Table of contents for 2024-03-12 in Star

INVESTMENT firm Remgro said yesterday in a trading statement for the six months to December that its headline earnings per share (Heps) were likely to decrease between 35% and 45% mainly due to Heineken Beverages’ trading results, among other corporate actions. Heps were flagged at between 344 cents and 407c. The firm said the decrease was largely driven by Heineken Beverages’ volumes being impacted by lower industry growth, load shedding, a shift from premium to mainstream and a challenging competitive environment. Margins were also negatively impacted by non-recurring expenses related to integration and supply chain challenges. It also said a lower contribution from Community Investment Ventures Holdings mainly due to higher finance costs resulting from increased interest rates; and a special dividend received from FirstRand of R154 million…

THE AWARDING of certain rebates for frozen poultry imports to curb alleged “shortages” in the local market were unnecessary, unjustified and damaging to the domestic poultry industry, the South African Poultry Association (Sapa) said yesterday in a statement. Sapa, which guards the interests of the poultry industry in the country, said it was puzzled by the International Trade Administration Commission’s (Itac) reasoning, which recommended to the Department of Trade, Industry and Competition’s Minister Ebrahim Patel that certain rebates be implemented to curb alleged “shortages” in the local market. This follows a report released last week backdated to December 15, 2023. Izaak Breitenbach, the general manager of Sapa’s Broiler Organisation, said the industry was recovering from the worst avian influenza outbreaks in the country’s history, but neither poultry farmers nor…

IN LAST WEEK’s column, I referenced the regulatory challenges the world’s largest crypto exchange, Binance, is currently experiencing in Nigeria. Shortly after my reflections were published, news broke of Binance announcing that Naira deposits would cease after March 5, followed by the termination of withdrawal services on March 8. The company reportedly indicated that users with remaining Naira (NGN) balances in their Binance accounts would have them automatically converted to Tether (USDT) after that date. What is Tether Tether (USDT) is a type of cryptocurrency known as a stablecoin. It is designed to maintain a stable value by being pegged to fiat currencies like the US dollar. Each USDT token is supposed to be backed by one dollar held in reserve by the issuing company, Tether Limited. This stability makes…

BITCOIN raced to an all-time peak above $72 000 (R1.39 million) yesterday as the world’s most popular cryptocurrency won further support on greater trading accessibility and dollar weakness. The virtual unit struck $72 385 as dealers also eyed an upcoming industry event that traditionally boosts its price by restricting supply. Yesterday’s spurt extended last week’s record-breaking run when the currency bulldozed its way past the previous November 2021 pinnacle of $68 991. Bitcoin won further support yesterday after Britain’s Financial Conduct Authority watchdog said it would join US regulators by allowing the creation of crypto-related securities. US authorities earlier this year gave the green light to exchange-traded funds (ETFs) pegged to bitcoin’s spot price, making it easier for mainstream investors to add the unit to…

Lehlogonolo Chauke, known as Shebeshxt, has once again found himself in the spotlight, this time for all the wrong reasons. The rapper, whose success is often overshadowed by controversy, has made headlines for a video showing him allegedly slapping a fan – hard. The video, which has gone viral, shows Shebeshxt offering an apology to the man he allegedly knocked out. While some see this as a gesture of remorse, social media is sceptical. Taking to X, @MDNnewss reported on Shebeshxt’s apology, quoting him as saying, “I’m with him now, I came to ask for forgiveness. I made a mistake for sure. I won’t do it again.” However, despite his words, many viewers remain unconvinced, questioning the sincerity of his apology and expressing fatigue with the rapper’s repeated involvement in…

Opposition parties have welcomed the announcement by Public Enterprises Minister Pravin Gordhan that he will be resigning from government at the end of the current administration following the elections. The recent years of the 74-year-old embattled politician’s government career have been marred by controversies with the collapse of SAA and Transnet under his watch. Firing the first salvo was the EFF, saying Gordhan’s retirement left a trail of destruction in state-owned companies while he had “mafia tendencies” in his style of leadership. The EFF also accused the outgoing minister of spending his deployment at the DPE trying to dismantle the state electricity utility company Eskom into separate entities to hand over electricity generation to the private sector. “Today, the Durban harbour port is barely functional because Transnet was deliberately sabotaged…

A toddler born in a prison in Dakar, Senegal, has been brought to South Africa where she will grow up with her family in the Eastern Cape. The girl’s grandmother was nominated as her guardian while her mother serves her sentence. The girl, now 2, was repatriated to South Africa and arrived at the OR Tambo International Airport on Sunday. The Department of Social Development said the girl was born in Senegal and was in the care of her mother, who was arrested for drug trafficking. “The department was notified by the Department of International Relations and Co-operation (Dirco) through its International Social Services Directorate in August 2023 that the biological mother was arrested last year February,” the department said. The girl was born just days after the mother’s…

TAXI drivers from Hammanskraal have been flouting the 2017 agreement signed between their associations and the City of Tshwane to drop off commuters at the Rainbow Junction Station in Wonderboom, where they are expected to board municipal buses to the CBD. The associations, Hammanskraal Taxi Organisation‚ Stinkwater Eersterus Taxi Association and Ga-Mokone Hammanskraal Stinkwater Taxi Association were compensated for the 10km distance and agreed to forfeit by terminating their rides at Wonderboom. The arrangement was made after the City introduced the A Re Yeng Bus Rapid Transit (BRT) between Rainbow Junction and the CBD. Despite the compensations the taxi drivers have constantly refused to abide by the terms and conditions of the agreement. Instead they continued to operate beyond the Wonderboom area. Minibus taxi operators who previously spoke to the…

Since the beginning of this year, fitness bunny Sbahle Mpisane has been working on her body by taking weight loss injections. The stepdaughter of Durban tycoon Shauwn Mkhize recently went to Türkiye to have breast surgery and documented every step of the journey. Taking to Instagram, she shared with her 2.5 million followers a video of her journey. She said she wasn’t scared of the surgery, only excited that she’ll finally have her dream boobs. “My genes were not strong enough, I had to find myself a solution so my body calculations could add up, wink,” Mpisane said. “I even decided to come to Türkiye all by myself … Guys, I’m going to see my doctor and wake up looking like Kim Kardashian. I am not nervous, I’m just excited.”…

Get ready for the return of the Cape Town International Jazz Festival (CTIJF) which is all set to ignite stages and connect music lovers. Marking a temporary departure from its traditional March slot, this year’s festival re-emerges on May 3 and 4 at the Cape Town International Convention Centre (CTICC) to deliver a musical experience that has been sorely missed. Four re-imagined stages will welcome artists and festival-goers (festinos) for Africa’s premier jazz celebration. Formerly known as Kippies, Moses Molelekwa and Rosies, these stages now bear the names Sapphire, Ruby and Emerald, with a new outside stage Topaz; and the scene is set for a sparkling showcase of seasoned maestros and rising stars from across the globe. Lindsay Rhoda, head of Talent at CTIJF, hints at an electrifying fusion of…

The current stop-start nature of the South African rugby season might be frustrating for supporters, but Marius Louw was far more pragmatic regarding the on-off nature of 2024 thus far. The Lions have played only six matches over a 12 week period so far, winning two and losing the rest, across both the United Rugby Championship (URC) and EPCR Challenge Cup. Bookended by wins over the Sharks, the Joburgers also suffered a four-match losing streak in-between to Montpellier and the Ospreys in the Challenge Cup, and back-to-back defeats to the Bulls. Louw and Co will have to wait another fortnight before they play their next match – against Connacht – with games thereafter coming thick and fast. Skipper Louw – ever growing into his leadership skills and role – admitted…

Saturday’s world-renowned Soweto derby at the FNB Stadium has put South African football on the map yet again. There are not many leagues around the world that can attract a crowd of 87 000 fans for a league fixture, where winning outweighs the importance of the log positions, even if the teams are rock-bottom. Before Saturday’s kick-off, both teams were outside the top four. Three days before the match, the stadium’s management announced that all the suite tickets for the derby had been snapped up. Football’s well-heeled had bought up all hospitality packages to secure a front-row experience at the country’s greatest sporting event. Although 87 000 attended the match, some commentators say around 90 000 people were in the Nasrec precinct during the event. It may have been that…

THE FNB/BER Building Confidence Index fell dramatically in the first quarter of 2023 after rising to an eight-year high in the fourth quarter of last year. FNB senior economist Siphamandla Mkhwanazi said yesterday that the index had dropped by 16 points to reach a level of 27 in the first quarter of 2024, which was the joint lowest level since mid-2020. The current level means more than 70% of respondents to the index survey are dissatisfied with business conditions. Alarmingly, most of the sub-sectors in the index saw a marked fall in confidence. Relative to last year’s final quarter, the following changes were registered: building material manufacturers (-29), building subcontractors (-25), architects (-25) and hardware retailers (-23). Main contractors and quantity surveyors recorded a slight uptick in confidence of…

IMAGINE you’ve just wrapped up a brainstorming session with international colleagues and you need to share the outcomes of the meeting with team members who speak different languages, or that taking notes in your regular three-hour meeting with the CEO has become an increasingly tedious exercise. If that sounds like you, don’t worry. Introduced as part of the January 2024 Galaxy AI rollout and S24 launch, Samsung’s new Note Assist and Live Translate features equip you to work smarter, not harder. Here are the traditional note-taking pain points that Note Assist and Live Translate relieve for Galaxy S24 business users. Live Translate automatically translates voice calls and text messages in real time. On a phone call, translations come through both audibly and on screen after each person has spoken. In…

METAIR’s share price shot up more than 20% yesterday morning after its board forecast a turnaround in earnings in the 2023 year from a loss a year before. It said in a trading statement that it expected to report headline earnings a share of between 128 cents and 140c in the 12 months to end-December 2023 compared with a 17c headline loss the previous year. It also announced that its car component-making managed associate, Hesto Harnesses, which is participating as a supplier in a multibillion model manufacturing expansion at Ford in South Africa, had increased revenue by about 200% in 2023, following an agreement it had reached with Ford for a commercial price adjustment over the remaining nine years of the new Ranger model life. The share price closed 23.53%…

Platinum mining stocks are among the top performers on the JSE in the past seven days, with Impala Platinum (Implats) and Sibanye-Stillwater surging by 7%, despite a jobs bloodbath characterising the industry on the back of subdued platinum group metals (PGM) prices and curtailed productivity. PGM companies have responded to depressed prices of the precious and car industry metal by closing non- profitable shafts and postponing projects. This comes as the global PGM industry, in which South Africa is a significant player, is set to tip into a deficit against global economic volatility. Implats CEO Nico Muller said recently that “from 2025 to 2027 we are looking at a reduction of 14% of aspired production both at existing as well as planned increases” in production. But on the JSE, it…

The first wife of the late King Goodwill Zwelithini, Queen Sibongile Dlamini-Zulu, has lost her Supreme Court of Appeal (SCA) bid to be declared the only lawful wife of the late king. The queen turned to the SCA to appeal the Pietermaritzburg High Court judgment that dismissed her application to have 50% of the estate of the Zulu King set aside for her. After the death of King Goodwill Zwelithini kaBhekuzulu Zulu (the late Isilo), members of the Zulu royal family have been mired in litigation battles. The appeal is a sequel to one of the legal disputes. Queen Sibongile had sought a declaratory order stating that she was married in terms of civil law, in community of property and profit and loss, and that the late Isilo was precluded…

Durban-born billionaire Martin Moshal has reportedly donated around R59.5 million to political parties between April 2021 and December 2023. According to The Outlier and based on Electoral Commission of South Africa (IEC) data, Moshal has donated R35 million to the DA. He has also donated R20.5 million to ActionSA and R4 million to Build One South Africa (BOSA). Moshal lives in Camp Cove, a bay on the southern side of Port Jackson, Sydney harbour in Australia. Moshal is said to be a serial entrepreneur in the tech industry for more than 20 years. Moshal’s wealth is largely unknown, but according to an expose done by British newspaper Daily Mail, he does own some, if not a large majority, of gambling giant Betway. On his foundation’s website, Moshal is described as…

President Cyril Ramaphosa and the Azanian People’s organisation (Azapo) have slammed the DA for its letter to the US secretary of state and other foreign affairs ministers in Europe, seeking help to ensure there is no foreign interference in South Africa’s coming election. On Sunday, Ramaphosa accused the opposition political party of trying to sell the country to American imperialistic forces, while yesterday, Azapo rubbished the DA’s claims that the upcoming general elections won’t be free and fair. This comes after the official opposition wrote a letter to the US government to come and oversee the elections in May. Ramaphosa described the DA’s decision to involve the US in the country’s affairs as, “quite disingenuous and almost an attempt to sell our country to other powers in the world”. He…

MORE than 300 suspects were arrested in Tshwane at the weekend for possession of stolen motor vehicles, firearms and other offences during Operation Shanela. The police recovered more than 50 unlicensed firearms and 180 rounds of ammunition. The firearms were found across the province during integrated crime-combating operations that included stop-and-searches and others through tip-offs from members of the community. Several law enforcement agencies participated in stamping the authority of the state in Soshanguve and Rietgat under the leadership of Gauteng police commissioner Lieutenant-General Tommy Mthombeni. The team held roadblocks at main roads. In one of the roadblocks two stolen vehicles and a firearm were recovered, and a BMW with the engine tampered with, impounded. In Atteridgeville, three undocumented foreign nationals found with an unlicensed firearm and 11 rounds…

The South African National Roads Agency SOC Limited (Sanral) manages a multi-layered infrastructure operation that not only constructs roads and bridges, but it also moves freight, oversees toll roads, and presides over the safety of all road users. At the core of this network are individuals and the communities, workers, freight truck drivers, tourists and traders. Advances in technology and new innovations are changing the way Sanral delivers its services. This creates new and different expectations from road users. Sanral will continue to strategically maintain the government’s largest asset, its road network, to improve safety and efficiency. Our work makes an important contribution towards creating new jobs and helping to grow our economy. Currently the global community is confronted by a major catastrophe which we cannot afford to ignore. The…

When Test coach Shukri Conrad expressed his concerns over the lack of genuine pace bowlers in domestic cricket and the overall standard of cricket at that level, the whole country took note and weighed in on the coach’s takes on what is happening in domestic cricket. For a system that produced the likes of Makhaya Ntini, Dale Steyn and Allan Donald to name a few, of course it will raise eyebrows when the same system is not producing the same calibre of players. The domestic scene is filled with seamers who bowl at 120s and 130s (km/h) and that is an alarming sign to a fast-bowling loving cricket community. However, it was inevitable that the game would eventually get to this stage. Taking into consideration how much the game has…

Barcelona’s last-16 second leg tie at home to Napoli will be their most important game of the season, manager Xavi Hernandez said yesterday. The first leg was 1-1 and Barca have a chance to reach the quarter-finals for the first time since 2020 tonight after failing to get past the group stage in the past two seasons. The last time they won a Champions League knockout game was in a 3-1 home win over Napoli that year. With the club third in LaLiga, eight points behind leaders Real Madrid, Europe is now the priority. “The most important game of the season? Yes, it is, and we’re ready, we’re excited,” Xavi said. “It’s been four years since we’ve been in the quarter-finals and that’s how we see it. We want to…

The Springboks’ first alignment camp of the year concluded last week and the 43 players who were invited would have been eager to impress ahead of a busy international season that kicks off in June. Coach Rassie Erasmus invited a mixture of young and experienced players, with no European or fit Japan-based players available. This past week Independent Newspapers has looked at the backs and loose forwards who had the chance to state their case at the camp, and today we look at the front row in the final instalment. It’s another area where South African rugby overflows with top-class players. Erasmus will have plenty of players to select from come the June and July Tests against Wales, Ireland, and Portugal. The Springbok scrum has set the standard in international…

South African privately owned gold producer Aurous has announced plans to go public and list under the Nasdaq index under a scheme that includes a business combination with US-based Rigel Resource Acquisition Corp at a value of R6.76 billion. Aurous owns and operates the Blyvoor gold mine, also known as Blyvooruitzicht, as well as the Gauta tailings retreatment project on the West Rand in Gauteng. On completion, which is expected for the second half of this year, the transaction involving Aurous and Rigel Resource will become one of the first significant gold industry deals in South Africa in a long time. “This transaction and associated influx of foreign investment into South Africa has the potential to enable further meaningful job creation, continued revitalisation of the local community and recapitalisation…

IN A PIVOTAL announcement, the Minister of Employment and Labour has sanctioned a 5.5% upward revision to the earnings threshold, set to take effect on April 1, 2024. This landmark decision holds profound consequences for both employers and employees across South Africa. New earnings threshold Commencing April 1, the annual earnings threshold will stand at R254 371.67. This figure reflects a meticulous adjustment based on the consumer price index (CPI). However, the seemingly modest increase carries significant implications. 1. Balancing rationality and economic pressures The first noteworthy aspect lies in the comparison with the National Minimum Wage. While the earnings threshold experiences a 5.5% boost, the National Minimum Wage follows a formula of CPI plus 3%. In practical terms, this signifies that the earnings threshold’s growth is notably…

Absa’s normalised headline earnings increased 1% after pre-provision growth of 6% was offset by higher credit impairments, particularly in South Africa, and credit loss ratios were likely to remain higher than their target ranges in 2024, the bank said yesterday. Revenue grew by 8% to R104.5 billion, with stronger growth generated within the Africa Regions. CEO Arrie Rautenbach said in an online presentation that economic growth in South Africa had been worse than they had expected, and earnings growth was, as a result, also below their targets for the past year. He said, however, that the group was now fundamentally changed and much more resilient and diversified since its split from Barclays in 2018. “We are seeing the benefits of the strategic choices we made in 2018, as is…

Quantum Foods, which witnessed a significant surge in its share price, experienced a setback as the rally bubble appeared to burst. The company's stock saw a 5.26% decline on the JSE following the confirmation of Country Bird Holdings' acquisition of Astral Foods' 9.4% interest. The Quantum Foods share price surged by 104.4% between the closing price on March 1 and the closing price on Thursday, March 7. “Quantum Foods’ shareholders are hereby advised that the company has received a notification, in the prescribed form, from Country Bird Holdings Proprietary Limited (CBH), advising that it has acquired a beneficial interest in Quantum Foods securities, such that CBH now holds a beneficial interest of 15.83% of the company’s total issued ordinary shares,” the company said yesterday. However, on Monday the rally in…

The DA in Joburg has raised the alarm over the water crisis bedevilling South Africa’s heavily populated economic heartbeat, Johannesburg, warning that the city could soon face pandemics linked to water scarcity. DA councillor Belinda Kayser-Echeozonjoku said clinics in the city were at times shutting their doors because they had no access to water. “Water is a basic human right. If not attended to, this could lead to health issues because clinics are closing because of no water, without telling patients alternative clinics to go to,” said Kayser-Echeozonjoku. “This is a catastrophe if old age homes are without water for nine days, no tankers and Joburg Water has been asked three times.” Yesterday, Kayser-Echeozonjoku said a meeting was held, attended by Joburg mayor Kabelo Gwamanda, as anger grows in the…

WITH KwaZulu-Natal (KZN) emerging to be the battleground ahead of the May 29 national and provincial elections, a recent poll by Social Research Foundation has found ANC support in the province could be cut in half. A number of political parties, including the governing ANC, EFF and recently the IFP chose to hold their manifesto launches in KZN, making the province much sought-after. KZN is a stronghold of the IFP, but the ANC has maintained its rule of the province since 1994. However, with the emergence of the new uMkhonto weSizwe Party (MKP), analysts believe ANC control of the province could be over. Former president Jacob Zuma, who is from the province and enjoys massive support in KZN, is the face of the MK Party. On December 16 last year,…

Over the last decade, 32 new alien species were either illegally or accidentally introduced into South Africa. This is according to the third national Status of Biological Invasions and their Management in South Africa launched by Forestry, Fisheries and the Environment, Minister Barbara Creecy. The research shows new alien species continue to arrive every year through several different pathways. “Over the last decade (2013–2022), 32 new alien species were either illegally or accidentally introduced, a rate of approximately three introductions per year. This is slightly lower than the numbers seen for 2010–2019 which were an average of about four new species introduced per year,” Creecy said. “South Africa is confronted with a multitude of invasive species that have taken root in our ecosystems, altering native habitats, out-competing indigenous species, and…

The Gauteng Department of Health wants to assure the public that male and female condoms are still available for free at a variety of locations, including universities, clinics, taverns, hostels, hospitals, motels, brothels, workplaces, primary distribution sites, and key population hot spots. These facilities get condom supplies on a regular basis that corresponds with their storage capacity. Delivery can take place on a daily, weekly or monthly schedule. The HIV/Aids, sexually transmitted infections and TB unit at the department strives to promote sexual health equity and decrease barriers to condom use by making condoms available at health clinics, community centres, educational institutions, and outreach programmes. Non-profit organisations also play an important role in distributing condoms to the community, and they have focused on major demographic hot spots to guarantee that…

The DepartmenT of Women, Youth, and Persons with Disabilities has urged all South African males to join the battle against rape and gender-based violence (GBV) by participating in the 365 Days of No Violence Against Women and Children Campaign. It is estimated that domestic violence by partners contributes to the majority of violence against women, with at least one in three women experiencing it at some point. Speaking on Sunday, Minister Nkosazana Dlamini Zuma said as a nation and a community, we must actively encourage men to speak out against the ongoing trend of rape and violence against women and children, and we must immediately address the root causes of male violence and physical abuse of women and children. “The Department of Women, Youth, and Persons with Disabilities continues to…

THE recent findings by the South African Human Rights Commission sparked debates around whether gendered school uniforms constitute unfair discrimination. I believe gendered uniforms are not discriminatory as they embrace identity. For parents and communities who hold this view, the uniform worn by boys should be noticeably different from that worn by girls in order to identify with the gender uniqueness that was assigned to them at birth by Almighty God. Like sex, gender is biologically determined and not a social construct that can be fluid and changes with research, hormone treatment, undergoing surgery, or with time. By implementing a blanket approach to school uniform policies, schools risk repressing religious and traditional beliefs and rights and eroding gender identity. It is worrying and depressing reading these kinds of research articles…

Brad Binder will probably be the first to admit the Losail Circuit in Qatar is not one of Red Bull KTM’s strongest venues, so to claim an impressive second-place finish in the Persian Gulf nation will no doubt fill the 28-year-old and his team with a great sense of accomplishment, while instilling belief going forward. Binder finished 1.328s behind the largely untroubled race winner Francesco Bagnaia in Qatar. At times he did manage to whittle down that lead below one second but a protracted battle for second during the middle-stages of the race against Jorge Martin, Marc Marques and Enea Bastianini arguably helped Bagnaia tighten his hold over proceedings. That in itself is telling, as Binder and Co. would have most likely lost the place last season if such a…

The president of Safa, Dr Danny Jordaan, has been forced into defence mode as he seeks to protect his reputation and position. The 72-year-old has been accused of fraud and theft of the association’s funds amounting to R1.3 million for the period 2014-2018. For all the long-standing calls for his immediate removal from the nation’s football ruling body, this latest development places the spotlight firmly on Jordaan. The Serious Commercial Crime Investigation (Hawks) raided Safa House last Friday, executing search and seizure warrants as part of their inquest into the allegations levelled against Jordaan. It has emerged in recent days that the man behind the criminal case laid against Jordaan is former vice-president William Mooka. Mooka was one of the association’s longest-serving members before his expulsion in 2021 and is…