Star 2023-06-12

THE FOSCHINI Group (TFG) lowered its final dividend 54.5% to 150 cents per share for the year to March 31, and spending and capital expenditure plans have been pushed back for the year ahead. “The year ahead is expected to remain challenging, especially for the South African business where load shedding and increased consumer pressures are expected to deteriorate,” the group said on Friday. Trade since the year-end had been muted across all three of the group’s trading territories. For the two months to May 2023, TFG Africa had retail turnover growth of 15.4% (5.8% excluding the Tapestry Home Brands acquisition), TFG London retail turnover fell 10.8% in pounds, while TFG Australia’s declined 4.9% in Australian dollars, “Both TFG London and TFG Australia are up against a very high…

State-run Electricity of Vietnam has also been implementing rolling power cuts nationwide MINISTER of Electricity Kgosientsho Ramokgopa has decided to look East and will embark on a “study tour” to Vietnam later this week to get lessons that could help Eskom end load shedding. Vietnam has successfully multiplied its installed electricity capacity 10-fold in two decades, from 5 000MW in the year 2000 to 55 000MW in 2020, and now 69 000MW through gradually opening up the electricity market to competition. However, State-run utility company Electricity of Vietnam has been implementing rolling power cuts nationwide since last month due to increased electricity consumption on the back of extremely hot weather. Ramokgopa on Friday announced that he would be leading a team to learn how Vietnam had successfully…

THE GOVERNMENT has committed to moving ahead and implementing revised Broad-Based Black Economic Empowerment (B-BBEE) legislation, in spite of pushback from some quarters. This comes as trade union Solidarity published an “Impact Study” detailing what would need to happen in South Africa’s economy to make the government’s new BEE targets a reality. Minister of Women, Youth and Per- sons with Disabilities Nkosazana Dla-mini-Zuma last week said B-BBEE laws needed to be transformational instead of transactional. Dlamini-Zuma noted the importance of economic empowerment of black South Africans and encouraged large organisations to participate in sustainable B-BBEE initiatives. “Until the para-dox of rich Africa, poor Africans is resolved, there will be more, not less, broad-based black economic empowerment,” she said. “The relatively peaceful transition to democracy is generally lauded as a major…

THE DEPARTMENT of Public Enterprises (DPE) has asked for a delay before appearing before Parliament’s Portfolio Committee to answer to allegations of misconduct raised by dismissed Director-General (D-G) Kgatsato Tlhakudi in the process of appointing Takatso as majority owner of South African Airways, as well as relating to operational shortfalls of the department. This follows Thlakudi appearing before the committee on a scheduled appointment, though he had been formally fired by the Department of Justice and Correctional Services two days prior. In a letter to committee chairperson Khaya Magaxa, Minister Pravin Gordhan said the department sought to postpone its appearance before the committee this Wednesday, pending its securing transcripts of Thlakudi’s presentation. The only document the department had was the presentation of the former D-G. The Department did not have…

THERE was a time when the path to success was predictable. A time when we used to recite “education is the key to success”, because indeed education was a clear path to success. A better life was clearly linked to getting good grades and an opportunity to be accepted at a university, along with the means to fund studies. The path was clear: get good grades, apply and be accepted at a university, raise funds to pay university fees, pass all modules and finish your degree and then you would have achieved your ticket out of poverty. This was a path for many of us who were gifted academically. Access to higher education was the biggest hurdle to pass, followed by the ability to fund your studies. Thanks to policies…

THE RAND recovered sharply last week against the dollar, pound and euro, thanks to reduced load shedding in the country and more and more evidence that the US Federal Reserve (Fed) will probably keep its bank rate unchanged at their meeting this week. The rand had strengthened against the dollar by 70 cents last week, trading at R18.71 against the dollar on Friday, by 71c against the euro to R20.14 and by 82c against the pound to R23.54. On the JSE, share prices moved sideways and in a very narrow range. The All Share index ended the week down by a mere 0.2%. The Industrial 25 index lost 2.0%, the Financial 15 index – as expected due to the stronger rand – gained 7.1%, while the Resources 10 lost…