Star 2024-11-22

JSE-listed private education group ADvTECH Group has concluded agreements for the acquisition of established Ethiopian school group, Flipper International School, based in Addis Ababa, for $7.5 million (about R135m), in a bid to expand its footprint across the African continent. The Ethiopian acquisition adds five schools and 3 000 more students to ADvTECH Group’s international portfolio. Funding for the acquisition of Flipper International School was raised internally by the company. “We are delighted to welcome Flipper International School to the ADvTECH Group as we expand our presence across Africa and further cement our status as the leaders in teaching and learning on the continent,” said ADvTECH CEO Geoff Whyte. Well-known for its academic excellence, Flipper International School was founded in 1998 by Menna Selamu Bekele and Serkaddis Seifu Yeteshawork. In…

Mr Price Group’s share led a rally in many retail sector stocks on the JSE yesterday, surging 7.1% to R292.30 per share just a week before Black Friday and on the day of another interest rate cut, after the value clothing and homeware group said there were signs that South Africa was finally entering an upward economic cycle. “The increasing sales momentum in the second quarter and the strong start in the second half, with sales up 12.4% in the first seven weeks, is encouraging,” CEO Mark Blair said in a statement. Consumer spending behaviour has been crimped in recent times by high interest rates, inflation, unemployment and low household income. The first two weeks of November started strongly with sales increasing 14.7%. All trading segments delivered double-digit growth in…

The National Agricultural Marketing Council (Namc) yesterday said that foodborne diseases were a serious public health threat, impacting the economy, society, and health, both locally and globally. This comes after the National Disaster Management Centre yesterday classified the recent uptick in foodborne illnesses across the country as a national disaster, in terms of Section 23 of the Disaster Management Act 57 of 2002. Dr Moses Lubinga, Namc manager for agro-processing, said that every year foodborne illnesses, such as food poisoning, cause illness in a large percentage of the global population. “In South Africa, concerns over foodborne diseases have led to significant actions, with the National Disaster Management Centre recently classifying the rise in foodborne illnesses as a national disaster under Section 23 of the Disaster Management Act 57 of 2002,”…

The South African Reserve Bank (SARB) has pointed to a more challenging external environment, particularly to the medium-term inflation outlook as it delivered a hawkish 25 basis points interest rate cut. This comes as annual headline consumer inflation fell below the lower end of the SARB’s 3%-6% target range in October, dipping to 2.8% largely driven by declining fuel and food prices. But what was not explicitly stated in the SARB’s statement was how the global macroeconomic environment has grown increasingly challenging following the election of Donald Trump back to the White House, which has strengthened the US dollar, raised concerns of rising inflation and created limited room for central banks to pause or ease rates. SARB Governor Lesetja Kganyago yesterday said the Monetary Policy Committee (MPC) unanimously decided to…

South Africa’s automotive sector stakeholders were abuzz following President Cyril Ramaphosa’s recent announcement of some major upcoming changes to government’s industrial policies. A series of incentives appear to be on the cards to support new energy vehicle (NEV) technologies – such as battery electric vehicles (BEV) and hybrid electric vehicles (HEV). Speaking at Naamsa SA Auto Week 2024 conference in Cape Town, the president introduced the idea of a series of tax rebates or subsidies for consumers to accelerate the adoption of such vehicles in SA, stating this could help ensure the country’s relevance in the global automotive supply chain – especially if local manufacturers take up the opportunity to invest in this major industrialisation opportunity for the region. The momentum for NEVs is building, driven by the lower fuel…

Transnet National Ports Authority (TNPA) has achieved a major milestone in its journey with the on-time and seamless berthing of the Höegh Aurora at the Port of Durban. This event marks the maiden voyage of the world’s largest car carrier and signals a pivotal moment for both Transnet and the maritime industry. The seamless berthing of the Höegh Aurora demonstrates Durban’s capacity to handle the world’s largest and most advanced vessels, reaffirming its status as a premier gateway for maritime trade. This operational highlight was made possible by the port’s newly injected marine fleet of state-of-the-art tugs, showcasing TNPA’s commitment in enabling volume recovery and operational efficiency. The Höegh Aurora, a next-generation vessel known for its advanced green energy solutions, signifies a new era in sustainable shipping. The vessel is…