Innholdsfortegnelse for 2024-12-02 i Mercury

Fairvest on Friday said that it beat its guidance after reporting an annual distribution of 138.34 cents per A share and 43.29 cents per B share for the year to September 30. Fairvest has a strategy to grow by acquisition towards becoming a retail-only Real Estate Investment Trust (REIT) of market-appropriate size, and so it recently issued about R1 billion in equity to acquire an additional investment in Dipula, increasing its stake to 26.3% from 5%.. Fairvest is the largest exclusively South African-focused property fund, with a portfolio worth R12.3bn comprising 128 properties—72 retail, 29 office, and 27 industrial properties. “Fairvest has made pleasing headway in restructuring its portfolio in the past three years towards becoming a retail-only REIT servicing low-income communities in South Africa by disposing of non-core assets…

“There are two sides to every story,” goes the common belief. I am of the opinion that lives are usually more layered than having two sides. It is probably more like 7 or 9, depending on how many people are involved. Motivation is somewhat similar. What drives us is usually more than one or two known factors. We are people of mixed, often confusing motivations. Hidden and often unknown motives drive you and me. Why, how, and when we (and all others) do what we do— in other words, what motivates us— is not as clear or easy to comprehend or explain as we may think. Getting to the bottom of our motives is not always comfortable or pleasant. We are capable of doing great things with impure motives. I…

Dr Imran Keeka (“MK Party exposes its intolerance,” The Mercury, November 29) mentions how hurt he felt when some member of the MK Party referred to our South African Indians in a derogatory manner. I certainly share that sentiment, for racism from any quarter, in this country especially, was meant to have been tossed into the nearest solid waste basket three decades ago. However, there seems to be some irony in his complaint because he happens to be part of a political party that has given Israel full support with its proven apartheid record! This is evident and undeniable. The DA has never championed the ANC’s pre-election stance of condemning that country for its ongoing genocidal actions, even in the face of a pseudo-move towards a ceasefire with Lebanon. A…

The burning issue surrounding the two controversial clauses in the Basic Education Laws Amendment (Bela) Act has taken another turn after Solidarity announced it had reached an agreement with the Minister of Basic Education. This development has sparked a flurry of statements by President Cyril Ramaphosa, Deputy President Paul Mashatile, and DA federal chair Helen Zille regarding whether such an agreement has an effect on the implementation of the clauses. While Ramaphosa signed the Bela Act into law in September this year, he delayed the implementation date for clauses 4 and 5 of the Bill by three months. The clauses had raised concerns from various quarters – Clause 4 grants the Department of Basic Education greater control over a school’s admissions policy, while Clause 5 compels school governing bodies…

The Road Accident Fund (RAF) has blocked the disbursement of R65 million worth of claims over the past three financial years as part of a crackdown on fraudulent and corrupt activities. A total of 2031 fraudulent claims were rejected – 870 in 2023/2024, 713 in 2022/23 and 448 in the 2021/22 financial year. These are claims that were not processed and finalised because of their fraudulent nature. The fund has announced that over the past three years, more than R1 billion in fraudulent claims were identified for rejection to safeguard the RAF’s financial resources and rightfully direct them to road crash survivors. The fund said its fraud detection strategy aims to enhance the operational plan of ensuring that the RAF reduces the time it takes to pay legitimate claims to…

The Home Affairs department has gazetted an official extension to November 2025 for existing Zimbabwean Exemption Permits (ZEPs). Home Affairs Minister Leon Schreiber said the extension was granted so he could consult the affected ZEP holders in order to comply with the Gauteng High Court order. “I, with the powers bestowed upon me in terms of section 31(2)(b) of the Immigration Act, have decided to extend the validity of the Zimbabwean Exemption Permits until November 28, 2025, in order for me to fulfil the duty placed on me by the Gauteng High Court to consult the affected ZEP holders and all other stakeholders on the future of the current dispensation," he wrote in the Government Gazette. “The reactivation of the Immigration Advisory Board (“IAB”) is currently under way and its…

THE EFF’s third national people’s assembly later this month will determine whether the party survives the fate that has befallen similar ANC breakaway political organisations. For the first time since its establishment in 2013, the EFF goes to its elective conference on the back foot having lost electoral support to a newly formed uMkhonto weSizwe Party. The resignations by some senior party members, including its deputy Floyd Shivambu and national chairperson Dali Mpofu, mean that the EFF will have to navigate a tumultuous terrain that could make or break it. A party that was key in removing a state president in Jacob Zuma and was within a touching distance of being part of South Africa’s government now finds itself having to discuss its survival. Julius Malema, and other senior members…

Taiwanese President Lai Ching-te said in the US over the weekend that we have to “fight together to prevent war”, as he kicked off a week-long tour of the Pacific that has sparked fiery rhetoric from Beijing. Taiwan faces the constant threat of a military attack by China, which it considers part of its territory and regularly deploys fighter jets and warships around the self-ruled island to press its claims. Washington is Taipei’s most important partner and biggest provider of weapons, but maintains a “strategic ambiguity” when it comes to putting boots on the ground to defend the island from China. Speaking at a dinner in the US island state of Hawaii on Saturday, Lai said there were “no winners” from conflict and “we have to fight, fight together to…

Washington: Elon Musk has again asked a US court to stop ChatGPT-maker OpenAI from converting into a for-profit enterprise, reports have said. Attorneys representing the billionaire and his AI startup, xAI, filed the injunction on Friday. The injunction also requests that OpenAI be stopped from allegedly barring its investors from funding competing companies. Musk has alleged that OpenAI bars its investors from making investments in rivals – which would put his own start-up at a disadvantage in a sector where billions of dollars are at stake. OpenAI was founded as a non-profit and has since switched to a “capped” for-profit enterprise. It is seeking to become a for-profit public benefit corporation, which could attract more investment. | AFP…

BANGKOK: Thailand protested an incident involving Myanmar’s navy firing on Thai fishing vessels, Prime Minister Paetongtarn Shinawatra said yesterday, after one fisherman drowned, two were injured and dozens were detained from one of the boats. Shinawatra questioned claims that the fishing boats had intruded into Myanmar’s territorial waters when Myanmar’s navy opened fire on the vessels on Saturday. Myanmar has been in crisis since 2021 when the military seized power, toppling an elected government and sparking an armed rebellion by crushing protests with lethal force. | Reuters…

BUSAN: Delegates seeking the world’s first deal to curb plastic pollution began openly advocating for an extension of talks yesterday, accusing a handful of nations of obstructing an ambitious agreement. Nearly 200 nations are in South Korea’s Busan for negotiations.But a week of talks has failed to resolve divisions between “high-ambition” countries seeking a globally binding agreement to limit production and phase out harmful chemicals, and “like-minded” nations who want to focus on waste. Environmental groups have pushed ambitious countries to call a vote. But observers say this risks alienating some countries in favour of a strong treaty. | AFP…

AYO Technology Solutions’ did well to cut its loss to 72.02 cents per share for the year to end-August 31, 2024 compared with a loss per share of 180.53 cents per share for the previous year to end-August 31. “The past year has been one of considerable change and challenge, but we look forward to further capital preservation, supporting subsidiary growth and continued commitment to serving customers, positively impacting the communities in which we operate and creating value for stakeholders,” AYO’s directors said. Revenue decreased by 17% to R1.9 billion from R2.3bn. The pre-tax loss decreased by 65% to R229m from R653m in the prior financial year. The headline loss per share per share decreased by 59.31% from 176.46 cents per share. No dividend was declared. The decline in group…

Insurance Sector Education and Training Authority (Inseta), which is tasked with a skills mandate, 56 out of its 58 performance indicators, achieving an overall performance rate of 97% - a remarkable 6% increase from the previous financial year, it said in its annual report for the period April 1, 2023 to March 31 2024. The institution highlighted how good leadership and robust corporate governance had aided this outcome. Lizelle van der Merwe, the chairperson of Inseta, said it received eight local and international accolades for its contribution towards skills development. Among others, the institution was honoured as the Best Training Institute, and its CEO, Gugu Mkhize, was named the Standard Bank Public Sector Leader for 2023 and the Institute of People Management Business Leader of the Year for 2023,…

PBT Group’s taxed profit fell marginally by 2.2% to R46.9 million in the six months to September 30 after its data, analytics and software engineering consultancy operations remained resilient. Continuing operations increased revenue 0.3% to R549m. Gross profit fell 2% to R129.3m. Earnings before interest, tax, depreciation, and amortisation increased by 1.4% to R67m. Normalised headline earnings fell 0.8% to R32.6m, with normalised headline earnings a share increasing by 0.9% to 31.7 cents. “The business remains sound and continues to generate healthy cash flows,” the directors said. The interim distribution of 27 cents a share was 3.8% higher than the prior period. “We are optimistic South Africa’s improving economic and business conditions will have a positive impact on our group's performance in the coming years,” the group said.…

So DA leader John Steenhuisen has referred to the contribution of uMkhonto weSizwe during “the long walk to freedom” in positive terms! Travesty, or the open-mindedness needed at negotiating tables? Fie! For shame? Some voters and journalists have responded with mild hysteria! Does this mean Steenhuisen is now considered a Communist? Or that the DA as part of a Government of National Unity (GNU), has joined the ANC and its partners, becoming a “member of the party”? Or that it’s arrogant to presume some elitist insight, born jointly (God forbid) of privileged “academia”? Or is it just a hopeful sign of becoming eminently able to get closer, making agreement a mark of progress and mature leadership? What does the world need along the path to political democratisation? So let’s, in…

The persistent complaints from adults of every generation are the claim that “today’s youth are lost and disrespectful!” This narrative fails to recognise a fundamental truth: upcoming generations do not conceive, birth or raise themselves. Children have no control over their upbringing. If white youth excel in various areas compared to black youth, it is a clear indication of the different conditions under which they are raised. Growing up in environments lacking positive role models or achievements, as is the case for many black individuals in Africa, Haiti, and the Caribbean, as well as in minority contexts — such as in Australia, the UK, and the USA — can have significant consequences for personal development. It is essential for elders to consider how the dominant narratives surrounding black individuals frequently…

The uMkhonto weSizwe Party (MKP) says it is confident the party can win its case against the Electoral Commission of South Africa (IEC) after obtaining new information. The Jacob Zuma-led party also said its plans to oust the KwaZulu-Natal coalition government are at an advanced stage as it is involved with discussions with “friendlies” in the left-aligned ANC in the province. Zuma, speaking to party supporters in Vosloorus, east of Johannesburg, at the weekend as part of the party’s 1st anniversary celebrations, claimed the May 29 elections were rigged and he accused IEC officials of stealing MKP votes and “donating” them to other parties. “The people in charge of counting votes took our votes and gave them to other parties. They deprived us of a two-thirds majority. We wanted to…

Salaries in logistics management, electrical engineering, risk management, management accounting and credit management have been revealed as among the ‘biggest winners’ in a recent survey studying salary offers across sectors. The recently released Pnet Job Market Trends Report November 2024 showed that these job roles experienced salary increases of between 35% and 48% between 2021 and 2024, in a period when most salaries in South Africa have stagnated, falling well below inflation. The report also examined the biggest winners and biggest losers in terms of salary offers over the past three years. The report said that the fluctuations in salary offers depend on two factors, including demand for labour and supply of labour. “Naturally, skills and professions that are high in demand with a limited supply pool tend to receive…

The problem of alarmingly high adolescent pregnancies in Eastern and Southern Africa requires a collaborative approach and comprehensive strategies to protect vulnerable youth. This was said during the Early and Unintended Pregnancies in Eastern and Southern Africa Conference hosted by the University of KwaZulu-Natal (UKZN). During the conference, Professor Kaymarlin Govender, director of the Health Economics and HIV/AIDS Research Division (HEARD) at UKZN, said this issue, which extends beyond South Africa, cannot be addressed by working individually and called for collaboration. “In Eastern and Southern Africa, adolescent pregnancies are alarmingly high, with some countries reporting fertility rates exceeding 100 live births per 1000 girls, particularly for ages 15 to 19. That's a staggering statistic,” said Govender. He said the implications are profound as young mothers face significant health risks, including…

The party’s actions reveal a troubling trend of neglect towards black communities IN THE 1960’s and 70’s when the apartheid government was implementing a strategy of centralising steel production from the Vaal Triangle, it chose a town in KwaZulu-Natal, Newcastle. With this strategy it assisted “poor” whites. The then State steel producer Iscor, now Arcelor-Mittal, “provided its employees with cheap housing, generous pensions as well as access to medical services”. This is just one of the many cases that are available on how the apartheid government uplifted poor whites. Many examples are available on how others were moved from the middle class to become the multimillionaires they are today. As for the ANC that has been at the helm for three decades now, the so-called vanguard of black people, the…

US President Joe Biden set off for Angola yesterday on a trip that will deliver on a promise to visit Africa during his presidency and focus on a major, US-backed railway project that aims to divert critical minerals away from China. The project, partly funded with a US loan, links the resource-rich Democratic Republic of Congo (DRC) and Zambia to the Angolan port of Lobito on the Atlantic Ocean, offering a fast and efficient route for exports to the West. At stake are vast supplies of minerals like copper and cobalt, which are found in Congo and are a key component of batteries and other electronics. China is the top player in Congo, which has become an increasing concern to Washington. China signed an agreement with Tanzania and Zambia in…

Kenya’s Ministry of Health has urged citizens to strictly adhere to mpox preventive measures as the number of cases continues to rise, with children being particularly vulnerable. Principal Secretary in the Ministry of Health Mary Muthoni said over the weekend that five new mpox cases have been confirmed in north-west, coastal, and central Kenya in the past week, bringing the total to 23. “We call on all Kenyans to remain vigilant,” Muthoni said. The new cases had been confirmed in Nakuru, some 160km northwest of the capital, and the coastal city of Mombasa and Kiambu, on the outskirts of Nairobi, she said. “To date, 156 contacts have been identified with 117 completing the required 21-day follow up. Five of these contacts have tested positive for mpox and 34 remain under…

Washington: US President-elect Donald Trump aims to make loyalist Kash Patel the next director of the Federal Bureau of Investigation, he said on Saturday. Trump announced the former advisor and Pentagon official, who has been critical of the bureau, as his choice for the post. The FBI’s current director, Christopher Wray, was appointed to a 10-year term in 2017, so he would either need to step down or be fired. Patel served in several posts during Trump’s first term including as a national security advisor. | AFP…

NEW DELHI: Cyclone Fengal killed at least 19 people in India and Sri Lanka and caused flooding in Tamil Nadu state and the Puducherry region after crossing India’s southern coast from the Bay of Bengal on Saturday. Puducherry had been hit by the heaviest 24-hour rainfall in 30 years, India’s weather office said yesterday. The cyclone left parts of the southern city of Chennai inundated. The Indian army was running relief operations in Puducherry for people in the eye of the storm, while rainfall eased in Chennai. In Sri Lanka, 16 people were killed, with heavy rains affecting a total of 138 944 families, officials said. | Reuters…

The Stormers are in desperation mode in the United Rugby Championship (URC) after yet another loss, this time a first-ever to the Sharks in the tournament. It took a cancelled try after an earlier knock-on by replacement flyhalf Manie Libbok at a ruck for the Sharks to secure the 22-17 win at Kings Park in Durban. While the Cape side was their worst enemy, squandering chance upon chance in the first half, two crucial breakdown calls by referee Marius van der Westhuizen saw the Sharks claim seven points and seven points cancelled for the visitors. Stormers director of rugby admitted his side made life difficult for themselves with the errors. He was left a bit baffled by the try of Sharks centre Andre Esterhuizen after captain Siya Kolisi was laying…

In the midst of the swirling challenges that have plagued Royal AM over the past year, the club has demonstrated resilience and determination on the field, culminating in a thrilling draw against Kaizer Chiefs at Peter Mokaba Stadium. The drama of the match mirrored the tumultuous off-field issues that have become synonymous with the club, from Fifa transfer bans to upheavals in administration and looming relegation threats. The recent revelations about club owner Shawn 'Mamhize’ Mkhize's troubles with the South African Revenue Service (SARS) cast yet another shadow over Thwihi Thwahla's reputation. Despite the negative publicity and the looming noise of relegation chatter, the Pietermaritzburg-based outfit is unwavering in their belief that they can shape their own destiny. Critics have been vocal, branding the club as a 'candidate for relegation'…

WHEN last did we see King’s Park as packed as it was on Saturday for the Sharks-Stormers encounter? At first, it looked like sweet revenge for the Sharks for their previous defeats by the Cape Town side as they cruised ahead in the first half and built on that in the second. With just minutes to go, they were 13 points ahead and victory seemed certain. Then a huge fight-back by the Stormers narrowed that lead, followed by a try under the posts in the dying seconds of extra time that appeared to clinch it for the visitors. But there was a knock-on in the build-up, and the try was disallowed. Final score: 21-15 to the Sharks. Phew! It doesn’t get closer than that. The damsels of the Pub With…

There has been much discussion around the terms of the 60-day ceasefire agreement brokered by the US and France after over a year of fighting. The terms of the agreement stipulate the withdrawal of Israeli troops from southern Lebanon and the withdrawal of Hezbollah north of the Litani River to allow settlers and displaced Lebanese citizens to return to their homes. The announcement of the ceasefire caused much jubilation in Lebanon, but in Israel the mood was anything but. Many far-right Israelis believe that the cessation in hostilities indicates Israel has lost the fight with Hezbollah, but in a typical hasbara fashion, the government is trying to save face, claiming victory instead. The truth is that Hezbollah held their ground. Since the Israeli army’s ground invasion on 01/10/2024, the enemy…

Economic growth in South Africa is expected to have ticked up slightly by 0.5% in the three months to the end of September. This comes as Statistics South Africa (Stats SA) will tomorrow publish the gross domestic product (GDP) figures for the third quarter of 2024 after the economy grew by 0.4% in the second quarter. In the second quarter, seven industries recorded positive growth, with the finance industry increasing by 1.3%, followed by the trade industry and the manufacturing industry, which increased by 1.2% and 1.1%, respectively. Economists now expect that the consistent absence of load shedding and other logistical advances created a more favourable producer environment during the third quarter. Eskom has suspended load shedding for more than eight months (247 consecutive days) since March 26, due…

The Ports Regulator has announced that it has approved a 4.4% average port tariff increase for the 2025/2026 financial year. This follows Transnet National Ports Authority (TNPA) applying for an overall weighted average tariff adjustment of 7.90% in August this year. The Mercury reported in August that some industry players had raised concern that the tariff increase requested by TNPA was too high. It was also reported that the TNPA had said the tariff increase requested was in line with inflation and accommodated other costs such as fuel, maintenance, and water. In a statement, Mukondeleli Johanna Mulaudzi, CEO of the Ports Regulator of South Africa, said the regulator had come to the decision of a 4.4% average port tariff increase after due processes were followed. “After reviewing the application, stakeholder…

THE National Skills Fund (NSF) is on the radar of the corruption-busting body, the Special Investigating Unit (SIU) after the standing committee on public accounts (Scopa) referred the institution’s audit and its R5 billion expenditure for investigation. The latest development comes days after Auditor-General Tsakani Maluleke named NSF among state institutions that she made recommendations about in her consolidated audit report for 2023/24 as the accounting officer or authority took little or no action to address material irregularities. The SIU has made a submission to President Cyril Ramaphosa to request that he authorise a proclamation in the affairs of NSF in the wake of a probe by a forensic firm, Nexus. This was revealed by Higher Education Minister Nobuhle Nkabane when she was responding to parliamentary questions from DA MP…

Transport Minister Barbara Creecy has called for a united effort from all road users, law enforcement and stakeholders to curb fatalities during the holiday season. She officially launched the 2024 Festive Season Road Safety Campaign under the theme “Every Day Without a Road Death — South Africa 2024” yesterday. “South Africa saw 11 883 people dying in 2023 because of crashes on our roads. This is not just a statistic, it represents lives lost, families grieving and a nation struggling with the devastating consequences,” Creecy stated, citing data from the Road Traffic Management Corporation (RTMC)​. She said road crashes are not only a human tragedy but also an economic burden, costing the nation R205 billion in 2023, equivalent to 2.74% of the GDP. “These crashes are fuelled by human error,…

AT THE centre of referring or defining politics at face value by ordinary people is the word, “game”. It will simply go further “politics is a dirty game”. Others will in a way, maybe at a higher level, apply a “sophisticated” word, “chess”. As a result, would refer to other politicians as “master of a chess game”. But Helen Zille as a person in control of the second-largest party in the country claiming to be concerned about saving the country should be very careful. It is understandable that indeed as much as there is no “game” or “gamble” in the orthodox definition of democracy, ordinary people are correct by saying it is a game or gamble. Zille’s attitude towards politics could be likened to Adolf Hitler. In the process of…

Israeli military strikes killed at least 15 Palestinians in Gaza yesterday, medics said, as Israeli forces kept up bombardments across the enclave and blew up houses on its northern edge. As fighting raged almost 14 months into the war, the head of the UN Palestinian refugee agency (UNRWA) said it had to halt aid deliveries through one crossing a day after armed gangs inside Gaza seized food from a convoy of trucks. “This difficult decision comes at a time hunger is rapidly deepening,” UNRWA’s Philippe Lazzarini said in a post on X. In the central Gaza camp of Nuseirat, an Israeli airstrike killed six people in a house, and another attack killed three in a home in Gaza City, medics said. Two children were killed when a missile hit a…

Iraq’s parliament was expected to review contentious legal amendments yesterday, including a reworked family law bill that has sparked civil society outrage over fears of a resurgence in underage marriages. The proposed amendments would let people choose between religious or state regulations for family matters, such as marriage, inheritance, divorce and child custody. Critics fear the move could erode protections for Muslim women by lowering the legal age for marriage – currently set at 18, or 15 with the consent of legal guardians and a judge – and pave the way for the adoption of Islamic jurisprudence that could allow marriages for those as young as nine years old. A revised version of the bill sets the minimum age at 15 with court approval and retains “current conditions”, according to…

BERLIN: Volkswagen workers will go on warning strikes today at plants across Germany, labour union IG Metall said, marking the first large-scale walkouts at Volkswagen’s domestic operations since 2018. This marks a further escalation of a dispute between Europe’s top carmaker and its workers over mass layoffs, pay cuts and possible plant closures in the face of Chinese competition and cooling consumer demand. Volkswagen has demanded a 10% wage cut. Labour representatives and management will meet again on December 9 over a new labour agreement for workers, with unions vowing to resist any proposals that do not provide a long-term plan for every VW plant. | Reuters…

Faizabad: More than 100 people have been arrested for growing poppy in north-eastern Afghanistan, police said yesterday, in an area that has previously resisted a Taliban government ban on the crop. The Taliban authorities, on the orders of its Supreme Leader Hibatullah Akhundzada, banned poppy production in 2022 across Afghanistan – which at the time was the world’s top-producing country. The ban sparked a 95% drop in poppy harvests in 2023, but farmers have not been able to reap the same profits from alternative crops. Up to 80% of the population depends on agriculture in Afghanistan, one of the poorest countries in the world. | AFP…

The Proteas' struggles in bilateral series continued this past week, as they suffered yet another T20I series whitewash against England but they can ill afford to wallow in defeat as they prepare for an ODI series against the same opponents later this week. The T20I series didn’t live up to expectations, at least from a South African point of view, especially with their recent achievements against Pakistan in September and also after reaching their second T20 World Cup final in a row earlier this year. Their 2-1 win against Pakistan was their first in seven attempts. Although they went on to do well in the global showpiece afterwards, the latest result against the English – particularly the last two matches where they were outplayed with both bat and ball –…