Star 2023-04-24

CORONATION Fund Managers fund management earnings per share (FMEPS) are expected to decline by between 110% and 120% for the six months to March 31, following a large provision it was forced to make against a tax case with the SA Revenue Service (Sars). The group, one of the largest asset management firms in South Africa, will also not be declaring an interim dividend due to the material financial impact of the provision, it said in a trading statement on Friday. “The company is disappointed with the Supreme Court of Appeal (SCA) judgment in favour of Sars, which overturned the decision of the Western Cape Tax Court. The company applied to the Constitutional Court for leave to appeal the SCA judgment as it is firmly of the view that the…

Workers are demanding up to 15% increases, against utility’s 3.75% offer ESKOM and workers’ unions will return to the wage negotiations table in two weeks after the first round of talks on Friday ended in a stalemate as both parties remain at odds. If the deadlock were to reach a stage where a dispute is declared and workers go on a national strike, it would plunge the country into deeper power cuts on the back of an already constrained electricity supply. Thousands of Eskom workers, represented by the National Union of Mineworkers (NUM), the National Union of Metalworkers of SA (Numsa) and Solidarity, on Friday rejected the power utility’s below-inflation 3.75% one-year wage rise for the 2023/24 financial year. Inflation in South Africa remains sticky at 7.1% driven by rising…

Durban business owners have remained pessimistic about the prevailing economic climate of the only metropolitan municipality in KwaZulu-Natal amid continuing electricity and water supply shortages, and collapse of infrastructure. This comes as the Durban business confidence index (DBCI), released by the Macroeconomics Research Unit at the University of KwaZulu-Natal (UKZN) on Friday, fell deeply in the contractionary territory in the first quarter of 2023. This report presents the Durban BCI for the first quarter of 2023, which is the third BCI constructed using survey data collected from senior private sector managers in eThekwini Municipality. Professor Harold Ngalawa, the head of the UKZN Macroeconomics Research Unit, said confidence slipped from 44.04 index points in the fourth quarter of 2022 to 43.27 index points in the first quarter of 2023. However, Ngalawa…

COPPER mining company Copper 360 Limited is the latest company to list on the Alternative Exchange (AltX Board), making it the second company to list on the JSE this year. It comes to the market at a time copper prices have risen by around 10% since the start of this year. Demand for copper is high, the market for renew- able energy expands amid the transition away from fossil fuels. The mining company was formed in November 2022, after a reverse take-over of copper producer Big Tree Copper, and copper mining company SHiP Copper. The company has a focus on producing premium copper that will yield a high cash margin. Copper 360 operations are based in the Northern Cape and its mining rights cover 19 000 hectares to the…

ARTIFICIAL Intelligence (AI) has become increasingly important in business due to its ability to help companies automate repetitive tasks, make business processes more efficient and improve decision-making processes. It also enables companies to analyse large amounts of data, increase productivity and enhance the customer experience. Ultimately this can lead to a competitive advantage in the marketplace as we have seen from last week’s discussion of AI in operations, marketing, and sales. AI and Human Resources The Human Resource environment has changed dramatically since the Covid-19 pandemic. Although there are some exceptions, remote and hybrid working remained popular in many businesses. The new dynamics forced Human Resources to adapt and to use innovative solutions in virtual recruiting and the management of a more diverse workforce. AI is often at the…

ROYAL Bafokeng Platinum (RBPlat) said on Friday that its full-year guidance remains unchanged due to the continued strong Bafokeng Rasimone Platinum Mine (BRPM) production and improved concentrating volumes. The share price on the JSE on Friday closed 2.42% down at R145. In its quarterly review and production report – for the period January 1, 2023, to March 31, 2023 – the mid-tier miner said full-year guidance remained at 470 000 to 490 000 ounces of four metals it produced (4E), subject to any unforeseen operational disruptions. Total tons hoisted decreased by 2.4% to 1 085 million tons, as it was affected by operational difficulties at its Styldrift mine. It said the sustain- ed strong operational performance from BRPM was unable to offset the under-performance from Styldrift. RBPlat said…