Star 2024-03-28

OLD MUTUAL’s integrated financial services strategy, which also sees it on track to launch a bank this year, helped drive strong top-line growth and new business and its dividend for 2023 increased 7% to 81 cents a share. Sales growth of 17% was generated across life segments, indicating profitable market share growth in key markets, CEO Iain Williamson said yesterday. The share price increased 3.77% to close at R11.84 on the JSE yesterday, compared with a flat 0.59% increase in the life insurance index of the JSE, indicating the results were favourably received by investors. Value of new business grew by a sturdy 37% in 2023, with gross flows and gross written premiums increasing by 14%. Profitability remained strong. Re- sults from operations increased 14% driven by strong sales…

A 62.5% PLUNGE in interim headline earnings worsened the plight of Sasfin, which is facing a R4.87 billion suit from the South Africa Revenue Service (Sars) for allegedly covering up for clients who may have repatriated large sums of funds without paying due taxes. Sasfin has been in the crosshairs of Sars, with the taxman saying it had conducted a thorough investigation that unearthed how clients of Sasfin Bank had colluded to expatriate funds offshore in a manner that jeopardised the recovery of due taxes in South Africa. Sasfin said yesterday it was continuing to engage regulators regarding the suit by Sars. “On the basis of strong legal opinion, Sasfin Holdings concluded that the claim (by Sars) will not result in the recognition of any liability and the likelihood…

Consumers will have to wait until later this year for lowering of rates LESETJA Kganyago, the recently reappointed South African Reserve Bank (SARB) governor, yesterday kept interest rates on ice, dashing hopes for consumers paying back loans who will have to wait until later this year for the Monetary Policy Committee (MPC) to lower rates. This means that the repo rate will remain at 8.25%, while the prime lending rate also stays at 11.75%. The governor said that inflation continues to be a problem in the country and around the globe, as well as unemployment rates. He said: “Since the start of the year, we have seen persistent global inflation pressures. Headline inflation rates are generally lower than they were a year ago, but underlying inflation is still elevated.…

SOUTH Africa has made significant progress in containing and closing the outbreaks of foot-and-mouth disease (FMD) that had pla- gued the country since 2021, the Depart- ment of Agriculture, Land Reform and Rural Development (Dalrrd) said in a statement yesterday. Dalrrd spokesperson Reggie Ngcobo said only KwaZulu-Natal and Free State had areas with unresolved outbreaks in the previous FMD free zone. “All other outbreaks in the previous FMD free zone have been resolved and closed with the World Organisation for Animal Health (Woah). No cases of FMD were reported in the Eastern Cape, Northern Cape and Western Cape Provinces. These provinces have remained FMD free without vaccination. “In Gauteng, Limpopo, Mpumalanga and North West Provinces, the last outbreaks in the previous FMD free zone were reported more than a year…

THE US YESTERDAY launched a new initiative to boost imports of African foods – specialities such as seafood, nuts and herbs – seeing untapped potential in items that benefit small-scale farmers. The new Africa Trade Desk aims to increase imports of African speciality foods into the US by $300 million (R5.7 billion) over the next 18 months, marking a 10% increase in the continent’s agricultural exports to the world’s largest economy. The US Agency for International Development (USAid) announced the project at a trade event in Atlanta that is focusing in particular on South Africa. “We see untapped potential across the continent of Africa,” said USAid Deputy Administrator Isobel Coleman. “We want to see more countries leveraging this opportunity to enter the American market,” she said. “Additionally, we…

FROM NAVIGATING complex regulatory landscapes to addressing stakeholder demands for greater transparency, and holding organisations to account for diversity and sustain- ability, the role of board members has never been more crucial. The benefits of effective governance that board members can bring to the table is truly transformative, both in terms of strengthening strategic planning and risk management, but even in accelerating growth through attracting investments. Likewise, individual board members can make invaluable contributions to organisations of all sizes and across all sectors. They can lend their experience and expertise in key areas such as finance, strategy, and organisational culture, and emphasise fundamental environmental, social, and governance concerns (ESG) throughout company operations. By doing so, board members can play a guiding role in enhancing triple bottom lines and developing the…