheaded legislative reforms of democratic South Africa’s financial and fiscal architecture. Condolences continued to pour in from the government, business sector and civil society over the weekend, following Gordhan’s death on Friday morning after a short battle with cancer. Gordhan leaves behind his widow Vanitha and daughters Anisha and Priyesha. He was 75. However, not all political parties were singing Gordhan’s praises, with the Economic Freedom Fighters (EFF), the country’s fourth-largest party, said he had left behind a trail of destruction at State institutions. To his detractors, Gordhan was a nemesis who continued to fight against State capture, and they accused him of being responsible for attempting to sell off South African Airways to…

THE AUTOMOTIVE Business Council’s BRICS+ Research Report 2024 has found that South Africa has not substantially be- nefited from its membership of the bloc, but this could change should membership be expanded. A statement released late last week by the council – Naamsa – noted that China and Russia want further BRICS expansion this year to “make the group financially stronger and take on the US and other Western allies”. An additional 30 new countries have asked to join the bloc soon, including Thailand, Malaysia, Indonesia, Algeria and Nigeria. Consulting firm BCG states on its website that the BRICS+ nations account for one-quarter of global GDP, 40% of global trade in goods and nearly half of the world’s population. “Adding another dozen nations that have applied for membership, including dynamic…

Aspen’s Dr Stavros Nicolaou outlines the challenges and solutions for the continent to have security of supply amidst a pandemic and every day supply. TO HELP SOLVE the vast vaccine inequality and vaccine inaccessibility around the world, which is unfolding before our eyes again with mpox, Executive Editor of Business Report Philippa Larkin interviewed Dr Stavros Nicolaou on what it would take for the continent to be able to manufacture its own vaccines. Nicolaou is Aspen Pharmacare Group’s senior executive responsible for Strategic Trade Development and who is also the chairperson of Pharmaceuticals Manufactured in South Africa. In Nicolaou’s words: Africa currently imports 99% of its current vaccines, and produces 1% or less. In 2020/21 when Covid-19 hit, the whole world, and particularly the African continent, was caught off guard.…

THERE was a debate in the National Assembly last week on a Member’s Bill about the nationalisation of the SA Reserve Bank (SARB). The debate was at the behest of the president of the EFF, Julius Malema. Some argue the debate for nationalisation of the bank is much to do about nothing. In fact, they argue such a matter is inconsequential because the shares and share price is so small. The question begged and unanswered is: If the stake for ownership is so inconsequential, why do those who own it for such a pittance hold it so tight for dear life? In fact, it is this hidden and un- spoken response to its ownership over which light is to be shed. But more fundamentally is that the bank has as…

KORE POTASH, which completed a $1.2 million (R21.5m) fundraising at the beginning of July, closed the half year to June 2024 with cash and cash equivalents worth nearly $1m, against $1.5m in the contrasting period a year ago, while its exploration and evaluation assets dipped by $3.6m. The company is pursuing the Sintoukola Potash Project, including the Kola and Dougou potash permits in the Republic of Congo Brazzaville. It said on Friday that exploration and evaluation assets, as at June 30, 2024, amounted to $172.7m compared to $176.3m a year ago. This was after capitalising $1.3m in exploration and evaluation expendi- ture. Expenditure had, however, decreased by $4.9m as a result of the strengthening of the US dollar against the Congo-Brazzaville’s currency. This tipped the company into an interim…

In the past two weeks, 14 alleged extortionists were shot and killed when they went “toe-to-toe” with police in various provinces. From April 2023 to August 31, 2024, 319 cases of extortion were reported at police stations. The Western Cape registered the highest number with 119 cases, followed by 82 in the Eastern Cape, 63 in KwaZulu-Natal and 31 in Gauteng. Of these cases, police were able to arrest 151 people linked to the crime. The Western Cape recorded 69 arrests, the Eastern Cape 24, Gauteng 23 and KwaZulu-Natal 20. National police commissioner Fannie Masemola said they were cracking the whip, “fetching each of these extortionists one by one”. He attributed the inroads to an extortion action plan they had developed throughout the country. Masemola, along with Hawks head Godfrey…

A garage built 42 cm into the boundary of a neighbour’s property is the subject of a legal spat between the two neighbours, with the aggrieved neighbour asking the court for an order that the offending garage be demolished. Mogadi Sesoene turned to the Limpopo High Court, sitting in Polokwane, as she is not willing to tolerate that part of Nape Masogo and his wife’s garage infringing on her property. The fight has been going on for more than a decade. The Masogos had been in occupation of their home when the applicant (Sesoene) bought her property and moved in. Sesoene told the court that during 2012, the Masogos had erected an immovable structure used as a garage. She had obtained the services of a land surveyor to determine if…

This week Handre Pollard has an excellent opportunity to make ground on the pretender to his Springbok flyhalf throne, Sacha Feinberg-Mngomezulu, when the Boks go for Rugby Championship gold against the Pumas. If the Boks win in Santiago del Estero, they will clinch their first Championship since 2019, and it will be with World Cup hero Pollard at the helm. Coach Rassie Erasmus gave Feinberg-Mngomezulu an extended run in the position earlier in the Championship but now it is Pollard’s chance to show that he still has it. Springbok legend Naas Botha says the competition for the No 10 jersey has seldom been so competitive and that the team is the winner. “I am extremely excited about the No 10s in South Africa,” Botha said. “I think we have got…

Cape Town City relinquished a one-goal half-time lead to share the spoils with Royal AM thanks to an 85th-minute strike by Royal AM’s Motebang Sera on the opening day of the new Betway Premiership season. The opening 45 minutes was one-way traffic for the Citizens and perhaps they should have had a bigger lead, but an unexpected spirited second-half showing by the home side saw them show their true potential with their backs to the wall. Royal AM approached this season as one of the favourites to possibly be involved in the relegation battle, given their inability to sign players after a Fifa ban. John Maduka, at the helm of the Pietermaritzburg-based side, has had to ransack the club’s academy ranks in search of depth and squad refreshment. However,…

“This game was weird, because we had it in our hands and then we kind of let it go – that’s the part that’s disappointing.” That, in a nutshell, captured the mood of Blue Bulls coach Phiwe Nomlomo after his team didn’t actually lose, but were knocked out of the Currie Cup by the Sharks at Loftus Versfeld on Saturday night. Competition rules dictate that if the scores are level after extra time, the team with the most tries advances to the next round, and that’s exactly what happened after the 40-40 semi-final draw, with the Durban outfit booking a spot in Saturday’s final against the Lions at Ellis Park (4pm start) by dotting down six times to the Bulls’ four. The Bulls had two opportunities to seal the deal,…

THE WORLD Health Organization (WHO) said on Friday that it had for the first time prequalified an mpox vaccine – a move expected to speed up access to the jabs to fight an epidemic raging in Africa. The an- nouncement came on the heels of the arrival of the first MVA-BN vaccines in the Democratic Republic of Congo, the epicentre of the epidemic. “This first prequalification of a vaccine against mpox is an important step in our fight against the disease, both in the context of the current outbreaks in Africa, and in future,” WHO chief Tedros Adhanom Ghebreyesus said in a statement. “We now need urgent scale-up in procurement, donations and roll-out to ensure equitable access to vaccines where they are needed most … to prevent infections, stop transmission…

South African consumers will be waiting with bated breath this week, hoping for news of a cut in interest rates when the South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) meets. On Thursday, the nation will find out if they will get some leeway in their monthly budgets as SARB Governor Lesetja Kganyago announces the bank’s decision. The repo rate is currently at a 14-year high of 8.25% and the prime lending rate is at 11.75%. While the SARB has held firm on an 8.5% rate for months on end, there are plenty of whispers across the economic industry that a cut is finally due and may even be bigger than expected. Frank Blackmore, the lead economist at KPMG South Africa, told Business Report that the recent reductions in…

A GREAT deal has been said about the Basic Education Laws Amendment (Bela) Bill signed into law by President Cyril Ramaphosa. Tragically, much of it has been false, clouding a necessary debate about how we improve education outcomes for learners and enhance their employment opportunities when they enter the economy. Cosatu and our teachers’ trade unions engaged extensively on the Bill at Nedlac and Parliament. It has been an inclusive and genuine process of public participation. Some have speculated that it will collapse the government, it won’t. Many of the Bill’s critics are not speaking to its common sense and progressive provisions, which will benefit learners, parents and teachers. The act seeks to correct challenges experienced by many in our schools. Cosatu has supported the Act and is looking…

SOUTH African platinum group metals (PGM) miners soared on the JSE on Friday, with Impala Platinum (Implats), Sibanye-Stillwater, Northam Platinum and Anglo American Platinum (Am- plats) among the top five risers for the day. Implats was the biggest riser, surging by nearly 12% on the JSE on Friday to R86.52 per share and extending its 14.2% surge over the past seven days. PGM and gold producer, Sibanye- Stillwater, which on Thursday reported strong balance sheet improvements, and allayed investor concerns over a potential rights issue, closed the day’s session 11.6% higher at R17.28 per share, while it has been 7.33% stronger in the preceding seven days. World platinum prices strengthened nearly 7% over the past five days to about $1 000 per ounce, while palladium prices have somewhat recovered…

The common law rights of a wife can not be removed by municipal by-laws, a judge has ruled. In the case before the court, the wife had paid the burial fees and was entitled to erect a tombstone at her deceased husband’s gravesite. The deceased’s family and the City of Johannesburg had opposed the widow’s right to erect the tombstone. The City of Johannesburg appealed against a Gauteng High Court, Johannesburg, ruling that the City’s parks and zoo division had to recognise the widow’s rights in relation to the Westpark Cemetery gravesite. The widow had approached the court after the official in charge of the cemetery had refused her to allow her to erect a tombstone in memory of her late husband. Judge Motsamai Makume, who wrote the concurring judgment,…

As South Africa heads to the celebration of National Braai Day in just over a week from now, the government has advised all livestock farmers nationwide to limit animal movement as much as possible due to the outbreak of foot-and-mouth disease (FMD). Sara-Lea van Eeden, the Ministry of Agriculture spokesperson on FMD, said on Friday that cloven-hoofed animals should not be moved unless absolutely necessary. Van Eeden said limiting movement provides an opportunity to identify and quarantine further undetected, affected properties, thus preventing any further spread of the disease. She said the significance of the incubation period for FMD cannot be overstated. “During this period, animals may appear healthy while shedding the virus and not yet displaying clinical signs of the disease. Farmers are again urged to observe stringent biosecurity…

Gabriel Magalhaes’ second-half header earned Arsenal a crucial 1-0 win at Tottenham Hotspur in a feisty north London derby yesterday to keep pace with early Premier League leaders Manchester City. Spurs started sharper and David Raya was forced into early saves, turning Dejan Kulusevski’s first-time effort behind before clawing away a dangerous cross from the Sweden winger. Record signing Dominic Solanke, making his home debut, squandered a good opening in the 14th minute after Arsenal lost possession deep in their own half, taking too long on the ball and allowing William Saliba to recover. Arsenal were missing captain Martin Odegaard through injury and Declan Rice through suspension, but dug deep impressively despite an under-strength midfield. “It was difficult because we have lost a lot of important players for us,” Arsenal…

The dim light is shining on the mighty Kaizer Chiefs and all seems to be well after a hard-fought opening victory against Marumo Gallants, but new coach Nasreddine Nabi knows there is still much work to do, while also asking for patience as the journey to the end of the tunnel will still be one with many oscillating fortunes. Through the storms of past performances, Nabi and Co’s future seemingly began successfully at a Free State stadium filled to capacity. The Amakhosis’ early discovery of form under the guidance of their new mentor didn’t take long to gain momentum and confidence, following their come- from-behind 2-1 victory against the Bloemfontein-based side. The Soweto Giants returned to Betway Premiership action after a disappointing end to their previous campaign, where they finished…

Arne Slot got his first taste of defeat as Liverpool boss on Saturday as his side lost 1-0 to Nottingham Forest in the Premier League, with visiting manager Nuno Espirito Santo outfoxing the Dutchman in a fascinating encounter. Forest got their tactics spot on, packing the centre of midfield and crowding out Liverpool’s wide players. And although the home side had some decent chances in the first half, they were not clinical enough in front of goal. “The result frustrates the most, and we cannot be happy about how the game went. It was a stop-start game and we hardly created any chances,” lamented Slot. “We only have to look at ourselves – we have to be better. Far too many times we lost the ball around the area, it…

Laura Wolvaardt revealed the Proteas Women will use the three-match series against Pakistan to fine-tune their team ahead of the start of the T20 World Cup in just over two weeks in the United Arab Emirates. The Proteas will be locked in battle against Pakistan in the Punjab Province, in the south of Pakistan, with the first clash set to get under way at Multan International Stadium at 4pm today. Pakistan beat the Proteas 3-0 the last time they met last year, and since then Wolvaardt and her South African side haven’t had the best of outings in the T20 format, despite having reached the final of the 2023 World Cup as the hosts. The 25-year-old will go into the tournament leading the way for South Africa, not only as…

SOUTH Africa’s major banks reported a durable financial performance in the first half of 2024 against complex operating conditions and elevated levels of uncertainty and combined headline earnings growth was only 2.5% at R56.8 billion, when compared with the previous year. Headline earnings growth in previous years has been stronger, with for instance, the figure rising 13.8% to R113.2bn for the full 2023 financial year. And in the 2023 half year period combined headline earnings grew by 16.8% to R55.8bn compared with the first half of 2022. “The start of 2024 was characterised by acute levels of uncertainty as nearly half the global population entered an election year. “Globally, inflation remained sticky and slowed the anticipated pace of interest rate cuts. Regionally, several sub-Saharan African countries felt the combined…

DESPITE the re-rating in apparel retail shares following the formation of the Government of National Unity (GNU), valuations remain undemanding, with most apparel retailers trading below their historical average price-to-earnings multiples. Continued outperformance will likely require earnings upgrades, which have proven fairly elusive in the sector to date. Prospects for faster gross domestic product growth, lower inflation, interest rate cuts and the potential benefits to consumption from the two-pot pension system should, however, support retail sales and earnings growth over coming quarters. Truworths’ latest trading statement highlights the challenging trading environment in the near term. Weak South African operating performance is expected for financial year 2024, but likely marks a cyclical turning point. Management is encouraged by early indicators, and they see the macro environment easing most significantly for…

EQUITY markets across the world traded flat and nervous last week. The release of the US consumer price index inflation rate for August last Wednesday was as expected and enforced market sentiment that the Federal Open Market Commission (FOMC) will increase its bank rate at its news conference on Wednesday. The US mainline inflation rate increased at its slowest rate in more than three years as consumer prices rose by only 2.6% in August, down from 2.9% in July 2024. Year-on-year prices for petrol, used cars and trucks, and some other items fell. Core inflation, the price indicator that the FOMC prefers to use, rose by 3.2% last month, the same margin as in July 2023 and as what was expected. Analysts now expect that these data increased the…

HEAVY industrial and consumer equipment group Barloworld’s share price slumped 12.47% on Friday after it said it had voluntarily disclosed to US authorities about potential export control violations related to Russia. An initial submission to the US Department of Commerce’s Bureau of Industry and Security (BIS) related to sales of certain goods to its Russian subsidiary, which the company was investigating, Barloworld said in a JSE regulatory notice on Friday. Barloworld said it had engaged the services of independent firms with the necessary expertise in connection with the internal investigation and voluntary self disclosure. The share price closed at R81.17 on the JSE on Friday, just below the R83.42 that it was trading at the year before on the same day. It said the precise details of whether there had…

COPPER360’s total remuneration to directors surged to R12.5 million in the year to end February 2024, compared to R4.8m last year, with CEO Jan Nelson pocketing R3m in consulting fees, salaries and performance related payments. Prospects have been improving for Copper 360, which said in August that underground mining operations had commenced at its Rietberg mine in the Northern Cape. The company’s CEO, Jan Nelson, described the kick-starting of mining activities at Rietberg as “an exciting moment” for the company. He said this was a “culmination of several years of planning” and signalled “the beginnings of a new era” for the Northern Cape. Nelson has been highly optimistic of the company’s prospects, with his salary, bonus payments and performance-related remuneration amounting to R2.2m over the period to February 2024,…

The National Prosecuting Authority’s (NPA’s) Investigating Directorate Against Corruption (IDAC) has refused to disclose how much senior advocates Paul Pretorius and Matthew Chaskalson, appointed as consultants, will cost the public purse. It has also emerged that the two former evidence leaders to the Zondo Commission, who will assist with “specialised aspects” relating to the investigation and prosecution of “complex crimes”, have not obtained security clearance certificates. Their appointment was thrust into the spotlight after a source told this publication that it was part of an alleged attempt to capture the NPA. Questions were also asked about whether these could not be the responsibility of permanently employed staff. The matter once again came up in the National Assembly this week when uMkhonto weSizwe Party chief whip Mzwanele Manyi asked the NPA…

The human remains of 55 South African exiles, notably liberation stalwarts, buried in Zambia and Zimbabwe are expected to be repatriated to South Africa. The remains are to be reburied in their provincial homes, with a homecoming ceremony to be held at Freedom Park Heritage Site and Museum in Johannesburg later this month. In Lusaka, Zambia, about 150 South African exiles died between 1964 and 1994, most of whom were buried in Leopard’s Hill Cemetery, Lusaka. The remains of 33 exiles will be repatriated from Zambia, including seven ANC military wing cadres who had drowned in the Zambezi on September 13, 1988. The Exile Repatriation Project is headed by the South African Heritage Resources Agency (Sahra), an agency of the Department of Sport, Arts, and Culture and other government departments.…

Sharks coach John Plumtree has candidly admitted that the coaching staff had to “phone a friend” to get the answer to a problem that arose around a red card in the weekend’s Currie Cup semi-final against the Bulls. The Sharks were under severe pressure in the last quarter when they were reduced to 12 players because of yellow and red cards. “There was a fair bit of chat on the sidelines around whether there could be a red-card replacement after 20 minutes,” Plumtree said of the sending off of centre Francois Venter for a head-to-head tackle. “The officials didn’t know what was going on there as well. I think it must be the first time it has happened in the Currie Cup and we only got clarification when we phoned…

Oscar Piastri won the Azerbaijan GP and sent McLaren top of the constructors’ standings in a race that finished with a virtual safety car after a penultimate lap collision between Ferrari’s Carlos Sainz and Red Bull’s Sergio Perez. Ferrari’s pole-sitter Charles Leclerc, who was overtaken by Piastri on the 20th of 51 laps and then battled nose-to-tail before his tyres faded, came second with George Russell inheriting third for Mercedes after the Sainz-Perez collision. Red Bull’s F1 leader Max Verstappen finished fifth, just behind his closest title rival Lando Norris, who started 15th for McLaren and ended up fourth with a bonus point for fastest lap. Triple champion Verstappen’s lead over Norris, who reeled in a 15-second gap and passed the Dutch driver on lap 49 thanks to his fresher…

Richards Bay (0) 1 Allen 22’ TS Galaxy (0) 0 A solitary Keagan Allen header was enough to see Richards Bay edge TS Galaxy 1-0 at the King Zwelithini Stadium yesterday. The Natal Rich Boyz survived a resurgent Rockets display in the second stanza to ensure they opened their 2024/2025 season with a victory. For the third season in a row, Richards Bay kicked off their season in uMlazi with their usual travelling group adding to the ambience. With new money, new players and a new coach, the Natal Rich Boyz placed all their toys on display as Brandon Truter fielded four of the club’s new signings. On-loan Mamelodi Sundowns forward Thabang Sibanyoni led the line supported by winger Siboniso Conco, while Siyethemba Sighe held down midfield. However,…

There have been disappointments aplenty for the Lions in recent years, but on Saturday they had the opportunity to celebrate a small victory that could catapult them to larger glory. In overcoming the Free State Cheetahs 43-34, the Lions progressed to their first Currie Cup final since 2019, and the first championship match in the famous old stadium since 2015. They finished sixth in the cup last year and last two years in a row – in 2021 and 2022. At the United Rugby Championship (URC) level, they have fallen short twice in their pursuit of a top-eight finish in the past two campaigns – last season only on matches won. Lions coach Mziwakhe Nkosi, who had to endure those terrible lows with the Currie Cup side, was pleased that…