Star 2023-10-26

WHILE tensions continue to boil over in the Middle East, as Israel continues its deadly assault on Palestine, closer to home political parties have targeted Woolworths and MacDonald’s, calling for boycotts. This comes after the EFF leader, Julius Malema, called for the stores to refrain from selling products obtained from Israel. Malema also wants the Woolies stores, which are much loved by middle-class South Africans, to remove every Israeli product on their shelves, as well as made calls to cut ties with companies linked to Israel. “Woolworths has a responsibility by the end of this month to remove every product on their shelves that comes from Israel. If they don’t, we will remove it ourselves,” Malema said. After the statements made by the EFF, Business Report reached out…

Trade union estimates 40 000-or-so people are dependent on the effected workers, so the local economy will be affected SIBANYE-Stillwater’s planned restructuring exercise which could result in the retrenchment of 4 095 employees at its South African platinum group metals operation will bring a “bleak and dark Christmas” for the 40 000 or so people dependent on the affected workers, said a labour union yesterday, describing the action by the company as “cold and clinical”. Big mining companies such as Anglo American and Glencore have started culling jobs at South African head offices and operations, coinciding with a commodity price downturn. In September, Sibanye also an- nounced a restructuring exercise that could lead to the laying off of as many as 3 000 mineworkers at the Kloof…

RESIDENTIAL buying activity levels deteriorated further in September, with volumes now at pre-pandemic levels, the FNB Residential Property Barometer showed. “In line with deteriorating afford- ability, buying activity continues to decline across the spectrum … our indicators suggest widespread downscaling in the market, supporting buying activity in lower-priced brackets,” FNB senior economist Siphamandla Mkhwanazi said yesterday. The FNB House Price Index growth slowed to 0.6% year-on-year in Septem- ber, down from 0.8% in August. This took average house price growth to 0.9% in the third quarter, down from 2.1% in the second quarter. FNB’s market strength index continued to show declining levels of demand, while the supply of properties for sale also declined. “Feedback from our latest Estate Agents Survey suggests two-thirds (67%) of listed properties now take three months…

BRICS member states are not actively dumping billions of dollars worth of US treasuries as a means of weakening the strong US dollar before the end of the year as part of the de-dollarisation initiatives. This comes after reports emerged on Tuesday that India, Brazil, and China were consistently dumping the US treasuries through offloading $18.5 billion worth of government bonds over the past 30 days. US-based finance and crypto publication reported that the trio were looking to keep the US dollar from ending on a high against their respective local currencies. This as the US dollar is now at a 10-month high against BRICS currencies and the developing nations are selling US treasuries to keep their currency from ending on a low. Watcher Guru reported that China sold…

AT JUST just 20 years old, Kiav Mitoo, a graphic design student at Vega School in Cape Town, took an unexpected leap into the world of fashion and has now designed a range for one of South Africa’s leading retailers. Mitoo’s journey began with a twist in his career path, shifting from his aspiration to become an aeronautical engineer to pursuing his passion for art and fashion. In just one year, he has designed prints for two designer collections and launched his own range in Pick n Pay Clothing stores. Mitoo’s journey is a testament to his artistic talent and determination, and to mentorship provided through the Futurewear programme, with renowned designer Gavin Rajah and Pick n Pay Clothing. The incubator programme fosters the growth of emerging creatives by providing…

DRDGOLD reported yesterday that for the quarter ended September 30, it achieved a 5% increase in quarter-on-quarter gold production due to an increase in tonnage throughput. In its operating update the gold tailings retreatment group said gold production and gold sold increased to 1 284kg and 1 267kg, respectively, primarily due to a 13% increase in tonnage throughput as a result of the commissioning of a major reclamation site at Ergo Mining, Rooikraal, in July. The group, which mines gold dumps around Johannesburg, said gold production increased despite yield being 0.018 grams per ton (g/t) lower at 0.228g/t. “Despite the increase in gold production, cash operating costs per kilogram of gold sold increased from the previous quarter to R825 630/kg due to increases in the municipal electricity tariffs…