Star 2024-08-21

Sasol passed its final dividend for the year to June 30, after its board revised the dividend policy so that it is paid from 30% of free cash-flow generated, provided that net debt is below $4 billion (R71.2bn) – at year-end, the net debt was $4.1bn which exceeded the new debt trigger. President and CEO of the group that provides employment for more than 500 000 people, Simon Baloyi, said they would, in the new financial year focus on improving free cash-flow generation and better returns for shareholders. The full-year dividend thus came to R2 per share, which was paid out at the interim stage. Sanlam Private Wealth Investment analyst Christiaan Bothma said the decision to rebase the dividend to free cash flow was widely expected, given the increasing disconnect…

The JSE hit another high yesterday, with the All-Share Index advancing above the 84 000 mark for the first time, mainly pushed higher by gold miners, with bullion hovering at record levels. Stocks at the JSE were buoyed by Sibanye-Stillwater surging 3.9%, with Harmony Gold, DRDGold, Gold Fields, and AngloGold Ashanti rising between 2.7% and 3.6%. The gold price was holding steady above the $2 500 level while the oil price slipped with the easing of geopolitical tensions in the Middle East, along with ongoing demand concerns out of China weighing on the price of oil. Sasol fell the most by 6.2% after it reported a R44 billion loss for its latest financial year ended June 30, the first since 2020 amid a challenging economic environment and…

Regional carrier Airlink Airways has tipped the scales in the local and regional aviation industry with an equity partnership with cash-flush Qatar Airways, which should deliver more Middle East traffic to local shores and an adjustment of ticket prices as the groups announced a code-sharing agreement in their respective regions. Under the equity agreement both carriers seek to align loyalty programmes – Qatar Airways Privilege Club, and Airlink Skybucks. Aviation analyst, Phuthego Mojapele, said as Qatar’s stake in Airlink amounted to less than 50%, there were unlikely to be regulatory hurdles on the foreign ownership quota, though Airlink still had the decision on the matter between it and Safair hovering in the air. “Airlink had been vulnerable to the competition and when they divested from SAA, there has been a…

The Southern African Development Community’s (SADC) Business Council Tourism Alliance has reaffirmed that the region remained a safe and welcoming destination for tourism despite the World Health Organization (WHO) recently declaring mpox a “public health emergency of international concern”. Tshifhiwa Tshivengwa, chairperson of the SADC Business Council Tourism Alliance, yesterday said they took these declarations seriously and commended the proactive approach of the global and regional health authorities. “However, it’s crucial to understand that the risk to travellers in Southern Africa remains low. Our member countries are implementing robust measures to manage and mitigate any potential spread of the virus,” Tshivengwa said. Last week, the WHO declared mpox a public health emergency of international concern for the second time in two years. This was followed by the Africa Centres for…

The citrus industry in southern Africa is experiencing immense growth over the long term. Citrus exports generate R30 billion in foreign revenue every year. The citrus industry is hoping to increase this even further, mapping out the potential for growth to 260 million 15k cartons of citrus by 2032, creating a further 100 000 jobs in the process. Southern African citrus is enjoyed all across the globe, with significant export markets in the EU, UK, Russia, China, the US and the Middle East. Achieving export growth goals requires a co-ordinated effort that stretches from technical production on citrus farms, through sophisticated and specialised citrus post-harvest treatments and packing facilities, with intricately interlinked logistics, moving huge quantities of fruit in tightly controlled cold chains through the ports, via sophisticated shipping streams…

The Association of Comms and Technology (ACT), made up of various representatives from mobile and broadband companies, has put out a position paper that argues that streaming companies, such as Netflix and Spotify, should be helping to pay for infrastructure. The position paper, “Promoting Equitable Participation and Sustainable Growth: Exploring Policy, Commercial, Competition and Socio-Economic Perspectives in South Africa’s Over-the-Top (OTT) and Telco Ecosystem”, seeks to tackle a decades-old debate about the fact that over-the-top companies piggyback off broadband networks without the network providers receiving compensation apart from increased demand for data. The paper points out that OTT services bypass “traditional distribution channels and legislative and regulatory frameworks”, while acknowledging they offer “end-users more control and freedom in their content consumption”. ACT, whose office-bearers include the likes of senior leaders…