Cape Times 2021-11-24

Dineo Faku dineo.faku@inl.co.za AS SOUTH Africa braces for the fourth wave of Covid-19 infections, insurer and financial services firm Old Mutual is the latest insurer to raise the flag of worse mortality claims than anticipated, saying it has once again been forced to raise its provisions at the end of June 2021, amid vaccination hesitancy. Yesterday, Momentum Metropolitan also said it has seen significantly higher mortality claims, while last week Liberty Holdings flagged that its Covid-19 pandemic reserve was being reassessed due to the 2020 and 2021 reserve being depleted from high mortality claims. Old Mutual, which completed the unbundling of a 12 percent stake in Nedbank earlier this month, said yesterday that the worse than expected mortality claims had resulted in the excess deaths impacting on profit of…

Siphelele Dludla siphelele.dludla@inl.co.za SOUTH Africa and Kenya have agreed to increase both the volume and composition of bilateral trade, as well as investing more in each other’s economies, to address the existing trade imbalance. President Cyril Ramaphosa yesterday requested both countries’ ministers to remove any unreasonable barriers or challenges that were stifling efforts. This as the two countries signed eight agreements and memoranda of understanding in the fields of tourism, health, transport, and migration, among others. Ramaphosa, who was hosting Kenya’s President Uhuru Kenyatta on a state visit, committed to increasing the volume and broadening the composition of trade between the two countries. “We will be working together to identify Kenyan export products for which there are great growth opportunities in South Africa,” he said. “We are also committed to…

Edward West edward.west@inl.co.za PPC LIFTED profit from continuing operations to R969 million in the six months to September 30 compared with R396m previously, after a restructuring and good demand in its major markets drove up performance. Revenue grew 20 percent to R5.1 billion following a 12 percent increase in cement sales volumes, and the positive impact of hyperinflation accounting on PPC Zimbabwe’s financials. CEO Roland van Wijnen said in a phone interview yesterday that he was feeling good about the results, as the market had developed in line with expectations and overall cement volumes were 5 percent above those of 2019. He said the group had faced some unexpected cost pressures, but even though price increases did not match cost increases, good management had seen…

Edward West edward.west@inl.co.za SUBSTANTIAL capital needed to support Virgin Active through pandemic lockdowns has forced its major shareholder Brait to go to the market for a R3 billion rights issue. Mauritius-registered investment company Brait has announced a R3bn rights issue to reduce debt and execute on its strategy of realising maximised value of its investments over the medium term and returning capital to shareholders. Brait shareholders could subscribe for up to 3 million exchangeable bonds to be issued by subsidiary Brait Investment Holdings in the ratio of one bond right for every 440 existing Brait ordinary shares held. Brait said yesterday that the proceeds raised would be used to materially reduce the revolving credit facility (RCF) of Brait Mauritius (BML), together with an extension of the RCF to…

Edward West edward.west@inl.co.za CORONATION Fund Managers lifted fund management earnings per share by 22.9 percent to 470.9 cents in the year to September 30 supported by stronger markets and an out-performance of client mandates. Fund management earnings are used by Coronation’s management to measure operating financial performance – it excludes fair value gains and losses, and related foreign exchange, on investment securities held. Dividends for the company that is 25 percent staff-owned increased 22.7 percent to 470c per share, from 383c in the prior corresponding period. A final dividend of 226c (205c) was declared. Revenue and earnings from fund management were up 17 percent and 23 percent respectively. Markets had performed strongly, after coming off the low base of March 2020. The MSCI All…

Kaymery Swart What’s the deal with Millennials, Gen Z and houseplants? Boasting about their leafy friends you could easily mistake them for being new parents. “Pets are the new kids, and houseplants are the new pets,” is a popular new saying in reference to humans and their growing relationship with indoor plants. There are variations on this quote, but the core idea remains: humans, particularly youngsters, care for and love their houseplants as they would a pet … or even a child. But why are people obsessing over indoor plants as though they were actual human beings? According to Mossel Bay psychologist Philencia Jacobs, it is directly linked to the current situation in the world: The Pandemic. “Generation Z, and everyone, in fact, has been quite isolated since the start…