Unchallenged as South Africa’s most influential daily newspaper, The Star covers the heart of the nation with unequalled reporting of local, national and international news and sport. It is widely considered to be a superb advertising environment.
Siphelele Dludla siphelele.dludla@inl.co.za THE SOUTH African Reserve Bank (SARB) now expects the ongoing commodities rally to turn around the country’s depressed economic fortunes, but yesterday raised the key interest rate due to elevated inflation. With inflation remaining elevated on sustained higher oil prices, the Monetary Policy Committee (MPC) yesterday decided to increase interest rates for a third successive time by 25 basis points since November to 4.25 percent. Core inflation is forecast to increase to 4.2 percent in 2022, up from 3.8 percent, to 5 percent in 2023 from 4.4 percent, before easing somewhat to 4.7 percent in 2024 from 4.5 percent. The bank could begin to adopt a hawkish tone as two MPC members preferred hiking interest rates by 50…
Siphelele Dludla siphelele.dludla@inl.co.za THE GOVERNMENT yesterday signifi- cantly narrowed the gap in its ambition to raise at least R1.2 trillion in new investments over a period of five years ending in 2023. This comes as the 4th annual South Africa Investment Conference (SAIC) yesterday netted R332 billion in pledges from investors who vowed to support the economic recovery project. The new pledges add to a total of R774bn in investment commitments pledged by the time of the 3rd SAIC in 2020, which took place just before the onset of the Covid-19 pandemic. Of the R774bn committed, around R316bn has so far been invested with 45 projects having been completed while a further 57 are under construction, and 15 have been put on hold. President Cyril Ramaphosa said the…
Edward West edward.west@inl.co.za REMGRO, after a year of substantial change, lifted headline earnings per share a robust 139.4 percent to 592.3 cents in the six months to December 31 after many of its investments recovered from the effects of the pandemic. The interim dividend was raised by 66.7 percent to 50c. Intrinsic net asset value per share was up 14.2 percent to R202.47 from R177.33 on June 30, 2021. Based on the share price at December 31 of R131.15, the price represented a 35.2 percent discount to intrinsic net asset value, much the same level as last year. That discount, however, has in the meantime narrowed to 28.2 percent based on yesterday’s share price of R145.28, a price that fell 4.4 percent yesterday…
Dieketseng Maleke dieketseng.maleke@inl.co.za NORTHAM Platinum’s share price slid yesterday despite the platinum producer flagging that it expected its interims to ramp up to 65 percent, while warning that it faced lower sales volumes and higher than inflation cost increases. In late afternoon trade it was nearly 6 percent lower at R238.50. Northam, South Africa’s fourth- largest platinum producer, released its trading update for the six months ended December 31, 2021, and forecast that its headline earnings would be up 931 cents to 991.5c a share, and between 55.3 and 65.3 percent higher than in the prior comparable period. Earnings before interest, taxation, depreciation and amortisation increased by 19.1 percent to R6.4 billion. The group’s equivalent refined metal from own operations decreased marginally to 351…
ANY LINGERING doubts about the importance of having the right people on the board have surely been laid to rest by the reports of the Zondo Commission. In response, expect greater scrutiny of the credentials of non-executive directors (NEDs) and a more definite move towards professionalisation, something the Institute of Directors in South Africa has been advocating for quite a while. In that context, people with aspirations to be an NED need to take a strategic approach: those with the correct competencies should find themselves at the top of the list. Based on our joint experience in being NEDs and in training them, here are the main things for which search committees are looking: Personal qualities The Chartered Governance Institute UK & Ireland sums up the qualities an ideal NED…
Kedibone Modise kedibone.modise@inl.co.za DJ Lamiez Holworthy has sent a strong warning to new and up-and-coming musicians to be on the lookout for industry scammers. In a lengthy post shared on her social media page this week, Lamiez cautioned rising stars against “fake promoters” and other people who may potentially take advantage of them. She wrote: “There’s a growing trend of scammers who take advantage of the vulnerable. “Please note that even though these fake promoters send you proof of payment (saying it will clear after three days), no one will ask or need you to use your own money for flights and accommodation. The same as no one would make you pay for a legit radio or TV audition/interview. “Anyone who promises you such is simply taking you for a…
