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.
UNEMPLOYMENT in South Africa could continue trending towards record highs if the country’s economy fails to break out of its “low-growth trap”, even as the jobless rate has started to ease. The official unemployment rate in South Africa eased by 0.8 of a percentage point to 34.5 percent in the first quarter of 2022, down from a record high of 35.3 percent in the fourth quarter of 2021. But it was still higher than the 32.6 percent recorded in the first quarter of 2021. Data from Statistics South Africa (Stats SA) yesterday showed that the number of unemployed people fell by 60 000 to 7.9 million in the first quarter of 2022. Stats SA said 370 000 jobs were created between the two…
SHARES in Gold Fields plunged nearly 15 percent on the JSE yesterday after the gold mining firm announced an all share offer of $6.7 billion (R104bn) for Canadian miner Yamana Gold, which investors felt constituted a high premium. Gold Fields’ acquisition of Yamana Gold has been described by Bank of America’s investment banking division as the “largest outbound South African transaction of all time” and as one of the top mining transactions in the entire Europe, Middle East and Africa regions since 2008. Gold Fields chief executive Chris Griffith sought to re-assure investors in an afternoon investor presentation following the slide of the company’s shares on the JSE. He said Yamana had a “high-quality portfolio of assets” that was bringing “diversity” for Gold Fields in terms of exposure…
MOTORISTS and consumers will have to continue digging deeper to pay for food and transport in the winter months as the fuel prices in South Africa rose to yet another record high, despite fuel levy relief being extended for another two months. Minister of Mineral Resources and Energy Gwede Mantashe yesterday announced that the price of 95-octane unleaded petrol will increase by R2.33 a litre, while 93-octane unleaded petrol will go up by R2.43/l. Meanwhile, diesel prices will rise by R1.10 (0.05 percent sulphur) a litre and R1.07 (0.005 percent sulphur) a litre respectively, while illuminating paraffin will increase by R1.56 a litre. The maximum liquefied petroleum gas (LPG) retail price will fall by 51c per kilogram. These fuel hikes come at a time when consumers are struggling…
FAMOUS Brands, which holds brands such as Debonairs, Milky Way, Mugg & Bean and Wimpy, lifted operating profit a massive 428 percent to R630 million in the year to February 28 after customers returned to restaurants with the easing of Covid-19 restrictions. The strong results were reflected in the share price, which closed 4.6 percent higher at R61.34 on the JSE yesterday. Revenue increased 38 percent to R6.48 billion for continuing operations, close to the 2020 revenue figure of R6.5bn. Headline earnings per share increased by 568 percent to 356 cents. A dividend of 200c was declared. Interest-bearing debt reduced to R1.14bn after R358m was repaid. “All four divisions continue to benefit from our initial financial management measures implemented in response to the…
INSIMBI Group, a provider of resources to the steel industries and manufacturer of plastic containers, more than doubled headline earnings a share to 24.58 cents (10.36c) after rising commodity prices lifted revenue and margins, and due to better economic activity locally and abroad. Gross profit for the group that operates in 27 countries increased by 27 percent to R576 million in the year to February 28, 2022. No dividend was declared. “The period marked a return to stable operating conditions for Insimbi. We built on a solid first-half performance to deliver excellent results. The year was not without challenges, however, from national infrastructural issues affecting ports and rail networks to rising costs for input materials,” chairperson Robert Dickerson said. Prices for most of the group’s commodities were…
REINET Investments’ €5.9 billion (R98.5bn) net asset value reflected annual compound growth of 9.7 percent, its results for the year to March 31 showed. This growth by the Luxembourg, Amsterdam and JSE-listed investment group includes dividends paid. Over a year, net asset value had increased 9.4 percent. Net asset value per share as at March 31 came to 31.99 euro cents from 29.21 euro cents a year before. The company also conducted its fifth share buyback programme through the year, with 174 021 ordinary shares repurchased for €3.5 million. Commitments worth €343m for new and existing investments were made during the year, and €248m was funded, chairperson Johann Rupert said yesterday in a statement. Dividends received from the investment in British…
