Innholdsfortegnelse for 2024-10-22 i Star

Fresh allegations and ongoing negotiations have thrust BHP into the spotlight once again as it grapples with a complex legal landscape stemming from the disastrous collapse of the Samarco dam in Brazil back in 2015. The dam, operated by Samarco, which is jointly owned by BHP and Vale SA, gave way, unleashing a wave of toxic sludge that claimed the lives of 19 people, displaced thousands, and wreaked havoc on the surrounding environment. In addition to demands for settlement in Brazil, BHP is facing litigation over the collapse of the dam in London, which is complicating its attempts to finalise these agreements. Lawyers representing the affected communities have accused BHP of attempting to avoid responsibility for the catastrophe. “There is a chasm between what BHP regards as acceptable and the…

International Monetary Fund (IMF) managing director, Kristalina Georgieva, has remained cautiously optimistic about global growth prospects, urging world economies to maintain the trajectory of easing interest rates yesterday. Speaking at the opening of the week-long 2024 Annual Meetings of the IMF and the World Bank Group in Washington DC yesterday, Georgieva said it was imperative to balance reflection with action. “Amid the difficult backdrop, there are flickers of good news. Global inflation, which surged to unprecedented heights, is now on the decline. This promising trend is largely attributed to decisive monetary policies, reduced supply chain disruptions, and stabilising food and energy prices,” Georgieva said. “Remarkably, this has been achieved without plunging the global economy into recession or massive job losses, a fate many feared during earlier inflation spikes. The labour…

According to analysts the South African rand is expected to reach R20.50 to the dollar in 2024 due to rising inflation, increasing interest rates and a potential global recession. Having experienced a slump trading at 17.45 against the dollar in the past few weeks, the rand has bounced back to R17.40 in past few days. The impact of currency volatility is not only beneficial or detrimental to asset management, as it most commonly reported on; it also affects the country’s production economy. When the rand is weaker it makes it more expensive to pay for the foreign currency requirement for import products, thus reducing the demand (volume) for imported goods (products from a foreign country). This means with an intentional policy, plan and strategy South Africa can substitute imports by…

In October 2022, Safaricom launched its telecommunications services in Ethiopia, marking the entry of the first private telecom operator in Africa’s second-most populous country. This move, following a $850 million (R15 billion) licensing fee paid in July 2021, signalled a shift away from the long-standing monopoly of state-owned Ethio Telecom. In a recent African Tech Roundup podcast conversation I had with Yahya Banafa, the head of network planning and engineering at Safaricom Ethiopia, Banafa shed light on the complexities of establishing a new mobile telco network from scratch. Banafa's insights reveal a landscape fraught with both opportunities and obstacles. $8bn ambition meets Ethiopian reality The company's commitment to invest approximately $8bnn over the next decade underscores the scale of the undertaking. However, the rollout has not been without its hurdles.…

The Johannesburg Interbank Average Rate (JIBAR) – one of the most widely used interest rate benchmarks by banks in South Africa – will be replaced by an Alternative Reference Rate (ARR). The Market Practitioner’s Group (MPG) has designated the South African Rand Overnight Index Average interest rate benchmark, or ZARONIA, as the successor rate to replace Jibar. RMB said yesterday that it has launched a South African Rates Reform Programme to help clients navigate the many challenges resulting from the transition. As part of this drive to assist the market with the transition, RMB has developed the first ZARONIA Calculator. Kim Robertson from RMB said, “On 3 November 2023 the SARB announced that the observation of ZARONIA had come to an end and that the rate, now endorsed, could be…

The Beatles fans are in for a treat as a new documentary on the legendary English rock band, which has been produced by iconic American film-maker Martin Scorsese, is set to premiere next month. The Disney+ production, Beatles ’64, which is directed by David Tedeschi, chronicles the spectacular career of the group, which comprised of a core line-up of John Lennon, Paul McCartney, George Harrison and Ringo Starr as well as the monumental impact on the music world over six-and-a-half decades. Widely regarded as the most influential band of all time, the Here Comes the Sun hitmakers were integral to the development of 1960s counter-culture and the recognition of pop music as an art form. Their sound has over the years also incorporated elements of classical music as well as…

South Africa’s power utility Eskom is urging prepaid electricity customers to recode their meters by the November deadline as required by the Standard Transfer Specification Association (STSA). According to a statement from Eskom, prepaid electricity customers need to recode their meters by November 24. Eskom said that after the deadline, meters will no longer accept electricity tokens unless they are updated to Key Revision Number (KRN) 2. There will be no extension to the November 2024 deadline for the Token Identifier (TID) update. The process of recoding will have an impact on around 6.9 million prepaid meters in Eskom-supplied areas. Prepaid customers who fail to recode their meters by the deadline will not be able to load electricity tokens, therefore their meters will be inoperable. “Eskom has already prepared 97%…

In a bold move that could shake the foundations of government accountability, the uMkhonto weSizwe (MK) Party has officially laid criminal charges of fraud and corruption against the National Treasury. This significant development unfolded yesterday as MK Party leader David Skosana and party MP Des van Rooyen led a delegation of MPs to the Brooklyn police station to file the charges pertaining to the controversial Integrated Financial Management System (IFMS). The IFMS, awarded to Oracle in 2017, promised to overhaul municipal financial management in South Africa. However, years into its conception, the system has not been operational, costing the South African taxpayer millions – a fact that is sparking outrage across the political spectrum. Speaking to SABC News, Van Rooyen expressed the party’s discontent and the perceived necessity to demand…

LEARNERS at Soshanguve East Secondary School were in high spirits as they sat down for English Paper 3 to mark the first day of the 2024 National Senior Certificate (NSC) exams yesterday. At least 257 Grade 12 learners from the school who took part in the exam expressed confidence of achieving a 100% pass rate. They were elated to see Minister of Basic Education Siviwe Gwarube and Gauteng Education MEC Matome Chiloane, who visited the school to monitor that exams progressed as planned and without glitches. Gwarube wished them good luck, assuring them of tight security at all exam venues to ward off possible disruptions to exams. She highlighted that contingency plans were in place to mitigate the impact of bad weather in provinces such as the Eastern Cape and…

Award-winning actor and playwright, James Ngcobo, Professor Rene Smith, Amanda Chembezi and many others will lead this year’s Afrotellers Conference 2024, set to take place from Thursday to Saturday at Wits University. The three-day event promises to shine a spotlight on the rich tapestry of Afrikan storytelling against the inspiring theme, “Beyond Borders: Mapping New Frontiers for Afrikan Storytelling”, in a bid to transcend geographical, cultural, and ideological boundaries as attendees explore innovative approaches to storytelling. Presented by Thrive Afrika in collaboration with the Wits University School of Arts (WSOA) and the Cultural Policy and Management Department (CPM), the conference will feature an illustrious line-up of speakers intended to foster a vibrant dialogue that will serve as an urgent invitation to reshape the narratives that define Afrika. Wilson Chivhanga, CEO…

Red Bull KTM Factory rider Brad Binder dug deep down under to finish seventh at the Australian MotoGP, maintaining his fifth position in the championship standings amid a challenging season. After experiencing a setback during Saturday's sprint race, which saw him crash out, Binder made a significant recovery on Sunday. Starting from the 11th position, he battled fiercely to secure his seventh-place finish, though he continued to struggle with finding the ideal setup for his bike, preventing him from keeping pace with the frontrunners. During the main race, the South African rider reached as high as fourth place but ultimately had to contend with tyre wear that hindered his ability to maintain that position, as Ducati riders sped away ahead. Nevertheless, Binder expressed satisfaction with the adjustments made to his…

Prosus CEO Fabricio Bloisi published an update to shareholders covering his first 100 days in his role, and he said there had been continued strong, profitable growth after AI usage was ramped up across the group internet businesses. The letter indicated that Naspers subsidiary, Prosus, was well on its way to its goal outlined in June 2022, to make its e-commerce investments reach profitability by the first half of the 2025 financial year. This is because at that time, investors only valued Prosus and Naspers on their investment in China’s internet giant Tencent, from where the group was deriving most of its income. Bloisi was appointed on May 17 this year and at the time market analysts said a key feature of his tenure was likely to be to bring…

South Africa is currently considering options to manage household energy demand that would penalise those who want to be part of the solution. All this while better, tried-and-tested alternatives are readily available. By now, South Africans are well accustomed to the most extreme form of demand management. Load shedding, which started the better part of two decades ago and was estimated by the CSIR to cost the economy more than R1 trillion in 2023 alone, has (until recently) been necessary to bring electricity demand back into line with available supply. With the veil of load shedding lifted, electricity demand is consistently higher, exposing our ageing and undersized distribution infrastructure. To prevent grid failures, municipalities and Eskom are reducing supply to homes in affected areas with rotational “load reduction” – effectively…

A gold-backed BRICS common currency is unlikely in the short term as it would require a synchronised monetary policy, experts say. The Center for European Policy Analysis (CEPA) held a preview of the 16th BRICS Summit to be held in Kazan, Russia, from October 22 to 24. It featured Irina Busygina and Alexander Kolyandr from CEPA as well as Evgeny Roshchin from the Henry A Kissinger Center for Global Affairs at Johns Hopkins University with Edward Lucas from CEPA as the moderator. Kolyandr said a gold-backed BRICS common currency was unlikely in the short term as it would require a synchronised monetary policy. At the moment, China and South Africa were cutting their policy rates, while Brazil and Russia were raising theirs and the Reserve Bank of India (RBI) kept…

During the early years of the Russian and Ukrainian war, the stage was set for a more divided world. Russia was cut off from global infrastructure such as the internet and the global payment system, Swift. Russia was ready for these changes. As a result, the country could continue without relying on global internet through its internet infrastructure. The global superpowers’ treatment of Russia also signalled to aligned nations what could happen to any country that was not aligned with global powers at a point of conflict or major disagreement. Now, BRICS is considering a payment system, BRICS Pay, that could enable BRICS nations to trade even if any of them were cut off from Swift. BRICS Pay and other national and international payment systems are integral parts of a…

Pan African Resources has announced the successful approval for the listing of R840 million in sustainability-linked notes, known as the PARS03 Notes. This development comes in response to strong investor interest, highlighted by an oversubscribed book build for the senior, second-ranking secured notes. The company is strategically positioning itself so that it can leverage robust market conditions, as gold prices have surged to their highest levels in recent years. This uptick offers a favourable backdrop for the company, which has been actively investing in various projects aimed at increasing production output. “Following an oversubscribed bookbuild for senior second ranking secured sustainability-linked notes, it will issue and list PARS03 Notes to the value of R840 million with effect from Tuesday, 22 October 2024,” said Pan African Resources yesterday. Gold prices this…

JIMMY Nevis has been one of the busiest men in music over the past few months. The Cape Town-born singer and songwriter, along with fellow Mother City musicians Acoustic Element (AE), which comprises cousins Callen Petersen and Jody Abel, released Rebel Heart earlier this month. The feel-good anthem fuses Nevis’s smooth vocals along with AE’s signature violin and guitar mix to create a vibe that screams “rebel with a cause” and it’s the kind of track that makes you want to break free from the ordinary. It has made waves internationally, with AE debuting the track at the Gasteiner Lido Sounds Festival in Linz, Austria. There, they shared the stage with globally recognised acts such as Kings of Leon, Milky Chance and The Kooks. In July, Nevis…

South African artist Daniel Baron has made a triumphant return with Up At Night, a high-energy pop-club track that explores the intoxicating nature of love through infectious beats and captivating melodies. Known for his eclectic and genre-blending style, the All I See hitmaker’s new track was released on Friday, October 18, Baron first captivated audiences in 2017 with his multi-platinum hit Children of the Sun. Now, with his latest single, he hopes to once again demonstrate his ability to create music that transcends genres as he blends elements of pop, dance and “a touch of something never-before-heard, yet undeniably accessible”. With a career spanning more than a decade, Baron has amassed fans locally and internationally. His songs, including Beautiful Noise and Indestructible, have garnered widespread acclaim. In addition to releasing…

THE IFP’s President Velenkosini Hlabisa defended the political party’s long-standing relationship with the wealthy Oppenheimer family, who donated R30 million to the IFP, before the May 29 elections. In a media briefing held in Durban yesterday, Hlabisa said he was responding to continued references about an IFP funded by the Oppenheimers. He said that the IFP remains proud of the decades-long friendship with the Oppenheimer family, which resulted, for example, in the construction of the Mangosuthu University of Technology (MUT), opened in 1979. The financial support was delivered in two instalments of R15m by Jonathan and Nicholas Oppenheimer, raising questions among critics about potential influences on party policy and direction. “This relationship has led to monumental developments, such as establishing the university, a beacon of hope for young South Africans,”…

The deputy president of Build One South Africa (Bosa) and MP, Nobuntu Hlazo-Webster, is calling for the mass establishment of Special Economic Zones (SEZs) across South African townships. This is after the Department of Trade, Industry and Competition revealed there are just nine SEZs currently operating across the country. Expanding SEZs will boost the country’s township economy nationwide by stifling the staggering unemployment rate by mass job creation. “The current nine SEZs have had little impact on unemployment over the past decade. There are now 11.57 million jobless South Africans, at least 3m more than 10 years ago,” said Hlazo-Webster. Hlazo-Webster noted that SEZs will make economic strides for local establishments, enabling townships to be among the leading economic hubs in the country. In addition, SEZs will provide a unique…

Former executive mayor of the City of Joburg, Kabelo Gwamanda, has spoken about his widely reported arrest, after he was charged for allegedly swindling Soweto residents. The Joburg MMC for community development was arrested for alleged funeral policy fraud. In a short video shared by Gwamanda’s X page, the former mayor casually addresses the issue of his arrest, speaking to an unidentified interviewer whose voice is heard but not visible in the video. The woman interviewer asks: “We were told you were arrested?” Gwamanda responds: “You know, in South Africa as a country, growing up black, it’s a possibility that none of us can avoid – regardless of the path you choose, whether you choose to serve or to engage in nefarious activities. “The fact of the matter is that…

Afro-soul icon Ringo Madlingozi has expressed profound gratitude following the announcement that he will receive the esteemed SAMA30 Life Achievement Award at this year’s South African Music Awards (SAMAs). Renowned for his soulful sound and a string of chart-topping hits – including the beloved tracks Sondela, Kum Nakum, Ekuseni, Into Yam, and Vuka – Madlingozi’s contribution to the music landscape is both celebrated and revered. Taking to social media, he conveyed his appreciation, stating: “Thank you for your recognition and respect #SAMA30.” This award also stands as a tribute not only to his remarkable career but also to the influence he has had on countless artists and fans alike. Madlingozi will be honoured alongside other beloved musicians of the industry, including Sipho “Big Fish” Makhabane, who will also receive the…

The glowing success of the Springboks in the Rugby Championship has naturally inspired peripheral Boks to work harder for a chance at selection. With just three weeks to go before the opening match of the November tour against Scotland in Edinburgh on November 10, players who did not feature in the later games of the Rugby Championship are eagerly lining up for consideration. This is the beauty of the Springboks being the best team in the world. The incumbent players are fiercely protecting their spots, but there is a pack of hungry wolves vying for any opportunity that arises. This past weekend offered a rewarding spectacle for coach Rassie Erasmus as the Lions, Stormers, and Sharks all secured victories, while the Bulls faced a disappointing defeat against the Scarlets, significantly…

Bank Of America predicts that yellow metal will reach $3000 an ounce by next year As global markets grapple with rising geopolitical tensions and fluctuating economic signals, gold has emerged as a beacon of stability, reaching unprecedented price levels on the back of rising demand. Bank of America predicts that the yellow metal could soar to $3 000 an ounce by next year, following a remarkable 40% increase over the past year, as it traded at just above $2 700 (R47 517) yesterday. However, while many gold miners on the JSE celebrated share price gains yesterday, the situation appears more complicated for South Africa’s miners. Once leaders in global gold output, South African mines have seen production dwindle dramatically over the decades – from 70% of global output in the…

As the race for the White House continues – with the US presidential elections scheduled to take place in less than three weeks’ time – South African investors are reminded that the stakes extend far beyond political leadership, and the global economic ramifications are substantial and far reaching. With US vice president Kamala Harris leading former President Donald Trump in national polls – albeit with razor-thin margins – the potential policy shifts could significantly impact South African investors’ global investment strategies. Several of the latest national polls appear to favour Harris, but some are within the margin of error, reflecting an incredibly tight race. Ultimately, swing states are likely to decide the 2024 presidential election and resulting policy shifts. They outline six key areas for local investors to note as…

Siloed and 'locked-in' traditional payroll systems and departments don't align with modern integrated and data-conscious businesses. Moreover, layers of granular software customisations limit the agility of payroll software, creating lock-in where there should be scale and choice. However, conventional wisdom holds that one needs to customise payroll systems to get the most out of them. Is this still true, or is there a more flexible alternative? The problems with customisation Organisations often rely on customised software to match internal processes and workflows. But this approach is not ideal. Customisation needs extensive development and coding that permanently alters software. Even if the customisations are minor, they still require skilled developers to enact the changes. Those changes can often lead to other effects that must be addressed, leading to more development time…

Diversified resource company South32 has reported a notable 12% increase in manganese production and sales from South Africa during the quarter ending September 2024, elevating output to 597 000 tons. This increase, amounting to an additional 63 000 tons, aligns with the company’s ongoing commitment to optimising its product mix and maximising margins through the sale of secondary products. South32 is deepening investments into its manganese production in South Africa. Last month, South32’s received a boost to advance its Arizona-based Hermosa project towards manganese production after landing a $166 million (R2.9 billion) funding grant from the US government. During the quarter to end September, South32 recorded strong mining performance and had to sell “secondary products to maximise” margins, boosting output for the quarter by 12% or 63 000 tons to…

The Congress of South African Trade Unions (Cosatu) has welcomed the South African Reserve Bank’s (SARB) seizure yesterday of R67 million from Stéhan Grobler, the former legal head of Steinhoff. “This is a welcome and long overdue progressive step forward to recovering workers' funds stolen during the biggest financial heist in South African history,” the trade union’s Parliamentary Coordinator Matthew Parks said in a statement. Grobler’s court proceedings have been postponed to February to allow for further investigation by the National Prosecuting Authority. Steinhoff's share price collapsed on December 5, 2017, with the group losing 95% of its market value, following revelations of significant accounting irregularities in the group. Former CEO Marcus Jooste, once considered one of the richest men in Africa, allegedly committed suicide on March 21, a…

Liam Payne is expected to be buried next month. Following the One Direction star's tragic death in Buenos Aires on October 16, aged 31, Argentinian newspaper Clarín claims his body could remain in Argentina for 10 to 15 days. Once toxicological tests have been performed, Payne's remains will be available to his family for return to the UK. The British Embassy said: "We are supporting Liam Payne's family and are in contact with local authorities." The Strip That Down singer died from “multiple traumas” that caused “internal and external bleeding”. The singer plunged from a third-floor balcony at the Casa Sur Hotel in Buenos Aires and preliminary autopsy findings reported by the Daily Mirror newspaper found the results were consistent with his 10m fall. Toxicological and anatomical-pathological studies of blood…

BRITISH boy band Blue are bringing their 20th-anniversary tour to South Africa in March. The group, which comprises Simon Webbe, Duncan James, Antony Costa and Lee Ryan, will perform at the Grand Arena, Grand West in Cape Town on March 7, and at the SunBet Arena in Pretoria on March 8. Tickets for their concerts, supported by Jacaranda FM and eBet, are available from iTickets. They are sold on a tiered system – the first 2 000 standing tickets will sell at preferential prices. Blue shot to fame in the early 2000s when they smashed music charts worldwide with All Rise, U Make Me Wanna, Fly By II, Guilty and Sorry Seems to be the Hardest Word, among others. They went on to become one of the UK’s all-time top-selling…

Business leaders urge Gauteng MEC to prioritise Soweto economy amid deaths of six children The Integrity Network has called on the South African government to take decisive steps against the Pakistani-owned shops in the townships and the stronger regulations against Pakistani nationals receiving visas into South Africa. The NGO has joined resounding protests against foreign-owned shops. It has called on the Department of Health to “stop the deaths of our children”. “We cannot sit by and watch our children and elders perish. The number of people dying are higher than reported but for the longest time, our people did not know that the foreign-owned shops were killing our people. It is now clear. We have seen evidence of it. It is time to stop the chemical violence.” This comes…

THE Johannesburg Metropolitan Police Department (JMPD) has arrested 120 drivers for driving under the influence (DUI) in a recent operation between October 14 and October 20. According to the department’s spokesperson, Superintendent Xolani Fihla, this staggering number highlights the ongoing threat of drunk driving to road safety. These arrests come after 62 motorists were arrested by the JMPD’s High Speed Unit in the past week for speeding offences. The highest speed recorded was 164km/h in an 80km/h zone, the JMPD said. The suspects were detained at different police stations across Johannesburg and will face legal proceedings. The JMPD’s targeted crackdown aims to reduce accidents and fatalities caused by impaired drivers. Fihla added that regular roadblocks and patrols would continue to ensure safer roads, urging motorists to drink responsibly and never…

TO uphold democracy, it is essential to respect media freedom and pluralism and to safeguard freedom of expression. This includes the right to receive and impart information without interference by public authorities. However, when these ideals are disregarded, editorial freedom is compromised. A clear reference to the importance of media freedom and why it should not be compromised by those in power was brought to the fore in 2022 when the Independent Media was forced to forge ahead with its legal battle against the State Security Agency (SSA) to get a suspiciously classified intelligence report declassified and laid bare for its readers. This was after the SSA rushed to court in December 2021 to interdict Independent Media, and myself as a journalist who had written the article – effectively using…

The South African State Theatre delivered a gripping double bill with Tragedy of Samuel Omunye (Toso) and Exodus, captivating audiences with intense themes of power, betrayal, and free will. Exodus: A Spiritual Journey on Fire Directed and designed by Isana Maseko, Exodus opened with a single mattress at the centre of the stage, setting a symbolic tone for the narrative. Performed in Sesotho, the language added an intimate rhythm to the performance. A beautiful moment unfolded as the actors switched candles one by one, filling the space with a spiritual ambiance. On the far upper-right corner, a performer moved with quiet intensity, enhancing the atmosphere. Real fire on stage, contained in a traditional zinc bowl and accompanied by cups, added to the ritualistic feel of the production. The spiritual gestures…

Ferrari's last championship glory came back in 2008, but a remarkable one-two finish at the US GP has invigorated their hopes for this year's constructors' championship title. Race winner Charles Leclerc expressed optimism for the remaining races, even as he recognised the challenge ahead with just five rounds left in the season. Currently, McLaren hold a 40-point lead over reigning champions Red Bull, with Ferrari trailing in third place, just eight points behind. However, the Italian team made significant strides at the Circuit of the Americas, amassing an impressive 55 points. This tally was not only their largest single weekend score of the year but also exceeded McLaren's haul by 27 points and topped Red Bull's by 26 points. In an optimistic address, Leclerc stated, "We've got to target winning…

BEFORE Kagiso Rabada departed to Bangladesh with the Proteas Test squad for the ongoing two-match Test series, Independent Newspapers caught up with the 29-year-old speedster. With the fast bowler returning to the city of Dhaka where he announced his arrival to international cricket with a six-for, we asked what keeps him hungry for success. "I want to be the best. Simply put. I want the team to be the best, winning trophies, winning series. That's what it's about," Rabada explained. Yesterday, the right-arm fast bowler etched his name in the game's history books as he claimed his 300th Test wicket, becoming only the sixth South African to achieve the feat. Moreover, the fast bowler became the fastest player to reach the milestone in terms of balls bowled in Test cricket,…