Innholdsfortegnelse for 2024-06-06 i Star

NINETY One, the global asset and wealth manager, has proposed a 6.4 pence (R1.50) final dividend, leaving the 12.3p payout for the year to March 31 some 7% lower than a year before. The group said business conditions were challenging. Assets under administration were down by 3% to £126 billion (about R3 trillion), while the net outflow of funds amounted to £9.4bn. The dividend policy is to pay out at least 50% of taxed profit, plus the remainder of after-tax earnings not required for investment or regulatory purposes. Basic earnings a share increased 1% to 18.4p and adjusted earnings per share decreased 8% to 15.9p. On the JSE, the share price fell 3.44% to close at R38.16 yesterday. CEO Hendrik du Toit said Ninety One and many other…

ALLEGATIONS of corruption at IT firm EOH Holdings have been thrown in the spotlight once again after the company’s former executive, Jehan Mackay, was arrested and appeared in court yesterday together with Sports, Arts and Culture Minister Zizi Kodwa. This comes after a series of Business Report investigations over the years about tender fraud at EOH implicating executives and employees with State organisations such as the SANDF and the Department of Water and Sanitation, which culminated in the Zondo Commission, which investigated allegations of State capture. Mackay, who was the former head of public sector at EOH, gave a question- able R1.7 million “loan” to Kodwa, then the ANC spokesperson, in what could potentially be linked to a conflict of interest between the two parties as it raised the issue…

PETMIN’S efforts to resume and ex- pand mining operations at South Africa’s biggest anthracite mine in rural KwaZulu-Natal community of Kwa- Somkhele continues to face disruption and resistance after lobby groups staged a protest action at the Tendele- run mine yesterday. The Mfolozi Community Environment Justice Organisation (MCEJO) protested at the Somkhele mine near Mtubatuba in KZN yesterday to mark World Environment Day and to “raise awareness” about environmental violations. “The protest aims to raise awareness about the constitutional right to live in an environment that is not harmful to a person’s health or well-being,” said MCEJO. Somkhele, ultimately controlled by Petmin, which delisted from the JSE in 2017, is South Africa’s biggest mine for metallurgical anthracite with capacity to produce 1.2 million tons of hard coal. After stopping…

“BLIND optimists.” That’s what entrepreneurs have been referred to throughout history – and for good reason. Entrepreneurs have the ability to envision a future that doesn’t exist and take steps to make the vision a reality, even though they may be unsure whether the steps are being taken in the right direction. “Just start” is the one piece of advice many of those notoriously optimistic entrepreneurs share with people who ask them how they’ve managed to achieve what they have. To follow that advice and “just start” – to begin creating something you believe will be the next big thing – you have to be optimistic. Otherwise, why start? What would all the time, money and effort be worth in the end? Arguably, every entrepreneur is an optimist, in one…

VUKILE Property Fund CEO, Laurence Rapp, yesterday said that investor apprehension before and after South Africa’s 2024 general elections, as well as high interest rates, will continue to present some uncertainty for property sector investments. The SA Reserve Bank (SARB) is maintaining a high interest cycle until inflationary pressures dissipate. On the other hand, the ANC’s failure to win the required 50% majority vote has left it requiring to involve other parties in its bid to maintain its governance mandate. Rapp said this was presenting some uncertainty for the real estate sector, especially in relation to the high cost of equity as investors wait on the sidelines pondering their next moves. “Now you have the uncertainty until the elections are finalised. In (a) sense that is what’s driving high cost…

Dancing For The Devil: The 7M TikTok Cult is a gripping three-episode docuseries that takes viewers on a chilling journey into the world of cults. It explores the lengths to which individuals will go for acceptance and success, revealing the often hidden dangers lurking behind seemingly benign façades. The series begins by focusing on famous TikTok dancers who have turned their social media presence into successful careers. As it unfolds, we see the darker side of their success, highlighting how the desire for fame and belonging can lead people into dangerous situations. One chilling realisation that echoes throughout the series is the unsettling fact that “it’s not illegal to start a cult”. This loophole adds a layer of fear, emphasising the ongoing threat posed by these groups. At the heart…

Convicted killer and rapist Thabo Bester says his confidentiality has been compromised in prison. In a rant yesterday, he asked for a death sentence in order to end the case and his suffering. Bester, his girlfriend Dr Nandipha Magudumana and seven accused appeared in the Free State High Court yesterday for pre-trial hearing over his brazen escape case. The accused face a string of charges, including helping Bester fake his death in a fire to escape from the Mangaung Correctional Facility which was under G4S private security in May 2022. Bester is currently incarcerated at Kgosi Mampuru Correctional Facility where he is serving a life sentence for two counts of rape and a count of murder. Yesterday, the court heard that Bester was expected to appoint new legal representatives as…

Lebo Ramolahloane, vice-chairperson of the SA Petroleum Retailers Association (Sapra), which represents the interests of several petroleum retailers in South Africa, has stated that motorists should expect a considerable fall in fuel prices. Ramolahloane, also a member of the Retail Motor Industry Organisation, believes a reduction in fuel prices will improve commuter costs, increase family buying power, and enhance the holiday experience by making travel and daily activities more affordable. “As retailers, we are thrilled to see our customers get more value for their hard-earned money during this special time,’’ he said. The June fuel decreases are: n ULP 95: R1.24. n ULP 93: R1.24. n 500 ppm diesel: R1.19. n 50 ppm diesel: R1.09 decrease. n Illuminating paraffin: R1.07 decrease. n LP Gas: R1.35 per kilogramme “With more disposable…

THE father whose two children were shot before their shack was set alight on Sunday afternoon believes the tragedy was linked to the money he collects for the maintenance of the area. Louis Manganye’s children – Tinyiko, 7, and Mpfumo, 4 – were shot then burnt to death at Changing Spot informal settlement in Soshanguve, Extension 6. Manganye said he was part of the crime prevention forum, and they collected donations from the residents to help maintain order. He said he did not know why the man had resorted to such an evil act. Manganye said the last time they spoke to the suspect, he had promised to bring his donation to him. “We appeal to anyone with information that can help apprehend the suspect to immediately call the police,”…

THE QS World University Rankings has ranked Unisa as one of the top universities in South Africa. In its 2025 ranking, Unisa has sustained its position globally in the #851-900 band and the top eight universities in South Africa. This ranking cements Unisa as a globally sustainable and competitive university. The 21st edition of the QS World University Rankings features 1 503 institutions across 104 locations and is the only ranking of its kind to emphasise employability and sustainability. Published annually by Quacquarelli Symonds (QS), a British education consultancy business, the ranking is widely regarded as one of the world’s most prominent university rankings evaluating institutions based on factors such as academic reputation, employment outcomes, international research network and citation per faculty, among other ranking criteria. Compared to other universities…

President Cyril Ramaphosa spoke sensibly and eloquently after the election results were announced at National Results Operations Centre. But if you didn’t know that the president had the gift of the gab, a man of all talk and no action, you would have been impressed. He said the free and fair elections were a victory for democracy. The people had spoken and whether “we like it or not we must respect their wishes”. As the results reflect the will of the people, he called on the various parties to set aside their differences and find common ground for the good of the country and its people. Hmm, sounds like a selfless, noble leader. Yet, in the 30 years the ANC has been ruling the roost, it has always put the…

IMAGINE a straight railway line from Pretoria to the edge of Egypt’s southern border 5 300 kilometres away. That’s quite a stretch, and if you had to line up one million Ford Ranger bakkies bumper to bumper that’s the distance it would cover. In an impressive milestone for Ford, that’s the number of bakkies their plant in Silverton, Pretoria have produced over the past 24 years of building the Ranger, which is now in its third generation. The Ranger remains one of the most popular options for South African consumers and, as part of Ford Global, it’s also helped elevate the country’s automotive industry on the global stage. “It’s fitting that we celebrate reaching and now rapidly surpassing the one-millionth locally produced Ranger during Ford’s centenary year in South Africa,”…

SOUTH African Reserve Bank (SARB) Governor, Lesetja Kganyago, has told Soweto residents that the decisions to be made over the next two weeks would determine economic stability and impact on the rand, as political parties negotiate coalitions or a government of national unity. Kganyago’s comments come as business and investors remain uncertain about the prospects of the financial markets in South Africa after the general election did not produce a clear winner among contesting parties, forcing two of more to the negotiating table to form a government. Engaging with the community at the annual Soweto Talk to the SARB Forum on Tuesday evening, in which discussions ranged from monetary policy to the inflation outlook, Kganyago said the impact of the election results was yet to be seen in whether the…

Peter Little SOUTH African equities experienced a third consecutive positive month in May with the FTSE/JSE Capped Swix Index up 0.9% month on month (m/m) despite a post-election wobble that shaved 2.4% off the index’s monthly performance in the last few days of May. South Africa’s national and provincial elections saw the ruling ANC comfortably lose its majority, achieving 40% of the national vote, ushering in the necessity of a coalition government. Newcomer MKP garnered 15% of the national vote and the numerous potential coalition permutations introduced a reasonable degree of uncertainty about the shape of South Africa’s future government, driving domestic asset values slightly lower into month end. Outside the wobble in local equities into month end, the rand fell 3% against the US dollar post-elections, leaving the local…

SA CANEGROWERS have decried the impact of the Health Promotion Levy (HPL), or so-called sugar tax, saying that it undermined the sustainability of the industry and the million jobs and rural livelihoods that it supports. With the sugar tax due to increase next year, SA Canegrowers have once again said they were going to stress to the government that it needed to support the industry to safeguard jobs. Higgins Mdluli, the newly elected board chairperson of SA Canegrowers, yesterday said the sugar industry was still battling with the long-term implications of two sugar mills being in financial distress and needs to plan for the ramifications in case the business rescue processes fail. Both Tongaat Hulett and Gledhow sugar mills are currently in business rescue. “We need the industry to do…

THUTHUKANI, Thungela’s Enterprise and Supplier Development (ESD) programme, has announced the signing of a co-fund- ing agreement with Absa who would re- serve R200 million, reviewable annually, for Thuthukani beneficiaries using their new or existing contracts with Thungela as collateral. The Zulu word Thuthukani means “uplift”. The programme focuses on cultivating local businesses through the provision of business skills training and coaching, access to funding and technical enablement. This co-funding agreement further empowers them to seize opportunities within Thungela’s value chain. Mpumi Sithole, executive head for corporate affairs at Thungela, said: “I am pleased that our partnership with Absa will make funding more access- ible for local SMMEs with new and existing contracts with us. In 2023, Thuthukani disbursed R21.6m in loans, leading to the…

FINTECH group Capital Appreciation has continued to attract new customers and grow market share and new products and sectors as more diversified income streams saw gross revenue up 19% to R1.2 billion. The group maintained its unbroken dividend growth for the seventh consecutive year, declaring a total dividend of 10 cents per share for the year, an increase of 21% on the prior year. Earnings before interest, tax, depreciation and amortisation (Ebitda) increased by a substantial 53% to R252.8 million. Chief financial officer Alan Salomon said in an interview that the strong annual performance was in the context of the continuing weak and uncertain South African economy that had, for instance, temporarily slowed information and technology spending decisions by companies in the group’s first half. The results…

SOUTH Africa’s central bank said yesterday it expected the country’s financial system to remain resilient despite risks from worldwide elections, persistent geopolitical tensions and weak domestic market conditions. With more than 70 countries going to the polls this year – among them South Africa last month – the South African Reserve Bank (SARB) said the possible changes in policy that might result had heightened market volatility. The governing ANC lost its majority for the first time in three decades in national and provincial elections on May 29. The ANC said yesterday that it was leaning towards a government of national unity with several parties, which last happened at the fall of apartheid in 1994. The rand has traded erratically since last week as news of the election outcomes filtered through…

PRESIDENT Cyril Ramaphosa’s future seems to hang in the balance after some ANC members and tripartite alliance partners refused to get into bed with the DA. This comes after some ANC officials reached out to The Star to reveal that if Ramaphosa chose to strike a deal with the official opposition, they would have to find a way to get him out of the Union Buildings. The governing ANC a week ago failed to reach a majority for the National Assembly after 30 years, racking up only 40.2% of the 2024 elections votes, announced by the Electoral Commission of SA on Sunday. A sharp drop from 57% in 2019. For the first time, the party also struggled to reach majorities in Gauteng, the Northern Cape and KwaZulu-Natal. The party’s long-term…

The all-new Toyota Land Cruiser Prado is set to be officially launched in South Africa in the coming month and in anticipation of that the CarMaker has released the pricing and specifications on its local website. The new Toyota Prado will be available initially in three derivatives, with the baseline 2.8-GD TX kicking things off at R1 296 300, which is a R128 000 premium over the outgoing TX model. The more luxurious 2.8-GD VX-R is listed at R1 448 900, and there’s also a First Edition based on the latter and that will set you back by R1 472 600. The 2024 Prado shares its TNGA-F platform with the Land Cruiser 300, which costs between R1 458 900 and R2 095 000. The newcomer shares its 2 850mm wheelbase…

Richards Bay FC secured a hard-fought 1-0 win over the University of Pretoria in their opening PSL promotion/relegation play-off match at the King Zwelithini Stadium in uMlazi yesterday. The Natal Rich Boyz ensured they took charge of the three-team mini-log as they climbed to the top with three points, thanks to a first-half goal by striker Somila Ntsundwana. Tuks dropped to second on three points from two games, while Baroka occupy the bottom spot, having not registered any points after losing their first encounter 1-0 to Tuks. Ntsundwana broke the deadlock with a well-taken strike in the 22nd minute after Richards Bay withstood early pressure. The 27-year-old pounced on a knockdown by strike partner Yanela Mbuthuma, before cutting in from the left-hand channel and curling an effort past Tuks goalkeeper…

BUSINESS in South Africa remains concerned about a lack of in- creased private sector investment and faster economic growth in spite of confidence rising to its highest in more than one year in the second quarter. The RMB/BER Business Confidence Index (BCI) rose by 5 points to 35 points in the second quarter of 2024, the highest in more than a year, from 30 points in the first quarter. However, confidence remains in depressed territory below the 50 points that separate contraction from expansion as the majority of businesses (65%) were dissatisfied with prevailing conditions, and so profitability. The five-point increase in the BCI also followed two consecutive declines and brought confidence back closer to the 36-point level seen in the first quarter of 2023. This…

MOODY’S Investor Services analysts yesterday said the credit quality for South African real estate investment trusts (Reits) “will remain stable” in the next 12 to 18 months, despite elevated capital costs, weak demand in the office space and persistent challenges for the retail sector. The ratings agency said SA Reits will be solidified by diversified portfolios, adequate loan-to-value ratios, and good unencumbered asset levels. Moody’s reviewed Growthpoint Properties, Redefine Properties, and Fortress Real Estate Investments, and said this week that the three SA Reits were “exposed to a weak office sector to different degrees, although this is offset by their presence in the more stable industrial, logistics and retail” sectors. Nonetheless, Moody’s investment analyst Iker Ballestero Barrutia yesterday said that “with interest rates high and financial markets volatile, there is…

ANXIETY levels around what the outcome of the 2024 South African elections would mean for small businesses were relatively low in the lead up to the May 29 polls. This was one of the primary insights to emerge from the quarter one 2024 SME Confidence Index – a survey conducted by specialist SME financier Business Partners. David Morobe, the executive general manager for Impact Investing at Business Partners, said: “Only 33% of small business respondents indicated experiencing heightened levels of anxiety around the elections and its potential impact on their operations. “A further 19.5% reported feeling optimistic about the outcome of the elections. Overall, these findings point to a small business community that is determined to weather the storms that stand in the way of long-term success. “The past few…

MCDONALD’S has lost a legal battle against an Irish fast food chain after a top EU court yesterday ruled that the global chain could not exclusively call its chicken burgers “Big Mac”. The long-running fight began in 2017 when Supermac’s of Ireland sought to have McDonald’s Big Mac trademark revoked in the EU after the US giant opposed the Irish chain’s own trademark application in the bloc. The EU Intellectual Property Office (EUIPO) initially upheld Supermac’s application, but later on appeal reaf- firmed the trademark protection for McDonald’s Big Mac hamburgers. Yesterday, the Luxembourg-based General Court altered the EUIPO’s decision, ruling that McDonald’s could not claim protection for the chicken version of its iconic burger, though the original beef one remains trademarked. “The General Court holds that McDonald’s has not…

This month, comedic duo Jason and Nicholas Goliath will be bringing the laughs as they embark on The Happiness Economy Comedy Tour. The tour kicks off in Johannesburg and has stops in Cape Town and Gqeberha. Promising an evening of humour that cuts to the core of everyday joy and struggle, The Happiness Economy is not just a comedy show – it’s a lifestyle exploration through the lens of laughter. Jason has been busy on the showbiz front; he was one of the roastmasters at The Roast of Minnie Dlamini and has appeared on Amazon Prime’s local version of the popular comedy show, LOL: Last One Laughing. “The Happiness Economy is about inspiring people to consider what truly brings joy to their lives. It’s not a motivational talk; it’s a…

FORMER City of Tshwane mayor Randall Williams has called it quits as a DA PR councillor after he was demoted to a backbencher position for almost a year and six months and replaced with the incumbent mayor Cilliers Brink last year. Tshwane Council speaker Mncedi Ndzwanana confirmed the resignation, saying he was notified by the Electoral Commission of SA (IEC) early last month about a vacancy that had been created in the council after Williams stepped down. Williams’s future plans remain a mystery since he didn’t make the cut as one of party members heading to either the Gauteng provincial legislature or National Assembly after last week’s general elections. Numerous attempts to get hold of him yesterday were unsuccessful. Williams took over the mayoral position from his predecessor Stevens Mokgalapa…

KGAOGELO Makgoba, 24, from Pretoria is the definition of the adage that dynamite comes in small packages. She is a passionate advocate for education and is a qualified teacher, actress, theatre practitioner, broadcast journalist and writer. In addition to her radiant blend of light, love, and magic, she has an infectious personality and a take-charge attitude. She is currently pursuing her Master of Fine Arts degree inspired by witnessing the amplification of women’s voices through pageantry. She said her journey in modelling began in secondary school at the age of 13, and she has since competed in prestigious pageants. She placed in the Top 5 and won Miss Personality at the World Top Model South Africa, achieved the Top 5 and fourth runner-up with Miss Personality at Miss Jungle South…

The SA Federation of Trade Unions (Saftu) blames the decline in the country’s gross domestic product (GDP) on the restrictive monetary policy of the SA Reserve Bank (SARB). Saftu says this was one of the factors sabotaging the economy. Saftu’s Trevor Shaku said the premise was that inflation was always caused by “too much money chasing too few goods”. “Their solution rests on restricting credit and reducing money supply by increasing interest on debt liabilities for businesses and households and discouraging further credit by hiking interest rates. “Interest rates are high today, with the prime lending rate at 11.75%. Consequently, this has increased debt and credit liabilities for small businesses, causing them to default, go bankrupt and close businesses. “The liquidation statistics by StatsSA show that 513 companies have been…

WHEN Sir Jim Ratcliffe drew the first sketch on a serviette in the Grenadier pub in London he was well aware that he wasn’t a designer or car guru so he set about gathering the best in the business and as they say, the rest is history. Essentially he wanted a modern old-style Defender minus its unique quirks so he roped in those in the know, and as a result the Ineos Grenadier is fitted with a BMW 3.0-litre diesel or petrol engine, eight speed ZF gearbox, Magna differentials and Recaro seats, with the whole lot assembled in Hambach, France in a Smart factory he bought from Mercedes-Benz. It was only a matter of time after they had gone to market that the company started offering different variations on the…

Pre-election uncertainty pulled the handbrake on new vehicle sales in May, with the market declining by a significant 14.2% versus the same month last year, according to Naamsa – The Automotive Business Council. A total of 37 105 new vehicles found homes in Mzansi last month, with 89.4% of these sales taking place through the traditional dealer channels, versus 4.5% through the rental industry and 3.1% via corporate fleets, while government accounted for 3.0%. Passenger car sales, at 24 367 units, lost 11.7% year-on-year, while light commercial vehicles and bakkies declined by a more significant 19.5% to settle at just 10 334 units. The medium and heavy commercial vehicle sectors declined by 7.3% and 17.1%, respectively. Among the vehicle brands, Toyota took its usual top spot in the overall rankings…

WHILE the Comrades Marathon has produced sibling champions in the past, there are yet to be husband-and-wife winners of the Ultimate Human Race. Russian twin sisters Elena and Olesya Nurgalieva dominated the race in the early 2000s, with the former winning the race eight times, while the latter was victorious just once. South African brothers Andrew (2001) and Gift Kelehe (2015) are the other siblings to have conquered the about-90km race run between Durban and Pietermaritzburg. This year’s race will see a married couple making their debut, with the husband and wife sure to start among the contenders. Last year’s Two Oceans Marathon champion Givemore Mudzinganyama, who was third in this year’s edition, and his wife Nobuhle Tshuma – fourth in the Two Oceans in 2023 – will line up…