Innholdsfortegnelse for 2024-10-29 i Star

Share in cement maker PPC leapt over 4% after it said it expects its headline earnings per share (Heps) for continuing operations to rise by up to 18% for the six months ended September 30. In a trading update on Monday it said that Heps for continuing operations are forecast between 20c and 23.5c from the previous corresponding period of 20c. Earnings per share for continuing operations are anticipated to range between 20c and 23.5c, a hike of between 11% to 31% over the prior period’s 18c. The group said this improvement largely stems from reduced administration and operating costs within the South Africa and Botswana segments, countering weaker performance in Zimbabwe. Additionally, PPC said it benefited from higher investment income due to larger average cash balances and the absence…

Legal tensions have escalated between SOLA Group and JSE-listed helium producer Renergen, as each party claims rights to land currently under development for the 150MW Springbok Solar Power Plant. Renergen, with its Virginia Gas Project that comprises production rights of 187 000ha of gas fields across Welkom, Virginia and Theunissen, in the Free State, raised concerns yesterday over what it claims is the unauthorised solar facility construction by Springbok Solar in an area of Virginia designated for future natural gas extraction. SOLA counter-claimed yesterday that the company has followed all legal procedures and obtained necessary permits for the solar plant’s construction. Renergen, which holds a valid onshore petroleum production right under the Mineral and Petroleum Resources Development Act (MPRDA) since 2012, said Springbok Solar began building its project without obtaining…

Mantengu Mining has further strengthened its South African portfolio after it announced yesterday the acquisition of Mpumalanga-based Sublime Technologies from US-incorporated Sintex Minerals and Services Incorporated for $100 000 (R1.8 million). Recently, Mantengu Mining has acquired the Blue Ridge platinum group metals (PGM) mine, which has been under care and maintenance since 2011, from Sibanye-Stillwater. In May this year, Mantengu finalised the acquisition of Birca Copper and Metals (BCM) for R29.9m. On Monday, the board of directors of Mantengu informed shareholders of the company’s acquisition of the entire issued share capital of Sublime Technologies from Sintex Minerals and Services Incorporated. “The purchase price for the sale shares is the rand equivalent of $100 000. Total assets acquired are R240m (and) total liabilities assumed are R35m,” said Mantengu Mining yesterday. It…

GoDaddy shares some ways that Artificial Intelligence (AI) technology tools can help to drive increased efficiencies for small businesses. According to this year’s GoDaddy (www.GoDaddy.com) Global Entrepreneurship Survey, 94% of respondents reported that digitisation has already noticeably improved the work processes in their small business. AI can be a powerful tool for small businesses, whether looking to: streamline your workflow through process automation; improve decision-making; gain a competitive advantage in your industry; provide a better customer experience; or create a beautiful professional business site easily and quickly. With its ability to automate tasks, analyse data and provide insights, AI has the potential to level the playing field. Now even smaller ventures can compete with larger companies. Here are three ways that AI could benefit your business: Automate time-consuming tasks…

The Pick n Pay Group is making “encouraging progress” on its turnaround, including a forecast 50% full-year decline in trading losses from its core Pick n Pay Supermarkets segment, and the worst of the group losses were behind it, CEO Sean Summers said yesterday. South Africa’s second biggest grocery chain’s loss for the 26 weeks to August 25 widened 44.8% to R827.4 million and the headline loss per share weakened further by 16.3% to 136.60 cents, down from 117.48 cents. Group turnover was higher by only 3.7% to R56.1 billion. A turnaround strategy is underway that included a recapitalisation by way of rights issue and the proposed listing of Boxer, as well as the closure or conversion of some loss-making stores. “Exactly a year ago, when I re-joined Pick n…

South Africa’s screen royalty know how to step out of their beloved characters and slay the red carpet and the 18th Annual South African Film and Television Awards (Saftas18), held over the weekend, was no different. The Gallagher Convention Centre in Gauteng hosted the cream of the crop of the South African film and television industry. The biggest night for television brought out legendary stars such as Nandi Nyembe, who matched her son Bongo in pink. Former Saftas-winning Yizo Yizo, Tsotsi and Generations star Nambitha Mpumlwana, who has not been on Mzansi’s red carpets in years, stepped out with her son, Vangile. After two hours of Mzansi’s stars dazzling on the red carpet, Kwaito star Zola 7 proved he was still ghetto fabulous and got the crowd on their feet…

Hazardous substance linked to Naledi deaths In the wake of recent tragedies involving unregistered poisons, domestic stakeholders are calling for immediate and decisive action to rid South African streets of these hazardous substances. The renewed focus on this critical issue follows the deaths of six children after exposure to illegal pesticides in Naledi, Soweto, two weeks ago. Minister of Health, Aaron Motsoaledi, announced yesterday that dangerous pesticides were responsible for the deaths of the six children in Soweto. “Organophosphate is not one substance, but a group of substances which are usually used in agriculture or as pesticides. The organophosphate identified in this instance is called terbufos. All the six children died of terbufos ingestion,” Motsoaledi said. CropLife South Africa, a key provider of sustainable crop protection and public health solutions,…

MANDLA Mandela has maintained that the denial of his visa application to the UK was an infringement of his movement and an attempt to undermine the work of the Anti-Apartheid Movement in the UK. Mandela was forced to address the Sheffield and District African Caribbean Community Association (Sadacca) virtually this month after being unable to enter the UK as he awaited the issuing of his visa. He addressed the scheduled speaking tour titled “Dismantling Apartheid from South Africa to Palestine”. His visa application has since been denied. In a letter sent to Mandela, the UK government said they assessed his presence in the UK as “not conducive to the public good on the grounds that you have engaged in unacceptable behaviour”. “You have made multiple statements which explicitly support Hamas…

South Africa has returned to the International Court of Justice (ICJ) situated at The Hague in Netherlands to file its memorial in the ongoing case against Israel. In the memorial, South Africa intends to provide facts and evidence to prove that Israel is committing the crime of genocide in Palestine. The Presidency said the case will continue until the international court makes a finding. “While the case is in progress, we hope that Israel will abide by the court’s provisional orders issued to date,” Presidency spokesperson Vincent Magwenya stated last month. He added that the case represents a growing global effort towards ensuring peace in the Middle East, and several countries, namely, Nicaragua, Palestine, Turkey, Spain, Mexico, Libya and Colombia have joined South Africa’s case against Israel. Yesterday, Dr Atilla…

In the pulsating world of South African hip-hop, Maglera Doe Boy, real name Tokelo Moyakhe, is steadily forging his path as a celebrated figure, synonymous with talent and ambition. As he navigates the terrain of the music industry, he is not only making an impact with his music but also securing his place as a key player in the realm of brand partnerships. Currently riding a wave of success, Maglera Doe Boy speaks about his journey after being appointed as an ambassador for Hennessy, the world’s premier cognac brand. His latest venture sees him collaborating on content for the release of the highly anticipated LMTD Edition LeBron James Bottle. The buzz surrounding this collaboration has been palpable, and the hip-hop star was beside himself with excitement during a recent behind-the-scenes…

Manchester United sacked manager Erik ten Hag yesterday following a disastrous start to the season, with former Red Devils striker Ruud van Nistelrooy appointed as interim boss. The club’s ongoing struggles have seen them plummet to a lowly 14th in the Premier League table after suffering their fourth defeat in nine league games during a match against West Ham on Sunday. Furthermore, United has managed to win just one of their last eight games across all competitions, painting a bleak picture for the storied club. In the Uefa Europa League, the situation is equally concerning, as United finds themselves sitting 21st of 36 teams, having drawn their three opening fixtures. “Ten Hag has left his role as Manchester United men's first-team manager,” read a club statement. Appointed in April 2022,…

Delta Property Fund yesterday announced the proposed disposal of five properties across South Africa for a combined R63.6 million, as it continues to streamline its portfolio and reduce debt. By 1.30pm the share price soared 8% to 27c on the JSE. Delta has signed separate sale agreements with five independent buyers for each property, located in Boksburg, Silverton, Johannesburg, Nelspruit and Durban. The properties are non-core assets that have experienced high vacancy rates, contributing to underperformance within Delta’s portfolio. The sales agreements involve the following transactions: n 67 Middle Road, Bardene, Boksburg, sold for R10.8m. n 244 Vonkprop Road, Silverton, sold to Tupelostax Investments for R2.8m. n 25-29 Rissik Street, Johannesburg, sold to Guder Properties for R18.5m. n 17 Henshall Street, Nelspruit, sold to Aberaha Trading for R8.5m n Leasehold…

As South Africa prepares for its much-anticipated Medium-Term Budget Policy Statement (MTBPS) tomorrow, investors are treading carefully, looking for signals from the new administration that could guide both the local currency and the economy. This iteration of the MTBPS marks the first under the new government, and comes just over 100 days since its formation, adding a layer of uncertainty to financial markets. The local currency wavered between R17.60 and R17.70 to the greenback yesterday, with a few moves either side before settling at R17.69/$1 by 5pm, while the JSE’s all share index showed steady but slow gains throughout the day to end 0.7% higher at 87 644 index points. Despite the dollar’s strength, the rand has held steady, trading around R17.72 with resistance at R17.80 and support at R17.35,…

The South African livestock industry is grappling with the dual pressures of disease outbreaks and declining export opportunities, raising concerns about animal health, food security, and the economic wellbeing of farmers across the nation. The effects are not merely reflected in the tragic loss of livestock but extend far beyond, affecting the country’s presence in the global market, especially during periods of crisis. According to Wandile Sihlobo, chief economist at the Agricultural Business Chamber of South Africa (Agbiz), the nation’s beef exports fell dramatically in 2022, with volumes decreasing by 16% year-on-year to just 26 881 tons. This decline was primarily a result of the temporary closure of export markets following outbreaks of foot-and-mouth disease (FMD), a situation that has reverberated throughout agricultural sectors. “While the global market is not…

As 2024 Transport Month draws to an end in South Africa, it is abundantly clear that the future of transportation is transforming. When Uber was launched in the US in 2011, after a beta launch in 2010, some may have felt it would never work in the South African transport sector. However, in a very short time after the US launch, Uber proved us wrong and started to operate in South Africa. Some industry players tried to resist the e-hailing service, highlighting the unfairness of the system for those who had to get permits to operate. It was a change that was hard for the local taxi industry to swallow. The local transport industry faces further disruption of the global transition from internal combustion engines (ICE) to electric vehicles (EVs).…

Gold Fields’ acquisition of Canada-based Osisko Mining is now effective after the South African gold miner settled all conditions precedent to the transaction. Gold Fields - which already had an interest in the Canadian gold producer - in August announced the acquisition of Osisko’s 50% stake in the Windfall project for over $1.3 billion. However, shares in Gold Fields traded 2.59% weaker in afternoon trade on the JSE at R303.82. At the time of announcement, the transaction was subject to Canadian Competition Act approvals or no action confirmation, which was obtained last month. Osisko shareholder approvals, obtained on 17 October 2024 and issuance of associated court orders customary for Canadian Plans of Arrangement, obtained on 22 October 2024, were also precedent conditions to the deal. “Deposits of the scale and…

New information has emerged in relation to Sean “Diddy” Combs’ notorious parties and the star-studded attendees. The shamed rapper, 54, who is in jail in New York awaiting trial on charges including sex trafficking and racketeering, is said to have timed his alleged orgies to ensure they were as full as possible of A-listers. Documents and videos reportedly seen by the New York Post are said to show Combs held at least three raucous sex parties after major events in the showbiz calendar. The Post said it had viewed footage from star-studded after-parties hosted by Diddy after the 2004 and 2005 MTV VMAs in Miami – and one after the 2005 Super Bowl in Jacksonville, among others. It said one clip taken after Combs hosted the 2005 VMAs reportedly shows…

RETIRED Great North Transport (GNT) employees and families of deceased workers have been holding protests at the Limpopo Premier’s office in Polokwane since October 8, demanding their unpaid pensions and provident fund monies. The protests, facilitated by the Make It Happen Foundation, come after a forensic report by global company BDO that revealed that GNT failed to make timely pension contributions, resulting in significant delays and unpaid amounts – in total R300 million. According to the report seen by The Star, GNT’s board of trustees failed to report non-compliance with the Pension Funds Act between 2000 and 2017. The company deducted pension contributions from employees’ salaries but failed to remit them to the pension fund or underpaid for 17 years. Limpopo Premier Phophi Ramathuba promised that some retired staff would…

THE City of Tshwane is set to embark on a comprehensive review of its service delivery Memorandums of Understanding (MoUs) to ensure they align with the metro’s interests and provide equitable services to all residents, said Mayor Nasiphi Moya. The decision to review MoUs was made after EFF’s newly-appointed MMC for Environmental and Agriculture Management, Obakeng Ramabodu, called for the City’s five-year contract with Afriforum to be scrapped. The civic organisation signed the deal with the municipality in May to maintain public spaces in their immediate neighbourhood for free. The contract was part of an initiative called community upliftment precinct launched in 2023 to encourage residents, businesses and communities to partner with the City in maintaining and improving public infrastructure. Moya said: “The decision to review the 68 existing MoUs,…

Ingredients 5 large eggs, separated 190g brown sugar 5ml vanilla essence 75g Biscoff spread 80ml milk 114g cake flour A pinch of salt 2.5ml cinnamon 7.5ml baking powder Sauce: 100g Biscoff spread, melted & cooled 60ml cream 380g evaporated milk 385g condensed milk Topping: 250g LANCEWOOD Mascarpone 60ml cream 5ml vanilla essence 30ml icing sugar 4 Biscoff biscuits Cake: Preheat the oven to 170°C. Grease and line a 20x30cm baking tin with baking paper. Method In a bowl, beat the egg yolks with 3/4 of the brown sugar until the mixture is pale and thick. Add the vanilla essence, Biscoff spread and milk and mix well. In a separate bowl, sift the flour, salt, cinnamon and baking powder together and then gently fold into the egg mixture. Beat the egg…

“There is only one way to eat an elephant: one bite at a time.” This wise adage encapsulates the mindset of the South African cricket team, the Proteas, as they navigate their path towards the World Test Championship (WTC) final. Following New Zealand’s unexpected back-to-back Test victories in India, the Proteas now find themselves with a nearly unimpeded route to qualification, contingent upon their performance in the five remaining matches of the WTC cycle, starting with the second Test against Bangladesh today. With a perfect win record across these encounters, the Proteas can secure their place in the grand final at Lord’s next year. Although this prospect is tantalising — a “pot of gold at the end of the rainbow”— captain Aiden Markram underlines the importance of focusing on the…

Listing of dicount chain part of Pick n Pay’s plans to turn around loss-making stores The listing of discount grocery chain Boxer Retail this year is likely to be well received by JSE investors and will likely raise up to R8 billion towards the turnaround plans of its parent Pick n Pay, market analysts said yesterday. Pick n Pay yesterday provided some details of its plans to list Boxer, and although full details around pricing are only expected to be released in a pre-listing statement, the group said the base size of the initial public offering (IPO) would likely be towards the upper end of its earlier guidance of between R6bn and R8bn. Pick n Pay CEO Sean Summers said in a telephone interview that they “are ready to list,…

I have no children, but I know that losing a child is a devastating experience for any parent, so I understand the anger and fear when children are dying because of food poisoning. Politicians are driven by few things more than angry and fearful people blaming them for not adequately regulating the food their kids are eating, but formulating policy in the midst of a wave of fear and anger is going to almost always yield the worst outcomes. Foreign spaza shop owners are the go-to bad guys when just about anything goes wrong, despite there seldom being any evidence of their crimes, aside from perhaps illegal migration, which any sane person would agree is not a capital offence. Yet, it’s not terribly unusual to have mobs of South African…

Small-scale developers have been building rental flats in the backyards of formal housing located in “townships” for over 20 years. Over time, the built form in these areas changed from rows of single-plot match-box RDP-type houses to the main (RDP/bonded) house plus a yard filled with numerous backyard informal structures or wendy houses. More recently, the township entrepreneurs: who we refer to as small-scale developers, have been building brick and mortar rental units, complete with all the furnishings of similar flats in more affluent areas. Indeed, the winds of change have blown. As people flock to cities in search of a better living and house prices in the formal market soar, rental flats built by small-scale developers have become an affordable alternative to the formal sector. Estimated to be a…

The intersection of tech-driven innovation and healthcare access in Africa has never felt more personal than it did at the iFHP Big Ideas Africa Workshop 2024 in Johannesburg last week. Between managing updates about my elderly father's hospital admission at a nearby medical centre (following a near-fatal medical emergency initially misdiagnosed as food poisoning in Bulawayo) and processing the recent loss of a friend to stomach cancer, my conversations with Britam's Evah Kimani struck a particularly resonant chord. As my wife Sithabiso simultaneously attended the ISPOR South Africa Chapter 13th Annual Conference across town—where discussions about health economics and access were in full swing—the WhatsApp notes we exchanged from our respective gatherings highlighted the urgency of Britam’s mission. Kimani’s leadership in driving a platform and product development-focused “Partnerships and Digital”…

Balwin Properties’ headline earnings fell 57% to 16.26c a share for the six months to August 31 after activity in the residential property sector remained under significant pressure, mainly due to the prolonged high interest rate environment. The developer of large, middle-to-upper income sectional title estates’ revenue decreased 28% to R852.7 million, while profit for the period fell by 57% to R76.9m. The estates typically consist of between 1 000 and 3 500 sectional title apartments in targeted nodes of Johannesburg, Tshwane, the Western Cape and KwaZulu-Natal. “While market sentiment traded positively after the announcement of the Government of National Unity and the improvement in macroeconomic conditions in the period, this encouraging trend did not flow materially into the residential property market, due to the overarching high borrowing costs for…

American singer and songwriter Kip Moore is still reminiscing about the time he spent performing in South Africa. The multi-platinum-selling musician took to the stage as part of his Nomad World Tour at the Loftus Versfeld Stadium in Pretoria earlier this month as well as at the Cape Town Country Festival at DHL over the weekend. The Hey Pretty Girl hitmaker also performed in the country last year, entertaining 40000 fans. As one of the US’s biggest country artists, Moore fuses grudge-tinged rock n’ roll into his music. When asked why he decided to include Mzansi as part of his world tour, he said: “After seeing how incredible the fan base was here last year, I don’t know if I’ve ever felt such electricity in the air so I was…

A group of anti-Ukraine protesters gathered outside the Department of International Relations in Pretoria yesterday, voicing their discontent with the growing diplomatic engagements with Ukraine. The demonstration came in the wake of a contentious decision made by the Democratic Alliance’s (DA) Home Affairs Minister Leon Schreiber to grant Ukrainian citizens visa-free access to South Africa, a move many perceived as an affront to the country’s long-standing relationship with Russia. Protester Amos Sibanda articulated the sentiments of many at the scene, stating: “We are here to protest against Ukraine and also to urge the DIRCO minister to close down their embassy in the country. We say no South African weapons must be sent to Ukraine to fight against our Russian friends.” He added that Ukrainians should confront their challenges at home,…

The rot and corruption at the South African Social Security Agency (SASSA) has prompted ActionSA to join the DA and other parties in demanding an urgent leadership overhaul at the department. This is as the agency is facing mounting scrutiny over allegations of fraud and corruption, escalating concerns among political parties and citizens alike. In a unified call for accountability, ActionSA has called for the government to intervene citing an endemic culture of mismanagement that threatens the welfare of millions. Last week, the climate of discontent came to a head during a virtual mini-plenary session of the National Assembly, where the pervasive issues within SASSA were laid bare. During the session, DA MP Alexandra Abrahams did not mince her words, pointing to the agency’s ongoing failures including rampant fraud and…

This season, the results for Kaizer Chiefs are expected to fluctuate. However, their discerning fans will surely expect nothing less than a victory against newbies Magesi. Amakhosi has had a decent start to the season, with three wins and two losses in five outings across all competitions. Their recent form saw a setback, as they suffered a slim 1-0 loss to SuperSport United in the Betway Premiership on Saturday night, just a week after delivering a resounding 4-0 defeat to Gavin Hunt’s side in the Carling Knockout. Chiefs will return to Polokwane tomorrow night at 7.30pm, marking their third consecutive visit to face the league's new entrants, Magesi. Magesi has already made waves this season, notably upsetting the 'cup kings' Orlando Pirates by eliminating them in the last 16 of…