Innholdsfortegnelse for 2024-02-16 i Star

The Treasury’s Gold and Foreign Exchange Contingency Reserve Account may be a hedge THE SOUTH African Reserve Bank (SARB) will likely kick-start its rate-cutting cycle at the end of next month, Standard Chartered economists say. They added that the National Treasury may have to consult the central bank on the potential use of its Gold and Foreign Exchange Contingency Reserve Account (GFECRA) to hedge against short-term fiscal concerns. The SARB’s GFECRA is currently treated as “a contingent asset of the State” while the “value of its unrealised gains help to reduce net debt” levels. Standard Chartered’s chief economist for Africa, Razia Khan, said hedge funds and civil society economists were arguing that South Africa did not need excessive reserves and that a proportion of GFECRA gains could be used either…

RENERGEN’S share price leapt more than 5% yesterday morning after it informed shareholders that liquefied natural gas (LNG) deliveries had recommenced following a planned, but longer than expected, maintenance outage. The delays during the planned maintenance outage were primarily as a result of the scheduled maintenance being brought forward to coincide with the helium coldbox repair, CEO Stefano Marani said in an update yesterday to the JSE’s news service. “The shutdown ran longer than expected owing to unexpected challenges with the primary mixed refrigerant compressors. “These compressors were supplied by a company that is part of a global Swiss compressor manufacturing group, which includes China, where the compressors were assembled,” he said. The original equipment manufacturer (OEM), local agent and Swiss head office, with Renergen’s teams, were able to diagnose…

If you’re saving for your retirement, both retirement annuities (RAs) and tax-free investments (TFIs) are good investment choices. But which one offers the best tax benefits? The answer depends on your investment goals and unique circumstances. While there are tax benefits associated with both RAs and TFIs, the benefits are structured differently, and the product rules and restrictions are quite distinct. Tax benefits of retirement annuities While pension and provident funds are made available through an employer, an RA is held in an investor’s personal capacity. RAs are a good way to save for retirement for those who are self-employed or those looking to supplement their employer’s pension fund. The principal tax benefit of RAs is that they offer tax savings now. In other words, you pay less tax now…

SKEEM Saam fans will have to welcome a change in character when the new season starts in May. The popular character of Meikie Mapula, played by actress Harriet Manamela, will be taken over by award-winning actor and author Florence Masebe. Manamela will be on screen until the end of Skeem Saam season 12 but is unable to continue shooting due to an undisclosed illness. Masebe will be filling in for Manamela while she is away. The production company said: “Manamela’s last scene for the season will air on April 5, 2024. From May 15, the character of Meikie Maputla will be played by Florence Masebe.” Masebe is well-known for her TV roles. She’s starred in shows such as Generations, Soul City, Muvhango and The Republic. Meanwhile, two new characters,…

THE AA has warned South African motorists and consumers to expect a major fuel price hike next month. Following the release of the mid-month fuel data by the Central Energy Fund (CEF), the association explained that the current data was projecting fuel prices to increase to at least R24 per litre mark for both grades of petrol. The AA said the upcoming increase was reminiscent of the record high of R25 per litre as witnessed last year. Based on the data, 95 octane petrol is set to increase by R1.35 per litre, while a litre of 93 octane will set motorists back by an additional R1.31. Diesel may increase by between R1.43 to R1.59 per litre, while paraffin will increase by 96 cents per litre. “We remain concerned about these…

OPPOSITION parties in the City of Tshwane have slammed the DA-led coalition over reports that the National Treasury intended to cancel at least R629 million, which is part of conditional grants allocated to the municipality for 2023/24 financial year. This was after it emerged this week that the National Treasury penned a letter to municipal manager Johann Mettler, expressing the intention to withdraw millions of rands from the City owing to “underperformance of grant allocations”. The EFF blamed both the DA and ActionSA for financial mismanagement, saying it prompted the National Treasury to take drastic measures of withholding various grants from the municipality. Regional party leader, Obakeng Ramabodu said: “The cessation of these financial resources suggests that Tshwane will face a significant shortfall in urban development funding. This will adversely…

POLICE in Gauteng have launched a manhunt for the perpetrators of Wednesday’s cash-in-transit robbery that took place near the Mandela sports complex in Hammanskraal. Lieutenant-Colonel Amanda van Wyk said the suspects’ car rammed into the cash van. “The driver of a cash van and his crew members were driving along Hammans Road when they were intercepted by a group of armed suspects,” said Van Wyk. It is alleged that the suspects fired `shots at the guards and blew up the cash van before they fled the scene. The suspects reportedly left the scene in a white Ford Ranger and an undisclosed amount of money. Communities members who witnessed the incident were left in shock. A resident from Hammanskraal said cash-in-transit incidents were becoming a norm in the area…

THE JOBURG Film Festival is set to kick-off from February 28 to March 3. The much-anticipated festival has announced its full line-up of films as well as its opening and closing films. The organisers of the festival have announced Gordon Main’s apartheid-era documentary London Recruits as the opening film for its 2024 edition. Directed by venerated filmmaker Gordon Main and produced by Jacinta De Nobrega and Robyn Slovo, London Recruits promises to set the stage for an electrifying cinematic experience at one of Africa’s most prestigious film events. The docu-film sheds light as it takes viewers on a trip down the apartheid struggle 1960s era, where a group of young activists embark on covert missions to combat apartheid. Based on true events, the film highlights a lesser-known chapter of history…

WITH excitement around the Africa Cup of Nations’ semi-finals mounting, it was an honour for The Club at Steyn City to host our Bafana Bafana legends, as they switched the pitch for the immaculate greens during their recent trip to Johannesburg. Soccer legends Matthew Booth, Shaun Bartlett, Stanton Fredericks, Fabian McCarthy, Stanton Lewis and Mark Haskins were treated to the seven- star service for which The Club has become renowned while they were covering Bafana’s games for the SABC and SuperSport. The stars were impressed by the challenging design of the 18-hole championship Nicklaus Design course (which includes a recently upgraded practice facility), as well as the award-winning clubhouse with its luxe cloakrooms and Pro Shop. These are just some of the factors that set The Club at Steyn City…

In what is now becoming a well-rehearsed scene, Lions No 8 Francke Horn has become something of a deuteragonist on the fringes of the backline, supporting the likes of Henco van Wyk, Edwill van der Merwe, Richard Kriel and Quan Horn with some bollocking, line-busting runs. “Francke is quite fast,” said wing Van der Merwe, with a smile, at Johannesburg Stadium this week. “It is quite beneficial for the team to have a loose forward who can play like a backline player. We like to create opportunities for each other. “Francke is one of the top try-scorers at the Lions, so we always joke and try and see who can score the most tries between the two of us. Hopefully, both of us can get on the scoreboard this weekend.”…

Bruce Bvuma is eager to continue with his fine exploits for Kaizer Chiefs in goal, and repay the faith that the club has shown in him after signing a new contract. Bvuma, fellow goalkeeper Brandon Petersen and Nkosingiphile Ngcobo were all handed two-year contracts, plus a one-year option, by the Ama- khosi recently. For Bvuma, that must have brought a huge sigh of relief, given that for the better part of the previous seasons and first half of the current campaign, he has played third fiddle. Petersen had become the club’s first-choice keeper in recent seasons, with club legend Itumeleng Khune his deputy, when fully fit. But all that changed towards the end of the first half of this season. Petersen became too erratic, and was subsequently replaced by Khune…

Rafael Nadal was forced to shelve his plans to return to action at next week’s Qatar Open, admitting he is “not ready to compete”. The 37-year-old missed most of last year with a hip injury sustained at the Australian Open before making his comeback at last month’s Brisbane International. However, a small muscle tear then forced the 37-year-old to pull out of this season’s first Grand Slam in Melbourne. The 22-time Grand Slam title winner now hopes to return to the tour at the Indian Wells Masters in California from March 6-17. “I would have loved to play in Doha, where the tournament team, as well as the amazing Qatar fans have always supported me greatly,” Nadal said in a statement on X. “Unfortunately I am not ready to compete,…

SOUTH32 is scrambling for a way out of a potential electricity supply crisis at its Mozal Aluminium project in Mozambique that is powered by Eskom. Meanwhile port delays at Richards Bay forced a reduction in shipments, although elevated capital expenditure yielded an uplift in manganese production from its two mines in the Kalahari Basin. Spun off BHP Billiton in 2015, South32 yesterday reported a 15% decline in revenue for the half-year period to December at $3.1 billion (R59bn), with after tax profits from all of its operations also falling 92% to $53 million. With basic earnings per share for the half year also down 92% at US$1.2 cents, investors in the company on the JSE reacted negatively, shaving off 3.7% off its shares, which traded at R36.72…

AUDIT, tax and accountancy advisory company Deloitte is exiting Zimbabwe, with its management in the country buying out the operation, a development that may point to a shrinking market for the services it offers. The exit of Deloitte comes on the heels of the departure of banks such as Standard Chartered and Barclays. However, other accountancy and audit firms such as Ernst and Young are still offering services in Zimbabwe. “This heralds the exit of one of the big four firms. The reasons for the exit may be many, but principally a lack of competitiveness, a shrinking market, etc. “The event may not necessarily be a major one on its own, unless followed by exit of other big firms such as PricewaterhouseCoopers,” said banker and economic analyst Matthew Chidavaenzi. Zimbabwean…

THE MARKET gave Aveng a round of applause after a robust interim trading update yesterday, which saw its shares gallop nearly 15% higher to R 7.10 on the JSE. Construction firm Aveng, which has evolved into a business with two operating subsidiaries, McConnell Dowell and Moolmans, said that for the six-month period ended December 31, 2023, Aveng revenue was anticipated to increase by 45% with improved operating earnings at both McConnell Dowell and Moolmans. Earnings from continuing operations were also expected to improve as compared to the prior comparative period by between 110% and 120%. Headline earnings for the current period are expected to improve by between 72.7% and 81.1%. Aveng also informed its shareholders that the predominant transactional currency of the group was now the Australian dollar, with 91%…

Somewhere in a small town in South Africa, someone’s uncle has died. A long, drawn-out illness. Family members left behind, grieving. And a funeral plan, dutifully maintained through both sickness and health, finally paid out. The money is used carefully. A stately casket. An elegant tombstone engraved with loving words. Refreshments in abundance for those who’ve come to pay their respects. A dignified funeral, on all accounts, to honour the deceased. But the funds are also used for other things. A new roof is erected on a leaky home. Outstanding school fees are finally paid up. New shoes are purchased for an anticipated job interview. Someone has died, but the needs of those left behind are very much alive. Is this what the insurer intended when drawing up the terms…

SCORES of people across the globe are confined to their desk for long periods during the work day. But health experts say this could cause a range of health issues. “Prolonged periods of sitting can take a toll on our physical and mental well-being,” warned Affinity Health CEO Murray Hewlett. “It’s been associated with various health risks, including obesity, Type 2 diabetes, cardiovascular disease, reduced circulation, and musculoskeletal issues.” Hewlett has offered these five habits to help you stay active, boost your productivity, and maintain your overall health while working at your desk. Take regular breaks The American Heart Association suggests sitting for no more than 30 minutes at a time. Hewlett recommended standing up and moving around for at least five minutes every hour. “You can set a timer…

Siyavanna South Ahh, we’ve got your first dry months of the year covered with our Crisp and Dry Savanna Cider 0.0% alcohol free. This year, sticking to your New Year’s resolutions can be easier. You can say goodbye to sipping tea, being a high tea roller, playing tea pong, and saluting the kettle flute while trying to cheers with a teacup and saucer. “Why do Dry when you can do Crisp and Dry? Rather let your cup runneth over with Crisp and Dry Savanna 0.0% Alcohol Free. “It’s the same Savanna taste you know and love, just alcohol-free,” says Kayla Hendricks, senior brand manager for Savanna. ”You can say goodbye to raised pinkies, burning your tongue on hot tea, and trying to make it rain with tea bags.“ Savanna 0.0%…

FOLLOWING the report by the Progress in International Reading Literacy Study that 81% of Grade 4 learners in South Africa cannot read for meaning in any language, various initiatives have been implemented to push change. It was also found that South Africa ranked the worst out of the 43 countries surveyed. In addition to the staggeringly large number of children in South Africa who lack basic literacy abilities, it is reported that millions of youngsters die hungry because they do not have access to nutritious, consistent and sufficient food, resulting in high rates of malnutrition across the country. In working to address these national crises, Hope Worldwide South Africa, an NGO focusing on early childhood development (ECD), recently launched the Book & Breakfast Initiative (BBI). Dr Marc Aguirre, country director…

IT IS becoming increasingly clear that arrogance is not the preserve of politicians, as it is permeating other areas of society. In this scenario, powerful people show disdain for the public and believe that they are demi-gods. Take the football fraternity, for example. Safa president Danny Jordaan nearly spoiled the mood of celebration when Bafana Bafana were being welcomed at OR Tambo International Airport for their sterling performance in the recently ended Afcon. When quizzed on how much the players would be paid for their efforts, he arrogantly brushed off the matter, indicating that the question should be directed to the players. Why didn’t Jordaan simply indicate that they are dealing with the matter as they await direction from CAF, and talks with the players’ leadership are still to ensue?…

Chelsea’s revival faces the ultimate test tomorrow when Mauricio Pochettino’s team attempt to put the brakes on Manchester City’s express train. Two late goals earned the London side a 3-1 victory at Crystal Palace in the Premier League on Monday to back up a superb 3-1 win over Aston Villa in an FA Cup fourth-round replay. Chelsea remained in 10th place, 20 points behind leaders Liverpool and 18 adrift of champions City, but those two results have changed the mood at Stamford Bridge. Pochettino was coming under increasing fire as he struggled to blend a youthful but hugely expensive squad. A 4-1 drubbing at Liverpool at the end of last month was stark evidence of how far Chelsea are from challenging at the top of the table, but they may…

Jake White has issued a decree to his Bulls players to make Lions star Sanele Nohamba “tackle” in tomorrow’s United Rugby Championship derby at Ellis Park (3pm kick-off). But at the same time, the Bulls boss will be hoping that his returning Springbok standouts, Kurt-Lee Arendse and Canan Moodie, will be at full tilt after lengthy lay-offs. Nohamba has been an attacking threat as a flyhalf and scrumhalf this season, and was the difference with a 24-point haul in the Lions’ 29-25 victory over the Bulls at Loftus in March last year. The 25-year-old former Sharks halfback was at it again in the recent 30-28 Bulls win in Pretoria, where he sparked the opening try for captain Marius Louw and pulled off a brilliant drop goal. The only way the…

The first day of the only Test between the Proteas Women and Australia at the Waca ground in Perth did not go according to plan for the visiting side yesterday. The South Africans lost all 10 wickets inside 32 overs for only 76 runs, their lowest innings total in the longest format of the game. Only two batters in the playing XI reached double figures, Sune Luus (26) and Masabata Klaas (10), as right-arm quick Darcie Brown (5-21) dominated the South African batting order and picked up her maiden Test five-wicket haul for Australia. The hosts then reached 251-5 at stumps, with Alyssa Healy being dismissed for 99 late in the day. Klaas, the second-highest scorer on day one for South Africa, told the media that the South African batters…

Blue Label Telecoms said core headline earnings per share were expected to increase between 47.07% and 47.2% for the six months to November 30, 2023, from 3.94 cents at the same time a year before. Earnings per share were expected to increase between 45.49% and 45.84% to a loss equivalent to 8.74c a share, a statement said yesterday. Core headline earnings amounted to R420 million (November 2022: R35m), equating to core headline earnings of 47.15c per share (3.94c per share). Excluding the positive contributions of R65m in the six-month period, and the negative contributions of R421m in the comparative period, due to the recapitalisation of Cell C, core headline earnings fell by R100m (22%) from R455m to R355m, and core headline earnings a share fell 23% from 51.72c a share…

NAMPAK, Africa’s largest packaging group that is being restructured due to financial difficulties, needs to sell three key assets as its operations are not yet sufficient to put the group back on a sustainable growth trajectory, CEO Phildon Roux said yesterday. He was responding to shareholder questions at the annual general meeting in Cape Town yesterday afternoon. Opportune Investments chief investment officer Chris Logan had asked how the sale of its Nigeria business was progressing, and if it could be sold at a reasonable price given the big decline in the value of the Nigerian naira, which might also discourage potential suitors. Roux said he was sure they would find a suitable partner, and talks on the disposals were progressing. He said the type of partner they were looking for…

A recent court case has reinforced the fact that the body corporate of a sectional-title scheme is responsible for the maintenance and upkeep of the common property and may be liable for damages if its negligence in this regard results in personal loss or injury. This means that, if you are an owner of a sectional-title property, you are partly responsible, as a default member of your body corporate, to ensure the scheme as a whole is well maintained and, as a safety measure, that it has liability insurance in place. Although the property management function may be outsourced to an agent, the responsibility for maintenance ultimately lies with the body corporate and its board of trustees. The “common property” comprises areas and structures in the scheme that are commonly…

Earlier this year, amapiano artist Lady Du took a courageous step by opening up about her mental health struggles. In an Instagram post, she shared her journey through difficult times, attributing her resilience to a second chance at life. Lady Du expressed gratitude for her newfound appreciation for life and simplicity, attributing it to divine intervention. Her decision to integrate gospel music into her performances speaks volumes about her spiritual journey and new purpose. In a recent performance, Lady Du unapologetically switched from her own songs to gospel, suggesting a deeper connection to her faith and a desire to share this with others despite the setting. In an Instagram post, she highlighted her faith and willingness to follow the guidance of her heart. She wrote: “I knew my…

EFF PRESIDENT Julius Malema has criticised President Cyril Ramaphosa’s decision to deploy members of the SANDF to the Democratic Republic of Congo. In the same breath, Malema also accused ANC KwaZulu-Natal provincial secretary Bheki Mtolo of tribalism and rendering the province a “no-go area” for opposition political parties. Malema was speaking yesterday at a media briefing at the party’s headquarters, Winnie Mandela House in Johannesburg, following its manifesto launch in Durban at the weekend. He accused Ramaphosa of deploying the soldiers to finance the ANC election campaign while he knew that the SA army had collapsed. He accused the president of sending the soldiers to die. This week, Ramaphosa deployed nearly 3 000 soldiers to the eastern DRC as part of the SADC peacekeeping mission after tensions between the…

The Mpumalanga ActionSA premier candidate Thoko Mashiane pledged that her administration would prioritise the energy crisis crippling the economy. Mashiane said to be able to curb load shedding, she would do away with the cadre deployment which she said led to the demise of the power utility. She further said her administration would eliminate Eskom’s monopoly by allowing companies to produce electricity and enabling Independent Power Producers. “Our policy is not just a document; it is a testament to our resolve to turn the tide to ensure our energy future and to propel South Africa into a new age of prosperity and inclusive growth. “The reality is that without immediate bold and decisive intervention, our homes, hospitals and schools will never have a consistent supply of electricity. ActionSA is committed…

As THE Special Investigating Unit (SIU) draws closer to concluding its extensive probe into the alleged endemic corruption and grand-scale looting of money within the National Lotteries Commission (NLC), the NLC yesterday said the SIU probe has excavated the deep extent of the rot. In a report tabled before Parliament’s trade and industry portfolio committee on Wednesday, the SIU said it is on the verge of solving the R1.4 billion case of alleged corruption linked to the NLC. The SIU has completed 90% of phase two of the work which followed the paper trail on how the NLC lost the R1.4bn. High profile people implicated in the SIU probe include popular actress Moitheri “Terry” Pheto, star of Tsotsi, her sister Dimakatso and her fashion designer friend Thula Sindi. Reacting to…

DISTINGUISHED Unisa scholar Professor James Chibueze, an internationally renowned astronomy expert, recently secured funding that enabled students in the College of Science, Engineering and Technology to gain exposure to cutting-edge radioastronomy and astrophysics developments at Kagoshima University in Japan. Eight master’s and doctoral students based at Unisa’s College of Science, Engineering and Technology under the supervision of Professor James Chibueze from the Department of Mathematical Sciences, Astronomy Division, were recently afforded an opportunity to participate in a three-week Sakura Science Exchange Programme visit administered by the Japan Science and Technology Agency (JST). The JST is a Japanese government agency which aims to build infrastructure that supports knowledge creation and dissemination in Japan. The exchange programme was spearheaded by Chibueze, who accompanied the students to Kagoshima University in Japan from January…

The AIDS Healthcare Foundation (AHF) South Africa in Gauteng has emphasised the use of condoms in fostering safer and more pleasurable sexual experiences after marking International Condom Day on February 13. This crucial subject on the use of condoms comes after the Gauteng Department of Health (GDoH) reported an increase in HIV infections and sexually transmitted infections (STIs) across the province, further issuing a stern warning against risky sexual behaviour. The foundation is spearheading a creative push to re-frame the debate around condom use, emphasising its critical role in safeguarding one’s sexual health, under the hashtag #saferissexy. It is also organising a high-level round-table discussion to promote public understanding and participation regarding the importance of condom use. Bringing together a wide range of stakeholders, such as representatives from the Department…

With food known as a vibrant tapestry woven into the fabric of South Africa’s culture and identity, Uber Eats, South Africa’s e-hailing service, reveals interesting insights into how South Africans ordered food on Valentine’s Day. According to data from the e-hailing food service on popular Valentine’s Day orders from last year, South Africans are elevating their love of romantic dinners and heartfelt gestures with favourite items such as chocolates and ice cream from well-loved brands and decadent cake slices. It is noted that one of the most significant benefits of ordering out for Valentine’s Day deliveries is the sheer number of culinary selections accessible. From renowned franchises to local favourites, the site has a varied selection of eateries serving anything from comfort food classics to exotic international cuisine. Couples can…

Beating Africa’s top-ranked nation, Morocco, in their run to third place in the recent Africa Cup of Nations has seen Bafana Bafana not only bring home the bronze medal, but also climb up eight positions in the Fifa world rankings. The new list was published by the world football governing body yesterday, with updates from the Afcon and Asian Cup data. The Cup of Nations was won by Ivory Coast, who climbed up 10 spots to No 39 in the world, while winners of the Asian Cup, Qatar, climbed 21 places to 37th. Bafana are now ranked 58th in the world, from 66th previously, and they round up Africa’s top 10, which is still led by Morocco (12th in the world), with Senegal (17th), Nigeria (28th), Egypt (36th) and Ivory…

Thembinkosi Lorch will wear his heart on his sleeve for Mamelodi Sundowns when they face his former club Orlando Pirates tomorrow night. After spending eight years at Pirates, Lorch jumped ship during the January transfer window, joining the Brazilians’ camp. It was a move that broke the hearts of ‘The Ghost’ as they had warmed up to Lorch over the years, after he transitioned from a teenager to a man and father in front of them. But nonetheless, Lorch was also welcomed with open arms at his new club, with the ‘Yellow Nation’ believing that they’ll continue to be unstoppable. The Brazilians have been the team to beat in local football for the last six years, thanks to their six successive league titles. And with the seventh championship already looking…

Manchester United’s squad for the 2022/23 season was the most expensive ever assembled in Europe, according to a report released by governing body Uefa. The European Club Finance and Investment Landscape report said United spent just over €1.42 billion on last season’s squad, surpassing the previous mark of €1.33bn spent by Real Madrid in 2020. Erik ten Hag’s squad at the end of last season included big-money transfers Antony, Harry Maguire, Jadon Sancho and Casemiro. United’s rivals Manchester City were second for the season, with a squad value of €1.286bn. The report, released on Wednesday, added that Real Madrid (€841m), Manchester City (€836m), Barcelona (€815m) and Paris St Germain (€807m) had the highest revenues in 2022. The Premier League had nine teams among the top 20 earning clubs, with an…

From the moment David Bedingham took to the field in his first Test, on Boxing Day in Centurion, he has looked the part, playing like someone with many Test caps under the belt. He looked untroubled as he took on what many regard as the best pace pair in the Test arena, India’s Jasprit Bumrah and Mohammed Siraj. Bedingham played his shots at will at SuperSport Park and completed a sparkling maiden half-century in his first innings in the Proteas whites. That knock painted a vivid picture of what was to come from the right-handed batter. Yesterday, Bedingham took to the middle at Seddon Park in Hamilton and expertly executed his attacking style of play as he brought up a maiden ton in only his fourth match, as South Africa…