Innholdsfortegnelse for 2024-07-19 i Star

The South African Reserve Bank (SARB) has remained concerned about the expectations to the consumer inflation outlook as the balance of risks has been assessed to the upside though the forecast has improved. The Monetary Policy Committee (MPC) yesterday left the repurchase rate (repo rate) unchanged at 8.25%, and the prime rate at 11.75%, as headline inflation print for May was 5.2%, unchanged from April and still in the top half of the bank’s 3%-6% target range. The bank has now projected headline consumer price inflation for this year at 4.9% compared to 5.1% in May, dipping below the 4.5% midpoint over the next few quarters mainly because of fuel and food prices. However, SARB Governor Lesetja Kganyago said the latest survey results showed average inflation expectations at 5% next…

The government of national unity (GNU) will continue with economic initiatives already under way to reduce poverty, inequality and create jobs, as well as introduce many new plans, such as a holding company for state-owned-enterprises, the formation of a sovereign wealth fund, and a review of the petrol price mechanism to make it more affordable. This was according to President Cyril Ramaphosa, who in his opening of Parliament address at the Cape Town city hall last night, outlined an array of economic and fiscal policy plans and targets for the next five years to be implemented by the GNU. Most of his speech was dedicated to initiatives, plans and targets to turn around South Africa’s ailing economy. “Circumstances require that we act together as a government and all key role…

INVESTING in the stock market often feels like riding a roller-coaster. The ups and downs can be thrilling or terrifying, depending on your perspective. However, seasoned investors know that understanding the difference between risk and volatility is crucial for long-term success. In investing, volatility refers to the short-term fluctuations in share prices, while risk is the potential for a permanent loss of capital. If you’re a sailor on a ship, the waves (volatility) make your journey uncomfortable, but they aren’t necessarily dangerous. It’s the hidden reef beneath the surface (risk) that can sink the ship. Take the example of Amazon. In the late 1990s and early 2000s, its share price was highly volatile. It experienced dramatic swings, with prices plummeting during the dot-com bubble burst. Many investors bailed out, unable…

Mandela Month presents an opportunity for us to remember and honour Madiba’s legacy, and we can’t do that without acknowledging the importance he placed on education. “Education is the most powerful weapon which you can use to change the world,” he famously said. He saw education as critical not just in developing skills and ensuring economic success, but in contributing to nation-building. Today, a matric is the country’s educational baseline. It’s a critical qualification that all South Africans should pursue and should have the means to pursue. Despite this, the Department of Basic Education estimates that less than a third of South African adults have their matric. This troubling statistic has far-reaching ramifications. A matric or National Senior Certificate (NSC) is an entry-level requirement for almost every college or university…

Off-takers are keen on Orion Mineral’s Prieska copper zinc mine as the company is preparing to commence production where it has already built a mine site and could set-up a concentrator in the next seven to nine months. Orion is also pursuing production at the Okiep copper mine in the Western Cape. The company said yesterday it had issued 479.5 million shares at an issue price of 1.5 cents per share to raise A$7.2 million (about R88.2m) following the receipt of funds from investors. Orion believes there is massive upside potential for the Prieska mine, with Errol Smart, Orion Minerals CEO saying “off-takers are keen” on product from the mine. “There is a fantastic upside on the ore body at Prieska. Over the next 60 days, we will be able…

SHōGUN is leading the 2024 Emmy Award nominations, with 25 nods. The historical drama – which tells how an Englishman helped an ambitious Japanese leader launch a dynasty that lasted for 260 years – is up for, among many others, Best Drama Series, at the upcoming awards ceremony that honours the best in American and international television. The FX show will face competition from other highly-rated series such as Netflix’s The Crown and 3 Body Problem, as well as Prime Video’s Fallout and HBO series The Gilded Age, The Morning Show on Apple+, Mr and Mrs Smith on Prime Video and Gary Oldman’s Slow Horses on Apple+. Both Hiroyuki Sanada and Anna Sawai are up for Best Actor and Best Actress for their leading roles in Shōgun, but are up…

Sport, Arts and Culture Minister Gayton McKenzie led the tributes as hundreds of people gathered at the Grace Bible Church in Soweto to bid a final farewell to football icon Stanley “Screamer” Tshabalala yesterday. The 75-year-old died last Thursday after succumbing to the injuries he sustained after he was shot in a robbery at his Centurion home in March. A special official provincial funeral was awarded to the sporting legend. The funeral was attended by high-profile figures such as CAF president Patrice Motsepe, Gauteng Premier Panyaza Lesufi, PSL chairperson Irvin Khoza, SA Football Association president Danny Jordaan, former Bafana coaches Pitso Mosimane, Shakes Mashaba, Trott Moloto, and former players such as Edward Motale and Doc Khumalo. Delivering a speech at the funeral, McKenzie said that while he did not know…

The Fochville Magistrate’s Court has released 55-year-old Gert Laurence van Emmenis on R20 000 bail after he was charged with culpable homicide following a horrific crash which left 11 learners dead. IOL reported last week that the crash claimed the lives of 11 learners and their scholar transport driver, sending shock waves through Gauteng. The learners were from Rockland Primary School and Laerskool Blyvooruitsig in Carletonville. Lumka Mahanjana, Gauteng regional spokesperson for the National Prosecuting Authority (NPA), said Van Emmenis was released on stringent bail conditions which included handing over his passport to the investigating officer. The court also ordered Van Emmenis to avoid interfering directly or indirectly with witnesses. “He is facing charges of 12 counts of culpable homicide and a count of reckless and/or negligent driving alternatively…

MANY residents in Soshanguve woke up to dry taps on Wednesday and yesterday due to ongoing maintenance of water infrastructure by Rand Water. Municipal spokesperson Selby Bokaba said the water utility‘s extensive maintenance of its infrastructure supplying water to the City of Tshwane affected some of the municipal reservoirs. “The City of Tshwane has noted reported situations of water supply interruption in some of the areas around Soshanguve and Mabopane as a result of Rand Water’s continued comprehensive maintenance programme of its Palmiet and Mapleton systems,” he said. Water outages were experienced after the water utility on Monday resumed their maintenance work on the Palmiet system, which supplies water to Tshwane. The maintenance, according to Bokaba, was expected to last until 5am on Wednesday, followed by gradual pumping to allow…

The Lions pumped former champions the Pumas in the Currie Cup last week, and for those paying attention, the victory set tongues wagging. It was not so much the 75-21 end result, but rather the performance of debutant Sam Francis during the victory. The 21-year-old Lions flyhalf collected 30 points in the rout, impressing with his play. Whether it was a flash in the pan remains to be seen, but repeat the performance against a combative Griquas at Ellis Park (3pm start) today, and the true value of the former Junior Bok’s temperament and skill will be easier to ascertain. Lions coach Mziwakhe Nkosi has again selected Francis at pivot for the clash, and yesterday the former SA Schools coach admitted surprise that Francis had fans and pundits so excited.…

Manchester United newcomer Joshua Zirkzee said fans can expect to see a creative, unpredictable player who developed his skills in cage football, and idolised Ronaldinho and Zlatan Ibrahimovic. The 23-year-old striker signed for United on Sunday after an excellent season with Serie A club Bologna, where he scored 11 goals and made five assists and helped them secure a place in the Champions League group stage. “Yeah, it’s been a roller-coaster the past few weeks, but some very good experiences. I’m very happy to be here,” Zirkzee said in an interview for United’s website. “Obviously (I’m arriving) at a good point, making a transfer to Manchester United is obviously something very positive, so yeah, I just can’t wait to get started and continue what I basically did last season.” The…

Akani Simbine has a gilt-edged opportunity to underline his standing as one of the world’s foremost 100m sprinters at the Diamond League meeting in London tomorrow. The 100m field will make for a fascinating showdown as Simbine lines up against the American Noah Lyles and Jamaican Ackeem Blake, who have both clocked faster times than him this year. Simbine clocked 9.94sec in Oslo, Norway in May, while Lyles (9.83) and Blake (9.92) were fractionally faster. The other Blake in the eight-man field is the Jamaican legend Yohan, the world’s second-fastest man (behind Usain Bolt’s 9.58 and 19.19) over 100m (9.69) and 200m (19.26). It will be a rare opportunity for Simbine to finish ahead of Yohan Blake, who has a 100m best of 10.16 this year. Blake is one of…

The rail industry had welcomed the $1 billion (R18.1bn) corporate loan granted to Transnet by the African Development Bank (AfDB). The AfDB Group yesterday announced that it had approved a R18.1bn 25-year long corporate loan to Transnet for its recovery and growth plans, which was fully guaranteed by the South African government. The bank said the corporate loan will facilitate the first phase of the state-owned freight and logistics firm’s R152.8bn five-year capital investment plan to improve its existing capacity, ahead of expansion for the priority segments throughout the transport value chain. Mesela Kope-Nhlapo, CEO of the African Rail Industry Association (ARIA), yesterday said this was the first step towards the recovery of the rail network in South Africa. ARIA represents companies that are Original Equipment Manufacturers (OEMs), rail…

Listed property company share prices reflect the many challenges that the sector has had to face outside its control, but the outlook for 2025 and thereafter looks more promising, investment analyst Keillen Ndlovu said yesterday on behalf of the SA Reit Association. He said in an online event that the sector has in recent years been viewed less favourably by institutional and retail investors, despite a relatively strong uptick in share prices since October. For instance, the All Share Index was currently trading around its historic highs, while listed property shares are at the same level as they were in 2010. “Everyone thought the sector had bottomed in 2020, but then Covid came, which hit the property sector hard. Share prices recovered from that, but fell again after the looting…

Airlines expect overall passenger numbers to double over the next two decades from the 4.3 billion who flew last year, with growth led by emerging markets such as Asia Pacific and the Middle East, the main global airline body said yesterday. The projected surge in traffic could put further pressure on carriers to contribute to the fight against climate change and make progress towards a pledge to reach “net-zero” carbon emissions by 2050. Average annual passenger growth is expected to be 3.6% a year to 2043, compared with a forecast of 9.7% growth this year, the International Air Transport Association (Iata) said in its latest update. The Asia Pacific region would lead with an average growth of 4.8%, propelled by countries like India (6.9%) and China (5.8%) but also Thailand…

If you plan to withdraw retirement savings from your “savings pot” after the two-pot retirement system comes into effect on September 1, you need to take into consideration the costs and taxes that will be deducted from your withdrawal. The deductions may be more than you realise, especially if you are in a defined-benefit fund. The legislation allows for your savings pot – the one-third portion of your savings to which you will have access once a year – to be seeded with capital from your existing savings, the so-called “vested pot”. (The different portions of your retirement savings are officially called “components” but are widely known, and referred to here as “pots”.) This will be 10% of your existing savings to a maximum of R30 000. You may be…

ANGLO American Platinum (Am- plats), which is continuing with an employee rationalisation exercise to cut costs, said yesterday that it was expecting to report lower earnings for the year to June, dragged down by lower platinum group metals (PGM) prices that overshot cost-savings and an uplift in sales volumes. Amplats operates in South Africa and Zimbabwe where it produces PGM. In the half-year period to end-June, the company is expecting to report a dip in interim basic earnings of between 15% and 25% compared to the same period last year. Headline earnings per share in Amplats for the half year are likely to amount to between R224.20 and R254.60 per share compared to R298.40 per share in the same period a year earlier. Stocks in Amplats rose 4.41% to R626.92…

Following disappointing results from Swatch Group, a profit warning from the UK’s high-end Burberry, and a marginal increase in sales by Richemont, which is controlled by South African billionaire Johann Rupert, analysts are moderating their expectations on the sector. Richemont, the first of the large high-end luxury companies to report its financial results, on Wednesday said it slightly increased sales in the three months to end June by 1% in constant currency to €5.3 billion (R105.3bn). However, Richemont said its sales in the quarter were constrained by the Asia Pacific region, where items sold declined 18%. It also noted that higher sales in South Korea and Malaysia only partially mitigated a 27% decline in China, Hong Kong, and Macau combined. The company’s shares closed 1% lower on the numbers. In…

Kairo Forbes has followed in her late rapper father’s footsteps by winning her first Nickelodeon Kids’ Choice Award. She took home the award for Favourite African Kidfluencer, while her dad, Kiernan “AKA” Forbes, scooped an award at the 2019 edition. She thanked everyone who supported her. “Thank you @nickelodeon_africa KCA for my nomination and congratulations to all the other nominees. Thank you to my family and everyone who voted for me! “I’m very happy and I appreciate your support. I hope that I inspire other kids to have dreams and that they have family that will support their dreams. “This one’s for you Daddy! @bikosmanna @lethu_nanas Africa!” The 2024 awards took place at Barker Hanger last Saturday, in Santa Monica, California, hosted by SpongeBob SquarePants (voiced by Tom Kenny)…

IOL and Independent Media have exposed the person behind the infamous @goolammv X (previously Twitter) account, known for masterminding an unrelenting campaign to undermine South Africa’s democracy. Under the cover of anonymity, Goolam Muhammed Suliman Vawda, 49, has been using the social media alias @goolammv to discredit and threaten SA journalists, government officials, entrepreneurs, and politicians for six years. Vawda, originally from Winterton, now Morningside, has thus far avoided major criminal and slander accusations. But following a thorough search, IOL and Independent Media have finally found him. The investigation uncovered Vawda’s vast network of financiers and friends who have helped to fund this advanced disinformation campaign. Following the phone number connected to the @goolammv account, investigators linked it to many email addresses. Investigations further revealed that, funded by powerful politicians…

Scores of young people from Gauteng art schools and colleges came out in their numbers for the Joy of Jazz Jazz’s Young People Master Classes and Jam Session at the National School of Arts (NSA) in Braamfontein to raise funds for the school. Among those who dedicated their time to the fund-raising and development programme were NSA alumnus including jazz sensation, Zoë Modiga, Langa Mavuso, Linda Sikhakhane and award-winning SA jazz producer, Mpumi Dhlamini who kept young people engaged through a series of music performance and production workshops and lively jam sessions. Modiga shared her musical journey as a learner with big dreams. Mavuso and Sikhakhane kept young people enthralled through their music improvisation class which saw a group of young singers showcase their talent. Dhlamini, who teamed up with…

COMPANIES and individuals yesterday joined the world in celebrating Mandela Day under the theme, “It’s Still in your Hands to Combat Poverty and Inequality”. The SA National Biodiversity Institute held its commemoration at the National Botanical Garden in Pretoria. There were various public engagement activities to observe this special day. The Botshilu Private Hospital together with its stakeholders donated much-needed supplies to its BotshiluCares initiative. There were visits to these facilities to spread care, love and support to those in need. Ampath Laboratory also joined in and donated essential items such as urns, a bar fridge for medication, and a kettle. In Soweto, SA National Parks donated sanitary items to learners at Phefeni Secondary School in Orlando West. Tshwane executive mayor Cilliers Brink and deputy mayor Nasiphi Moya were also…

Ingredients 400g chicken breast fillets 375g easy-to-cook bright & crunchy stir-fry mix 375g crisp and crunchy stir-fry mix 250g spinach & cauliflower noodles 250g fresh egg noodles 100g sweet and sour stir-fry sauce 15ml + 10ml olive oil 5ml ginger, crushed 2 garlic cloves, crushed salt and pepper Method In a wok or large-based saucepan, heat 15ml olive oil on a medium-high heat. Add the chicken breasts and brown for two minutes, then remove from the wok or saucepan. Add the remaining olive oil and fry the garlic, ginger and vegetables for 5-10 minutes. Add the noodles and the browned chicken to the pan, along with the stir-fry sauce, and cook for an extra 3-5 minutes or until the noodles are cooked. Season to taste, garnish with fresh coriander leaves…

SINGER and songwriter Eon le Roux pays tribute to his late grandmother in his new single, Legacy, celebrating her life, memories and the valuable lessons she imparted. His grandmother’s life and religion are reflected in this track. “Legacy is a song I wrote for my grandmother when she turned 100 years old,” said Le Roux. “She always believed that your legacy is what people will remember about you. So chase your dreams, be kind to others and never give up in the face of adversity.” Le Roux’s song celebrates his grandmother’s timeless wisdom with a touching melody and lyrics, allowing listeners to reflect on their own relationships and life journeys. His remarkable talent has propelled him to the forefront of the music scene. Le Roux finished in the top five…

He could provide the Springboks with another utility option in the future, but at present, young prop Jan-Hendrik Wessels is only focused on his Test debut against Portugal tomorrow and putting in a strong shift overall. Along with a host of rookies, the lanky 23-year-old loosehead will get his baptism of fire against Os Lobos, as the Portuguese are affectionately known, in front of a sell-out Free State Stadium crowd in his home province. It will be the Boks’ fourth Test under returning head coach Rassie Erasmus, and he’s selected seven debutants in the match 23 for the final clash of the July inbound tour in Bloemfontein (5pm start). South Africa have lost one and won two this year against Wales and Ireland as they look to make it three…

The Trump organisation is planning to launch a luxury tower in Dubai in partnership with a Saudi builder, as it rapidly expands its presence in the Middle East. Trump Tower Dubai will include a luxury hotel and branded residences and will be built by Dar Global, the companies said in a joint statement yesterday. The location and design of the building would be unveiled later this year, they said. The financial details of the deal were not disclosed. The Dubai project is the third collaboration between the two companies in the past few months. They agreed to build a residential tower in Jeddah, Saudi Arabia, earlier this month. That followed a $200 million (R3.6 billion), the Trump-branded project in Oman announced in March. Donald Trump already has several developments bearing…

THE property industry said yesterday that the South African Reserve Bank (SARB) has lost an opportunity to show some foresight and courage as the elevated interest rates continue to delay buyers from committing to long-term property purchasing. The SARB’s Monetary Policy Committee (MPC) yesterday held the repo rate steady at 8.25%, with the prime lending rate remaining at 11.75% per annum, for the seventh consecutive meeting. Jawitz Properties CEO Herschel Jawitz said indications were that US rates were set to drop this year, the rand was marginally stronger and South Africa had had two consecutive fuel price decreases, all of which were positive for the consumer inflation rate. “On the flip side, the SARB has shown consistency in their policy decisions and the current inflation rate still sits above the…

Amid rising living costs and an increase in decline rates from formal lenders, many consumers are being forced into accessing high-cost credit from unregulated lenders. This trend highlights the urgent need for more inclusive financial services. Due to increased compliance requirements and a reduced appetite for risk among formal credit providers, loan decline rates in the formal lending industry have risen significantly. This is pushing consumers towards illegal lenders as they seek alternative sources of credit to meet their financial needs. Alarmingly, recent reports from our 1 500 members in the micro-lending industry reflect that the rejection rate from regulated lenders has increased significantly. This directly impacts borrowers who are then forced into taking out credit through informal lenders that are under-regulated and do not comply with the National Credit…

Anglo American will conclude its restructuring exercise by the end of next year it announced after rebuffing BHP’s takeover bid, which included divestments from steel-making coal and diamonds, as well as increasing its focus on copper and premium iron ore. This comes after the Johannesburg and London-listed diversified resource group said in May its new strategy would see it reduce capital expenditure for its crop nutrients operations by $200 million (R3.6 billion) next year and availing no capex for the segment in 2026. It also said it would divest its steel- making coal as it was “currently responding to strong buyer interest”. Anglo American CEO Duncan Wanblad said yesterday the company was pursuing its new strategy “by simplifying the portfolio and focusing on world-class assets in copper, premium iron ore”,…

Being sick with the flu is no fun. But if you keep your body well-fed, it can help your body recover from illness. So, what are the best foods for the flu? It is about introducing healthy vitamins and minerals into your body to keep your immune system strong as it fights the flu. So, grab a pen and paper and make that grocery list. Water When you are feeling sick, water can be one of the most helpful drinks to sip. Staying hydrated can help loosen trapped mucus. Try drinking at least the recommended eight glasses of water a day to keep yourself fully hydrated since we tend to lose more fluids when we are sick. Bone broth If you do not keep your own, you can easily pick…

The case of murder accused Bafana Mahungela has been moved from the Alexandra Magistrate’s Court to the Gauteng High Court, Johannesburg, for a pre-trial conference. Mahungela, 21, has been charged with the murder of 34-year-old Sandton teacher Kirsten Kluyts as well as kidnapping, robbery with aggravating circumstances, attempted rape and defeating the ends of justice. Kluyts, a teacher at Delta Park High, was found murdered at the George Lea Recreational Park in Parkmore, Sandton, on October 29, 2023. She had taken part in an athletics event on the day, but failed to finish. She had her cellphone with her, earphones and a watch. Barely 20 minutes later, her cellphone was found lying close to the running track. Her naked body was discovered in a ditch next to a wall. Mahungela…

Disgruntled waste collection service providers, who lost out on new contracts in the City of Tshwane, have been accused of threatening on-duty drivers disposing waste at landfills. The simmering tension between the City and former contractors this weekerupted into violence at landfills after the introduction of new waste management service providers. The Tshwane public order policing unit had to be deployed to quell the violence and maintain order. Many residents were left frustrated after the City failed to collect waste on scheduled days. Some residents resorted to illegally dumping their waste, while others in Mabopane burnt them to ashes. Rubbish continued to pile up yesterday in some parts of Soshanguve, with residents expressing anger at the municipality for subjecting them to an unclean and unhygienic environment. MMC for Environment and…

It is apparent that the criticism which has been raised in many platforms over the Government of National Unity (GNU) and what it exactly represents and how it should function are being proved correct. Two recent examples indicate this conclusion. First, one of the alliance partners of the ANC, general secretary of the SACP Solly Mapaila, has bluntly called the ANC a “sell-out” – the most disparaging term used for traitors in South Africa – accusing it of forming a coalition with the DA under the guise of a GNU. Which then raises a very interesting question: what are two communists, Blade Nzimande and Buti Manamela, doing in the GNU serving as ministers if the ANC has “sold out”? The confusion is further underlined by the fact that Mapaila is,…

From no Springboks to five from their ranks – that is more than enough reason for the Golden Lions Rugby Union to be quite chuffed with themselves right now. The Lions might have finished ninth in the United Rugby Championship earlier this year, missing out on the play-offs in that tournament, but the acknowledgement of the fine form of a handful of their players from Bok mentor Rassie Erasmus will have the Doornfontein-based team in a buoyant mood. Tomorrow at the Free State Stadium in Bloemfontein (5pm start), Lions flank Ruan Venter, scrumhalf Morné van den Berg and fullback Quan Horn will earn their Test caps when the Boks run out against Portugal. Earlier this year against Wales, wing Edwill van der Merwe – now injured – made his debut…

American Justin Thomas overcame a mid-round wobble to take the clubhouse lead at the 152nd Open Championship with a first-round three-under-par 68 at a blustery Royal Troon yesterday. The twice former PGA champion galloped to four-under after 10 holes before hitting trouble, but finished strongly, sinking a long birdie at the last to set the pace. Sweden’s Alex Noren, England’s Justin Rose, Denmark’s Nicolai Hojgaard and American Russell Henley finished on two-under in testing conditions. Several big names struggled though in testing conditions on the Ayrshire coast, not least US Open champion Bryson DeChambeau, who carded a five-over 76, which included an eagle-three at the 16th. World No 2 Rory McIlroy was even further back after a round of 78 left him fighting to make the cut. Thomas, who has…

Although bound by a non-disclosure agreement, Mokwena has on occasion made it known that his toxic relationship with Berg – the club’s sporting director – was the major factor that “forced” him to leave Sundowns. In a radio interview with Metro FM this week, Mokwena said coaches, rather than sporting directors, should be responsible for hiring and firing players. Mokwena has previously said he and Berg disagreed about signing and releasing players. According to Mokwena’s uncle, the great Jomo Sono, Mokwena signing Thembinkosi Lorch incurred the wrath of Berg, who felt the former Pirates player would not be a good investment because of his age. Thereafter, Mokwena no longer had a say in the transfers and recruitment of players. Days later, he told the media he did not have the…