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SOUTH Africa’s leading food retailers have so far managed to keep their average price increases well below the rising inflation rate, good news for consumers battling with rising costs and interest rates. The Shoprite Group, South Africa’s biggest retailer, said yesterday its price movements had averaged 3.5 percent for the 52 weeks to July 3, with underlying product inflation contained to 3.9 percent, as a result of continued price investment. Pick n Pay said its South African internal selling price inflation for the period was restricted to 5 percent, below 7.1 percent Consumer Price Index (CPI) Food for the 18-week period to July 3. Meanwhile, Woolworths Food said yesterday its price inflation averaged 3.5 percent for the 52 weeks to June 26, with…
SUSTAINABLE black empowerment at the banks will continue to be hampered until the local economy recovers from the years of State capture, maladministration, political uncertainty and a lack of urgent economic reforms, the Banking Association of South Africa (Basa) said yesterday, It said the findings of its latest Transformation in Banking Report, compiled by Intellidex, which researched empowerment at the banks between 2017-2020, showed that in hard numbers, the narrative that banks “are falling far short of their Financial Sector Code (FSC) targets is based on an incorrect interpretation of the numbers, as guided by the FSC”. “This can distort facts and discredit the contribution of banks to the transformation of the financial services sector and economic empowerment in South Africa,” Basa said in a statement yesterday. It said banks…
A GROUP of women-led companies yesterday called for innovative financing within a variety of South African development finance institutions (DFIs) in a bid to support women in leadership, management, ownership and entrepreneurship. Women-owned businesses in South Africa are still in the minority in spite of statistics showing that they present a lower risk for business financiers. Jessica Espinoza, the chief executive of 2X Collaborative, called for gender lens investing to be a stand-alone focus in companies and not only an aspect of environmental, social, and corporate governance (ESG), to maximise its advancement. Espinoza said it had been proven that investors make superior returns when they invest in women-owned and led businesses. “We would like to reach a state where gender lens investing has a similar status to ESG considerations due…
Measure will have impact on taxis, trucks and buses’ costs across country The RUBBER is on the tarmac as companies importing tyres into South Africa yesterday were up in arms against an application by the SA Tyre Manufacturers Conference (SATMC) to tax authorities to impose an anti-dumping duty on Chinese imports. The implication of the tariff hike would have a material impact on the vast network of taxis, trucks and buses’ input costs across the country. The SATMC, which includes the brands of Continental, Bridgestone, Goodyear and Sumitomo (the makers of Dunlop tyres), recently applied to the International Trade Administration Commission to impose additional duties of between 8 and 69 percent on the rubber rims of passenger, taxi, bus and truck vehicles that are produced in China. However,…
Award-winning actress Jessica Nkosi, pictured, has said goodbye to her character Thando Sebata after two years on Mzansi Magic telenovela The Queen. In an explosive season six finale, her character was killed during a shoot-out at her engagement party. The season went out with a bang. Thando and Bhambatha’s (Khumbuza Meyiwa) engagement party was quite the event with Hector (Rapulana Seiphemo) being shot by Harriet’s (Connie Ferguson) hit man. In an Instagram post, Nkosi confirmed that she is exiting the telenovela after her character was shot dead. She wrote: “And just like that … Thando Sebata is out!!” Nkosi earned a Royalty Soapie Award for her villainous character in 2021. She shared that she loved the “bad-ass chick” character, and thanked the producers of The Queen. “Thank you to Mr…
South African singer and songwriter Mlindo The Vocalist is making waves with his new album. Titled Lindokuhle, the album, which dropped on July 22, is sitting at number 4 on Apple Music after being at number 3 on the day of its release. In one of the songs, Luselude, the South Africa Music Award nominee talks about the hardship he endured during lockdown and how scared he was that he wouldn’t be able to support his family since he wasn’t performing. “Luselude is essentially a letter to my mother. When lockdown started, I was anxious that I couldn’t make a living because I couldn’t perform. It was difficult not to be able to provide for my family like I usually do. “Sjava (rapper) would often send me messages wishing…
