Innholdsfortegnelse for 2024-10-14 i Star

THE Competition Commission has approved the acquisition of The Beverage Company, commonly known as Bevco, by Varun Beverages, a significant player in the global beverage market. This decision, announced on Friday, came with a series of conditions designed to safeguard competition and protect public interest within the local market. Following an analysis of the transaction under Rule 38(3)(c) of the ‘Rules for the Conduct of Proceedings in the Competition Commission’, the Commission concluded that the merger was unlikely to substantially impede competition in any significant way. The approval marks a milestone for Varun Beverages, which aims to consolidate its presence in the South African beverage landscape. The Commission noted that both parties agreed to a condition ensuring no job losses will result from this transaction. Further commitments were made, including…

Coronation Fund Managers plans to hike its BEE from a 31% ownership level to over 51% as growing industry pressures mean it might not be able to increase its R632 billion in assets under management (AUM) unless it transforms further. Explaining why the company has proposed transactions that will involve participation by its black employees – there are currently 193 – as well as the upliftment of a broad base of beneficiaries, Coronation’s directors on Friday said these transactions were necessary notwithstanding the existing Level 1 BEE contributor status, and 31% black ownership level. “Coronation estimates the total indicative expense ... to be approximately R270 million to R330m. Coronation further estimates the dilutionary impact ... on earnings and dividends per Coronation share to be about 2% to 3% – excluding…

The article by Crown Prince Adil Nchabeleng in Business Report, titled “Coal conundrum: Why South Africa should not abandon its black gold”, had jewels in it. These are: 1. Growth hypothesis (GH), 2. Conservative hypothesis, (CH) 3. Feedback hypothesis (FH), and 4. Neutrality hypothesis (NH). Three of these are complementary to one another and suggest that energy consumption and growth in gross domestic product have a net causal and positive relationship. The fourth hypothesis suggests that the relationship is neutral. What is important about Nchabeleng’s contribution is the question this raises about a debate and decision that saw South Africa under a reign of terror by darkness for six years. It all happened in the dark: no one was seen, caught and brought to account. It was all cheers when…

Mining executives in Zimbabwe – including CEOs of units of Impala Platinum, Sibanye-Stillwater and Anglo American Platinum, among others – are planning up to $600 million (R10.5 billion) in capital expenditures for 2025, despite expectations that the investment climate will worsen. Zimbabwe is among the world’s top producers of platinum group metals (PGM), lithium and nickel while it also has vast deposits of coal, lithium and diamonds, among others. To tap into the allure of the rising demand for commodities, existing investors in Zimbabwe are planning $600m in capex in 2025, a survey by the Chamber of Mines of Zimbabwe showed on Friday. With mineral exports projected at $5.5bn this year, expectations are that next year the mining industry in Zimbabwe will notch up mineral exports to $6bn on the…

Jennifer Lopez’s split from Ben Affleck hit her hard. The 55-year-old singer-and-actress filed for divorce from the Argo star two months ago, after just two years of marriage, and she says she does not regret her decision “for one second”. Jennifer, who was previously married to Ojani Noa, Cris Judd and Marc Anthony, told Nikki Glaser in a conversation for Interview magazine: “I was thinking about this time in my life, and I’m like: ‘That’s not what I thought it was going to turn out like.’ And then I thought: ‘No, this is exactly where I needed to be, to lead me to where I want to go.’” Asked if she regretted the pain she went through, she added: “Not one second. That doesn’t mean it didn’t almost take me…

In a heart-wrenching turn of events, Katlego Olifant, a 7-year-old from Naledi, Soweto, died yesterday after a week-long battle in the intensive care unit of Lesedi Hospital. He was one of six children who tragically consumed what is believed to be poisoned snacks. His death was confirmed during a mass funeral held for the other five children at the Naledi Community Hall, marking an unthinkable sorrow for the community. The circumstances surrounding this tragedy have sent shock waves through the local schools involved – Karabo Primary School and Khauhelo Primary School – where three of the learners hailed from. In a grim scene, scores of grief-stricken family members and friends gathered in the packed hall yesterday to bid farewell to their beloved children, struggling to comprehend a loss that has…

THE grieving families of the 18 victims killed in a brutal shooting in Lusikisiki, believe the journey towards healing can only start when all perpetrators are behind bars. They laid to rest their loved ones in different areas at the weekend. Gunmen stormed into two homesteads in Ngobozana village last month and fired at the victims while they were sleeping. They were preparing for a traditional ceremony. Forty-five-year-old Siphosoxolo Myekethe made his first appearance in the Lusikisiki Magistrate’s Court on Wednesday in connection with the murders following his arrest on Monday at his home in Mthimde Location, Mamfengwini area, Eastern Cape. Myekethe was also charged with one count of possession of an unlicenced firearm, an AK47 assault rifle. Myekethe was out on parole at the time of the murders after…

THE costs of setting up offices for two new ministers and seven additional deputy ministers of the President Cyril Ramaphosa-led Government of National Unity (GNU) is likely to be more than R90 million. Following the ANC’s decline in support after the May 29 national and provincial polls, in which the ANC could only obtain just over 40% of the votes, Ramaphosa added two ministerial and seven deputy ministerial positions to his national executive to accommodate other parties to the GNU. It has now emerged from the National Treasury that the costs of establishing the offices of new ministers and their deputies will be capped at R14.4m and R8.8m, respectively, following Ramaphosa's proclamation establishing the reconfiguration of government. The Treasury has produced the national macro organisation of government (NMOG) guide to…

Motorists were urged to rather make use of public transport by the management of the Gautrain and Tshwane’s A Re Yeng during an activation event to encourage greater utilisation of public transport services over private vehicle use. Motorists stuck in morning peak traffic were encouraged to use public transport as it is generally a more efficient, convenient, cost-effective, reliable, safer, and greener mode of transport. The activation took place at a busy traffic intersection in Tshwane on Friday, while another activation is scheduled for October 25 in Johannesburg. The activations are an initiative of the Gautrain in partnership with bus rapid transit systems operating in the City of Tshwane and the City of Johannesburg as part of marking October Transport Month. The negative effects of traffic congestion include increased travel…

It was with sadness that I read of the death of fearless former judge, Willem Heath. He will be remembered for his unflinching support, in the struggle against rampant corruption. He gave impartial and objective investigations the respect and admiration they deserved. He was a giant among our judiciary who strove to put the ordinary men and women at the heart of his judgments. He was the master craftsman of legal judgments, a pioneer whose exceptional career spanned decades and whose legacy will influence generations to come. We have lost the most powerful voice of a fearless legal eagle who stood on the side of justice and liberty. A devastated people mourn the loss of iconic and articulate Heath. We lost not only one of the most recognised judicial faces…

South Africa has rocketed up the rankings in the UN e-Government Index for 2024, climbing from 65 in 2022 to an impressive 40 out of 193 countries. This advancement places the nation among well-established economies globally, marking it as a leader in e-government development within Africa. In a notable milestone, South Africa’s progress is echoed by Mauritius, which ranks 76th, and Tunisia at 87th. Both South Africa and Mauritius have now entered the category of countries classified within the very high e-Government Development Index (EGDI) group. This classification highlights the remarkable strides made in enhancing digital government infrastructure and services across the region. Minister of Communications and Digital Technologies Solly Malatsi welcomed this significant improvement by emphasising the importance of accelerating South Africa’s National e-Government Programme. “As the digital economy…

Finance Minister Enoch Godongwana says Mboweni served his country with distinction Former finance minister Tito Mboweni has been described as a vital cog that helped to stabilise South Africa’s macroeconomic landscape in the various roles he played in government. Mboweni died on Saturday in a Johannesburg hospital surrounded by his loved ones after a brief illness. He was 65. His death has dealt a blow to the National Treasury and the government’s finance institutions coming so soon after the passing of another former finance minister, Pravin Gordhan. Mboweni served as minister of finance between 2018 and 2021, guiding South Africa’s economy through the worst of the Covid-19 pandemic. He returned to Cabinet reluctantly to serve as finance minister when President Cyril Ramaphosa came calling after former finance minister Nhlanhla Nene…

Eskom has proudly announced a significant achievement: 200 consecutive days of uninterrupted power supply since March 26 this year. This milestone has been made possible through the Generation Operational Recovery Plan, a strategic initiative that has played a crucial role in enhancing the reliability of the power utility’s generation fleet. The plan has successfully reduced unplanned outages by about 8.6% and improved the Energy Availability Factor (EAF) by about 7.7%. These improvements not only ensure a more reliable power supply, but are also anticipated to positively influence South Africa’s economic outlook, contributing to an expected 2% growth in the economy and improving Eskom’s financial performance for the upcoming financial year, which ends on March 31, 2025. This comes amid concerns over Eskom’s financial sustainability as it anticipated a R1-billion loss…

South African financial markets remain volatile and uncertain given the Middle East crisis and worries on the Chinese economy. The Brent oil price increased to $80.75 (R1412) per barrel on Monday last week and traded at $79.03 at the close on Friday. This is almost $10 per barrel up from $69.75 per barrel on September 26, 2024. This was also the last day up to which the decrease in fuel prices was calculated by the Central Energy Fund (CEF) to lower fuel prices during October. The exchange rate, however, appreciated strongly on Friday to R17.36/$. This is 11c better than the previous Friday and still a few cents stronger than the R17.67 average than what the CEF used in lowering the fuel price in October. Given the high base…

Zeder Investment’s strategy to create wealth for its shareholders is bearing fruit with prospects of further special dividends this financial year, even though the normal interim dividend was passed. Zeder is an investor in the broad agribusiness and related industries with an underlying investment portfolio valued at R3.3 billion on August 31, 2024. Its sum-of-the-parts value per share decreased by 33 cents per share or 17.9% to R2.15 per share from R2.48 per share as at February 29, 2024. The decrease was mainly a result of the ad-hoc special dividends of 30 cents per share (R462m) paid during the period, and the adjustments to the valuation of the unlisted investments. The share price fell 3% to R1.94 on Friday on the JSE, but remained 11.7% higher than the same time…

J. Cole’s latest drop is shaking things up. Out of the blue, Port Antonio hit the scene last week and it’s already got fans talking. Cole is finally speaking out on the rap beef between Drake and Kendrick Lamar – a feud that's been dominating the game all year. While the drama was unfolding, Cole stayed in his lane, choosing peace over chaos. Now, he’s letting us know exactly why he sat this one out. The backdrop to this drama? Lamar stirred up the rap world in April with his diss track Like That, aimed squarely at both Cole and Drake. While others took sides, Cole chose the path of peace, becoming the “silent dynamite” of the industry. He admitted to feeling the heat to respond, sharing that he felt…

Municipalities urged to act to avert system collapse as water storage levels decline As Gauteng grapples with a catastrophic decline in water storage levels, Rand Water has sounded the alarm over excessive withdrawals by municipalities, leading to an unprecedented crisis. The bulk water supplier has repeatedly alerted local governments of the potential for disaster, but despite this, the situation has now escalated to worrying levels. “We have communicated through letters, held meetings with many municipalities and engaged in discussions at Gauteng’s Intergovernmental Governance Forum and the Gauteng Water Imbizo. Unfortunately, the crisis we sought to prevent has now materialised,” said Makenosi Maroo, spokesperson for Rand Water. “The water supply systems in Gauteng, including Rand Water reservoirs, are critically low and the situation is anticipated to worsen with the ongoing heatwave.”…

The Directorate for Priority Crime Investigation, commonly known as the Hawks, arrested 818 suspects during the second quarter of 2024/2025, including several people involved in fraud at the now-defunct Steinhoff – the biggest corporate scandal in South Africa to date – and other people who had stolen money from the State. Briefing the media yesterday, Lieutenant-General Godfrey Lebeya said that the directorate “has made significant inroads in apprehending individuals involved in high-profile cases, thus ensuring accountability and justice for the victims”. These arrests targeted people involved in serious corruption, serious organised crime, serious commercial crime including fraud, theft and money laundering, and other crimes. Lebeya said the Serious Economic Offences Unit of the Hawks and the National Prosecuting Authority secured arrest warrants for four people involved the Steinhoff implosion, including…

The Insurance Crime Bureau says there are “millions and millions” of insurance policies taken out by genuinely concerned family members across South Africa, but there is also a very small percentage of fraudsters and psychopaths who take these policies with sinister motives. Policewoman Rosemary Ndlovu orchestrated the deaths of her loved ones to cash in on insurance policies, and she is on trial on charges of allegedly plotting the death of her friend’s now ex-husband. Ndlovu, serving six life sentences, last month appeared alongside co-accused Nomsa Mudau in the Kempton Park Magistrate’s Court in Ekurhuleni. Both Ndlovu and Mudau were police officers at the time. They are accused of allegedly conspiring to kill Mudau’s ex-husband, Justice Mudau, in 2018 for insurance payouts. On Thursday, IOL reported that a Limpopo-based police…

The much-anticipated Lemo Fest 2024 made a spectacular comeback, solidifying its reputation as a cultural powerhouse in Bloemfontein, Free State, and continuing to be a vital driver of local economic growth. Building on the tremendous success of last year’s festival, Lemo Fest 2024 invited attendees to experience the magic where music and culture come together to uplift local communities in Bloemfontein. The weekend featured thrilling performances and a vibrant, celebratory atmosphere that captivated everyone. The Star was part of the festival that unfolded over two thrilling days, featuring the Lovers & Friends Concert and Gin & Jazz, each event contributing to an unforgettable experience. The Lovers & Friends Concert took centre stage first, drawing in crowds with the smooth sounds of R&B and Afro Soul. Fans enjoyed unforgettable performances from…

Transnet has announced that the review process for the Durban Container Terminal (DCT) Pier 2 will proceed without undue delay, following an interim court ruling that has raised questions about the award of the contract to Philippines-based International Container Terminal Services Incorporated (ICTSI). On Friday, Transnet confirmed its intention to approach the court soon to secure a preferred date for the hearing of the review application. The interim interdict, delivered on Wednesday last week, does not annul ICTSI’s status as the preferred bidder, despite legal action from APM Terminals, the unsuccessful bidder. APM Terminals aims to interdict Transnet from finalising the contract for revitalising Pier 2, while a forthcoming part B hearing will address the legitimacy of Transnet’s decision to select ICTSI. “It would, therefore, be premature to make any…

Bancassurance (where banks sell insurance products) has been around for decades. Banks are well positioned in this regard as they are often part of key life moments that catalyse such sales. Most notable is the purchase of a house and provision of a mortgage, providing the opportunity for banks to cross sell both life insurance and home and contents cover. Banks also have insight as to the quantum of insurance premiums leaving their clients’ accounts every month and to whom these are paid. Established distribution channels – both bricks and mortar branches as well as digital channels such as apps - allow banks to sell insurance products at a low incremental cost. Despite these advantages, however, most insurance products are still sold as opposed to bought and require intensive face…

Top South African film-making duo, Leli Maki and Nkuli Sibeko, have teamed up to treat moviegoers to an authentic local movie, Homecoming: An African Christmas Story. Timmy Kwebulana, who died last month, makes his last acting appearance in the film, alongside veteran actress Thoko Ntshinga, Zikhona Bali, Talitha Ndima and Odwa Gwanya. Set against the picturesque landscapes of the Eastern Cape, the heart-warming story follows two sisters, Luleka and Asanda, who return to their rural village for what might be their father’s last Christmas after he was diagnosed with dementia. As they reconnect with their family, they confront their past and rediscover the importance of their sisterly bond. Writer Sibeko said the film was a family drama with elements of comedy, love and a bit of conflict. “It’s about…

TRIBUTES continue to pour in for former finance minister and governor Tito Mboweni, 65, who is being remembered for his sharp focus on fiscal discipline, economic transformation and steering the country through difficult times. Mboweni’s family said he died on Saturday night at a Johannesburg hospital after a short illness. ANC Veterans’ League president Snuki Zikalala said that Mboweni had served the ANC and the government in many capacities, including as the minister of labour, finance and as Reserve Bank governor. On Saturday, Mboweni’s family issued a statement saying that Mboweni died surrounded by his loved ones. “The family is devastated by governor Mboweni’s passing after a short illness,” the statement read. Zikalala said Mboweni had returned to the country after spending time in exile in the early ’90s. “He…

Ingredients 500ml cake flour 5ml baking powder Pinch of salt 5ml bicarbonate of soda 375ml sugar 250ml Inkomazi 250g Clover Springbok unsalted butter 5ml vanilla essence 6 eggs separated Topping 100g Clover Springbok unsalted butter 250ml sugar 125ml Clover Fresh cream 250ml coconut 5ml vanilla essence 100g dark chocolate Method Preheat the oven to 180°C. Cream butter and sugar until light and fluffy, add vanilla essence and mix. Add egg yolks one at a time and mix well. In a separate bowl, add bicarbonate of soda to the Inkomazi. Sift flour, baking powder and salt together. Alternate flour mixture with egg mixture, mix well. Beat egg whites until stiff but not dry and fold into cake mixture, work with a light hand. Pour into well-greased cake tins and bake for…

This week, 12 innovative entrepreneurs from South Africa, Malawi, and Lesotho embarked on a transformative journey to France, joining forces as part of the Création Africa programme. This ambitious R24 million initiative, funded by the French Ministry for Europe and Foreign Affairs, aims to elevate the region’s cultural and creative industries on a global platform, making a mark at BIG 2024 in Paris—the largest business and investment forum in Europe. Selected from a competitive pool of over 700 applicants, these entrepreneurs, equipped with five months of intensive mentorship from South African incubation partner UVU Africa, aimed to showcase their unique businesses while absorbing valuable insights from established industry leaders. During their time in Paris, the group delved deep into the heart of Europe’s creative landscape, visiting prestigious institutions that included…

Joseph and Elizabeth Rahme have celebrated a remarkable 70 years of marriage with a heartfelt vow renewal, reflecting on love, enduring commitment, and the journey they have shared. The event mirrored the golden double wedding that claimed the spotlight on October 10, 1954, when Joseph and Elizabeth first exchanged vows alongside Phillip and Jasmine Rissik – a union their families still fondly regard as the wedding of the century. Marking this milestone, the Rahmes renewed their vows on Thursday, surrounded by the warm embrace of family, including their children and grandchildren, who proudly bore witness to their lasting devotion. As Elizabeth offered a glimpse into their remarkable journey with The Star, she spoke about the foundation of their enduring relationship: love and commitment. “This day is very important to me…

In a clash that saw them lift the inaugural CUFA Cup, Kaizer Chiefs left many observers unconvinced with their performance at the Toyota Stadium in Bloemfontein yesterday. Despite eking out a victory against Marumo Gallants, the Amakhosi's inability to find the net in regulation time raises questions as they prepare to face SuperSport United in the upcoming Carling Knockout. Fans were ecstatic as Chiefs celebrated their win, thanks largely to goalkeeper Bruce Bvuma, who emerged as a hero in the penalty shoot-out, saving two critical spot-kicks after both sides levelled the initial three penalties each. His performance, although commendable, highlighted the pressing concerns in the Chiefs squad as they attempt to regain their former glory. During regular play, Bvuma was left untested for most of the match,…