Innholdsfortegnelse for 2024-12-17 i Star

Dr Akinwumi Adesina, the president of the African Development Bank Group (AfDB), has been named the first-ever recipient of the prestigious “African of the Decade” award. The accolade was presented at the Africa Investment Forum in Rabat, Morocco, celebrating Adesina's transformative contributions to Africa’s development over the past 10 years, AfDB said in a statement last week. The award, introduced by the ABN Group in collaboration with CNBC Africa as part of the All-Africa Business Leaders Awards, recognises exceptional leaders whose efforts have had a lasting impact on the continent. Adesina, set to conclude his decade-long tenure at the AfDB in 2025, was praised for his visionary leadership and initiatives that have improved the lives of millions. Presenting the award, ABN Group chairperson Rakesh Wahi lauded Adesina’s “ethical and responsible…

Minister of Tourism, Patricia de Lille, has berated the slow pace of disbursements from the R1.2 billion Tourism Equity Fund (TEF) to help black businesses in the tourism sector. This comes as only 20 applications from businesses amounting to R301 million have been approved under the R1.2bn TEF over the last 12 months. KwaZulu-Natal leads in both submissions and approvals, recording five approvals, followed by approvals for businesses in Gauteng, the Eastern Cape, Limpopo, the Western Cape and the Free State. Two of the approved applications are for new businesses and 18 are for expansion of existing businesses. The TEF is an initiative by the Department of Tourism to provide financial support to tourism enterprises and to transform the sector. It is managed by the Small Enterprise Finance Agency (sefa)…

The Anchor Capital investment team in a note highlighted selection of JSE-listed companies that it believes are worth watching in the year ahead, one of which is ADvTECH. Other Anchor picks for 2025 include Afrimat and Naspers/Prosus, Southern Sun and Renergen. ADvTECH has positioned itself as one of South Africa’s more compelling private education providers, gaining recognition and investor confidence. Its share price advances this year reflect growing trust in the company's strategy and its ability to deliver steady improvement in both academic outcomes and financial returns. The company focuses on expanding its student base while keeping tuition affordable. This approach has helped fill classrooms and lecture halls, reinforcing the company's credibility as a provider of accessible quality education. Given SA's harsh prevailing economic conditions, more families seek better schooling…

In 2024, more than 60 countries faced elections and more than half of the world’s population experienced a change of leaders. Among these were several countries in the SADC region. South Africa, Mozambique and Namibia went through this democratic process. Botswana experienced an unexpected change of guard, while South Africa transitioned into a Government of National Unity. Meanwhile, the US saw a change of leadership, which has led to the second coming of Donald Trump. The Umbrella for Democratic Change (UDC) recently toppled the Botswana Democratic Party (BDP), reducing its 58-year post-independence dominance to just four seats out of 61. This was not only rapturous in decibels and humiliating for the BDP, but it also disrupted the global trend of elderly leaders dominating politics. Botswana joined the lone trendsetters of…

London-listed Rainbow Rare Earths is upbeat about its Phalaborwa project in South Africa, saying rapid global green energy transition, robotics and air mobility will prop up prices for commodities from the project. Two saleable commodities - including rare earth carbonate - have been proven to be commercially viable from the phosphogypsum derived from phosphate ore found at Phalaborwa. Rainbow said yesterday that it had completed an updated economic analysis of Phalaborwa in the second half of the current year. The study had confirmed that the Phalaborwa project “remains resilient to the rare earth element (REE) price cycle, with an average production cost of $40.83 per kilogram magnet of rare earth oxides”. This equates to an operating cost of $12.91 per kilogram of rare earth oxide that includes non-magnet rare earth…

More dark secrets and twisted truths will surface during the third season of The White Lotus, which will premiere in February. The award-winning anthology series, created by Mike White, has become a worldwide hit since the first instalment was released in July 2021. The first season was nominated for 20 Emmys and won a whopping 10, including for Outstanding Limited or Anthology Series. With its star-studded cast, which originally included Jennifer Coolidge, Theo James, Meghann Fahy, Sydney Sweeney, Aubrey Plaza and Leo Woodall, among others, the drama comedy series follows the guests and employees of the fictional White Lotus resort chain whose interactions are affected by their various psychosocial dysfunctions. Deadline has reported that those who will be part of season three are Natasha Rothwell, who will be reprising her…

THE National Energy Regulator of South Africa (Nersa) has been asked to reject Eskom’s proposed tariff increases. The General Industries Workers Union of SA (Giwusa) said the recent tariff hike earlier this year has already placed immense pressure on the poor, working, and middle class. The independent union said municipalities further exacerbate the burden by passing additional costs to consumers. The power utility has applied for a proposed 36% tariff increase for the 2025 financial year, 11.8% in the next, and 9.10% for 2027/2028. The utility also pointed out that all other electricity users pay more to subsidise the companies benefiting from the negotiated pricing agreements (NPAs). Nersa is expected to announce its decision on December 20. In April, consumers suffered a blow after Eskom increased electricity prices by 12%…

THE SA Federation of Trade Unions (Saftu) has rejected the government’s plan to streamline its workforce by encouraging early retirement among public servants, warning that this cost-cutting measure, aimed at reducing the public sector wage bill, threatens service delivery and jeopardises the livelihoods of thousands of working-class families. Finance Minister Enoch Godongwana announced this initiative during his Medium-Term Budget Policy Statement (MTBPS) in October. The initiative seeks to reduce government employment costs while fostering a rejuvenation of the public service. He said the National Treasury allocated R11 billion to fund the programme over the next two fiscal years, targeting approximately 30 000 employees for early retirement. Godongwana last week addressed concerns regarding this initiative during a parliamentary response, emphasising that the programme would not be “free for all“ and would…

Ever caught yourself side-eyeing someone else’s shopping cart and playing detective? You’re not alone. What you buy doesn’t just fill up your stockings – it’s a festive personality quiz in disguise. And spoiler alert: your generation is probably spilling some secrets. “This isn’t just fun to think about; it’s backed by numbers,” says Jonathan Spencer, Brand and Campaign Manager at OneDayOnly.co.za. “PwC’s Holiday Outlook 2024 reveals that Millennials and Gen Z are throwing cash at Christmas with budget hikes of 15.85% and a whopping 37.41%. Meanwhile, Gen X and Boomers are tightening the purse strings, cutting their spend by 18.41% and 1.92%, respectively.” “But it’s not just how much they’re spending – it’s what they’re buying and why,” he says. A study into online shopping carts revealed how the generations…

Manchester City slumped to a scarcely credible eighth defeat in 11 games on Sunday – this time against Manchester United – leaving Pep Guardiola flummoxed but handing Ruben Amorim a huge boost. With the spotlight off them, Chelsea moved just two points behind long-time Premier League leaders Liverpool, with a 2-1 win against Brentford. Wolves sacked Gary O'Neil after a fourth straight defeat while Southampton axed Russell Martin following a 5-0 hammering by Tottenham. Here, we look at three talking points from the Premier League weekend. Answers elusive for Pep It is difficult to argue that City are now experiencing a full-blown crisis. Guardiola signed a new two-year contract last month at a point when City had lost four in a row, saying he did not feel he could leave…

Stellenbosch FC produced a delightful performance against Lunda Sul in Angola on Sunday, but after hitting the woodwork thrice, it seemed they would come away empty-handed. However, the 23-year-old Devin Titus, a three-time Bafana Bafana cap, had other ideas. A minute ahead of regulation time, he headed home the only goal of the match, crowning a historical win for Stellenbosch FC. After three CAF Confederation Cup matches, Stellenbosch recorded their first Champions League group stage win. After the match, the victorious Stellenbosch coach Steve Barker was a highly relieved man, as defeat might have sounded the death knell for the Winelands visitors. A loss would have placed a Confederation Cup knock-off slot beyond their reach. Barker was emotional after the match; the win had kept their knock-off hopes alive and…

SA Corporate Real Estate has guided at least a 5% increase in its distribution for its 2024 financial year to end December 31, 2024, and it has forecast a further increase on that for the 2025 year. The JSE-listed REIT with retail, industrial, office, and residential properties in South Africa, with a secondary presence in Zambia, said in a pre-close update on Friday. The share price moved up 1.98% to R3.09 in trading on the JSE on Friday, a price that was 34.35% higher than at the same time a year ago. For the 2024 financial year, the retail portfolio achieved 6.8% revenue growth due to strong contracted rental escalations, improved utility recoveries, and financial gains realised from additional take-up of space in Morning Glen, Hayfields Mall, Umlazi Mega City,…

Presidency called on business to reconsider its position and to appoint more suitable partners Bain & Company whistle-blower, Athol Williams, has said that South Africa needs a comprehensive, non-legal approach to dealing with all companies and individuals involved in state capture, in addition to legal action, though it appears unlikely, so that the country can achieve some semblance of justice and move on. “Being haphazard does not serve our pursuit of justice and causes damaging uncertainty in our economy,” Williams told Business Report by email yesterday. This was in response to the Presidency criticising the black sheep of state capture, McKinsey and Bain’s involvement in national projects. Bain & Co is trying to repair its reputation in South Africa by working for free on a private project after it was…

If “past performance is no indicator of future performance”, as we often hear repeated in the context of market-based investments, what is the value to investors of the Raging Bull Awards? While past performance cannot be relied on to predict future performance, it is important when it comes to choosing an investment. What else do you have to go on? A portfolio manager’s reputation is established by his or her past performance – this is equally the case when choosing a doctor, a plumber, or a mechanic for your car. New kids on the block may be just as good, if not better, but you don’t know that until they have a history of performance on which you can make a judgement. There are different ways to look at the…

The year 2024 will go down in South Africa’s history, for better, for worse, and in some areas still to be seen. It is natural in the day-to-day media cycle and the ups and downs of our political discourse, to lose sight of important moments and achievements. Central to our constitutional democracy is Parliament. It is here where we have seen important victories Cosatu has won with our alliance partner, the ANC. And it is also here where we have struggled to secure key demands and must continue to push. Cosatu actively participates and leads discussions at Nedlac and Parliament, where legislation is drafted, tabled and engaged upon between the executive, business and labour, as well as the various political parties. We do so because laws have…

Supermarket Income REIT, a prominent UK-based real estate investment trust (REIT), listed on the Main Board of the Johannesburg Stock Exchange (JSE) on Friday via a secondary listing. Supermarket Income REIT specialises in grocery properties predominantly across the UK, with a focus on omnichannel stores. These properties serve dual functions: traditional in-store shopping experiences and sophisticated last-mile logistics hubs for online grocery fulfilment, including home delivery and click-and-collect services. “We look forward to welcoming South African investors onto the company’s register,” said Supermarket Income REIT chairperson Nick Hewson in a statement. Hewson said the aim of the secondary listing was to enhance share liquidity and improve the diversity of the shareholder base, broadening access to the company. The listing on the JSE does not involve the issuance of new shares.…

In his new Netflix comedy special, Jamie Foxx: What Had Happened Was..., the Oscar-winning actor takes a hilarious jab at the bizarre online conspiracy theories that linked his serious medical emergency to none other than Sean “Diddy” Combs. In April 2023, Foxx suffered a brain bleed that led to a stroke and was left with no memory of 20 days of his life. But instead of focusing solely on the frightening medical details, Foxx brings his signature humour to the situation, discussing the conspiracy theories that emerged in the aftermath. One of the standout parts of the special is when Foxx addresses the claims that spread like wildfire on social media. Some people suggested that Diddy, his long-time friend and music mogul, might have had something to do with…

■ Family alleges sexual violation, wrongful imprisonment at Mangaung prison The family of Thulani Rafisa, an inmate serving an 11-year sentence at the Mangaung G4S maximum security prison, has made shocking allegations against prison officials, claiming that their son has been sexually violated while in custody. In a desperate plea for help, the family has also accused the authorities of failing to transfer Rafisa to a facility more suited to his sentence length, raising serious questions about the management of inmates in South Africa’s correctional system. Concerned relatives have expressed their bewilderment over how he found himself incarcerated in a maximum security facility, given that his sentence is less than the “minimum requirement” of 15 years. Despite their efforts to have him transferred to a more appropriate facility, the family…

As tensions rise between Russia and Ukraine, sentiments surrounding South Africa’s diplomatic stance have come to the fore. ANC stalwart and former Umkhonto weSizwe leader Pat Matosa has reasserted that the nation’s relationship with Russia is deeply entrenched in principled values, dismissing accusations from the DA that the ANC is merely opportunistic in its foreign policy. Matosa made these remarks amid growing pressure for South Africa to pivot towards supporting Ukraine instead of its historical ally, Russia. He argued that the roots of this relationship were laid during the pre and post-WWII eras, when the Soviet Union firmly opposed colonialism and imperialism. “The ANC, as a liberation movement fighting against colonialism and apartheid, formed a strong, comradely relationship with the majority of the Global South, the Soviet Union, and China,”…

HEALTH Minister Dr Aaron Motsoaledi has again mounted a spirited defence of the government’s National Health Insurance (NHI), stating that the system was not unique to South Africa and its roll-out was imminent. Motsoaledi was addressing hundreds of delegates to the SA Communist Party’s (SACP’s) four-day special national congress at the Birchwood Hotel in Ekurhuleni. The minister warned that the issue of the NHI was going to embarrass the country in the long run if it is not adequately addressed. Motsoaledi cited the example of the US, which he said spent 22% of its gross domestic product (GDP) on health and that this accounted for 43% of the global spending on health. The World Health Organization (WHO) set the target of 5% of the GDP for all countries while South…

The University of Pretoria (UP) was instrumental in the creation of a mobile hearing screening application that could be used on a cellphone, which was developed as a transdisciplinary venture in the laboratories of the university and which is now available worldwide to make the lives of those with hearing disabilities better. UP’s spin-out company, hearScreen, has completed the full cycle of a university-licensed invention that has followed the commercialisation route. However, this may be just the start of the next leg of its journey of ongoing success. Members of UP’s Innovation and Contracts Management Division recently joined the CEO of the hearX Group, Nic Klopper, to sign an agreement that signified the transfer of the invention’s Intellectual Property (IP) to hearScreen (Pty) Ltd, a subsidiary of the hearX Group.…

Ladysmith Black Mambazo hosts magical Christmas concert This December, the beloved South African musical group Ladysmith Black Mambazo will captivate locals and holidaymakers with an unforgettable celebration of culture, unity and joy at their second annual Christmas concert. Christmas with Ladysmith Black Mambazo will take place at the CFCI Theatre Berea, Durban, on December 23, with doors opening at 7pm. Under the support of Durban Tourism, this concert promises to be a heart-warming showcase of stirring rhythms and soulful harmonies. This year’s concert will host a stellar line-up, featuring the talents of Ayanda Ntanzi, Prophet Nomusa Dlomo, CFCI choir, and the Soweto Central Chorus. These artists are set to bring a unique gospel flavour to the evening. More than just a musical showcase, Christmas with Ladysmith Black Mambazo is…

South Africa has pledged to leverage its G20 presidency to confront the high cost of capital, a barrier to investment and development across the continent. After the recent G20 finance and central bank deputies meetings last week, on Friday the National Treasury underscored the fact that revisiting the cost of capital for African nations and developing economies was vital to unlocking sustainable growth. South Africa’s intention from the outset has been to place African priorities at the forefront of discussions, seamlessly integrating them into every Finance Track Working Group. “With our longstanding expertise on issues influencing the cost of capital, the Finance Track will take the lead in this review,” the Treasury said. To this end, the agenda focuses on creating concrete recommendations reflective of the discussions held in various…

Much excitement greeted the listing of Boxer on the 28th of November 2024, the first listing of a discount retailer in South Africa. Boxer can trace its genesis to 1977 when the business was founded in KwaZulu-Natal and later acquired by Pick n Pay in 2002. Boxer has positioned itself as a “full-service discount supermarket” catering to the needs of the middle to lower income consumer market, with additional format offerings in liquor and builders’ hardware. The Boxer offering marries the customer focus on value, quality and service with a highly efficient operating model, which prioritises the re-investment of cost savings and operational efficiencies into lower prices and deeper value for customers. Growth by the numbers Post its acquisition by Pick n Pay in 2002, Boxer has grown from 35…

South Africa, like other emerging economies, relies on coal not merely as a source of energy but as a lifeline that sustains jobs, industrial growth, and economic stability. Yet, as global pressures to decarbonise mount, there is an increasing tendency to overlook the essential role that coal plays in our nation. Addressing the gap between ambitious clean energy goals and the everyday realities faced by millions of South Africans is essential for a sustainable and equitable energy transition. As we navigate an increasingly complex global energy landscape, a sober evaluation of coal's role in our country is urgently needed. For many, coal represents an outdated mode of energy production—a relic of the industrial past. But for millions across South Africa, coal remains a fundamental pillar of energy security, economic stability,…

A life-of-mine extension project for South32’s Worsley Alumina has been given a conditional green-light by Western Australia’s Minister of Environment following recommendations from the Western Australian Environmental Protection Authority (WA EPA), with the company now expecting federal approvals for the program next year. The Environmental Protection Authority had recommended conditional approval of Worsley Alumina mine life extension. However, Worsley Alumina lodged an appeal in relation to the authority’s assessment report, saying some provisions created “significant operating challenges, and went beyond reasonable measures for managing environmental risks based on scientific assessment and decades of operating” experience. On Friday, South32 said the Minister of Environment’s determination on December 12 that the project proceed with conditions was “a positive outcome” for Worsley Alumina. “We are pleased to advise that the Minister has determined…

Francois van Coke's latest single Aande, featuring Ryno Velvet, promises to energise music lovers this festive season with its party vibe. The renowned Afrikaans rock star’s new single, which was released on Thursday, is the second single after the release of Victor Ludorum which is part of the musician’s fifth full-length solo album, Die Ruimte, which is dropping on March 20. “Aande is a party song and an ode to the night while lamenting the current state of our society,” he explained. The artist added that the song came together after he and Velvet, who have known each other for a long time, got to know each other better during a tour to the UAE with Fokofpolisiekar in May. “On a bus somewhere in the desert, he sang a chorus…

The Stylistics are back with their first album in almost 20 years, featuring collaborations with stars like Shania Twain and Gene Simmons, set to release in February. The American soul group, which was formed in 1968, comprises Airrion Love, Herb Murrell, Jason Sharp and Barrington “Bo” Henderson. Over the decades, they garnered international success with songs such as Stop, Look, Listen (To Your Heart), You Are Everything and You Make Me Feel Brand New, amongst several others. Between January 1972 and August 1974, The Stylistics were awarded five gold singles and three gold albums. In 1994, the group were inducted into the Philadelphia Music Alliance Walk of Fame and in 2004, they were inducted into the Vocal Group Hall of Fame. They are now set to release Falling in Love…

DIRECTORS of notorious security company, Red Ants, face jail time for contempt of court after failing to reinstate and pay an executive assistant the company fired nearly R372 000. Former Freedom Front Plus Mogale City proportional representation councillor Alexander Munro Raubenheimer was employed by Red Ants in various capacities until October 2021 when he was fired as an assistant to the chief executive, a position currently occupied by Fuzile Balintulo, who is cited as a respondent along with another of its alleged directors Herman Breedt. Following his dismissal, Raubenheimer referred the matter to the Commission for Conciliation, Mediation and Arbitration (CCMA) and in June 2022, its commissioner Livhu Nengovhela found that his axing was procedurally fair but substantively unfair. The CCMA ordered Red Ants to reinstate Raubenheimer retrospectively on the…

As festive fever engulfs South Africa, bustling beaches become a crowded canvas of sun-seekers, all hoping to have a memorable experience. This December, many can discover the sparkling vibrancy of city life, serene natural beauty, and a bounty of unforgettable activities. Johannesburg: Festive fun in the city of gold The City of Gold comes alive during the festive season, buzzing with energy and offering a plethora of activities for holiday explorers. Whether you are a culture enthusiast or someone seeking thrills, Johannesburg has something for everyone: Explore and discover: Embark on an insightful red bus tour visiting Constitution Hill, the Apartheid Museum, and for the adventurous at heart, take a leap off Soweto’s famed Orlando Towers. Holiday thrills: Elevate your experience with exhilarating activities like zip-lining, quad biking, or go-karting…

Orlando Pirates’ coach Jose Riveiro says they’ll fight tooth and nail to progress past the Caf Champions League group stage and qualify for the quarter-final early next year. Pirates have had a decent run on the continent. They are top of the log in Group C with five points, thanks to a win and two draws. The Sea Robbers bagged their second successive draw against Stade D’Abidjan away from home on Saturday night. Pirates had grabbed the lead just before the break from the penalty spot via Evidence Makgopa’s strike, but the hosts hit back with the equaliser courtesy of Ousmane Meite’s goal. While the result was disappointing for the Buccaneers, almost as if they lost the game, they still remained on course to reach the next round of the…

Sundowns kicked off the Cardoso-era on Sunday with a 1-0 win over Morocco's Raja Casablanca in a CAF Champions League clash at Loftus Versfeld. Sundowns dominated the match but managed to secure only one goal, with match statistics reflecting performances that echoed the previous coach Manqoba Mngqithi's last games. Despite a significant possession advantage, Sundowns recorded 10 shots at goal, leaving them with slim pickings — just a solitary goal to show for their efforts.This may explain why Cardoso expressed mixed feelings about the game, acknowledging the commitment of his players was commendable, yet the standard of play fell short of his expectations. "I believe we are far from the level we want to achieve," Cardoso said. "Mainly, we should be able to control the game much more with the…