Star 2021-06-21

Siphelele Dludla siphelele.dludla@inl.co.za CONSUMER spending is expected to have come under pressure in May as high food inflation showed no signs of abating, driven by high producer prices and low statistical base effects. Statistics South Africa (StatsSA) will this week release the consumer price index (CPI) and producer price index data amid rising unemployment in the first quarter despite encouraging economic performance. The CPI inflation is forecast to have accelerated to 5.2 percent year-on-year in May from 4.4 percent in April, affected by the statistical base comparison after last year’s lockdown. Aside from the impact of the base effects, economists said the upward food price pressures were expected to have remained evident in May. Investec’s Kamilla Kaplan said May CPI would be driven higher by base effects and…

Edward West edward.west@inl.co.za STEINHOFF Investment Holdings (SIHL), a subsidiary of Steinhoff International, recorded a R5.2 billion operating profit after material expenses in the six months to the end of March compared with a R10.6bn operating loss in the prior year, after foreign exchange gains and a strong performance by Pepkor Holdings (Pepkor) boosted the results. SIHL, wholly owned by Steinhoff International Holdings NV, is the issuer of preference shares with a R1.5bn capital value, which are listed on the JSE, and it holds Steinhoff’s South African assets, including Pepkor. Revenue from continuing operations jumped 8 percent to R36.5bn. The company said it had realised an interim foreign exchange gain of R3.7bn versus a forex loss of R4.8bn last year. SIHL said the litigation settlement proposal provision was increased to…

Banele Ginindza banele.ginindza@inl.co.za AS THE QUIET storm over import tariffs for poultry rages on behind the backs of consumers, Emerging Black Importers and Exporters of South Africa (EBieSA) last week appealed to the Minister for Trade Industry and Commerce to halt further reviews of the structure as the last increments last year distorted the market. This follows an ongoing review of the tariff structure last upgraded in March last year, which resulted in increases from 37 to 62 percent on frozen bone-in chicken portions and frozen boneless portions tariff increases from 12 to 42 percent. EBieSA chairperson Unati Speirs said further tariffs on imports could impact food security for the poorest of the poor and called on the industry to urgently implement the transformation commitments contained in the…

Banele Ginindza banele.ginindza@inl.co.za GLOBAL life sciences group Bayer is set for further expansion in the southern African region as it cele- brates 100 years of operations in the country capped by a vibrant performance even in the Covid-19 lockdown period. The group enthused this week that it ended off a turbulent 2020 by celebrating 100 years in South Africa, a century in which its operations across agriculture, pharmaceutical and consumer health have grown substantially. “This South African operation leads the market sales across all three business units on the continent and plays a vital role in facilitating Bayer’s expansion into the southern African region. To be most effective, we focus our efforts on areas where our business has the greatest impact and where our efforts can have the greatest benefit,”…

Diana’s brother, Earl Spencer, can’t wait to meet Prince Harry and Duchess Meghan's baby daughter Lilibet Spencer – the brother of the late Princess Diana, who was Prince Harry’s mother – is proud to now have “10 great-nieces and nephews” and he cannot wait to meet the latest, Prince Harry and Meghan’s daughter who was born on June 4. Speaking on LBC Radio, Spencer was asked by host Nick Ferrari if he was looking forward to meeting the most recent addition to the British royal family, to which he replied: “I am of an age where I now have 10 great-nephews and great-nieces, but everyone genuinely is a joy. “So I genuinely can say yes, I very much look forward to that.” The 57-year-old also spoke about journalist Martin Bashir…

ITUMELENG MAFISA THE PUBLIC Servants Association (PSA) has expressed concern at the involvement of the Public Investment Corporation (PIC) in the new ownership of SAA. The union said it was concerned that public servants’ pensions could be lost once more – as in the case of Steinhoff – should the new owners fail to make it profitable. Spokesperson Reuben Maleka said the union would be meeting the Government Employees Pension Fund to demand an explanation regarding the PIC’s involvement in the deal. The PIC, which manages public servant pensions, has confirmed that it owns 30% of Harith General Partners, an infrastructure investment group that is part of a consortium that will now own the majority stake in SAA. Public Enterprises Minister Pravin Gordhan announced a few days ago that…