Innholdsfortegnelse for 2024-03-13 i Star

CAPITEC Bank Holdings increased its stake in fintech Avafin Holdings in a €26.3 million (R534.6m) deal, effectively taking full control and positioning the local bank to expand into online, unsecured consumer lending in other developing countries, analysts said yesterday. Capitec announced yesterday that the Prudential Authority of the South African Reserve Bank had approved a transaction for Capitec to increase its shareholding in Avafin to 97.69% from 40.66%. The initial 40.66% had been acquired by Capitec in 2017. The deal provided Capitec with the opportunity to gain experience in the international online consumer credit market, management of operations and risk in foreign markets, and international diversification of Capitec’s income sources, Capitec directors said in a regulatory JSE notice. Avafin’s management would continue to hold the rest of the shares in…

A DIRECT settlement mechanism was vital to facilitate trade as intra-country payments were costly, delegates heard at the Second Session of the South Africa-Ghana Bi-National Commission (BNC) held yesterday. President Cyril Ramaphosa welcomed President Nana Akufo-Addo and his delegation. “We are pleased to host this business forum to explore business opportunities that enhance our bilateral economic relations,” he said. South Africa was already the largest purchaser of Ghanaian exports in Africa, and the third-largest importer of Ghana’s products globally, he said. On the investment front, South African companies have invested in 53 projects across Ghana with an estimated value of $1.4 billion (R26.2bn) in capital investment between January 2003 and January 2024. Ramaphosa said: “South Africa and Ghana have untapped economic potential and much more needs to be…

THE VBGE CONSORTIUM, which consists of Vgbe, Dornier, KWS, RWE and Steag, commissioned by the Treasury, had interesting observations. What surprises me is why did the Treasury not request power plant managers and engineers, Eskom senior managers, Eskom top executives and divisional heads to do their own comprehensive power plant status report or give a comprehensive Eskom Operational Situation report. However, the German group, an independent German association of power plant engineers, did the job providing the Eskom Operational Situation report. The consortium consists of: ■ Vgbe Energy Service: Vgbe is an independent German association of power plant engineers. Vgbe is the international technical association for the generation and storage of electricity and heat. ■ Dornier Group is a global one-stop shop for all consulting engineering services with…

BRAIT, the Luxembourg- and JSE-listed investment company, said Virgin Active’s implied earnings before interest, tax, depreciation and amortisation (Ebitda) increased to £55 million (R1.3 billion) at February 29, 2024, from £30m for the six months to September 30, 2023. Brait, which has said it might list Virgin Active, said in a trading statement yesterday the operational and financial turnaround of Virgin Active continued during the period. Brait’s share price slipped 9.09% yester-day to R1.20 on the JSE, well down from R3.81 a year previously. Virgin Active’s international business benefited from strong membership growth and higher yields given price increases during the period. Virgin Active SA increased its active membership base from 606 000 as at September 30, 2023, to 625 000 as at February 29,…

Johannesburg Water Electromechanical Manager, Gugulethu Quma, has apologised to city residents after they have been experiencing water outages for 10 days now, but promised a speedy resolution to the crisis. “We understand and apologise for the inconvenience. “Although the recovery is a bit slow, we are attending to the matter,” Quma said. He was addressing the media during a tour of the Sandton Water System yesterday. The briefing came against the backdrop of the recent water supply problems in the city, leaving thousands of communities without water. It was rumoured that residents were threatening to protest if the issue was not resolved. This after taps in most of the suburbs and townships in Johannesburg were left dry since last week. Quma offered words of hope to residents, saying that some…

The National Union of Metalworkers of South Africa (Numsa) has served the Road Accident Fund (RAF) with a 48-hour notice to strike over the alleged continuous mismanagement of the entity by the CEO. The union announced that it would be mobilising its members for a shutdown of all of the fund’s offices as of tomorrow, while also marching to the offices of the National Department of Transport in Pretoria. Irvin Jim, Numsa’s general secretary, said the union would be delivering a memorandum to the department calling for the removal of RAF CEO Collins Letsoalo over the “disastrous state” of the entity. Jim accused Letsoalo of behaving as if he was untouchable, part of the reason why the entity was in a shambles and the board seemingly helpless in the face…

The North West Department of Co-operative Governance and Traditional Affairs has rescued 26 young initiates from an illegal initiation school at Witfontein Farm in Ottosdal. The rescue on Friday was led by the department, the Provincial Initiation Co-ordinating Committee and the SAPS. The police also closed the school, which had been operating for two weeks. According to the department, some initiates required immediate medical attention while others were taken for medical check-ups. One was taken to Ottosdal Hospital, six were admitted at Tshepong Hospital in Klerksdorp and four were referred to Gelukspan Hospital. A case has been opened and the school’s principal was charged for contravening the Customary Initiation Act. Andries Stemmer, deputy chairperson of Provincial Initiation Co-ordinating Committee, who led the operation, said that they received a tip-off that…

INGREDIENTS 3 tbs olive oil 1 pack chicken (drumsticks and thighs) Salt and milled pepper 150g chorizo sausage 200g fine green beans, trimmed 1 onion, chopped diced 2 red peppers, finely chopped 2 small cloves garlic, finely chopped 2 tomatoes, grated 320g arborio rice 1-2 tsp smoked paprika 3-4 strands saffron (optional) 5 cups hot chicken or vegetable stock Fresh parsley and aïoli, for serving METHOD Heat half the oil in a large ovenproof pan. Fry chicken for 3-4 minutes or until golden all over. Season. Add chorizo and beans and fry for another minute. Remove and set aside. Add remaining oil to the same pan and fry onion until soft. Add peppers, garlic and tomato and fry for about 5-8 minutes. Increase heat and stir in rice and…

THE SOWETO Derby was good but referee Jelly Chavani spoiled it. He made a lot of mistakes during the game. On two occasions, Orlando Pirates players were fouled in the penalty area of Kaizer Chiefs but Chivani did not award a penalty to Orlando Pirates. Yusuf Maart should have received a red card after he dangerously tackled Monnapule Saleng but he was given a yellow card. It was not the first mistake Chivani made performing poorly when handling a big game. In the 2021/2022 PSL season in a game between Kaizer Chiefs and Amazulu in Durban, Chivani incorrectly awarded a penalty to Chiefs. The question we are now asking as soccer fans is why Chivani’s mistakes always benefit one team? We are not saying referees must be 100% perfect but…

TRADE in the shares of Truworths Zimbabwe, in which the JSE-listed Truworths has a 34% stake, have been suspended from the country’s stock exchange to enable the struggling clothing and apparel retailer to sort out its going concern status over the next three months. Zimbabwean retailers are struggling in an increasingly informal market. Retailers in the country have complained of higher taxation and the effect of cheaply imported textiles products as having a toll on their earnings potential. For Truworths Zimbabwe, these challenges have resulted in the company shutting down branches. The company expects the outlook period to be “uncertain, unstable” and complex, especially after the suspension of its shares from the Zimbabwe Stock Exchange (ZSE). “The Zimbabwe Stock Exchange Limited hereby notifies the investing public of the voluntary suspension…

WHILE South Africa is making steady progress in its efforts to be removed from the Financial Action Task Force (FATF) grey list, it will require “a significant effort” from all relevant authorities in the country to meet the deadline at the end of January 2025 to address remaining shortcomings identified by the FATF, according to the National Treasury. South Africa’s greylisting woes started in 2019 when the global financial crime watchdog FATF red-flagged the country for high levels of corruption. This meant that South Africa had to address its partial compliance or non-compliance with 20 of the FATF’s “Forty Recommendations” by February 2023. When the FATF performed its mutual evaluation (peer review) of South Africa in November 2019, only 21 months had passed since Jacob Zuma had resigned as President.…

WE MARK THE month of March with a focus on human rights and development annually in South Africa. This we have done since the adoption of our internationally acclaimed Constitution, hailed as one of the leading rights-based constitutions among developing democracies. Access to modern energy services is a prerequisite to overcoming poverty and underdevelopment and central to our own National Development Plan, the Sustainable Development Goals (SDGs) and the Paris Agreement. It is unfortunate that those opposed to the Just Energy Transition (JET) have only emphasised the limitations of a “human rights approach” to universal energy access while addressing climate change and achieving JET despite indications that such an approach could address some of the shortcomings of the SDGs. The energy sector is also the single largest source of greenhouse…

THIS MONTH the JSE will implement the first phase of its Index Harmonisation project. The first phase will, initially, align the weighting methodologies of what the JSE is calling its “vanilla” indices – which includes the FTSE/JSE all share index (Alsi) and the FTSE/JSE Top 40 index – with those of their Shareholder Weighted (Swix) variants. The second phase of the project will see the termination of the Swix indices and the effective collapse of the vanilla and Swix indices into one set of benchmark indices. It has not yet been announced when the second phase will be implemented. How did we get here? The changing dynamics of both the South African equity market and regulatory environment have seen the local asset management industry shift its preferred benchmark a few…

Old MUTUAL generated robust results from operations growth in the year to December 31 due to strong operational performance underpinned by excep- tional growth in new business, and value of new business, as it gained market share across its business segments. The life insurance and financial services group said in a trading statement yesterday that adjusted headline earnings per share would increase by between 14% to 34% to between 121.3 cents and 142.6c, compared with 106.4c at the same time last year. Adjusted headline earn- ings (AHE) growth was also bolstered by increased shareholder investment returns due to higher interest rates and a recovery in equity markets, the group said. The results are expected to be released on March 27, 2024. AHE is the group’s primary profit metric.…

Award-winning rapper Cassper Nyovest just released a teaser of his latest musical offering, and judging by peoples’ responses, it’s going to be a banger. Titled Blessed and Highly Favored, the rap/drill sound is layered with a verse about how his life has changed after his newfound faith in Christ. “God, I’m in such a big room. The upper room. I’m blessed and highly favoured, highly favoured, highly, highly favoured. All glory to God. “That’s why I need angels, devil’s tryna take my mind and shake it. I will never let him, you can see the change in my behaviour, listening to sermons in my Maybach,” raps Nyovest on the upcoming single. He shared the teaser in a post on Instagram and X with the caption: “All glory to God”. The…

Adolescence is a time of rapid growth and development, but it comes with unique health risks. “As teens navigate their way towards adulthood, they encounter challenges that can significantly impact their well-being,” says Murray Hewlett, CEO of Affinity Health. “Understanding these challenges can empower parents and teens to make informed decisions and prioritise their health.” Affinity Health, a provider of health coverage, explores 5 health risks parents and teenagers should know about. 1. Substance abuse Substance abuse is a prevalent health risk among teens. According to the South African College of Applied Psychology, children as young as 12 are beginning to experiment with drugs, and a rising proportion of teens are regularly using marijuana. Experimenting with drugs and alcohol can result in addiction, mental health concerns, and other problems. Maintain…

Ingredients For the Pies: 1 large onion, finely cut 30ml olive oil 2 garlic cloves, finely cut 1 baby leek, thinly sliced 1 carrot, finely diced 500g butterflied snoek, cooked and flaked 250ml plain yoghurt Zest of 1 lemon Salt and pepper, to taste 2 rolls puff pastry 15ml milk 15ml sesame seeds For the Gooseberry Sauce: 125ml gooseberry jam 15ml fresh gooseberries, quartered 45ml water Method For the Pies: Heat the oil in a medium-size saucepan and sauté the onion until slightly translucent. Add the garlic, leeks and carrots and cook for a further 10 minutes or until the leeks and carrots have softened. Stir in the flaked snoek and allow the mixture to cool slightly. Add the yoghurt, lemon zest, and salt and pepper. Set aside. Preheat oven…

Rapper and TV personality Molemo “Jub Jub” Maarohanye is due in court again on April 23 after his case was postponed yesterday in the Johannesburg Central Magistrate’s Court. In a case involving four complainants and spanning from 2006 to 2010, Maarohanye is accused of assault, attempted murder, and rape. Well-known actress Amanda Du-Pont first came forward to say she spent two years in a relationship with the Uyajola 9/9 host, during which she claims she was subjected to physical, emotional, and sexual abuse. Masechaba Khumalo, a well-known broadcaster, also shared her ordeal with Maarohanye in an answering affidavit widely circulated on the internet. Last year, Jub Jub asserted that he regretted everything he had done and said his incarceration had taught him important life lessons. On the Showmax original series…

The top three clubs being separated by just one point in the standings is great for the Premier League and should motivate Manchester City to go after a fourth league title, City defender Kyle Walker said. Walker's side left Anfield with one point on Sunday, resulting in Arsenal going to the top of the table and Liverpool coming in second on goal difference. City, who have won three league titles in a row, are third on 63 points, one point behind the top two teams with 10 games left to be played in the closest title race since 2014. "It's great for the League – to have three teams so close, at the top of their game with great players, it's a great spectacle," Walker told the club's website, of…

However top retailer says it has not notified Hyprop of any store closures Retailer Pick n Pay yesterday was caught in the crossfire of real estate company Hyprop explaining in a trading statement for the interim period why it can’t dish up a dividend when it reports its results today. Hyprop for the interim period ended December 31, 2023, cited economic uncertainties from the waning fortunes of Pick n Pay, one of its bigger tenants, as part of the reasons for its decision to skip its interim dividend. Hyprop’s shares yesterday slid 4.2% to close at R31.05, while Pick n Pay shares fell 2.13% to close at R17 as the market digested the lack of a dividend. Hyprop also mentioned potential political upheavals from the upcoming May 2024 elections and…

South Africans don’t want to breathe clean air in the dark. Energy woes are synonymous with South Africa right now. As the country’s fleet of mostly coal-powered plants struggles to keep up with electricity demand, South Africans are enduring daily power outages that last six to 10 hours a day. With businesses and institutions struggling to function, and tension mounting among South Africa’s people, the need for solutions is beyond urgent. I say “solutions”, because providing the reliable power that South Africa needs now, and ensuring that the growing country will have what it needs well into the future, will require multiple strategies. As I’ve written, because of the country’s current reliance on coal to fire its power plants – and coal mines to fuel the economy – increased coal…

ATTACQ, the JSE-listed Reit and development partner in Waterfall City that reported a 2.8% rise in interim dis- tributable income growth per share to 36.9 cents yesterday, has raised its full-year distribution growth guidance. An interim dividend of 30c per share was declared, equating to a payout ratio of 81.1%. “For the full year, we have revised our distributable income per share (Dips) growth guidance upward to between 10% and 12.5% (from 8% to 10% previously). “This also considers the disposal of the shares in MAS that will be invested in income-generating activities in the group,” Attacq’s chief financial officer. Raj Nana. said in a presentation yesterday. “The portfolio is expected to continue to generate income growth and, given the current capital structure, prudent interest rate hedging, liquidity, and…

E.tv’s new telenovela takes viewers into the heart of Soweto and the vibrant community of Mzimhlope. Isiphetho: Destiny follows the story of the intertwined lives of four friends, who are bound by a life-changing secret during their teenage years. Now in their thirties, they find themselves drawn to the place where it started. Veteran actress Linda Sokhulu, known for her roles in long-running shows Generations and Isidingo as well as Entangled, Unmarried and Lavish, leads the cast of celebrated South African actors. They include popular Uzalo star Gugu Gumede (Connie), Isibaya’s Mjosti Mbhele (Zwelakhe) and The Wife actress Mbalenhle Mavimbela (Buhle). The story begins with the friends deciding to open a restaurant in their community. However, their past rivals threaten to thwart their dreams. Aside from the A-list cast,…

As much as there are plenty of theatre shows currently on, there is one production that you must make a point of catching later this month. And that is The Cry of Winnie Mandela at The Market Theatre from March 30 to April 21. Alex Burger adapted it from Njabulo Ndebele’s novel of the same title, released in 2003. The poignant offering centres on four women waiting for their men to return from either exile, the mines, political imprisonment or studying abroad. These are personal stories, which are attached to the more high-profile public figures later. One story is that of Winnie Mandela, offering the audience a front- row view of her life, and her indomitable spirit, and pays homage to her legacy through the haunting conversations the women share.…

ANC Youth League president Collen Malatji has been criticised in South African social media circles after he made a raging speech at the weekend that left tongues wagging. His speech, meant to address the youth league’s Peter Mokaba Volunteers Rally at the Alexandra Stadium in Alexandra, Johannesburg, included attacks on President Cyril Ramaphosa and ANC secretary-general Fikile Mbalula. Mbalula was also attending. The rally was meant for the youth league to gear up for the May 29 national elections. Former president Jacob Zuma and Ramaphosa’s Cabinet was also not spared as Malatji raged on. However, the SA social media fraternity was not impressed by the speech from the leader of the young lions, comparing him to president of the EFF, Julius Malema. Malema was expelled from the party in…

Old Mutual SA has finally come to an arrangement in settling the payment of a R3 million pension payment of an irate family, and vowed to step up and improve its services in the wake of heartbreaking stories shared by families left short-changed by them. Following a meeting between Old Mutual, Sebabatso Molefi and her mother’s legal representative yesterday, the insurer announced they had a positive and fruitful engagement. Celiwe Ross, spokesperson for Old Mutual SA, in thanking the family for making the time to meet with representatives, apologised to the family for the way the issue was handled by the company in recent days. Ross explained that the insurer recognised that this had been a frustrating encounter for the family. She reiterated that the company had been…

The deplorable state of buildings housing members of the SAPS across the province and the country has been a concern of unions and security stakeholders for years. Police Minister Bheki Cele told parliament’s portfolio committee on police last week that he had been working from home for the past four years owing to the dire state of the Telkom Towers building, where the SAPS has its Pretoria headquarters. His comments came after staff were last week evacuated by labour inspectors from Telkom Towers, which Cele nicknamed “Terrible Towers”, after it was declared uninhabitable. The Department of Public Works has as a result launched an internal investigation into the mismanagement of the Telkom Towers complex, as well as other properties owned by the department in Pretoria’s city centre. While the inspection…

A NEW documentary by two University of Pretoria (UP) professors captures the diminishing expertise of traditional midwives amid the global shift towards Western medical practices. It is set to premiere in Springbok in the Northern Cape on March 23. Titled Vroedvrou (Midwife), the film was directed by Professor Siona O’Connell, a professor of African studies and a member of UP’s School of the Arts, and Professor Loretta Feris, UP Vice-Principal: Academic. Vroedvrou was born out of research by Feris, who had been approached by members of the Nama community in Namaqualand who were seeking support to preserve the knowledge of ageing midwives. The community were concerned that this expertise would be lost and the contributions of these midwives to community maternal health overlooked. O’Connell, who has made a number of…

YOU have to go way back to November 8 last year for the last time Moroka Swallows won a match, 1-0 over TS Galaxy, in regulation time. That is a massive four months and 12 matches since the Birds were victorious. Contrast that to the University of Pretoria’s record in that period and you can’t help but install the Motsepe Foundation League outfit as favourites for tonight’s Nedbank Round of 16 tie between the two sides. AmaTuks have not lost a single of their 12 matches since November 4 and are looking good for promotion as they sit second on the table, a point behind leaders Magesi with nine matches to go. Swallows, on the other hand, are just a spot above the play-off spot - seven points more than…

LARA Goodall has gone from a bubbly, always-a-smile-on-her-face top-order batter to a seemingly timid, shadow of herself this season. Known for her power game and an attacking approach with bat-in-hand, this season she has barely scored any runs. Her highest-score is a 36 in her last 10 matches in the green and gold. As one of the few remaining senior players in the Proteas women side - a side that had recently saw Lizelle Lee, Dane van Niekerk and Shabnim Ismail retire in quick succession - Goodall's lack of good form with the bat has been concern. However, coach Hilton Moreeng showed faith in Goodall and played her despite her dismal form. Eventually, Moreeng made the tough call, and dropped the 27-year-old batter from the squad that toured Australia earlier…