Innholdsfortegnelse for 2024-10-04 i Star

Precious metals affected, with Harmony Gold decreasing by 3.7% per share and Amplats falling by 3.2% per share South Africa’s stock market experienced a steep decline yesterday, plunging more than 1% on the JSE, as geopolitical tensions fanned a prevailing risk-off sentiment among investors. The JSE’s benchmark index sank by 1.06% to 86 192 index points by lunchtime, marking its lowest level in a week and breaking a two-day streak of gains. This downturn comes amid escalated fears stemming from the Middle East, particularly following Iran’s missile attack on Israel, which has heightened concerns over potential military repercussions and disruptions to vital oil supply routes. Traders are now grappling with the possibility of a broader conflict as the world awaits Israel’s expected response. Mike Gresty, fund manager at Anchor Capital,…

It is a sad indictment on the state of journalism that Daily Maverick continues to slant its Public Investment Corporation (PIC) coverage to further their media smear campaign against Dr Iqbal Survé and Sekunjalo and in doing so tarnishing black excellence. There is only one word for Tim Cohen’s article in Daily Maverick, “After the Bell: The PIC shanks AYO out of the rough, on to the fairway” – ludicrous. Cohen has used the latest PIC annual report as a news point of reference to flog a dead horse – that of the settlement deal between AYO Technology Solutions and the PIC in the Western Cape Division of the High Court on March 24, 2023. The matter is done and dusted, but Cohen via Daily Maverick is set on continuing…

Balancing past, present, and future: Your financial golden ratio How do you know if you’re saving enough? How much debt is too much? What’s a healthy consumption rate? These are some common questions we might ask ourselves when evaluating our financial habits. Determine your golden ratio What’s a Golden Ratio? It’s a formula you can use to figure out how you spend your income. Your Golden Ratio is made up of three numbers, each one representing the percentage of your gross (before tax) income that goes to: 1) Past = Paying for things you bought/did in the past 2) Future = Funding your current lifestyle 3) Present = Accumulating to create future income Someone earning R240 000 per year who saves R2 000 per month (the future) and has debt…

Balwin Properties said yesterday that its consolidated earnings per share and headline earnings per share for the six months to August 31 were expected to fall between 54% and 59% over the prior corresponding period amid tough trading conditions in the residential property market. That translated into a decrease from the previous period’s 37.93 cents a share to between 15.55 and 17.45 cents per share. respectively, the developer of apartments said in a trading statement yesterday. The results are expected to be released in around October 28. Investors appeared to view the results forecast positively, as the share price was up 2.37%, to R2.18, yesterday afternoon on the JSE, at a time when the JSE All Share Index was up by only 0.62%. The group’s directors said activity in the…

Gauteng chairperson targeted in early hours attack BARELY two months after an EFF PR councillor Moshe Mphahlele was laid to rest after he was shot and killed in Sankopano in Alexandra during a service delivery protest, an attempted “assassination” has rocked the party. In a chilling incident, EFF Gauteng chairperson Nkululeko Dunga survived an alleged attempted “assassination” at his family home in Ekurhuleni early Wednesday morning. The attack occurred at about midnight when suspicious footsteps were heard on the roof, prompting Dunga’s son to request a security check. Dunga had not yet commented on the alleged hit; however, Mgcini Tshwaku, the City of Joburg’s MMC for public safety, stated that Dunga and his family were unharmed. Tshwaku confirmed that he had in his possession video footage of the incident and…

Former public protector and current EFF MP advocate Busisiwe Mkhwebane has defended herself against racism allegations raised by Parliament, asserting that her comments were aimed at broader systemic issues. Mkhwebane, in an interview with The Star yesterday, amid Parliament issuing a media statement on Mkhwebane’s social media utterances, said she was neither racist nor tribalistic. Parliament through its spokesperson, Moloto Mothapo, said: “The National Assembly has noted with dismay the unfounded utterances by Mkhwebane, which seeks to impugn the integrity of Parliament’s staff members, particularly the Chief Parliamentary Legal Advisor, a Parliamentary Legal Advisor as well as Section 194 Committee Evidence Leader.” Mothapo said there was no merit to the attack levelled against these legal advisors, who have served Parliament with diligence and integrity over the years. “The unwarranted attack…

The DA caucus in Johannesburg has called on the City of Johannesburg (CoJ) to revisit its VIP protection policy, saying it was irrational, unlawful and unconstitutional. The city approved the policy earlier this year. It is spending over R3 million a month on VIP protection with about 60 bodyguards and 40 vehicles. The party took the city to court, accusing it of misusing the blue lights and also stated that this violated the Municipal Systems Act. “We are asking the courts to declare the city’s VIP Protection Policy and subsequent decision made in council to approve it irrational, unlawful and unconstitutional. More so than this, we urge the courts to consider a cost order against those individuals who made the unlawful decision to bring the motion to council. “This is…

With the election of a new mayor approaching, tensions are rising in Tshwane as municipal manager Johann Mettler faces criticism from the ANC and EFF for condemning the behaviour of municipal employees towards former mayor Cilliers Brink. This comes after some municipal employees were captured on video clip circulating on social media, jeering Brink as he walked towards the parking lot at Tshwane House after he was ousted through a motion of no confidence during last week’s council sitting. Mettler condemned such behaviour, saying it “has potential to tarnish and damage the reputation of this institution”. In a letter penned to municipal workers, he said: “It was only a handful of employees who mistreated and abused Brink. In this institution we shall respect each and every party and their political…

THE University of Pretoria’s (UP) Mammal Research Institute (MRI) Whale Unit, based in Hermanus outside Cape Town, is playing a leading role in a new global network aimed at galvanising conservation action for the increasingly vulnerable Indian Ocean humpback dolphin. Dr Shanan Atkins, a post-doctoral researcher at the MRI Whale Unit, is coordinating the Indian Ocean Humpback Dolphin Conservation Network (HuDoNet). HuDoNet is a network of 77 scientists and conservationists from 17 countries along the western Indian Ocean and Arabian Seas collaborating on research that provides evidence for positive conservation decisions and actions. Dr Atkins said: “Most people may have never heard of Indian Ocean humpback dolphins. As South Africa’s most endangered marine mammal, they are shy and elusive, and inhabit a narrow strip of water on our coastline. Their…

As Africa rapidly emerges as a key player in the global economy, the continent presents a wealth of lucrative investment opportunities across a range of high-growth sectors. From agriculture to energy and manufacturing, Africa’s rich resources, expanding population, and progressive economic reforms are making it a prime destination for investors seeking substantial returns. Agriculture: The Next Frontier in Global Food Production Africa holds more than 60% of the world’s arable land, positioning it to become a global leader in food production. Investment in agri-tech, sustainable farming, and value-added agricultural products is rapidly growing as countries like Nigeria, Kenya, and Ghana drive advancements in agricultural productivity and food security. With increasing demand for food and the need for more efficient farming methods, Africa’s agriculture sector presents vast opportunities for long-term investment…

South Africa’s history with the ICC events is set to be rewritten as the Proteas Women will become the latest team to go on the hunt for glory in the ICC Women’s T20 World Cup from today. Having become the first South African senior cricket team to reach the final of any ICC event and falling just short of the final hurdle last year on home soil, the challenge to reach the bar they set in the 2023 edition will require a never-before-seen achievement in the history of cricket in Mzansi. The retention of most of the squad that made the final could prove to be advantageous, especially in a tough group that will feature former world champions England, the flair and power of the West Indies, the mystery of…

Anglo American Group CEO Duncan Wanblad has confirmed that the mining giant’s unbundling process would be completed by the end of the year. Speaking at the 12th Joburg Indaba via video from London yesterday, Wanblad said the initiative was aimed at enhancing value for shareholders rather than being a reaction to recent takeover bids, particularly the unsolicited approach from Australian mining company BHP in April. Wanblad said the strategic review, intended to unlock value, was initiated before any bid from BHP, reflecting the under-valuation that investors had placed on various segments of Anglo American. “We had started the whole strategic review of the portfolio before the bid, but when the offer came in, we had to accelerate things and that was less than ideal,” he said. Since unveiling the restructuring…

The confidence of CEOs of listed, large private and multinational companies in South Africa recorded a 7% increase in the third quarter of this year, rising to a score of 55.0, according to the Merchantec CEO Confidence Index. This quarterly copyright report which collates the views of CEOs of listed, large private and multinational companies in the country noted that this improvement reflected a cautiously optimistic outlook among South African business leaders, spurred by positive developments in the formation of the business-friendly Government of National Unity, and the recent reliable electricity generation. However, CEOs realise there is still a lot of work to be done to reduce Government spending and inefficiencies, interest rates, crime and policy uncertainties. Looking ahead, the majority of CEOs anticipate a gross domestic product (GDP) growth…

Office of the Pension Funds Adjudicator reports on key complaints The Office of the Pension Funds Adjudicator (OPFA) has announced that complaints about withdrawal benefits remain the most dominant category of complaints it investigated and closed in the year under review. According to the OPFA, this is in conjunction with non-compliance with section 13A (non-payment of contributions by participating employers). The Office of the Pension Funds Adjudicator (OPFA) describes itself as a statutory body established to resolve disputes in a procedurally fair, economical, and expeditious manner. The adjudicator’s office investigates and determines complaints of abuse of power, maladministration, disputes of fact or law, and employer dereliction of duty regarding pension funds. This information is contained in the annual report of the Pension Funds Adjudicator (PFA) which it presented in…

Jubilee Metals has landmark chrome production in South Africa, with output for the year to June rebounding 20%, putting the company on course to attain its targets of producing 2 million tons per year while it has also made advances with its Zambian copper operations. Leon Coetzer, CEO of Jubilee Metals, yesterday said chrome production in SA grew to 1.5m tons for the period under review. “This growth allowed us to exceed our full-year guidance of 1.450m tons and keeps us on track to achieve our goal of producing 2m tons of chrome concentrate per annum,” he said. However, the company’s production of platinum group metals over the full year to end June 2024 lapsed by 14.2% to 36 411 ounces although this had been offset by the “strategic prioritisation…

One of two California doctors in the drug-related death of actor Matthew Perry has pleaded guilty in the case. On Wednesday, Dr Mark Chavez, who is among the five people charged in the overdose death of the Friends star, pleaded to illegally distributing the drug ketamine. Ketamine is a short-acting anaesthetic that is also used as a treatment for depression and pain management. Perry died at age 54 in October last year, and according to an autopsy report, he passed away from the “acute effects” of ketamine and other factors that caused him to lose consciousness and drown in his hot tub. Chavez entered the plea during an appearance in the US District Court in Los Angeles and could face up to 10 years in prison at his sentencing, which…

Polokwane Mayor, Makoro John Mpe, has dismissed the widespread threats of a service delivery shutdown by disgruntled residents of Seshego, following social media posts warning residents to brace for the demonstrations. Mpe yesterday said there was no approval for the shutdown, and the disgruntled residents would not be allowed to turn Polokwane into “a banana republic”. “We want to assure the community that Thursday and Friday, because they (protesters) are also enticing residents with Friday, will be normal business days and we encourage everyone to proceed with their daily activities as usual,” said Mpe. “The municipality remains open to dialogue with residents and stakeholders through appropriate channels.” He said protests like the mooted “shutdown” should only be considered after all other avenues of engagement have been exhausted. “Threats to force…

Former minister of sport, arts and culture Zizi Kodwa and his co-accused, Jehan Mackay, a former boss of tech giant EOH, have appeared briefly before the Palm Ridge Specialised Commercial Crimes Court yesterday. Magistrate Philip Venter postponed the case against the two accused men to October 24, and extended their bail. “I am satisfied by submissions by all parties that this matter is not stagnating. It is moving along at a reasonable pace. I am satisfied therefore to grant the remand at the joint request until October 24 back to this court for the outcome of representations in terms of both accused one and two. “Your bail is extended on the same conditions as before,” Venter addressed the court before the accused men walked out. In July, ANC secretary-general Fikile…

Ingredients 2 tbsp cooking oil 2 tbsp butter 1 large onion Tikka paste 1 tin tomato 1 ¼ cup heavy cream 2 tins of Peri peri sardines Handful of finely chopped fresh coriander Method Separate your sardines from brine and set aside. Medium heat pan, melt butter and sauté onions until soft. Add your tikka paste, stir for 2minutes then add your tin tomatoes and allow to simmer for 5 minutes. Stir in cream until incorporated. Add your fried sardines along with the brine and cook for 5 minutes. Add a bit of water if the sauce is too thick, chop in some fresh coriander and served with basmati rice or naan bread.…

This October, the heart-pounding roar of the Oracle Red Bull Racing RB7 Formula 1 car will ignite Katherine Street in Sandton City, when British Formula One racing legend, David Coulthard puts on an exhilarating Showrun. Spectators will witness the power and irreplicable tune of the RB7 for the first time. The RB7 was one of the most dominant machines in Formula 1 history, taking 18 of 19 poles and winning 12 races on the Team’s way to a second Drivers’ and Constructor’ Championship double in 2011. Oracle Red Bull Racing has brought the excitement of Formula 1 to cities like Santiago, Hanoi, Tokyo, Guadalajara, and Cape Town. The team is returning to South Africa in 2024 to thrill even more fans. David Coulthard, who is familiar with South African shores,…

“Yes”, Edwill van der Merwe will tell you, with a chortle, when asked if he will be sporting a new scrum cap this weekend, “I have signed with Gilbert recently.” So, there you have it. And with the most important question out of the way, the Springbok wing can also reveal that he has recovered from injury and is ready to start his United Rugby Championship campaign with the Lions. The Joburgers face a stacked Edinburgh at Ellis Park tomorrow (1.45pm kick-off), and Van der Merwe is earmarked to make his return then. Yesterday during training in Doornfontein, the 28-year-old was running drills on the book-end of the backline, with Rabz Maxwane propping up the other end. Van der Merwe suffered a devastating ankle injury earlier this year, just after…

The South African private sector economy is on a recovery trajectory, buoyed by a substantial rise in new work intakes during the third quarter of 2024. Data from the S&P Global South Africa Purchasing Managers’ Index (PMI) released yesterday indicated that business activity expanded for the first time since August 2023, showcasing a collective boost in demand conditions and the first reduction in selling charges in more than four years. David Owen, senior economist at S&P Global Market Intelligence, noted that the upswing in the PMI data offers reassurance about the improving health of the South African economy. The PMI rose to 51.0 in September, up slightly from 50.5 in August, marking an encouraging trend above the neutral mark for two consecutive months. Owen described this growth acceleration as the…

South Africans’ demand for credit increased over the last quarter, with the Gen Z cohort (people born between 1995 and 2010) driving growth, particularly in the unsecured credit market. This is according to the “TransUnion Industry Insights Report: Quarterly Review of Consumer Credit Trends” for the second quarter of the year. Collectively, South Africans owed about R2.37 trillion in household debt at the end of June, according to the report, up 3.7% year-on-year. About half of this money (R1.2tr) is in housing loans; about 24% (R580 billion) is in vehicle finance; and the remaining 26% (R626bn) is in unsecured debt. The average new vehicle loan amount in the second quarter was R394 670 and the average new home loan amount was R940 675. Credit for consumption Unlike housing and vehicle…

Vukile Property Fund’s board said yesterday an improved cash offer for its 28.8% stake in Lar España Real Estate had been accepted following careful evaluation of its options. A consortium involving Hines European Real Estate Partners III and Grupo Lar Inversiones Inmobiliarias, Lar España's asset manager, has increased their offer to €8.30 per share from €8.10 per Lar España share, for all shareholders, following its negotiations with Vukile. Vukile said that its investment in Lar España, held through its 99.5%-owned Spanish subsidiary, Castellana Properties, had realised significant value for Vukile shareholders. Vukile’s share price traded 0.33% higher at R18.30 yesterday morning, bringing its gain over 12 months to more than 42%. CEO Lawrence Rapp said in a statement the disposal would allow Vukile, via Castellana, to achieve an internal annual…

The Bankers Association of Zimbabwe (BAZ) has called out new exchange rate strengthening measures by the country’s central bank, which devalued the local unit of exchange. The Reserve Bank of Zimbabwe (RBZ) last week devalued the Zimbabwe Gold currency, seeking to tame a runaway parallel exchange rate. After retailers complained of monetary and pricing distortions following the wider parallels between the official exchange rate and the street exchange, the RBZ hiked the policy rate from 25% to 35%. However, banks in Zimbabwe have now said that the new measure has the “potential to see an increase in non-performing loans” in addition to driving up the cost of capital, with the the higher borrowing costs set to “defer investment and expansion” of businesses. Banks in Zimbabwe include units of South African…

Chris Brown’s December concert in Joburg has South African women buzzing with excitement, but his controversial past raises questions about separating the artist from their actions. Investigation Discovery (ID) is set to release a documentary titled Chris Brown: A History of Violence, which focuses on the Loyal hitmaker’s history of domestic violence. The doccie will premiere on October 27 as part of the network’s No Excuse for Abuse campaign. It will explore the long history of violence that Brown has been involved in, detailing his past back to his troubled childhood and examining the lasting impact of the cycle of abuse, while also posing the question of how Brown maintains his stardom despite his record of violence. It will also introduce a new accuser who has come forward. In the…

Love it or hate it, October 4 marks a noteworthy celebration in the world of spirits – National Vodka Day. This special day is dedicated to honouring one of the world’s most versatile spirits. From its origins in Eastern Europe to its global popularity today, vodka has a rich history and a prominent place in many hearts around the globe. Impressively, vodka is the second most consumed spirit, only preceded by whisky. Traditionally, this spirit was concocted by mixing water with distilled potatoes and grains. However, its evolution has given rise to the addition of flavourings such as sugar and fruits. Given vodka’s diverse appeal, there are numerous ways to enjoy the tipple, from sipping it neat to crafting creative cocktails. Whether you are new to vodka or a seasoned…

The Proteas Women’s team will hope to go one step further as they begin their quest for ICC Women’s T20 World Cup glory today in the desert plains of the United Arab Emirates. It was less than 18 months ago that Suné Luus’s side shattered the glass ceiling by becoming the first senior South African cricket team to reach a World Cup final, which was played in front of raucous home support at a sold-out Newlands in Cape Town. Unfortunately, the Australian team had too much experience, and emerged triumphant. Much has changed since the balmy afternoon under Table Mountain, though, with star batter Laura Wolvaardt taking over the leadership reins from Luus and long-serving coach Hilton Moreeng having relocated to the US. “Last year was great, but obviously…

The Johannesburg Metro Police Department (JMPD) is threatening to come down hard on motorists driving around with unroadworthy vehicles. The JMPD said in a social media post that any vehicle found with three or more defects will be taken off the road. “Any vehicle that is found with 3x or more defects will be discontinued by #JMPD officers from operating on the public road. This includes engine oil leaking, rear brakes, worn-out tyres, cracked windscreen & indicators not working, etc. Compliance is not negotiable!” the JMPD said on X. Section 42 of the National Road Traffic Act states: “No person shall operate a motor vehicle which is not in a roadworthy condition on a public road.” But it’s also important that motorists understand their rights. Roadblocks are regulated by Section…

THE Tshwane Metro Police (TMPD) has successfully recovered a stolen vehicle linked to a kidnapping incident, urging the public to assist in ongoing investigations. Members of the TMPD task team unit, deployed in the troubled area of Jukulyn, sprang into action to locate a stolen white Kia vehicle. TMPD spokesperson Senior Superintendent Isaac Mahamba said the task force was carrying out routine patrols in Region 1, Sector 1, when the alert reached them. Leveraging technology, they collaborated with a tracker company which led them to the vehicle's location in Pretoria West at a site known as Zama Zama. The vehicle was found abandoned with its keys still inside and upon inspection, officers encountered individuals claiming they were victims of a crime. Mahamba said the subsequent investigation unfolded a harrowing narrative…

Internationally acclaimed comedian and former host of The Daily Show, Trevor Noah, has announced the release of his new book, Into the Uncut Grass, scheduled to hit shelves on October 8. The book follows the success of his memoir Born A Crime, which charts his personal story and the injustices he faced while growing up half-black, and half-white in South Africa under and after apartheid. It further evokes excitement as audiences are reminded of Noah’s storytelling ability, showcasing his signature humour and inviting both children and adults to immerse themselves in it. Taking to social media to share his excitement, he said: “My new book Into the Uncut Grass is intended for young readers and any adults who are still young at heart! It comes out everywhere on October 8th,…

Ingredients 175g softened butter, plus extra for the tin 200g self-raising flour 1 tsp cinnamon 100g light muscovado sugar 2 large eggs, beaten 3 tbsp clear honey 2 overripe bananas 100g stoned date 50g chopped walnut For the glaze 2 tbsp clear honey 25g butter 50g walnut half Method Heat oven to 160C. Butter and line the base of an 18cm Bundt mould or round cake tin with baking parchment. Put the flour, cinnamon, butter, sugar, eggs and honey in a large mixing bowl and beat with a wooden spoon or hand-held electric mixer until light and fluffy. Mash the bananas and chop the dates. Stir into the cake mix with the walnuts. Spoon into the prepared tin and smooth the top. Bake for 40-50 mins until firm to the…

Much of the focus in the early weeks of the Premier League season has been on the opening salvos in another title battle between Manchester City and Arsenal. So much so that Arne Slot’s Liverpool have moved to the top of the standings almost under the radar. With five wins from six matches, 12 goals scored and only two conceded, Liverpool lead champions City and Arsenal by one point, and have the chance to bolster their advantage when they travel to struggling Crystal Palace in tomorrow’s early game. Victory would give them a four-point lead, albeit probably only until Arsenal host 19th-placed Southampton later and Manchester City host Fulham. Liverpool’s opening fixtures have admittedly been kind, with wins against Ipswich Town, Brentford, Manchester United, Bournemouth and Wolverhampton Wanderers, and they…