Star 2024-05-31

■ In this week's Personal Finance Saturday Page, we look at how SA is on the precipice of being declared cybercrime capital of Africa. ■ We also look at the Pension Funds Adjudicator’s recent determination, where Muvhango Lukhaimane, ruled that the fund must re-allocate death benefit. ■ On Word on Wealth, Martin Hesse looks at the investment lessons from guru Warren Buffett. ■ Have you added alternatives to your retirement journey? is the question we explore in this issue. ■ For all your money matters, scan the QR code.…

MORE THAN 300 politicians, health experts and celebrities yesterday called for US pharmaceutical giant Gilead to allow cheap, generic versions of a promising new HIV drug to be produced, so it can reach people in developing countries most affected by the deadly disease. The drug Lenacapavir could be a “real game-changer” in the fight against HIV, according to an open letter to Gilead CEO Daniel O’Day signed by a range of former world leaders, Aids groups, activists, actors and others. Lenacapavir, which was approved for use in the US and the EU in 2022, only needs to be injected twice a year, making it particularly suited for people normally “excluded from high-quality health care”, the open letter said. “We urge Gilead to ensure that people in the Global South living…

THE RAND PLUNGED more than 1% to temporarily breach the R18.70 mark against the US dollar yesterday, its lowest since early May, after early election results indicated that South Africa’s ruling party, the ANC, might lose its parliamentary majority for the first time in 30 years of democracy. Investors were concerned that the ANC’s loss of majority electoral support could result in alliances with populist parties that have threatened to nationalise assets ranging from land to banks. Preliminary numbers showed that the ANC’s support was hovering around 43.4% after more than 20% of votes were counted, a far cry compared with its final vote count of 57.5% in the 2019 national election. Days before the elections, the rand was trading at R18.34 to the greenback. Old Mutual Group chief economist…

ZEDA LIMITED, the integrated mobility solutions provider, yesterday declared a 50 cents half-year dividend despite a 12.5% decline in headline earnings per share (Heps) for the year ended March 31 to 165.5c. Thobeka Ntshiza, Zeda’s chief financial officer, said the JSE-listed operator of the globally recognised Avis and Budget brand had created as much as R1.1 billion in equity since unbundling from Barloworld, helping the company to an interim dividend for the period to end March 2024. Shares in the company were, however, marginally lower by 0.34% at R11.90. “Since unbundling from Barloworld on December 13, 2022, the company has created R1.1bn in equity. It is this strength that propelled the board to approve the interim dividend,” said Ntshiza. Return on equity in the company currently stands at…

THE SOUTH African Reserve Bank (SARB) has delivered hope that the cost of borrowing could soon be eased for financially constrained consumers as it remained bullish that consumer inflation will slow towards the midpoint of its 3% to 6% target range earlier than expected. SARB Governor Lesetja Kganyago yesterday said the bank was now seeing inflation – which is currently at 5.3% – stabilising at its 4.5% objective in the second quarter of next year. This is an improvement on the SARB’s forecast made in March, which only reached this milestone at the end of 2025. The inflation projection for this year was left unchanged at 5.1%, but Kga-nyago said the changes to the outlook were not large when compared to the March forecast. “Average inflation for 2025 is only…

BHP WALKED away from its nearly $50 billion (R925bn) offer for Anglo American as it was not willing to overpay and compromise on what it believed to be the right strategy and structure of the London- and Johannesburg-listed resources group. This comes as Anglo American on Wednesday rejected BHP’s request for a further extension to the May 29 deadline for it to make a firm offer, resulting in BHP walking away from making a firm offer as required by London listing rules. “BHP Group Ltd confirms that it does not intend to make a firm offer for Anglo American plc,” BHP said in a statement shortly before the 5pm London deadline. “BHP walks away from Anglo deal. (It is) not prepared to overpay,” said Wayne McCurrie, FNB wealth and…