Star 2023-07-07

THE SOUTH African Reserve Bank (SARB) said yesterday it would not comment on whether or not it froze the funds in five accounts linked to the ailing Steinhoff’s local operations. This comes after an online publication, the Daily Maverick, published a story claiming that the central bank froze Steinhoff’s funds which are valued at about R5.5 billion. Steinhoff owns 44.5% of Pepkor and 75% of European discount retailer Pepco and stakes in US Mattress Firm and Greenlit brands, an Australian furniture seller. In response to the Business Report queries, SARB said: “As the SARB, we are unable to comment on ongoing investigations and matters relating thereto”. According to the report, Steinhoff did not clearly declare in its latest annual financial statements that the central bank has frozen its accounts.…

MINISTER of Employment and Labour Thulas Nxesi has encouraged job seekers not to undermine certain reliable job opportunities available to them on the back of South Africa’s unemployment crisis. Nxesi yesterday launched the Jobs Fair initiative and the Public Employment Services (PES) buses at Nasrec in Johannesburg. “Taking an entry-level job might lead to processes of discovery of talents and skills that you have. You will never know what you are good at unless you try,” Nxesi said. “Use our labour centres to talk to employment practitioners and counsellors, for advice, seek out mentors and trusted people that can help you during your job search journey.” The purpose of the Jobs Fair is to create an opportunity for work seekers to meet with prospective employers and other organisations or departments…

THE CONFEDERATION of Trade Unions (Cosatu) said its stay-away yesterday to highlight labour and socio-economic issues was successful and it was looking forward to the Medium Term Budget Policy Statement (MTPBS) later on this year to gauge government's response to the demands presented. Spokesperson Matthew Parks said the turnout in all nine provinces and major urban areas had been overwhelming and where workers did not go to the marching events, they staged pickets outside their places of employment. At least two unions, the Democratic Nurses Association of South Africa and the South African Transport and Allied Workers Union marched shoulder to shoulder in delivering the petitions to various institutions including the South African Reserve Bank, the South African Local Governments Association, government institutions and at various employer organisations. The South…

The bill will accelerate the destruction of the legal tobacco value chain, says Batsa Tobacco industry stakeholders said yesterday, they support the need for regulation in the tobacco industry, but it must be based on reality and should not lead to job losses. The tobacco industry stakeholders held a press briefing in Johannesburg yesterday, as the Parliament’s portfolio committee on health invited public comments on the Tobacco Products and Electronic Delivery Systems Control Bill. British American Tobacco SA (Batsa) said the bill would accelerate the destruction of the legal tobacco value chain and permanently entrench a dominant illicit trade, without reducing smoking. Batsa general manager Johnny Moloto said: “The 2020 tobacco sales ban (during the Covid-19 lockdown), which South Africa’s courts declared unconstitutional, demonstrated the effects of prohibition as consumers…

HERIOT real estate investment trust (Reit), which has been in the process of acquiring control of Safari Investments through the past year, said yesterday it had acquired a further 385 237 Safari shares at R5.65 each, bringing its shareholding to 57%. Heriot said in a JSE notice yesterday it and its associates, Reya Gola Investments and Heriot Investments, had held 56.8% of the total Safari shares in issue prior to the latest purchase. The purchase was executed by way of an on-market block trade on the JSE. It is not a hostile takeover. The parties had sought Competition Approval for a merger early last year already. Compared with many South African Reits, Safari appears to be trading well after declaring an unchanged dividend of 32 cents for the…

FINANCE Minister Enoch Godongwana has urged African countries to focus on tax transparency to counter tax evasion and illicit financial flows which continue to bleed the continent billions of dollars every year. This comes as South Africa has recently been greylisted by the Financial Action Task Force due to certain deficiencies in its anti-money laundering and combating the financing of terrorism and proliferation financing framework. Godongwana yesterday said the African Union Commission estimated the amount of illicit financial flows from Africa ranged between €48 billion (R977.7bn) and €77bn, in its domestic resource mobilisation report of 2019. The Minister yesterday delivered an address at the 13th Meeting of the Africa Initiative, hosted by the South African Revenue Services (Sars) in Cape Town. He emphasised the importance of tax transparency…