Innholdsfortegnelse for 2024-10-11 i Star

ABOUT R1.8 billion is being invested into a ferro manganese production along South Africa’s mineral plush Bushveld Complex as investors tap into alluring opportunities for the metal. This follows the signing of a binding agreement by Khwelamet, a subsidiary of Khwela Capital, which is jointly owned by Menar Capital and Ntiso Investment Holdings, to fully acquire Samancor’s Metalloys manganese alloy smelter in Gauteng. Vuslat Bayoglu, the managing director of Menar, told Business Report this week that the completion of the transaction was subject to regulatory approvals. “We intend to invest around R1.8bn in the project. The decision was driven by a careful assessment of the markets and available opportunities for growth,” said Bayoglu. He added that acquisition of the Samancor facility gave Menar and its partner significant options in the…

Kganyago explains reluctance to cut rates aggressively after prolonged high South African Reserve Bank (SARB) Governor Lesetja Kganyago has maintained that the interest rates cutting cycle in the country will continue to be dictated by “domestic idiosyncrasies” in spite of emerging markets’ central banks cutting rates. The SARB last month decided to cut the borrowing costs by 25 basis points, from 8.25% to 8.00% per annum, for the first time in four years after interest rates remained elevated at a 14-year high for a prolonged period of time. The SARB was encouraged by headline consumer inflation declining to 4.4% in September, below the 4.5% midpoint of its 3% to 6% target range. Presenting the SARB’s annual report before the standing committee on finance in Parliament yesterday, Kganyago maintained that the…

South Africa’s manufacturing output is predicted to trend lower as the sector grapples with sluggish consumer demand and a hesitancy in investment, despite a positive shift in the country’s electricity supply situation. Data from Statistics South Africa (StatsSA) yesterday showed that manufacturing production declined by 1.2% year-on-year in August following a downwardly revised 1.6% rise in July. This marks a troubling continuation of the challenges facing this crucial sector of the economy. StatsSA’s director of industry statistics, Nicolai Claassen, said five of the 10 manufacturing divisions recorded a decline in production, with the automotive division - a significant pillar of South Africa’s manufacturing landscape - and metals and machinery the biggest drags on overall growth. “The automotive division recorded a 16.1% year-on-year decline, mainly driven lower by parts and accessories…

Despite average annual platinum group metals (PGM) prices decreasing by of 28% to $1 362 per ounce over the year period to end September, Tharisa is continuing with a plant construction at its Karo Platinum Project in Zimbabwe, with CEO Phoevos Pouroulis taking an optimistic view of the outlook for prices of the precious metal. Construction at the Karo Platinum Project commenced on 7 December 2022. In June 2023, an open pit pilot mining operation started to enhance mining methods and test metallurgical processing further. Karo aims to process about 2.5 million tons per annum of ore, achieving a production of 190 000 ounces per annum of PGM (6E basis). “We remain optimistic on the fundamentals of the PGM market and have thus continued to optimise our Karo Platinum…

R&B superstar Johnny Gill is ready to serenade fans with some of his greatest hits in Pretoria today. Fans can look forward to hearing classics like My, My, My and Rub You the Right Way, among many more songs from his illustrious solo career and group performances. The Grammy-nominated artist has made a name for himself over the decades, as a solo artist as well as with New Edition, alongside Ricky Bell, Michael Bivins, Bobby Brown, Ronnie DeVoe and Ralph Tresvant. He was also a member of the supergroup, LSG, with Gerald Levert and Keith Sweat. With eight solo albums under his belt and 15 million copies worldwide as a solo artist, Gill is renowned for his powerful voice, soulful lyrics and charismatic stage presence. The American singer-songwriter and actor…

Internationally acclaimed indie-folk band Hollow Coves will be heading to South Africa next year for four concerts in three cities. Their Nothing To Lose tour has been announced for February 2025 and will start with two performances in Cape Town on Saturday, February 8, at the Up The Creek Outdoor Music Festival at the Kirstenbosch Botanical Gardens, and on Wednesday, February 12, at the Old Biscuit Mill in Woodstock. Thereafter, the duo, which is made up of Matt Carins and Ryan Henderson, will head to the Durban Botanic Gardens to perform on Saturday, February 15, before making their way to Johannesburg on Sunday, February 16, where they will be serenading fans at Marks Park, Emmarentia. “South Africa! We’re coming to visit in just a few months. This will be our…

Christmas may have come early for the elderly as the City of Johannesburg paid back more than R167 million in property rebates to pensioners who own residential properties in the metro. The city granted property rebates to over 20 000 qualifying pension-owning homeowners over one year between July 2023 and June 2024. From the month of July, more than 30 000 property rebate applications were submitted to the city, with 5 902 being rejected due to various reasons. Group Finance director for communications and stakeholder engagement at the Joburg municipality, Kgamanyane Maphologela, cited a few reasons why some property rebates were rejected. “The applicant is not the registered owner of the property. The supporting documents of an applicant are incomplete. Our team reaches out to request additional information and, if…

As South Africa’s aviation sector stands on the brink of a crucial ruling regarding foreign ownership of airlines, the landscape remains fraught with uncertainty. After sporadic payments made by the Department of Transport (DoT) to the Domestic and International Air Services Licensing Councils, industry stakeholders have been awaiting clarity on pressing issues, including a vital dispute involving FlySafair and the stake of Qatar Airways in the airline. Highly placed sources say the councils have endured a tumultuous time, with the South African Civil Aviation Authority (SACAA) and the DoT pushing the councils to the back burner while legislative measures are implemented to transfer them back under DoT oversight. “We have nowhere to work in all reality between SACAA and the DoT,” a source told Business Report on Tuesday. “At least…

WHILE Rivers of Living Waters Church leader Bishop Bafana Stephen Zondo will be back on Monday in the Sebokeng Magistrates Court to face eight counts of sexual assault, his sex trial in Pretoria will only resume on March 3. His Gauteng High Court Pretoria trial is scheduled to run until March 20, when it will be Zondo’s turn to present his defence. He earlier pleaded not guilty to 10 sex-related charges, and although he did not divulge his defence, it became clear during the prosecution’s case that he claims his alleged victims are lying – either in a bid to extort money from him or to start their own rival Church. The last witness the prosecution called was well-known forensic psychologist Professor Gerard Labuschagne, who provided psychological insights into the…

The Directorate for Priority Crime Investigation, also known as the Hawks, has arrested 37-year-old Caroline Diana Sserufusa after she allegedly received more than R600 000 defrauded from an unsuspecting North West woman in a romance scam. Sserufusa, aged 37, and her company on Wednesday appeared before the Specialised Commercial Crime Court sitting in Klerksdorp, on charges of fraud and money laundering. Warrant Officer Amogelang Malwetse, North West’s spokesperson for the Hawks, said in June 2023, a 47-year-old woman who is the complainant in the case, allegedly met and dated a Nigerian man only known to her as Chris. The name of the victim, aged 47, is withheld in an effort to protect her from victimisation. “After a few weeks of dating, the man reportedly advised her to resign from work,…

A month-long collaborative pilot with transporters has seen the Durban Container Terminal Pier 2 improve its truck turnaround time by 24%. The new truck booking solution to manage the flow of trucks into the terminal will remain in order to improve and sustain the availability of slots at the terminal. Managing xxecutive at the Durban Terminals, Earle Peters said:“The terminal now releases available truck booking slots 60 hours in advance compared to the previous 24 hours. Landside operations have a dedicated fleet of 16 straddle carriers, and the new equipment that keeps coming will only enhance the solution we have agreed on with transporters.” He added that transporters with import container releases of at least 50 containers per transporter per vessel are not required to make any bookings for evacuation.…

I could fill this column with numbers and statistics, detailing the positive trajectory of South Africa’s economy. And it’s easy enough to do. However, the promise displayed in the numbers needs to be cemented, and that can only happen through collective action from all of us. Everything from consumer confidence to gross domestic growth has improved. Consumer confidence is at a five-year high, business confidence is growing, with respondents in the RMB/Bureau for Economic Research index expecting conditions to improve over the next year – the first time in just more than two-and-a-half years. Business activity, according to S&P, expanded for the first time since August 2023. The economy is growing, although the rate is tepid, to be generous. The Merchantec CEO Confidence Index, which measures confidence levels of CEOs…

PRECIOUS metals producer Sibanye- Stillwater has encountered a legal setback in its ongoing $1.2 billion (R15 billion) dispute with Appian Capital Advisory LLP following a ruling delivered in the High Court of England and Wales. The proceedings, which began in June, focused on the termination of share purchase agreements (SPAs) between Sibanye-Stillwater and Appian, associated with the acquisition of the Santa Rita and Serrote mines in Brazil. At the root of this dispute is a geotechnical event that occurred at the Santa Rita nickel operation in Brazil in November 2021, which Sibanye- Stillwater argued was significant enough to adversely affect the mine’s business and finances. On January 24 2022, Sibanye- Stillwater moved to terminate the share purchase agreements with Appian after the collapse of a pit wall at one of…

Martin HesSE Open medical schemes (those that anyone can join) generate far more complaints from their members than closed schemes (those restricted to individual companies or industries), suggesting that members of closed schemes may be happier with the services and benefits they receive, or the schemes may be better at resolving disputes internally. The annual report of the Council for Medical Schemes (CMS) for its 2023/24 financial year was released this week. The report covers the operations and financial position of the CMS as well as its complaints statistics. It does not include statistics about the schemes themselves, which are covered separately in an industry report. There are roughly 9 million beneficiaries of medical schemes in South Africa (about 15% of the population), of which 54% are in open schemes…

Sibanye-Stillwater has disposed of its Blue Ridge Platinum mine, which has been under care and maintenance since 2011, to Mantengu Mining that has a listing on the JSE AltX. The Blue Ridge platinum group metals (PGM) mine has an integrated ore processing plant and is in Limpopo. It will resume operations under Mantengu Mining on approval of all conditions precedent to the transaction. “The acquisition of Blue Ridge is in line with its investment strategy of unlocking intrinsic economic value trapped in the small to large mining sector,” said Mantengu Mining CEO Michael Miller. Blue Ridge owes more than R1.1 billion to its major creditors that include Sibanye-Stillwater, the Industrial Development Corporation, and the Development Bank of South Africa. For a nominal amount, Mantengu will be acquiring all the loans…

If you’re the type to indulge conspiracy theories and dig into the underworld of Hollywood drama, you’ve probably heard of Jaguar Wright. She’s been on a mission, spilling secrets and shedding light on the side of fame that most fans don’t see – a much darker side. Recently, Wright had people talking about her appearance on Piers Morgan Uncensored, where she didn’t hold back on her claims. She accused powerful music icons Jay-Z, Beyoncé and P Diddy of some alarming actions. During the show, she stated: “For four years I’ve been screaming not just Diddy, but Diddy and Jay-Z are monsters.” Wright claimed there are “hundreds of victims” with stories about the power couple’s alleged behaviour. But that wasn’t all. She went further, alleging that the couple put people on…

A STAGGERING R360 million has been spent on overtime for the SAPS VIP Protection Unit over the past two financial years. This has sparked concerns that politicians’ safety was being prioritised over public safety. According to Minister of Police Senzo Mchunu, the unit, tasked with protecting ministers and deputy ministers, racked up R198 045 844 in overtime pay in 2022/23 and R161 885 074 in 2023/24. The exorbitant overtime bill has been attributed to the extraordinary working hours of close protection officers, who claim 100 hours of overtime per month. With the number of “VIPs” increasing, the SAPS VIP Protection Unit’s overtime costs were expected to rocket during the current term of office. RISE Mzansi MP and National Assembly Caucus whip, Makashule Gana called on Mchunu to collaborate with his…

Police Minister Senzo Mchunu has commended what he called the outstanding work of the South African Police Service (SAPS) following the successful arrest of a sergeant, after an extensive two-month investigation led by the highly respected Captain Keshi Mabunda. Mabunda is renowned for his exceptional work in dismantling insurance fraud syndicates. One of the successful convictions was that of former police officer and convicted serial killer Nomia Rosemary Ndlovu, who orchestrated the murders of loved ones for payouts on insurance policies. The sergeant, 43, has been linked to the brutal and senseless murders of six individuals in and around Polokwane, Limpopo. The victims, who lost their lives under tragic and terrifying circumstances, were part of a calculated and heinous scheme to defraud life and funeral insurance policies amounting to R10…

Abel Tau, the former DA chairperson in Tshwane who briefly served as acting mayor, has been revealed as a member of the uMkhonto weSizwe Party, led by former president Jacob Zuma. Tau became Tshwane’s acting mayor in 2019 following the unceremonious ousting of mayor Stevens Mokgalapa who was embroiled in a sex scandal with then Tshwane roads and transport MMC Sheila Senkubuge. After being officially introduced as a member yesterday, Tau told attendees that his decision was motivated by a desire to serve the community. “This is not about any of us sitting in front today addressing this media briefing. “This is about that gogo in Mamelodi who is looking after her grandchildren whose parents have died because they were let and allowed to be fed nyaope in a lawless…

BLURB: Professor Grant Farred’s book, The Perversity of Gratitude, delves into complex themes surrounding memory, identity, and the long-term impacts of apartheid in South Africa. In this Q&A, Professor Farred shares his insights into his writing process, his experiences during apartheid-era Cape Town, and the lessons he took from his time at Livingstone High School. Q: You attended Livingstone High School during those turbulent years, 1976 to 1980. How did that period in your life, with the political unrest and school boycotts, shape your ideas and inspire the themes in your book? A: “In many ways, it would be true to say that I began to craft, that is, to think, The Perversity of Gratitude from the very first moment I entered 100 Lansdowne Road, the home of Livingstone High…

The Lions have started the new United Rugby Championship with ruthless efficiency, securing two bonus-point victories in their opening matches. They comfortably beat a second-string Ulster 35-22 and then demolished Edinburgh 55-21. The Joburgers arrived in Wales yesterday to start a five-match away tour, which includes a EPCR Challenge Cup clash against the Ospreys. But first, they will face the Dragons on Sunday (3.30pm kick-off). Here, Morgan Bolton looks at five players from the Lions’ 29-man touring squad to watch out for... Asenathi Ntlabakanye The cult of Ntlabakanye only keeps growing. He hasn’t quite hit his straps during the Currie Cup and so far in the URC, but if he manages to get to similar form of the previous campaign, he will be a force of nature. He is a…

The tide is turning for South African investment, experts at the Think Investing Convention 2024 held at the JSE said yesterday. They agreed it was time for South African markets to thrive, not strive, with higher returns on local equities versus US equities. Tobie van Heerden, the CEO of 10X Investments, comparing the local asset management industry to the Springboks’ performance in the Rugby World Cup, shared the analogy of how the team was winning by one point in games and just surviving, but it came out the other side and was now thriving. Now too was the time for local markets to thrive, he said. South Africa’s elections and the Government of National Unity (GNU) was a turning point for the country as regards investment, according to Van Heerden.…

South Africa is making progress towards tightening lax Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) controls towards the end of exiting the Financial Action Task Force’s (FATF’s) greylist. However, it seems unlikely that the government, banks, and other regulated entities will have done enough to get the country off the greylist by the time of the FATF’s January 2025 meeting. Following the greylisting in February 2023, South Africa committed to working with FATF to overcome its shortfalls. Included in an eight-step process were requirements to strengthen legal enforcement utilising data from the Financial Intelligence Centre (FIC) and to introduce more effective measures to identify and implement sanctions. On the upside, progress has been made towards meeting the FATF’s list of action points relating to targeted financial sanction regimes and legal…

Endeavor South Africa announced the first close of its R500 million Harvest Fund III, securing R190 million, exceeding its initial R150 million target on Thursday. The fund aims to catalyse growth in high-potential tech-related companies across the African continent. Major investors include Standard Bank, Allan Gray, and the SA SME Fund. The first close coincides with the final investment of the highly successful R190 million Harvest Fund II, which made 19 investments in 17 companies. "In Harvest Fund III, we are doubling down on a strategy that is working, investing in Endeavor's existing portfolio of high-growth entrepreneurs who run market-leading founder-led companies with exceptionally strong local and global growth, scalable IP, robust returns, and a pay-it-forward mindset," Antonia Bothner, Endeavor SA Capital Markets Lead said. The fund plans to invest…

Vodacom, which recently celebrated its 30th birthday, solved 4 000 instances of fraud through robotic process automation recently, and is integrating technology such as artificial intelligence (AI) into its systems so that it has the analytics that will allow it to remain competitive. Speaking at the Finance Indaba held yesterday in Sandton, Raisibe Morathi, Vodacom Group chief financial officer, said that the influx of technology was not going to stop but it can be used to inform better decision making. She said the emergence of technology that matters “does not stop…it is a lot; it is not going to stop there”. Addressing delegates at Africa’s biggest finance conference, Morathi warned that new technology needed to be embraced because, failing to do so, will result in people being replaced. “We…

Nota Baloyi has hit back at MacG and Sol Phenduka for comments they made about him on a recent episode of their show, Podcast and Chill. Nota has been released on R5 000 bail after he was arrested on rape charges and appeared in court. During the podcast, the presenters discussed Baloyi’s situation, stating that while he might have a point, the key issue was the woman’s right to say no. MacG remarked: “Nota could be right in everything he’s saying but the moment she said no, it doesn’t matter.” Phenduka agreed with his view, mentioning that deleted text messages showed the woman had said no and had resisted him. “A ‘no’ means a ‘no’,” he added. Feeling that his reputation was at stake, Baloyi took to X to share…

Mzansi Wethu’s telenovela Sibongile and The Dlaminis continues to be the most watched on DStv. Last month, the telenovela had 1 508 378 viewers, up from 1 344 524 in August. Viewership numbers audited by a channel often differ from that of The Broadcast Research Council of South Africa, which releases figures monthly. From March, Sibongile and The Dlaminis has remained the most watched programme on DStv, with viewership ranging from 1.3 to 1.4 million viewers. Uzalo is the most-watched programme on SABC 1, with 5 128 867 viewers. Generations the Legacy has 4 438 978 and Skeem Saam 3 920 850 viewers. Muvhango is the most-watched programme on SABC 2, with 1 059 266 viewers. On e.tv, soapies are averaging three million viewers. House of Zwide is…

THE National Prosecuting Authority (NPA) has decided not to prosecute any of the suspects implicated in the controversial Phala Phala case. In a statement yesterday, the NPA said Director of Public Prosecutions (DPP) in Limpopo, advocate Mukhali Ivy Thenga, has taken a decision not to prosecute. The NPA said this decision follows a comprehensive investigation by the Directorate for Priority Crime Investigation (DPCI) after Arthur Fraser had registered a criminal complaint against President Cyril Ramaphosa with the SAPS. The NPA said Fraser requested the SAPS to investigate the conduct of the president and that of Major-General Wally Roode over a robbery at the president’s game farm, alleging it amounted to money laundering and corruption. “The investigations also covered any possible contravention of the lncome Tax Act 58 of 1962 and…

THE provision of clean water to Hammanskraal residents has emerged as a pressing issue once again, dominating discussions in the Tshwane council after Dr Nasiphi Moya, the newly elected mayor, took her oath of office during a special council sitting on Wednesday. If she lives up to her promise, Moya’s ascension to the mayoral seat, facilitated by ActionSA alongside the ANC and EFF, brings renewed hope for addressing long-standing water infrastructure challenges in the region. In her acceptance speech, Moya made a heartfelt promise to all residents, saying, “To the residents of Soshanguve, Hammanskraal, Mamelodi, Centurion, Bronkhorstpruit, Ga-Rankuwa, Lynwood, Kameeldrift, Waterkloof, Irene, Sokhulumi and everyone residing in between, I am here to tell you that I am a mayor for all.” This unifying declaration signaled her intent to tackle the…

The beloved musical trio Mi Casa has once again graced the music scene with their latest album, THR3E, a vibrant tribute to their 13-year journey of friendship and creativity. Known for their infectious blend of house, jazz, kizomba, funk, pop, and soul, Dr Duda, J’Something, and Mo-T have crafted an album that is not just a collection of songs but a heartfelt celebration of their enduring bond. Taking to Instagram to express their gratitude, the group emphasised that their success is rooted in unity. “Mi Casa is 3. We are a band, and remove one of us, and there is no Mi Casa. Dr Duda, Mo-T, and J’Something... WE are Mi Casa. There isn’t one without the 3. This album is dedicated to the 13 years of friendship,” they shared,…

Drip, the popular South African sneaker and apparel brand founded by Lekau Sehoana, has been ordered to liquidate by the Gauteng High Court, Johannesburg, following a financial dispute with creditors. This marks a tragic chapter for a brand that not only forged a successful five-year journey but also made significant impacts in the local fashion industry and beyond. Drip’s rise began with promising collaborations with highly recognised figures in the entertainment world, cementing its status as an influential player in sneaker culture. However, despite its initial success, the financial crises it encountered have proven insurmountable, leading to inevitable liquidation. According to reports, the process will involve the selling off of Drip’s assets, including remaining stock, physical possessions, and possibly even intellectual property. Employees are bearing the brunt of this unfortunate…