Innholdsfortegnelse for 2024-08-05 i Star

The JSE has issued Eskom Holdings with a public censure and a fine of R3 million, suspended for three years, because the electricity utility, for four years, has repeatedly failed to disclose its policies and treatment of prominent persons and loans, and procurement to related parties. Eskom was one of the key state institutions gutted with corruption and fraud during the so-called state capture era, and the repeated failure of appropriate disclosure to the JSE, where the utility trades its debt instruments, appears at odds with its claim that it is attempting to combat corruption. The JSE said on Friday that Eskom had an obligation to comply with the JSE debt listings requirements. In 2020, the JSE implemented rules for state-owned entities and municipalities, including that an issuer is required…

Last week a reader, Camilla, who ready my TRADE WINDS column in Business Report, “Clearing confusion around taxes on imports from Chinese e-retailers Shein, Temu,” asked how the SA Revenue Service (Sars) would refund her once she paid the import duties on imported clothing from a foreign e-commerce website, if she needed to return some or all of her purchase. This, it turns out, is more difficult to answer than expected. Let’s begin with first principles. You should only pay import duties and VAT on goods you consume locally. If you return goods to the country of origin, you should be able to claim back the customs duties and VAT. At present, anyone buying small parcels imported through OR Tambo International Airport by courier will pay a flat 20% tax…

Manthatisi, the Regent of the Batlokwa from 1813 to 1824, secured the future of the Batlokwa. She is said to have been a strong leader. This was both in times of peace and during times of war. She reigned during the Lifaqane – a historical period of heightened military conflict and migration. South Africa is 30 years old this year. In this Month of Women, two matriarchs left the stage after three decades of dedicated service to the post-apartheid nation: Dr Nkosazana Dlamini Zuma and Dr Naledi Pandor. These are two iconic women of the Struggle who served with distinction in the various portfolios they headed while in the service of post-apartheid South Africa. They served on the political stage of a South Africa that experiences a different form of…

South African Canegrowers said it was disappointed that sugar producer Tongaat Hulett’s (THL) business rescue practitioners (BRP) had chosen to approach the Supreme Court to appeal that it must pay almost R526 million in statutory levies to the sugar industry. On Friday, THL’s BRPs, in an update of the business rescue process, said they had been granted the right to appeal a December 2023 decision by the Durban High Court that they had to pay outstanding levies to the sugar industry. “The industry is already facing other threats, including dampening demand for local sugar thanks to the health promotion levy (sugar tax) and cheap sugar imports. Further delays in the payment will be to the detriment of thousands of growers and the rural economies of Mpumalanga and KwaZulu-Natal that the…

Relative stability in the rand exchange rate, positive sentiment with policy reforms under the Government of National Unity (GNU) and stable crude oil prices have provided some respite for South African mining companies, whose input costs reflected a deceleration during the month of June. According to the Minerals Council of South Africa, mining input costs rose 6.5% year-on-year in June, a slowdown from the 6.7% average recorded for May. For the second quarter to June, the rate of increase in costs for the SA’s large mining houses also slowed 6.8% y/y compared with 6.9% in the first quarter and 8.7% a year earlier. The receding inflationary pressures have been attributed to positive sentiment surrounding the GNU following the election. Mining companies such as ArcelorMittal SA have also said the resurgence…

The highly-anticipated second season of Squid Game, set for release on Boxing Day, is tipped to feature even more lethal games. The award-winning Netflix series has become a cultural phenomenon since season one dropped in November 2021. It centres on 456 financially struggling participants who are invited to partake in children’s games for a whopping cash prize. However, they soon realise the games come with a deadly twist and losing could result in death. The eerie spectacle, which is held in a secret location, is overseen by masked guards under the supervision of the mysterious Front Man. As the streaming giant announced the new season’s release date as well as that season 3 would mark the thriller show’s ending, they added that Lee Jung-jae, who portrays Gi-hun, Player 456, would…

The Chinese Consulate-General in Joburg brought cheers to the Qwa Qwa community in Free State with a donation of blankets at Bophelo Day Care Centre in the Maluti-a-Phofung Local Municipality. The joyous event was attended by Free State MEC for Education Dr Mamiki Maboya and Consul-General of China Pan Qingjiang in commemoration of the life and legacy of South Africa’s former president Nelson Mandela. “As former president Nelson Mandela once said, ‘there can be no keener revelation of a society’s soul than the way in which it treats its children’. The early childhood development project undertaken by both government and non-government serves as the meaningful endeavor in this respect,” said Pan. “Today we are honoured here to be part of this engagement and to express a small token of love…

The Brazilian butt lift (BBL) is a cosmetic procedure that has gained huge attention, partly due to its popularity among celebrities and on social media platforms. The BBL refers to body liposuction combined with fat transfer to the buttock or hips. The BBL is about body shape; not buttock size, and is safe and suitable for all races and body types. The goal of a good BBL is about cinching the waist in harmony with enhancing the hip and buttock silhouette, aiming to create a continuous S-curve. It was developed by Dr Igor Pitanguy in Brazil in the 1960s and has probably been done by more Brazilian women than African or Asian. It is currently one of the most popular procedures in Asia, while the French Butt Lift involves the…

SOUTH Africa’s Akani Simbine’s dream of standing on the Olympic podium has once again been shattered, despite breaking the national 100m record in the final in Paris last night. Simbine blitzed 9.82 seconds, but fell just short again in a sensational final, as he finished fourth just out of the medals yet again. He has previously suffered heartbreak in two Olympic Games 100m final appearances, finishing fifth in Rio de Janeiro in 2016 and then fourth five years later in Tokyo. American Noah Lyles claimed the goal in the identical 9.79 seconds with Jamaican Kishane Thompson, but was awarded the title of “the fastest man on the planet” by just pushing his chest out on the line. Fellow American Fred Kerley claimed a second consecutive bronze with a season’s best…

The Lions showed grit to outlast Griquas 36-28 in a Currie Cup encounter in chilly Kimberley yesterday. The week before, Griquas had been hammered by the Pumas in Nelspruit, while the Lions had been shocked by the Sharks in Durban. It was the Joburg team that showed iron resolve in the last quarter to return to winning ways. It was a weekend of high-scoring matches in the fifth round of the tournament and it was the Bulls and the Cheetahs that set the tone when they drew 34-34 in Bloemfontein on Friday night. On Saturday, Western Province were unconvincing in beating the down-and-out Griffons 39-17 in the Cape, and in the later game, the Pumas and the Sharks finished 44-44 after each side seemed to have nailed the spoils with…

To date Nedbank is reaping billions of rand in profit from an interest rate swop deal signed with Transnet dating to the state capture-era in 2015/16 as the banking giant braces for a protracted legal battle with the state logistics parastatal and the Special Investigating Unit (SIU) over their intention to sue the banking group in a bid to recover R2.7 billion. Business Report has in its possession court papers that give a deeper insight into what is at stake: Transnet has said it has as of May this year paid Nedbank more than R10.5bn in the controversial interest credit swops, with the amount set to continue unless the arrangement that the utility said it was craftily herded into by state capture luminaries is set aside, and refunded the difference…

A clear vision is very crucial to grow a business, according to Matseleng Magodi, a successful property entrepreneur who has this in spades. She is the the founder of Snooks Estates and co-founded the Black Estate Agents Forum. This is significant as a gender gap persists in South Africa. While the number of women-led businesses in South Africa is on the rise and reaching 22%, according to the 2021 Mastercard Index of Women Entrepreneurs to bridge the gender gap it is essential to shift the conversation. We need to go beyond acknowledging the gap and understand how 22% of women-led businesses succeed in a competitive business landscape. Magodi’s insights light the way She highlights that, “Women should not worry about the how, but focus on the why. When the…

OVER the past week, global and domestic equity markets took a hiding. This in spite of the initial positive sentiment last week on the remarks by the US Federal Reserve that its Federal Open Market Committee (FOMC) is expecting to lower its interest rate at its next meeting in September. The continuous fear of worse-than-expected earnings from the top companies in the US and the news of the sudden sharp increase in the US unemployment rate led to a big sell-off in equities on Wall Street and washed over to countries across the world. Recession fears on the back of the non-farm payrolls that were released on Friday bulldozed share prices. The unemployment rate in July suddenly increased sharply from 4.1% in June to 4.3% as the US non-farm economy…

THE violent rotation from Big Tech plunged the Nasdaq 100 Index into correction territory, wiping out more than $2 trillion (about R36.5 trillion) in value in just over three weeks, as traders unwound bets that had been minting money for over a year. The index was down 1.7% in early trading on Friday, taking its loss since a July 10 record past 10%, with Apple leading declines. If that holds through the end of trading, it will meet the definition of correction. The index remains up 10% for the year. Several megacaps have seen concentrated selling, with both Nvidia and Tesla down more than 20% from recent highs, putting them in bear-market territory. Meanwhile, Microsoft, Apple and Amazon have each lost at least 6%. However, all remain higher for the…

WHILE there are many ways to celebrate Women’s Month, sometimes all you need is time in front of your television as you enjoy some Hollywood blockbusters and vibrant local productions. With this in mind, here are some of the best new releases which will be released on various platforms this August. Losing Lerato 2 The sequel to the critically acclaimed Losing Lerato takes viewers on yet another emotional ride. The story continues with Thami’s (Kagiso Modupe) release from prison on medical parole after being charged with kidnapping his daughter. He now finds himself in need of a kidney transplant. But when Lerato’s (Nefisa Mkhabela) pleas to her influential stepfather go unanswered, she takes drastic measures to save her father’s life. Losing Lerato 2 is on Netflix. No Hard…

Amid the ongoing saga over Miss SA contestant Chidimma Adetshina’s nationality, small parties, Rise Mzansi and the Pan Africanist Congress of Azania (PAC) have deemed the attacks on her as “Afro and ethnophobic”. The public’s deep concern about the validity of Adetshina’s citizenry has topped the headlines for close to two weeks after it was confirmed that her father was of Nigerian heritage, and her mother had Mozambican roots. Last week, the Miss SA organisation confirmed Adetshina met the requirements to compete in the pageant. Rise Mzansi national spokesperson, Gugu Ndima, slammed social media users for their xenophobic attacks on Adetshina, despite her being recognised as a SA citizen. “The xenophobic attacks expose the deep-seated hate and prejudice largely directed towards black Africans. This goes against our constitutional foundations…

The General Industries Workers Union of South Africa (Giwusa) and the South African Federation of Trade Unions (Saftu) are gearing up for resistance against the Government of National Unity’s (GNU) neoliberal privatisation and anti-trade union law plans, as well as falling wages and worsening working conditions. This follows Giwusa’s recent national conference held in Germiston. The organisations said political parties that joined the GNU suggest that deregulating capitalism and lowering labour standards should be the way forward. This was after President Cyril Ramaphosa recently announced that the GNU would be bound by certain fundamental principles and would undertake a basic minimum programme of priorities as articulated in the statement of intent, in which the parties signed for restructuring and improving state-owned entities. This was supported by many Cabinet members, including…

The business community, public, informal traders and professionals can look forward to having a safer, cleaner and more attractive Pretoria inner city after the City of Tshwane resolved to join hands with the national Department of Public Works and Infrastructure to improve the environment. This was the undertaking made by Tshwane mayor Cilliers Brink and the department via Minister Dean Macpherson during a meeting at Tshwane House last week. Both high-profile DA members deliberated on issues affecting the inner city and how they can work together as the municipality and national government to address them. Brink said: “We discussed issues around the inner city and how we can take hands between the City of Tshwane and the national government to reinvigorate our inner city and to make it a clean,…

Financial independence is crucial for everyone because it allows you to make important decisions based on your own resources, rather than relying on someone else’s income. Often, those who are financially dependent, particularly women, lack control over their lives and are more susceptible to various forms of abuse. *Annah Morema, 56, is one of the few who openly admit that relying on others financially was detrimental to her life and left her in a state of despair. “I regret not going to school, I stupidly believed that a man will support me for the rest of my life but he turned against me and left me with nothing,” she said. Morema grew up in Winterveld, north-western of Pretoria. Morema said she was marred by poverty and strife following the death…

Since a few decades ago, China has shocked most contemporary historians with its rapid reforms and development to become the second-largest economy in the world, the largest trading partner with Africa, and a major power, having lifted more than half a billion people out of poverty in less than half a century. With a massive 1.4 billion population, the World Bank says China has since lifted about 800 million people out of poverty while modernising its economy to become not only the most competitive but the second-largest global economy. The Plenary Sessions are rooted in and informed by the efficient technocratic Chinese democratic principles bringing together the voices and interests of the Chinese communities as represented in their Central Committee and have regularly provided important reform-centred strategic and policy vision…

Cosatu on Friday called out retailer Dis-Chem Pharmacies for lack of transformation of its corporate structure, saying it was only paying lip service to black economic empowerment (BEE). The pharmaceutical firm reportedly failed to account to shareholders this week at its AGM when pressed on why it has no black people in its top management structure and only 14.5% at senior management level. Dis-Chem shareholders are the Saltzman family, which has a 35% stake; Coronation Asset Management with 20%; the Public Investment Corporation (PIC) with 18.6%; Royal Bafokeng Holdings with 6.6%; and Stansha with 4.6%. This comes amid concerns that the new draft regulation amendments effected earlier this year intended to gauge compliance through five-year numerical targets that employers must aim for gave companies more leeway but they lacked measures…

“CAN Nedbank dodge the consequences of alleged state capture?” This is the million dollar question most South Africans will be asking themselves as the bank gears up for a legal fight with the Special Investigating Unit (SIU) and Transnet over the alleged R2.7 billion Gupta spoils in an interest rate swop deal dating back to the state capture-era in 2015/16. Nedbank is front and square of public inspection for its alleged role in state capture as outlined in the Zondo Commission of Inquiry from which it appears it is still reaping billions of rand to date. “Is Nedbank too big to fail?” This is a question I have been mulling over this weekend after Business Report got line of sight of the Transnet, SIU court papers filed against the bank.…

One of the state’s weakest links and perhaps the most intractable has been local government. Stabilising and rebuilding local government must be at the top of the to-do list for the 7th administration led by President Cyril Ramaphosa and the ANC. A cursory review of the auditor- general’s reports on metros and municipalities reveals a horror story. A decade ago, about 10% of metros and municipalities were in financial distress – today its approximately 80%. Forensic audits have shown a municipal public procurement system that has become synonymous with state capture, corruption, and wastage. As the government has cracked down on corruption, many metros and municipalities have returned billions in infrastructure grants unspent as they simply lack the capacity and skills to pave roads, roll out sanitation, and provide electricity,…

Eskom’s operational efficiency continued to surpass its winter forecasts, the power utility said on Friday. Current unplanned outages averaged between 9 800MW and 12 400MW since April 1, the start of Eskom’s financial year 2025. On Friday that figure had been reduced to 9 866MW and is significantly lower than the winter 2024 forecast, the utility said. This as the ongoing suspension of load shedding continued, the power utility said, marking 128 consecutive days of uninterrupted power supply since March; including 94 days of constant supply throughout the winter period. The last time South Africa experienced such a prolonged load shedding suspension was over four years ago, between March 16, 2020 and July 9, 2020 when load shedding was suspended for 116 days. Eskom said it maintained an average energy…

The new Showmax Original documentary Dark Side of Glory is set to delve into horrific crimes in the sporting world. “I think we broadly have a perception that sport is glamorous, that it is a route to success, fame and wealth, and more often than not, that is not the case,” director Arianna Perretta said. “In the cases we cover, it is the extreme version of that.” The true-crime show, which premiered last Wednesday, began with an episode titled, The Durban Axe Murderer: The Rugby Killer. It follows former rugby player Joseph Ntshongwana, who was arrested for killing four men with an axe and wounding two others. If you missed it, the sportsman, who played for South Africa at U21 level and for the Blue Bulls between 1998 and 2001,…

While City of Joburg mayor Kabelo Gwamanda’s future remains on the line, the ANC in Gauteng says a new mayor will assume office by the end of the week. In the past weeks, civic organisations and political parties have demanded that Gwamanda step down, alleging that the metro has been embroiled in corruption, poor service delivery, and the recent R200 electricity surcharge, which affects the indigent, during his reign. According to media reports, ANC Gauteng secretary-general Thembinkosi Nciza affirmed that a new mayor was expected to assume office. “Investors must have confidence in us, businesses must have confidence in us. We need to make employment. Who is the best person to lead that cohort in making sure we turn Johannesburg around and, now that we all agree, we will be…

The EFF has voiced concern over the recent large-scale drug seizures in South Africa, citing the widespread multibillion-rand drug trade as a significant issue. In recent reports, a haul of cocaine worth a staggering R252 million was uncovered in the southern Cape, and a few days ago, a monumental stash of crystal meth valued at R300m was seized in Fourways, Johannesburg. The party said this dire situation highlighted the horrifying reality that the drug trade in South Africa is a multibillion-rand enterprise, sprawling across every corner of the country. “These ruthless druglords brazenly flout the law while obliterating the future of our youth and the very fabric of our country. “South Africa has become a notorious hub for drug trafficking, facilitated by lax border and harbour controls. It has been…

Former president Jacob Zuma’s uMkhonto weSizwe (MK) Party has for the second time fired Arthur Zwane as the party’s secretary-general. This is less than a month after he was reinstated to the position. Zwane was fired earlier last month together with treasury-general Danisa Zulu. Zwane replaced former secretary-general Sihle Ngubane who was deployed to Parliament. In a letter directed to Zwane, Zuma told him that he was fired because of misleading the party. However, details on how Zwane misled the party remain unclear. “I refer to the letter I wrote to you on June 28 in which I, Jacob Gedleyihlekisa Zuma, as president of the uMkhonto weSizwe Party (MKP) expressed my decision to relieve you from the position of secretary general. “I reconfirm my earlier decision to you and thus…

Dr John Kani, a renowned multi-disciplinary actor, director, and playwright, has been honoured with the most excellent Order of the British Empire (OBE) by King Charles in recognition of his contributions, which for many years have inspired and brought people together across the world. This award for “services to drama” was presented to Kani by British High Commissioner to South Africa, Antony Phillipson, in appreciation of his work. “It was my honour to present Dr John Kani with an honorary OBE awarded by HM King Charles for ‘services to drama’ in recognition of his work that has inspired and united so many around the world for so many decades. Thank you, Minister @GaytonMcK, for joining us.’’ Gayton Mckenzie, Sport, Arts, and Culture minister, was also present at the handover and…