Innholdsfortegnelse for 2024-08-02 i Star

STEEL MAKER ArcelorMittal South Africa (Amsa) expects improvements in electricity supply and operational improvements at Transnet to yield higher production levels and cost competitiveness after half-year headline losses worsened by 150% and its net asset value per share took a 42% dive. After deciding to continue with its long steel business, Amsa said the unit was “broadly performing stably” and within expectations. However, the company’s production of crude steel decreased by 10%, or 133 000 tons to 1.22 million tons, in the first half year to June compared to the previous year. Sales volumes for the period were 2% softer, at 1.2 million tons. Interim revenues were 3% narrower, at R20.5 billion. Shares in Amsa traded 2.26% weaker. at R1.36 at 6pm on the JSE yesterday. This was after…

New vehicle sales increased 1.5% to 44 229 units in July, an increase that could be the turning point for a better second half of the year, Naamsa | the Automotive Business Council said yesterday. Export sales, which are crucial to keep the local vehicle manufacturing industry financially viable, however, decreased sharply by 12 671 units, or 33.2%, to 25 461 units in July. New vehicle sales have fallen every month to July this year bar April, where it increased by only 2.2% compared with April 2023. July’s new passenger car sales at 29 934 units increased by 1 894 cars, or by 6.8% compared with the same month in 2023. Lebo Gaoaketse, head of marketing at WesBank, said the uptick in new vehicle sales was off the back of…

As Discovery Vitality realigns its health food partner strategy, its decade-long relationship with retailer Pick n Pay will officially end on August 31. While not the best timing for the retailer, the end of the partnership and Discovery Vitality’s decision was announced on September 26, 2023, before Sean Summers took over at Pick n Pay as chief executive and started implementing a turnaround plan. Discovery’s health and wellness offering will be teaming up, from September, with Shoprite’s Checkers brand as well as its Sixty60 offering for the Vitality HealthyFood benefit. On Wednesday, Shoprite reported that total sales of merchandise grew by 12% to around R240.7 billion from continuing operations in the year to June. Online sales from the Checkers Sixty60 app grew by 58.1%. Peter Takaendesa, head of equities at…

IN SOUTH Africa’s complex financial landscape, life insurance stands as a crucial pillar of financial planning for individuals and families. However, the sector faces significant challenges due to high inflation and the rising costs of living. The insurance industry must continually adapt to these economic pressures to ensure policyholders receive the benefits they expect without undue financial strain. Understanding the dynamics: Inflation and insurance premiums Inflation, the rate at which the general level of prices for goods and services rises, erodes purchasing power over time. South Africa’s inflation rate averaged around 5.9% in 2023, a significant factor influencing the financial planning of households and businesses alike. Unfortunately, historic life insurance premiums often increase at a rate that exceeds inflation, sometimes significantly. When we face a global cost of living crisis,…

Global packaging and paper producer Mondi Group will pay out a 23.33 euro cents (R4.57) dividend for the six months to June, on top of the €1.60 per share special dividend arising from the proceeds from the sale of the group’s Russian assets. The special dividend was accompanied by a share consolidation of 10 new shares for every 11 held. Including the consolidation, basic underlying earnings were 50.5 euro cents per share compared with 67 euro cents at the same time last year, prior to consolidation. Group chief executive Andrew King said they had reported a “robust performance” in the first half, and although underlying Ebitda (earnings before interest tax depreciation and amortisation) of €565 million (about R11 billion) was lower than the same period last year, market conditions had…

Sandra Bullock is “ready to get back in the game”. The Speed star is reportedly gearing up to return to Hollywood after taking a two-year hiatus to raise her family – which consists of her two kids Louis, 14, and Layla, 11 – and to care for her late partner Bryan Randall, who died almost a year ago at the age of 57 following a short battle with amyotrophic lateral sclerosis (ALS). A source told US Weekly: “She is gradually re-emerging into public life. “She’s excited about what the future holds. She’s ready to get back in the game.” Another insider noted that the Lost City star had endured one of the “hardest times” of her life with the death of her partner and that she needed time off.…

Some of South Africa’s top comedians are set to tickle the funny bone at Carnival City Casino on Saturday. Kedibone Mulaudzi is set to host the #6 Heavyweights Comedy Night Extravaganza. The show will also feature Trevor Gumbi, David Kau, Nicholas Goliath, Toll Ass Mo and Joey Rasdien. With nearly 15 years of comedic experience, Mulaudzi has shared the stage with the likes of world-renowned US comedian Chris Rock. He also received standing ovations from figures such as Nelson Mandela, Thabo Mbeki and Archbishop Desmond Tutu, while also featuring in productions such as The Pure Monate Show. Gumbi, who is also a writer and actor, has performed at some of the biggest comedy festivals in the country. He has also starred in shows like The Sober Companion and hosted Friends…

HAIR and fashion go together, because what’s the runway without dramatic hair to complement the garments? South African luxury fashion brand Maxhosa Africa has partnered with international haircare brand TRESemmé. At the All Hair All You event held at Melrose Arch last Friday, both brands staged a fashion show to announce their iconic partnership. The models draped in Maxhosa had hair styled in avant-garde ways to compliment the garments made of the finest materials, including mohair. Laduma Ngxokolo, founder of Maxhosa, who will be showcasing at Paris Fashion Week in September said the partnership came at the right time, when he’ll be doing two international fashion shows at Paris and New York Fashion Week. “We’ve been seeking and exploring hairstyles and hair products that pair very well with our work…

THE three Soweto suspects accused of luring men on Grindr have abandoned their attempts to be released on bail, as they deal with outstanding warrants of arrests in Gauteng. Mlungisi Vincent Mbutu, Bongani Zulu and Zwelakhe Ngwenya appeared in the Cape Town Magistrate’s Court yesterday, where they were expected to apply for bail. The trio is accused of kidnapping, extortion, robbery with aggravating circumstances and cybercrimes. They were arrested in Woodstock at a rental home with a hostage tied up. They were traced when the Hawks noticed strange transactions in the victim’s bank account. After their arrest, more victims came forward, alleging the trio also lured them using the Grindr dating app, before kidnapping, assaulting and robbing them. National Prosecuting Authority spokesperson, Eric Ntabazalila, said: “Their case has been postponed…

Liz Prins, a cast member of The Real Housewives Ultimate Girls’ Trip, has piqued the viewers’ attention after being candid about their voyage to Jamaica, which has been serving intrigue with all its unexpected twists and turns. When asked how she felt about the trip, Prins replied that she had a memorable time and that she had got to know the girls, highlighting that she has regular conversations and strong friendships with Bev, Lethabo, and Nonku. “I had a wonderful time. Jamaica is a beautiful country with beautiful people. I enjoyed the villa and getting to know the ladies. My highlight was meeting Alton and his team; they were so lovely and took care of us. “Unlike The Real Housewives of Gqeberha, I actually got along with all of the…

China’s four-day Third Plenum concluded on July 18, 2024 and laid out a vision for the future. Historically, the meetings have introduced significant changes, such as Deng Xiaoping’s “reform and opening-up” policy in 1978, which catalysed China’s economic growth. Held every five years, the outcomes of the meetings often have lasting impacts on China’s economy and, as the world’s largest importer of commodities, it will have a major effect on South Africa. The 20th Central Committee of the Communist Party of China (CPC) adopted a resolution on further deepening reform comprehensively to advance Chinese modernisation. The resulting blueprint will guide China’s reform and opening-up for years to come. General secretary of the CPC Central Committee Xi Jinping delivered important addresses and discussed a report on the work of the Political…

SEAD Ramovic could well have been throwing a jab at “Mr Sunshine”. At the launch of the 2024/25 MTN8 on Wednesday, the TS Galaxy coach heaped praises on his Stellenbosch FC counterpart Steve Barker ahead of their quarter-final clash at the Danie Craven Stadium on Sunday. But in doing so, the Serb seemed to be making a veiled insinuation that the coach he loves to hate – former Mamelodi Sundowns coach Rulani Mokwena, whom he has nicknamed Mr Sunshine for reasons he is yet to explain – should not have been voted the best for the previous campaign. “I always said that I like the coach from the opponent a lot. In my view, he was actually the Coach of the Season,” he said, to great laughter from the gathered…

SOUTH African Breweries (SAB), South African subsidiary of Anheuser-Busch (AB InBev), which boosted beer volumes in the half-year to June, has paid R3.5 billion of the re-assessed R4.5bn demanded by the South African Revenue Service (Sars) in settlement of a tax dispute from 2017. The dispute between the SAB, AB InBev’s local unit, and Sars related to the taxman’s audit of the brewery company’s repurchase of an equity stake in Coca-Cola Bevereges Africa. The audit also covered the related subscription for shares in Coca-Cola Beverages Africa by subsidiaries of the Coca-Cola Company. “The South African Revenue Service conducted an audit of AB InBev’s South African subsidiary, the South African Breweries, in relation to the 2017 repurchase of SAB’s equity stake in Coca-Cola Beverages Africa (CCBA), the Coca-Cola bottling business in…

CASH ECONOMIES have historically been linked to all sorts of crimes and corruption, including tax evasion and counterfeiting. Research has shown that cashless economies provide a stronger control regime against money laundering, which could be used to funnel corruption and terrorist activities. India, a BRICS member state and one of the fastest-developing economies in the Global South, has substantially transformed its payment practices into a cashless economy with a forecast of $344 billion (R6.3 trillion), according to GlobalData. This represents a year-on-year growth of 11.3%. This shift is mainly attributable to the rapid changes in consumer preferences and confidence in card payments and advancements in technology that has enabled this transformation but more importantly, enabled India to better monitor terrorist activities within its borders. South Africa, with a population of…

Federal Reserve chairperson Jerome Powell’s more optimistic outlook on US inflation, while being cautious on the state of the job market, has increased confidence that the US will cut rates in the third quarter, with South Africa to follow. Annabel Bishop, Investec’s chief economist, said, given more “dovish undertones from central banks in both the US and South Africa, markets have now fully factored in a 25bp (basis points) cut in South Africa’s repo rate in September”. Inflation in June came in at 5.1%, down from May’s print of 5.2%. Nolan Wapenaar, co-chief investment officer at Anchor Capital, said: “It’s fair to say we are most likely headed towards a first interest rate cut in September both in the US and in South Africa. “While it seems that both the…

JSE and London-listed Capital & Regional (Capreg), which has become the target of two takeover bids, has proposed a 3.6% increase in its interim dividend to 2.85 pence per share. The group, which has South Africa’s Growthpoint Properties as its major shareholder, received a cash and shares offer from UK-listed NewRiver REIT in May. Then, on July 19, Praxis Group expressed interest in making a cash offer – NewRiver and Praxis have until August 15 and 16, respectively, to put in a formal offer. The owner of UK shopping centres that serve the value-orientated needs of local communities yesterday reported its net rental income had increased 7.1% for the six months to June to £13.7 million (about R318m), while valuations increased 0.8% on a like-for-like basis. “We have delivered another…

THE DA’S federal chairperson, Helen Zille, has intimated that President Cyril Ramaphosa had long been in negotiations with her party about the possibility of a coalition before the decision was taken by the ANC to forge the Government of National Unity (GNU). Zille made the revelation at the Friedrich Naumann Foundation for Freedom on Wednesday night, a day before an ANC national executive committee (NEC) meeting was to take place at the Birchwood Hotel. Zille asserted that the new arrangement of governance was not a GNU but a coalition between the two parties. Speaking on a clip that went viral on social media yesterday, Zille also said Ramaphosa was looking for a better way to introduce the possibility of the two parties teaming up after the May 29 elections and…

The chance of the average South African being employed is getting lower. StatsSA has revealed that more than 370 businesses across the country have shut their doors. According to StatsSA, the reasons for their closure were due to their concerns that the business environment continued to be challenging. StatsSA released these latest figures for liquidations on Wednesday. It said the number of liquidations decreased by more than 4% in the second quarter of the year, compared with the same period a year ago. Although some businesses were spared, the tally remains high. The business closures do little to boost South Africa’s dim job prospects. The latest Quarterly Employment Statistics (QES) from StatsSA showed that total employment decreased by 67 000 or 0.6% quarter-on-quarter, from 10 731 000 in…

As the legal battles continue between the uMkhonto weSizwe Party (MKP) and its rival, the ANC, the judgment in the leave to appeal application filed by the latter over the use of the MK logo and name was reserved yesterday. As expected, MKP backers were outside the court and were addressed by leaders, who took turns throwing political jabs at the ANC. Durban High Court Judge Mahendra Chetty reserved the judgment with the court adjourning before lunchtime yesterday. The ANC had brought the application before the court after its initial attempt to block the MKP from using the uMkhonto weSizwe name and logo was dismissed by the same court in May. MKP leader Jacob Zuma was also in court, accompanied by a high-level party delegation including his daughter, Duduzile Zuma-Sambudla,…

INGREDIENTS 30ml olive oil 2kg trimmed oxtail 20ml Robertsons steak and chops spice salt and black pepper to taste 2 carrots, sliced 1 onion, chopped 6 garlic cloves, crushed 30ml cake flour 1 tin italian chopped tomatoes 50ml tomato sauce 750ml beef stock 250ml white wine 15ml Robertsons Italian herbs 2 large sprigs rosemary 150g crumbled feta cheese 8 sheets of phyllo pastry 100ml butter, melted 50g raw flaked almonds METHOD Heat the oil in saucepan and brown the meat. Season the meat with the Robertsons Steak and Chops Spice and salt and pepper then remove from the saucepan. Add the carrots, onion and garlic to the saucepan and cook for a few minutes. Sprinkle with flour. Stir-fry a little and add the Italian chopped tomatoes, tomato sauce, stock, white…

SOUTH African billionaire, businessman and ardent philanthropist Dr Iqbal Survé has suggested that the country needs to look to the development approaches of the Republic of Singapore and the People’s Republic of China as a means to elevate the country to a middle-income status in the next two decades. Drawing from his extensive expertise and numerous visits to China, Survé, who is also the chairperson of Independent Media in which his Sekunjalo conglomerate has an interest, highlighted the groundbreaking potential of these models during an interview with The Star’s sister paper, the Sunday Independent, this week. He said this shed light on several crucial policies that South Africa would have to consider implementing in order to replicate the remarkable success seen in Singapore and China. In a comprehensive and candid…

THE Proteas Test side put on their whites for the first time since the New Year’s Test when they got their four-day warm-up match against a West Indies Championship XI side under way at the Brian Lara Cricket Academy in Tarouba on Wednesday. Despite it being a tour match, which means all 16 players are likely to get a chance to play, coach Shukri Conrad showed his hand when he announced an XI with seven batters, one spinner and three quicks. With the coach having long revealed his preferred top five batters, the burning question was whether or not Ryan Rickelton would play in place of Kyle Verreynne, but seeing the XI that was announced, it seems Conrad is considering playing both batters, thereby lengthening the batting order. Without any…

GLENCORE’S former head of oil, Alex Beard, has been charged with bribery offences relating to the Swiss commodity trader’s operations in Africa, Britain’s Serious Fraud Office (SFO) said yesterday. Beard, 56, was charged with two conspiracies to make corrupt payments to government officials and officials of state-owned oil companies in Nigeria between 2010 and 2014 and in Cameroon between 2007 and 2014, the SFO said. He is one of five ex-Glencore employees charged with conspiracy to make corrupt payments. Andrew Gibson and Martin Wakefield had also been charged in relation to the falsification of invoices to Glencore’s London office marked as service fees to a Nigerian oil consultancy from 2007 to 2011. A hearing is scheduled for 10am on September 10 at Westminster Magistrates’ Court in the UK. Director of…

Implementing a quarterly review of local fuel prices, instead of once a month, could enhance stability and predictability for both consumers and businesses, Sbonelo Mbatha, the director and co-founder of PetroConnect, said in an interview. South Africans have been calling for a review of the fuel price and levies as consumers face financial strain amid high inflation rates and a rising cost of living. Mbatha said this approach would allow for more consistent and manageable adjustments in fuel costs, enabling better budgeting and financial planning. “These quarterly reviews can also help mitigate the impact of sudden price fluctuations due to external factors, providing a more stable economic environment,” Mbatha said. Delivering the Opening of Parliament Address last month, President Cyril Ramaphosa announced that the Government of National Unity (GNU) intended…

The second national survey of financial wellness by a major financial institution within two weeks has confirmed that South Africans are generally feeling better about their finances than they were a year ago, a feeling particularly shared by younger generations. This is despite ongoing weaknesses in the economy and record unemployment rates. The 2024 Sanlam Financial Confidence Index (FCI) report shows that South Africans are preoccupied with present stresses, but there are signs that their financial difficulties have “bottomed out” and a turnaround is underway. This was also the overall conclusion of the 2024 Old Mutual Savings and Investment Monitor, released last week. The Sanlam study, which was conducted in March, took a broader sample than the Old Mutual one: it surveyed 1 610 working and retired people, from both…

Mpact, the JSE-listed packaging group, is selling its Versapak division to Greenpath Recycling, which is an owned subsidiary of Sinica Manufacturing, as part of a broader portfolio optimisation strategy. Versapak’s net asset value was R239.28 million as at December 31, 2023, and the purchase price would be adjusted based on the amount of stock on hand, according to a JSE regulatory notice yesterday. The deal excludes all cash, debtors and creditors of the Versapak business and two properties from which the business operates, which the purchaser aims to lease. Versapak produces styrene and PET trays and punnets, as well as vinyl cling film from two plants – in Paarl, Western Cape, and Roodekop, Gauteng. The lease agreements relate to the two properties where the business is operated. Sinica makes and…

The informal sector in South Africa is earmarked for significant growth by Tiger Brands and the company is making waves by having thousands of its products stocked in township spaza shops across the country. Tiger Brands said on Tuesday that its presence in the informal sector was gaining traction with its brands now available in more than 71 000 of a targeted 130 000 stores The company’s expansion into South Africa’s local township economy is gaining swift traction a year after it began accelerating its route-to-market strategy to increase the presence of its products in this booming market. Last year, Tiger Brands announced its targeted route-to-market strategy to increase its brands’ presence in at least 130 000 stores in the general trade over the next five years,…

Londie London has found herself in hot water with a fashion designer. The fashion scene often thrives on symbiotic relationships between designers, celebrities and influencers, but sometimes those arrangements turn sour. Enter Pfadzani Exodus, a fashion business owner who is calling out London for unpaid clothing bills. According to Sunday World, back in 2019, London and Pfadzani struck a deal: London would don Pfadzani’s designs for free, flaunting them on social media and at high-profile events in exchange for brand promotion. While it sounds like a win-win situation, it didn’t stay rosy for long. Pfadzani recounts a visit from London to her Randburg boutique, where the reality TV star requested three items to sell to her clients due to a stock shortage. Trusting their partnership, Pfadzani handed over several…

The Save South Africa Civic Movement has accused the principal of Pretoria High School for Girls of negligence and encouraging racial discrimination at the school following her suspension by the department. It said the principal failed in her duties, with all the power vested in her to lead and protect the learners. “We therefore call for the removal of the principal since she is a thorn to the black children at Pretoria High School for Girls. This removal will send a strong message to all the racist principals and staff across the country. “Save South Africa Civic will not support nor protect an individual who uses her power to degrade a black child,” the movement’s spokesperson, Tebogo Mashilompane, said yesterday. The movement also rejected what it called the “popcorn solution”…

SECONDING judges from other provinces and temporarily appointing acting judges beyond the judicial establishment may go a long way towards addressing the critical situation facing the Gauteng Division of the High Court. These were among the recommendations made by the online judicial watchdog group Judges Matter, which focuses on the appointments process of judges and provides insight into the Judicial Service Commission’s (JSC’s) structure and processes. Independent Media recently reported on the crisis at especially the Pretoria arm of the Gauteng Division, with the result that litigants who are launching civil trials will have to wait until January 2029 before they will receive a trial date. This is due to too much work and too few judges. The Pretoria Attorneys Association has raised its concerns in this regard in…

A group of young South Africans are optimistic about future opportunities after attending Festival 24 and the grand opening of the Paris 2024 Olympic Games in Lyon and Paris, France. The young talents from Afrika Tikkun, a non-profit organisation that provides education, health and social services to disadvantaged communities in South Africa, took part in vibrant cultural performances. These showcased the country’s rich and diverse heritage to foster understanding and unity among people from different cultures and continents. Among the highlights was their participation in workshops promoting respect, friendship and equality; and participants engaging in an educational and cultural exchange programme. Masego Madiga, 16, an athlete from Johannesburg, expressed her excitement about the experience and the opportunities it would provide. Madiga, who joined Afrika Tikkun in 2010, said: “I joined…