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Siphelele Dludla Siphelele.dludla@inl.co.za The GOVERNMENT’S finances will be boosted further with a R65 billion ($4.16bn) injection as the International Monetary Fund (IMF) Special Drawing Rights (SDRs) become effective today. Earlier this month, the IMF board of governors approved the general allocation of SDRs equivalent of $650bn, the largest IMF emergency currency creation in history, to tackle the Covid-19 global pandemic. The newly created SDR is the first tranche, since the $250bn that was issued soon after the global financial crisis in 2009. The SDR is meant to boost global liquidity and will be credited to IMF member countries in proportion to their existing quotas in the Fund. The IMF said the SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the…
Dineo Faku dineo.faku@inl.co.za CAPE-Town based Shoprite, Africa’s biggest retailer, said on Friday that it would acquire Massmart’s wholesale and retail chains for R1.4 billion, beating rival Pick n Pay to the deal, and bolstering its leading position in the discount retail market. Shoprite said the transaction comprised 56 Cambridge Food business and Rhino Cash and Carry business, including 43 adjacent liquor stores, the Fruitspot business and Massfresh Meat business with a total of four facilities, and 12 Masscash Cash and Carry stores. Shoprite chief executive Pieter Engel- brecht said on Friday that the group wanted to combine organic and acquisitive growth as part of the focus on its low-price leadership position. “The rationale for this transaction is not just premised on the fact that, as a result of our…
EDWARD WEST edward.west@inl.co.za KAP INDUSTRIAL Holdings, which employs about 19 000 people in a range of sectors that includes automotive components, timber and logistics, reinstated its dividend and lifted operating profit 48 percent to R2.1 billion in the year to June 30. “We are extremely pleased with the results in what was an uncertain, unpredictable environment. We emerged with a stronger balance sheet, strong cash generation and a dividend,” chief executive Gary Chaplin said in a telephone interview on Friday. All the companies in the group performed well, although Unitrans, which had among its operations school bus and corporate transport, was facing a tough environment, he said. He said the strong results in the complex environment were a reflection of the value in the business model and…
Last WEEK a friend of mine, an astute investor, pointed me to gold and silver price graphs and it is evident that both metals are at major points of resolve. His question was what major move lies ahead – up or down? As a mining analyst many moons ago and investment strategist and fund manager later on, I focused on supply and demand in forecasting metal prices, especially gold. Although I got a somewhat better idea than some economists whose numbers are just thumbsuck, I continued to be perplexed about the relationship between the supply/demand equation and the gold price in terms of US dollars. I experienced a lightbulb moment a few months ago when I discovered that gold was nothing else than a 10-year US Treasury Inflation-linked Security or…
Zelda Venter zelda.venter@inl.co.za DEVILSDORP, a new documentary series on Showmax about a series of murders that rocked Krugersdorp in 2016, has captivated South Africa. All together, 11 murders were carried out by members of cult-like religious group, Electus Per Deus (Chosen by God), under the leadership of Cecilia Steyn, between 2011 and 2016. Steyn, who claimed to be a 42nd generation witch, is portrayed as a conniving, manipulative con woman who enlisted the help of a handful of devoted Christians to help her escape the clutches of Satanism. She would eventually lead this hapless group down a dark path of murder and mayhem that culminated in a murder trial that stunned the country. The Krugersdorp murders, however, are by no means the only bizarre crimes SA has seen in…
Globally, social media influencers are in demand, with local and international brands looking to collaborate to expand its reach and drive conversions. Almost every industry has seen a rise in influencers, and many career professionals are either quitting their 9 to 5 jobs or taking up influencing as a side-hustle. An influencer is a social media personality with a large number of loyal and engaged followers, and as a follower of a social media influencer, you would look forward to expert advice and product or service recommendations – this is what fuels the demand for influencers. If you want to become an influencer, here are five easy steps to take. 1. Select your niche Choose a niche that you are interested in, that you can consistently create content about and…
