Star 2023-01-31

NAMPAK, the biggest packaging group in the country – in the midst of a financial turnaround plan – has reduced its rights issue plan to R1.5 billion from R2bn, after making some R500 million in cost savings. But the good news ended there as the share reported the biggest fall on the JSE yesterday, with the price plunging 11.5% to R1 by midday. A year ago the share price was R3.80 and five years ago at yesterday’s date it was trading at R15.80. “It’s a dog’s breakfast,” Opportune Investments chief investment officer Chris Logan said of Nampak’s 2023 first quarter trading update, released yesterday. Logan said while the reported quarterly turnover growth was not too bad, the other disclosed figures, including higher foreign exchange losses – which the group…

THE INTERNATIONAL Monetary Fund (IMF) has warned that global uncertainty has risen to exceptionally high levels, with episodes of political fragmentation and turbulence likely to hurt economic growth prospects this year. Ahead of the release of its World Economic Outlook today, the IMF published an analysis of its quarterly World Uncertainty Index (WUI) yesterday, which tracks uncertainty in 143 countries worldwide. The IMF macroeconomists said the level of uncertainty was higher in developing countries, but was more synchronised across advanced economies with their tighter trade and financial linkages. It said the index had spiked in the past around major events, such as the Gulf War, the Euro debt crisis, the Brexit vote and the Covid pandemic. Several events in recent years, including the global financial crisis, political polarisation and trade…

The domestic currency was 0.85% lower at R17.34 against the US dollar THE RAND fell to a six-week low yesterday as weakening economic indicators in South Africa due to its persistent energy problems spooked investors in favour of safe-haven currencies. The domestic currency was 0.85% lower at R17.34 against the US dollar, its weakest since December 19 last year, as the country’s worsening power crisis continues. Eskom has extended implementing Stage 4 load shedding continuously until further notice after generating units at four power stations broke down and are undergoing repairs. According to the South African Reserve Bank, ongoing electricity supply challenges are expected to shrink economic growth to a paltry 0.3% this year, which could result in a number of job losses. Investec chief economist Annabel Bishop said the…

MTN CEO Ralph Mupita has called for the modernisation and harmonisation of regulatory frameworks across Africa, as well as the collective effort of all stakeholders to ensure that the continent can deliver universal broadband coverage by 2030. In a statement, MTN said Mupita was speaking at the Africa Prosperity Dialogue held in Peduase in the Eastern Region of Ghana over the weekend. Mupita said the regulatory frameworks for Africa’s telecommunications industry did not reflect the current advancement. “They are till positioned for the era of voice,” he said. “As the world continues to undergo major digital transformation and disruption, our regulatory frameworks need to evolve to reflect these technological advancements,” he said in his address on “Moving from Ambition to Action: The Role of Telecommunications in Deepening Intra-African Trade, Challenges,…

Legendary rock band U2 will be releasing Songs Of Surrender on March 17. Songs Of Surrender is a collection of 40 songs from the band’s catalogue that spans nearly 50 years. The twist to this collection is that the songs were re-recorded and reimagined for 2023 in sessions over the last two years. The first track from this new set of recordings is Pride (In The Name Of Love), which was made available on January 11. A press release sent to IOL Entertainment explains: “Songs Of Surrender is curated and produced by The Edge, and sees the band revisit some of the most celebrated songs of their 40+ year career, including With Or Without You, One, Beautiful Day, Sunday Bloody Sunday, and Invisible, for a musical reimagining resulting in a…

After what might feel like forever for hardcore Sjava fans, the award-winning musician has finally released his full-length (18-track) studio album titled Isibuko (translated: A mirror). As the name suggests, the album exposes a deeply introspective side to the artist as he takes the listener on a journey of bare and raw emotions. Sjava last released music in 2020 with his EP Umsebenzi, which was highly successful, followed by a deluxe version in 2021. The musician shared in a statement that the new album speaks of his experiences and growth. “This album obviously is a reflection of my journey over the last few years and speaks to my experiences and growth as a person and as a musician. “Musically, it is a continuation of the process that began with the…