Star 2021-11-24

Unchallenged as South Africa’s most influential daily newspaper, The Star covers the heart of the nation with unequalled reporting of local, national and international news and sport. It is widely considered to be a superb advertising environment.

South Africa
Independent Media Pty Ltd
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253 Edities

in deze editie

3 min
old mutual raises provisions over excess covid-19 claims country’s inoculation is below desired levels, as insurer raises the flag over south africa’s vaccine hesitancy

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

2 min
sa and kenya commit to enhanced bilateral trade

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

3 min
ppc ends capital restructure with sharply higher interim profit

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

3 min
brait to raise r3bn via rights issue to execute plan to see shareholder value

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

2 min
coronation gives fund management earnings per share a huge lift

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

2 min
embed innovation as a business culture for survival

Brian Timperley INNOVATION is an overused term for a reason. It’s more than just creating new solutions, building new products and breaking down barriers. Innovation is a mindset, one that should be embedded into the very fabric of a company’s culture to ensure that the business is agile enough to cope with the leagues of uncertainty that lie ahead. In the current market, globally and locally, everything is constantly in flux – people, business, markets, demands, environments. As McKinsey points out, innovation is the business launchpad out from underneath the Covid-19 crisis as it’s a way of thinking that will drive growth, performance and optimisation. Innovation is traditionally seen as building new products and services, or being creative and improving customer perceptions. But it’s also finding new and effective ways…