Innholdsfortegnelse for 2025-03-03 i Star

Barloworld, a JSE-listed industrial giant, finds itself at the centre of a governance storm as the Public Investment Corporation (PIC), its second-largest shareholder with a 21.97% stake, on Friday publicly opposed a proposed takeover. The PIC announced it voted against the offer of R123.10 per share, citing concerns over corporate governance. “The PIC is concerned with corporate governance standards at Barloworld and the steps its board followed in considering the transaction in question,” the statement read, adding that it understands the strategic direction that OEM Caterpillar has taken to increasingly place the running of their dealerships into private hands. It also opposed the re-election of certain board members at the company’s annual general meeting the previous Friday. PIC said in a statement that it does not, in the ordinary course…

South African investors can gain exposure to global growth trends through JSE-listed companies with international operations. One such opportunity is Bytes Technology Group, a UK-based IT services company benefiting from the accelerating shift toward digital transformation, cloud computing, cybersecurity, and artificial intelligence. What does Bytes Technology Group do? Bytes operates as a value-added reseller, acting as an intermediary between technology vendors and customers. The company primarily focuses on software, which contributes 90% of its gross profit: n including cloud-based and cybersecurity solutions.Bytes operates through two divisions: n Bytes Software Services, primarily serving the mid-market UK private sector n Phoenix Software, exclusively catering to the UK public sector Bytes maintains strategic partnerships with over 800 global technology vendors, including Microsoft, AWS, Adobe, VMware, and Check Point. Its strong relationship with Microsoft…

The news last week that US consumer spending fell in January, aggravating worries that the world's largest economy might be under pressure that can be enhanced with US tariffs against importers. Worries that US inflation may turn around quickly so that the US Federal Reserve will turn around from its current interest rate cutting cycle sooner than expected. The annual inflation rate in the US edged up to 3% in January 2025, compared to 2.9% in December 2024, and above market forecasts of 2.9%, indicating stalled progress in curbing inflation. These worries turned quickly into a sell-off of risky assets like equities on Wall Street for most of last week. Elsewhere, India's economy grew by 6.2% in October-December. Although it was lower than expected by 6.4%, it was quicker than…

Truworths International’s interim cash dividend fell by 4.5% to 317 cents after merchandise sales through its retail stores increased by only 2.5% in the 26 weeks to December 29, but the outlook has improved. Merchandise sales came to R12.1 billion. Retail sales were up 2.4% to R12.5bn. The operating margin slipped slightly to 22.5% from 24.5% at the same time a year before. Headline earnings a share fell 4.6% to 489.2 cents. The balance sheet remains healthy, with net cash at R1.2bn, versus net debt of R124m of December 31, 2023. Truworths directors said group retail sales for the first seven weeks of the second half of the 2025 financial period increased by 6.3% over the same period last year, with account and cash sales both increasing by 6.3%. Retail…

Safari Investments RSA, the JSE property REIT, has lifted its distribution by 13.3% to 34 cents per share on a 100% distribution payout ratio for the six months to December 2024, up from 30 cents paid out in the previous six months. Operating profit for the company that aims to grow a portfolio of premium retail assets through investing in convenience or small regional shopping centers and potential ancillary assets in South Africa increased by 9% to R163.44 million. Occupancy remained strong at 97.9% (2023: 97.8%) based on a vacancy factor of only 2.1% (2023: 2.2%). The group owns eight retail centers that are located in high-footfall areas and hold a dominant presence in their regions. Centers are largely underpinned by national tenants with long-term leases. Safari also owns bulk…

bernelee.vollmer@inl.co.za Who can forget the iconic movie that had us all belting out A Thousand Miles by Vanessa Carlton and exclaiming, “I’m so freakin’ pissed”. White Chicks is nothing short of a classic when it comes to the 2000s favourites. Released in 2004, White Chicks features Shawn and Marlon Wayans as FBI agents who go undercover as white, female socialites. This zany premise, paired with their outrageous transformations – complete with prosthetics, blonde wigs, and strikingly white faces – sparked both laughs and controversy. While fans were recently teased with the tantalising prospect of a sequel, the excitement was dashed when Marlon clarified that those hopes were premature. The film was met with its fair share of negative reviews, particularly concerning its portrayal of race and gender. Critics argued that…

US President Donald Trump ruled out any chance of immediate in-person talks with Ukrainian President Volodymyr Zelensky after their tense shouting match at the White House on Friday. “Well, he says he wants it now. He wants to come back right now. But I can’t do that,” Trump told reporters as he was leaving the White House to spend the weekend in Florida. Meanwhile, in an interview with Fox News on Friday night, Zelensky repeatedly said he would not apologise to Trump for the unexpected blow-up between the two sides. “I think that we have to be very open and very honest, and I’m not sure that we did something bad,” he said. But he noted that this kind of spat “is not good for both sides”. Earlier in the…

The organisation Mining Affected Communities United in Action (Macua) has accused the Portfolio Committee on Mineral and Petroleum Resources of silencing the voices of mining-affected communities, while continuing to protect the interests of the mining elite. This was after the committee allegedly excluded Macua from a recent oversight discussion in Mpumalanga. Macua said this comes shortly after it formally wrote to the committee on February 14 and accused the Department of Mineral and Petroleum Resources (DMPR) of providing Parliament ‘with false and misleading information that distorts the realities faced by mining-affected communities’. The committee last week conducted oversight visits to mining companies in the Nkangala region and engaged with labour unions and community members to discuss various issues relating to the sector, including operations, compliance and challenges, as well as…

The Department of Health said they have recorded three laboratory-confirmed cases of monkeypox (Mpox) in Ekurhuleni, Gauteng. The first case was confirmed on February 21 in a 30-year-old male patient residing in Ekurhuleni, Gauteng with a recent travel history to Kampala, Uganda. “The patient was diagnosed with Clade I mpox virus, which is currently circulating in the Democratic Republic of Congo and Uganda and has been reported in travellers returning to many locations around the globe. The other two cases, a 30-year-old male and a 27-year-old female, also from Ekurhuleni, were detected through contact tracing and monitoring conducted by outbreak response teams,” said department spokesperson Foster Mohale. Mohale said these are the first positive cases of mpox recorded in South Africa this year, and the last case was recorded in…

DJ Sbu made a dramatic U-turn on his resignation from Radio 2000, surprising fans and industry insiders with his decision to stay on the airwaves and with the SABC station. The renowned DJ, whose real name is Sibusiso Leope, took to his X account on Saturday to announce that he was no longer leaving Radio 2000 after all. Instead, he revealed that he would be staying on for another 12 months, reversing his earlier decision to resign. “I am pleased to let you know that I will be staying with @Radio2000_ZA, having concluded an agreement for another 12 months. Keep your ears tuned in to the big breakfast, weekdays 6-9 am.” Last week, Leope released a statement explaining that his resignation came earlier than anticipated, as his contract was originally…

While the Minister of Water and Sanitation, Pemmy Majodina declared there is no water crisis in South Africa, the DA in Gauteng has challenged this assertion, pointing to infrastructure failures rather than resident overconsumption as the root cause of the province’s water crisis. This comes after the DA in the province accused Gauteng Premier Panyaza Lesufi of failing to take responsibility over the province’s water challenges, accusing him of by blaming residents for water wastage. Last week, during his State of the Province Address Lesufi indicated that while his government apologises for the water crisis in the province, resident’s consumption patterns also added to water challenges. However, Nico de Jager, DA shadow MEC for Infrastructure in the province was critical of Lesufi, saying this view not only demonstrates a profound…

The 2024/25 season has been one filled with activity for defending Betway Premiership champions Mamelodi Sundowns. The Brazilians shocked many when they parted ways with Rulani Mokwena at the end of the previous season for what the club described as a failure to achieve expected targets. However, those sentiments were met with rumblings under breaths as many viewed Mokwena’s group as one of the best to ever grace domestic football, and it was only a matter of time before they reclaimed a second CAF Champions League title. The departure of the young coach saw Manqoba Mngqithi assume the top job, but his failure to win the MTN8 and the Carling Knockout Cup saw him shown the door late last year. In stepped Portugal-born Miguel Cardoso who has now seemingly settled…

The monsoon-like weather didn’t aid their cause, but the Bulls had the Stormers on the ropes at Loftus Versfeld on Saturday, and just couldn’t land the knockout punch. And that is what disappointed coach Jake White the most in the aftermath of their 19-16 United Rugby Championship defeat to their fierce Cape rivals. The heavy rain and lightning that cause a delay of over an hour resulted in a sodden pitch, which had already been affected by the bad weather in Gauteng in recent weeks. So, it was somewhat understandable that the Bulls opted for David Kriel to aim at the posts more often than not instead of kicking to the corner and setting up a lineout. But the front row of Gerhard Steenekamp, Johan Grobbelaar and Wilco Louw were…

Efforts to tarnish the appointment of Professor John Lamola as the CEO of South African Airways (SAA) have sparked significant debate, with critics arguing that such attempts are not only unwarranted but also serve to undermine what is being described as black excellence. These concerns arise amidst allegations of political interference involving Deputy President Paul Mashatile and Minister of Transport Barbara Creecy, which some claim could detrimentally affect the airline’s leadership and its ongoing turnaround efforts. The DA recently threatened legal action by seeking to involve the Public Protector in the appointment, alleging undue political influence in Lamola’s rise to the executive role. Observers have pointed out that this approach risks destabilising a management team navigating a challenging landscape since SAA emerged from business rescue to achieve newfound profitability under…

As economic and political dynamics shift in 2025, the South African (SA) rand could be in for a bumpy ride, but it might not be all downhill. Looking at the major market forces at play, here are five factors that will be decisive for the rand’s performance in the coming year: 1 SA’s fiscal discipline All eyes were on the Budget that was postponed to the 12th of March. While the date has changed, the focal points will not change, and we will still be looking towards the government, to present a financial plan or budget that is supportive of growth and addresses much-needed structural reforms we need to solve problems within the local economy. As always, we will also look towards the government wage bill, state-owned entity spending and…

The National Minimum Wage (NMW) has been one of the most important poverty alleviation interventions by the government led by the ANC in the recent past. On March 1, we welcomed the NMW’s increase by inflation plus 1%, bringing it to R28.79 an hour. The NMW was one of the clarion calls of the Freedom Charter 70 years ago. This progressive demand was made during the darkest days of apartheid when workers, overwhelmingly African, Coloured, and Indian, as well as women, were paid little more than slave wages. This has been a demand that Cosatu and our predecessors campaigned for over many decades, with its legislation into law shepherded by the Federation with the active support of the ANC and now President Cyril Ramaphosa. The trend of millions of workers,…

Northam Platinum saw its earnings nearly halve in the six months ended December 31, 2024, battered by soft platinum group metals (PGM) prices. Headline earnings plummeted 49.7% to R238.24 million. Northam cut its interim dividend (tied to a 25% headline earnings policy) from R1 by 85% to 15 cents per share. Despite Northam's CEO, Paul Dunne, presenting the interims on Friday, saying the South African mining firm is poised for growth when demand rebounds, the market was spooked. Platinum counters were bludgeoned lower on the JSE at the close: Northam's shares tanked 4.28% to R96.79. Anglo American Platinum shares bled 4.73% to R562.84, while Impala Platinum shares fell 3.81% at R88.13. Sales revenue fell 3.1% to R14.5 billion from a year earlier, stung by an average PGM basket price that…

The Democratic Alliance (DA) finds itself in a difficult position as it grapples with the proposed 2% VAT increase in South Africa. While the DA has consistently positioned itself as a vocal critic of the ANC’s economic policies, its response to this specific tax hike could inadvertently push the ANC right into the hands of the Economic Freedom Fighters (EFF). By considering pulling out of the Government of National Unity (GNU) over the VAT increase, the DA risks weakening its own influence and inadvertently strengthening the very forces it seeks to oppose. The GNU, which includes both the DA and the ANC in a coalition arrangement, has provided the DA with an opportunity to influence policy and hold the ANC accountable. However, if the DA withdraws from the coalition over…

THE inaugural graduation ceremony of the DLO Skills Initiative Solar Panel Cleaning Program took place recently at the De Aar Town Hall in the Northern Cape, marking a significant milestone in the empowerment of local youth. Over the past three months, the programme has trained 100 unemployed young people in De Aar, equipping them with essential skills in solar panel cleaning and maintenance. Designed to create opportunities for disadvantaged community members, the comprehensive training included practical sessions, workplace integration, and post-training support to help participants transition into careers in the renewable energy sector. In partnership with Longyuan Power Group, DLO Energy Resource Group launched this initiative to bridge the skills gap and create employment pathways in the growing green energy industry. “China Longyuan has been an exceptional partner in funding…

The release of the National Register for Sex Offenders will not go ahead just yet. The Ministry of Justice and Constitutional Development on Saturday said the list was meant to be made public by the end of February; however, due to legal rules about confidentiality in the Sexual Offences Act, this can’t happen. “The ministry has identified the need to review the legislation to enable key reforms, particularly regarding confidentiality and disclosure provisions that currently restrict public access,” said spokesperson Terrance Manase. He explained that the ministry plans to review the laws to allow changes, particularly regarding confidentiality, which currently prevent public access. The Minister of Justice, Mmamoloko Kubayi, has initiated a multi-stakeholder consultative process, engaging experts and relevant institutions while working closely with the Office of the Information Regulator…

Operation Shanela continues its crackdown in the City of Tshwane, seizing unlicensed firearms, apprehending wanted suspects and enforcing liquor licence compliance. The latest operation’s success led to the arrest of 350 suspects in Laudium and Pretoria West. Captain Johan van Dyk, spokesperson for the Tshwane District Police, stated that Tshwane Detectives carried out the first phase of the operation overnight, resulting in 295 arrests. “The first phase of the operation was at night, leading to the arrest of 295 individuals for serious offenses, including 78 arrests for gender-based violence, 41 arrests for assault with intent to cause grievous bodily harm, six arrests for murder, three arrests for attempted murder, three arrests for armed robbery and four arrests for rape.” Van Dyk stated that two operational teams were deployed in the…

Pope Francis, who has been in hospital for more than two weeks with double pneumonia, spent a “calm night”, the Vatican said yesterday, after reporting he was in a stable condition. “The pope is still resting,” the Holy See said in its latest health update on the 88-year-old head of the Catholic Church. On Saturday evening, it had said the pope’s condition was “stable”, adding that he was still receiving oxygen, had no fever, had been eating, was alert and praying. His haemodynamic parameters – those relating to the flow of blood – were also stable, and he did not have the high white-blood-cell count that often indicates an infection, the Vatican said, adding that the prognosis, as in previous days, remained “reserved”. Francis, leader of the world’s almost 1.4…

Even though gracefully admitting that he would step aside to make way for the new kids on the block when the time comes, Proteas batsman Rassie van der Dussen showed the cricket world why he’s still championship material. Last week, van der Dussen said the current ICC Champions Trophy may be his last big tournament, given the fact that he’s now 36, but his experience has proved to be a valuable asset going into the tournament in Pakistan. Van der Dussen said he’s “quite happy” with the campaign so far. The big hitting batsman revelaed his feelings after the Proteas seven wicket dismantling of England in Karachi on Saturday. He shot a 72 not out from 87 deliveries to steer the Proteas into a semi-final. Not taking any credit away…

Kaizer Chiefs’ coach Nasreddine Nabi knows that criticism is part and parcel of his job, but he’s urged the club's fans once again to understand that Rome wasn’t built in a day. Chiefs have blown hot and cold this season. As such, they can only realistically finish in the Top 8 in the Betway Premiership and perhaps win the Nedbank Cup. In spite of lossing to rivals Mamelodi Sundowns 1-0 on Saturday, Chiefs arguably played their best football of the season against the best team in South Africa. Many will argue that Chiefs were well rested compared to the Brazilians, who had played three games in eight days, but given the latter’s squad depth, that’s debatable. Nabi focused on his team’s performance, after the match, and left Pretoria impressed. So,…

The window for a league challenge is shrinking with every match played by both contenders. After Pirates suffered their fourth loss of the season, a 2-0 defeat away to Marumo Gallants, they now trail the log leaders, Mamelodi Sundowns, by a hefty 18 points, despite having four games in hand. The Buccaneers haven’t helped themselves by dropping too many points against sides they should beat on paper, especially while competing against a Mamelodi Sundowns side that has been racking up points with ease. Their crunch encounter in a fortnight has become a must-win match for the Sea Robbers, if they are to still have a realistic chance of chasing down the defending champions. But before then, they will face two tough away fixtures, against Chippa United followed by a trip…

Econometrix Report says 80 000 jobs across the value chain will be lost With ArcelorMittal South Africa (AMSA) starting work to shut down its long steel production by April, a new study suggests that a more balanced competitive environment could arise if the government abolishes its PPS (price preference system) and export tax, which have contributed to the rapid decline of steelmaking in the country. An Econometrix Report on the economic impact of tax policies on South Africa’s steel sector and economy finds as much as 80 000 jobs across the value chain and 3 400 direct jobs will be lost with the closure of AMSA’s long business in April. The PPS was introduced in 2013 and mandates that scrap metal exporters sell material to local producers at discounted rates,…

Here are the facts about South Africa’s Budget: For the past 15 years or so, the government has consistently spent more than it has collected in taxes, creating what is becoming an unsustainable level of debt. There is no per capita growth (population is growing faster than gross domestic product (GDP). In the short term, taxes have to be raised. Anything else will take too long to make an immediate difference, although all the growth stuff should happen too. Let’s stop messing about and temporarily increase VAT to 17%. Serious. VAT is a very efficient tax collector and if the VAT exemptions are significant enough, which I think they are in the proposed budget that none of us have seen, then I don’t think the most vulnerable will be hit…

An instance of sewerage extending over a prolonged period in my suburb reminded me of a survey I conducted in the present-day Bojanala District of the North West Province. During my tenure in the homeland of Bophuthatswana, I diverged from the Bureau of Statistics (BopStats) and worked at what was then the Agricultural Corporation (Agricor) for two years before returning to BopStats. I had the privilege of taking a break from counting populations as the head of BopStats to engage society in their production of food and the logic of food systems across the island-like country. This was not a phenomenon new to me, for in rural Lesotho, where I was born, bred, and taught, food systems and food security were central to our village life. In that regard, I…

AECI, the JSE-listed chemicals manufacturer, on Friday announced a new R522 million Broad-Based Black Economic Empowerment (B-BBEE) transaction to strengthen the ownership credentials of its mining subsidiary, AECI Mining Limited. AECI shares rose 1.69% to close at R95 on the JSE that day. The B-BBEE transaction, a broad-based ownership scheme, involves the AECI Foundation subscribing for 73 586 835 B ordinary shares in AECI Mining at R7.10 each, totaling R522m. This gives the Foundation a 15.5% effective interest in AECI Mining, boosting its B-BBEE status to 51% black ownership as per the Codes and the 51% Historically Disadvantaged Persons ownership under the Mining Charter. The Foundation, a Public Benefit Organisation focused on community development, will finance the deal with R182.7m in cash (35%) and R339.3m in notional vendor financing (65%)…

Award-winning actress Brenda Ngxoli is no stranger to South African audiences, but for the first time, she is making her debut on the big screen in A Scam Called Love, set to premiere in cinemas this March. In an interview with IOL, Brenda opened up about the experience, the depth of her character, and why she believes in the power of cinema. Ngxoli described the moment of finally being in cinemas as “humbling” and an unexpected, but welcome journey. “We grew up in homes where TV was our big screen, and only later in life did we experience cinema. To now be part of that world is incredible. It’s all in God’s timing,” she reflected. Ngxoli plays a high-powered woman navigating family complexities, a role she finds refreshing compared to…

The call by Deputy Minister of Defence, Bantu Holomisa for a full investigation of the country’s peacekeeping mission in the Democratic Republic of Congo (DRC), which claimed the lives of 14 SANDF soldiers last month, has received widespread political support. This comes as military experts and political parties have united in demanding transparency and accountability over the country’s failed DRC mission. Holomisa, speaking in his capacity as the deputy minister, made this call while addressing mourners at the funeral of 42-year-old SANDF Sergeant William Eddie Cola in the Eastern Cape on Saturday. Cola is one of the 14 soldiers who lost their lives against the Rwandan backed M23 Rebels in the DRC. Holomisa said it was standard practice for a board of inquiry to be established after such…

The government is set to launch a R500 million spaza shop support fund within the next two weeks with the aim to boost local small businesses in need of funding. Minister for the Department of Small Business Development Stella Ndabeni-Abrahams announced the initiative on Sunday in the wake of the February 28 deadline for registration of spaza shops and food handling outlets during a media briefing in Pretoria. The funding was part of the interventions by her department and the Department of Trade, Industry and Competition to assist small businesses and curb further foodborne illnesses. The registration drive, Ndabeni-Abrahams said, was to ensure compliance with all food safety standards and to rebuild a more competitive and compliant business in the country. Cognisant of the challenges and costs spaza shops face…

Collins Letsoalo’s tenure at the helm of the Road Accident Fund (RAF) has been a period marked by transformative leadership, which has seen the entity evolve into a more efficient, transparent, and accountable institution. As CEO, Letsoalo has not only steered the RAF through a complex financial and operational landscape, but he has also made it a point to confront one of the institution’s most pressing issues: rogue attorneys exploiting the system. Through strategic reforms, diligent leadership, and a steadfast commitment to improving the RAF’s operations, Lentsoalo has managed to shift the trajectory of the organisation, making it a more formidable force against fraud and misconduct. The challenges facing the RAF The RAF, responsible for providing compensation to victims of road accidents, has faced significant challenges over the years. These…

The Tshwane Metro Police Department has been rocked by allegations of corruption and discrimination sparked by complaints from nearly 500 black metro police officers who claimed they were unfairly overlooked for promotions while their white and coloured colleagues were given preference. The disgruntled officers are set to picket tomorrow at the department head offices in Pretoria West to vent their frustration after being excluded from the final promotion list of candidates recommended for promotions for the position of at least 80 warrant officers advertised in November 2024. They claimed their names were removed from the final list and replaced with those of their coloured and white colleagues, allegedly at the instruction of Chief of Police Yolande Faro. Speaking on their behalf, Sergeant Mabele Malale, said officers from the 2002 intake…

The Minister of Police, Senzo Mchunu, has challenged AfriForum to produce evidence supporting their claim that the recent national crime statistics were not accurate concerning white farm murders. Mchunu released the third quarter crime statistics for 2024/2025 on February 21 and revealed a significant reduction in crime. However, the lobby group questioned the accuracy of the crime statistics due to the South African Police Services’ (SAPS) “flawed” record keeping. Jacques Broodryk, AfriForum’s Chief Spokesperson for Community Safety, stated that the organisation’s Neighbourhood and Farm Watches, which address various crimes at the grassroots level, have not observed any significant changes in crime patterns during this period. In response to the lobby group, Mchunu emphasised that one of the most responsible actions any organisation can take is to present factual evidence to…

There is going to be no further extension for late submission of applications for small businesses beyond Friday’s deadline, said Minister of Co-operative Governance and Traditional Affairs Velenkosini Hlabisa. Hlabisa conveyed the message while interacting with informal traders who were submitting their applications at the City of Tshwane’s registration centre in the inner-city on Thursday. He warned that failure to submit applications by the deadline will result in illegal operation status as of March 1. “There will be no extension tomorrow (Friday). We are not going to make any recommendation to the president. There was enough time for people to register from the extension made in December up to tomorrow,” Hlabisa said. He, however, said that applicants with outstanding documents can still submit them after the deadline. “There is no…

SEKHUKHUNE UNITED held on for dear life to book their place in the Nedbank Cup quarter-finals against Mamelodi Sundowns with a 2-1 victory over Motsepe Foundation side Milford FC in KwaMashu yesterday. Captain Linda Mntambo scored a first-half brace, which gave hopes of a smooth sailing into the last eight for Ba Bina Noko. However, the Stallions pulled one back just before the break through Menzi Chilli, forcing the elite league side to fight a rearguard battle for most of the second half. Badra Sangaré, the Ivorian goalkeeper, came on for Namibian Lloydt Kazapua and had to put his international experience to great use as the lower-division outfit threw everything but the proverbial kitchen sink at Sekhukhune in an attempt to at least force the match into extra time. Five…

Danny Welbeck scored deep into extra time to send Brighton & Hove Albion into the FA Cup quarter-finals with a dramatic 2-1 victory over Newcastle United on Sunday after both teams were reduced to 10 men. Newcastle’s Alexander Isak and Brighton’s Yankubah Minteh scored in the first half before Welbeck struck the winner in the 114th minute with an exquisite finish from a tight angle. “It was a very emotional game,” Brighton manager Fabian Hurzeler told the BBC afterwards. “Lots of ups and downs. The key was we stayed together, we stayed calm, we tried to find solutions.” Isak opened the scoring in the 22nd minute when he planted his penalty, awarded after Minteh fouled Tino Livramento, beyond the reach of goalkeeper Bart Verbruggen into the far corner of the…