Star 2024-11-27

Transnet has dismissed allegations of procuring inadequate critical equipment aimed at enhancing the efficiency and capacity of its Cape Town Container Terminal operations. In a statement two weeks ago, the United National Transport Union (UNTU) claimed that Transnet had purchased seven unsuitable second-hand cranes from the US, with no spare parts, of which only five were in working order, and which were too small for the Cape Town Container Terminal (CTCT) operations and endangered the lives of employees and truck drivers. The union also called on Minister of Transport Barbara Creecy to hold Transnet accountable for what it described as “self-inflicted challenges and costly errors”. However, Transnet yesterday said UNTU’s statement contained inaccuracies. “In December 2023, the CTCT received a delivery of seven pre-used rubber-tyred gantry cranes (RTGs). The procurement…

Withdrawals from the two-pot retirement system are likely being used to purchase clothes, analysts said yesterday, highlighting that this was set to influence financial performance for clothing retailers such as Pepkor Holdings, which posted steady returns for shareholders despite a slight decrease in headline earnings per share (HEPS) for the year ending September 30. Pepkor, which owns retail shops like Ackermans, Hi-Fi Corp, Bradlows and Tekkie Town, yesterday declared a 48.5 cents dividend for the period, which will be payable in January next year despite a R2.7 billion impairment for its clothing, general merchandise and footwear businesses. About R2.4bn of the total impairments for the period is attributable to the clothing and general merchandise, while R161 million relates to newly acquired S’Ya Phanda and Pepkor cellular sourcing activities. The group…

Parties had agreed that satellite TV provider would pay public broadcaster R500m million in exchange for the exclusive rights to the SABC’s entertainment channel, which would consist mainly of content from the SABC’s substantial archive of programs. In a legal quarrel that has been going on for more than six years, MultiChoice Group and the South African Broadcasting Corporation (SABC) were yesterday arguing before the Competition Tribunal that a July 2013 agreement to exclusive content deals did not amount to a merger as MultiChoice did not have control over the public broadcaster. The deal, which the Competition Commission has stated should have been presented to it as a notified merger, is “of significant public interest” as it enabled the DStv owner to influence the SABC’s strategic direction. Caxton Media Group,…

Purple Group yesterday reported that it had turned the corner with pre-tax and adjusted profit surging 205.7% to R51.8 million for the year to ending 31 August, up from a R49m loss previously after revenue increased 45.1% to R400.4m. The strong performance saw the share price rise 1.82% to R1.12 on the JSE yesterday afternoon, a price that had already risen strongly from 64 cents a year ago. Group headline earnings per share increased by 186.3% to 1.77 cents compared with a 2.05 cents per share loss in the prior year. Attributable profit came to R24.8m, compared with a R24.9m loss in the previous year. Easy Group revenue increased by 51.5% to R360.2m. Easy Group operating expenses increased by 10.6% to R266.7m, while its profit after tax increased by 234.9%…

President Cyril Ramaphosa has authorised the Special Investigation Unit (SIU) to investigate alleged maladministration related to the interest rate swop agreements the Airports Company of South Africa (Acsa) had with major local banks as per the findings of the Zondo Commission. The Zondo Commission recommended in 2022 that law enforcement agencies should investigate Nedbank and Standard Bank for their alleged role in a corrupt deal involving interest rate swop transactions concluded with Acsa between 2009 and 2011, which involved Regiments Capital, a company linked to the Gupta family. The Zondo Commission Report said the contracts with the banks were procured through the corrupt involvement of Regiments Capital and former Acsa treasurer, Phetolo Ramosebudi. Interest rate swop transactions are typically concluded by large companies, banks and financial institutions to manage interest…

During the Eastern Cape spring graduation ceremony, notable industry leaders within the region gathered to engage in a significant discussion with Unisa’s executive management. This group included University Of South Africa Chancellor, Dr Thabo Mbeki; Principal and Vice-Chancellor Professor Puleng LenkaBula; Eastern Cape Regional Director, Motale Nkgoang; Acting Vice-Principal: Strategy, Risk and Advisory Services, Dr Matshidiso Molapo; and prominent figures such as Andreas Brand, the president and CEO of Mercedes-Benz South Africa, and Lizelle Maurice, the executive director of the Border-Kei Chamber of Business. The discussion predominantly focused on exploring potential strategic collaborations that would benefit both the university and the automotive industry – a key area identified as a catalytic niche for Unisa. Additionally, the discussion recognised the vital importance of creating programmes that not only meet but anticipate…