Star 2024-11-20

The rand continued its wild ride as one of the world’s most volatile currencies yesterday, weakening 0.7% to R18.07 by 4pm and pulling back from a one-week high of R17.95/$1 reached on Monday following an uplift from S&P Global Ratings’ revision of South Africa’s debt outlook to “positive” from “stable”. Investec chief economist Annabel Bishop said yesterday that the currency was highly volatile due to multiple drivers, with the South African Reserve Bank (SARB) interest rate decision this week likely to drive it weaker on an expected cut of 25 basis points. Bishop added that positive sentiment from an improved outlook from S&P implied a potential upgrade to the credit rating in around 18 months’ time if South Africa sees fiscal consolidation. Jimmy Moyaha, founder and managing director of Lebowa…

With industrial space proving to be one of the most resilient investment property assets this year, High Street Auctions Co will bring nearly R900 million of these assets under the hammer at its final auction for the year, next week. High Street Auctions’ director, Greg Dart, yesterday said the auction on November 28 will close out a turbulent 2024 in the property sector, and will likely usher in a more positive 2025. Dart, echoing sentiments from FNB’s chief property strategist John Loos, said he believed that the distribution and logistics space, as well as the fulfilment space – driven by growth in e-commerce in South Africa – were where investors should focus their attention. The industrial property market has performed well over the past year. The latest Rode report on…

The South African Revenue Service (Sars) has announced that withdrawals from the Two-Pot retirement system have increased to more than R35 billion from more than 1.9 million applications. Sars yesterday updated the total figures for tax directives received concerning withdrawals from the Savings Withdrawal Benefit under the Two-Pot system. Of the 2 153 942 applications received, Sars issued a total of 1 914 306 directives, amounting to a cumulative gross value of R35 052 572 876.62. However, the disparity between applications and directives issued highlights several issues; with 169 509 applications declined for a myriad of reasons, ranging from systems failures from the fund management entities to wrong identification number, wrong tax number etc. At least 41 523 directives were declined because of insufficient funds, wrong codes etc, while…

MTN South Africa, with Crime Intelligence, Commercial Crimes, and other Crime Prevention units of the South African Police Services (SAPS), have arrested key individuals believed to be involved in a One Time Pin (OTP) scam syndicate. This comes after a successful search and seizure warrant on properties believed to be headquarters of these OTP scam syndicates in Eldorado Park, Soweto, last weekend, a statement from the MTN South Africa said yesterday. The raid was a result of a coordinated effort by stakeholders including anonymous tip-offs. Upon the investigation, MTN and the Commercial Crimes Unit obtained search warrants to raid five properties in Eldorado Park believed to be associated with front businesses, suppliers, call centres and operations of an OTP scam syndicate. In most incidents, these criminals claimed to be MTN…

While business and investor sentiment in South Africa has shown signs of recovery following the formation of the Government of National Unity (GNU), investors are still waiting for this to translate to higher company profits and reinvestment in the economy, according to Anchor Capital. South African investors are a little bit jittery about local companies not making enough profits and potentially not investing back due to the lack of quick-enough improvement in the domestic environment, Anchor Capital fund manager Mike Gresty said yesterday at a media round table. Business confidence has surged since the formation of the GNU, with company CEOs gaining confidence in the government’s intention to involve the private sector while economic growth forecasts are also on the upside. Gresty said they had talked to a lot of…

Embellishing your CV with a qualification that you haven’t earned is unethical, but many South Africans get away with it. This, however, was not the case for Thabi Leoka, who was censured by the Johannesburg Stock Exchange (JSE) last week. The JSE said it fined Leoka, a former independent non-executive director for companies including Remgro, Netcare and Anglo American Platinum, R500 000 and disqualified her from serving as a director or officer of any JSE-listed company for five years. “Whether this sanction is adequate may be debatable, but it sets a powerful public example that this kind of misrepresentation won’t be tolerated,” said Professor Parmi Natesan, the CEO of the Institute of Directors in South Africa (IoDSA). “We welcome seeing tangible consequences like this, as not nearly enough South Africans…