Innholdsfortegnelse for 2024-02-28 i Star

MOHAMMED Hoosain, acting CEO of Independent Media, announced yesterday that Philippa Larkin has been appointed as the executive editor of Business Report. Larkin has an impressive 20-year journey in the realms of financial journalism and embodies the essence of dedication, expertise and journalistic excellence. Hoosain said: “Her new role is a testament to her exceptional skill set, her unwavering commitment to the craft, and her deep understanding of the financial landscape. “Throughout her career, Larkin has demonstrated an innate ability to navigate the complexities of the financial sector, earning her a place of respect and admiration within the South African business and finance environment. “Her reporting acumen and editorial insight have not only enriched readers, but have significantly contributed to the evolution and success of Business Report over the years…

Financial services company says it is confident that the tax entity’s claim has no merit SASFIN Holdings’ share price plunged nearly 12% in intraday trade yesterday after the financial services firm denied liability for nearly R4.9 billion damages instituted against it by the South African Revenue Service (Sars) over allegations related to money laundering and bribery by former employees and clients of its banking business. Sasfin’s shares hit an intraday low of R19, later closing the day 7.1% lower at R19.98, and year to date 13.96% down. This comes after Sars yesterday confirmed that it had slapped Sasfin with nearly R4.87bn fine, plus interest and costs. In a strong rebuttal, Sasfin CEO Michael Sassoon said the legal opinion was unequivocal that the claim fell outside of the recognised parameters…

SUPER Group, the JSE-listed logistics and mobility company, has flagged political uncertainty and high unemployment as key factors impeding South Africa’s economic activity ahead of elections in May. Despite an 11.9% firming in revenues to R33.2 billion for the interim period to December 2023, pretax profits in Super Group softened 6.2% to R1.41bn. This forced downwards the company’s headline earnings per share (Heps) by as much as 16.2% to R2.12 per share. Super Group blamed the plunge in its profitability for the half-year period under review to elevated interest rates that drove up finance costs and prevented consumers from spending more. Net finance costs for the company firmed up by 40.6% to R621.5 million against the backdrop of “increased trade receivables” and “the fund- ing of acquisitions”…

Police Minister Bheki Cele has appealed to the judiciary to keep suspected criminals behind bars and not to “dish out bail like it’s hot scones”. Cele made the remarks yesterday in Boksburg at the ongoing 3-day national conference on the integrated criminal justice system, and review of the Criminal Procedure Act, 1977. He wants members of the judiciary, who include magistrates and judges, to help the police’s crime-fighting efforts by removing accused people or suspected dangerous criminals from society. “Bail should not just be dished like hot scones. Really, we must find some way of dealing with the bail situation. I know we are putting a lot of pressure on the other system (correctional services) as the police. In the ongoing Operation Shanela we have arrested 442 000 people in…

Devon Williams is a born-and-bred Stormers man. Hailing from the small town of Pniel, near Stellenbosch, Williams’ rugby talents saw him feature for Paarl Boys’ High and then star for Maties in the 2013 Varsity Cup. Williams quickly became one of the standouts as a wing for the Western Province Under-21 and Vodacom Cup sides, and a Stormers call-up arrived in 2014. But after just a few Super Rugby caps, Williams didn’t see much action, and he eventually made the decision to leave the Cape and join the unheralded Pumas in Mpumalanga. It has been a gigantic success for the fleet-footed speedster, as he became a Currie Cup champion under long-serving coach Jimmy Stonehouse. Those performances earned him a loan deal with the Bulls this season, and he has made…

Clive Rice. Eddie Barlow. Graeme Pollock. Garth le Roux. And on the other side of the railway line there was Saait Magiet, Abdul-Haq “Jack” Manack and Vincent Barnes. These were the names of yesteryear that had every cricket loving spectator around the country salivating at the prospect of a Western Province and Transvaal clash. During the days of isolation, it was the South African Cricket Union’s plum New Year fixture at Newlands. Rice’s “Mean Machine” up against “Prooovince”. Equally, the Howa Bowl clash provided the opportunity for South African Cricket Board legends like Magiet, Manack and Barnes to show that their skills were deserving of a far greater platform. But that was a different time ... Long before mobile phones, satellite TV, streaming services and T20 cricket. It's the latter…

The Sharks’ position at the bottom of the United Rugby Championship (URC) table continues to raise eyebrows across the rugby world but the Lions are concerned that the sleeping giant is showing signs of wakening. The Sharks are stone last after 10 matches and this weekend they travel to Johannesburg with nothing more than pride to play for but Lions assistant coach Barend Pieterse says there is too much quality in the Durban team for them to struggle forever. Pieterse, the former Cheetahs stalwart lock, says he saw some warning signs from the Sharks in their loss to the Stormers in their last fixture. “They have turned the corner,” Pieterse said. “They were down by a big margin in that game but came back in the second half to be…

THE JUST ENERGY Transition (JET) Project Management Unit (PMU) in the Office of the Presidency has introduced a funding platform to facilitate R1.5 trillion from multiple sources and $11.596 billion (R224bn) in international pledges into clean energy projects. In a media briefing yesterday, which was held to help clear up the confusion around how the JET Implementation Plan 2023 to 2027, approved by the Cabinet in November 2023, will practically transpire, Joanne Yawitch, JET PMU head, said the funding platform primarily aimed to match available funds to projects working in the JET space. “Priority project areas are electricity, new energy vehicles and green hydrogen. Such projects should also protect vulnerable workers and communities, ensure sustainable employment and spur inclusive economic growth,” Yawitch said. According to the JET Implementation…

THE PALTRY R6.3 million the South African Revenue Service (Sars) scraped in the 2021/2022 financial year from the multibillion-dollar cannabis and hemp industry due to a restrictive regulatory environment for farmers yesterday rattled the cage for parliamentarians in the portfolio committee on agriculture, land reform and rural development. This as the sector with looser regulations could net potential billions in revenue of the cannabis industry pie and create jobs in South Africa. Hemp4life CEO Ben Sassman detailed the zero lack of funding for farming and processing of the industry to regulatory bottlenecks from the expensive water licence to stringent laws that make it illegal still to trade in hemp and cannabis products in the country. He said there was a serious disconnect between the Cannabis Master Plan and what…

WE ARE IN in an election manifesto season with elections being held on May 29. In focus are political parties’ energy plans: the good, the bad and the ugly. In this column, I will compare the ANC’s energy manifesto to the EFF’s. I note that the DA also has an energy manifesto, but it is not my focus today. President Cyril Ramaphosa, in his speech at the Moses Mabhida Stadium in KwaZulu-Natal during the ANC’s launch of its 2024 election manifesto on Saturday spoke on the energy commitments to South Africans. The ANC’s energy focus: Summary ■ Prioritise investment in expanding the transmission grid so that more energy, including from renewable sources, can be supplied. ■ Install solar water geysers in work- ingclass and poor households to sup-…

Police Minister Bheki Cele has announced that six men – some of whom were recently extradited from eSwatini – have been arrested in connection with the murder of Kiernan ‘AKA’ Forbes and his friend Tebello ‘Tibz’ Motsoane, who were shot dead outside a Florida Road, Durban, restaurant in February last year. The announcement was made last night by the police brass including Cele, national police commissioner General Fannie Masemola and KwaZulu-Natal provincial police commissioner Lieutenant-General Nhlanhla Mkhwanazi at the SAPS provincial headquarters in Durban. Police management said two of the suspects were brothers from Durban, who were also linked to the murders of Mntimande Kunene, Nhlanhla Ngcobo and Zamokuhle Mkhwanazi-Ngcobo, murders which took place in eManzimtoti and Berea respectively. Mkhwanazi said the six men arrested included the mastermind, the…

Data from the February 2024 Household Affordability Index showed that from January 2024 to February, the average cost of a household food basket dropped by R47.56. The drop in cost has been a welcomed relief for consumers, following an increase in the average cost of a household food basket from December 2023 to January 2024. The average cost of the household food basket for February 2024 is R5 277.30, according to the index. Last month, the average cost of a household food basket was R5 324.86. Year-on-year, the index showed that the average cost of the household food basket increased by R348.96, from R4 928.34 in February 2023 to R5 277.30 in February 2024. The household affordability index by the Pietermaritzburg Economic Justice and Dignity Group (PMBEJD) tracks food price…

THE City of Tshwane is planning to intensify policing on 30 critical roads in a bid to keep safe the residents travelling on them daily to their workplaces from their homes. The initiative was in line with the City’s urban management plan, which will see the municipality deploying more metro police officers to maintain law and order on the roads. Mayor Cilliers Brink outlined the plan in his regular newsletter to residents, saying the targeted critical routes stretched from Mabopane and Soshanguve to Pretoria North and the inner city, as well as from Atteridge- ville, Pretoria East and Mamelodi to Centurion. “This focus does not mean that other routes will not be attended, but focusing on the critical routes is a way of maximising impact, productivity and performance. “Control of…

INTERNATIONALLY acclaimed DJ Black Coffee is ready to hit the ground running after announcing his come-back gigs following a plane accident. Nkosinathi “Black Coffee” Maphumulo recently expressed gratitude to his fans for their support, and shared his excitement for his highly anticipated gigs once he healed. He said: “Thank you for respecting my privacy during an intimate and enlightening moment in my life. “I’ve taken this time to recover and take some much-needed time off at home, healing with my family by my side. It’s been rejuvenating on a handful of levels. I can’t wait to be back on the dance floor with you all very, very soon. “I’m thankful to the merciful God for giving me yet another chance. Announcement for the near future shows coming soon. Big Love.…

The once-mighty Kaizer Chiefs have once again seemingly hit rock bottom following another embarrassing milestone. Amakhosi, 13-time winners of the domestic league with over 42 major titles to their name, were unsurprisingly eliminated from the Nedbank Cup. In what has become a regular occurrence for the Naturena-based club over the years, Chiefs lost to Motsepe Foundation Championship (National First Division) side Milford. The club’s huge fan base may have had flashbacks of their team’s 2009 defeat to the University of Pretoria, who were in the second tier at the time. Chiefs then hit new lows as they buckled against Baroka in 2011, as well as Acornbush FC in 2017, clubs that had been playing in the Vodacom League – later renamed the ABC Motsepe League – at the time. While…

They may no longer share the new ball for the Proteas Women’s team, but South African superstars Shabnim Ismail and Marizanne Kapp are burning up the Women’s Premier League in India. Ismail, who retired from international cricket last year after the Women’s T20 World Cup as the Proteas’ leading wicket taker across both ODIs and T20Is, is back in full swing playing for Mumbai Indians in the second season of the WPL. The 35-year-old fast bowler has made an immediate impression at her new team, by ripping through the Gujarat Titans top order, which included Australian superstar Beth Mooney, to finish with an impressive 3-18 from her four overs. “I obviously retired from international cricket a couple of months ago, but I still have the passion and fire within me…

SOUTH African industrial gas users have warned of an impending meltdown that would affect thousands of workers in the manufacturing sector and related industries if the “gas cliff” is not averted within the next 30 months. This comes after Sasol, SA’s monopoly supplier of large- scale natural gas, announced in August 2023 that the supply of gas to industrial users will be suspended by June 2026. The Industrial Gas Users Association of Southern Africa (Igua-SA) said yesterday that this unilateral decision to cut off the gas supply posed an existential threat to South Africa’s manufacturing base, in spite of South Africa sitting on significant offshore gas potential. Igua-SA CEO Jaco Human said the country was going through a gas supply-and-demand deficit as there had been no additional molecule presented into…

SOUTH Africa’s economic headwinds were unlikely to change this year, even after the May elections, Motus CEO Osman Arbee said yesterday, adding that better conditions could only be realistically expected in 2025 on condition of improvement in logistics and infrastructure, resurgence in the rand currency and improved job creation. Speaking during an interview with Business Report after the company reported a decrease in headline earnings per share and dividends for the half-year period to end June, Arbee said there was unlikely to be any respite for South Africa this year. “Nothing much can change in 2024, because interest rates are not changing much, inflation is not changing, the currency is still weak, and the political situation is gonna take time to settle down. Calendar 2024 is what it is,” he…

FINANCE Minister Enoch Godon-gwana has through the 2024 Budget Policy Statement, turned the heat on the money and signalled the possibility of a truly climate action-orientated Budget and national fiscal framework to support the Just Energy Transition. Such a framework should be based on a system that offers a way for the government to turn climate commitments into funded and measurable actions across all the tiers. It embeds climate targets, measures and considerations, into decision-making as part of the budgeting process. I say “signalled”, because, we are not there yet, however, the building blocks have been moulded for transformative national economic and social policies that clearly consider how benefits and burdens in the transition will be distributed, while increasing State capacity to promote net-zero local economic development strategies. We can…

City Power has confirmed that one of its subcontractors was arrested for tampering with street lights in Eldorado Park, while another was nabbed in Mayibuye for trying to solicit a bribe in exchange for facilitating an illegal connection. City Power spokesperson Isaac Mangena said the two separate incidents happened this past weekend as the entity continued its crackdown on internal collaborators in the fight against theft, vandalism and illegal connections. Mangena said that on Friday, City Power officials intervened after a call from an employee who had been threatened by a subcontractor in Eldorado Park for illegally operating on faulty street lights in the Lenasia area. “Upon arrival, operators found the street lights functioning. The subcontractor confessed to tampering with the electricity infrastructure. This prompted the operators to try to…

The probation officer in the legal battle between South Africa’s leading couple, Romeo and Basetsana Kumalo, has recommended that controversial author Jackie Phamotse issue a public apology to them. The two parties have been embroiled in a legal dispute over remarks made by Phamotse on social media in 2018. Last year, following a six-year legal tussle, Phamotse was found guilty of defaming the two media moguls over a tweet claiming Romeo had a sex encounter with another man. She indicated that the news of this encounter was revealed to her after she allegedly overheard a conversation between Romeo and one of her friends about a video depicting Romeo engaging in sexual activities with another man. Basetsana testified in court that the tweet made her feel raw, attacked, violated,…

In an attempt to try to contain and avert what various analysts call a “Zuma Tsunami”, the ANC National Executive Committee (NEC) has reinforced its number of deployees in KwaZulu-Natal to try to sway voters into keeping the party in power in the province. According to an insider, the ANC decided to reinforce its NEC deployees to KZN to campaign for the party as some believed that they were on the verge of losing the province. The party was showing signs of panic, as whichever political party wins the province stands to garner at least 20% of the seats in the National Assembly. The formation of the Umkhonto weSizwe (MK) Party has proven to be a serious contender for the ANC, especially in KZN, as the party has managed to…

While the spotlight has been on the Enyobeni Tavern owners who were sentenced after being found guilty of selling liquor to youngsters, the DA has underscored the importance of stern regulations. Sikhangela Owen Ndevu, 54, and Vuyokazi Ndevu, 45, owners of the bar where 21 children died, were slapped with a 100-day imprisonment sentence or an alternative payment of a R5 000 fine for selling liquor to underage persons. The DA’s Leander Kruger welcomed the guilty finding and subsequent sentencing of the owners in the East London Magistrate’s Court, saying the focus should be on the shortcomings of implementing the current liquor legislation. Kruger claims that communities across the Eastern Cape are left out in the cold and complaints about reckless alcohol-selling outlets frequently go unanswered. The party says it…

Chelsea host second-tier Leeds United in the FA Cup fifth round today with their season, and possibly the future of manager Mauricio Pochettino, hanging on the line. A narrow defeat by Liverpool in Sunday’s League Cup final denied Pochettino his first silverware in English football and the sort of statement result that could kick-start his reign. It means victory over Leeds is now imperative if Chelsea’s disappointing season is not to fizzle out completely and their cause will not be helped with forward Christopher Nkunku again ruled out as his injury woes return. Defeat by an injury-ravaged Liverpool has again turned the spotlight on Pochettino, just when it appeared as though the Argentine might solving the Stamford Bridge puzzle. His side are in the bottom half of the Premier League…

Contrary to the general belief, Gavin Hunt is a fan of continental football and would love nothing more than to take SuperSport United into yet another campaign. “I like the CAF experience,” Hunt said, following his team’s elimination from the CAF Confederation Cup at the weekend. “It brings the team on tremendously and it helped us first time I was here (as coach of SuperSport way back in 2007). It helped me at Wits and it has helped me wherever I have been. “You bring in the young players and it will make us be much better in the league, which should be the focus of our club.” Unlike most coaches, Hunt does not seem to see the continental tournaments as competitions to be won but rather as a platform…