Cape Times 2024-12-03

Naspers reported a fivefold improvement in earnings before interest and tax (EBIT) for the six months to September 30 after their multinational internet companies became profitable. Amsterdam-based e-commerce subsidiary, Prosus, plans more listings after last month’s initial public offering (IPO) of Swiggy in India. More than $2 billion (R36.4bn) of assets were sold during the period, including exiting its Trip.com position in China. The results indicate a significant improvement in operations - a key factor behind the appointment of the Group CEO Fabio Bloisi on July 1, 2024, was that the e-commerce investments needed to become profitable because, at the time, Naspers and Prosus’ share price valuations were based purely on the stake in China software and gaming group Tencent. Prosus hopes to list PayU next year, and other Indian…

S&P Global Ratings has placed state-owned logistics giant Transnet on credit watch, citing concerns over the company’s financial stability and operational performance. The credit watch placement reflects S&P’s concern that Transnet’s turnaround may not yield timely improvements in cash flow and leverage, potentially triggering a downgrade. This comes amid ongoing efforts by Transnet to implement a recovery plan aimed at addressing its mounting challenges. The global ratings agency maintained its ‘BB-’ issuer credit rating on Transnet’s senior unsecured debt and affirmed its ‘BB’ rating on the R3.5 billion government-guaranteed debt. However, S&P’s action underscores the pressing need for Transnet to tackle high leverage levels and restructuring of its capital framework. Transnet’s Group CEO, Michelle Phillips, on Monday acknowledged the challenges, but expressed confidence in the recovery plan approved by the…

South Africa’s economy is expected to ramp up significantly in the final quarter of the year after November saw a surge to become the “best sales month of the year” for new vehicle sales. According to statistics from the Automotive Business Council (Naamsa), aggregate domestic new vehicle sales in November rose by 8.1% to 48 585 units, reflecting an increase of 3 658 units, from the 44 927 vehicles sold in November 2023. The strong performance, which saw volumes for the month replacing October as the best sales month of the year, was driven by fleet deals from the rental companies, driving passenger car sales up 20% to 35 101 units, as consumer demand softened year-on-year. Not only was November the year’s best sales month, but also the largest market…

Martin Hesse Personal Finance is proud to introduce its new data partners for the upcoming 2025 Raging Bull Awards at the end of January. The awards showcase outstanding performance in the collective investment schemes industry, recognising funds and managers that consistently outperform their peers, and thus giving consumers a reliable reference for choosing investments with confidence. Two respected and innovative global financial services firms, Iress and Apex Group, have partnered with Personal Finance to provide the market data and calculations to determine the Raging Bull Award certificate and trophy winners, ensuring the awards continue to enjoy their long-standing credibility and prestige in the South African investment industry. Iress Iress South Africa is part of an international group based in Melbourne, Australia, that provides market data and wealth management software…

Moral principles or a single set of behaviors are not always sufficient to constitute ethical behavior. What is morally right and wrong, as well as good and bad, are the subjects of ethics. Unlike other fields of study, such as the sciences, ethics is not a topic of factual knowledge. The focus is on identifying the characteristics of normative theories and using these sets of rules to solve real-world moral issues. For example, it is commonly accepted that it is wrong to kill someone else, that it is good to return a lost wallet, that it is bad to litter, and so on. During this year’s book launch in Sandton, I attended the second instalment of Prof. Wiseman Nkuhlu’s book, “A Life of Purpose”. This book chronicles more than 60…

The rand started the week on the back foot yesterday, trading 0.5% lower to R18.18 against the US dollar, its weakest in two weeks, weakened by uncertainty brought about by threats of severe tariffs on the BRICS bloc of countries. US President-elect Donald Trump posted on social media platforms over the weekend that he would impose 100% tariffs on imports from BRICS member states if these countries pursued establishing their own currency, which would undermine the US dollar as a reserve currency. Analysts and economists have been very sceptical about the possibility of BRICS nations establishing a common currency due to the variance in the monetary policies of these countries. They also pointed out that the dominance of the US dollar will not be threatened any time soon as the…