Star 2022-11-30

THE JSE YESTERDAY censured and fined an AYO Technology Solutions director and a director of its parent African Equity Empowerment Investments (AEEI), following an “ongoing” investigation by the JSE. Naahied Gamieldien, a former chief financial officer of AYO, and Abdul Malick Salie, a former director of AEEI, were censured and fined R250 000 by the JSE, in further findings in relation to AYO’s 2018 interim results. The JSE has already fined AYO R6.5 million on matters relating to these results. The companies declined to comment on the matter yesterday. Regarding Gamieldien, the JSE said in a statement that a day after AYO listed in 2017 it entered into three performance management agreements (PMA) with asset manager 3 Laws Capital, which would manage funds invested on behalf of…

StatsSA says that the official jobs rate fell by 1 percentage point to 32.9% YOUNG people in South Africa continue to be sidelined by tough economic conditions as more than 3 million youth remain in the ranks of non-economically active people, in spite of the rate of unemployment falling to its lowest level in a year-and-a-half in the three months to September. Statistics SA (StatsSA) said yesterday that youth aged 15 to 24 and 25 to 34 recorded the highest unemployment rates of 59.6% and 40.5% respectively in the three months between July and September. Moreover, StatsSA’s Quarterly Labour Force Survey (QLFS) showed that about 3.5 million, or 34.5% of the 10.2 million young people aged 15 to 24 were not in employment, education or training (Neet), meaning…

Siphelele Dludla THE SOUTH African Reserve Bank (SARB) has warned that the ongoing energy crisis, coupled with the high level of government debt amid a global economic slowdown, could affect businesses and manifest in a shock to the domestic financial system. In its Financial Stability Review (FSR), the SARB yesterday said the South African financial system continued to be resilient under highly challenging global and domestic conditions, despite an increase in global systemic risk. The FSR aims to stimulate debate on pertinent issues of relevance to financial stability. Since the release of the May 2022 edition of the FSR, concerns over global stagflation and the consequent tightening of financial conditions have materialised, while fears of a global recession have continued to grow. South Africa has also experienced the worst period…

AFRICAN Bank and holding company African Bank Holdings lifted taxed profit a solid 38% to R736 million in its financial year to September 30 after a year of impressive growth and strong delivery. The results released yesterday were the first since the bank instituted its “Excelerate25” strategy, launched towards the end of 2021. This strategy was based on five sustainability levers comprising customer satisfaction, social responsibility, environmental protection, inclusivity, and financial resilience. CFO Gustav Raubenheimer said in a telephone interview yesterday that an 87% increase in retail disbursements (loans granted to customers) to R14 billion from R7.5bn last year boosted the results. MyWorld transactional balances increased by 54% to R1.4bn. He said gains also arose from productivity improvements in the disbursement channel, the normalisation of underwriting criteria…

FINTECH company Capital Appreciation is seeing strong demand for its products and services, and would continue to invest in organic and geographic growth opportunities, joint chief executive Bradley Sacks said yesterday. Revenues increased 22.5% to R538.1 million in the six months to September 30. Earnings before interest, tax, depreciation and amortisation (Ebitda) was stable at R138m, with good operational performance being offset by significant investment in capacity and for future growth. Operating profit was down 49.5% to R60m. Headline earnings increased 4.3% to R95.1m and headline earnings per share was up by 4.4% to 7.76 cents. An interim dividend of 4.25c was declared, up 13.3%. Sacks said in a telephone interview the company attracted several new local and international clients, adding to its clients in the banking, financial,…

Gender-based violence has been referred to as a global pandemic. GBV does not discriminate. It knows no colour, race, class, income bracket or religion. With every passing minute, every hour and every day, GBV keeps growing at an alarming rate as women and children continue to live in fear of their lives. As the world observes the “16 Days of Activism for No Violence Against Women and Children campaign”, the Joburg Theatre is shining the spotlight on GBV and its impact on society. The Joburg Theatre will showcase a series of plays that will “indulge in the wounds of the victims and the mind of the abuser and pose questions about what the future of South Africa looks like if nothing changes”. Speaking to IOL Entertainment, co-writer and director of…