Índex per 2021-07-14 a Star

Sandile Mchunu sandile.mchunu@inl.co.za TONGAAT Hulett’s share price leapt by 8 percent on the JSE yesterday morning after the agriculture and agri-processing group reduced its net debt by 42 percent for the year to the end of March, despite a huge fall in earnings. The group reported net debt of R6.57 billion at the end of the period, down from R11.35bn compared to last year. Chief financial officer Rob Aitken said Tongaat was pleased with the 42 percent reduction in its debt during the financial year. “We want to continue reducing the debt in the next coming months, and we are targeting a sustainable debt level of R3bn. We hope that we would be able to slash it by a further R3bn in the next nine months-to-three-year…

Dineo Faku dineo.faku@inl.co.za FINANCIAL services, retail and telecommunications stocks yesterday bore the brunt of the mayhem and unrest that has swept through KwaZulu-Natal and Gauteng for the fourth day. Nedbank declined by 5.45 percent to R164.21, First Rand was down 5.36 percent to R53.19 a share, Standard Bank fell by 4.79 percent to R124.55 a share, while Absa fell by 0.64 percent to R581 a share. Africa’s retail giant Shoprite was down 4.07 percent to R153.15 a share, Spar was 3.77 percent lower to R175.87 and Pick n Pay weakened by 1.94 percent to R51.58 a share. Beauty and fashion retailers were not spared. Truworths fell by 5.49 percent to R57.49 a share, The Foschini Group (TFG) fell by 3.07 percent to R154.51 a share, and Woolworths fell by 3.63…

Dineo Faku dineo.faku@inl.co.za PAN African Resources, the JSE-listed mid-tier gold producer, pushed through its degearing plan and surpassed its output target for the year ended June 2021 on the back of an improvement at the Barberton Underground Mines, the group said yesterday. Pan African said senior debt had declined by 45.5 percent to $33.8 million (R482m), from $62m at the end of June last year. The company said that in dollar terms, this represented a reduction in net senior debt of 43.6 percent rela- tive to the debt levels at December 31, 2020, of $59.9m (R880.5m at an exchange rate of rand/dollar of 14.78). “We have now largely achieved the degearing of our balance sheet, and current debt levels are very manage- able, enabling the group…

SA businesses count cost of the frenzied looting Siphelele Dludla siphelele.dludla@inl.co.za South African businesses yesterday continued to count the costs of property as the frenzied looting and vandalism of shopping malls and industrial parks went up a few notches. The ongoing violent protests taking place across KwaZulu-Natal and parts of Gauteng since the weekend escalated further with the looting of distribution warehouses yesterday, with more than 700 looters arrested. Market observers have warned that the volatile situation may now lead to breakdowns of supply chains, leading to food insecurity as some customers go on panic buying amid the emptying of shelves during the unrest. Intellidex’s Peter Attard Montalto said the situation will not be solved by community engagement kumbaya, but by the breaking of a cycle of impunity…

Kedibone Modise ACTRESS Thuli Phongolo slammed the Zuma family for inciting violence, as unrest rocks South Africa. The Rockville star also distanced herself from any association with the family. In her latest tweet, she expressed her disappointment at the Zuma family for encouraging the protests across the country. “The Zumas are out of hand, hayi ngeke bo! Encouraging violence and damaging people’s belongings and property is uncalled for … ” The former Generations actress earlier grabbed headlines following speculation that she may be romantically involved with Duduzane Zuma. Both parties denied the rumours. Phongolo added: “It is extremely detrimental to our livelihoods… ” Since the looting started in KZN last week, Zuma’s daughter, Duduzile, has also encouraged acts of violence via Twitter.…

RUGBY REPORTER THE quibbles of international sport might be the last concern on the minds of South Africans currently, but the Springboks firmly believe that they have a duty, an obligation, to do their part to put smiles on the faces of their supporters and return a measure of hope to the nation. There is no doubt that the civil unrest in Gauteng and KwaZulu-Natal is at the fore of the country’s collective consciousness, but Mzwandile Stick and Co are hoping that a good SA A performance against the British and Irish Lions at Cape Town Stadium tonight night might help relieve some of those anxieties and bring much-needed respite from the chaos. “We are living in a very sad time currently with what we are seeing on social…

NHLANHLA MBATHA THE CITY of Joburg has strongly condemned the ongoing acts of violence and looting and the unnecessary destruction of property and infrastructure in the city. Economic Development MMC Lawrence Khoza said yesterday he noted with concern acts of lawlessness in various parts of Joburg. “These acts of violence happen at the time when the city is registering positive economic trends after months of economic decline as the result of the Covid-19 pandemic and negative economic growth,” Khoza said. He said the city, country, and the world at large, were still battling the deadly pandemic, with the fast-spreading Delta variant putting unimaginable strain on limited resources. “As the city focuses on the current roll-out of vaccination plans across all the seven regions in the City of Joburg, the…

Mpiletso Motumi mpiletso.motumi@inl.co.za In a bid to drum up support for its artists, the Southern African Music Rights Organisation (Samro) is appealing to South Africa’s big corporations to book exclusive online performances for staff working from home. SAMRO chairperson Nicholas Maweni said that South Africans are living in difficult times with the country again under stricter Covid-19 lockdown restrictions and greater economic uncertainty looming. “As we try to curb the spread of the virus, many South Africans have been forced to work from home. While some people have embraced this, others feel lonely, stressed and isolated from having to work alone,” said Maweni. “To lift the morale of their employees and provide them with some quality entertainment, we are calling on companies and organisations to book online performances by our…

Norman V Mahlangu | Siyabuswa “Stay at home, wash your hands!” That’s the language we hear over and over throughout lockdown. That is the reason we tirelessly continue to ask the government this million dollar question: How do our communities stay at home while their taps are dry? How do they practise the supposed hygiene, either? Which one is more endangering the community: Addressing a little crowd during lockdown, for which Carl Niehaus was arrested with immediate effect, or the perpetual shutdown of a basic necessity most needed for combating deadly Covid-19? Would you please stop insulting our intelligence. Now it’s clear that it was in vain and in disguise that the president posed so serious (lockdown), like a traffic cop about the issue of municipalities who deprive…

Constitutional Court strayed from normal procedure to imprison the former president THE Constitutional Court ruled that former president Jacob Zuma must be imprisoned for his refusal to appear before the commission of inquiry he reluctantly established as president to investigate state capture. When delivering the judgment on behalf of seven of the nine Constitutional Court judges, Sisi Khampepe said, “the matter is self-evidently extraordinary. It is thus in the interests of justice to depart from ordinary procedures. “Never before has this court’s authority and legitimacy been subjected to the kinds of attacks that Mr Zuma has elected to launch against it and its members.” She further said: “Not only is Mr Zuma’s behaviour so outlandish as to warrant a disposal of ordinary procedure, but it is becoming increasingly evident that…

Ernie Els will reach yet another major milestone in his career when he makes his 30th Open Championship appearance at Royal St George’s this week. It’s a journey that began in 1989 when Els made his Open debut at Royal Troon after winning the SA Amateur title that year, and missed the cut with rounds of 72 and 76. And it’s a journey that saw him twice win the Claret Jug, in 2002 and 2012, and finish second in 1996, 2000 and 2004. Since that first appearance in 1989, he has only twice missed the Open, and that was in 1990 and 1991 (there was no tournament in 2020). This week, Els will lead a group of 13 South Africans challenging for major glory on the English links, including Jaco…

Siphelele Dludla siphelele.dludla@inl.co.za THE WORLD Bank has warned of continued social unrest in South Africa if the government does not speed up the implementation of economic reforms to address inequality. The country has been engulfed by unprecedented unrest, accompanied by the destruction of industrial parks and shopping malls, since the arrest of former president Jacob Zuma. The 13th edition of the bank’s South Africa Economic Update released on Monday said the Covid-19 crisis was widening inequality by contribut- ing to severe and unequal job losses. The report has a special focus on South Africa’s employment performance, particularly as impacted by the Covid-19 pandemic. It found that low-wage workers suffered almost four times more job losses than high-wage earners. At least 1.4 million people had lost their jobs by the end…

A trust CAN hold and distribute trust funds at any time, but this must be done in accordance with both the terms of the trust instrument and the purpose for which the trust was created. This may involve distributing the income of the trust among family members in a tax-effective way over many years, or providing capital from the trust at a time when it will most benefit the beneficiaries in the future, for example when purchasing a home. In practice, often trustees disregard the purpose for which the trust was set up, as reflected in its objective in the trust instrument, and blindly allocate all income and capital gains to beneficiaries (without making any payment to them) in an attempt to avoid or save tax. Little do they realise…

Dineo Faku dineo.faku@inl.co.za SOUTH Africa’s mining production grew 21.9 percent year-on-year in May following the record 117.4 percent growth a month earlier, but fell by 3.5 percent month-on-month, Statistics South Africa (StatsSA) said. The year-on-year growth in mining output was propelled by platinum group metals (PGMs), gold, iron ore and manganese ore, said StatsSA. Production in May was lower than the 31.5 percent year-on-year consensus forecast by Bloomberg. In May last year, production fell 21.7 percent because of the lockdown. Bloomberg said output was up 5.6 percent during the three months to the end of May, driven by a 12.9 percent increase in PGMs, a 9.1 percent increase in gold and a 13.5 percent improvement in manganese. Mineral sales grew 88.2…

Kedibone Modise kedibone.modise@inl.co.za Idols SA judge and television host Somizi Mhlongo-Motaung has expressed his dismay at the riots, calling South Africans a “disgrace”. Looting, theft, property damage, torching of malls and trucks, and other criminal activitieshave been the order of the day in KwaZulu-Natal and Gauteng. It is said the public violence outburst has been sparked by the imprisonment of Jacob Zuma, but it seems criminals are taking advantage of the situation. Taking to Instagram on Monday, the Metro FM presenter called out criminals who are fronting as Zuma protesters. “If this is the South Africa that we have all been dreaming about… count me out,” said Mhlongo-Motaung. “What is happening right now in KZN and Gauteng, the looting in the name of being former president Zuma’s supporters… No, that’s…

FOR LIFE, M-NET CITY, DSTV CHANNEL 115, 8.50PM In season two, Aaron adjusts to life outside prison as he sets out to reunite with his family. But he hasn’t left the prisoners behind, he’s still hard at work on their cases. LISTING JOZI, BBC LIFESTYLE, DSTV CHANNEL 174, 8PM In the latest episode, some of the agents are flourishing in their respective areas. Others, on the other hand, are finding it tricky to convert high-end fashion into high-end sales. LAW & ORDER: ORGANISED CRIME M-NET, DSTV CHANNEL 101, 9.30PM Christopher Meloni leads this spin-off series as Detective Elliot Stabler, now second in command on a task force aimed at bringing down dangerous criminal organisations. Stabler is on a mission to hunt down his wife's killers, including his prime suspect,…

Itumeleng Mafisa ZULU nation prime minister prince Mangosuthu Buthelezi has slammed President Cyril Ramaphosa for his defamatory remarks about Zulu people. Buthelezi said he was confused by the president’s statements, made during his weekend address to the nation. Ramaphosa classified the unrest in the country as ethnic mobilisation. Buthelezi said if the riots were done by former president Jacob Zuma’s supporters, it was not true that the Zulu people were behind them. There were growing accusations, including on social media, from some accusing Zulu people in hostels across Johannesburg, with the aid of a popular former Ukhozi FM DJ, of destabilising the city. The Jacob Zuma Foundation said it would approach the Human Rights Commission about the president’s inflammatory statements. “I don’t understand what is meant by ethnic mobilisation.…

| NHLANHLA MBATHA TWO community radio stations have become the latest victims of the rampant looting. Yesterday, Mams Community Radio was vandalised and its equipment destroyed, that is according to the Mamelodi-based radio station’s spokesperson Sipho Motau. “Our broadcasting transmitter, studios and other office equipment have been vandalised, while other equipments have been stolen,” he said. “Hence we are unable to broadcast, but please bear with us for any inconvenience while we are off air until further notice. We have opened a case and the police are investigating, and we call anyone with information to come forward or inform the police about the looting and vandalism at the station.” Across the province, AlexFM, a community radio station based in Alexandra, had its studios also broken into and equipment stolen. “It…

Zelda Venter zelda.venter@inl.co.za AT LEAST 102 claimants who lodged claims with the Road Accident Fund (RAF) and proposed settlements may approach the court if they are not paid within the agreed120 days. Lawyer JP Rudd of Adams & Adams has written to RAF chief executive Collins Letsoalo demanding immediate action or face the law. Rudd said in the letter, to which he is still awaiting a response, that all these claims had been quantified in full. Settlement proposals have furthermore been directed to the RAF claims handlers, some of which date as far back as January 2019. Rudd said that despite this the RAF had failed and/or refused to settle the matters. “The taxpayers will now, as a result, be saddled with the costs of these matters proceeding to trial…

MOHAMED SAEED | Pietermaritzburg As former President Jacob Zuma started serving his sentence for contempt of court, we are reminded once again by the news headlines about the proverbial saying that “Power tends to corrupt, and absolute power corrupts absolutely”. Why does power bring out the best in some and the worst in others? What influences individuals with not only power but also honourable positions and at times having enormous wealth, possessing good knowledge and credentials, then during twilight years to throw it all away? Following the atrocities of World Wars I and II, global leaders established the UN and since then have adopted numerous human rights declaration, treaties and conventions, but regrettably, different types of lawlessness, occupation, violence and abuses are on the increase. Democracies replaced authoritarianism,…

SANKU TSUNKE | The Department of Water and Sanitation The Department of Water and Sanitation is taking the lead to ensure that all residents of South Africa equally receive fresh water supply; but what is equally important is for the department to ensure that the quality of that water is of a great standard. The department is guided by the National Water Act to achieve all of these objectives, hence the inception of the Clear Rivers Campaign. This campaign is an ongoing strategy by the Department of Water and Sanitation to educate communities about the effects of polluting our water resources, be it rivers, streams, canals or wetlands. Rivers are the primary source of water in the country, and some of these rivers run through communities.These communities close…

WHILE the police and SANDF attempt to restore order and businesses count the cost of days of violent looting in parts of KwaZulu-Natal and Gauteng, ANC leaders have either been found wanting or missed the point. Consider KZN Premier Sihle Zikalala, who is walking a political tightrope, perhaps thinking about his political future while the vultures circle overhead. Addressing the media, Zikalala conflated two separate and unrelated issues, saying it would be “good to see the former president released”, but adding the disclaimer that that had to be done peacefully. But reporters on the ground and the live television coverage tell us that the last thing on the minds of looters was a 79-year-old man in Estcourt. While ANC’s factional battles for access to state resources have been regular fixtures…

Mozambique central bank fines Standard Bank for Banele Ginindza banele.ginindza@inl.co.za THE CENTRAL bank of Mozambique has fined Africa’s biggest lender, Standard Bank, $4.6 million (about R67m) for engaging in fraudulent activities, the Bank of Mozambique said this week. The central bank also fined two of Standard Bank’s employees about $223 000 and $101 000 each, and barred the bank from engaging in some exchange-related activities for a year, it said in a statement. Standard Bank, which is based in South Africa, did not immediately respond to a request for comment. The central bank said that following on-site inspections, “infringement proceedings were brought against that bank (Standard Bank) and two of its managers … for serious breaches of a prudential and exchange rate nature”. It alleged the bank…

Sandile Mchunu sandile.mchunu@inl.co.za MPACT said yesterday it has been informed by the Competition Commission that Caxton and CTP Publishers and Printers had not been granted a merger notification that would pave a way for it to acquire Mpact. This comes after Caxton informed the commission at the end of last month that it wanted to increase its stake from 32 percent to a majority controlling stake in Africa’s largest paper and plastics packaging business. Caxton also notified the commission that it sought to obtain merger approval in terms of the Competition Act in advance of triggering the mandatory offer in order to obtain regulatory certainty and to avoid any unnecessary delays in the implementation of the mandatory offer. However, Mpact informed its shareholders yesterday that the Competition Commission had…

Sasria urges SA to be vigilant and adequately insure against civil unrest Sandile Mchunu sandile.mchunu@inl.co.za THE SOUTH African Special Risks Insurance Association (Sasria) said yesterday that South Africans need to be vigilant in safeguarding themselves and their possessions, and should ensure they have adequate cover against civil unrest. Sasria, the state-owned insurer, said an average of 2.26 protests a day have been reported in South Africa over the past seven years – for anything from labour issues to municipal services, corruption and governance – and South Africans were not strangers to protests and riots. However, the large-scale looting and burning of malls in KwaZulu-Natal and Gauteng has brought insurance cover to the fore once again. The insurer said although 62 percent of protests were peaceful, the recent protests in…

Loyiso Sidimba loyiso.sidimba@inl.co.za A SENIOR opposition MP has been told that his almost decade-long customary marriage – that he now claims never took place – is valid. The customary marriage of the MP, who turns 41 next month, entered into in July 2012, with the mother of one of his six children, was declared valid by Western Cape High Court Judge Lee Bozalek on Friday. His estranged wife commenced divorce proceedings in November 2016. The parties to the divorce cannot be identified because they have a teenage daughter born in 2007. But in court papers filed by the MP, he claimed his estranged wife made an unsuccessful attempt to force through the marriage ceremonies unilaterally. According to the MP, the issue became a huge bone of contention between the couple…

Tarryn-Leigh Solomons Tarryn-Leigh.Solomons@iinl.co.za The ongoing violence and looting in Gauteng and KwaZulu-Natal is having a detrimental effect on medicinal supply, including Covid-19 vaccines, business and the agricultural sector. Different organisations shared how severe the damage is. The SA Pharmaceutical Council (SAPC) said the theft and destruction of medicines and vaccines, including Covid-19 vaccines, will set back efforts to improve access to medicines in previously underserved areas by years. SAPC Registrar and chief executive Vincent Tlala was commenting on the violent protests ravaging Gauteng and KwaZulu-Natal. He says the plundering has already badly affected medicine supply, with 20 community pharmacies looted beyond recovery in KZN. “The protests have disenfranchised and robbed communities of both jobs and their health. “This means that affected communities will have to travel great distances to access…

BONGANI NKOSI bongani.nkosi@inl.co.za A NEW report of the Department of Basic Education (DBE) has laid bare just how a learners’s chances of attaining matric depend on the province in which they live, and also their race. If you stay in Gauteng, you have a better chance of obtaining the critical certificate than someone in any of the country’s other provinces. Your chances are even better than someone in the Eastern Cape and Limpopo. Also, being African means you have diminished chances of having a matric certificate compared with a white counterpart. This reality can be gauged in the data detailed in the latest General Household Survey (GHS). Published by the Department of Basic Education, the GHS is based on data collated by Stats South Africa. The data pertaining to matric…

SOUTH Africa’s economy was premised and built around the discovery of its mineral resources such as diamond, gold, platinum, manganese. It is clear that, in a few decades, these minerals will be depleted and we will be forced to discover new ways to make our economy efficient. Agriculture is the “green gold” that has the potential to transform our economy and change people’s lives by creating employment, growing food security, and widening foreign exchange. According to the World Bank, about 79.42% of South Africa’s land is classified as farming or agricultural land. As well as being valuable for bolstering the country’s economy, the land needs many other resources to be able to be used productively. During a webinar hosted by the South African Israel Chamber of Commerce (SAICC) last week,…

The new frame At the time of writing the riots engulfing Durban and other towns in KwaZulu-Natal, and also present in parts of Gauteng and the Eastern Cape, have the kind of scale and velocity that makes definitive statements unwise. There are sure to be local differences in how things are playing out, and new developments can and will happen at any moment. The full consequences of the decision to send in the army are not yet clear. But one thing is: Durban has been engulfed by food riots. New Frame spoke to grassroots activists across the city on July 11 and 12 and without exception every one of them said the riots are about food, not Jacob Zuma. It is food shops that have been consistently targeted, and food…

Sibusiso Samantungwa The ANC, or those who funded him to ascend to power, are to be blamed for giving us Cyril Ramaphosa as a useless president. President Ramaphosa might enjoy his support in the corners of the media, elite corridors and bought ANC National Executive Committee members, but he will not enjoy the same support all his predecessors enjoyed within other sectors of society. After all, he is the worst leader the country has witnessed since the advent of democracy. In the midst of the crisis he decided to misuse the platform given to him by more than 10 million voters of the ANC to launch an attack on the Zulu people. It was indeed disingenuous and stupid of him to drag the Zulu people’s name down to appease…

GIVEN the lack of preparation the Springboks have had going into their three-Test Series against the British & Irish Lions, a series victory might seem unlikely – but so did the World Cup triumph back in 2019. Simply put, the South Africans can – and will – pull off an against-the-odds triumph against the Lions. It’s been far from easy. In fact, the Boks’ preparation for the series, with all the interruptions, has been downright frustrating. By the time the Lions meet the Boks in the first Test at Cape Town Stadium next Saturday, they will have faced the Sharks (twice), Stormers, local Lions, and the SA A side. They also played a historic warm-up game against Japan before touching down in SA – the first time ever Japan have…