Star 2025-05-20

Vodacom Group met five-year targets and lifted its full-year dividend 5.1% to 620 cents a share, even though it served 9.2 million fewer customers in the year to March 31. South Africa’s second biggest mobile network operator has also upgraded its medium-term operational earnings growth targets. CEO Shameel Joosub said Monday normalised earnings before interest, tax, depreciation and amortisation increased 7.8% to R55.52 billion in the past year and that the five-year target for this metric had been adjusted to double-digit figures from high single-digit figures. “As we draw the curtain on our Vision 2025 strategy, I am proud of the progress we made over five years to deliver on our targets. This was despite a challenging environment marked by a global health crisis, currency volatility, geopolitical tensions, inflation pressures…

Renergen, the JSE-listed owner and operator of the Virginia gas plant in the Free State, is focusing on a listing on Nasdaq in the US, alongside the planning and funding of the Phase 2 expansion of the plant. operations. This was announced by chairman Dumisa Hlatshwayo during the release of the annual results on MOnday. The share price fell by 5.7 to R6.96 on the JSE on Monday afternoon, significantly down from R10.90 a year ago, and representing a free-fall from R35.11 three years ago. Renergen had initially attracted considerable interest among retail investors on the JSE; however, the share price has declined significantly due to numerous delays in the ramp-up to production of South Africa’s first onshore gas production platform. The results showed that revenue increased by 79.7% to…

The rand is set to drop further in the coming days after breaking R18 to the dollar briefly on Friday thanks to expectations that a National Budget will finally be passed on Wednesday. The rand briefly settled at around the R18.03 to R18.05 range by early afternoon, having opened at R18.01. Old Mutual chief economist, Johann Els, said that he wasn’t surprised that the rand broke through R18. “The rand actually spent most of September and October last year below R18, in other words with a 17 handle, at one stage even going as strong as R17.11 late September last year,” he said. Investec chief economist, Annabel Bishop, said the currency continues to “attempt to break through the R18.00 mark, a major resistance level,” after reaching R17.99 on Friday. She…

Experts say R150 billion worth of exports hang in the balance during the trip This week’s meeting between President Cyril Ramaphosa of South Africa and US President Donald Trump is being closely monitored by the international relations stakeholders as they have emphasised its significance for trade relations and the broader South African economy. Reflecting on the economic context, Andre Thomashausen, a Professor Emeritus for International Law at Unisa, indicated that South Africa’s access to the US markets was crucial because the trade balance with the US was nearly 100% positive and in favour of the South African economy. Thomashausen said a total of R150 billion of exports will hang in the balance on Wednesday, a price too big to pay for postures of national pride. “Imports from the US are…

Corporate governance hinges on a delicate triangle: the board, the board chairperson (chair) and the CEO. When in harmony, this dynamic provides clear roles and decisive accountability. When strained, it breeds confusion, factionalism and failure. Good governance requires clear roles and mutual trust. The board oversees strategy; the CEO manages operations. King IV Principle 7 mandates the board to appoint the CEO, ensuring alignment with strategy and ethical culture, and guarding against external interference. The board chair’s role is pivotal in balancing support and oversight of the CEO. How the chair and CEO relate shapes the board’s culture and success. If the chair and CEO are openly at odds, the board and management can splinter into camps and erode trust. Clarity, unity and open communication define healthy governance. When present,…

The Financial Sector Conduct Authority (FSCA) has confirmed that it is moving forward with the Conduct of Financial Institutions (COFI) Bill, which aims to provide a fair process for bank account closures. Following a series of delays that initially pushed the tabling of the Bill in Parliament to January, the FSCA announced on Monday that it is now set to submit the Bill to Cabinet for approval soon. In response to a list of questions from Business Report, the FSCA said the Bill adopts a principle-based approach, in other words, it contains high-level principles that financial institutions must adhere to, to ensure the desired outcomes in the financial sector. “However, it reinforces and extends the principles of fairness for termination of financial products and services already contained in the Conduct…