Tabla de contenidos para 2024-09-16 en Star

FORMER Cabinet Minister Pravin Gordhan has been described as a government leader with “deep integrity” who spearheaded legislative reforms of democratic South Africa’s financial and fiscal architecture. Condolences continued to pour in from the government, business sector and civil society over the weekend, following Gordhan’s death on Friday morning after a short battle with cancer. Gordhan leaves behind his widow Vanitha and daughters Anisha and Priyesha. He was 75. However, not all political parties were singing Gordhan’s praises, with the Economic Freedom Fighters (EFF), the country’s fourth-largest party, said he had left behind a trail of destruction at State institutions. To his detractors, Gordhan was a nemesis who continued to fight against State capture, and they accused him of being responsible for attempting to sell off South African Airways to…

Aspen’s Dr Stavros Nicolaou outlines the challenges and solutions for the continent to have security of supply amidst a pandemic and every day supply. TO HELP SOLVE the vast vaccine inequality and vaccine inaccessibility around the world, which is unfolding before our eyes again with mpox, Executive Editor of Business Report Philippa Larkin interviewed Dr Stavros Nicolaou on what it would take for the continent to be able to manufacture its own vaccines. Nicolaou is Aspen Pharmacare Group’s senior executive responsible for Strategic Trade Development and who is also the chairperson of Pharmaceuticals Manufactured in South Africa. In Nicolaou’s words: Africa currently imports 99% of its current vaccines, and produces 1% or less. In 2020/21 when Covid-19 hit, the whole world, and particularly the African continent, was caught off guard.…

THERE was a debate in the National Assembly last week on a Member’s Bill about the nationalisation of the SA Reserve Bank (SARB). The debate was at the behest of the president of the EFF, Julius Malema. Some argue the debate for nationalisation of the bank is much to do about nothing. In fact, they argue such a matter is inconsequential because the shares and share price is so small. The question begged and unanswered is: If the stake for ownership is so inconsequential, why do those who own it for such a pittance hold it so tight for dear life? In fact, it is this hidden and un- spoken response to its ownership over which light is to be shed. But more fundamentally is that the bank has as…

KORE POTASH, which completed a $1.2 million (R21.5m) fundraising at the beginning of July, closed the half year to June 2024 with cash and cash equivalents worth nearly $1m, against $1.5m in the contrasting period a year ago, while its exploration and evaluation assets dipped by $3.6m. The company is pursuing the Sintoukola Potash Project, including the Kola and Dougou potash permits in the Republic of Congo Brazzaville. It said on Friday that exploration and evaluation assets, as at June 30, 2024, amounted to $172.7m compared to $176.3m a year ago. This was after capitalising $1.3m in exploration and evaluation expendi- ture. Expenditure had, however, decreased by $4.9m as a result of the strengthening of the US dollar against the Congo-Brazzaville’s currency. This tipped the company into an interim…

Adam Sandler’s Happy Gilmore is getting a sequel after almost two decades. The 1996 film centred on the Hollywood actor as a failed hockey player who discovers a talent for golf and competes in paid tournaments to raise money to prevent the foreclosure of his beloved grandmother’s house. Netflix has recently announced that Happy Gilmore 2 is in the works. Sandler will be reprising his titular role. Modern Family star Julie Bowen will return as Virginia Venit, Happy’s love interest, alongside Christopher McDonald who features as the villain, Shooter McGavin. A release date for the sports comedy has not been announced but Sandler confirmed that filming had started this month, speaking on The Tonight Show. He said the sequel was being shot in New Jersey, in New York City. He…

TEACHER unions have welcomed the signing of the Basic Education Laws Amendment (Bela) Bill into law, despite rumblings from Government of National Unity (GNU) partners, who have threatened legal action over the measure. On Friday, President Cyril Ramaphosa signed the bill into law at the Union Buildings, but delayed by three months the implementation of two of its clauses dealing with admission and language, pending consultation. SA National Democratic Teachers’ Union (Sadtu) general secretary Mugwena Maluleke welcomed the bill and said it ushered in changes to integrate, deracialise and democratise schools. “The department has a role to play in terms of making sure that no language can be used against any learner at our schools,” Maluleke said. The CEO of the National Professional Teachers’ Organisation of South Africa (Naptosa) KZN,…

With more than 40 000 young maidens having handed over their reeds at the eNyokeni Royal Palace in KwaNongoma, KwaZulu-Natal, on Saturday, the annual Zulu reed dance marked 40 years since its revival in 1984. Draped in their colourful beaded regalia, only worn by amatshitshi (maidens), Princess Zelamile Zulu led the group of maidens in song, singing sacred hymns referred to as “amahubo”. Zulu is the daughter of the AmaZulu King Misuzulu KaZwelithini’s brother, Prince Lungelo Zulu. The reed dance was honoured by the attendance of government delegates, Deputy Transport Minister Mkhuleko Hlengwa, Dr Zweli Mkhize, Co-operative Governance (Cogta) Minister Velenkosini Hlabisa and provincial Transport MEC Siboniso Duma. According to media reports, the late king Zwelithini KaBhekuzulu and his third wife, Queen Mantfombi kaSobhuza Dlamini, revived the reed dance…

THE government has advised livestock farmers nationwide to limit animal movement as much as possible due to the outbreak of foot-and-mouth disease (FMD). Ministry of Agriculture spokesperson Sara-Lea van Eeden said on Friday that cloven-hoofed animals should not be moved unless absolutely necessary. She said limiting movement provided an opportunity to identify and quarantine further undetected, affected properties, thus preventing any further spread of the disease. She said the significance of the incubation period for FMD could not be overstated. “During this period, animals may appear healthy while shedding the virus and not yet displaying clinical signs of the disease. “Farmers are urged to observe stringent biosecurity measures on their farms to protect their herds from infection,” she said. In July, the department declared a FMD Disease Management Area (DMA)…

For decades, women have debated whether it’s beneficial or harmful to wear a bra while sleeping. The simple question has sparked numerous myths and conflicting advice. Affinity Health, a leading provider of high-quality health cover, explores the truth behind sleeping with a bra. Myth #1: It prevents sagging Many women believe wearing a supportive bra 24/7 keeps their breasts perky and youthful. In truth, breast sagging is primarily determined by genetics, age and gravity, breast size and shape and hormonal changes. While wearing a supportive bra during the day can help minimise bounce and strain on the breast tissue, wearing one at night doesn’t significantly impact long-term sagging. Myth #2: It increases the risk of breast cancer The myth stems from the idea that bras restrict lymph flow and trap…

IN JUST over a week, the Sandton Convention Centre, for the first time in Gauteng, will play host to Rumba in the Jungle, the biggest dance festival ever in Africa, which makes its debut at the centre from September 20 to 22. “Rumba in the Jungle has been identified with a series of other brands to collaborate in the 50th anniversary celebration of Rumble in the Jungle (Congo), Fight for Peace. This collaboration clearly demonstrates that the event is destined to become Africa’s annual grand slam,” says the chairperson of TTT Foundation, which is the implementing agency of the Rumba in the Jungle International Dance Festival. During its prime time of 1991 to 1999, dance was classified as the third most popular leisure and life style activity after soccer and…

Rustenburg is set to transform into a vibrant tourism and local engagement hub through the Rusty White Week, a week-long celebration showcasing entertainment, community outreach, and economic growth. This year, NS Productions, Piano Hub, and Love Star Media have collaborated to bring this spectacular series of events together, from October 24-27. On October 24, the week will begin with a comedy night and charity drive that promises good times and friendship. The Rusty White boot camp will take place the next day, providing an opportunity for participants to partake in wellness and fitness exercises. The main event, the party, will take place on October 26 at the Impala Rugby Club in the CBD. The festivities will culminate on October 27 with the Rusty White Cup, a soccer tournament featuring legends,…

Oscar Piastri delivered a cool performance on and off the track yesterday after his measured drive to win a tense and dramatic Azerbaijan GP lifted McLaren past Red Bull in the race for the constructors’ championship. His win ended Red Bull’s more than two-year domination and confirmed that McLaren are now the team to beat having outscored all their rivals in the past seven races. In a battle of attrition on the fast and technical 6km Baku street circuit, the 23-year-old Australian drove with control and aplomb to beat Ferrari’s Charles Leclerc, who started on pole for the fourth consecutive year. “Well,” said the Australian with his trademark understatement on the team radio. “That was the most stressful afternoon of my life. “Thanks for the car! What a day that…

SOUTH Africa’s major banks reported a durable financial performance in the first half of 2024 against complex operating conditions and elevated levels of uncertainty and combined headline earnings growth was only 2.5% at R56.8 billion, when compared with the previous year. Headline earnings growth in previous years has been stronger, with for instance, the figure rising 13.8% to R113.2bn for the full 2023 financial year. And in the 2023 half year period combined headline earnings grew by 16.8% to R55.8bn compared with the first half of 2022. “The start of 2024 was characterised by acute levels of uncertainty as nearly half the global population entered an election year. “Globally, inflation remained sticky and slowed the anticipated pace of interest rate cuts. Regionally, several sub-Saharan African countries felt the combined…

THE WORLD Health Organization (WHO) said on Friday that it had for the first time prequalified an mpox vaccine – a move expected to speed up access to the jabs to fight an epidemic raging in Africa. The an- nouncement came on the heels of the arrival of the first MVA-BN vaccines in the Democratic Republic of Congo, the epicentre of the epidemic. “This first prequalification of a vaccine against mpox is an important step in our fight against the disease, both in the context of the current outbreaks in Africa, and in future,” WHO chief Tedros Adhanom Ghebreyesus said in a statement. “We now need urgent scale-up in procurement, donations and roll-out to ensure equitable access to vaccines where they are needed most … to prevent infections, stop transmission…

South African consumers will be waiting with bated breath this week, hoping for news of a cut in interest rates when the South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) meets. On Thursday, the nation will find out if they will get some leeway in their monthly budgets as SARB Governor Lesetja Kganyago announces the bank’s decision. The repo rate is currently at a 14-year high of 8.25% and the prime lending rate is at 11.75%. While the SARB has held firm on an 8.5% rate for months on end, there are plenty of whispers across the economic industry that a cut is finally due and may even be bigger than expected. Frank Blackmore, the lead economist at KPMG South Africa, told Business Report that the recent reductions in…

A GREAT deal has been said about the Basic Education Laws Amendment (Bela) Bill signed into law by President Cyril Ramaphosa. Tragically, much of it has been false, clouding a necessary debate about how we improve education outcomes for learners and enhance their employment opportunities when they enter the economy. Cosatu and our teachers’ trade unions engaged extensively on the Bill at Nedlac and Parliament. It has been an inclusive and genuine process of public participation. Some have speculated that it will collapse the government, it won’t. Many of the Bill’s critics are not speaking to its common sense and progressive provisions, which will benefit learners, parents and teachers. The act seeks to correct challenges experienced by many in our schools. Cosatu has supported the Act and is looking…

SOUTH African platinum group metals (PGM) miners soared on the JSE on Friday, with Impala Platinum (Implats), Sibanye-Stillwater, Northam Platinum and Anglo American Platinum (Am- plats) among the top five risers for the day. Implats was the biggest riser, surging by nearly 12% on the JSE on Friday to R86.52 per share and extending its 14.2% surge over the past seven days. PGM and gold producer, Sibanye- Stillwater, which on Thursday reported strong balance sheet improvements, and allayed investor concerns over a potential rights issue, closed the day’s session 11.6% higher at R17.28 per share, while it has been 7.33% stronger in the preceding seven days. World platinum prices strengthened nearly 7% over the past five days to about $1 000 per ounce, while palladium prices have somewhat recovered…

Teboho Maruping, the Unemployment Insurance Fund (UIF) commissioner, was placed on precautionary suspension on Friday over his involvement in the irregular R5 billion Thuja Capital jobs scheme. Employment and Labour Minister Nomakhosazana Meth said the decision was taken following a briefing by acting director-general, Viwe Mlenzana, on Maruping’s alleged involvement in the R5bn jobs scheme which the fund entered into with Thuja Capital. “The commissioner has been placed on precautionary suspension, due to the nature of charges he is facing. These emanate, inter alia, from the alleged role he played in the conclusion of the agreement between the UIF and Thuja Holdings led by Mr Mthunzi Mdwaba, amounting to R5bn,” the statement read. This is the second time that Maruping has been placed on suspension. He was also suspended in…

Gauteng Premier Panyaza Lesufi has been blamed for the growing debt of municipalities in the province. This is after the DA in Gauteng said Lesufi has failed to assist municipalities drowning in debt of R18.61 billion. The Local Government Revenue and Expenditure’s Third Quarter Local Government Section 71 report highlighted the dire need for the provincial government to step up and provide comprehensive financial management support to struggling municipalities. This includes the Emfuleni Local Municipality which has an astounding R9.82bn in creditor balances, the highest in the province. Then follows the City of Johannesburg (with R3.71bn debt), the City of Ekurhuleni (R3.36bn) and Rand West City (R1.72bn). The report also stated that the municipalities’ spending was 90.5% or R562.2bn of the total adjusted expenditure budget of R621.4bn, while consumer debts…

THE ambassador of the People’s Republic of South Africa, Wu Peng, has commended the South African government for championing the One-China Policy reiterated by President Cyril Ramaphosa during his recent two-legged trip to Beijing. He was addressing a discussion event hosted by the National Press Club, in association with the Embassy of the People’s Republic of China in South Africa, at the National Botanical Gardens in Pretoria on Friday night. During his Beijing tour, Ramaphosa repeatedly emphasised that the Government of National Unity formed after the May 29 general elections does not “dilute” Pretoria’s long-held position, which asserts that there is only one sovereign state under the name China, with the People’s Republic of China serving as the sole legitimate government of that China, and Taiwan as an inalienable part…

In partnership with African Bank, the Neema Foundation for the Deaf hosted the 8th Silent Walk and Run at Marks Parks Sports Club at Emmarentia, in Johannesburg, on Saturday, for Deaf Awareness Month. Launched in 2016, the Silent Walk and Run is annually commemorated in September, where participants get to “walk a mile in the shoes” of the deaf community, by completing a 5km route. The event spotlighted the scourge of gender-based violence (GBV) against the hearing-impaired, while heeding the hearing-community to learn Sign Language as it one of the 12 official languages. City of Joburg MMC for health and social development, Ennie Makhafola, applauded Neema Foundation for sparking public conversation to enhance education and knowledge about the deaf community. “We are thrilled and proud to promote this great understanding…

There have been disappointments aplenty for the Lions in recent years, but on Saturday they had the opportunity to celebrate a small victory that could catapult them to larger glory. In overcoming the Free State Cheetahs 43-34, the Lions progressed to their first Currie Cup final since 2019, and the first championship match in the famous old stadium since 2015. They finished sixth in the cup last year and last two years in a row – in 2021 and 2022. At the United Rugby Championship (URC) level, they have fallen short twice in their pursuit of a top-eight finish in the past two campaigns – last season only on matches won. Lions coach Mziwakhe Nkosi, who had to endure those terrible lows with the Currie Cup side, was pleased that…

THE AUTOMOTIVE Business Council’s BRICS+ Research Report 2024 has found that South Africa has not substantially be- nefited from its membership of the bloc, but this could change should membership be expanded. A statement released late last week by the council – Naamsa – noted that China and Russia want further BRICS expansion this year to “make the group financially stronger and take on the US and other Western allies”. An additional 30 new countries have asked to join the bloc soon, including Thailand, Malaysia, Indonesia, Algeria and Nigeria. Consulting firm BCG states on its website that the BRICS+ nations account for one-quarter of global GDP, 40% of global trade in goods and nearly half of the world’s population. “Adding another dozen nations that have applied for membership, including dynamic…

DESPITE the re-rating in apparel retail shares following the formation of the Government of National Unity (GNU), valuations remain undemanding, with most apparel retailers trading below their historical average price-to-earnings multiples. Continued outperformance will likely require earnings upgrades, which have proven fairly elusive in the sector to date. Prospects for faster gross domestic product growth, lower inflation, interest rate cuts and the potential benefits to consumption from the two-pot pension system should, however, support retail sales and earnings growth over coming quarters. Truworths’ latest trading statement highlights the challenging trading environment in the near term. Weak South African operating performance is expected for financial year 2024, but likely marks a cyclical turning point. Management is encouraged by early indicators, and they see the macro environment easing most significantly for…

EQUITY markets across the world traded flat and nervous last week. The release of the US consumer price index inflation rate for August last Wednesday was as expected and enforced market sentiment that the Federal Open Market Commission (FOMC) will increase its bank rate at its news conference on Wednesday. The US mainline inflation rate increased at its slowest rate in more than three years as consumer prices rose by only 2.6% in August, down from 2.9% in July 2024. Year-on-year prices for petrol, used cars and trucks, and some other items fell. Core inflation, the price indicator that the FOMC prefers to use, rose by 3.2% last month, the same margin as in July 2023 and as what was expected. Analysts now expect that these data increased the…

HEAVY industrial and consumer equipment group Barloworld’s share price slumped 12.47% on Friday after it said it had voluntarily disclosed to US authorities about potential export control violations related to Russia. An initial submission to the US Department of Commerce’s Bureau of Industry and Security (BIS) related to sales of certain goods to its Russian subsidiary, which the company was investigating, Barloworld said in a JSE regulatory notice on Friday. Barloworld said it had engaged the services of independent firms with the necessary expertise in connection with the internal investigation and voluntary self disclosure. The share price closed at R81.17 on the JSE on Friday, just below the R83.42 that it was trading at the year before on the same day. It said the precise details of whether there had…

COPPER360’s total remuneration to directors surged to R12.5 million in the year to end February 2024, compared to R4.8m last year, with CEO Jan Nelson pocketing R3m in consulting fees, salaries and performance related payments. Prospects have been improving for Copper 360, which said in August that underground mining operations had commenced at its Rietberg mine in the Northern Cape. The company’s CEO, Jan Nelson, described the kick-starting of mining activities at Rietberg as “an exciting moment” for the company. He said this was a “culmination of several years of planning” and signalled “the beginnings of a new era” for the Northern Cape. Nelson has been highly optimistic of the company’s prospects, with his salary, bonus payments and performance-related remuneration amounting to R2.2m over the period to February 2024,…

The mother of Ashley Oosthuizen, who is imprisoned for life in Thailand for drug trafficking, has moved mountains and even continents to be near her daughter. This as they await a court date following an application made to the Supreme Court to appeal her jail term. Lynnette Blignaut from George has moved to Thailand to be closer to her 25-year-old daughter and has been making regular updates via their Facebook page. “A Voice for Ashley Oosthuizen”, where she shares details about her visits and latest developments on the case. Last week, Lynnette made live videos on how well Ashley was doing and they expected a court date soon. She shared how she is allowed to visit Ashley once a week and can bring her new books with the…

THE Passenger Rail Agency of South Africa (Prasa) has not only lost its position as the leading commuter service operator in the country but has negatively affected low-income earners in the Eastern Cape who have been forced to commute in taxis. Last week, Independent Media reported that Prasa acting CEO Nathaniel Roesch filed a court application to operate the AFRO4000 locomotives, which were previously deemed “too tall” for large portions of the country’s rail network. The liquidators of Swifambo, the company that was appointed in 2012 to supply locomotives worth R3.5 billion to Prasa from a Spanish company, Vossloh, are now seeking direction from the court on how the remaining locomotives can be distributed to Prasa in an effort to revive its long-distance passenger train services. In recent court papers…

Ingredients Marie biscuits (enough to line your dish) 1 litre milk 1 tbs butter 2 eggs 1 tin condensed milk (385g) 1 tsp vanilla essence Pinch salt 4 tbsp (heaped) self-raising flour Ground cinnamon (for sprinkling) Method: Line your dish with the Marie biscuits. On a stovetop (on a medium heat), slowly bring to the boil. In the meantime (in a mixing bowl), beat the eggs with an electric mixer until they become foamy (roughly 30 seconds to a minute). Add the condensed milk, vanilla essence and salt, and beat until the mixture is combined. Sift in the self-raising flour, and beat until combined (about 30 seconds). There’s no exact science to the flour measurement … it should be heaped spoons. Once the milk and butter mix begins to boil,…

Before commencement of the 9th Forum on China-Africa Co-operation (FOCAC) in Beijing, which ran from September 4 to 6, President Cyril Ramaphosa preceded his FOCAC attendance by honouring the invitation of China’s President Xi Jinping to undertake a state visit to China. During the September 2 talks, the two heads of state announced the elevation of the SA-China relationship to an all-round strategic co-operative partnership in the new era and several bilateral agreements set to boost and deepen trade relations, dispelling any scepticism about the capability of Pretoria’s Government of National Unity (GNU) to maintain a coherent foreign policy particularly towards China. The GNU, which is the seventh administration since the advent of democracy in South Africa, is made up of nine political parties, with different ideologies. The ANC, which…

“This game was weird, because we had it in our hands and then we kind of let it go – that’s the part that’s disappointing.” That, in a nutshell, captured the mood of Blue Bulls coach Phiwe Nomlomo after his team didn’t actually lose, but were knocked out of the Currie Cup by the Sharks at Loftus Versfeld on Saturday night. Competition rules dictate that if the scores are level after extra time, the team with the most tries advances to the next round, and that’s exactly what happened after the 40-40 semi-final draw, with the Durban outfit booking a spot in Saturday’s final against the Lions at Ellis Park (4pm start) by dotting down six times to the Bulls’ four. The Bulls had two opportunities to seal the deal,…