Innholdsfortegnelse for 2024-02-02 i Star

AIRPORTS Company South Africa (Acsa) has raised its hand as a potential strategic partner to facilitate the smooth movement of goods into key markets in the continent as the country started trading under the African Continental Free Trade Area (AfCFTA) agreement. South Africa this week commenced preferential trade with the first shipment of manufactured products to Ghana via the Port of Durban under the AfCFTA’s Guided Trade Initiative. The shipment was of forged grinding balls and high chrome grinding media products supplied to the platinum, gold, ferrochrome, base metals, power generation and cement industries. However, there are concerns about the efficiency of goods movement as Transnet National Ports Authority has been hobbled by logistical bottlenecks at the ports and rail caused by inadequate infrastructure. Acsa CEO Mpumi Mpofu said yesterday…

DELOITTE has warned South Africans to prepare for “short-term” pain as the government will have to continue implementing expenditure cuts in a bid to stabilise the country’s unsustainable debt burden. In its pre-Budget briefing yesterday, the auditing firm advised that maintaining a fiscal policy stance that stabilised debt would unlock much-needed growth and, in turn, address many social and developmental woes the country faced. Deloitte South Africa chief economist Hannah Marais said South Africa’s public finances, both current and outlook, had weakened significantly in 2023 as the National Treasury now expected a Budget deficit of R56.8 billion. Hannah said this meant that gross debt was expected to rise to 77.7% of gross domestic product (GDP) in the 2025/26 fiscal year, with the budget deficit increasing to 4.9% of GDP,…

ZERO CARBON Charge (Zero CC) this week made its submission to the De- partment of Mineral Resources and Energy (DMRE) on the draft Integrated Resource Plan (IRP). The IRP 2023 has proposed in- creased fossil fuel usage compared to the IRP 2019 and reduced renewable energy usage, as part of the energy mix to retain dispatchable capacity on the back of electricity supply deficit. Zero CC said in a statement that the submission highlighted that, based on Zero CC’s research, the draft IRP had not fully taken into account the increased demand that the transition to Electric Vehicles (EVs) would place on the national Eskom powered grid over the next 26 years, up to 2050. “Using projected EV sales, Zero Carbon Charge has calculated the quantity of EVs…

Over the past decade or so, South Africans have had little to celebrate when it comes to the exchange rate between the rand and other major currencies (unless they happen to earn in those currencies). Between 2012 and 2022, for example, the local currency lost more than 50% of its value against the US dollar. The picture has been similarly bleak when it comes to the rand’s performance against the British pound and the Euro. While some of the losses have been down to external causes outside South Africa’s control, most have been own goals. The failure to adequately address load shedding since 2007, the corruption that flourished during the Zuma years, and the inability to meaningfully grow the economy have all played roles in the rand’s decline. But what…

Microsoft’s gaming quarterly revenue has risen by 49% following the company's Activision Blizzard purchase. The tech giant completed its purchase of the gaming company, which has produced franchises such as ‘Call of Duty’, ‘World of Warcraft’ ‘Overwatch’ and ‘Diablo’ - in October for $68.7 billion (R1.3 trillion), and Microsoft has since seen a colossal 49% increase in revenue compared to the equivalent quarter last year, which equated to $2 billion. The company has also recorded a 61% boost in Xbox content services and revenues, with the subscription service, Game Pass - which allows users to access a vast selection of titles - being a large contributor to the statistic. The news comes after Microsoft announced a restructuring at Activision Blizzard, to ensure that the gaming division was “all aligned on…

One of the country’s largest and popular bank’s, FNB, has announced that customers will now be able to earn eBucks at SPAR retailers. The bank said that from February, FNB Private clients, Private Wealth and RMB Private Bank clients will earn up to 15% back in eBucks when they shop in-store at SPAR, SUPERSPAR, KWIKSPAR and TOPS using their qualifying FNB or RMB Private Bank virtual cards. Sizwe Nxedlana, FNB Private Segment CEO, said, “The eBucks programme is central to the integrated value that we offer to our clients across FNB and RMB Private Bank. Through like-minded collaborations with partners such as SPAR, we are significantly scaling our unique ability to enable our clients to manage both their financial and lifestyle facets by using the power of our integrated platform.…

New coming-of-age series Youngins will shine a spotlight on the lives of Gen Zs. Produced by award-winning production company Tshedza Pictures, the show will make its way to the streaming platform from February 12. It’s set at a fictional boarding school, Olifantsfontein High, and focuses on five learners who are dubbed the “famous five”, as they navigate the chaos and excitement of boarding school while also trying to deal with all the anguish and drama caused by the adults in their lives. MTV Shuga star Ayakha Ntunja plays Amo, a sweet and determined new girl who knows what she wants out of life. Rhythm City star Kealeboga Masango is cast as Buhle, a firebrand and the “it” girl at school. Newcomer Lebohang Lephatsoana fills the role of Tumelo, an overly…

Six people have been arrested in Mayfair, Johannesburg, on suspicion of human trafficking and kidnapping after two victims of Indian origin were rescued after being trafficked to South Africa. The two Indian women, aged between 20 and 24, were rescued in an operation carried out by a multidisciplinary team consisting of various units within the SAPS led by the anti-kidnapping task team. “The team consisting of private security received intelligence on a Johannesburg-based human trafficking network preying on Indian women,” national police spokesperson, Brigadier Athlenda Mathe said. She said the women were allegedly enticed to the country with false promises of employment. “Upon arrival, they were kept against their will, offered to clients, leading to sexual encounters,” said Mathe. Working on a tip-off, police identified and pounced on a commercial…

THE R49 million under-construction Lusaka clinic in Mamelodi has been riddled with contractual disputes which have prevented the facility from meeting its deadline for completion. The centre was envisaged to be completed last year in July, but this week City of Tshwane’s MMC for Health, Rina Marx, announced May 2024 as the new deadline. Since September last year construction has been at a standstill owing to contractual disputes and challenges, between the main contractor and subcontractors. Work, according to Marx, resumed this work following her intervention and her oversight visit to the project, where she was accompanied by senior officials from the Health Department. She said: “I used the opportunity to stress to representatives from the main contractor and project management teams that further delays are unacceptable. The revised…

THE annual Randburg Harriers Valentine’s Day Fun Run returns, giving lovers, runners and running aficionados a chance to get romantic and promote physical fitness and community solidarity. This is being done in collaboration with fibre network operator Vuma and internet service provider partner Accelerit. According to their Athletics Development Policy, Randburg Harriers offers support and help to established or potential athletes who come from disadvantaged backgrounds, whether it be financial or historical. Organisations of different kinds, from small, medium, and micro-businesses to huge corporations, support the Valentine’s Day Fun Run. The Wandsworth School (formerly Wiggles and Squiggles), for children with special needs, and the Ann Harding Cheshire Homes, which support people with physical disabilities, will receive all the event revenues. The club is a beacon of hope for many in…

From December 2023 to January 2024, the average cost of a household food basket increased by R86.66, according to the Household Affordability Index. Data from the index showed that the average cost of a household food basket for January 2024 was R5 324.86. This was higher than the average cost of a household food basket in December 2023, which was R5 238.20. Year-on-year, the index showed that the average cost of the household food basket increased by R407.44, from R4 917.42 in January 2023 to R5 324.86 in January 2024. The household affordability index by the Pietermaritzburg Economic Justice and Dignity Group (PMBEJD) tracks food price data from 47 supermarkets and 32 butcheries in Johannesburg, Durban, Cape Town, Pietermaritzburg, Mtubatuba and Springbok in the Northern Cape. Cost of foods for…

In December 2023, the EU started to design the 13th and 14th packages of sanctions against Russia. With almost 19 000 separate sanction measures by the collective West already in place against it, Russia has become the world’s most sanctioned country ever. We treat sanctions as a sort of “levy”, the price our country has to pay to remain sovereign in today’s Western-dominated world (as the true multipolarity is yet to come into being). Russia has repeatedly pointed out that actions by the US and its allies to impose unilateral illegal sanctions – bypassing the UN Security Council – intended to persecute and suppress undesirable governments around the world, are openly neo-colonial in nature. Western dominance is coming to an end. BRICS (excluding the newly joined nations), has already…

South Africa will face their first trial by spin when they face Sri Lanka in their ICC Under-19 World Cup Super Six stage clash at the JB Marks Oval in Potchefstroom today (10am start). The Junior Proteas have faced West Indies, England, Scotland and Namibia thus far, and are in a prime position to qualify for the semi-finals. However, their only defeat came against England, when left-arm spinner Jayden Denly and off-spinner Tazeem Ali had the South Africans in a spin with combined figures of 6-54 in their 20 overs. Sri Lanka boast a bevy of spinners, with the Asian nation looking to slow down the pace in a bid to contain the dangerous home team’s explosive opening pair of Steve Stolk and Lhuan-dre Pretorius. The spin quartet of Vihas…

French entertainment group submits bid to acquire all of the shares that it does not already own MULTICHOICE’S share price rocketed more than 27% yesterday after Vivendi-owned French premium television channel Canal+ made a R31.7 billion offer to buy the rest of the shares in pan-African pay-TV group MultiChoice. MultiChoice, which operates in more than 50 countries and is struggling with dwindling revenues in the face of tough competition, said yesterday Canal+ had submitted an offer to acquire all of the issued shares of MultiChoice that it does not already own, in a deal that could lead to Canal+ listing on the JSE. Canal+ already holds 31.7% of MultiChoice, and is its biggest shareholder. It was to offer MultiChoice shareholders R105 cash per share, representing a 40% premium to…

COAL IS HERE to stay and protagonists on both sides of the coal debate should work together to reduce carbon emissions, FutureCoal’s chairperson July Ndlovu told the 19th McCloskey Southern A!frican Coal Conference in Cape Town yesterday. Electricity Minister Kgosientsho Ramokgopa had to bail out of giving the keynote address at the conference due to an emergency Cabinet meeting. Silas Zimu from the Presidency gave the government’s view. Ndlovu, who is also the CEO of Thungela Resources, while presenting Industry Perspective from FutureCoal, said the rebranding of the World Coal Association into FutureCoal was an acknowledgement that coal was here to stay and that what was needed was to chart a pathway to the future that involved mining responsibly and minimising coal’s impact on the environment. “When I was preparing…

Landlords need to be careful of how lease contracts are worded. Contracts are generally considered sacrosanct in law because the signatories have committed themselves to terms and conditions on which they have mutually agreed. But contracts, or clauses in contracts (and this applies to any contract), can be overruled in certain circumstances, notably when they fail to uphold the constitutional principles of dignity and equality or remove the constitutional right of a signatory to legal process in a dispute. This was highlighted in a recent application to come before the Supreme Court of Appeal, Graceful Blessings (Pty) Ltd v Zander Burger Properties (Pty) Ltd. Graceful Blessings (GB), the owner of a commercial property, had locked the tenant, Zander Burger Properties (ZBP), out of the premises after ZBP had fallen into…

Luxury car maker Ferrari posted a record net profit in 2023, passing the €1 billion (R20bn) mark for the first time - with ambitions to accelerate even further this year. The legendary Italian brand reported a net profit of €1.25bn last year, up 34%. Turnover increased by 17.2% to €5.9bn, in line with forecasts. Ferrari delivered a total of 13 663 cars worldwide, up 3.3%. The company is now targeting revenues of more than €6.4bn in 2024. CEO Bene- detto Vigna said: “The record 2023 results, the ambitions that we have on 2024, together with the exceptional visi- bility on our order book allow us to look at the high-end of 2026 targets with stronger confidence.” Under a strategic plan adopted in June 2022, Ferrari fore- casts turnover…

Celebrate surviving “Januworry” by kick-starting February at these Jozi events this weekend. From international musical acts, to fitness, charity and culture happenings, there is something for people from all walks of life to enjoy in the City of Gold. Calabash South Africa Maroon 5 will headline at the Johannesburg edition of Calabash South Africa at Soweto’s FNB Stadium tomorrow – one of the hottest summer concerts. This is the first time in a decade that the internationally-renowned pop band is in the country. The chart-topping Grammy Award-winning group first performed at the Cape Town edition of the festival. And this weekend they will be in Joburg, where they will join some of the nation’s biggest musicians on stage – including Keane, who are celebrating the 20th anniversary of their acclaimed…

If you have recently acquired an air fryer for your home, pay attention to these important tips. These tips will enhance your cooking experience and help maintain the air fryer’s longevity. Grease your basket Even if your food does not require oil, always take a moment to at least grease your air fryer basket. Unless a food is inherently fatty, always add at least a little oil, which encourages browning. Otherwise, the fan could dry out the food before it browns. Preheat it Like the full-sized oven in your kitchen, the air fryer only starts cooking once its chamber has heated properly. Save cooking time – and get better results – by running the air fryer for three to four minutes while you are preparing your food. Airflow is king…

UNIVERSITY database Study Abroad Aide has placed the University of Pretoria (UP) in seventh position in South Africa and in the top 8% globally among universities that provide international students with high-quality education within their budget. This recognition highlights UP’s commitment to delivering exceptional education that remains affordable for students from all over the world. Study Abroad Aide is the most comprehensive database of universities globally. Its rankings and content has garnered widespread recognition by numerous institutions in Asia and Europe. The assessment covered 8 060 private and public higher education institutions across 69 countries, identifying those that offer top-quality education while remaining within most students’ financial means. “As a leading research-intensive university in South Africa and on the continent, we are proud to kick-start 2024 with this recognition of…

Mzukisi Mbane of Imprint ZA, one of the creatives who contributed their skills to creating the KFC at Play Braamfontein precinct, expresses his enthusiasm for creating a colourful and pattern-filled capsule that accentuates the brand’s lively nature. The first-ever concept store will be a permanent presence in the centre of Braam, providing in-store digital experiences, the coolest fashion partnerships, and special delicacies. The company backs emerging designers and creatives as well as local talent who share their ethos and brand values of representing the vitality and energy of South African culture, staying relevant to consumers, and self- innovating constantly. Mbane discussed with The Star what it means to be the first designer to work with the company on a concept store this inventive, calling it “simply wonderful”. “As you know,…

Every time a Hollywood celebrity shares a flattering image on social media, the comments section is riddled with claims that Ozempic was used. Kelly Clarkson opens up about her weight journey, and immediately the peanut gallery points to Ozempic, Amy Schumer does an interview, and again, Ozempic is mentioned. Even the Kardashians have been accused of first using surgery to enhance their looks before turning to Ozempic. This week, American singer and show host Kelly Clarkson opened up about recent medical diagnosis. Bang Showbiz reported that the 41-year-old singer was forced to explain her weight loss after it was rumoured she used weight-loss injections such as Ozempic. However, she has denied this to be the case, and revealed the health warning from her doctor was behind the shred. Rapper…

Envision Brand, a dynamic integrated communications agency, has introduced WomenCan, an innovative platform dedicated to promoting women’s talents across various fields. The inaugural event was held in Johannesburg on Saturday, with more than 30 women from the corporate world, businesses, the government and content creation in attendance. WomenCan focuses on forging deep connections with women, providing a space for them to share their diverse and impactful stories. Tumi Mthembu, the CEO and founder of Envision Brand, emphasises the importance and richness of women’s narratives in various sectors, from professional to their personal life. “We’ve noticed the power and relevance of women’s stories in our work, with female talent and women-led brands and suppliers. Our role as story- tellers inspired us to highlight the accomplishments and experiences of women, showcasing the…

The leader of the African Transformation Movement (ATM), Vuyo Zungula, has called for the Department of Higher Education, Science and Technology and the Department of Employment and Labour to investigate possible unfair labour and hiring practices at institutions of higher learning in the country. This week, Zungula wrote to Higher Education Minister Blade Nzimande, urging him to address “systematic discrimination” against black South African academics in the sector. He added that black South Africans were under-represented in academic and management positions across institutions of higher learning in South Africa. Zungula decried the alleged exclusion of black professionals, particularly black South Africans, who he said could not find expression in most institutions of higher learning in the country. “I am writing to bring to your attention a matter of urgent concern…

Liverpool remain on course to send Jurgen Klopp off as a Premier League winner after Chelsea were thrashed 4-1 at Anfield on Wednesday night. Conor Bradley was the star of the show as the 20-year-old right back scored and teed up goals for Diogo Jota and Dominik Szoboszlai. Christopher Nkunku reduced Chelsea’s arrears, but Luis Diaz rounded off the scoring and a thrilling Liverpool performance. Indeed, the scoreline flattered the visitors as Darwin Nunez hit the woodwork four times, including from the penalty spot in the first half. “We could have scored and should have scored more goals. “You cannot score five, six goals against Chelsea if you are not outstanding,” said Klopp. Victory restores a five-point lead at the top of the table for Klopp’s men over Manchester City,…

A great loss for Springbok rugby was the retirement from the game of Pat Lambie at the age of 26 because of concussion issues resulting from a high tackle on him by Ireland loose forward CJ Stander in 2016. Lambie played 56 Tests for South Africa, and probably would have doubled that tally if the law’s focus was a little different eight years ago. If that tackle, at Newlands in a 26-20 win for the Irish, had happened at the last World Cup, Stander probably would have been on a plane home, such is the current law focus on player well-being. Speaking of the recent World Cup, the Springboks were relative choir boys in terms of respecting the laws. They went from being a team the referees hated to being…

THE NATIONAL Association of Automobile Manufacturers of South Africa (Naamsa), which reported a 3.8% fall in sales of new vehicles for January, is looking to new energy vehicle (NEV) regulatory framework announcements by Finance Minister Enoch Godon-gwana in the National Budget Speech on February 21 to stimulate demand. According to Naamsa’s NEV Road- map report released last year, South Africa has to incentivise a sustained shift in domestic market demand for NEVs to attain a meaningful transition to the new models. After some delay, Naamsa is now “looking forward to the new NEV regulatory framework details to be announced in the 2024 National Budget Speech on February 21, 2024” by Godongwana. Naamsa said yesterday: “It would provide a much-needed injection of confidence for the South African automotive industry to accelerate…

THUNGELA Resources, which is betting on expected dominance of coal as an energy resource, has successfully registered with the Dubai Multi Commodity Center Authority (DMCCA) in a major boost for the company’s coal exports from South Africa and Australia. Although coal prices have been muted, especially in the European market, many producers have been shifting focus to the Asia-Pacific market and others. The Middle East market has been roiled by unrest following the outbreak of war between Israel and Hamas in Gaza. Thungela registered with the DMCCA last month, the company confirmed yesterday, helping to push up its share price on the JSE by about 0.5% in afternoon trade. The company’s stock, which is down 22% in the year to date comparative, will house its export marketing team under Thungela…

Follow our weekly jargon buster to help you understand a word or phrase you might not know. Just SA’s weekly jargon buster aims to give simple, plain English explanations of typical words and phrases used in the financial industry, in particular words relating to guaranteed life annuities and living annuities. Follow our weekly jargon buster to help you understand a word or phrase you might not know. This week, we look at world that start with the first letter of the alphabet: A…

SOUTH Africa’s early-stage entrepreneurial activity has declined to below pre-pandemic levels, according to the latest 2023 Global Entrepreneurship Monitor South Africa (GEM SA) report released yesterday. GEM SA lead author Angus Bowmaker-Falconer, a research fellow at Stellenbosch Business School, said South Africa lagged both global and African levels of entrepreneurial activity and the effectiveness of its support for entrepreneurial ecosystem develop- ment. “Overall, we are not seeing resilience and recovery of entrepreneurial activity to pre-pandemic levels in South Africa compared to global and African perceptions, although these also are not optimistic,” Bowmaker- Falconer said. This was reflective of the country’s poorly performing economy, the impact of the energy crisis and deteriorating transport, logistics and other public infrastructure and service delivery, and the lack of a favourable enabling environment to support…

AS 2024 KICKS off, financial professionals in South Africa must contend with a formidable risk: critical infrastructure failure. The Allianz Risk Baro- meter reveals that this threat has claimed the top spot for the second consecutive year, as reported by 3 000 risk management professionals. The findings underscore the profound impact of power outages and infrastructure breakdowns on the nation’s economy and businesses. These blackouts extend beyond mere supply chain disruptions, significantly affecting the broader economy. Failures in crucial infrastructure elements such as ports, railways, and roads present formidable challenges for businesses. Consequently, companies are redirecting their focus towards investments in infrastructure resilience and contingency plans to counter potential consequences. Is liquidity affecting the relevance of the JSE? The number of companies listed on the JSE has fallen from…

Accordion, harmonium, keyboard, guitar player and trumpet player. These were the many talents Tony Cedras possessed. The Cape Town-born musician died earlier this week, aged 72. While his cause of his death was not known, many of his industry peers took to social media to share memories of the talented “giant of a man”. Born in Elsies River, Cedras’ super power was performing and recording on the accordion, but his skills on the trumpet are what got him noticed by the late Hugh Masekela, with whom he eventually shared the stage. Harry Belafonte, Miriam Makeba, Henry Threadgill, Muhal Richard Abrams, Cassandra Wilson and Tony Bird were just a few of the artists Cedras lent his musical talent to. According to Wikipedia, Cedras got his first professional break under the tutorship…

National commissioner of police, General Fannie Masemola has led a drug destruction process where five tonnes of different drugs, worth around R550 million, were destroyed. The drugs were confiscated during various police operations in six provinces: KwaZulu-Natal, Limpopo, Free State, Gauteng, North West and Mpumalanga, according to national police spokesperson, Brigadier Athlenda Mathe. The drugs included cocaine, heroin, mandrax and cannabis. The event on Wednesday was the fifth drug destruction process in the current financial year. “In this financial year alone, more than R1 billion worth of drugs have been destroyed,” said Mathe. In the 2022/2023 financial year, Mathe said six tonnes of drugs were seized and destroyed with a value of R2bn. Since October, police have intercepted four massive drug consignments – three were in Durban and one in…

THE world’s biggest cybersecurity firm has outlined how building a zero-trust mindset will keep you safe from increasingly regular scams. Anna Collard, SVP content strategy at KnowBe4 Africa, says it is important to take a breath before reacting to a scam, particularly if it’s emotionally triggering. Deepfake impersonation scams She says fraudsters may more easily produce believable phoney texts purporting to be from individuals you know and trust, thanks to AI technology which lets con artists produce audio and video so realistic that many mistake for the real thing. Scammers also pretend to be family members, including grandchildren, and ask for money while using AI-generated voice notes or videos. This is called a grandparent scam. Another fraudulent application of deepfakes is to impersonate politicians to…

South Africa’s tourism just got a much-needed boost with an exciting new venture. South Africa’s Arctic research ship, the SA Agulhas 1, will soon welcome visitors wanting to see the frozen continent down under, Antarctica. This comes after Transport Minister Sindisiwe Chikunga attended an on-board ceremony on Tuesday to officially hand over the ship to JS Maritime. Also present was the SA Maritime Safety Authority. “JS Maritime, spurred on by the cordial relations between Germany and South Africa, responded to our vision for our training vessel, that wherever she goes she must continue to fly the South African flag both literally and otherwise,” Chikunga said. “The partnership we have nourished and are undertaking here today through the repurposing of SA Agulhas 1 will go a very long way towards meeting…

AFTER two years and six months of being told and actually believing that those devastating July riots – which led to more than 300 people losing their lives, businesses being looted and torched, and many people losing their livelihoods – were sparked by the anger over ex-president Jacob Zuma’s incarceration, we are suddenly told, out of the blue, that the SA Human Rights Commission (SAHRC) has found that there is no connection between the events – that the riots were not the reaction of his many supporters to his jailing. Confusing. Will the SAHRC then tell us what led to so many people causing so much damage, or is this some kind of failed damage control, which seems to believe that the occurrences that happened that fateful July gave…

South Africa’s teams are progressing nicely in the European club competitions and that should give the Springboks a solid platform for June’s incoming matches against Ireland and Portugal. Independent Newspapers are doing a series looking at the options open to coach Rassie Erasmus. So far, we have certainties in fullback Damian Willemse, right wing Cheslin Kolbe and outside centre Lukhanyo Am. Today, we look at inside centre... The incumbent: Damian de Allende The contenders: André Esterhuizen, Marius Louw, Francois Venter, Harold Vorster At 32, De Allende is still in his prime as a centre, and his excellent form at the World Cup suggests he will continue to own the No 12 jersey for some time to come. He is on 77 caps for the Springboks, and could well go on…