Innholdsfortegnelse for 2024-11-20 i Star

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…

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…

Peter Armitage, the CEO of Anchor Capital, yesterday highlighted the unique investment opportunities South Africa offers, distinguishing it from global markets. With emerging markets representing 15% of global equity markets, and South Africa accounting for 3.5% of that share, Armitage said the country had a niche appeal for global investors seeking more exotic opportunities. Looking at the current investment climate, he said interest rates now look like they would stay a little bit higher and the interest rate-cutting cycle won't be as deep. He said that all of the factors that normally support the strengthening of a currency are there. S&P Global had recently upgraded South Africa’s rating outlook to positive from stable, which was the first directional positive movement South Africa has had in many years. However, he cautioned…

The COP29 UNFCCC Conference on Climate Change marks its 29th year as the annual global gathering on climate action. This year’s event, a two-week affair, began last week. But what exactly is the UNFCCC Climate Conference? With the theme “Investing in a Livable Planet for All,” the key focus of COP29 is on finance, as trillions of dollars are required for countries to drastically reduce greenhouse gas emissions and protect lives and livelihoods from the worsening impacts of climate change. To much surprise, most of the world’s global leaders were notably absent from the COP29 Climate Conference. The first week was described as a “no-show bonanza,” attended mostly by minor delegates, junior government officials, and NGO representatives. This apparent lack of enthusiasm follows a turning point at last year’s…

Coronation Fund Managers’ fund management earnings increased by a whopping 273% to 617.1 cents a share in the year to September 30 after being boosted by solid returns from global markets and the unwind of a provision following the successful conclusion of a tax matter. Total dividends increased 243% to 566 cents per share, from 165 cents per share. Excluding the impact of the now-concluded SA Revenue Services (SARS) matter, which went in favour of Coronation in June 2024, fund management earnings a share were up 9% at 402.9 cents. Assets under management (AUM) increased 11% to R667 billion after strong market returns and continued out-performance. Average AUM increased 2% to R631bn. The R794 million tax issue with SARS was about the tax treatment of profits earned by Coronation's Dublin-based…

Kenneth Nkosi stars in Disaster Holiday, a festive family comedy where a well-meaning father’s plans for a perfect getaway spiral into chaos. The Netflix movie, which will premiere on December 13, also stars Lunathi Mampofu in her first comedic role and veteran actress Deli Malinga. The rest of the cast includes young talents Kopano Mahlasi, Lubabalo Tala and Yeya Ralarala, who bring their fresh energy to the local comedy. Directed by Rethabile Ramaphakela who made her feature film debut in 2020’s Seriously Single” with her brother Katleho Ramaphakela, it is also the work of Onion Productions, who brought viewers How To Ruin Christmas, Miseducation and Lobola Man, among others. According to Netflix: “South Africa’s favourite funny man, Saftas-winning Kenneth Nkosi brings Joseph Ngema to life, a well-meaning father and husband…

There will be dire consequences for South Africans who register businesses on behalf of undocumented foreigners, according to Gauteng Finance MEC Lebogang Maile. This warning follows widespread social media claims that citizens could register spaza shops for foreigners in exchange for money. It has also been reported that South Africans often allow undocumented foreigners to use their properties for business purposes. Maile addressed the media during a briefing yesterday to unveil the provincial government’s plan to support spaza shop owners in Johannesburg. This initiative comes after recent clashes in Soweto, where community members and Operation Dudula protested against the registration of businesses for foreign nationals, leading to chaos at the Jabulani Civic Centre. During these disturbances, residents expressed their anger, demanding that what they termed “illegal foreigners” leave the area.…

AT LEAST 127 123 customers, who are yet to upgrade their prepaid electricity meters software to a new system called Key Revision Number 2 (KRN2), have been warned that time is running out for them to avoid being left in the dark post November 24, 2024 deadline. This was according to MMC for Utility Services, Frans Boshielo, who called on customers to ensure that prepaid meters are rolled over to avoid electricity disruptions. He said: “If you have not yet upgraded your prepaid meter, it will not accept any token generated after Sunday November 24. Even if you have connected illegally or bridged your meter you will not be able to get your electricity post the deadline. The time is now; don’t wait; the clock is ticking.” He said the…

The Javett Art Centre at the University of Pretoria (Javett-UP) has congratulated acclaimed artist and curator Mme Bongiwe Dhlomo-Mautloa on being conferred an honorary doctorate by the Tshwane University of Technology (TUT) last month. Dhlomo was awarded the degree of Doctor of Arts and Design (honoris causa) from the Faculty of Arts and Design at a prestigious graduation ceremony at the TUT Pretoria Campus. Mme Dhlomo is one of the most accomplished artists, curators, and arts administrators of her generation. As one of South Africa’s first black curators, her creative journey and praxis are one of resilience, creativity, and unwavering dedication to the arts. She began making art in the late 1970s and was a student at Rorke's Drift. With a strong focus on the political, her aims include giving…

The University of South Africa (Unisa) Chancellor, Dr Thabo Mbeki is set to honour nine outstanding South Africans and Unisa alumni at the 2024 Prestigious Chancellor’s Calabash Awards to be held this Friday at the Maslow Hotel in Sandton, Johannesburg. The Chancellor’s Calabash Awards were conceptualised and introduced in 2007 with the aim to recognise excellence and exemplary achievements of its alumni as well as other South Africans who contributed significantly to shaping futures in the service of humanity. In addition to the five standing categories this year, it will be the first time that the university and chancellor bestows the Liberation Struggle Hero/Heroine Awards to Justice Albie Sachs and Ruth First. Introduced in 2024, the award recognises persons who demonstrated exceptional courage, leadership, and dedication in the fight against…

The year 2023 was probably Temba Bavuma's most successful in South Africa's green and gold colours. The right-handed batter was named captain of the Test team at the beginning of the year and scored a career-best 172 in his first series captaining the Test team. In white-ball cricket, Bavuma was enjoying a rich vein of form. He scored centuries against England, West Indies, and Australia, establishing himself as the backbone of both the Test and ODI teams. While opposition players could not stop Bavuma's form, injuries did, as a right adductor strain ruled him out of the fourth ODI against Australia in Centurion, a month before the start of the 2023 ODI World Cup in India. Bavuma carried that injury into the World Cup and despite his team doing well…

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…

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…

South Africa’s deskless workers experience stress caused by low wages and unreliable public transport, according to the 2024 Deskless Worker Pulse, a research report released yesterday by Jem HR, a WhatsApp-based HR and employee benefits platform for frontline workforces. Despite these obstacles, the report reveals that most workers in this sector enjoy their jobs. Deskless workers fill roles in the food, hygiene, security, logistics, retail and other sectors and represent 75% of the national workforce. Simon Ellis, the co-founder and CEO of Jem, said yesterday many deskless workers struggle to make ends meet. “They simply do not make enough money to get through the month. This leads them to rely on loan sharks, payday loans, or friends who charge lending fees. It incurs massive costs and puts them in a…

As a signatory of the Paris Agreement under the United Nations Framework Convention on Climate Change (UNFCCC), South Africa is required to submit Nationally Determined Contribution (NDC) targets every five years. The NDCs are climate action plans by each country outlining how such country plans to reduce its greenhouse gas emissions to help meet the global goal of limiting temperature rise to 1.5 degrees Celsius of pre-industrial levels and adapt to the impact of climate change. More ambitious emissions-reduction goals are required from countries, particularly the highest emitters, to achieve the now almost impossible task of limiting global warming. The socio-economic consequences of inaction both locally and globally are going to be dire for vulnerable economies and communities in developing countries. For example, coastal communities in South Africa are already…

Tiger Brands associate unit in Zimbabwe, National Foods yesterday said it expected to push more rice volumes as it lobbies for the government to remove the Value-Added Tax (VAT) on rice. This comes as the lifting of an export ban by India on the commodity is expected to translate to a reduction in the company’s pricing. India had, however, recently lifted the export ban on rice. National Foods manufactures foodstuffs, stock-feeds and snacks among others for the Zimbabwe market. It said that during the quarter to the end of September, volumes for rice were impacted by the imposition of VAT on rice as well as the high global raw material prices due to India’s export ban. “These two factors have made rice relatively expensive compared to other starches,” said Leigh…

The Market Theatre is ending this year’s line-up with Call Us Crazy, which is aligned with South Africa celebrating 30 years of democracy. The fast-paced multiconventional play is written and directed by Josias Dos Moleele and features an all-women cast of Khutjo Green, Momo Matsunyane and Noko Maboya. The award-winning production, first staged in 1994, offers a side-splitting glimpse of life in the polarised world of the rural community, townships and suburban areas. Greg Homann, the Market Theatre Foundation artistic director, said: “This production playfully reflects on the period 1994 to 2024 in its own distinct style and with its easy-going feel. “Earlier in the year, the Market Theatre staged new works that were serious and grounded in critiquing where we are as a country … This is now an…

A 42-year-old South African woman has appeared before the Palm Ridge Specialised Commercial Crime Court in Ekurhuleni facing charges of fraud, involving R2 million stolen from different women who were scammed through love by men allegedly from Uganda. Mmakgomo Doris Ngcobo is known to her different victims only as Lebo, while others know her as Linky. In all the victims’ cases, she is the woman referred to as a “consultant” by the scammers, who handles the bank issues where the women were taken to take out bank loans. According to the scammed women, Ngcobo appeared to be connected with the different banks’ staff – where she drove the unsuspecting women to take out cash loans. All the money was handed over to the scammers – leaving the women heavily indebted…

The Public Service Commission (PSC) has officially cleared Arnold Malotana, head of the Gauteng Department of Health, of allegations regarding his qualifications, which had been questioned. This announcement follows a thorough investigation initiated in response to complaints about his appointment by Gauteng Health MEC, Nomantu Nkomo-Ralehoko. Accusations against Malotana suggested he lacked the requisite Master’s degree at the time of his appointment and that his career advancement was largely due to connections with prominent political figures in the province. Allegedly, his appointment was postponed until he secured the necessary qualifications, raising concerns over the integrity of the selection process. On Friday, the PSC sent a letter to Gauteng Premier Panyaza Lesufi, expressing satisfaction with the verification of Malotana’s qualifications, which were scrutinised during the investigation. According to the PSC’s findings,…

Local artist Mary Sibande and curator Dr Paul Bayliss were recognised with the prestigious Chevalier des Arts et des Lettres (Knight of the Order of Arts and Letters) by the French government on 18 November 2024. The awards were presented by Ambassador of France to South Africa, Lesotho and Malawi, David Martinon, at the French Residence in Pretoria. Martinon described the award ceremony as a celebration of the enduring relationship between France and South Africa. “Honouring Mary and Paul with this prestigious award underscores our shared commitment to creativity, heritage, and cultural exchange,” said Martinon. The Chevalier des Arts et des Lettres, established in 1957, celebrates individuals who have significantly advanced arts and literature globally. Sibande and Bayliss join the ranks of other South Africans who have received this accolade,…

Ingredients Glug olive oil 1 onion, chopped 4 - 6 cloves garlic, chopped 1 tbsp cumin seeds 1.5kg cubed lamb (we used lamb leg chops) 2 tsp ground cinnamon 1 tbs chilli flakes 2 tbs ground coriander salt and milled pepper 1 punnet fresh dates, chopped ½ cup red wine vinegar 1 packet puff pastry, defrosted Method Heat olive oil in a pan over medium heat. Sauté onion until soft, about 5-8 minutes. Add garlic and cumin seeds and fry until fragrant, about 1-2 minutes. Tip in lamb, cinnamon, chilli flakes and coriander. Season. Stir in dates and red wine vinegar. Cook for 10 minutes, stirring regularly. Pour over enough water to cover the meat and cook on medium heat for 1½ to 2 hours, with lid on, until lamb…

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…

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…

South Africa has a transformative opportunity to emerge as a global leader in clean energy production through the green hydrogen (GH2) economy. The global push for decarbonisation with regulations such as the EU’s Carbon Border Adjustment Mechanism (CBAM) positions green hydrogen as pivotal for economic growth and sustainability. The EU has committed an additional R628 million in 2024 to support the green hydrogen industry and net-zero initiatives. Using South Africa’s vast solar and wind renewable energy resources to produce GH2 positions us as a strong contender in this rapidly growing sector. Bridging the skills gap To capitalise on GH2 opportunities, South Africa must close the skills gap with a proactive, multi-sector strategy, involving updating educational curricula, introducing specialised Technical and Vocational Education and Training (TVET) programmes, and retraining workers from…

Zimbabwe has eight new electricity generating projects that will come on stream in the next 12 months, fired up by wind, solar, coal and battery storage as South Africa’s northern neighbouring country scrambles for a way out of devastating power shortages that have also caught up with the neighbouring Zambia. Zimplats, a unit of Impala Platinum, is constructing a 180MW solar power plant in Chegutu near its operations while cement-producer PPC is constructing a 20MW solar plant at its Colleen Bawn operation. Dinson Steel, which is setting up a steel manufacturing plant in the country, is also constructing a 100MW coal fired power plant, with both projects set for completion by the end of 2025. Dingneng is also working on a 100MW wind energy project that is set for delivery…

To qualify for and remain eligible for African Growth and Opportunity Act (Agoa), South Africa must work to improve its rule of law, human rights and respect for essential labour norms, according to the National Agricultural Marketing Council (NAMC). The government agency made this statement in its Annual Performance Plan 2024-25, published yesterday. Agoa is a US trade act that was passed on May 18, 2000, as Public Law 106 of the 200th Congress. It has been renewed over the years and will expire next year, with renewal options. The legislation significantly expands market access for South Africa to the US. “While Ago has had a positive impact on the South African agricultural industry, it is still in its early stages, with industries that benefit exporting fresh fruit, particularly oranges,…

Despite disclosing her nine years of sobriety before filming season 12 in 2019, Leah McSweeney alleges the producers intentionally planned scenarios to exacerbate her disabilities for “morbidly salacious reality television”. The former housewife joined The Real Housewives of New York City in season 12, bringing her edgy personality and outspoken attitude to the group. However, her time on the show wasn’t all fun and fabulous. While fans appreciated her candour and vulnerability, particularly about her sobriety journey, the same couldn’t be said for some of her co-stars and the production team. During her two seasons, McSweeney faced her share of challenges. She often felt like the odd one out among the more seasoned “housewives”, with clashes over her opinions and her lifestyle. Her sobriety became a recurring topic…

On the back of rising incidents of misrepresentation of qualifications, the Institute of Directors in South Africa (IoDSA) through its CEO, Professor Parmi Natesan, warned against this practice, saying embellishing one’s CV with unearned qualifications is unethical. Yesterday, the institute issued a stark warning against the unethical practice of misrepresenting academic qualifications, with Natesan stressing the need for accountability following the recent case of economist Thabi Leoka, who was fined R500 000 by the Johannesburg Stock Exchange (JSE) for falsely claiming to hold a PhD in Economics from the London School of Economics. “We welcome seeing tangible consequences like this, as not nearly enough South Africans are being held accountable. Embellishing your CV with a qualification that you haven’t earned is unethical, but many South Africans get away with it,”…

Debt counselling experts and economists have warned consumers to be cautious when spending on Black Friday specials and to avoid getting into unnecessary debt. The US shopping phenomenon, which takes place on November 29, has taken off in South Africa in recent years. The Star’s sister newspaper Business Report said earlier this month that research conducted by the Bureau of Market Research (BER) for fintech Capital Connect stated that retailers in South Africa will generate R22 billion in additional direct revenues because of Black Friday sales this year. Experts have acknowledged that the consumers might have a bit more money in their pockets due to an improvement in the South African economy but advised that they should spend the extra cash on essentials. Neil Roets, CEO of Debt Rescue, a…

THE City of Tshwane is taking a strong stance against illegally operated spaza shops selling expired goods, particularly after recent child fatalities linked to consuming snacks from these outlets. Community Safety MMC Hannes Coetzee vowed to protect children by intensifying inspections, saying: "Safety comes first". A recent raid in Eersterust resulted in a spaza shop closure due to illegal power grid connection, expired goods, and non-compliance with health standards. Coetzee expressed the intention to deal with illegal practices in spaza shops following an Eersterust raid with the Tshwane metro police. He said: “We are going to continue to other spaza shops; we need to make sure that our children are safe. The reason why we are doing this is that safety comes first.” The renewed campaign by the municipality to…

In a reaffirmation ofcommitment to South Africa’s healthcare sector, Standard Bank has donated R100,000 to the University of Pretoria’s (UP) Life Changers Fund, an initiative aimed at supporting health sciences students facing financial challenges. The donation, will assist aspiring healthcare professionals to cover essential costs such as tuition, accommodation, and transport, ensuring that financial constraints don’t impede their progress. The Life Changers Fund was created in response to the economic strain brought about by the Covid-19 pandemic, which left many students struggling to afford basic expenses. By stepping up to support the next generation of healthcare workers, Standard Bank aims to empower students and contribute to a stronger, more resilient healthcare workforce for South Africa. Professor Tiaan de Jager, Dean of the Faculty of Health Sciences at UP, highlighted the…

A gender-based violence report by the Human Sciences Research Council (HSRC) revealed that almost 70% of South African men believed a woman should “obey” her husband. The Minister of Women, Youth, and Persons with Disabilities, Sindisiwe Chikunga, received the “First South African National Gender-Based-Violence Study” on Monday during a media briefing in Hatfield, Pretoria. The survey sampled 5 603 women and 4 409 men, totalling 10 012 participants. Parts of the study explored gender norms in gendered power relationships, where 8.3% of men believed a woman should often be beaten. Some men expressed shocking opinions when it comes to rape. While 9.9% said a woman is usually to be blamed after being raped, 11.9% claimed it is not rape when a woman does not fight back. The study found some…