Table of contents for 2024-07-22 in Star

Telkom’s permanent staff had shrunk by 15% by the end of its financial year to March 31, its six prescribed officers were paid 51% more and the group’s financial performance was still far from where it should be. This was according to the group’s annual report released on Friday, in which chairperson Mvuleni Qhena said that their operational and financial performance had significantly improved over the year, but were “far from where it should be.” Revenue increased 1.6% to R43.23 billion, despite tough trading conditions, while earnings before interest tax depreciation and amortisation (Ebitda), the group’s key measure of profitability, increased 5.2% to R10.04bn. Free cash flow was up 115.6% to R424 million, due to better working capital management and a 337.2% rise in pre-tax profit. Employee costs fell 4%…

IT APPEARS that there is still light at the end of the tunnel in the Tongaat Hulett Limited (THL) saga, following a major development for the beleaguered sugar producer. A significant lifeline has been presented to the business rescue practitioners of THL that could save the company from potential liquidation and offer a more favourable outcome for both shareholders and creditors. The interested party has proposed that an R8 billion capital injection be used to fully settle the claims of creditors, including the settlement of 100% of unsecured creditors’ claims and approximately R550 million to settle the South African Sugar Association’s statutory claim against it for outstanding levies. A further allocation of 10% of the share capital is to remain in the hands of the current shareholders, which would represent…

Statistics is that field of science of measurement where you can be categorically certain about your uncertainty. Mark Twain on River Mississippi had this to say about the month of October: “October: This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” I have been privileged to have served in the South African public service and I think I am categorically certain about my confidence of being a public servant at heart and mind, though retired but not tired. At least not yet. That being so, I have recently returned from Jordan where we convened as an expert group on the plans for the Iraqi census that is scheduled for later this year.…

Karooooo, the JSE and Nasdaq- listed group that owns 100% of Cartrack Holdings, said on Friday its earnings per share grew strongly by 41% to R7.17 in the three months to May 31, the first quarter of its financial year. An interim dividend of $1.08 per ordinary share was declared by the Singapore-headquartered group for the first quarter period. The share price increased 3.9% to R640 on the JSE following the release of the results – the price is also more than 50% higher over a 12-month period. “The robust results and investment in growth, enhancements made to our cloud platform and the prospect of improved economic conditions in South Africa give us confidence we can continue to extend our long-standing track record of profitable growth,” CEO and founder Zak…

BUSINESS Leadership South Africa (BLSA) has commended President Cyril Ramaphosa on his first opening of Parliament address since the formation of the Government of National Unity (GNU), saying it signalled a continuation of the positive reforms that were started in the previous administration. BLSA CEO Busisiwe Mavuso, said, “His message of unity and working together to solve South Africa’s pressing challenges is well received and we look forward to working with government leaders to achieve this.” Ramaphosa said the election made it clear that political parties needed to unite, co-operate and form a partnership to solve poverty, inequality and unemployment – achieved through the formation of the GNU. “We support the approach of collaboration, as the business sector – through BLSA – has been working closely with government to solve…

AFTER almost three decades, Michael Mann is set to make a sequel to his hugely successful crime drama, Heat. The 1995 movie featured a star-studded cast with Al Pacino, Robert de Niro, Jon Voight, Val Kilmer, Tom Sizemore, Diana Venora, Amy Brenneman, Ashley Judd, Mykelti Williamson, Wes Studi and Ted Levine. Mann wrote and directed the film, which follows the conflict between an LAPD detective (Pacino) and a career thief (De Niro). The 81-year-old film-maker recently announced that Heat 2 is in the works, 29 years after the first movie’s release. He told the Los Angeles Times that he wants to begin shooting by the end of 2024 or the beginning of 2025. Mann also added to Deadline: “Yes. Meg Gardiner and myself wrote the novel Heat 2, which came…

SOME of South Africa’s most loved drag queens from the Mother City are allowing viewers into their lives in the Showmax series, Beaulah: Queens van die Kaap. The reality TV show follows seven drag queens as they make their mark in Cape Town’s drag industry. The show will give viewers an understanding of the world of drag, the behind-the-scenes work that goes into putting on a show and keeping up with the larger-than-life drag queens’ trials, tribulations and wins. Cast members include multi-pageant winner Emogan Moore, Miss Sovereign Western Cape winner Ina Propriette, Miss Cape Town Pride winner Kat Gilardi, SA’s Got Talent runner-up Manila von Teez, Miss Gay Western Cape winner Maxine Wilde and rival house mothers, BB Vahlour and television personality, Madison Scarr. Independent Media Lifestyle caught up…

Eskom’s application for leave to appeal against the Gauteng High Court, Pretoria, ruling that it grant AfriForum access to certain contract records appears to be a desperate attempt to hide irregularities and corruption, says the NGO. AfriForum said Eskom’s seeking leave to appeal proved the utility was desperate to hide the contracts instead of showing them to the public. The group said it suspects that the contracts contain information that may reveal irregularities and corruption at the power utility. The NGO said the utility’s objection to the court order was strange. This after the court ordered Eskom to disclose to AfriForum the requested information regarding its coal and diesel contracts. The judgment was delivered on March 22. The lobby group served an application against the utility in July 2022, under…

THE City of Tshwane has again written to the National Treasury to push for companies linked to controversial businessman Edwin Sodi – accused of bungling the refurbishment of the Rooiwal wastewater treatment plant – to be blacklisted from doing business with the government. This comes after the Treasury said the City’s request on February 2 to have the companies barred from participating in government tenders, fell short of “complying with certain provisions of the law”. City spokesperson, Selby Bokaba, said the National Treasury asked Tshwane to be furnished with certain documents. Bokaba said the City was determined to impose restrictions on the companies in question – CMS, NJR & Blackhead Joint Venture (JV) – from doing business with the public sector. “The City’s move was motivated by the joint…

It is natural for a bride and groom, especially the bride, to feel excited in the months leading up to the wedding. However, finding out that your partner is cheating on your wedding day is appalling enough to cancel the wedding, no matter how much effort went into the planning. But for *Omphile Setshedi, cancelling her wedding was not an option. Setshedi had to deal with the embarrassment of finding out with the entire wedding guests that her husband was having an affair and he had spent the eve of their wedding with his lover. The 45-year-old said the gloomy details of her wedding day unfolded in October 2007 in Mabopane, a township north of Pretoria. “I was angry, I wanted to cancel the wedding but elders from our church…

Ascendis Health’s takeover and potential delisting by a consortium that includes its CEO Carl Neethling that was the subject of a Takeover Regulation Panel (TRP) compliance ruling has been called off, as there is not “sufficient comfort the transaction will complete”. The announcement saw Ascendis’s share price falling 10.13% to 71 cents on Friday. The minorities had been offered 80c a share by the takeover consortium, prior to a potential delisting from the JSE. Last week the High Court set aside the TRP ruling on the basis that it was unlawful for lack of procedural fairness towards Ascendis’s non-executive director Theunis de Bruin and Calibre Investment Holdings, an investment group headed by Neethling, and remitted the matter to the TRP. According to information received by Business Report, the TRP post…

The South Africa Reserve Bank (SARB) has ordered the Steinhoff group of companies to forfeit up to R6 billion held in its bank accounts, four months after the death of former CEO Markus Jooste and weeks after Ben la Grange, the company’s former chief financial officer was arrested and released on bail. The scandal around the collapse of Steinhoff erased more than R200bn from the JSE, cost pensioners hundreds of millions of rand, with the Public Investment Corporation also losing up to R21bn in investments. South African regulators also fined the leadership of the company – including Jooste – while the company has now forfeited vast amounts in accounts linked to it. On Friday, SARB deputy governor for the prudential cluster, Fundi Tshazibana, said in a Government Gazette that Steinhoff…

Central bank digital currencies were once looked upon as nothing short of the future of money around the world. Yet at least in the US, that sunny outlook for central bank digital currencies (CBDCs) is in serious doubt for one simple reason: Donald Trump and his Republican allies hate them. Along with Trump’s newfound support for cryptocurrencies comes a disdain for the idea of creating a digital dollar, a sentiment prominent among executives in the industry who rage against CBDCs as dangerous surveillance tools of the state, because their usage can be tracked by authorities. Of course, digital forms of fiat currencies also present major competition for the industry since they undermine major use cases for crypto by allowing for the elimination of financial intermediaries and faster, simpler transmission of…

What does the shift towards more nationalist politics in the recent European parliamentary elections mean for global markets and economies? Does it accelerate or dampen changes already seen since 2016, a significant year geopolitically when the UK voted to leave the European Union (EU) and Donald Trump won his first US election? These, and subsequent events, such as Covid and Russia’s invasion of Ukraine have tested the world economic order. Economic and market risks of ‘fantasy fiscal politics’ From the beginning of the Thatcher-Reagan-era until 2016, the basic idea of government was stay out of the way of the economy, privatise, liberalise, free trade. Since 2016, we’ve been in a different world, and nobody quite knows what the outcome is going to be yet, and what the new equilibrium is…

Diversified real estate investment trust Accelerate Property Fund, which has reached new agreements with its funders, will focus on the disposal of non-core assets to cut debt and reduce the loan-to-value ratio, as well as cost containment and revenue enhancement, despite economic challenges and market volatility, joint CEO Adri Schneider said in a statement on Friday. The group’s results for the year to March showed current liabilities of R3.9 billion and R4.5bn respectively, exceeding current assets by R1.9bn and R2.5bn respectively. The group said this was mainly due to the structural tenure of the group’s funding facilities, and the ability to meet obligations to lenders in the short term would be constrained. However, engagements with lenders resulted in agreements to reduce debt exposure to an LTV of below 50% by…

Health Minister Dr Aaron Motsoaledi has confirmed that investigations had been launched into private sector corruption manifested through medical aid fraud, inflated prices for procedures and supplies, and fraudulent medico- legal suites of malpractice against the state, which took away money that could benefit public health care. Motsoaledi was speaking exclusively in an interview with Business Report following the Department of Health’s budget vote in Parliament. During his budget vote speech, Motsoaledi faced strenuous opposition that the implementation of National Health Insurance (NHI) would be a drain of public resources as the healthcare sector was endemic with corruption, poor management and the poor maintenance of infrastructure. Motsoaledi said his department acknowledged this but there were similar concerns with the private sector. “It’s happening on both sides. It’s up to us…

Police Minister Senzo Mchunu has been ordered to pay R550 000 to a couple that was unlawfully arrested and detained in smelly cells for a week. The North West High Court ruled that Lesego Motlhaolwa and Mpunzie Nobandla were entitled to R275 000 compensation each for their ordeal. The couple said they were at home when the police arrived on the night of March 27, 2018. The court heard that police arrived in a convoy of 10 police cars and piercing police lights. The police said they had come to “catch a killer”. One, identified as Mr Legodi, informed them that they were under arrest for murder. They co-operated, handed themselves over to the police, and proceeded to the Mahikeng police station leaving their children unattended. Regarding the…

MEMBERS of President Cyril Ramaphosa’s executive must complete hiring staff in their offices by July 31 but must ensure recruitment is based on the availability of funds. The Department of Public Service and Administration (DPSA) has encouraged incoming executive authorities (ministers) and their deputies of the government of national unity to utilise existing staff until the current employees’ contracts end. “New staff can be held (appointed) additionally to the establishment while current staff are still in office for a smooth transition and handover,” DPSA director-general Yoliswa Makhasi wrote in a circular last Thursday. She indicated that the aims of the temporary arrangement were to support the process during the transition period and would end once new employees are appointed on or before July 31. ”This will ensure a seamless handover,…

RENOWNED media mogul and businesswoman Bonang Matheba is ready to give viewers a dose of the dazzle and glamour as she makes a thrilling debut on S3 with her new reality show, B’dazzled by Bonang, set to premiere on July 29 at 6pm. Since the launch of her non- alcoholic beverage and the buzz surrounding her reality programme, Matheba has been one of the hottest topics in the media these days. Reimagined on screen, B’dazzled by Bonang is expected to be bigger and bolder, bringing viewers closer to Queen B, one of Africa’s most sought-after and highly influential entertainment personalities and social media darling. The original B’dazzled was launched on YouTube in 2011 and attracted over one million followers. This six-part series, with 46-minute episodes, is a co-production between Bonang…

Tadej Pogacar became the first rider to achieve the Giro d’Italia/Tour de France double since 1998 when he claimed his third Tour title yesterday, cementing his domination by winning the final stage for his sixth stage success. The Slovenian beat defending champion Jonas Vingegaard of Denmark, and Belgian Remco Evenepoel, who were second and third overall and on the final stage, with a winning margin of 6min:17sec. Pogacar won the 33.7km individual time trial from Monaco to Nice in a time of 45:24, destroying his rivals with a gap of 1:03 over Vingegaard, winner of the last two Tours. The winner could easily have played it safe having started the final day with a commanding lead over Vingegaard, but once again he showed no mercy and from the off he…

Nigeria's Dangote refinery will hit production of 550 000 barrels per day (bpd) this year, equivalent to 85% of capacity, but it is having to increase crude imports due to insufficient domestic supplies, the plant's CEO said on Saturday. CEO Aliko Dangote said the 650 000 bpd capacity refinery, the largest in Africa, had only received five crude cargoes from state oil firm NNPC since it started operating earlier this year, instead of the 15 it expected. “That is why we went ahead and bought some Brazilian crude, we also got US crude. Any time we go to IOCs (international oil companies) they say go to brokers,” Dangote said during a tour of the facility on the outskirts of Lagos. He added that brokers were charging a $4 (about R73)…

Smaller companies are lagging behind their JSE-listed peers when it comes to considering climate resilience or decarbonisation initiatives because of the impact of the sluggish South African economy on operations and income statements. This was said by Nedbank Commercial Banking on Friday, which added that some companies were also not able to justify the cost of transitioning at present. Based on recent a review of 100 companies in the unit’s client base, which included companies in industries such as mining, iron and steel, coal, real estate, and agriculture with annual turnovers of between R30 million and R2.5 billion, Nedbank found varying degrees of awareness of climate impact. The Nedbank unit said larger companies and JSE-listed companies were more likely to have a robust understanding of how to transition as the…

As the airports across the Airports Company SA (Acsa) network continues to experience a steady increase in passenger volumes, the company said in the interests of keeping everyone safe, it would continue to adhere to all internationally recognised standard operating procedures, and comply with national aviation legislation and regulations that strive to ensure the security and safety of its passengers. The airports business said it had noted online media reports on security-screening and searching of passengers, and appealed for co-operation with airports security personnel as they undertook this basic, but essential part of aviation security. General Mzwandile Petros, group executive for Enterprise Security, said Acsa does not have policies or procedures that discriminate against any passengers or airport-users on the basis of gender, race, cultural beliefs, religion or place of…

Pan African Resources’ capital-reduction resolution to correct accounting errors for the period 2019 to 2023 has become effective, although this has been of no consequence to the company’s net asset value and number of shares in issue. At a general meeting of the company last month, shareholders passed a resolution in favour of an exercise on “capital reduction to enable the company to pay future dividends, address the payment of certain past distributions by the company by way of dividends, and in respect of certain share buybacks as well as the resultant-related party transactions”. Pan African Resources said on Friday that this resolution has now been effected. It said “the resolution at the general meeting to approve the cancellation of the company’s share premium account, and the reduction of capital…

TREVOR Noah could be adding more prestigious accolades to his name in September. The South African-born comedian has been nominated for three 2024 Emmy Awards. He received nominations in the categories of Outstanding Variety Special (Live) for the 66th Grammy Awards, where he was a producer/host; Outstanding Directing for a Variety Special for Trevor Noah: Where Was I, while the Netflix special received another nomination for Outstanding Variety Special (Pre-Recorded). His comedy show, which was released in December, has been a riveting success as Noah hilariously shared his travel experiences from around the world. In January, it was nominated for a Golden Globe Award in the category of Best Performance in Stand-Up Comedy on Television, which was won by British comedian and actor Ricky Gervais for his comedy special Armageddon.…

Six suspects including South African, Mexican and Russian nationals are expected in courts in Limpopo and the Western Cape this week in connection with the illicit drug trade and a clandestine drug lab. The arrests were made in the two provinces over the weekend. Police Minister Senzo Mchunu welcomed the outstanding arrests effected in the discovery of a drug lab in Groblersdal by a joint team of Limpopo Hawks and Limpopo SAPS. In the continuing war against drugs by the Directorate for Priority Crime Investigation (Hawks), four suspects including a farm owner and two Mexican nationals were arrested on Friday in an intelligence-driven operation by members of Limpopo Serious Organised Crime Investigation team assisted by the Limpopo Tactical Response Team at a farm in Groblersdal where a multimillion-rand clandestine laboratory…

WHILE the ANC may have escaped the embarrassing removal from the Union Buildings after its poor performance in the May general elections, the Tripartite Alliance may not escape internal divisions as the alliance partners feel excluded from decision-making. Alliance partners, the SACP and Cosatu, have expressed early symptoms of discontent over ANC’s decision to team up with the DA, a party accused of protecting the economic privileges that the white minority enjoyed before and post-apartheid. The SACP vented its frustration last week, accusing the dominant liberal faction in the ANC of “selling out”. The alliance campaigned fiercely for the ANC and promised to keep the party above 50%, however, when the voters humbled the party, the ANC opted to form a government with the DA and other smaller parties, excluding…

The DA in Tshwane says the regional ANC’s threats to remove mayor Cilliers Brink through a motion of no confidence are motivated by business interest in the recently awarded waste collection tenders. Finance MMC Jacqui Uys, the DA caucus chairperson, made the claim during a media briefing at Tshwane House on Friday, implicating regional ANC secretary George Matjila, who allegedly called her to complain about the tenders’ new rules. She said Matjila was “upset after a new tender was awarded for waste collection in the City, introducing performance requirements for contractors”. There have been disruptions and threats to municipal truck drivers at the landfills since the introduction of new contracts on July 15. Uys said subcontractors, who have been accused of violence at landfills, were opposed to three new requirements…

By now you must have heard of Ozempic, the wonder weight loss injection that’s changed the lives of celebrities like Oprah Winfrey, and Sharon and Kelly Osbourne, among others. Semaglutide, a GLP-1 agonists, is a medication primarily used to control blood sugar levels in adults with type 2 diabetes. Semaglutide acts by imitating a hormone in the body that triggers insulin secretion. This slows down the rate at which food leaves the stomach, making one feel full for longer, while controlling the blood glucose levels. Obese people with a body mass index (BMI) over 30 benefit the most, and can lose weight rapidly from these injections. Dosage, time to action Using Semaglutide solely for weight loss is considered an “off-label” use, and the medication is not FDA-approved for weight loss.…

In efforts to raise a nation of good men and bolster the fight against gender-based violence, SABC2 and Amatyma Wellness Network, in partnership with Radio 2000, have launched a new TV talk show, LikeTyma LikeNtwana, set to premiere on SABC 2, on August 1 at 8.30pm. Amatyma Wellness Network was founded by well-known businessman TT MBha in 2020 with the aim of promoting physical, mental, and financial wellness among men. The show, hosted by Mbha and Serame Mbha, explores father-son relationships, encourages open discussions, and aims to cultivate good men through paternity discovery and role modelling. To celebrate the launch, the Amatyma Wellness Network, Primestars and the YouthStart Foundation, have teamed up as part of the “What About the Boys?” programme. Within the ethos of the programme in #RaisingANationOfGoodMen, various…

THE Lions and the Bulls are the early pacesetters in the Currie Cup and the only unbeaten teams after three rounds of the competition. Western Province earned their first win with a resounding victory in Welkom over the struggling Griffons, while the Sharks are still winless under new coach JP Pietersen. The Bulls entertained the Cheetahs in Pretoria on Friday night and it was a two-try burst from wing Henry Immelman that paved the way for their hard-fought defeat of the current champions. The final scoreline of 25-13 was a repeat of the earlier game at Ellis Park where the Lions laboured to a win over the gritty Griquas. The Lions started well before Griquas hit back only for ill-discipline to allow the Lions to finish strongly. Lions captain Jaco…