Star 2025-03-06

Woolworths Holdings (WHL) lowered its interim dividend by 28% and has warned that recent US-related global trade relations positions have elevated the macro-economic risk outlook for South Africa, even though consumer confidence has increased. The higher-end retailer, which on Wednesday announced financial results for the 26 weeks to December 29, 2024, will pay out a half-year dividend of 107 cents per share, after strong sales and market share growth in its Food division was offset by lower contributions from the clothing businesses both in South Africa and Australia, which are undergoing transformation. “We have a world-class Food business that remains our engine room for value creation, and we are building the foundational capabilities of our apparel businesses to drive long-term sustainable growth,” WHL group CEO Roy Bagathini said in a…

Sentiment in the business sector in South Africa will remain cautiously optimistic about prospects for activity in the second quarter of 2025 despite strong performances in the new vehicle sector, as the African Growth and Opportunity Act (Agoa) benefits are seen at risk. The RMB/BER Business Confidence Index (BCI), released on Wednesday, remained unchanged at 45 index points in the first quarter of 2025 following three consecutive increases. Although this figure lies just above the long-term average of 43 points and is markedly higher than the sentiment recorded at the start of 2024, the overall picture reveals a troubling slip in confidence across four of the five key sectors surveyed. The BCI survey, conducted between 5 and 24 February, reflects responses largely collected shortly after US President Donald Trump announced…

The JSE All Share Index rose more than 1% to 87 679 index points by 5pm The Johannesburg Stock Exchange (JSE) experienced a noteworthy surge on Wednesday, hitting a one-week high, while the rand strengthened to its most robust level in seven days. The gains are largely attributed to rising hopes that Canada and Mexico may reach a compromise with the United States, steering clear of retaliatory measures in response to newly imposed tariffs. The JSE All Share Index rose more than 1% to 87 679 index points by 5pm, buoyed by resources stocks, particularly platinum mining stocks. Impala Platinum soared 9.5% to R103.74 per share, followed by Northam Platinum and Anglo American Platinum at 8.3% and 6.0% to R8.77 and R35.83 per share, respectively. Harmony Gold stocks also rose…

The postponement of the appointment of the National Lottery Licence operator has ignited a firestorm of discontent among Parliamentarians, who on Wednesday questioned the motives behind the Department of Trade, Industry and Competition's (the ditc) handling of the tender process. The decision to extend the timeline by a year has raised suspicions, particularly regarding the direct engagement of the dtic minister Parks Tau with various bidders, including the current operator, Ithuba Holdings. The Portfolio Committee on Trade demanded that Tau, who along with department officials was conspicuously absent at the presentation of the National Lotteries Commission (NLC) financial results for 2023/2024, appear before it to account for the postponement. Economic Freedom Fighters (EFF) MP Sinawo Thambo questioned the NLC board if it did not consider it illegal for the minister…

After Steinhoff’s implosion in 2017 when audit firm Deloitte flagged accounting issues, the JSE tightened regulatory measures by implementing “innovative reforms to strengthen the South African financial markets”. Because the Steinhoff group’s primary listing was on the Frankfurt Stock Exchange (FSE), that bourse’s regulations were applicable, said Andre Visser, the JSE’s issuer regulation director. A PwC probe into wrongdoings at Steinhoff summarised how the shift in primary listing from the JSE to Frankfurt came about. In the length report, which Business Report secured under a Promotion of Access to Information Act, the advisory company stated that Steinhoff International, registered in the Netherlands, started trading on the FSE on December 7, 2015. This followed a deal through which the Steinhoff group effectively bought out the South African division. The company’s year-end…

In the face of Ernest Roets, Elon Musk, and United States President Donald Trump: Is it business as usual? That would be a resounding no. Yet all one can do is keep calm and carry on - to make money despite the disruption and grow one’s bottom line, to hold one’s head up high and say we are South African and stop messing, or “kaking”, on our national sovereignty. Unfortunately, as the global chessboard of politics sees its horsemen stomping and charging in unpredictable moves, the undeniable fact remains: America is broke. “It’s the economy, stupid.” People are distracted by Musk's chainsaw moves and Zelensky White House "diplomacy" instead of heeding what Musk is saying. Every decision Musk makes aims to cut the US deficit by $1 trillion (R18tn), and…