Star 2023-03-15

BUSINESS Report (BR) published an article earlier this week questioning how it was possible that investment executives at Africa’s largest asset manager, the Public Investment Corporation (PIC) – with a wealth of experience of more than 100 years collectively – could claim to have made wrong decisions? We asked if this means the PIC could now withdraw from any investment should they experience a bout of regret by taking the targeted investee company to court and suing the investee over its own “bad” decision. I’m following the PIC’s court case against AYO, currently in the High Court in Cape Town. I am more than intrigued, quite frankly, I’m shocked. Checking the recordings of the Mpati Commission of Inquiry the other day, and lest we forget, an entire inquiry constructed to…

SOUTH Africa’s economic growth in the first quarter now looks certain to fall into a technical recession as output from key sectors continued to fall in January due to intensified load shedding and logistical challenges. Persistent, heightened rotational load shedding has continue to remain a key downside risk to the energy-intensive manufacturing sectors of mining and manufacturing, Statistics South Africa (StatsSA) yesterday said mining production fell by 1.9% year-on-year in January, following an upwardly revised 3.6% decline in December 2022. The latest decline was the shallowest in 12 months and was less than forecast compared with market estimates of a 2.7% slump. This marked the 12th consecutive month of contraction in mining activity, though the softest in the current sequence that began in February last year. StatsSA’s principal survey statistician,…

Financial markets around the world lost about $465 billion (R8.5 trillion) over two days BANKING stocks on the JSE yesterday slightly felt the contagion after financial markets around the world lost about $465 billion (R8.5 trillion) over two days amid volatility associated with the closure of several banks in the US. However, industry experts have allayed fears that the South African banking industry could be impacted by the collapse of Silicon Valley Bank (SVB) and Signature Bank, preferred banks for tech venture capitalists and crypto buyers in the US. The JSE banks index fell 0.7% to 9 651 points yesterday as the All Share Index also slid for the sixth day in a row, dipping by 0.7% to 75 009 points, in line with global peers.…

THERE was a joint effort by AYO Technology Solutions (AYO) and senior British Telecom South Africa (BTSA) teams, comprising 10 to 12 people, in the preparatory work that culminated in the release of AYO’s pre-listing statement (PLS), the Western Cape High Court heard yesterday. This was according to former AYO board member Abdul Malik Salie, who was a witness during the fourth day of a case where the Public Investment Corporation (PIC), the State-owned asset manager that invests mainly the Government Employee Pension Scheme (GEPF) funds, is attempting to recover about R4.3 billion it invested for a 29% stake in AYO, as part of a private placement prior to AYO listing on the JSE in December 2017. The PIC has claimed AYO over-inflated forecasts and made over-inflated claims about…

Mandla Mbothwe’s new version of iKrele leChiza… the Sermon celebrates African spirituality while paying tribute to the humanity of African people. The production also seeks to address burning issues in the country that include gender-based violence, corruption and the sad reality of child-headed households in South Africa. Directed by Mbothwe, iKrele leChiza… the Sermon is part of a six-year research project called “Re-Imagining Tragedy in Africa and the Global South (ReTAGS)”. Mbothwe said the production was inspired by his desire to retrace, remap and reconnect his work in terms of themes and aesthetics as well as investigate themes of rituals and restoration. “iKrele means the spear while ‘ichiza’ means a herb. The term ichiza is mostly used by traditional healers or African indigenous herbalists,” he said. “Ichiza refers to the…

Grammy award-winning DJ Black Coffee has always dreamed of performing at Madison Square Garden in Manhattan and later this year, that dream will become a reality. The Drive hitmaker will be the first South African DJ/producer to headline the venue which accommodates over 20 700 people. Taking to Instagram, Black Coffee said: “It’s always been one of my biggest dreams to take this music and sound to the highest level possible and to expose it to the largest audience imaginable and so I’ve dreamt of my @thegarden debut for many years – it’s finally a reality! “Years of dreaming coming to you this October 7th, NYC. Wait until you see what we’ve been planning… Link in bio for early access registration! #GodsVeryOwn #BCMSG.” Dubbed the most famous coliseum in…