Índex per 2023-01-18 a Star

Moody’s vice-president senior credit officer Aurelien Mali says GDP in South Africa is now likely to track below 1% this year due to the severe power cuts SOUTH Africa’s economic growth could slump below 1% in 2023, slashing all the gains and recovery made since the Covid-19 pandemic, as a result of severe power cuts which continue to cripple productivity. This was a warning from ratings agency Moody’s Investors Service yesterday as Eskom’s rotational power cuts remained elevated at Stage 4 amid an absence of an energy security plan from the government. Moody’s vice-president senior credit officer, Aurelien Mali, yesterday said gross domestic product (GDP) in South Africa was now likely to track below their previously downwards growth forecast of 1% in 2023. This outcome would be significantly lower than…

WHILE leading economists warn that the looming global recession will impact on the economies of struggling African countries, they are not too pessimistic. This as African countries are expected to shoulder the greatest impact of a global recession as they are highly dependent on foreign investment, international trade and imports, and they have been knocking on doors of multilateral finance institutions more than other regions to survive. At the World Economic Forum (WEF) Annual Meetings 2023 yesterday, a group of economists discussed the precarious outlook for the global economy this year on the back of a persistent Covid-19 pandemic, the war in Ukraine and rising costs of living. The group was unanimous that even though a global recession was forecast for this year, it would be a “shallow recession” instead…

Davos 2023 got down to business. This, against the backdrop of the opening day’s Global Economist Outlook released by World Economic Forum on Monday, is why we are here – business. With around a third of the world expected to hit a recession this year according to the International Monetary Fund (IMF), and the continuing pressures on an already strained and outdated financial system, coupled with the destabilisation of the geo-political landscape, I think it’s fair to say that we are in for a rocky ride in the short to medium term. I do not mean to be the voice of doom and gloom; I am by nature an optimist. But I am also a realist and realistically, we’re in trouble. We all know this, from the…

St Stithians Girls’ College, class of 2022 matriculant, Sarah Varghese, has always been a strong academic achiever, but her focus during high school saw her improve from a B average in primary to an A+ in her final year of school. The school’s Dux Scholar, artist, and Gold President’s Award recipient initially struggled with physical sciences, but it ended up becoming her favourite subject due to the time and effort she put into the subject. Sarah said that maintaining a positive attitude helped her cope with academic challenges, especially in the demanding matric year. This paid off as she obtained eight distinctions in her final exams, with a 91.7% average in her final report. The top achiever’s strength doesn’t just lie in the classroom. Sarah enjoyed sports from a young…

As the Cotton Fest countdown begins, the popular and much-loved event has added more activities to its list for the fourth edition in Joburg next month. The team will be launching with a new look and feel, extending the University of Cotton Fest theme to include a popular music festival synonymous with youth culture, and presenting The UFC Sports Club. New and elevated elements include Open Mic Contest, Friends Day, The Creative Programme, and Campus Activations throughout the year. The Open Mic Competition launched last week on social media, with the Cotton Fest team opening up the playing field by allowing new talent to perform at the festival. From the over 500 entries received, the top 10 finalists will be hand-picked to perform at a closed event in front…

A group that identifies itself as #StandUpSA on social media has been granted permission to march to Eskom’s Megawatt Park in Sunninghill over the load shedding crisis. This comes as the country has been plunged into Stage 4 to Stage 6 load shedding since the start of the year. The national shutdown planned for next month comes as Eskom was granted an 18.65% tariff by the National Energy Regulator of SA (Nersa). Last week, Nersa granted Eskom’s revenue application of 18.65% after lengthy deliberations by the electricity subcommittee. Households and businesses face paying for this increase from April 1. Eskom initially applied for a hike in June 2021 amounting to a recovery of R351 billion from its standard and non-standard tariff customers. Nersa subsequently signed off on R318bn,…

Members of the Azanian People’s Organisation (Azapo) are staging a sit-in at the National Energy Regulator of SA (Nersa) in Pretoria. The party’s protest against the Eskom tariff increase has seen its deputy president Kekeletso Khena and others participating in the sit-in since Sunday. It comes a week after Nersa granted Eskom’s revenue application of 18.65% after lengthy deliberations. Households and businesses will be paying for this increase as early as April. Eskom initially applied for a massive electricity hike in June to recover R351 billion from Eskom’s standard and non-standard tariff customers. Nersa subsequently signed off on R318 billion – an 18.65% tariff increase. Azapo said it is disgusted by the approval of the 18.65% tariff increase granted to Eskom by the energy regulator as South Africans continue to…

The Johannesburg Roads Agency (JRA) has established a regional project plan to repair roads damaged during the recent floods in the city. This comes after severe rains raced through the city and left many homes, electrical infrastructure, and roads damaged. Infrastructural damage was reported in Soweto and Roodepoort, with electrical poles knocked down, mini substations submerged, bridges falling apart, and sinkholes appearing. To tackle the issue, JRA said seven regional depots would, from two days ago, operate at full capacity, with teams prioritising flooding remedial work according to the established plan. According to Louis Nel, acting CEO of the JRA, interventions were organised by the city’s disaster management team, which brought together the JRA and other organisations with the provincial administration to conduct thorough flood damage assessments throughout all of…

An APPEAL filed by the son of one of Africa’s wealthiest leaders was heard in the Western Cape High Court on Monday. Teodorin Nguema Obian Mangue’s lawyers argued about a judgment in which Daniel Janse van Rensburg had been awarded more than R10 million in damages for being held captive in Equatorial Guinea. Janse van Rensburg spent 491 days imprisoned in the notorious Black Beach Prison in Malabo, the capital of Equatorial Guinea, after a soured aircraft supply deal with one of Mangue’s relatives. Following the judgment by Judge James Lekhuleni in June 2021, Mangue’s lawyers had been served with the order but failed to act, and this had resulted in a back and forth regarding whether the leader had been served with notice. On Monday, judgment was reserved by…

The enormous financial clout of Mamelodi Sundowns compared to their fellow Premiership teams was once again laid bare at Monday evening’s press conference that followed the Tshwane derby at Loftus Versfeld. The star-studded Brazilians side edged out cross-town rivals SuperSport United 1-0, and the team are well on their way to a sixth consecutive league title, with a runaway 14-point lead at the top of the standings. Sundowns are owned by mining billionaire businessperson Patrice Motsepe, and there is no shortage of funds when the team are in the market for players. Sundowns usually purchase the cream of the crop, and the general feeling is that they ensure that there are no good players left in the local transfer market for rivals Kaizer Chiefs and Orlando Pirates. At Monday evening’s…

The temperature touched 40°C at Boland Park yesterday as the Paarl Royals clinched a 10-run SA20 victory over the Durban’s Super Giants. The normally packed grass embankments were empty as the locals crowded under the trees. Not even the increased prize money – to R2-million in total – for a one-handed catch could get them away from the sought-after shade. Yorkshireman Darren Gough did a commentary stint with an ice towel over his head, while many batsmen were left on their haunches when running a quick two. Local boy Bjorn Fortuin is probably the one player accustomed to the conditions, having attended school in the picturesque Winelands town not too far from the Royals’ home ground. He was definitely the coolest during the Super Giants’ PowerPlay, ripping the heart out…

Transaction Capital has plans in place for the recovery of SA Taxi, the one out of the group’s three divisions that underperformed in the past financial year, SA Taxi CEO Terry Kier said in the group’s integrated annual report released yesterday. The group’s WeBuyCars business did particularly well and contributed R540 million to core earnings attributable to the group in the year to September 30, 2022, 100% above the 2021 figure. Nutun, the digital business services company, contributed R409m to attributable group core earnings after increasing by 28% over the year. But SA Taxi, which mainly finances new and used minibus taxis, saw its contribution to core attributable earnings fall 26% to R304m. Kier said the floods in KwaZulu-Natal in April last year temporarily disrupted public transport services and damaged…

COLLECTIVELY, eight insurers investigated by the Competition Commission for price-fixing could be fined up to 25% of their turnovers by the Competition Tribunal, making the penalties the highest ever fined by South Africa’s competition authorities. Competition Commission spokesperson Siyabulela Makunga said yesterday that while the hearings for the investigation were still some way off, and information from last year’s raids at the various insurers was still being analysed, the Competition Tribunal had the power to fine companies up to 25% of their turnover for repeat offenders, and “we always go for the maximum penalty”. He was responding to Business Report’s questions following the publication yesterday by News24, which had made a Promotion of Access to Information (PAIA) request for the commission’s court documents of information that showed the commission suspected…

Renowned activist and poet Ntsiki Mazwai, known to not shy away from speaking her mind, has boldly called on South Africans to take a stand and fight against high electricity tariffs. This follows the National Energy Regulator of SA’s (Nersa) approval of Eskom’s tariff application, which resulted in electricity price surges of 18.65%. Mazwai shared her thoughts on Twitter and detailed a possible march to Eskom’s head office in Megawatt Park, Sandton, on February 2. “South Africa, you keep quiet again when you are being abused … You are doing the Stockholm syndrome. We have load shedding and now they have increased electricity prices.” Mazwai was concerned about the silence of South Africans seemingly “willing to take abuse from the government. The ANC, Nersa and Eskom have teamed up with…

There is a video circulating on the internet, showing SANDF soldiers throwing dead bodies into a fire in Cabo Delgado. The incident has sent shivers across the world that such sacrilege of bodies is happening in Africa. Africa has been at the forefront of lecturing others especially the imperial West on issues of this nature. This is purely a war crime being committed in the presence of women and children while our South African National Defence Force watch. What happened to military professionalism with which soldiers should always conduct themselves? It is expected that if their mission is to maintain peace and stability, such rogue elements have in fact ripped the veneer off their goals. The insurgency which unfairly has been labelled as “Islamist Jihad”, are victims of “othering” as…

As if the country hasn’t gone through enough already. One of the worst things to experience is having to relieve yourself in a jacked-up toilet or, no toilet at all. A recent study revealed the best and worst public toilet access in the world. While some of us are capable of whipping out and whizzing on the side of the road or in a bush, others are not so lucky. Toilet access is not just a need and a right – it’s a matter of dignity, inclusion, and respect. Peeing in peace is a thing. Especially for people with disabilities, pregnant moms, gastrointestinal disorders and other major factors, good facilities are vital. Now technology allows you to see which of the countries have the best access to bathrooms. The Great…

Joburg Water is appealing to consumers in and around the City of Johannesburg to use water sparingly, as the utility struggles to meet demand due to the ongoing indefinite load shedding. Speaking to broadcaster Newzroom Afrika, Joburg Water’s Puleng Mopeli said their towers were taking a severe strain. The consumption and use of water had been heightened due to the warm temperatures being experiences in Gauteng and other parts of South Africa. “Although some of our critical sites are exempted from load shedding, the entity is managing this through back-up systems. However, our towers are taking a strain,” she said. “In order to maintain a steady water supply, to please observe level 1 water restrictions and reduce consumption. Level 1 water restrictions prohibit the use of hose pipes between 6am…

Mamelodi Sundowns’ decision to prevent their players who are on loan at SuperSport United from playing against them turned out to be a masterstroke. Despite enjoying a glut of possession, Sundowns scraped home 1-0 in Monday night’s Tshwane Premiership derby at Loftus Versfeld. In terms of an agreement between the two clubs, SuperSport trio Ricardo Goss, Grant Magerman and Thabang Sibanyoni, who are on loan from Sundowns, were ineligible to play against their parent club. The trio could well have made the difference after SuperSport coach Gavin Hunt said that their absence contributed to him fielding a “patched-up team” against the log leaders. “I thought we were the better team, because we created more (scoring) chances,” said Hunt. “But you got to score against a team like this. We came…

Zak Burger is not your typical South African rugby player. Having come through the Paarl Gymnasium factory in the Western Cape, he moved to unfashionable Kimberley to kick-start his professional career. It didn’t take him long to establish himself as a senior player at Griquas, and before you knew it, he was the team captain – and sported a long mullet hairstyle. Burger chopped off his locks when he arrived at Loftus Versfeld in 2021, but that spunk in his play is still evident as he tries to get the Bulls’ attack going. That’s why it is no surprise that he is sporting a “shiner” on his forehead at the moment after becoming entangled in a ruck – of all places for a scrumhalf – during last week’s 39-28 Champions…

The fact that the Stormers need just one point to advance to the last 16 of the Champions Cup gives coach John Dobson a bit of licence to be more creative with his selection at flyhalf for Saturday’s clash against Clermont. The United Rugby Championship winners return to Cape Town Stadium (7.30pm kick-off) following last Sunday’s 28-14 bonus-point victory over London Irish in England, but Dobson was frustrated by a second-half display against 13 players that he said “left a bit of a weird taste in the mouth”. That will definitely receive the necessary attention when the team return to training today after arriving back home yesterday, with the poor execution and decision-making on attack the main problematic area. Dobson was pleased with how things were going when Manie Libbok…

Second seed Ons Jabeur joked that her coach was “going to kill me” after her quest for a maiden Grand Slam title at the Australian Open began with a shaky three-set victory yesterday. The Tunisian eventually saw off Tamara Zidansek 7-6(8), 4-6, 6-1 in an win littered with unforced errors. Jabeur was runner-up at Wimbledon and the US Open last year, but had to grind past the Slovenian world No 98 under the roof on Rod Laver Arena in two hours and 17 minutes. “It was a tough match, honestly,” Jabeur said. “Just not the way I wanted to play. But I kept fighting.” Jabeur has set herself the twin targets in 2023 of becoming the first Arab and African woman to win one of the four majors, and toppling…

MINING production in South Africa fell for the 10th month in a row in November 2022 as the prolonged power cuts, which reached record levels last year, are expected to continue to hurt the sector. This means that the mining industry, which contributes about 9% to gross domestic product (GDP), will continue to be a drag on the economic output for the fourth quarter of 2022. Statistics South Africa (Stats SA) said yesterday that mining output slumped by 9% year-on-year in November, following an upwardly revised 11% decline in October due to the Transnet workers strike. This mining print was worse than market forecasts of a 6.85% drop, and a consecutive decline in output since January. Stats SA said the largest negative contributors were the platinum group metals (PGMs), which…

The shares were down 5.71% in intraday trade yesterday and traded at R3.30. They have declined by 47.76% in the past year. In its financial performance update for the first half of the 2023 financial year, the IT group said it concluded a debt term sheet with Standard Bank, acting through its Corporate and Investment Banking division, subject to the successful conclusion of the capital raise. EOH said its remaining debt would be refinanced as follows: a R200 million, four-year amortising term loan; a R250m, three-year bullet term loan; a R250m, four-year revolving credit facility; and R500m in general banking facilities, which will include a working capital facility and ancillary banking facilities. EOH said this would ensure that the group emerged from the capital raise with a sustainable capital structure,…

Industry icons Fiona Ramsay and Graham Hopkin star in the riveting theatre production Hansard, which will be staged at the Baxter Theatre from January 25 to February 11. Written by Simon Woods, the contemporary two-hander is directed by TV and stage legend Robert Whitehead. The compelling, witty and relevant new play, where people and politics collide and truths are revealed, premiered at London’s National Theatre in 2019 and, this week, the stellar cast is wrapping up another successful run at the Sandton Theatre on The Square. Ramsay told IOL Entertainment that she is excited to be back at the Baxter stage after 15 years. Her last performance was in the classic, Who’s Afraid of Virginia Woolf? in 2007. “That’s not to say I haven’t been to the Baxter to see…

President Cyril Ramaphosa has announced a seven-day mourning period for Dr Frene Ginwala, which started yesterday, to honour the founding Speaker of South Africa’s democratic Parliament. “Dr Ginwala, an esteemed member of the Order of Luthuli, passed away at her at home in Cape Town on Thursday night, 12 January 2023, at the age of 90, following a stroke two weeks earlier,” he said. Ginwala was honoured with the Order of Luthuli in Silver for her contribution to the Struggle against gender oppression and her tireless contribution to the struggle for a non-sexist, non-racial, just and democratic South Africa. Ramaphosa has directed that the national flag be flown at half-mast at all flag stations around the country until the evening of Tuesday, 24 January. “The Presidency will in the coming…

The load shedding being experienced across South Africa has left many business people frustrated and many households in despair, with threats of rolling mass action. “It’s really, really terrifying because we are a small business, and we are trying to grow. Profit is really important for the growth of Soweto Creamery, and if it continues to hammer us like this, we won’t be able to grow,” founder Thando Makhubu told Newzroom Afrika. “A week ago, we did not have electricity for like 72 hours, and we could not afford to lose our stock. We spent over R1 000 on petrol, obviously running the generator. “If it continues like this, it’s gonna be a problem.” Makhubu said during the 72-hour blackout, the business’ profit was used to buy petrol to save…

THE matric results are being released. For the Class of 2022, the year was more complicated as learners encountered hurdles as a result of the pandemic and its effects since Grade 10. Learners had to navigate through these unmapped waters with no “GPS navigation apps” to follow. Hence, both learners and teachers had to “build the plane as they were flying”. Teachers had to take risks and come up with innovative ideas to complete the curriculum and to keep students motivated in order to prepare the class of 2022 for the matric exams. Most definitely, the class of 2022 endured high measures of stress, loneliness and uncertainties. Some of the disappointments and challenges of the past three years may still remain with these learners if…

A wife won an application which ordered FNB to hand over her husband’s company bank statements to her during their divorce battle. The couple are married out of community of property, but subject to the accrual system. The husband, who has a company, launched divorce proceeding in October 2019 and wanted his wife to forfeit her share of the accrued marital estate. The wife instituted a counter-claim for a share in the accrual and also wanted the husband to maintain her and their minor children. In her application, she wanted the court to compel her husband to provide her with his bank statements, including those of his company. In June 2021, the wife won the application, however, the judge issued a compelling order only on the husband’s personal bank statements…

Two people have become the first Lotto millionaires for 2023. According to National Lottery, Ithuba, the two players from the January 14 draw won over R10 million each in division 1. They will split the prize and will receive an amount of R5 433 073.30 each. “One player is from Brits, Rustenburg, and bought the ticket at Shoprite Checkers while the other one is from Sunningdale, Western Cape, and bought the ticket at Spar,” said Ithuba CEO Charmaine Mabuza. “We congratulate our lucky Lotto winners from this weekend, and we look forward to creating more winners this year. “Players are encouraged to check their tickets and proceed to their nearest Ithuba offices.” The national lottery tickets remain valid for a period of up to 365 days from the date of…

The ANC has recently celebrated its founding moment in 1912. This celebration is normally accompanied by shallow fanfare which some regard as indicative of philistinism within the ANC. For others, it called for a critical reflection on the legacy of the ANC as a civil rights movement masquerading as a liberation movement turned a governing party. Some of the points that emerge from this moment of critical reflection are whether or not the ANC betrayed the African majority during the so-called negotiations with white settlers since the 1980s, and why nothing much has changed since the ANC took over governing reins from white settlers in 1994. These points of critical reflection have led others who are more proactive to call for a “new South Africa” or a “Second Republic of…

Kaizer Chiefs coach Arthur Zwane has yet to fully convince Amakhosi fans that he is the right man for the job. Chiefs are out of the Premiership title race as they are 19 points adrift of leaders Mamelodi Sundowns, having played a game more. Some went as far as to call for Zwane to be sacked following Chiefs’ 4-0 thrashing by AmaZulu last week. Here are five reasons why Zwane could be losing the trust of his club’s supporters ahead of Saturday’s league clash against champions Sundowns at FNB Stadium … Lack of clear insight Rather than state the obvious – which is that his club played badly following the defeat to AmaZulu – Zwane issued a response which, if anything, annoyed supporters even further and made him the butt…

Formula One will have 23 races this season, still a record and one more than last year, with the sport facing a four-week gap in April after deciding not to replace the cancelled Chinese Grand Prix. The race in Shanghai, originally scheduled for April 16 as the fourth of 24 rounds, was axed last month for the fourth year in a row due to strict local measures to curb the spread of Covid-19. Formula One had said then that it was assessing alternative options, with various venues touted in the media, including Portugal’s Portimao circuit that was used as a replacement in 2020 and 2021 for races cancelled during the pandemic. “Formula One can confirm the 2023 season will consist of 23 races. All existing race dates on the calendar…

A new chapter in the celebrated rivalry between Cristiano Ronaldo and Lionel Messi will unfurl tomorrow when they meet in an exhibition match, as the Portugal forward gears up for his first game in Saudi Arabia since joining Al Nassr. After a glittering career in Europe that saw him win four Champions League titles with Real Madrid and two Scudettos at Juventus, Ronaldo signed for Al Nassr, describing it as the “right moment” to share his experience in Asia. The Saudi club is the latest stop in Ronaldo’s career that began in 2002 at Sporting CP before the forward spent two spells at Manchester United, the last of which ended on a bitter note as he exited following his acrimonious split with the club. Ronaldo and Messi, who have dominated…