Table of contents for 2023-04-24 in Star

CORONATION Fund Managers fund management earnings per share (FMEPS) are expected to decline by between 110% and 120% for the six months to March 31, following a large provision it was forced to make against a tax case with the SA Revenue Service (Sars). The group, one of the largest asset management firms in South Africa, will also not be declaring an interim dividend due to the material financial impact of the provision, it said in a trading statement on Friday. “The company is disappointed with the Supreme Court of Appeal (SCA) judgment in favour of Sars, which overturned the decision of the Western Cape Tax Court. The company applied to the Constitutional Court for leave to appeal the SCA judgment as it is firmly of the view that the…

SASOL on Friday said its 2023 guidance remained unchanged, but revised the expected output of Natref, its South African inland crude oil refinery, due to challenges experienced in the third quarter of the 2023 financial year. The share price on the JSE ended Friday 4.2% lower at R233.01. In its production and sales figures for the nine months to end-March, the chemicals and energy group said it revised Natref’s guidance downward to 500-530m³/h. “We experienced operational challenges at our Natref refinery, which negatively impacted run rates in the quarter of the 2023 financial year. “We continue to review our crude procurement strategy to reduce the high premiums on West African crude purchased,” the group said. Sasol reported a 6% decline in total sales volumes compared to the same period last…

Serena Williams could make an “eight-figure” sum from her memoir. The 41-year-old sporting icon retired from professional tennis in 2022 and is now focusing on her upcoming memoir. A source told the New York Post’s Page Six column that Serena is “selling a memoir via (power literary agent) Suzanne Gluck at WME”. The insider added that there are already “eight-figure deals on the table” for the book. A second source suggested that a money-spinning deal might have already been agreed upon. Williams – who has Olympia, 5, with her husband Alexis Ohanian – was initially looking at offers for multiple books. However, she ultimately settled on releasing one book for an eye-watering sum instead. Meanwhile, earlier this month she launched 926 Productions, a multi- media production company, that already has…

spokesperson for the Department of Higher Education, Science and Technology Ishmael Mnisi has refused to respond to media enquiries from The Star following a leaked audio recording in which a fuming Minister Blade Nzimande registers his unhappiness over the lack of media attention devoted to him. This comes after Nzimande called his director-general and deputy minister to order after he accused them of excluding him from the department’s media platform. Mnisi said yesterday that he has already answered three media enquiries from three of the country’s Sunday papers and would not be commenting on alleged tensions between the minister, his deputy Buti Manamela, DG Nkosinathi Sishi, his deputy director Lucky Masuku and the head of the communications team, Mnisi. “My response has been covered by the three Sunday newspapers today.…

Deputy President Paul Mashatile has warned that some of the coalitions in local government are about making deals and not delivery of services to the people. He said the country had experienced a lot of upheaval and instability in local government since the 2021 elections. He said this was due to the increase in hung councils after the elections. Mashatile, who was answering questions in the National Council of Provinces, said they needed to develop a framework that will guide the formation of coalition governments. He said the SA Local Government Association had already developed a guide on coalitions before the 2021 elections. But the government would have to tighten it and make it a national framework for all municipalities, to avoid instability. “While working towards the dialogue, government will…

A MEDICAL doctor, Dr Prudence Buthelezi, who has years of experience in the field of medicine, has recently published her latest book titled Fortitude – which aims to bring hope to the disabled and guide them in living life to the fullest. Buthelezi is the third daughter of the late Mettie and Thomas Buthelezi. She was born in Mahlabathini in KwaZulu-Natal but was raised by her late grandmother until age 7. She then relocated to Soshanguve in Pretoria. “In 1998, I went to Medunsa (now Sefako Makgatho Health Sciences University) for my undergraduate degree MBChB. I did my internship and community service at Themba Hospital in Nelspruit,” Buthelezi said. “In 2007, I opened my private practice and worked as a sessional doctor. I’m co-founder of the National Health…

Award-winning poet and activist Mzwakhe Mbuli has vowed to continue boycotting the SABC after years of lack of airplay on some of the radio stations at the public broadcaster. Mbuli spoke to The Star after reports of not feeling well. He said his album, Vuka Darkie, launched at the SABC in September last year, continued to suffer a lack of airplay especially on stations like Metro FM and Ukhozi FM. Mbuli said that his album, which speaks directly to socio-political issues such as gender-based violene and human rights, will continue to receive the same treatment and blackout as his music released during the apartheid era, which was banned due to its political stance. Last week, Mbuli refused an interview with Ukhozi FM, saying he would not take part in any…

Sekhukhune United (1) 1 Seabi Kaizer Chiefs 0 Chiefs missed the chance to reduce the gap to the highly valuable second-place Caf Champions League qualifying spot when they fell to a ninth defeat of the season with this loss to Sekhukhune at Peter Mokaba Stadium in Polokwane yesterday. The 1-0 loss ended a run of seven games in all competitions without defeat for Chiefs and keeps the Soweto Giants firmly rooted in fourth spot in the Premiership log on 41 points, five points behind second-placed Orlando Pirates. It took Sekhukhune just four minutes to open the scoring. Sammy Seabi put them ahead with a right-footed shot from the centre of the box. Ashley Du Preez, meanwhile, wasted a chance to bring Chiefs level six minutes later. Keagan Dolly swung in…

Workers are demanding up to 15% increases, against utility’s 3.75% offer ESKOM and workers’ unions will return to the wage negotiations table in two weeks after the first round of talks on Friday ended in a stalemate as both parties remain at odds. If the deadlock were to reach a stage where a dispute is declared and workers go on a national strike, it would plunge the country into deeper power cuts on the back of an already constrained electricity supply. Thousands of Eskom workers, represented by the National Union of Mineworkers (NUM), the National Union of Metalworkers of SA (Numsa) and Solidarity, on Friday rejected the power utility’s below-inflation 3.75% one-year wage rise for the 2023/24 financial year. Inflation in South Africa remains sticky at 7.1% driven by rising…

ARTIFICIAL Intelligence (AI) has become increasingly important in business due to its ability to help companies automate repetitive tasks, make business processes more efficient and improve decision-making processes. It also enables companies to analyse large amounts of data, increase productivity and enhance the customer experience. Ultimately this can lead to a competitive advantage in the marketplace as we have seen from last week’s discussion of AI in operations, marketing, and sales. AI and Human Resources The Human Resource environment has changed dramatically since the Covid-19 pandemic. Although there are some exceptions, remote and hybrid working remained popular in many businesses. The new dynamics forced Human Resources to adapt and to use innovative solutions in virtual recruiting and the management of a more diverse workforce. AI is often at the…

Two Gauteng mothers are receiving trauma counselling to help them cope with their ordeal after their newborn babies were swopped at Chris Hani Baragwanath Academic Hospital. On Thursday, the Gauteng Department of Health said a baby that was incorrectly released to a family has been reunited with its biological mother. “On Tuesday, 18 April 2023, a 35-year-old mother, who had given birth to a baby boy the previous day, was mistakenly discharged with the wrong baby. A security official noticed that the baby boy had a name tag that did not match with that of the mother and immediately alerted the nursing staff,” the Gauteng Department of Health said. “The team on duty did not follow standard operating procedure in place within the hospital when discharging the mother and the…

The Bulls made a statement ahead of the quarter-finals of the URC by thrashing Leinster at Loftus Versfeld to gain some much-needed momentum heading into the play-offs. They scored nine stunning tries in a 62-7 win, with their forwards and backs interplay brilliant, as the visiting Irish side had no answers for their dominance. It was a win that was built on solid defence but also a keen eye by the backs to exploit space and when turnover possession can lead to a better field position or even tries. Flyhalf Johan Goosen, fullback Kurt-Lee Arendse and winger Canan Moodie were the architects of the Bulls’ attack, creating opportunities for tries. Take Goosen’s crossfield-kick that was beautifully plucked out the air by Moodie for one of his two five-pointers. Goosen’s fist…

Orlando Pirates are becoming addicted to winning and they will fight tooth and nail to finish second in the Premiership and win the Nedbank Cup. Arguably the best team in domestic football during the first half of the season after winning the MTN8, Pirates’ form deteriorated in the Premiership after the World Cup and they lost out on the title race to Mamelodi Sundowns, who wrapped up their sixth successive title in a row. However, not all is lost for the Buccaneers. They are gunning for a strong finish to the season - claiming the second spot in the league to qualify for the CAF Champions League next season alongside Sundowns; and also possibly winning the Nedbank Cup. As far as those ambitions are concerned, Pirates have their fate in…

SAFA chief executive Tebogo Motlanthe says the association is in “good financial standing” after incurring an annual loss of only R2.9-million in the last financial year. Safa had a busy 2022 as various national teams, junior and senior, were scattered across South Africa and the continent playing in Africa Cup of Nations qualifying matches. Moreover, there was the matter of Banyana Banyana competing in the Women’s Africa Cup of Nations – a tournament that they had to be handsomely rewarded for after winning it for the first time in Morocco last year. Some of the national teams’ dues were settled by the various competitions they were competing in, but Safa still had to dig deep to fund certain events. Having received R51m from Fifa and R17m from Caf for operations…

Durban business owners have remained pessimistic about the prevailing economic climate of the only metropolitan municipality in KwaZulu-Natal amid continuing electricity and water supply shortages, and collapse of infrastructure. This comes as the Durban business confidence index (DBCI), released by the Macroeconomics Research Unit at the University of KwaZulu-Natal (UKZN) on Friday, fell deeply in the contractionary territory in the first quarter of 2023. This report presents the Durban BCI for the first quarter of 2023, which is the third BCI constructed using survey data collected from senior private sector managers in eThekwini Municipality. Professor Harold Ngalawa, the head of the UKZN Macroeconomics Research Unit, said confidence slipped from 44.04 index points in the fourth quarter of 2022 to 43.27 index points in the first quarter of 2023. However, Ngalawa…

ROYAL Bafokeng Platinum (RBPlat) said on Friday that its full-year guidance remains unchanged due to the continued strong Bafokeng Rasimone Platinum Mine (BRPM) production and improved concentrating volumes. The share price on the JSE on Friday closed 2.42% down at R145. In its quarterly review and production report – for the period January 1, 2023, to March 31, 2023 – the mid-tier miner said full-year guidance remained at 470 000 to 490 000 ounces of four metals it produced (4E), subject to any unforeseen operational disruptions. Total tons hoisted decreased by 2.4% to 1 085 million tons, as it was affected by operational difficulties at its Styldrift mine. It said the sustain- ed strong operational performance from BRPM was unable to offset the under-performance from Styldrift. RBPlat said…

Gauteng MEC for Community Safety Faith Mazibuko, alongside provincial government members, led a candlelight ceremony in White City, Soweto, following the murder of two boys, aged 5 and 6, who were kidnapped and mutilated for body parts last Wednesday night. Meanwhile, yesterday, ActionSA president Herman Mashaba offered a R50 000 reward for the capture of the killers of the two Soweto boys. The two Isiseko Primary School learners were kidnapped by unknown men who mutilated their bodies and dumped them in Rockville and White City. Yesterday, Mashaba was joined by ActionSA provincial chairperson Funzi Ngobeni, former City of Joburg Public Safety MMC David Tembe, Joburg regional chairperson Emma More and other members as they paid their last respects to the Zulu and Rabanye families. The murder of the two…

CHINA’S success in brokering a deal between Saudi Arabia and Iran, its efforts at resolving the conflict in Ukraine and growing involvement in peace and security initiatives in Africa could mark a new era in fostering political stability and good neighbourliness among states. From the Middle East, particularly Iraq, North Africa, particularly Libya, and now, Ukraine, Western internationalism has sown conflict and instability beyond its stated intentions to foster democracy and development. If the pact between Iran and Saudi Arabia, the Chinese proposals to end the conflict in Ukraine, and China’s forays in promoting peace and security in Africa are anything to go by, then there are huge prospects for a Western alternative to enduring global security, peace, and stability. The negotiations and agreement to resume diplomatic relations between…

Last month, Chinese President Xi Jinping was welcomed to the Kremlin by Russian President Vladimir Putin. Xi’s three-day trip to Moscow is significant for a few reasons. First, in the words of the leaders themselves, it was an opportunity to deepen the “no-limits friendship” between China and Russia. Second, it sent a powerful message to Western leaders (who are mostly allied with Ukraine) that efforts to isolate Russia from the global order through sanctions have largely failed. Finally, it shows that the global economic order has reconfigured itself – US economic dominance, and the resultant dominance of its foreign policy, can no longer be taken for granted. What does this mean for South African businesses and investors? It means we have to consider the opportunities that may present themselves…

When the Emirates Lions review their URC season in the coming weeks, they will realise – as head coach Ivan van Rooyen pointed out after their victory over Zebre on Saturday – that it was a campaign of ‘could have, should have, would have’. The Lions were desperately close to qualifying for the play-offs at the end of the regular season. They finished ninth in the standings, three points behind the Sharks in eighth spot, and whose 22-22 draw with Munster a couple of hours later would have opened the door for the Lions to sneak in had they fulfilled their basic responsibilities over the past two weekends. Had they held on to beat Leinster last week, even without a bonus point, they would have made the quarter-finals. Had they…

South Africa is holding its breath that scans taken yesterday on the injured knee of Siya Kolisi reveal no serious damage after the Springbok captain hyper-extended his leg eight minutes into his team’s 22-22 draw with Munster on Saturday night. If the Springbok captain has torn his cruciate ligaments, then he will be touch-and-go to lead the Boks at the World Cup in September. It is encouraging that Kolisi had the knee strapped up and continued to play for a few minutes before calling it a day. Also, after the match, he was seen walking on the field thanking fans. That is a suggestion that the injury is not calamitous. Director of rugby Neil Powell said: “We’ll have to wait for the doctor to do a proper assessment on Siya’s…

IT could well have been the colours of their opposition’s jerseys that had coach Rhulani Mokwena reluctant to consider Mamelodi Sundowns’ Champions League semi-final spot secured. His team, having smashed CR Belouizdad 4-1 in the quarter-final first leg at Nelson Mandela Stadium in Algiers on Saturday, Mokwena spoke of how “stranger things have happened” in the game. “We’re keeping our feet firmly on the ground. It is only halftime,” Mokwena said. “Stranger things have happened in football. So, we have lots of humility because we still have to face a very good side in Pretoria, a side that has a top coach and top players. It is only halfway.” A fantastic student of the game, Mokwena was no doubt thinking of the famous “one night in Istanbul” episode when English…