Table of contents for 2024-07-08 in Star

Bitcoin fell for a fourth-consecutive trading session, reaching the lowest since February, on concerns about potential selling by governments, creditors of a failed exchange and beleaguered crypto miners. The original digital asset fell as much as 8% to $53 602 (R974 276), before paring the decline by about half. Most cryptocurrencies fell broadly even as stock markets advanced, highlighting the array of challenges facing the industry. Bitcoin is now down about 25% from its March record, as the buzz around US exchange-traded funds investing directly in the token gives way to fears of higher-for-longer interest rates and political uncertainty. On top of this, administrators of the failed Mt Gox exchange are returning an $8 billion hoard of Bitcoin to creditors in stages. Uncertainty about how much of that…

Mr Price Group CEO Mark Blair’s remuneration increased markedly, by more than 300%, to R45.91 million in the year to March 31, from R10.67m the year before, after he benefited mainly from significantly higher long-term and short-term incentive share awards. Executive remuneration is closely watched by shareholders because it has an impact on the performance of the company, the direction that the company is going, if the pay is in line with the company’s peers, how the executive performed according to targets and it can also indicate how much the company is willing to spend to attract the right talent to a company. In the past year, Blair’s guaranteed pay increased by only 3% to R9.26m from R8.99m, but he received a R9.59m short-term incentive award versus nil the year…

Blockbuster weight-loss and diabetes drugs may lower patients’ risk of developing some common types of cancer that are closely linked to obesity, new evidence suggests. Patients with Type 2 diabetes who were prescribed drugs known as glucagon-like peptide-1, or GLP-1, developed fewer obesity-related cancers than patients treated with insulin, according to a study published on Friday in JAMA Network Open. But the newer drugs didn’t perform better than metformin, an older diabetes drug with known cancer risk-reduction properties. The group of drugs the study examined includes Novo Nordisk’s Ozempic, a diabetes treatment. Since the study concluded, two drugs that work in similar ways were approved for weight loss, Novo’s Wegovy and Eli Lilly & C’s Zepbound. Novo’s American depositary receipts rose 2.2% in New York on Friday. Eli Lilly’s shares…

The announcement of the new Cabinet of the Government of National Unity (GNU) by President Cyril Ramaphosa last Sunday calmed South Africa’s financial markets. The share and capital markets continue to recover after the previous week’s uncertainty. Expectations the economy may grow by over 2% this year also started to emerge after the new Cabinet was announced. Six favourable factors underline this. The absence of load shedding since the beginning of April, expected lower interest and inflation rates, a stronger rand exchange rate due to capital inflows, better exports due to better infrastructure and higher global prices for commodities, especially gold and platinum and the expectation of the government Budget recording a primary surplus will steer this improved growth. On the JSE, equities advanced as the All Share index reached…

South32, which is investing $15 million (R273.4m) in new mining areas for its South African manganese operations, has received approval for the disposal of its Illawarra Metallurgical Coal business in Australia. The Illawarra coal mine is being disposed of for $2.5 billion to an entity owned by Golden Energy and Resources (Gear) and M Resources, established participants in the Australian metallurgical coal industry. For South32, the disposal of Illawarra “will significantly reduce the company’s capital intensity, with Illawarra Metallurgical Coal currently comprising 35%” of its capital expenditure. On Friday, South32 said it had now received approval for the disposal. Shares in South32 fell 3.3% on the JSE on Friday, closing the day’s trade session at R46.79 per share while its stock was down by 2.2% in the past 30 days.…

LAST week, Muvhango fans were shocked to find out that the long-standing soapie will no longer be airing, after more than two and a half decades on South African screens. Taking to social media, the production posted: “End of the Road for Muvhango, Thank you for watching all these years. #muvhango”. The series has over the years seen award-winning actors like Sindi Dlathu, Dingaan Khumalo, Gabriel Temudzani, Joyce Skefu and Siyabonga Thwala, among other Mzansi veterans, enter and exit the show. Viewers have taken to social media to express their disappointment at the show ending. Many have also highlighted the pivotal role it played in the Tshivenda community. @ladyhuneybee wrote on X: “Muvhango story line raised us and some people would watch it to learn the language.” @WarLoveStories commented:…

Amid increasing calls on new Home Affairs Minister Leon Schreiber to reverse his decision to extend the deadline for visa applications, ActionSA has called for the minister to prioritise jobs for South Africans. Last week, a day after being sworn in, Schreiber extended the temporary concession for foreign nationals awaiting the outcome of visa, waiver and appeal applications. The extension safeguards applicants – including those contributing to South Africa through their scarce skills – from suffering adverse consequences or being erroneously declared undesirable while they await the outcome of applications. At the weekend, a new petition seeking to stop the minister from extending applications, penned by an individual, one Kaneth Smollan, said the minister’s decision was not in the country’s interests. “Patriotic South Africans, Let’s stop Leon Schreiber, the DA…

WHILE some believe there is progress and a difference in how the law responds to and deals with the spate of child abductions in the country, others feel not enough is being done. This as the country recorded no fewer than 16 000 kidnappings of women and children a year, according to Statistics SA. Reasons for the kidnappings include ransom, human trafficking, drugs and family feuds. In March this year, Missing Children SA received requests for help to find more than 1 300 missing children, in a country already ranking high among those with kidnapping cases. Social worker Lester Lafatle, said: “More girls than boys go missing, and this is confirmed by the law; analysis show that human traffickers and the sex trade are mostly to blame. “There is a…

Posting to his million followers, DJ Sbu posed the question: “Who’s behind the @goolammv account?! He’s a politician's worst nightmare! We just want to praise their work. “Goolam, perhaps you’d like to speak to us anonymously?” This post appeared to be a masked campaign to profile and promote the Goolam sock puppet account. One must question why a national radio programme would praise and label a troll account that targets specific individuals with smear as a “politician's worst nightmare”. DJ Sbu’s claim reveals either a glaring deficiency in the production team’s research or a deliberate intent to promote the Goolam troll account. A cursory investigation would have revealed to DJ Sbu and his production team that Goolam is, in fact, a sock puppet account masquerading as an anti-corruption crusader while…

Diversified resources firm Glencore is set to close its $6.9 billion (R125.7bn) acquisition of Canadian steel-making coal miner Elk Valley Resources (EVR) this week, after receiving regulatory approval at the beginning of this month. The acquisition of EVR from Teck Resources enhances Glencore’s coal-mining business, including its operations in South Africa. The company believes the Canadian EVR has “world-class assets” and “the experienced people that operate them are expected to meaningfully complement our existing thermal and steel-making coal production” in South Africa, Australia and Colombia, the company said. On Friday, the company confirmed that it had “received approval from the government of Canada under the Investment Canada Act (ICA) for the acquisition of a 77% interest in EVR” from Teck Resources. This was the final regulatory approval required for the…

THE 32 ministers in South Africa’s new government of national unity (GNU) are getting to grips with their portfolios, and the reality is that urgent action is required in multiple areas to address economic and social challenges. The Kagiso Trust, one of South Africa’s leading development agencies working for sustainable socio-economic change, is particularly invested in the future of basic education and agriculture, seeing that these as key areas for its mission to loosen the shackles of poverty that bind millions of citizens. It so happens that these two ministries are now headed by members of the DA – Siviwe Gwarube at basic education and John Steenhuisen at agriculture – but it is to be hoped that the political complexion of all ministers in the GNU will be less significant…

The South African Institution of Civil Engineering (Saice) has acknowledged the newly-appointed Cabinet of the government of national unity (GNU). Representing over 15 000 civil engineering professionals, Saice said it was committed to collaborating with the government to address infrastructure challenges to foster economic growth. “Saice acknowledges the vital role infrastructure plays in advancing the nation’s development, alleviating poverty, and achieving the UN’s Sustainable Development Goals,” it said. “South Africa benefits from comprehensive policy frameworks, like the National Development Plan (NDP2030) and the National Infrastructure Plan 2050, which offer a strategic roadmap for infrastructure investment and economic growth. “While the Saice Infrastructure Report Card (IRC) of 2022 highlighted areas needing improvement with an overall grade of ‘D’, it also presents an opportunity for collaboration and innovation to improve our public…

It’s natural to lose sight of important achievements and fail to say well done to those who make them possible. This past week Electricity and Energy Minister Kgosientsho Ramokgopa announced 100 days without load shedding. Some may scoff, but for workers, their families and the economy this is something to applaud. In 2023, we reached rock-bottom with 12 hours of load shedding a day. This was suffocating the economy, and threatening thousands of jobs. Under the leadership of President Cyril Ramaphosa, we have seen a massive turnaround. While we are not out of the woods yet and Eskom remains fragile, the progress has been remarkable. We must commend not only the president and the government led by the ANC, but most importantly the employees of Eskom, the mineworkers who provide…

ON THURSDAY, Ford Silverton workers took to the streets under the umbrella of the National Union of Metal Workers South Africa (Numsa), after talks with the company broke down last month. According to Numsa, the company was refusing to pay workers bonuses despite having the capacity to build 720 cars a day. Numsa is the country’s largest trade union, with more than 450 000 members, and it is the only union at Ford SA, according to treasurer Mphumzi Maqungo. The company has a staff complement of 3 500, 3 000 of whom are represented by Numsa. The automotive sector is one of the country’s largest, contributing 4.3% to GDP and is also the country’s fifth-largest export sector, accounting for 18.1% of total exports. It employs more than…

Lindsay Lohan is set to cement her Hollywood comeback as she reunites with veteran actress Jamie Lee Curtis for Freaky Friday 2. Filming for the sequel of the hit 2003 movie Freaky Friday started last month and Disney recently announced that the mother-daughter body swop flick is set to be released next year. They posted a picture of the pair to X recently with the caption: “The Colemans are back and coming to theatres in 2025! The sequel to Freaky Friday is now in production!” Lohan is reprising her role of Anna Coleman, while Jamie is stepping back into the shoes of Tess, her mother Mark Harmon, Chad Michael Murray, Christina Vidal Mitchell, Haley Hudson, Lucille Soong, Stephen Tobolowsky and Rosalind Chao are also set to make their return. The…

AGEING equipment, run-down facilities, long queues, and a system which has failed to enter the 20th century, are among the challenges faced by the public health system and which need to be tackled first by the new health administration. Health workers and communities have identified these factors as the main cause for a failing health system on which at least 80% of South Africans depend. With the proposed National Health Insurance (NHI) merging the public and private sectors and so requiring that everyone has an equal chance to treatment, Centurion resident Dolly Nxumalo worries about the health system’s capacity to cope with this additional burden. She said a seemingly simple visit to have her baby inoculated meant taking a day off work and the loss of a day’s income. Nxumalo,…

The African Transformation Movement (ATM) believes the Phala Phala report represents “a quid pro quo arrangement”. ATM president Vuyo Zungula told The Star yesterday that at the time Public Protector Kholeka Gcaleka (PP) was conducting her investigation into the matter, she was in need of President Cyril Ramaphosa’s favour for a promotion from acting public protector to a permanent position, while the president needed her to clear his name. Zungula said this as his party sought to get the Gauteng High Court, Pretoria, to set aside the PP’s report which cleared Ramaphosa from any wrongdoing in the Phala Phala farm scandal. The ATM was confident that the courts will ultimately set aside the report, he said. “The Public Protector’s report appears to deflect blame away from the president, focusing on…

Student activist Matikweni Nkuna, who was killed by police in 1984 during a student protest, was honoured on Thursday for his fight against the untransformed education system. Nkuna was shot in the head during the protest demanding recognition of a democratically elected student representative council at the then Mabopane East Technikon. A statue of him stands tall on the Tshwane University of Technology (TUT) Soshanguve South campus. On Thursday night, the university hosted a gala dinner at Protea Fire & Ice in Menlyn, where TUT’s faculty of humanities alumni chapter raised funds in honour of Nkuna, who came from Tembisa. Faculty dean Professor Mashupye Maserumule said in his keynote address that Nkuna fought against academic and financial exclusion. “He fought for transformation of education. It’s a pity that much of…

The disbanding of the Department of Public Enterprises (DPE) to the Presidency might spell doom for South African Airways (SAA) as the detailed oversight it needed could be lost among the other portfolios. Also, it will only report to Parliament as a matter of process, an aviation analyst observed in the aftermath of the formation of the government of National Unity (GNU). Commenting on the heightened interest in South African skies noted from increased applications before the International Air Services Licensing Council (IASLC), aviation analyst Phuthego Mojapele said much as the industry had expected some changes, the disbandment of the DPE had dire consequences for the aviation space. “The Presidency is more of a watchdog and not a department that can answer in detail to Parliament. There might be questions…

The South African Reserve Bank (SARB) has imposed administrative sanctions of R13 million on Safrican Insurance Company (Safrican) as a result of its non-compliance with the provisions of the Financial Intelligence Centre (FIC) Act, following a FIC Act inspection conducted in 2020. Safrican is a life insurer with a footprint in South Africa and a subsidiary in Swaziland, with over 2 million principle lives covered and more than 7 million lives assured. The SARB’s Prudential Authority (PA) is mandated to supervise and enforce compliance by accountable institutions with the provisions of the FIC Act or any order, determination or directive made in terms thereof. The Reserve Bank said on Friday that the administrative sanctions imposed on Safrican were as a result of its failure to comply with certain provisions of…

For a period of time, I have tried to establish whether the English language has a set of idioms that relate to the concept of ubuntu – I am because we are. I recall when we were preparing for Census 96, the question that confronted us was the slogan for counting. In this respect we were split down the middle by race, white versus black. The discussions went to and fro on what to use as a catchy slogan – Count Me In or Count Us In. The resolution of the divide was the deployment of ubuntu – I am because we are. So, Count Us In won the day. The challenge, however, is where there is no accountability the collective concept about responsible leadership is abused. Culture is a…

MESH.TRADE, a digital capital markets platform for the issuance, trade and management of smart financial assets which three months ago launched the first tokenised corporate bond in Africa, has announced the capital raise was a success, with particularly encouraging uptake from retail investors, The company said in a statement that the R100 million raised in a matter of a few weeks was testament to the impact of Mesh.trade’s ability to connect with entrepreneurs. Of the total capital raised, 17% of the notes were held by retail investors. Mesh.trade co-founder and managing director Connie Bloem said: “If we exclude what was raised by institutional investors that represent ultra high-net worth individuals, 24% of notes are held by non-institutional investors, of which 72% are individuals and 28% are companies. “Essentially,…

Demand for office space is increasing, and vacancies are declining with an improvement in property fundamentals as the return to the office continues to gain momentum, with nearly 60% of the buildings fully let. Real estate investment trusts (Reits) recently published their results, pointing towards recovery of the sector with demand for space exceeding limited supply – especially in certain Cape Town nodes – with rental growth reported in some instances, said SA Reit Association CEO Joanne Solomon in a statement. “Some of our members with exposure to offices are cautiously optimistic about the sector. Vacancies are falling, though negative reversions still persist within certain portfolios,” she said. “In many global markets – South Africa included – workers continue to return to the office. Amenity-rich and quality buildings in key…

The fifth season of MasterChef South Africa is almost here and it’s about to get spicy. It’s set to air on S3 on Saturday, and viewers are in for a treat as 20 home cooks battle it out for the title. Chef Zola Nene shared: “I was surprised by their clear understanding of advanced cooking techniques and knife skills. These people can cook. The question is, who will continue to improve their know-how and rise to the top?” Food connoisseurs Justine Drake and Katlego Mlambo join Nene as judges on the popular cooking competition. Mlambo said: “The contestants are only as good as their last plate and anything can happen. It’s a constant race against the clock and one flop or sub-standard presentation could cost them their MasterChef apron.” He…

Appointment sparks concern over Oppenhiemer and Soros influence In a contentious development, a coalition of civil society movements has raised objections regarding the appointment of uMkhonto weSizwe Party (MKP) caucus leader Dr John Hlophe to the Judicial Service Commission (JSC). The issue has sparked a fierce debate over judicial independence, representation, and the influence of external funding in South Africa’s legal system. The controversy stems from a letter addressed to Speaker Thoko Didiza, signed by organisations claiming to represent the interests of marginalised communities. These groups allege that Dr Hlophe’s appointment would undermine democratic principles and serve the agenda of what they term “White Monopoly Capital”. They argue that certain NGOs, purportedly funded by international entities like Oppenheimer and Soroe are exerting undue influence to prevent Hlophe’s ascension to…

THE size of the Government of National Unity (GNU) Cabinet has been described as an army of loyal political bodyguards to protect President Cyril Ramaphosa from impeachment. After the long-governing ANC lost its majority in the May elections, Ramaphosa opted to form an inclusive government with 10 opposition parties that do not see eye to eye. Ramaphosa had to increase Cabinet positions to keep everyone happy, resulting in a bloated government of 32 ministers and 43 deputy ministers. Ramaphosa said this incoming government would prioritise rapid, inclusive and sustainable economic growth and the creation of a more just society by tackling poverty and inequality. However, political analysts said the GNU was unlikely to do better; arguing this was more about saving Ramaphosa from his Phala Phala scandal. Ramaphosa entered the…

BASIC Education Minister Siviwe Gwarube has appealed to all stakeholders to work together with the department to ensure successful schooling as pupils return to schools for the start of the third term tomorrow. The department said all teachers, non-teaching staff and pupils would be back in school following a three-week-long break. It said the minister appealed to all stakeholders to intensify efforts aimed at creating a conducive environment for teaching and learning during this period. This third term has 11 weeks with 53 actual school days. “We therefore urge school communities to mobilise the rest of the society to ensure that effective teaching and learning takes place so that our learners can achieve their full potential. ... Nothing beats proper and timeous preparation,” Gwarube said. The minister appealed…

GAUTENG Premier Panyaza Lesufi’s decision to head the Community Safety Department under his office in order to tackle crime, was welcomed by ActionSA days after announcing his new members of the provincial council. Lesufi’s appointment follows the split between the ANC and DA under the guise of the Government of Provincial Unity (GPU). Having provincially come in fifth in the elections, ActionSA Gauteng caucus leader Funzi Ngobeni hailed Lesufi’s determination on curbing crime. However, he questioned his ability to eradicate crime since the formation of amaPanyaza, which are formally referred to as Crime Prevention Wardens. “We can say the premier takes the issue of crime seriously himself, to the point he wants to oversee it himself, but you have to question whether he is the right person to do…

President of the People’s Republic of China Xi Jinping has unleashed one of the Asian giant’s diplomatic heavyweights to South Africa as ambassador plenipotentiary, with a mission to escalate the unparalleled trade, economic and political ties, improve people-to-people relations and contribute to Pretoria’s extensive job creation drive. IOL was granted the opportunity to sit down with the affable Ambassador Wu Peng, former director-general of China’s Department of African Affairs in the Foreign Ministry, just days after he took the reins at the Embassy of China in South Africa. “I arrived here in the middle of South Africa’s beautiful winter. I have to say, winter in South Africa is much warmer and more pleasant than in Beijing. More importantly, the people here are so kind and hospitable. I feel even warmer…

Shudufhadzo Musida, former Miss South Africa, author, and mental health activist emphasised HIV awareness at the HollywoodBets Durban July, promoting crucial conversations on HIV prevention and awareness. Musida wore an exclusive Imprint ZA dress promoting HIV awareness through the #ForeverWena campaign, highlighting sexual health options in KwaZulu-Natal, the country’s most HIV-affected province. The beauty queen is actively participating in the campaign, promoting HIV prevention and awareness and empowering youth through education and self-management. Explaining her decision to support the #ForeverWena campaign, Shudu said: “I work in the gender equity and health space, specifically mental health, and the statistics on the prevalence of HIV/Aids among the youth are alarming, especially in sub-Saharan Africa. I chose to join the campaign as an advocate for an HIV-free generation, and that starts with education…

Lewis Hamilton claimed an emotional and long-awaited record 104th career victory yesterday when he resisted Max Verstappen to triumph in vintage fashion at the British Grand Prix for a record ninth time. The seven-time champion, who will turn 40 in January, cracked with emotion and was in tears as he spoke on the Mercedes team radio on his victory lap, having finished 1.465 seconds ahead of Red Bull’s series leader and three-time champion. In a roller-coaster race of changing weather and track conditions, Lando Norris came home third ahead of his McLaren teammate Oscar Piastri, Carlos Sainz of Ferrari and Haas’ Nico Hulkenberg with Lance Stroll finishing seventh for Aston Martin. Hamilton, who had not won since the 2021 Saudi Arabia Grand Prix, delivered a masterclass in tyre and race…