Innholdsfortegnelse for 2023-10-31 i Star

SOUTH African households and corporates are expected to take fewer loans from commercial banks this year, compared to last year, as a result of cumulative interest rates, which remain at a 14-year high of 8.25% per annum. Data from the SA Reserve Bank (SARB) yesterday showed that the growth in household and private sector credit extension has faded noticeably in recent months. The SARB said private sector credit extension (PSCE) growth ticked up slightly to 4.6% year-on-year in September, up from a marginally revised 4.4% increase in August. This marked the 27th consecutive period of growth in the private sector, albeit the second-softest since February 2022, and was marginally better than the 3.5% consensus expected. The slight improvement was driven mainly by the other loans and advances category, which includes…

President Bola Tinubu’s attemps to reform the largest economy in Africa have backfired MTN NIGERIA Communications’ R2 billion foreign exchange write-down shows that the country’s swing to liberalise its economy this year so far appears to be doing the opposite of a key aim of attracting new investment. The telecoms subsidiary of locally listed MTN Group said it had taken a R2.1bn blow to earnings after it re-measured and then restated its foreign exchange losses for the six months to June 30, the results for the quarter to September 30 showed yesterday. Nigeria’s currency has tumbled to record lows against the US dollar after the new president Bola Tinubu’s attempts to reform Africa’s largest economy. Tinubu took the reins in May, pledging reforms to attract foreign investment, and he…

THE WESTERN Cape Minister of Agriculture, Dr Ivan Meyer, has welcomed the decision by the Registrar to include “Karoo Lamb/Karoo Lam” as a Geographical Indication in the South African register established under the Regulations for the Protection of Geographical Indications and Designations of Origin. The Department of Agriculture, Land Reform and Rural Development said in the Government Gazette on Friday that meat cuts from young sheep produced under free- range conditions in the Karoo would be able to claim the name Karoo Lamb. Meyer said: “Essentially, the unique ways in which Karoo Lamb is produced is recognised for its high quality and standards and will be protected. “This registration protects the reputation of Karoo Lamb and will ensure that the financial and reputational benefits return to the region,” he said.…

IN THEIR 2023 annual report, which was just released, DRDGold’s CEO, Niël Pretorius, and chairperson, Timothy Cumming, discussed South Africa as an investment jurisdiction and expressed their belief that capital investment was viable due to the country’s vibrant private sector. “We pause to reflect on South Africa as an investment jurisdiction, especially in view of the very large investments and capital commitments we plan for the near and medium term. “The picture is far from ideal, with the Fraser Institute’s 2022 mining survey placing South Africa very close to the bottom of the list of the world’s investment jurisdictions. “However, our view is that the potential of a jurisdiction from an investment perspective is not just a function of political and mining regu- latory governance,” they said. South Africa had…

Most South Africans know a lot about the sportsmen that we’ve come to know as Springboks. As the country celebrates the Rugby World Cup victory, the glory will go to Siya Kolisi, Rassie Erasmus, Jacques Nienaber and their teammates. One of the few things that will not be mentioned is the technology that was also instrumental in providing all the intelligence for the winning team. Many South Africans have wondered about the small block on the Springboks’ jerseys. Allow me to share the little understanding I have behind that major contributor to the Springboks’ performance. We live in the age of data where information is everything. This is even more important in the sports sector in order to to get an understanding of players performance and other variables. The Springboks…

South Africa’s (SA) precarious fiscal situation will again come under the spotlight, with the upcoming Medium-Term Budget Policy Statement (MTBPS) looming tomorrow. It is one of the year’s more promi- nent macroeconomic events. While the MTBPS typically serves as an update on the primary Budget set in February, this year it carries added significance due to the substantial deterioration in the country’s fiscal health. The broader investment community anticipates (or at least remains hopeful) that Finance Minister Enoch Godongwana’s address will provide reassurance of the government’s commitment to addressing the looming challenges in its finances and the mismanagement of State-owned enterprises (SOEs) in particular. The substantial rise in SA’s fiscal risk premium and the notable steepening of the SA government bond (SAGB) yield curve throughout 2023 are clear indicators of…

The most recent update is about the baller who’s been making headlines since he reclaimed his car from Londie London and requested her to vacate their place after their breakup. This time, the tea is about his new luxury car, and the internet is not here for it. Musa Khawula posted a video on their Instagram that shows Nkosi entering the car dealership, dancing around the car while celebrating that he has bought a new Bentley. Joining in on the celebration, staff members of the dealership can be seen alongside Nkosi. The caption reads: “Dangerous Hlubi Nkosi celebrates purchasing a Bentley after putting Londie London through all kinds of hell, and she had moved on with an unknown man. poor Londie.” One viewer wrote: “I’ll never have respect for any…

Defence attorneys of the accused in the Senzo Meyiwa murder trial have now added claims of torture by electrocution against police officers who were involved in the investigation of the footballer’s murder. The Gauteng High Court, Pretoria, continued to hear testimony from Constable Wendell Jonathan, who was one of the Ekurhuleni Metro Police (EMPD) Special Weapons and Tactics (Swat) units who was involved in escorting accused one and two, Muzikawukhulelwa Sibiya and Bongani Ntanzi. The court is currently in a trial-within-a-trial to determine if the confessions by Sibiya and Ntanzi were made freely and voluntarily. Under cross-examination by defence advocate Thulani Mngomezulu yesterday, Jonathan and his partner, along with Sergeant Mabena and Colonel Buthelezi, it was claimed that they assaulted, tortured, tubed and electrocuted Ntanzi. In one incident, apparently…

SOUTH Africa’s rugby world champions, the Springboks, will begin their four-day trophy parade tour in the capital city on Thursday. The team beat New Zealand 12-11 in a bruising World Cup final battle at Stade de France in Paris on Saturday night. The South African Rugby Union (Saru) said the team would attend the gala World Rugby Awards ceremony in Paris on Sunday night before leaving France for South Africa yesterday morning. “The team will arrive back in South Africa on Tuesday (10.55am) at OR Tambo International Airport and will commence the tour 48 hours later. The tour will start in Pretoria, Johannesburg and Soweto – concluding at FNB Stadium – on Thursday, November 2; and take in Cape Town (Friday, November 3) and Durban (Saturday, November 4) before concluding…

CONSUMERS have been given a slight boost just ahead of the festive season as the official fuel price for November will decrease, barring LP Gas. Minister of Mineral Resources and Energy Gwede Mantashe yesterday announced the fuel price adjustments for the coming month. The department said that both grades of petrol, 93 and 95 ULP and LRP will decrease by R1.78c a litre, while diesel (0.05% sulphur) will come down by 85 cents a litre, and diesel (0.005% sulphur) will decrease by 82c a litre. Illuminating paraffin will decrease by R1.30 a litre, with the only increase for the month being LP Gas retail price, which will go up by R1.49c a litre. The country’s fuel prices are adjusted monthly, informed by international and local factors. International…

ADCORP Group has initiatives under way to optimise cost structures, diversify revenue streams and enhance efficiency, boosting an already strong performance that saw earnings a share from continuing operations surge 34.4% to 33.1 cents in the six months to August 31. “By leveraging innovative solutions and data analytics, the group aims to bolster profit margins by identifying growth opportunities and implementing cost-saving measures,” CEO John Wentzel said at the release of the workforce solutions company’s results yesterday. An interim dividend of 16.1c a share (12.2c) was declared. The results reflected robust revenue growth and operational resilience in South Africa and Australia, despite tough macroeconomic conditions and external challenges faced by both economies. Wentzel said the group was resilient and on a drive to adapt and grow. “We will continue…

THE WORLD Bank said yesterday that it expected global oil prices to average $90 (R1 696) a barrel in the fourth quarter and fall to an average of $81 in 2023 as slowing growth eases demand, but warned that an escalation of the latest Middle East conflict could spike prices significantly higher. The World Bank’s latest Commodity Markets Outlook report noted that oil prices have risen only about 6% since the start of the Israel-Hamas war, while prices of agricultural commodities, most metals and other commodities “have barely budged”. The report outlines three risk scenarios based on historical episodes involving regional conflicts since the 1970s, with increasing severity and consequences. A “small disruption” scenario equivalent to the reduction in oil output seen during the Libyan civil war in 2011 of…

The UK government will welcome foreign political leaders, tech industry figures, academics and others this week for a two-day summit billed as the first of its kind on artificial intelligence (AI). The gathering, set to be attended by Prime Minister Rishi Sunak, US vice-president Kamala Harris, EU chief Ursula von der Leyen and UN Secretary-General Antonio Guterres, will focus on growing fears about the implications of so-called frontier AI. The most advanced generation of AI models, they have prompted concerns around everything from job losses and cyberattacks to humans losing control of the systems they have designed. Sunak and other leaders have increasingly joined the industry itself in arguing that current knowledge and regulation of frontier AI is probably insufficient for the challenges it will pose. “My vision, and our…

Recent research conducted by Accenture has shed light on the evolving landscape of informal trading in South Africa, revealing both opportunities and challenges for spaza shops, which are integral to our communities. As a seasoned social entrepreneur with extensive experience in both informal and formal businesses across South African townships, I firmly believe that it’s time to adopt a more nuanced approach to address the complex issues facing these cornerstones of our neighbourhoods. The Accenture research underscores the pivotal role played by spaza shops in the lives of South Africans. With more than 150 000 spaza shops nationwide, these establishments are not just local convenience stores, but also serve as essential sources of supplementary household income for many. The informal sector, where spaza shops thrive, accounts for a significant…

Chandler Bing shouldn’t have made sense. The character was a mass of contradictions that didn’t add up, at least on paper, in 1994, to a recognisable “type”. Here was an objectively good-looking man – funny too, of course, as well as sarcastic, silly and smart – saddled with a wildly disproportionate sense of his own inadequacy. But Matthew Perry, who died on Saturday at 54, played the jokester on Friends as a clever clown in torment. That choice, and the writhing discomfort he brought to Chandler’s quippy bon mots, turned out to be key to the show’s record-shattering success. Perry was open in his 2022 memoir, Friends, Lovers, and the Big Terrible Thing, about how many personal experiences he drew on for the character that made him famous: his parents’…

50 CENT has declared he wants the name of the plastic surgeon he thinks “did” Madonna’s bum. The 48-year-old rapper – who has a years-long feud with the Queen of Pop, 65 – hit out at her just after she kick-started her delayed Celebration world tour, which was put on hold after she was hospitalised after suffering a “serious bacterial infection”. 50 Cent – born Curtis James Jackson III – said on Instagram alongside a photo of Madge standing next to a cartoon ant: “Who the f*** did this? She’s rich how the hell she didn’t get it fixed I want the f****** doctors name right now. I mean damn it man! LOL.” He also included a video of the Material Girl singer performing at the 02 Arena in London…

Basic Education Minister Angie Motshekga has wished the Matric Class of 2023 well in their exams. Over 700 000 Grade 12 learners are writing their National Senior Certificate Examinations. Yesterday morning, Motshekga was at Rhodesfield School of Specialisation in Ekurhuleni to monitor the start of matric exams. She was joined by Gauteng Education MEC Matome Chiloane. “We are just here to wish you well. You know some of your friends couldn’t survive this far. And if you have survived this far, just make it worth it. It doesn’t help to stay with us for 12 years and be as good as anyone who left us almost five years ago because if you don’t have a matric certificate… except your birth certificate, there is no scientific or any official evidence that…

Ingredients 30ml sunflower oil 1 large onion, finely chopped 30ml cake wheat flour 30ml barbecue spice 500g lean beef mince 350ml water 45ml Mrs Ball’s chutney 125g brown mushrooms, sliced 125g frozen corn 125g frozen peas 30ml parsley, chopped Topping 8 potatoes, peeled and cut into quarters Sea salt Paprika 30g butter or margarine 100g mature cheddar cheese, grated 5ml English mustard 3ml baking powder 60ml low-fat milk Method Preheat oven to 200ºC. Sauté onion in oil until soft. Stir in flour, barbecue spice and beef mince. Cook over low heat until mince changes colour. Gradually add water, chutney, mushrooms, and corn, then cook for 15 to 20 minutes. Add peas and parsley and allow to heat through. Topping Boil the potatoes. Drain and mash them in the pot while…

A CHARITY is on a mission to keep girls in school and prepare them for a bright future through their Pad Princess Project. The initiative, which is the flagship project of the Kindness Like Confetti organisation, has for the past five years been distributing period products to schoolgirls in the city. Liza Verburg, the director of the Pad Princess Project, explained to the Saturday Star this week that since its inception, the initiative has managed to reach about 40 000 packs of pads. “Since 2021, we have stepped it up and distributed 22 000 packs of pads. And this year alone we have reached 2 500 girls who are in need of menstrual items.” Verburg said that each period pack consists of a 5-litre bucket, two period…

Minister in the Presidency for Women, Youth and Persons with Disabilities, Nkosazana Dlamini Zuma, said it was crucial all South Africans acknowledge the role military veterans played in the Struggle for democracy. Dlamini Zuma was speaking in uMgababa, south of Durban on Sunday, at an event to remember those who had lost their lives during the political violence in KZN, and Umkhonto weSizwe (MK) veterans killed in the Struggle against apartheid. She said it was important for current and future generations to remember that the freedom being enjoyed “was not free, and many people made the highest sacrifice for it”. “The ANC and MK is a multi- racial organisation and MK fought for this freedom, but it is also important to understand what they were fighting for and what they…

More than 20 000 people marched through Johannesburg on Saturday to celebrate Pride, singing, dancing and showing their support for LGBTQIA+ communities across Africa. At the front of the parade, that organisers estimated was 24 000-strong, was Mandela Swali, a 25-year-old Ugandan who was attending his first Pride, having been in South Africa for a month-and-a-half. Swali, face coated in glitter and draped in a Ugandan flag, recounted how he had fled his country in 2021, while on bail, having been arrested when his landlady caught him with his boyfriend. “This is the space and this is the family I deserve to have right now. I feel like I’m at home,” he said, after the 6km march through some of Johannesburg’s wealthiest neighbourhoods. Uganda introduced one of the world’s harshest…

STOCKS on the JSE traded slightly higher and the rand started the week on a firmer foot at a two-week high yesterday as stronger commodity prices provided some support for local stocks and the currency, while the markets were awaiting major central banks’ interest rates decisions and South Africa’s mid-term budget. The JSE All Share Index rose 0.9% to 70 059 points yesterday, following three consecutive days of decreases, while the rand also strengthened 0.4% to R18.77 against the US dollar. Gold miners such as Sibanye-Stillwater led the surge in the JSE as it rose 3.5% to R24.28 per share followed by DRDGold at 2.8% higher to R16.83 per share as gold prices rallied held above $2 000 (R37 687) an ounce later in the day for…

COMMODITY trader and miner Glencore yesterday cut its nickel production guidance for this year due to mainte- nance and strikes, but reiterated its expectation that profits from its trading division would be up from $3.5 billion (R65.8bn) to $4bn (+R70bn), above its long-term guidance range. Glencore maintained its overall 2023 guidance for copper, zinc, coal and cobalt output. Its trading division includes coal, oil, liquefied natural gas and related products, as well as metals, whose profit hit a record $6.4bn in 2022, up 73% from the previous year. The London-listed miner’s long-term yearly trading guidance earnings was for between $2.2bn and $3.2bn. Glencore, which in June offered to buy Teck’s steelmaking coal business as a standalone unit, having been rebuffed twice in its $22.5bn bid to combine the…

A FLURRY of bullion buying activity by global central banks and resilience in demand for jewellery amid elevated prices for the precious metal boosted the gold industry in the third quarter 2023, the World Gold Council (WGC) said in a report released yesterday. South Africa has an influential role in the industry, despite accounting for a meagre 4% of worldwide bullion output at 110 tons in 2022. This month, the World Gold Council appointed Neal Froneman, the CEO for Sibanye-Stillwater, as its new chairperson, while Niël Pretorius, the CEO at DRDGold, was appointed as a new director. In the 2023 third quarter to end September, gold buying from central banks provided some impetus for gold. This suggests that “increasing gold allocations are becoming an accepted prudential strategy” across the…

Wearable technology, such as smartwatches and wireless earbuds, typically relies on photoplethysmography (PPG) to monitor heart rate. PPG uses light pulses to measure blood activity and has proven effective, but comes with its own set of limitations. However, Google scientists have recently explored an alternative approach called audioplethysmography (APG) using off-the-shelf active noise-cancelling earbuds and a software update. The concept behind APG involves bouncing a low-intensity ultrasound signal off the inner ear canal. This signal detects surface perturbations on the skin as blood flows through it, utilising the earbud’s tiny microphone that is used for the active noise-cancelling feature. According to Google’s research blog, the technique demonstrated resilience even when dealing with issues such as a poor ear seal, variations in ear canal size, or individuals with darker skin tones.…

This week the 20th Agoa Forum is being held in Johannesburg. Govern- ment representatives from the US and eligible African countries gathered alongside regional organisations, private sector role-players, civil society groups and labour leaders. The African Growth and Opportunity Act (Agoa) benefits 35 countries in sub-Saharan Africa. Thanks to the act, many South African export products, including citrus, is exempt from import duties, giving them a much-needed edge in the massive and competitive American market. The forum comes at a time of global uncertainty. To many people, the Agoa Forum seems to be a political event, and one in tension with the BRICS Summit, also held in Johannesburg, precisely two months ago. But for us in the citrus industry, an industry with an immense potential for growth, we see the…

The Khampepe Commission of Inquiry into the fire that killed 77 people in Marshalltown three months ago, has suffered another setback after it had to be postponed yesterday due to building safety concerns. Chaired by retired Constitutional Court Justice Sisi Khampepe, the commission, which started its work on Thursday after logistical delays, was postponed indefinitely – after it received notice from the Johannesburg Emergency Management Services that the venue was not compliant with city by-laws. The EMS had raised concerns over the number of people inside the venue that has a maximum capacity of 25, including media, lawyers, witnesses and commissioners. The commission was instituted to probe circumstances surrounding the deadly fire that killed 77 people over two months ago. On the first day of the commission of inquiry into…

As millions of South Africans continued to celebrate the victory of the the Springboks over New Zealand, Lynn Forbes remembered her son, the rapper Kiernan Forbes, in a tear-jerking moment. A video of Lynn celebrating the historic occasion has gone viral on social media, paying even more tribute to her late son, who was a well-known sports fanatic. In a post shared with thousands of her followers, she highlighted that she knew that he was brimming with pride at the Bokke. “I carry your face on my neck, close to my heart. You are with us in spirit, my boy, and I know just how proud you are of the Bokke,” said Lynn. October marked nine months since Kiernan died in a tragic shooting at a Durban restaurant, Wish on…

THEY did it! They have made history. The Springboks have become the first team in the world to lift the coveted Webb Ellis Cup at the Stade de France in Paris for a record four times. Many thousands of passionate Bokke fans had travelled to Paris. Proudly wearing green and gold T-shirts and waving the South African flag, they cheered and urged the Boks on and then erupted into a deafening roar when their team won. And all over the country the people rejoiced and celebrated like never before. Just one little point separated the two teams from heartbreak and ecstasy. But it was a big point for the Springboks, enough to secure them the win and write their name in history. It was also a back-to-back win for the…

JUSTICE Mjabuliseni Isaac Madondo, the Acting Judge President of the KwaZulu-Natal Division of the High Court, will complete the list of eminent South Africans honoured by Unisa with honorary doctorates during its current 2023 Spring Graduations. The university conferred on Justice Madondo the degree of Doctor of Laws (honoris causa) during a graduation ceremony at its Muckleneuk campus. This was in recognition of his outstanding contribution to the South African judiciary throughout his legal career, and his proven understanding, knowledge and application of the legal principles that govern South African law. It was also for ensuring that justice and fairness were maintained regardless of class, economic status and the social standing of litigants, according to the university, and for defending and maintaining the independence of the judiciary. Unisa added that…

Former Miss Soweto and Miss SA winners, Augustine Masilela-Chuene and Liesl Laurie-Mthombeni, shared their experiences of what it took to win one of the country’s leading beauty pageants, Miss Soweto, established over 44 years ago. Miss Soweto’s finalists were revealed at a media event in Parktown, Johannesburg, on Thursday. The 19 hopefuls were told what it takes to be an ambassador of one of the country’s most popular townships, Soweto, and how this pageant was a stepping stone to greater prospects. Laurie-Mthombeni, who hosted the reveal, shared her experiences having taken part in the pageant more than once before ascending the Miss SA throne. “This might not be your crown. You might not win, but a destiny delayed is not a destiny denied. Sometimes you just have to wait.”…

Ingredients 1kg lamb neck Salt and pepper to taste 2 tbs flour 2 tbs oil 3 onions; sliced 2 tbs garlic and ginger paste 2 bay leaves 2 tbs curry powder 1 tbs barbeque spice 2 tbs Cajun seasoning 1 chicken stock cube 750ml water Method Season the lamb with salt and pepper on both sides, sprinkle with the flour, then brown the pieces in hot oil until golden on both sides. You’ll need to do this in batches, so you don’t overcrowd the pot. Set the browned lamb aside. To the same pot, add the sliced onions and sauté until softened and beginning to brown around the edges. Add the garlic and ginger paste, bay leaves, curry powder, barbeque spice and Cajun spice, then cook for a minute to…