Star 2025-02-19

The mastermind behind the accounting fraud at Steinhoff, Markus Jooste, continued to earn millions in both euros and rand even as the company came under increased scrutiny over its financial situation. Jooste, who reportedly killed himself in March last year a day before he was set to be arrested on several charges of fraud, continued to earn a remuneration package that – apart from the 2017 financial year – grew at an annual rate of above inflation. Included in his income each year was a base salary worth millions of rand, the same amount in performance bonuses, as well as millions in shares vested. In addition, in the 2015, and 2016 financial years, he earned strategic bonuses of R20 million and R25m respectively. Jooste also sometimes earned a bonus related…

The official rate of unemployment eased slightly in the three months to the end of December Conditions in South Africa’s labour market are poised for a gradual improvement by 2025, driven by the stabilisation of electricity supply and an optimistic outlook for economic growth, which could boost job creation, though the agricultural sector lags behind. This comes after the official rate of unemployment eased slightly in the three months to the end of December buoyed by increasing jobs in the finance and manufacturing sectors. Data from Statistics South Africa (Stats SA) on Tuesday showed that the official unemployment rate fell by 0.2 of a percentage from 32.1% in the third quarter to 31.9% in the fourth quarter of 2024, marking the lowest jobless rate since the third quarter of 2023.…

Anglo American has entered into a definitive agreement to sell its nickel business to MMG Singapore Resources for up to $500 million (R9.2 billion). The nickel business of Anglo American comprises two ferronickel operations in Brazil: Barro Alto and Codemin, and two high-quality greenfield growth projects, Jacaré and Morro Sem Boné. Anglo American added that the agreed sale consisted of an upfront cash consideration of $350m at completion; the potential for up to $100m in a price-linked earnout; and contingent cash consideration of $50m linked to the Final Investment Decision (FID) for the development projects. Duncan Wanblad, Anglo American CEO, said that the sale of their nickel business after a highly competitive process marked a further important milestone towards simplifying their portfolio to create a more highly valued copper, premium…

South Africa is one deal away from having its own crude oil to refine and serve the local market from the Orange Basin Crude oil reserves find shared with Namibia, more than half of which fall on the local side, taking the country a step further towards energy independence. This is what the Department of Mineral and Petroleum Resources (DMRE) deputy director-general Tseliso Maqubela told Parliament on Tuesday. “Basically, the vast majority of that oil found in Namibia in that basin is on our side of the border. It is now a question of ensuring that companies are allowed to explore,” Maqubela said, briefing the Portfolio Committee on Minerals and Petroleum Resources. “We allow them to produce, we don't stand in their way. We make it attractive to produce…

Natural evolution is a messy and chaotic process, yet it often goes unnoticed because of the slow, gradual pace required for any significant change. Since we cannot observe natural evolution in real time — and marvel at how a single common ancestor gave rise to both the elephant and the dassie — we tend to see evolutionary changes in man-made processes and institutions instead. The business landscape, driven by neo-liberal principles of unrestrained creation and destruction, serves as one of the clearest representations of evolution in the modern world. As long as companies and organizations are allowed to compete on relatively equal terms, the marketplace determines the fittest players, who compete and struggle to carve out their niche. Throughout this process, less-suitable business models fade, and dominant forms of operation…

Transnet National Ports Authority (TNPA) on Tuesday said it was set to improve its dredging capacity through the installation of a new marine excavator on the Italeni, a Grab Hopper dredger in Durban. The Grab Hopper Dredger is used by the ports authority to maintain the promulgated depth of port berths, basins, and entrance channels necessary for the safe navigation of vessels in the ports. TNPA said that the installation of this cutting-edge technology will boost dredging volumes and increase efficiency at South Africa’s commercial seaports. “A marine excavator is specialised technological machinery that is used to improve dredging operations while ensuring safe and sustainable practices of marine and coastal environments,” it said. With an investment value of R76 million, TNPA said the newly installed excavator was designed to grab…