Índex per 2023-07-03 a Star

RMH HOLDINGS is in a dispute with some of its minority shareholders following the disposal of its investment in Atterbury Europe. RMH said Friday that after the vote for this disposal, RMH shareholders owning 18 770 019 RMH shares, or 1.3% of RMH’s issued shares, exercised their rights in terms of the Companies Act, demanding an offer for cash at fair value. An analyst, who did not wish to be named, told Business Report the dispute involved the sale of the stake in Atterbury Europe, the “crown jewel” of RMH, comprising strongly performing assets in Central and Central Europe, at a 20% discount to book value, at the bottom of the property cycle, when the rand was as strong as R15.82 to the dollar, and which caused a…

Minister of Electricity says power transmission remains vulnerable on the chain MINISTER in the Presidency responsible for Electricity Dr Kgosientsho Ramokgopa has identified electricity transmission infrastructure as the weakest link that could constrain the country’s energy supply as Eskom continues to makes strides in improving grid capacity. Eskom’s transmission infrastructure is concentrated in the inland provinces of Gauteng, Limpopo and Mpumalanga. Speaking in a media briefing yesterday, Ramokgopa said transmission infrastructure was the next frontier in the government’s energy action plan to restore supply of electricity and end load shedding. “The area that remains vulnerable is transmission. It undermines our ability to bring on board additional capacity. Bringing renewable energy is a challenge,” Ramokgopa said. “Any risk to a grid collapse is not on generation failure, but on transmission failure.…

DIS-CHEM Pharmacies’ outgoing chief executive Ivan Saltzman’s total remuneration decreased by almost R2.4 million to R20.4m for the year to the end of February from R22.8m last year. The group said in its integrated report published on Friday that Saltzman’s package consisted of his salary and allowances of R14.3m, which dropped by 4.3% compared with the prior year, R72 000 in retirement and related benefits, as well as R477 000 in other benefits. The group said the newly appointed CEO, Rui Morais, received just more than R16m in total remuneration for the year to the end of February. His salary and allowances amounted to R11.6m, compared to the prior year which was R10.5m, R72 000 in retirement and related benefits as well as R601 000 as…

I HAVE CONSISTENTLY argued that Eskom is an engineering cum economic science-based behemoth. It should be led by science. Politicians who are not schooled in science should not pretend to understand this behemoth outside the remit and strict command of engineering and economic instruction. And NOT political accountancy. This should be based in the first instance on the scientists that are at Eskom, and those who have done decades of duty at power-generation plants. The good news as Adil Nchabeleng’s column states in Business Report on June 28 under the title “Strategic Insights: Ramaphosa wins climate funding summit debate” is that the penny seems to have finally dropped, but sadly too late, after extensive damage to limb, life and livelihoods has been impugned. Be that as it may, confession is…

THE COMPETITION Tribunal has dismissed a case of alleged price fixing against five liquefied petroleum gas (LPG) firms who were accused by the Competition Commission of fixing the deposit fee charged to first time purchasers of LPG in cylinders in 2015. In a statement released on Friday, the tribunal said following a hearing last year, and after considering factual and expert evidence, it found that the conduct which the LPG firms were accused of could not be associated with a “hardcore cartel”. The tribunal found that even if the LPG firms were assumed to be competitors for the supply of cylinders, their conduct was not the type of conduct envisaged to be prohibited by Section 4(1)(b)(i) of the Competition Act. Therefore, the tribunal dismissed the commission’s case. The commission had…

The Durban International Film Festival (DIFF) returns to Suncoast CineCentre after a three-year hiatus. Presented by the University of KwaZulu Natal’s Centre for Creative Arts, the festival will showcase 90 films from 54 countries from July 20 to July 30. Some of these incredible films have the opportunity to compete in the 2023 competition. Films will compete for titles such as Best Feature Film, Best Documentary, Best Performer and Best Cinematography. As a bonus, the film that wins the Best Documentary award will qualify for the Oscars. This year films produced by filmmakers from 15 countries will compete for these awards. The festival’s jury is drawn from eight countries and a total sum of R250 000 is up for grabs across the various competition categories. The nine feature films that…

Kenny Kunene has thanked Patriotic Alliance (PA) president Gayton McKenzie and the PA for showing confidence in him by choosing him as the party’s Gauteng premier candidate in next year’s national elections. The PA deputy president and City of Johannesburg MMC for transport’s candidacy was announced by McKenzie at the party’s victory rally in Ennerdale on Saturday following the PA’s convincing victory in the ward 7 by-elections last Wednesday. “If he was able to make such a huge impact as acting mayor of the City of Johannesburg in only two days, imagine what Kenny Kunene will do as premier,” McKenzie said to loud cheers. He was referring to the two days in April when Kunene was appointed acting mayor while mayor Kabelo Gwamanda was away. In an interview with…

Glenn Agliotti, the infamous drug dealer whose criminal influence reached the highest levels of South Africa’s police force, has died. Gauteng police confirmed that an inquest docket has been opened. His cause of death is still unknown but a post-mortem will determine the circumstances surrounding his death. A figure synonymous with South Africa’s underworld, Agliotti’s life was punctuated by illegal activities, notorious associations, and high-profile court cases. Agliotti, also known as “The Landlord”, rose from humble beginnings to control a vast network of illicit drug trafficking. His empire, vast and complex, cast a long, menacing shadow across the nation. With connections woven throughout the tapestry of South Africa’s underworld, Agliotti’s influence seeped into places, notably extending to Jackie Selebi, the former National Police Commissioner, a relationship that marred the image…

New ANC Youth League president Collen Malatji was elected unopposed at the Nasrec Expo Centre, south of Johannesburg, on Saturday. Malatji’s election marks eight years since the Youth League had a leader.Collen Maine was the last president of the Youth League and the structure was disbanded by the ANC national executive committee a few years ago. ANC secretary-general Fikile Mbalula had urged the Youth League to take charge of its affairs. Phumzile Mgcina was elected the deputy president of the Youth League and Mntuwoxolo Ngudle as the secretary-general. Tskani Shiviti was elected as the first deputy secretary-general, Olga Seate as the second deputy secretary- general and Zwelo Masilela as the treasurer-general. In the political report that was tabled earlier, the former acting convener of the ANCYL, Fasiha Hassan, warned of…

For a very long time, higher learning institutions were led by men, both in South Africa and elsewhere. In other words, top management was reserved for males in the academia. Talk about patriarchy. When Dr Mamphela Ramphele became the vice-chancellor (VC) of UCT, she opened doors for other female academics to occupy top spots in the higher learning institutions. The tenure of Ramphele (the first woman to lead UCT as VC) was not an easy one. She was scrutinised and criticised for everything she did – and every decision she made. Fortunately, she completed her term. Years later, Professor Mamokgethi Phakeng followed in Ramphele’s footsteps and became the UCT VC. From the word go, Phakeng was criticised for being a poor leader. It didn’t end there. Phakeng was further criticised…

RIETVLEI Nature Reserve’s latest cheetah offspring are being relocated to game reserves. The litter of five young adults was born to Njozi early last year. Vincent van der Merwe, manager of the Cheetah Metapopulation Project, who was instrumental in the relocation, said: “Everything ran smoothly, and although we captured all five young cheetahs, who were darted from a helicopter, only the four males were relocated.” He said the fifth cheetah, a female, would remain for now with Njozi. “Although all four males are self-sufficient hunters and will be relocated shortly, the sub-adult female will remain at Rietvlei for another month or two to ensure she is a fully capable hunter, able to survive on her own.” The City of Tshwane said the female would spend more time with her mother,…

South African football’s reputation dropped to a new all-time low yesterday as the Fifa Women’s World Cup-bound Banyana Banyana squad clashed with Safa, resulting in them skipping their send-off match. The African champions were due to play neighbours Botswana at the Tsakane Stadium in Brakpan, however, on Saturday news broke that the team selected for the World Cup would not play the match. It is understood that the 23 player strong squad - plus three on standby - were displeased with the standard pitch at the Tsakane Stadium, which might have caused injuries. A further concern of not being able to emulate the conditions they are likely to encounter at the World Cup in Australia and New Zealand is also believed to have created friction. The squad also complained about…

INVESTMENT holding group Brait’s liquidity and capital structure had been strengthened in the year to March 31 and it would continue to prepare the exit of its investments, with a possible listing of Virgin Active likely to be next, chairperson Richard Nelson said in its annual report released on Friday. “Since the February 2020 change in strategy to unlock value through the realisation and unbundling of portfolio companies, Brait has realised cumulative disposal proceeds of R7.8 billion. “The board … remains focused on positioning the remaining assets for exit, with the most likely outcome being an unbundling of the Virgin Active business once it is in a position to be listed,” he said. Virgin Active had delivered a strong operating performance in the past six months of the year…

SENTIMENT in the civil construction sector has remained depressed as a majority of businesses are dissatisfied with prevailing business conditions in spite of the quickening pace of the recovery. The FNB/BER Civil Confidence Index remained firmly in the contractionary territory in the second quarter of 2023, edging 1 index point lower to 41 points, from 42 points in the first quarter. Real economic activity in the construction sector had increased further in the first quarter of 2023, reflecting increased civil construction as well as residential and non-residential building activity. The fieldwork for the second quarter survey was conducted between May 10 and 30 by Stellenbosch University’s Bureau for Economic Research on behalf of FNB. FNB senior economist Siphamandla Mkhwanazi said the current level of the index meant that slightly…

AS THE BLACK Management Forum (BMF) we exist to influence socio-economic transformation in the country. Socio-economic transformation is incomplete if we neglect either the social aspects or the economic aspects of our lived experiences. The two affect each other and hence as an organisation we strive to make an impact on both. The social aspects of our exist- ence always flow from our state of being as individuals and then escalates to our families, communities, and society. On an individual level, our mental well-being is of paramount importance, as it affects how we show up at home to our loved ones and at the place of work where we contribute out talents and skills. Our efforts of achieving a critical mass of capable, competent, and empowered black managers with an…

ETHEKWINI officials are restoring basic services after last week’s storm that caused devastation across the eThekwini region. eThekwini Municipality spokesperson Lindiwe Khuzwayo said preliminary assessments showed that the areas which bore the brunt of the storm were Phoenix, Inanda, Ntuzuma, KwaMashu, St Wendolins, Nazareth, New Germany, Westville, Reservoir Hills, Umkomaas, Mbumbulu and Folweni. Khuzwayo said that 138 houses were destroyed. Twenty-seven people are being housed at Amaoti Hall, down from the initial 46. The families were being given necessities such as meals, toiletries, blankets and mattresses. Teams from Human Settlements were finalising plans to resettle them. Khuzwayo said damage to municipal infrastructure was extensive, particularly to the water and electricity network. Technicians were expediting repairs, and supply to a number of areas had already been restored. Khuzwayo said many…

A FORMER official from Beitbridge Border Post and a clearing agent have been found guilty of fraud and corruption. The pair were found to have aided a truck loaded with semi-manufactured tobacco products to cross from Zimbabwe into South Africa without proper clearance or documentation. The incident occurred in March 2016, as revealed by Warrant Officer Lethunya Mmuroa. According to Mmuroa, Nthapeleng Munyai, 47, the clearing agent, colluded with Tsumbedzo Nemaangani, 46, a customs official assigned to Beitbridge Border Post, to facilitate the illegal passage of the truck. The truck was diverted back to Beitbridge Border Post for physical inspection after stopping at a weighbridge, where the driver presented falsified documents that did not match the truck's details. During the physical inspection, both the clearing agent and the truck driver…

The South African Depression and Anxiety Group (Sadag) says this month, Mental Health Month, it will unpack anxiety disorders to help understand what the many symptoms look like, how to get help, and vital self-help tips. Clinical psychologist and Sadag board chairperson Dr Colinda Linde said the state of mental health-care in South Africa was in crisis long before Covid-19. “We need to ensure that anxiety healthcare is prioritised across all sectors, provinces, and ages to help meet the growing demand for mental health services,” Linde said. Sadag founder Zane Wilson struggled for many years with undiagnosed panic disorder, having up to six attacks a day, the organisation said. It said her attacks got so bad she was unable to drive or go shopping. After 10 years, and many attempts…

The Springboks will be captained by either Duane Vermeulen or Lukhanyo Am in Saturday’s season opener against Australia in Pretoria. All will be revealed tomorrow, but it is understood that with regular captain Siya Kolisi out of the picture until August, the Boks will be led by either the rugged No 8 or the experienced outside centre at Loftus Versveld. Am captained the South Africa ‘A’ team in 2021 against the British & Irish Lions and has also captained the Sharks in the United Rugby Championship, while the 36-year-old Vermeulen has strong leadership traits and has been a pillar of support for Kolisi. The team to play the Wallabies in the Rugby Championship is expected to contain a number of back-up players because another squad departs tomorrow for Auckland to…

Defending champion Max Verstappen continued his relentless charge towards a third world title when he claimed a record fourth Austrian Grand Prix victory in emphatic style yesterday. The 25-year-old Dutchman finished 5.155 seconds clear of a revived Charles Leclerc of Ferrari, in second, with Red Bull teammate Sergio Perez, showing revitalised form, taking a battling third after starting 15th on the grid. In a race of attrition, punctuated by safety cars and influenced by a high number of drivers receiving penalties for exceeding track limits, Verstappen’s unbroken run of laps led ended on 249, when he pitted. But it was only a pause in his serene progress to a fifth consecutive victory, seventh in nine races this year and 42nd of his career, extending his lead ahead of Perez in…

Australia won an acrimonious second Ashes Test at Lord’s by 43 runs yesterday despite a stunning century from England captain Ben Stokes that was supercharged by the controversial dismissal of Jonny Bairstow. Stokes made a remarkable 155 before he was dismissed with England 70 runs shy of a steep target of 371. England were eventually dismissed for 327 as holders Australia, bidding for a first away Ashes series win in 22 years, went 2-0 up in the five-match campaign. But it was the dismissal of Bairstow shortly before lunch on the last day that lit the touch paper on this match and incited the fury of the usually sedate Lord’s crowd. Bairstow, the last of England’s specialist batsmen, fell in bizarre fashion for 10 when he wandered out of his…

Frenchman Victor Lafay of Cofidis sprung a surprise by beating an elite breakaway to win stage two of the Tour de France at San Sebastian yesterday. Wout van Aert was second and Tadej Pogacar third in a desperate sprint for the line, as English rider Adam Yates retained the overall leader’s yellow jersey after the 208.9km rolling run through the Basque Country. With all eyes on the duel between defending champion Jonas Vingegaard and Pogacar, Lafay gate-crashed the party with a stealth move that caught out everyone and maintained just enough pace to cross the line ahead of his pursuers. “It’s crazy. I was hanging on at times today because that was fast. But I believed all the way and that’s what got me over the line,” said the 27-year-old.…

MR PRICE on Friday said the total remuneration of its CEO, Mark Blair, for the year ended in April decreased by R45 million due to the company not meeting its financial objectives. In its 2023 annual report released on Friday, Blair’s total remuneration in the year was R10.6m compared to R56.5m for 2022. Chief financial officer (CFO) Mark Stirton’s total remuneration in the year also dropped from R12.5m to R6.7m. The group reported that due to the group not meeting its financial objectives, short-term incentives (STIs )were not paid. However, certain qualifying associates, who were key talent with critical and scarce skills, were paid STIs. Despite this, Blair was not paid an amount of R11.6m as an STI. The group said the December bonus was paid at the…

AFTER a disappointing middle part of last month, given the hawkish stance of the US Federal Reserve on interest rates, share prices on the JSE and on global markets started to recover last week and most bourses ended the month higher. Rand hedgers, due to a much weaker rand, but also non-currency related shares like financials, improved noticeable last week. On the JSE, the all share index gained 1 625 points (2.18%). For June, the index has improved by 1.52%. The Resources 10 index was mostly flat, losing only -0.13% as resource prices contracted on global markets. For the month the index lost -7.5% on logistical export prospects for South African resources and weaker world prices. Financial shares gained a healthy 2.4% during the week and were up…

RUSSIA is South Africa’s fourth largest trading partner within the BRICS (Brazil, Russia, India, China and South Africa) grouping. In 2022, China accounted for 9.4% of South Africa’s exports, while India had 4.5%, Brazil 0.4% and Russia only 0.2%, according to the South African Revenue Service. China dominated South Africa’s imports with a 20.2% share, while India’s share was 7.2%, Brazil had a 1.4% share and Russia managed only a 0.5% share. In rand terms, exports to China totalled R188.4 billion, while exports to India were R90.1bn, exports to Brazil R8.3bn and exports to Russia only R4.6bn. South Africa imported goods worth R367.4bn from China, R130.6bn from India, R26.1bn from Brazil and R9.2bn from Russia, resulting in a trade surplus in favour of China worth R179bn, in favour of…

When industry titan Thomas Gumede picked up the phone a month ago and asked actor Bheki Mkhwane to “rescue him”, Mkhwane got on the first plane out to Johannesburg. In a recent chat with the veteran theatre actor, he explained Gumede wanted him to join e.tv’s telenovela Nikiwe, which he produces, to help capture Nguni-speaking viewers. Mkhwane made his debut in the daily drama on Wednesday, as Mhlaba, a hard-working man who operates in the taxi industry. “Thomas Gumede, a great young creative director, phoned me and said ‘Can you jump on a plane and come rescue me?’ So I jumped on the plane, not even knowing what I was going to do. “I didn’t even know about the show because I don’t watch television, but when I arrived, I…

Prince Harry is reportedly planning to make a documentary in Africa for Netflix without his wife Meghan, Duchess of Sussex. The royal, 38, who has had his and his ex-Suits actress wife’s $20 million (R377m) Spotify deal abruptly cut short, has apparently come up with the idea as the couple are said to be under pressure to generate new ideas for their £100m contract with Netflix. An insider told Page Six about how the Africa film came about: “Obviously, Harry has a lot of roots in Africa and he feels at home there.” Harry’s mother, Princess Diana, travelled to Africa to campaign against landmines shortly before her death in 1997 and he took Meghan, 41, camping there on one of their first dates. He also set up a charity in…

South Africa’s youth unemployment rate has come under severe scrutiny at the 26th ANC Youth League’s national elective conference this weekend. Deputy convener of the ANCYL, Fasiha Hassan – who delivered the youth league’s political report which highlighted the plight of young people struggling to find meaningful jobs as the country continues to grapple with a stagnant growth – was stinging in her assessment of the unemployment rate. As things stand, according to different sources, the youth unemployment rate in South Africa in 2022 ranged from 27% to 64.4%. Hassan said to mitigate this scourge, the country’s minerals needed to be shared to benefit the poor. The fact that this was the ANCYL’s first political report in nearly ten years, according to Hassan, was a “glaring indictment” of the…

The Zulu royal family said King Misuzulu is in perfect health after earlier reports that he was hospitalised for possible poisoning. Setting the record straight, the king’s spokesperson Prince Africa Zulu said it was not true that the king was hospitalised in eSwatini, but he had gone to hospital for a regular checkup and was discharged the same day. The prince commented after Prince Mangosuthu Buthelezi, in his capacity as the king’s traditional prime minister released a statement on Saturday, saying there was a suspicion that the king may have been poisoned and had been admitted to hospital. Prince Africa said he had advised the king that since he was to travel to eSwatini, he should see doctors while in that country. He said the mysterious death of the king’s…

On June 16, South Africa celebrated the agency of young people in the struggle for democracy, justice, and development. In the same week, the Chinese Consulate in Johannesburg held a “Lapa Forum: China-South Africa Youth Dialogue”, to discuss China-South Africa relations, focusing on the “just transition”, the future of BRICS, and the future of digital transformation, therefore extending the common practice to provide platforms for African and Chinese youth to engage on issues of mutual interest. The youth in South Africa and the African continent are increasingly warming up to Africa-China relations. Since 1998, China has become one of the major development partners for South Africa and Africa. Chinese investment in South Africa grew from $1 billion to $50bn between 1998 and 2022, while diplomatic relations have since been elevated…

THE EFF in Tshwane intends to work together with the ANC as part of a campaign to consolidate the black vote ahead of the 2024 general election. Regional party leader Obakeng Ramabodu pronounced the EFF’s stance during a protest by the Mamelodi flood victims outside Tshwane House last Thursday. Accompanied by the ANC’s regional leader, Eugene “Bonzo” Modise, he urged protesters to desist from fighting each other on the basis of their affiliations to different parties. About 150 flood victims were still accommodated at the Nellmapius Community Hall after their shacks at the Mountain View, Mavuso and Willow Farm informal settlements were washed away by a flood last year. They want the government to speed up their relocation. Ramabodu said: “There’s no time for us to keep fighting. Let’s focus…

IT was only at the age of 31, while pregnant with her first baby, that Ingrid Dammann’s ever-present health-care condition – a sunken chest with a deeply dented breastbone – was finally identified as a serious concern requiring medical intervention. Until that moment, her “constant, elusive companion since birth” was viewed as little more than a cosmetic problem – at worst, an irregular heart rate, a small hiatal hernia or simply acid reflux. Six years and two pregnancies later, Dammann recalls that even though pectus excavatum, as it was later diagnosed, is the most common chest wall skeletal deformity, it was never something that any doctor had previously paid much attention to or even referred to by name. Dammann, who lives in Glencoe in KwaZulu-Natal with her husband and three…

The University of Pretoria (UP) has made significant progress in the 2024 Quacquarelli Symonds (QS) World University Rankings, and is now ranked at the 323rd position worldwide, a notable improvement from its previous ranking of 591-600 in the 2023 rankings. “This move up the rankings is the most significant compared to the improved positions of other South African universities ranked in the top five in Africa. We are extremely proud of UP’s elevated standing which helps to entrench our position as a globally competitive university, rooted in Africa,” said Professor Themba Mosia, UP’s Interim Vice-Chancellor and Principal. “The addition of three new indicators – Sustainability, Employment Outcomes, and International Research Network – together with a recalibration of weights assigned to the other existing weighted indicators (Academic Reputation, Employer Reputation, Faculty…

The Hollywoodbets Durban July concluded with delightful news for Lwandle Zwezwe, who won the Young Designer Award presented by the Durban Fashion Fair at Hollywoodbets Greyville Racecourse on Saturday. Another Durban University of Technology (DUT) student, Andile Nsele, finished third and won R20 000 worth of bursary funding, R2 000 in cash and a R1 000 gift card. Each of the 10 finalists received R2 000 in cash. Zwezwe explained her inspiration and elegant interpretation of the “Out of this World” theme. She revealed that it was inspired by a religious tale. “I’m super excited and overwhelmed,” said Zwezwe as she left the stage with her R50 000 study bursary and other prizes from the Hollywoodbets Foundation. “I’m just grateful to have won this today. Everyone’s work was amazing, so…

I strongly concur with the words uttered by former UK prime minister David Cameron when he said: “Those who blow the whistle on wrongdoing – let’s encourage and protect them.” Lamentably, as dutiful and loyal as I am, I recently became one of the whistle-blowers who was “encouraged” by various statutory bodies to report but never “protected”. I regard myself as a poor and straightforward English teacher at one of the prestigious schools in North West Province, Mahikeng. During the course of 2019 and 2020, I decided to go against the powerful establishment of the school in the person of the principal and the School Governing Body (SGB) chairperson and their under-shepherds. I discovered and officially reported unprecedented acts of corruption at the school level. Primary schools and high…

Swallows FC made a shock announcement yesterday that Steve Komphela will be the club’s new head coach. The experienced mentor is set to partner Musa Nyatama and Ditheko Mototo, who will both serve as his assistants. “We want to take Swallows FC to the next level and we are very excited to have attracted the services of Coach Komphela,” read a statement from The Birds. “We appreciate the professional manner in which Mamelodi Sundowns FC managed these negotiations. Coach Musa Nyatama remains a special pillar of our team and his willingness to learn and work closer with an experienced Coach like Steve Khompela is highly appreciated.” The move by the Soweto club came as a major surprise considering they had previously awarded the top job to Nyatama after an impressive…