Star 2022-11-11

ENTERTAINMENT firm MultiChoice has bet big on its investment on the 2022 Fifa World Cup, as it hopes to attract new subscribers, putting a squeeze on its interims as a result. Fifa World Cup Qatar 2022 kicks off on November 20 to December 18. SuperSport will be the only platform where customers across the group’s 50 markets can watch all 64 matches live and in a suitable time zone for African viewers. In its results for the period ended September 30, 2022, the group said this working capital investment increased decoder subsidies and reduced group trading profit by R7 billion and free cash flow by R8bn, primarily in the rest of Africa. In an interview, MultiChoice chief financial officer and executive director Tim Jacobs said whenever MultiChoice had a…

Report found that there were 782 fossil fuel projects in operation or under construction in Africa between 2016 and 2021 DEVELOPMENT Finance Institutions (DFIs) in southern Africa are pouring significant amounts of money into fossil fuels exploration more than they are financing renewable energy. This goes against the Paris Agreement as climate change requires financial institutions to stop funding fossil fuels and to fund a swift, just transition to renewable energy. These are the findings contained in a report released by the Fair Finance Coalition of Southern Africa (FFCSA) yesterday on the sidelines of the UN Climate Change Conference, or COP27, in Egypt. COP27 has already been marred by controversy as activists said that there were more fossil fuel lobbyists at the gathering than representatives of the 10 countries most…

THIS WEEK President Cyril Ramaphosa released a letter to the nation on climate change. The President indicated that the flooding earlier this year, the wildfires in the Table Mountain range, the locust plague outbreak in parts of the Northern Cape, Western Cape and Eastern Cape are all associated with climate change and that our common future depends on climate action now. Farmers in South Africa face a serious threat from climate change and erratic weather patterns, which will gradually hit their pockets and financial well-being. Some businesses may find it less appealing to operate, given that their profit margins are being squeezed by high input costs. Farmers are currently busy with plantings for the 2022/23 production season after the recent rains, and this happens after massive spikes in the price…

KEN MACKENZIE, the chairperson of BHP Group, which declared a final $3.25 (R58) dividend per share for the 2022 full year, yesterday admitted to sexual harassment and racism at some of the group’s mines. BHP, nonetheless, reported $40.6 billion in earnings before interest, taxes, depreciation and amortisation, a 16% surge compared to the prior year. Free cash flows at $25.2bn were up by 30% while net debt came in at below $400 million, the company said. However, this did not cheer investors in the company on the JSE where its shares traded 2.76% weaker at around R458.10 in afternoon trade. MacKenzie admitted and apologised for sexual harassment incidents at the company’s mines. He also committed to fighting racism at the workplace at a time the company is battling…

SAPPI, the wood fibre product group, yesterday posted record earnings before interest, taxes, depreciation and amortisation (Ebitda) in the fourth quarter, exceeding previous records, while it also resumed paying dividends. The shares closed 1.93% higher at R54.93 on the JSE yesterday. after the group said it achieved Ebitda of $1.34 billion (R23.78bn) for the period ended September 2022, exceeding the previous record of $1.05bn. Sappi reported a net profit of $536 million for the period under review, compared with a net profit of $13m for the prior year. The group also said it would resume the payment of dividends from cash reserves, as it declared a dividend of $0.15c a share, to be paid in January 2023. Earnings per share, excluding special items, rose to $1.38, compared with…

Unathi Nkayi will once again be back on hosting duties on Mzansi’s festive season special, The Festive Get-Together in The Life Artois. When IOL Entertainment visited the set, Nkayi shared how glad she was to be back in front of the camera, even though the tomboy in her was not pleased with the glam element of shooting for a TV show. In season three of the popular show, Nkayi will shine the spotlight on eight celebrities over four weekly- episodes. “I’ve loved hosting the show for the past two years and this season we’re excited that there will be surprising new elements. People who will reveal their lessons learned on balancing life, love, friendships, and everything in-between,” said Nkayi. Nkayi will also be joined by a different South African chef,…