Innholdsfortegnelse for 2024-12-19 i Star

Sentiment around policy certainty in South Africa has deteriorated even further, which confirmed the country’s slow but uneven economic recovery. The North West University (NWU) Business School Policy Uncertainty Index (PUI) for the fourth quarter of 2024 unexpectedly went much further into negative territory to 65.7, compared to 53.5 in the third quarter (baseline 50). The NWU said that this elevation in the PUI was the outcome of the cumulative impact in the final quarter of 2024 of a number of negative factors that, on balance, outweighed the positive ones in the past three months. According to the NWU, a cross-cutting number of internal and external events therefore converged to shift economic perceptions in the fourth quarter of 2024. However, NWU Business School economist Prof Raymond Parsons said that although…

Minister Lamola says the Maputo corridor poses a major threat in country’s energy security Minister of International Relations and Cooperation, Ronald Lamola, has warned that tourism to Maputo by South Africans was going to be challenging over the festive season. This comes as a bilateral meeting between South Africa and Mozambique yesterday came up with stop-gap measure that hinges on the announcement by that country’s Constitutional Council of the recount of the disputed October 9 vote in Mozambique. Lamola yesterday said the bilateral engagements in Malelane, Mpumalanga province, came up with commitments from Mozambique to be more vigilant on the all important Lebombo Corridor leading to the Maputo port. He said that the declarations list had been whittled down to bare essentials as tensions over elections in that country start…

Fiscal and growth momentum in South Africa and Nigeria will likely translate to a neutral outlook for Sub Saharan African sovereigns, said Fitch Ratings yesterday. African sovereigns have faced debt vulnerabilities, constrained growth and fiscal slippages in the past few years, with long term debt instruments minimal and sovereign risk premiums worsening the situation. Paul Gamble, the head of Middle East and Africa sovereigns at Fitch Ratings now expects the outlook for regional sovereigns to be neutral. This will likely be led by robust momentum in South Africa and Nigeria. “We forecast growth will improve driven by reforms and recovery from drought. Momentum in Nigeria and South Africa the two largest SSA economies, will generate positive spillovers,” said Gamble. The neutral outlook projected for Sub-Saharan Africa sovereigns by Fitch in…

There are a multitude of cyber security controls that businesses can implement and leverage to protect against cyber threats, but we’ve selected five of the best that are ideal specifically for SMEs. In today’s digital, data-driven economy, cyber security is the foundation of any strategy because cyber threats are increasing in volume and in sophistication. SMEs don’t always have the budget and resources at hand to defend themselves. Information is invaluable to the business leader, especially details that can end up saving thousands - if not millions of Rands! But it is important to keep perspective and many tech vendors paint a very bleak picture to trigger a response from the market and a rush on to purchase solutions. With these controls in place, businesses are generally considered to have…

Sappi’s completion of the Gratkorn PM9 mill conversion in Austria, to label papers, coupled with good progress on the Somerset PM2 conversion to paperboard in the US, set for commissioning in 2025, positioned the group to meet growing demand for sustainable packaging and speciality papers solutions, the group CEO Steve Binnie said. Its management said the group had exceeded their expectations in the 2024 financial year. Adjusted earnings a share came to 41 US cents versus 53 US cents in 2023, while the dividend was slightly lower at 14 US cents per share versus 15 US cents in 2023. The executive directors total remuneration increased sharply. Binnie’s increased to $2.02 million in 2024, from $835 819 in 2023, while that of chief financial officer Glen Pearce increased to $1.08m from…

United Kingdom: Barclays lost its bid to overturn a ruling on British motor finance commissions in a High Court decision that weighed on bank shares as investors fretted about a potential multibillion pound consumer redress plan. Barclays' appeal in October was heard weeks before the Court of Appeal's landmark ruling in favour of claimants' appeals in three linked cases involving Close Brothers and South African lender FirstRand. The case comes as the Financial Conduct Authority (FCA) considers an industry-wide compensation scheme which could become even more costly after London's Court of Appeal ruled in October that it was unlawful for car dealers to receive commissions from banks without a customer's informed consent. The High Court on Tuesday dismissed a challenge by Barclays Partner Finance to a ruling by the Financial…

Minister of Cooperative Governance and Traditional Affairs (CoGTA) Velenkosini Hlabisa has announced an extension of the registration deadline for spaza shops and other food handling outlets to February 28, 2025. This decision comes in light of the alarming incidents of food-borne illnesses that have led to the deaths of several children, prompting urgent government intervention. During a recent address, President Cyril Ramaphosa directed that all spaza shops and food handling facilities must be registered with their local municipalities within a span of 21 days – an initiative aimed at ensuring compliance with stringent health standards. It is explained that the initial deadline, which concluded earlier this week, was critical as it sought to establish minimum health requirements for food vendors and protect the South African public. While the government is…

As the uMkhonto weSizwe party continued with its one-year anniversary celebrations on Monday, MK party Member of Parliament and celebrated musician Gezani Eric Kobane, popularly known as Papa Penny, said he has no regrets abandoning the African National Congress (ANC). “I feel good as today we are celebrating a one-year-old baby David who beat up the Goliath. I am so happy because today is the second day (of celebrations) from Moses Mabhida Stadium, we did it,” Papa Penny spoke to broadcaster Newzroom Afrika on Monday night. He said the majestic stadium was full despite efforts to sabotage the event. The Limpopo-based musician said the MK party has artists' best interests at heart, spearheaded by former president Jacob Zuma, founder of the opposition party. “Remember our president (Zuma) put up the…

THE SAPS in Limpopo has deployed 74 newly-appointed constables to various districts across the province in an effort to bolster crime prevention efforts during the festive season. The new cohort of constables has hit the ground running effective from Tuesday in the police’s bid to ensure the safety of residents in the getaway province. Deputy provincial commissioner responsible for policing in Limpopo, Major General Jan Scheepers advised the newly-minted constables to make correct choices for their future, prioritising their safety and wearing bulletproof vests at all times. Meanwhile, the provincial commissioner of police in Limpopo, Lieutenant General Thembi Hadebe has welcomed and addressed the cohort of constables. She emphasised the importance of their role in ensuring the safety and security of all Limpopo residents. The newly-appointed constables are expected to…

The South African Police Service (SAPS) in Limpopo has deployed 74 newly-appointed constables to various districts across the province in an effort to bolster crime prevention efforts during the festive season. The new cohort of constables have hit the ground running effective from Tuesday in the police’s bid to ensure the safety of residents in the getaway province Deputy provincial commissioner responsible for policing in Limpopo, Major General Jan Scheepers advised the newly-minted constables to make correct choices for their future, prioritising their safety and wearing bulletproof vests at all times. Meanwhile, the provincial commissioner of police in Limpopo, Lieutenant General Thembi Hadebe has welcomed and addressed the cohort of constables. She emphasised the importance of their role in ensuring the safety and security of all Limpopo residents. The newly…

“Brain rot” has been designated the Oxford Word of the Year for 2024, a reminder of the dangers of our digitally driven lifestyle. The collective concern in modern society is that excessive online consumption can reduce our intellectual abilities and may cause us to feel drained, demotivated and disconnected from our essential capabilities. What if we could reverse this mental decline and reboot our thinking abilities? Can we reclaim our mental clarity and focus, revitalise our energy to believe and uncover our inner magnetism in a world where “brain rot” appears to be an endemic risk? The Energy Reset Formula offers a transformative response to these concerns. This innovative approach is meant to enable individuals to shift their perspective beyond existing limitations. Imagine regaining control over your life by resetting…

The Johannesburg Stock Exchange (JSE) has lost another listing, with London-based London Finance & Investment Group, a small cap worth some R483.7 million in South Africa, announcing yesterday that it would stop trading on both the local bourse and the London Stock Exchange. The firm, an investment company whose assets consist primarily of a general portfolio of global equity stocks, is the latest entity to leave the JSE. This follows the departure of companies such as African Equity Empowerment Investments, wealth and asset management firm Peregrine Holdings, Royal Bafokeng Platinum, Distell, Mediclinic International, and the PSG Group. Last year alone, 23 companies exited the exchange. The bourse has shrunk by at least 50% in the past 20 years, from about 600 companies in the early 2000s to about 300 now,…

As we approach the end of 2024, investors find themselves at an interesting crossroads, navigating through a complex mix of optimism and uncertainty. The economic landscape, particularly in the United States, presents a paradox: while prevailing sentiment suggests strength, the fundamental data reveals significant vulnerabilities. Looking ahead to 2025, it is imperative to examine these nuances and consider investments beyond US borders. Underlying cracks in US economy could impact economic outlook The US economy’s narrative has been largely positive, with economic growth holding steady, inflation appearing manageable, and unemployment figures remaining low. On the surface, these metrics have painted an encouraging picture, reinforcing confidence among global investors. However, a closer examination of consumer debt, savings, and corporate vulnerabilities uncovers underlying cracks that could reshape the economic outlook. One of the…

As a frequent business traveller, I often find that I spend more time in airport lounges than in my own home lounge. This gives me a unique perspective on the nuances of air travel and a deep appreciation for the importance of safety in aviation. With the festive season bringing increased travel, the recent refuelling challenge faced by the Airport Company South Africa (Acsa) warrants a discussion on the need to prioritise safety over convenience. Refuelling incidents, while serious, are rare, thanks to the stringent safety protocols and comprehensive training programs that are in place at major airports, including those managed by Acsa. It is important to remember the risks involved, such as fuel spills which can lead to fire hazards and environmental damage. The 2001 tragic accident in Tampa…

As the festive season gets into full swing, small and medium-sized enterprises (SMEs) across South Africa face one of the busiest and most financially critical periods of the year. With increased consumer spending, the opportunity to grow revenue is immense, but so are the challenges such as managing cash flow, ensuring secure payment options and maintaining operational efficiency but to name a few. Without the right financial tools, SMEs risk missing out on opportunities or even jeopardising their business survival during this crucial trading period. Flexible and tailored banking solutions are playing a pivotal role in enabling SMEs to meet seasonal demands while laying the foundation for long-term success. Cash flow management is a cornerstone of SME sustainability, particularly during the festive season when the volume of transactions increases significantly.…

Mozambique's 2024 economic growth is likely to be revised down from a previous forecast of 4.3% due to post-election civil unrest and the impact of Cyclone Chido, a senior International Monetary Fund (IMF) official said. In October, Daniel Chapo, the candidate of Mozambique's ruling party Frelimo, was declared winner of the presidential election that opposition parties say was marred by voting irregularities. The disputed election results sparked protests from opposition supporters and there has been more violence since. The unrest has affected business operations, including for mining companies, and has at times led to the closure of key trade corridors. Mozambique's Constitutional Council is expected to rule on the validity of the election count on Dec. 23, an outcome civil society organisations and analysts fear may trigger more violence and…

From 2023’s The Barbie movie to Christopher Nolan’s multi-award winning thriller Oppenheimer, 2024 had big cinematic shoes to fill and it didn’t disappoint with its array of offerings. Below are some of the biggest films of the year: Challengers Director Luca Guadagnino took viewers into the cut-throat world of professional tennis with this steamy movie, released in April, that served drama, passion and a love triangle. At the heart of the story is Tashi Duncan, portrayed by Hollywood star Zendaya. She plays a former teenage tennis prodigy whose career was cut short by a brutal injury. Tashi transitions from player to manager by focusing all of her competitive fire on her husband, Art Donaldson, played by Mike Faist. She decides to reignite his passion for the game by entering him…

Several organisations that advocate against the abuse of women have voiced their concerns on the Sbusiso Lawrence Ntaka incident where he confessed to killing his girlfriend in a chilling social media video near Umzinto in KwaZulu-Natal. Yesterday, the police found Lawrence near the crime scene. It is alleged that he had hanged himself from a tree. Police spokesperson Colonel Robert Netshiunda said the body of Nontobeko Cele, 25, was found with stab wounds with a broken knife next to her. Netshiunda said Lawrence allegedly fetched the woman, who was his girlfriend, from her home and it is suspected that the two had a domestic-related altercation which led to the murder. “The suspect’s vehicle was found abandoned down the road from where the woman’s body was found, and blood on the…

The South African Local Government Association (Salga) has welcomed the suspension of certain definitions in the Electricity Regulation Amendment (ERA) Act, which it argues could jeopardise municipalities’ ability to generate revenue. Salga was particularly concerned about the definition of “reticulation” as outlined in the Act. Currently, there are two ways electricity is sold in the country: Eskom sells to municipalities and municipal entities, and it sells directly to its customers. Salga stated that in the ERA Act, a fundamental amendment had been made to the definition of “reticulation,” which, according to Schedule 4B of the Constitution, is an exclusive authority of local government. It argued this definition threatened the sole authority of municipalities to reticulate electricity, which would in turn impact their ability to generate revenue. In August this year,…

Portshepstone-born rapper Lunmctik, whose real name is Sphelele Qadi, is making significant strides in the South African music scene with his latest single, Okay. Recently, during a recording trip in Gauteng, Lunmctik shared his journey, aspirations, and the entrepreneurial spirit he embodies within a genre that is not yet a dominant force in his home region. Lunmctik’s single Okay is currently climbing the charts, having secured the #10 position on the Apple Music SA Hip Hop Charts. He describes the track as self-explanatory, capturing what it means to embrace one’s uniqueness and ambition. “It is okay to be different, young, and hungry for success,” he asserts, reflecting on the challenges faced by aspiring artists in his community. In a region predominantly influenced by Gqom, house, and Durban kwaito, Lunmctik…

Heinrich Klaasen is normally a straight shooter, but even he shouldered arms at Boland Park. Klaasen was visibly animated after having his middle stump uprooted by Pakistan seamer Shaheen Afridi in the 45th over of the first ODI, which the Proteas lost by three wickets in Paarl. Klaasen was striking the ball beautifully beforehand, rapidly moving to 86 off 97 balls (7x4 , 2x6) before Afridi sent down a peach that reverse-swung appreciably to get through his defences. Returning to the dug-out, Klaasen’s hand gestures indicated how much the ball had actually moved. When asked at the post-match media engagement about his thoughts on how the Pakistan seamers managed to get such appreciable reverse-swing with two white balls in operation, Klaasen was hesitant to give his full views – but…

The recently concluded Confederation of African Football (CAF) Awards ignited a storm of debate and disappointment, particularly among South African football fans and players. Held in the vibrant city of Marrakech, Morocco, the ceremony was touted as a celebration of African football excellence – but ultimately raised more questions than it answered. A focal point of this year’s awards was Bafana Bafana goalkeeper Ronwen Williams, who dazzled the audience by winning both the Goalkeeper of the Year and Interclub Player of the Year awards. However, his omission from the prestigious African Team of the Year left many scratching their heads. The decision to include Cameroon’s Andre Onana, currently with Manchester United, instead of Williams in the best XI has sparked outrage and disbelief. Despite being crowned the continent’s top goalkeeper,…

Futuregrowth Asset Management announced a R150 million investment into Sourcefin, a South African fintech and alternative funding provider dedicated to providing access to finance and specialist supply chain support for small and medium-sized enterprises (SMMEs). This investment was made through Futuregrowth's High Growth Developmental Equity Fund (HGDEF), further cements the firm’s strategy in supporting high-growth businesses, including the likes of hearX, Yoco, Pineapple, Retail Capital, Ozow and Cash Connect. Founded in 2020 and a disruptor in the SMME lending space, Sourcefin is an enabler of SMMEs and addresses the R300 billion gap in SMME financing, empowering businesses to overcome working capital challenges and successfully fulfil public and private sector purchase orders. Sourcefin said it is set to deploy more than R1 billion in funding for the financial year, ending February…

In 2024, approximately 28 million people in South Africa received social grants, which is roughly 45% of the country's population. This includes a range of grants for people with disabilities, children, the elderly, and others in need. With the unemployment figures for the third quarter of the year at an unsustainable high of 32.1% there is no argument that citizens need financial assistance to survive. This is especially true of the nation’s youth when viewed in context of their future – and that of the country. Currently 45% of our youth are unemployed. That’s almost half of the nation’s young people who are unable to contribute to the economy or pay their own way. Social grants are essential for the elderly and disabled to survive. For some disadvantaged individuals,…

Oil prices traded in a narrow range on Wednesday as investors stayed cautious ahead of a potential interest rate cut by the U.S. Federal Reserve and its projections for 2025, while a draw in US crude inventories offered some support. Brent futures rose 42 cents, or 0.57%, to $73.61 a barrel at 1201 GMT, while US West Texas Intermediate crude climbed 47 cents, or 0.67%, to $70.55 a barrel. The Fed is expected to cut rates by a quarter point, but to signal a cautious approach to loosening monetary policy next year. “A quarter-point cut itself is unlikely to shake markets much. Investors may focus more on hints and clues on how likely a January pause is, as well as on how many rate cuts policymakers are contemplating throughout 2025,”…

In a startling revelation, Collins Letsoalo, CEO of South Africa’s Road Accident Fund (RAF), has announced that the fund is owed millions of rand by various medical aid scheme service providers, including prominent player Discovery. This alarming debt raises significant concerns about the financial sustainability of the RAF and, by extension, the welfare of those relying on its services for road accident-related medical care. While speaking to Newzroom Afrika on Tuesday, Letsoalo, who slammed a prominent lawyer for amassing billions in medico-legal fees two weeks ago, said the RAF will be going after all the medical aids schemes in a bid to recover all the money owed to it. According to Letsoalo, these service providers have been “unlawfully claiming” an amount said to be just over R500 million a year…

ANC secretary-general Fikile Mbalula stated Gauteng Premier Panyaza Lesufi is telling people “fairytales” about his grip on the government of provincial unity (GPU), suggesting it will collapse over time. In July, Lesufi formed an ANC-led unity government in the province after weeks of uncertainty and heated negotiations The Gauteng’s seventh administration government excluded the Democratic Alliance (DA) and Lesufi said they were fine without them. The ANC and DA had a fall after failing to agree on the allocation of power in the province. The ANC accused the DA of making ridiculous demands. Parties in the GPU included the IFP, Patriotic Alliance (PA), and Rise Mzansi. The ANC is in charge of seven positions and the other parties were given one portfolio each. Addressing the South African Transport and Allied…

The South African short film The Last Ranger has taken the international film circuit by storm, receiving acclaim and numerous accolades that highlight its poignant narrative on rhino poaching and conservation efforts. Recently, it was announced that this powerful film has advanced to the shortlisted films competing for the Live Action Short Film category at the 97th Academy Awards. Among an impressive pool of 180 qualifying films, The Last Ranger is one of just fifteen to move forward in the competition. Academy members are currently participating in the preliminary voting process, with expectations high that this gripping tale will resonate with audiences further as it aims for an Oscar. To ensure informed voting, members from all branches must view all shortlisted films before the final nominations. Directed by the talented…

South Africa are intending to launch a bid to host a Formula One Grand Prix in 2027 – and Sports Minister Gayton McKenzie insists that money won’t be a problem. McKenzie announced a 13-person bid steering committee yesterday at the Kyalami circuit in Midrand, which hosted the last South African F1 Grand Prix in 1993. The group includes Motorsport SA chairman Anton Roux and executive director Vic Maharaj, SuperSport CEO Rendani Ramovha and Bakang Lethoko, who is the chief of staff in the Department of Sport, Arts and Culture and will be the committee chairperson. McKenzie allayed fears that there isn’t sufficient funds and government backing to realise legendary world champion Lewis Hamilton’s “dream” of bringing Formula One back to South Africa. “We are going to bid for a race…

When should a team take the three points or kick to the corner from a penalty? That was one of the major challenges that the Bulls had to contend with in last week’s 30-21 Champions Cup defeat to Northampton Saints, and one that they will grapple with once more in Saturday’s United Rugby Championship showdown with the Sharks in Durban (6pm start). Captain Elrigh Louw admitted yesterday that he was in two minds at times about whether to go for touch or not at Loftus Versfeld last week, and felt that it was their execution at those lineouts and mauls rather than the decision itself that was problematic. “It’s a feeling you get on the field! It felt for us as leaders that in that moment, we had the edge…

Life is not all about work – and for Brad Binder, that means it isn’t all about Red Bull KTM, a motorbike, two wheels, taming 1000cc, a track and chasing glory around the world in MotoGP. “I’ve had a really cool year,” said the 28-year-old about his personal life in 2024 in an interview with Independent Media this week. “I got married at the end of last year, and now I am expecting a child in April. So yeah, super exciting for me... “I don’t think it will make much difference to me, to be honest,” he continued, regarding becoming a father next year. “I have a super wife, and she can continue as normal at home. For sure, many things will change. “It will be very different, but it’s…