Innholdsfortegnelse for 2024-11-13 i Star

MultiChoice Group, which is in the process of becoming part of the France-based global broadcast group Canal+, said yesterday that it anticipated resolving its negative equity position by the end of this month. The results for the six months to September 30, released yesterday, showed that trading profit fell by 46% due to foreign exchange headwinds in the Rest of Africa business (R2.3 billion) and investment in Showmax (R1.6bn). MultiChoice chief financial officer Tim Jacob said that the group has faced unprecedented external headwinds in the past year, the most notable being currency depreciation that has reduced trading profit by close to R7bn over 18 months. Falling subscriber numbers were also problematic in Nigeria and Zambia, in particular, due to the weak consumer environment in Nigeria, and load shedding currently…

South Africa is rapidly gaining recognition as an attractive destination for global investors thanks to its strategic positioning and abundant natural resources. Amid a climate of political stability and commitment to national unity, South Africa stands out for its relatively low valuations compared to other emerging markets such as the BRICS nations. This creates a fertile ground for foreign direct investment (FDI). Currently, South Africa trades at a significant price-to-earnings (PE) discount relative to both developed and emerging markets. This presents a prime opportunity for foreign investors to deploy capital to JSE-listed stocks at appealing levels, with potential upside from a predicted market rally. Over the past year, the JSE All Share Index (ALSI) has outperformed counterparts like the FTSE All Share and EuroStoxx, driven by investor optimism surrounding the…

Productivity in South Africa’s manufacturing sector fell for the second month in a row in September, remaining subdued despite easing electricity supply challenges. Economists yesterday said they were expecting the sector to make up only a small positive contribution to overall gross domestic product (GDP) growth for the 2024 third quarter period ending September. However, a rebound in the manufacturing of iron and steel and non-ferrous metals provided some upshot of recovery. Statistics South Africa (Stats SA) yesterday revealed that manufacturing output in September 2024 sank by 0.8% year-on-year. A significant driver of this decline was the motor vehicles, parts, and accessories sector, which plummeted by 18.7%. This downward trend continues from previous months, where the sector recorded a 0.7% decline in August and a modest increase of 1.7% in…

Former US President Donald Trump has won the 47th Presidential race in a surprising turn of ev ents. Who would have ever thought this was possible after his tumultuous exit from power, soon after the January 6, 2021 storming of the US Capitol and amid rumours of a rigged election outcome? Trump famously popularised the ‘‘Make America Great Again’’ slogan, and in the latest election, he revamped it to ‘‘Make America Greater than Ever Before’’ and ‘‘No Surrender.’’ Furthermore, the president elect has vowed to once again withdraw the US from the Paris climate agreement for the second time. This will be a stumbling block to the COP29 climate summit being held in Azerbaijan, where nations aim to map out the phasing down fossil fuels and providing climate aid…

Premier Group, which lifted headline earnings a share 32.4% to 438 cents a share in the six months to September 30, said yesterday there were “green shoots” of growth in the economy. Premier’s interim revenue increased 3.7% to R9.7 billion, and earnings before interest, tax, depreciation, and amortisation increased by 13.5% to R1.2bn. Operating profit increased by 17.3% to R945 million. Directors for the group that owns brands such as Snowflake, Blue Ribbon and Iwisa Maize Meal, said yesterday that the results were “encouraging,” with moderate revenue growth despite high interest rates, soft commodity volatility, and a depressed consumer environment. However, they said an improvement in market sentiment and green shoots of economic recovery were evident from the transition to a Government of National Unity, and from the subsequent strengthening…

IN THE wake of the alarming increase in child fatalities linked to food poisoning from spaza shops, Sports, Arts and Culture Minister Gayton McKenzie has called for immediate action against the reported illegal shops. His remarks reflect growing concerns over food safety and the impact of illegal immigration on public health. McKenzie, known for his unwavering stance on issues surrounding illegal immigration, took to X and stated: “We need to close all these shops, we can’t be debating this matter any more. These shops should be closed and owners arrested to be deported. What more do we want to see? More children dying?” As the horrific trend continues, opposition parties such as the DA are also amplifying their calls for government intervention. They have urged officials to take proactive measures…

The Gauteng High Court, Pretoria has ruled that one of the men arrested for the 2014 brutal murder of Bafana Bafana captain Senzo Meyiwa be moved urgently from solitary confinement. Mthobisi Prince Mncube and co-accused Fisokuhle Ntuli had approached the superior court on an urgent basis, seeking to be removed from the solitary confinement they are subjected to by the Department of Correctional Services. Yesterday, the court ruled in Mncube’s favour but struck the application by Ntuli off the roll – citing lack of urgency. Judge Jan Swanepoel noted that Mncube’s continued incarceration at Kgosi Mampuru II’s dreaded C-Max section of the prison was affecting his mental wellbeing. Ncube’s legal team has recently told the court in the Senzo Meyiwa murder trial that the accused man has been kept in…

Manchester United's turbulent journey takes a hopeful turn as the club embarks on a new era marked by the appointment of Ruben Amorim. The former Sporting Lisbon coach arrived in Manchester earlier this week, having wrapped up an exhilarating farewell after leading his side to a dramatic 4-2 victory at Braga on Sunday. This latest triumph marks an impressive 11th win in as many league matches, serving as a fitting tribute to his success at the helm of Sporting. Amorim's arrival comes at a critical juncture for United, who find themselves in the uncharacteristic position of 13th in the Premier League table, amid glaring inconsistencies. The mood within the club has been marginally uplifted, thanks to interim coach Ruud van Nistelrooy's three wins in four matches. However, the challenges ahead…

The rand shrugged off the positive data that South Africa had reduced its unemployment rate and plunged to its lowest in three months yesterday pressured by a stronger dollar and lower precious metals prices. Statistics South Africa (StatsSA) yesterday said the official unemployment rate fell by 1.4 percentage points to 32.1% in the third quarter of 2024, down from a two-year high of 33.5% in the second quarter. Despite this, the rand continued to take a hammering from the stronger dollar, which has strengthened since Donald Trump won the 2024 US presidential race. The domestic currency fell by 1% to R18.10 against the greenback, its weakest since mid-August, reflecting broader caution in emerging markets and wary of the economic impact of Trump’s trade actions and potential inflationary fiscal policies. Investec…

SA Canegrowers warned yesterday that KwaZulu-Natal’s sugarcane growers were facing a challenging season as unusually dry weather has driven this year’s harvest to 10% below the average yield. Higgins Mdluli, chairman of SA Canegrowers, said the 2024 season’s reduced yield underscored the increasing vulnerability of the industry to climate pressures, particularly for their rain-fed growers. Mdluli said that from 2020, South Africa’s cane growers produced an average of 18 million tons of sugarcane per season but this season will yield a crop of under 17 million tons. “While we are fortunate to still meet local demand, the reduced export potential impacts our growers’ income and the broader economy,” he said. Mdluli said the most affected areas were the North Coast, South Coast, and Midlands, but the drier-than-usual season affected most…

For the next two weeks, the City of Baku will be abuzz with representatives from 197 countries and the European Union, attending the United Nations Framework Convention on Climate Change (UNFCCC) 29th Conference of Parties (COP), 29 years since the first COP in Berlin in 1995. Despite the distractions associated with the host of COP, Azerbaijan – as a fossil fuel-reliant country, and the uncertainty following the results of the US elections, committed participants must use COP as an opportunity to reach significant decisions about global climate action. More than ever, decisive outcomes and actions are required from COP to assist countries, particularly developing countries, to mitigate against and adapt to the impacts of climate change. The COP29 vision is based on two reinforcing pillars - Enhance Ambition, Enable Action,…

Bidcorp Group yesterday said consumer demand in its global operations remained subdued while it took a knock from currency volatility, which impacted its earnings in rand terms for four months to October 2024. This is in spite of the year to date up to October reflecting an 8% firming up in constant currency headline earnings per share. Bidcorp CEO Bernard Berson said that the company has been performing resiliently against the current operating framework. A bigger portion of Bidcorp’s operations is concentrated in global markets outside of South Africa. “As we conclude the first part of the fiscal year, Bidcorp has recorded a resilient and robust performance, despite the ongoing global challenges we are contending with,” said Berson yesterday. “Our teams have once again risen to the occasion and performed…

Stor-Age, South Africa’s largest self-storage fund, increased distributable income per share by 3.5% to 63.51 cents after rounding off a good operational performance in the six months to September 30, with the addition of 10 properties. “Stor-Age again delivered an impressive financial and operational performance. We expanded our portfolio, opened eight properties, and increased the portfolio value, including properties managed in our joint venture partnerships (JV), to R17.4bn,” said CEO Gavin Lucas. The loan-to-value ratio was 31.3%. In April, R500 million was raised in a debt auction to increase funding capacity, extend maturities, and diversify funding sources. “We do need to acknowledge the negative impact of the higher interest rate environment. While we have seen the first rate cut in South Africa and a second rate cut last week in…

Veteran actor and playwright Sello Maake kaNcube and his wife, publicist and businesswoman Pearl Mbewe, have been denying allegations that their union has been crumbling since last year. However, it seems they have now reached the end of their relationship. Over the weekend, new reports surfaced that the actor had served his wife with a protection order on Saturday. The news of the popular Mzansi couple, known for their loved-up social media posts, has many Netizens weighing in. @womenof_world said: “Wow, the drama between Sello Maake KaNcube and Pearl Mbewe is something else! Sello says he’s never been the problem and Pearl’s calling him a maniac, saying she needed a break. “Dirty laundry has been aired and another divorce is on the table. What’s going in with our celebs?” Maake…

PHUMULAMQASHI informal settlement residents in Lenasia, south of Johannesburg, clashed with police yesterday in running battles over the illegal connection of water as the residents pelted law enforcers with stones and the officers retaliated with rubber bullets and tear gas. In scenes resembling a movie, the angry residents were up in arms, complaining that the officials from Joburg Water had come to their area without informing anyone or their councillor about the disconnection, even though they admitted the connection was illegal. In the unfolding clashes, some residents resorted to looting when they blocked three trucks transporting alcohol and emptied them. Local ward councillor Puseletso Nzimande, who claimed to have been caught off guard by the operation, arrived on the scene as running battles continued in the area, and lamented the…

Dr Bridget Ssamula, Chief Executive Officer of the Engineering Council of South Africa (ECSA)’s inaugural visit to the Tshwane University of Technology’s Faculty of Engineering and the Built Environment (FEBE) on 31 October 2024, facilitated meaningful discussions between FEBE leadership and ECSA representatives, focusing on ECSA’s strategic initiatives to advance engineering education across South Africa. FEBE Executive Dean Dr Grace Kanakana-Katumba led the event at TUT’s Pretoria Campus, which included academic leaders such as the Deputy Vice-Chancellor for Teaching, Learning, and Technology, Professor Ben van Wyk, underscoring the significance of the engagement. In her opening remarks, Dr Kanakana-Katumba emphasised the importance of Ssamula’s visit. She noted that recent shifts within the engineering sector necessitated renewed collaboration and proactive dialogue between ECSA and academic institutions like TUT. During the session, Ssamula…

Ingredients 6 - 8 Granny Smith apples (450 g after peeling and coring) 25 g butter 1 tbsp caster sugar 2 t ground mixed spice 100 g butter, melted 6 - 8 thick slices white bread, crusts removed and cut in half (rectangles and circles for the base) 1 free-range egg yolk icing sugar, for dusting toffee sauce, for serving Method Peel, core and thinly slice the apples. Rinse them in cold water and place in a saucepan with the butter, caster sugar and mixed spice. Cook over a low heat until soft enough to beat into a chunky purée. Allow to cool. Brush the crustless rectangles of bread with melted butter on both sides. Line a 1-litre pudding bowl with the buttered bread, overlapping it and allowing no gaps.…

FOOD retailer, Spar, has taken the initiative to explain the differences between sell-by, best before and use-by dates in food products. This is in the wake of food contamination cases that have claimed the lives of many school students across the country after they consumed snacks in local spaza shops. The cost of living has been financially crippling for many South Africans, therefore making shoppers opt for more affordable food products – food labelling is the least of their concern. The Spar Group said almost a quarter of SA households do not have access to adequate food supply, according to the 2023 General Household Survey released by StatsSA. These findings have subjected indigent households to food insecurity, where they are likely to purchase affordable food in non-compliant spaza shops, further…

Renergen’s application to have construction suspended on a solar plant being built on disputed land at its onshore gas facility has been rejected by the Department of Mineral and Petroleum Resources (DMRE), according to the solar facility developer SOLA Group, but Renergen says the matter is not yet finalised. SOLA Group, which is 40% owned by well-known businessman Patrice Motsepe, said in a statement the DMRE had rejected a suspension application submitted by Tetra4, a subsidiary of Renergen, which would have seen all construction work on the SOLA Group’s 195MW Springbok solar project suspended. If built, it will be the biggest facility of its kind in South Africa. “We are happy that the department’s decision today confirms we have all lawful permits in place and may continue construction on the…

Consumers are still under severe financial strain although sentiment has improved since the suspension of load shedding, the formation of a coalition government, reduced inflation and interest rates, and the ability to access some retirement savings. This is revealed in DebtBusters’ Q3 2024 Debt Index, which was released yesterday. According to the quarterly evaluation of debt counselling applications, demand for debt counselling increased by 6% compared to the same quarter last year and online debt management grew by 10%, despite a series of positive developments. Benay Sager, executive head of DebtBusters, said income growth has not kept up with significant cost increases over the past eight years, and consumers were using short-term unsecured credit and personal loans to make up the shortfall. As a result, consumers need to allocate two-thirds…

Dutch judges ruled yesterday against climate groups who said oil giant Shell was not doing enough to curb its greenhouse gas emissions, striking down a landmark judgement three years ago. The Appeals Court ruling, which shocked environmental groups including Milieudefensie who steered the case, reverses a landmark decision three years ago. Back then, a lower Dutch court ruled that Shell must reduce its carbon emissions by 45% by 2030, as it was contributing to the ‘‘dire’’ effects of climate change. Both Shell and environment groups appealed, with Shell appealing the ruling itself and climate activists saying the oil giant was not implementing the ruling. But on Tuesday, appeals court judge Carla Joustra said: ‘‘The court’s final judgement is that Milieudefensie's claims cannot be granted. The Appeals Court is therefore quashing…

Interim gross profits and earnings in Mantengu Mining soared after it bumped up revenues for the half-year to August 2024 although the resources company, which has been beefing up its South African portfolio through acquisitions, did not declare an interim dividend. Revenues in Mantengu for the six month period under review grew to R115.9 million compared to R13.1m in the previous contrasting period. This boosted the company to uplift gross profits for the period from R1.5m to R53m. Although Mantengu has swung from a headline loss per share of 10 cents in the prior year to a 2 cents per share in the latest interim period to August, the company yesterday did not declare an interim dividend. Despite this, Mantengu said its financial performance for the half-year reflected consistent ramp…

Sean Combs has approached the court with yet another bail application. The 55-year-old rapper is currently behind bars in New York City after he was indicted on charges of sex trafficking, racketeering and transportation to engage in prostitution – but earlier this month, his attorneys filed a new motion requesting bail, arguing that new evidence justifies him being released ahead of his trial. In the latest motion for bail, which has been seen by People magazine, Combs’ legal team have described the prosecution’s case as “thin”. What’s more, the legal team have questioned the relevance of a 2016 CCTV video in which the music mogul appears to violently assault a woman in a Los Angeles hotel. In the filing, Combs’ legal team explained: “The video is not evidence of a…

For more than three decades, Defending the Caveman has been entertaining theatregoers around the globe. The iconic one-man show, which explores the differences between men and women, was created by American comedian Rob Becker. As with most comedic works, Becker used his life experience and observations to add gravitas to the script. To date, the Broadway hit has been performed in more than 45 countries and translated into more than 30 languages. Critics have sung its praises, describing the show as “hilarious and insightful”. Unsurprisingly, it has bagged several awards along the way, including the prestigious Olivier Award in London. The coming production, performed by Craig Jackson and directed by Aurelie Stratton, was previously staged at Theatre on the Square in March. Now it’s back by popular demand for a…

The Minister of Water and Sanitation, Pemmy Majodina, has taken a firm stance against the rising tide of infrastructure vandalism and sabotage attributed to criminal syndicates known as water tank mafias, who allegedly exploit the ongoing water crises across South Africa for their gain. On Monday during a media briefing in Gauteng, Majodina, accompanied by Deputy Minister David Mahlobo, Gauteng Premier Panyaza Lesufi, and Johannesburg Mayor Dada Morero, addressed the urgent water supply challenges that plague the region and beyond. With numerous reports suggesting that insufficient maintenance of water infrastructure in provinces like KwaZulu-Natal has fostered an environment ripe for criminal activity, the minister highlighted that these syndicates do not merely exploit existing deficiencies; they are accused of actively sabotaging municipal water supply systems to enhance their profiteering. Majodina expressed…

The College of Human Sciences at Unisa has launched its inaugural annual Abantu Dialogues Colloquium at the Senate Hall, focusing on the theme Balele Nje Basathetha: Revisiting our Heroines and Heroes in the Black Struggle for Liberation in South Africa. This landmark event brought together scholars, activists, and thought leaders to explore and celebrate the legacy of black theology liberation, while reflecting on ways to express African identity and heritage in contemporary practice. The colloquium, which is set to become a flagship event for the Participants at the Abantu Dialogues Colloquium, was designed to create a space for meaningful dialogues on African heritage, liberation, and identity. It seeks to promote a deeper understanding of how black South Africans can incorporate their cultural and ancestral legacy into modern life, decolonising their…

South African television enthusiasts are in for a treat, with a diverse array of local reality shows set to light up the screens on Showmax this summer. From heartfelt entreaties for love to the hustle of entrepreneurial mothers and glamorous getaways, the upcoming seasons promise entertainment and drama for all viewers. ‘Umnakwethu’ Umnakwethu, which is making a splash with its fourth season. Hosted by the charismatic Musa Mseleku, a respected polygamist, the series aims to mediate complex discussions as men approach their wives about the possibility of taking a second wife. With Mseleku’s guidance, men navigate the precarious waters of marital negotiations, sometimes bringing both wives together for open discussions. The show has garnered significant attention and has been nominated for Most Entertaining Reality TV Show at the Behind The…

Environmental health – now squarely an aspect of the National Health Act and “outsourced” to municipalities who are required to issue business licences and monitor standards – has shown that there are just not enough Environmental Health Practitioners (EHPs) to do the job. The last few weeks have seen scores of school children rushed to hospital in KwaZulu-Natal, with food poisoning and tragically deaths in other provinces. The EHPs play a critical role in enforcing health standards, educating businesses, and conducting inspections. According to the World Health Organisation (WHO) and South Africa’s own National Environmental Health Policy, there should be one EHP for every 10 000 people. Yet the latest figures show that there are only 1 712 EHPs – a fraction of the 6 203 required for adequate coverage…