Innholdsfortegnelse for 2024-10-28 i Star

As the executive editor of Business Report and Personal Finance, I stand behind Independent Media’s decision to withdraw from the Press Council of South Africa (PCSA). This was not merely a gamble – it was a necessary response to an increasingly hostile environment where our commitment to press freedom is consistently undermined. In recent days, I have faced numerous enquiries regarding our departure from the PCSA. Let me clarify: News24 journalist Karyn Maughan’s article, titled “Survé targets senior judge”, ignited a flurry of controversy. Columnist Edmond Phiri’s comparison of Maughan to Nazi propagandist Leni Riefenstahl sparked outrage and led to complaints against the Sunday Independent, demonstrating how easily dissenting voices can be silenced. Despite presenting a robust defence, the PCSA ruled against the Sunday Independent and IOL. Their decision, which…

South Africa’s Competition Commission gave the red light yesterday to Sun International’s proposed acquisition of Peermont Holdings, recommending that the Competition Tribunal prohibit the merger due to its potential effects on market competition. The $396.6 million (R70 billion) deal, announced in December last year, would include Peermont’s Emperors Palace resort and its online betting brand, PalaceBet. Sun International’s share price closed at R44.67 on Friday, up 0.86% on the JSE. The Competition Commission said the merger would significantly affect the casino gambling landscape in South Africa, reducing the number of national casino operators from three to two and creating a highly concentrated market where two companies would control 92% of casinos in the country. “The proposed merger is likely to substantially prevent and/or lessen competition in the provision of casino…

South African financial markets traded mostly sideways last week despite the much better-than-expected inflation rate figure and increases in the prices of Gold and especially Platinum. Markets await the Medium-Term Budget Statement Speech (MTBPS) in Parliament to be delivered by Finance Minister Enoch Godongwana on Wednesday. Global equities and US shares moved negatively, especially during the first four days of last week as shares took a hard knock, amid worries the Federal Reserve will go slow on interest rate cuts. The US benchmark S&P posted its first daily gain on Friday as better-than-expected consumer data were released, and treasury yields advanced. Positive sentiment also started to develop on Friday due to tech companies' expected earnings and the US job data to be released this coming Friday. The above uncertainty on…

Cashbuild, southern Africa’s leading hardware retailer, on Friday reported a 5% increase in sales for the first six weeks of its 2025 financial year, showing resilience despite challenging market conditions. CEO Werner de Jager wrote in their annual report that Cashbuild’s sales had increased 5% for the first six weeks of their new financial year to end June 2025, an indication of the improved market sentiment. “We are more optimistic about the outlook for the next business year as we are hoping that the Government of National Unity, and to a lesser extent the Two-Pot system, will stimulate economic growth and that the much-needed infrastructure programme will find traction during the 2025 calendar year,” he said in the report that was released on Friday. Many companies have reported an improvement…

Sibanye-Stillwater has reason to be optimistic following the United States government’s enactment of new regulations aimed at reducing production costs for critical minerals, including platinum group metals (PGM), on Thursday. The diversified miner on Friday said it believed these legislative changes could help safeguard the long-term viability of its struggling palladium and platinum operations in Montana. This comes as Sibanye-Stillwater reported a hefty impairment of R7.5 billion to its US PGM operations for the six-month period ending in June. The company has already announced plans to curtail production by 200,000 ounces amid a backdrop of plummeting metal prices, which ultimately led to a half-year loss. According to commodity analyst Giovanni Staunovo, this drastic measure was unavoidable given the circumstances. Now, Sibanye-Stillwater has received some respite after the US government published…

The Pointer Sisters are coming to the country for two unforgettable concerts as part of their I’m So Excited World Tour. Backed by their full US band and production, the legendary trio will set the stage on Fire in Cape Town at Grand Arena, GrandWest, and in Pretoria at SunBet Arena, Time Square Casino, in March next year. In addition to the headline performance, audiences can look forward to two exciting opening acts. The dynamic, larger-than-life trio 3 Tons of Fun, along with multi-talented artist, entertainer and presenter, Emo Adams, will also take to the stage. The celebrated female group from Oakland, California, have been captivating audiences for decades with their signature blend of pop, soul and funk. Founded by sisters Ruth, Anita, Bonnie and June Pointer, the group rose…

Gauteng Human Settlements MEC Tasneem Motara has taken a firm stance against fraud, corruption, and criminal activity in the department. During a media networking session reflecting on her first 100 days in office, Motara outlined several measures implemented to address these issues. Key initiatives include conducting thorough audits and investigations, establishing a whistle-blower protection framework, and engaging with the community to educate the public about their rights and reporting procedures. “The fraudulent selling of free government services and assets is an affront to our mission. We will not tolerate it,” Motara asserted. Motara emphasised the importance of engaging with the media, stating: “You serve as a bridge between the government and the people. Your reporting highlights the department’s work and raises questions that ordinary citizens may not have the means…

ALMOST 100 children have fallen sick after eating suspected poisoned food and snacks in the country in the past month, with some dying painfully and others spending days in intensive care. Most cases involve groups eating from the same vendor. The youngest to have died included children from Soweto, where reliance on tuck shops is high. Known for their generosity, low prices, and credit options, they have become a vital support for communities where the government and big business have failed. This has been the underlying factor for residents reliant on township spaza shops to come out in defence of the mostly foreign-owned shops. “What will we eat?” one elderly woman cried at the threat of closure of a tuck shop down her street. “Not only does he (the owner)…

Gauteng residents are likely to face further delays in benefiting from the Women's Living Heritage Monument at Sammy Marks Square in the City of Tshwane, valued at over R280 million. The delays were despite a promise by MEC for Sports, Arts, Culture and Recreation, Matome Chiloane that the centre would be fully operational by the end of this month. At the time of going to print the department was yet to confirm if plans to open the centre this month were still on track. However, the DA MPL in Gauteng, Leanne De Jager, said that the project manager has asked for an extension to complete outstanding work at the centre. The contractor was yet to attend to non-compliant fire safety systems, roof leaks, and poor plumbing. She said: “In an…

The UK’s denial of a visa to Nkosi Zwelivelile “Mandla” Mandela over his unequivocal support for Palestine’s struggle for justice is deeply regrettable. While the UK seeks to rationalise its ban on moral grounds – due to Mandela’s statements of support for Hamas and meetings with Hamas leaders – it is silent on the immorality of its continuing support of Israeli Prime Minister Benjamin Netanyahu’s genocidal actions. When members of the apartheid government held meetings with members of the South African liberation movement, designated terrorists, and engaged in armed Struggle, they weren’t denied visas by the UK. The late Archbishop Desmond Tutu’s navigation of morality in the Holy Land is instructive. In 2014, after a flurry of Hamas rockets directed at Israel was met with a massive Israeli military response,…

When Damian Willemse scored a stunning try for the Stormers against the Glasgow Warriors on Saturday, what should have been a moment of joy quickly turned into concern. The double World Cup winner grimaced in pain and looked to the touchline as he grabbed his groin, showcasing the severity of the injury. Although the utility back attempted to push through the discomfort, he was eventually substituted with just over three minutes remaining in the first half. The setback is disappointing not just for Willemse, but also for the Stormers and the Springboks, who confirmed his withdrawal from the squad for the upcoming November Tests against Scotland in Edinburgh (10 November), England at Twickenham (16 November), and Wales in Cardiff (23 November). This marks another frustrating chapter for the 26-year-old, who…

In a gripping encounter at the Emirates Stadium last night, Mohamed Salah's late equaliser secured Liverpool a hard-fought 2-2 draw against their fierce rivals Arsenal. The match was a spectacle filled with drama, showcasing the intensity of Premier League football. The Gunners opened the scoring early, with Bukayo Saka firing in a stunning goal just nine minutes into the match. Saka's fierce strike set the tone for an electrifying first half. However, Liverpool responded swiftly. Virgil van Dijk equalised for the Reds just nine minutes later, nodding home a clever flick-on from Luis Diaz during a corner kick, sending Liverpool fans into rapturous delight. A tense back-and-forth ensued before Arsenal took control just before the half-time whistle. Mikel Merino, who was making waves on his home debut, scored his first…

Orlando Pirates coach Jose Riveiro is laying a solid foundation at the club. They’ve made an impressive start to the Betway Premiership season, winning all five league games so far and making serious strides in their pursuit of the Premiership title. While this glowing start can be credited to the entire team, there have been flashes of individual brilliance from some players. One standout performer has been teenager Mohau Nkota, who was named Player of the Match in the 2-1 victory over AmaZulu at Orlando Stadium on Friday night, repaying the faith shown in him by the Spain-born coach. Nkota, 19, was making only his second start of the season and his fourth appearance overall across all competitions. His emergence has also taken some pressure off fellow 19-year-old Relebohile Mofokeng,…

The International Monetary Fund (IMF) has indicated optimism that South Africa’s public finances will recover and that the National Treasury will manage to tame public debt on the back of fiscal consolidation. Finance Minister Enoch Godongwana will on Wednesday present the 2024 Medium-Term Budget Policy Statement (MTBPS), offering an updated view of the medium-term fiscal framework. This will be the first MTBPS presented under the Government of National Unity (GNU), and it is expected to reinforce the government’s ongoing fiscal consolidation efforts. In February, Godongwana said debt will peak at 75.3% of gross domestic product (GDP) in 2025/26. The IMF, in its latest World Economic Outlook, has already revised upwards South Africa’s economic growth projections for 2024 and 2025, forecasting GDP growth of 1.1% for 2024 from 0.9% previously, and…

The share price of financial services group FirstRand slid nearly 3% on Friday after it announced its decision to appeal against a recent UK Court of Appeal ruling regarding commission disclosure practices in motor finance agreements. The share price ended Friday 2.78% lower on the JSE at R80.69. FirstRand will appeal to the UK’s Supreme Court and argue that motor dealers do not owe customers fiduciary duties or any other duty around providing advice, recommendations or information on an impartial basis. This judgment follows two pivotal cases where the court ruled that FirstRand’s disclosures were insufficient for customers to make informed decisions about the commission payments to motor dealers. FirstRand operates in the UK via its Aldermore specialist lender and savings bank, which owns UK vehicle finance business MotoNovo. The…

South Africa produces a minimum of 170 000 tons of waste tyres a year. These used tyres pollute the landscape, especially when burned in the informal economy to access wire to sell as scrap metal. A lot has been written in the past about the serious environmental impact of waste tyres. What hasn't received the attention it deserves, however, is the economic potential of turning tyre waste into opportunities of economic growth and job creation. South Africa was a world leader in creating jobs through tyre recycling between 2013 and 2017, under the non-profit company Recycling and Economic Development Initiative of South Africa (Redisa). Speak to the people on the ground, the micro-collectors, the transporters, the depot managers - those who make a living out of recycling - and you…

Nelson Mandela believed in planning. Thirty years before the first post-apartheid census undertaken in 1996, he could not be more explicit. In a letter he wrote to Adelaide Tambo from prison, Madiba said: “Significant progress is always possible if we ourselves plan every detail and allow intervention of fate only on our own terms.” Statistics South Africa was releasing the results of the 1996 Census and Madiba was launching these to the nation. The census reflected a South Africa, two years old after the breakthrough of 1994. Mandela noted the evidence in the results that within the space of two years, South Africa had made significant progress in health, education as well as the provision of electricity. The 1996 Census could affirm that the enrolment rate shot through the roof,…

BHP CEO Mike Henry has acknowledged the devastating impact of the 2015 collapse of the Fundão dam during a joint venture operation in Brazil, following years of litigation and public scrutiny. Speaking on Friday, Henry termed the incident a “terrible tragedy” as BHP announced it had reached final settlement agreements with Brazilian authorities. This move comes after a protracted battle over accountability that had seen BHP face numerous demands for compensation and multiple legal challenges across various jurisdictions. Together with Vale, BHP jointly owns the Samarco iron ore mine in Brazil. BHP, which is facing separate litigation in the UK, has been accused of denying responsibility for the 2015 collapse of the Fundão tailings dam which killed 19 people, displaced thousands and left the environment heavily damaged. In February,…

Sweet Bobby: My Catfish Nightmare serves as a stark reminder to be on high alert in the modern dating world. The Netflix documentary by Raw, the production house behind The Tinder Swindler, takes streamers on an emotional roller-coaster as it chronicles the true story of Londoner Kirat Assi’s nearly decade-long relationship with a man named Bobby Jandu. In a shocking turn of events, he turned out to be the sinister creation of someone close to her. This individual also created fake profiles of people who Assi believed were part of Jandu’s close circle and who engaged in conversations with her. The most powerful part of the production is Assi’s detailed accounts of the ordeal, from the Facebook friend request, to how their friendship turned romantic, how she supported him through…

Cape Town teenager Jahzara Ranjith has baked her way into becoming South Africa’s first-ever champion of SABC2’s Taste Master Junior. The youngster outshone her competitors, Afton Mathys, who is also from the Mother City, as well as second runner-up, Tineke Louw, a 16-year-old from Paarl. Jahzara scooped the grand prize, which includes R150 000 from Capitec, R35 000 worth of KitchenAid appliances, R35 000 to spend at Samsung and a year’s supply of Clover dairy products. “My brain is not even registering this. I can’t believe that I actually won, I’m just so ecstatic,” Jahzara said. “My family, you guys (judges), the sponsors, kitchen crew, everybody, thank you so much. I can’t believe I actually won the first-ever Taste Master Junior. It’s such a surreal feeling.” In an Instagram post,…

The National Shelter Movement of South Africa (NSMSA) is urging the National Treasury to increase shelter financing during the upcoming Medium-Term Budget Policy speech (MTBPS), amid widespread gender-based violence (GBV) in the country. Finance Minister Enoch Godongwana is expected to present the MTBPS on Wednesday in Cape Town. The NSMSA recently held its annual GBV Shelter Indaba, which highlighted the severe underfunding of shelters and the lack of support jeopardising the commitment to protect GBV victims. Dianne Massawe, board chairperson at NSMSA, emphasised that shelters are crucial safe havens for women who have endured abuse from intimate partners. “While the Indaba clearly showed the critical role that civil society plays in addressing this issue, we cannot do it alone. “We need support from the government, the private sector, and citizens,”…

The DA yesterday welcomed the Financial Action Task Force’s (FATF’s) announcement that South Africa has made notable strides in tackling deficiencies in its anti-money laundering and counter-terrorism financing (AML/CFT) systems, addressing many issues that led to its greylisting earlier this year. However, the party urged the government to act swiftly on remaining shortcomings, particularly in the prosecution of complex financial crimes, to ensure South Africa’s full exit from the grey list. The FATF, a global watchdog overseeing efforts to counter money laundering and terrorism financing, said on Friday that South Africa has now largely or fully addressed 16 out of the 22 action items outlined in its greylisting report, with six critical items left to resolve by February next year. The FATF noted this progress during its October plenary meeting…

ANC secretary-general Fikile Mbalula and KwaZulu-Natal provincial secretary Bheki Mtolo have defended the governments of unity – GNU and GPU, which the party was forced into following the national and provincial elections. This is despite widespread criticism from parties outside the governments of national and provincial unity, including its allies, the SA Communist Party (SACP) and Cosatu. Mbalula said the contradictions had been brought about by what the ANC national executive committee (NEC) characterised as a strategic setback of the party’s national democratic revolution, which demands the making of critical trade offs and employs unpopular tactics in achieving strategic advantage in the midst of competing ideologies within the GNU environment. “However, we are under no illusion that the ANC’s policy and manifesto commitments remain our lodestar in navigating the stormy…

The glitz and glamour of the 18th annual South African Film and Television Awards (SAFTAs) filled the air on Saturday as the country celebrated the outstanding contributions to the arts, particularly in film and television. Illustrious stars graced the red carpet, showcasing fashion that made a bold statement, while the event also paid homage to the creativity and dedication that fuel the industry. A significant highlight of the evening was the recognition of South Africa’s most beloved television series, Shaka Ilembe, produced by Bomb Productions for M-Net’s Mzansi Magic. The series marked a triumphant evening by clinching the coveted Best Television Drama award, further solidifying its place in South African television history. With a total of 12 wins, including 10 craft categories on the festival’s first night, Shaka Ilembe underscored…

Tunisian coach Nasreddine Nabi on Saturday expressed his frustration at the referee and the young Kaizer Chiefs players as he faced the disappointment of consecutive Premiership defeats following SuperSport United's 1-0 win at Peter Mokaba Stadium. The match, watched by a crowd of 35 000 fans, promised much after Chiefs had dominated SuperSport with a 4-0 victory in a Carling Knockout clash just a week prior. Chiefs had entered the stadium following a previous clash with Mamelodi Sundowns that ended on a bitter note, as they succumbed 2-1 in a thrilling match at the packed FNB Stadium. The home supporters, buoyed by the recent successes, held hopes of witnessing their team return to winning ways once again. However, SuperSport coach Gavin Hunt thwarted those aspirations, leaving the Amakhosi faithful with…

CEO Vermaak says he planned to fund the proposed capital expenditure with vendor finance agreements with a steel company in Italy for long products, and with a company in Germany for the operation of ArcelorMittal’s shut-down Saldanha Steel plant A R19 billion transformation bid for ArcelorMittal South Africa (Amsa) by local firm Networth Investments has been rejected, despite promises to revolutionise the country’s struggling steel industry with green technology and more profitable stainless steel production. Networth CEO Harold Vermaak told Business Report last week that they had put in an offer to buy out ArcelorMittal Group’s 60% shareholding in Amsa, and around 2% of Amsa’s shares held by other foreign investors, in a leveraged buyout. Broadly, the strategy was to convert Amsa over time so that it ceases to produce…

After half a decade in the doldrums, South African (SA) listed property appears to have finally turned a corner, with year to date (28.9%) and one year (55.0%) returns outstripping those of other domestic asset classes. The positive sentiment post-Government of National Unity has played a major role, but so too has the improvement in sector fundamentals as reflected by the recent reporting season. As we cast our eye over the medium term, we still see selective opportunities in the sector despite the recent strong performance, but also some stocks where the risk-reward skew is less compelling. Of the major SA property sub-sectors, modern logistics space has the most attractive underlying fundamentals. Ongoing supply chain optimisation by the country’s largest retailers and growth in e-commerce off a low base, present…

The South African poultry industry stands at a critical juncture as the average retail poultry price experiences a noticeable increase, largely due to the highly pathogenic avian influenza (HPAI) outbreaks. This surge is having dire implications, particularly for poor and marginalised households, as highlighted by a recent review from the National Agricultural Marketing Council (NAMC) authored by Matume Maila and Lwazi Dladla, and published last week. The review offers a detailed examination of how HPAI outbreaks have influenced poultry pricing and, consequently, the food security of households across the nation. In the third quarter of this year, the average retail price of fresh chicken portions and chicken giblets per kilogram rose by 1.13% and 0.87%, respectively, compared to the preceding quarter. In contrast, certain frozen chicken products saw declines, with…

Dis-Chem Pharmacies lifted its interim dividend 16.1% to 26.98 cents in the six months to end August 2024 even as it continued to expand with investments in new stores, the Longmeadow warehouse and spending to enhance information technology. Capital expenditure on tangible and intangible assets came to R330 million (R690m at the same time last year) with R194m (R114m) going to expansionary expenditure, and the balance of R136m was to maintain the existing retail and wholesale networks, the group said at the release of its interim results on Friday. The share price ended 3.72% lower at R36.00 on the JSE on Friday, even though the group reported a relatively strong performance – headline earnings a share increased 16.3% to 67.7 cents. This growth is slightly ahead of its bigger listed…

As the Netflix reality TV show Love is Blind’s season 7 wedding episode comes to an end, viewers are left grappling with shocking revelations about one of the couples who actually made it down the aisle. Ashley Adionser and Tyler Francis’s wedding captured the audience’s attention not only for their love story but also because of what Francis confessed earlier in the show. He revealed that he has three children which he described as “sperm donor” babies. Even though his admission left Adionser visibly upset, she chose to focus on her relationship and the strong connection she had with Francis. Her decision to proceed with the wedding raises questions about their future as a couple, especially with the anticipated reunion set for Wednesday, which may reveal more about their journey…

Floyd Shivambu said several leaders of the Economic Freedom Fighters (EFF) knew about his intention to join the uMkhonto weSizwe Party (MK Party), but EFF leader Julius Malema was not informed. Shivambu expressed that he saw no reason to notify Malema. “Some of the comrades were saying they were shocked I went to MKP. The majority of leaders in the EFF knew I am going to join MKP,” he said. “Even the officials, some, obviously came to beg me, asking that I shouldn’t tell the president, he did not know and I did not see the need to talk to him about it. They asked me not to tell him that we knew about your decision.” The MK Party national organiser also revealed that some of the leaders wanted to…

The DA has highlighted a critical shortage of Environmental Health Practitioners (EHPs) in South Africa following the deaths of six children who consumed tainted snacks from a spaza shop in Naledi, Soweto. During a media briefing, Health Minister Dr Aaron Motsoaledi confirmed the arrest of four people linked to the incident, revealing that they confessed to purchasing an illegal chemical from a mall in Johannesburg. Authorities confiscated 1 456g of this chemical during a search. The DA’s call for urgent government action comes amid a rise in food poisoning incidents across the country. DA MP Michele Clarke emphasised the need to bolster EHPs, stating that many municipalities struggle to maintain food safety standards due to chronic budget constraints. “Despite clear evidence of the necessity of EHPs, provincial and local governments…

The Da Vinci Institute, renowned for its commitment to fostering innovation and leadership, hosted a remarkable ceremony on Thursday at its headquarters in Modderfontein, east of Johannesburg, to honour its distinguished Doctoral candidates graduating in 2024. The event not only celebrated academic achievements but also highlighted the transformative research these scholars have undertaken to contribute meaningfully to society. Among those honoured were Isheunesu Amon Chaka, Jane Blanche MacKenzie, and Hester Catarina Welman, each recognised for their unique contributions to expanding knowledge across diverse fields. Chaka, with his thought-provoking thesis, re-imagines Africa’s higher education through a pioneering framework termed “Communidiversity”. This innovative model aims to create a holistic ecosystem that promotes student services by integrating several critical components. Meanwhile, MacKenzie’s profound exploration brings together the worlds of quantum physics and Ancient…

October marks Breast Cancer Awareness Month, a poignant reminder for South African women and local organisations to unite in raising awareness of a disease that remains the leading cause of cancer-related deaths among women in the country. According to the statistics, in South Africa, breast cancer makes up 22.6% of all female cancers and represents 16% of all cancer deaths among women. In the face of these alarming figures, organisations like PinkDrive have emerged as beacons of hope, dedicating 15 years to ensuring greater access to early detection and treatment facilities for women across the country. The commitment of the organisation has significantly improved outcomes, with hundreds of thousands of South Africans now able to live longer and healthier lives. Nelius du Preez, operations manager at PinkDrive, highlights the strides…

The importance of transparency and accountability in a democratic society cannot be overstated. A cornerstone of any democracy is the right of elected officials, particularly members of Parliament (MPs), to access accurate and timely information to perform their oversight role effectively. Yet, when Members of the Gauteng Provincial Legislature (GPL) are left in the dark and forced to rely on whistleblowers to expose hidden information, it reveals a disturbing trend that threatens the integrity of governance. This is evident in the ANC-led government’s failure to disclose the damning reports from BDO and Bowman’s when they were made available in 2020. These reports contain critical information about governance failures, including misconduct of staff members in the Gauteng Department of Social Development (GDSD), irregular expenditures, interference by staff in NPO appointments, interference…

The Wanderers was alive with excitement yesterday as the Lions secured their place in T20 history by defeating the Titans by eight wickets, claiming their sixth T20 Challenge title. An atmosphere thick with anticipation hung over the ground as the two best T20 sides in South Africa battled it out for the ultimate prize, but it was the Lions who emerged victorious amidst the looming clouds and threats of rain. Chasing a modest target of 120 runs, the defending champions showcased their prowess, needing just 15.1 overs to reach their goal. Rassie van der Dussen, in spectacular form, lit up the innings with a commanding knock of 44 runs off 31 balls, peppered with seven boundaries and one towering six. He was supported ably by Conor Esterhuizen, who top-scored with…

When you win a game that you were losing right up until the 79th minute, victory will taste even sweeter. For the Bulls, though, the 17-15 triumph over Benetton in Treviso on Friday night may just be the significant moment that propels them to the elusive United Rugby Championship (URC) title. A ruck infringement from Benetton just inside their own half provided the opportunity for the Bulls to launch one last attack, and inside centre David Kriel found touch about six metres out from the tryline. Akker van der Merwe picked out Ruan Vermaak in the line-out, and the Bulls hooker did his trademark party trick to control the ball at the back of the maul and dive over to level matters at 15-15. Then it was up to Kriel…