Star 2022-09-07

METAIR Investments said headline earnings a share was expected to fall 71 to 76 percent in the six months to June 30 due to having to apply hyperinflation accounting on its subsidiary in Turkey, while its local companies are benefiting from new vehicle models being launched. Metair’s local subsidiaries are in a pre-production phase for new model launches, and R115 million of project costs were incurred ahead of the new major Ford model launch in the fourth quarter of the 2022 financial year. Group headline earnings per share are expected to be between 40 and 50 cents compared with headline earnings per share of 170c in the prior comparative period. Inflation in Turkey has risen rapidly in the past six months and cumulative inflation over a three-year…

banele.ginindza@inl.co.za THE US DEPARTMENT of Commerce has levied a 50 percent anti-dumping duty on South Africa’s lemon juice concentrate exports to the US after it, along with Brazil, was deemed to have been selling products at less than fair value (LTFV). The provisional duty was imposed while intensive investigations continue to determine the level of dumping, currently pegged at 74.04 percent, which may lead to further sanctions. “That is problematic for us. The US is a good market for us, but now the duty, in addition to the price, makes the product too expensive to sell, so we have to look for an alternative market, maybe in the Americas. But it is not going to be an easy task,” said Rudi Richards, the general manager of the South…

SPAR yesterday reiterated Pick n Pay’s objections to the proposed merger of Shoprite and Massmart, citing negative consequences for competition, and said there would be employment losses if the merger was approved. The Competition Tribunal heard yesterday, on the second day of the hearing, submissions from Spar and the South African Commercial Catering and Allied Workers’ Union (Saccawu), among others, relating to the proposed merger of Shoprite Supermarkets acquiring certain stores from Massmart Holdings. Shoprite plans to acquire 56 retail supermarket stores and 43 retail liquor stores operated under the brand names Rhino Cash & Carry, Rhino Liquors, Cambridge Food, and Cambridge Food Liquor, 10 wholesale (Cash & Carry) stores, two wholesale liquor stores; and Massfresh, with two entities – a meat-processing plant facility and Fruitspot, comprising three processing facilities…

THE RAND REMAINED weak above the R17-mark against the US dollar yesterday as the size of South Africa’s economy in the second quarter shrank smaller than what it was before the pandemic. Data from Statistics South Africa (StatsSA) yesterday showed that real gross domestic product (GDP) contracted by 0.7 percent quarter-on-quarter due to heavy flooding in Kwa- Zulu-Natal in April and intense power outages. However, the economy was up a touch by 0.2 percent on an annual basis. The subdued economic growth saw the rand weakening to R17.30 against the greenback around 4pm while stocks were stable with the JSE benchmark index remaining almost unchanged. The rand and other emerging markets economies currencies have been struggling to gain traction as investors have sought the safety of the dollar…

A new stage thriller Interrogation Room is set to uncover apartheid secrets involving the abduction of a young freedom fighter by the police. Directed by Zwelibanzi Sibiya, Interrogation Room will premiere at the South African State Theatre (SAST) for a limited season, starting today. Written by Refilwe Sibiya, Interrogation Room tells the tale of Vusi Ndlovu (Sabelo Motloung), who was arrested by the Special Branch Police on suspicion of terrorism in 1986. He finds himself at the hands of Lieutenant De Kok (Richardt Nel) and Constable Themba Maseko (Peter Mashigo) and their brutal brand of law enforcement. The story is told through the recollection of events as told by Maseko at the Truth and Reconciliation Commission (TRC) in the nineties. Speaking to IOL Entertainment, Sibiya said his vision for this…

BET Africa has announced its new daily drama, Redemption, which boasts a star-studded cast alongside new emerging talent. The latest original production revolves around the highly respected Zikode family. Critically-acclaimed actor Themba Ndaba portrays celebrated pastor Simon Zikode, who mysteriously disappears, forcing his daughter Faith, played by Kwanele Mthethwa, who is on the cusp of her international music career, to rush to her family’s rescue. The cast also includes Africa Movie Academy Award winner Tina Jaxa as the pastor’s devout wife, Evelyn Zikode, a classic matriarch who guards her nest like a hawk. Of course, no drama would be complete without the resident bad guy, and Mzansi favourite Sthandiwe Kgoroge will be taking up that role. Critically-acclaimed Safta winner Seputla Sebogodi, Yonda Thomas, Pearl Modiadie and Sparky Xulu will also…