Índex per 2023-08-11 a Star

EXPAT Zimbabweans in South Africa accounted for 30% of the nearly US$1 billion (R19bn) remitted to the struggling southern African country in the first half of 2023, new central bank data – which also spotlights Standard Chartered (Stanchart) and two other banks as inadequately capitalised – shows. Officially, as many as 773 000 Zimbabweans have settled down in South Africa in search of better employment prospects, according to 2022 census data from Zimstats. Of these, about 178 000 hold special Zimbabwean exemption permits. Data from the Reserve Bank of Zimbabwe’s 2023 mid-term monetary policy shows that diaspora remittances for the six months to June 2023 “amount to US$919 million, a 15% increase from US$797m received during the same period” last year. Of the total diaspora remittances…

Pieterse takes over the reins at a time when the Treasury is facing a set of new challenges FINANCE Minister Enoch Godongwana has welcomed Cabinet’s approval of the promotion of Dr Duncan Pieterse as the new head of the National Treasury, saying that he has the necessary chutzpah to succeed in his new role. The government yesterday an- nounced that Cabinet has approved the appointment of Pieterse as Treasury’s director-general for a period of five years, beginning on September 1. Pieterse takes over the reins at the time when the Treasury is working on a solution, together with the Prudential Authority and other regulators and law enforcement agencies to address the remaining gaps in South Africa’s oversight of money laundering, the financing of terrorism and proliferation financing over the next…

Women make great entrepreneurs for a number of reasons. Industries such as insurance view women as having relatively lower risk exposures than their male counterparts – a factor that allows them to generally make more calculated and informed decisions. A study found that women entrepreneurs are incredibly resourceful when it comes to starting their own businesses despite the adversity they often face. Furthermore, because of their role as primary caregivers, women are also known to have a longer-term view on life, making them more prone to sustainable business growth and less prone to making impulsive business decisions. Arguably, one of the greatest advantages that women bring to the entrepreneurial circle is their ability to be empathetic leaders. Fortunately, although gender discrimination has mired the historical progress of women in the…

SOUTH African government bonds endured a tough second quarter, delivering a negative return of 1.5%. Longer maturity issues were especially weak and sold off heavily alongside the rand, as adverse investor sentiment contributed to increased volatility in the domestic bond market. Despite attractive yields, foreigners have remained net sellers over the past few years as concerns around load shedding continue to detract from the investment thesis for local currency government bonds. The outlook for the asset class is further constrained by low domestic growth, a deteriorating current account and high levels of debt. Volatility has also increased steadily over the past year as investors attempt to re-price risk in one of the fastest global rate hiking cycles in recent history. The volatility paradox While volatility can be a useful measure…

Carnival City is the place to be this month as musical heavyweights are scheduled to perform at The Big Top Arena. As such, gather your friends and family for an evening with internationally recognised and award-winning South African rapper and songwriter Kwesta, who celebrates 16 years in the music industry with The 16th Bar Legacy Tour tomorrow. The Spirit hitmaker pays homage to the game while staying true to his hip hop roots. The show’s title is a play on words of the number of bars he tends to leave on every verse. Tickets start from R250 and can be purchased through Computicket. Also at The Big Top Arena on August 26, Sjava and Big Zulu unite for a collaboration concert. Inkabi Zezwe, the name of their tour is an…

Streaming giant Netflix didn’t waste time in securing the rights to air one of South Africa’s top productions of late. The Masked Singer South Africa has enjoyed immense success on S3 and SABC1 since its debut at the beginning of June, leaving viewers at the edge of their seats with each episode. The South African adaptation is produced by popular TV and radio personality Anele Mdoda’s Rose and Oaks Media and the franchise worldwide is regarded as one of most-watched reality competition shows. On the SA version, comedian and TV personality Mpho Popps is the host, while celebrity detectives J’Something, Somizi Mhlongo, Sithelo Shozi and Skhumba make up the panel. Mdoda and her team could not have made better choices. While each celebrity can stand their own, when put together…

The Sekunjalo Group of Companies (Sekunjalo) has won itself breathing space in its ongoing battle with Standard Bank, which had threatened to close its accounts on August 21 following a decision of the Competition Appeal Court (CAC) in favour of the bank last month. The respite follows the Sekunjalo Group’s confirmation that Standard Bank would keep the accounts of 30 of its companies with the institution open following an application to the Constitutional Court for leave to appeal the CAC’s decision. Because of this step in the litigation process, Standard Bank has agreed to hold off on implementing its decision. The postponement is until September 16, 2023, and is aligned with the extension of the Competition Tribunal interim relief ruling. It is also contingent on the conclusion and outcome of…

THE court case against Malesela Teffo had to be postponed after his legal counsel bowed out due to conflicting views and his refusal to heed his advice. The court appearance of Teffo scheduled at the Pretoria Magistrate’s Court yesterday was not short of controversy and drama, as he refused to come out of the holding cells. Teffo was due to appear before the court to face charges of malicious damage to property, assault and theft. State prosecutor Maggie Sekati told the court that despite requesting the court orderlies twice to fetch him from the holding cells, he was refusing to come out or co-operate. The court was also informed by his legal counsel, advocate Ike Khumalo, that their mandate had been terminated by Teffo and that they were still consulting…

The banning of labour brokers and recruitment agencies at some companies based in Rosslyn industrial area were among the demands made by a group of graduates from Tshwane University of Technology (TUT) Ga-Rankuwa campus during their march at Tshwane’s economic hub yesterday. The graduates, under the umbrella of a non-profit organisation called Step Into the New Era, bemoaned the fact that they were often overlooked for employment by companies such as BMW, Nissan, Feltex and South African Breweries. Disgruntled graduates chanted songs and expressed their dissatisfaction with the companies’ recruitment approaches. They gathered in the morning at Ernest Oppenheimer Street before they marched to targeted businesses, with the metro police keeping an eye on them. Their spokesperson, Goitsemang Aphane, said recruitment by labour brokers often left Ga-Rankuwa TUT campus graduates…

The Chinese consul-general in Johannesburg has hosted an annual Women’s Day celebration supported by the African Chinese Women Association and attended by academics, businesswomen and political party representatives. Addressing the event in Sandton, consul-general Tang Zhongdong said the Women’s Month commemorations were not only a tribute to the women who marched on August 9, 1956, but also a powerful reminder of the indomitable spirit and significant role women play in shaping South Africa’s national progress. “Regardless of cultural backgrounds or geographical distances, women across our two nations share several inherent characteristics. “First, both South African and Chinese women embody a deep sense of familial responsibility. They are nurturing pillars of each family, providing unwavering support and instilling values in the younger generations,” said Tang. “Such dedication to families strengthens the…

The 21st century has shown living alone can be an exceptional self-care investment. As we continue to evolve, some individuals may choose to break the standard of our recognised traditional ways of living with others. With our fast-paced lifestyle, young individuals are more inclined to remain in education and pursue advanced degrees while focusing on advancing their careers. In addition, there are those individuals who choose to be single at heart and may sometimes find themselves living alone as a result. Many questions may arise. Are you leaving home for career reasons? Are you leaving a relationship? Are you living in a shared house? Are you seeking solitude? Solitude comes from the Latin word solitudeinem, which means loneliness. Having moments of solitude does not imply you are lonely. The concept…

Rulani Mokwena has mastered the art of gamesmanship. To listen to the Mamelodi Sundowns coach speak about the opposition is to hear a seasoned professional lulling his opponents into a false sense of security. Of course, few coaches in the Premiership invest in studying the opposition like he does. After all, he has learnt from the best, the revered Pitso Mosimane having mentored him. But while he is almost always spot-on in his description of his opponents and how they tend to play, the compliments he throws somewhat willy-nilly should not always be taken to heart. Naive opposition would be severely punished should they take Mokwena’s compliments too seriously. Steve Komphela is unlikely to be one of those, the Moroka Swallows FC coach having worked with Mokwena for years at…

For the entire week ahead of the Springboks’ World Cup squad announcement, Grant Williams had a nervousness about him because of the uncertainty of whether he was going to make the cut to go to France, or stay behind. Because in his first start for the Boks at scrumhalf, he only lasted about 20 seconds against Argentina at Ellis Park before being wheeled off the pitch on a stretcher after sustaining a concussion. It was an injury that came at an untimely stage in his career after he just started building momentum with the national team. Williams (27) admitted that he felt his last chance had passed him by to make the cut after he sustained the concussion that kept him out of the final warm-up Test against Argentina in…

IRAN HAS ASKED South Africa for support in accelerating its bid to join the BRICS bloc of countries ahead of the crucial 15th Summit of Brazil, Russia, India, China and South Africa (BRICS) to be held in Johannesburg in a fortnight. This was revealed yesterday at the beginning of the 15th Session of the South Africa-Iran Joint Commission of Co-operation between Minister of International Relations Naledi Pandor and Iran’s foreign minister, Hossein Amir-Abdollahian. The Islamic Republic of Iran is one of 23 countries that have made formal expressions of interest in joining BRICS, and has been officially invited to attend the three-day summit. This shows South Africa’s diplomacy and foreign policy increasingly leaning towards the eastern countries such as China and Russia when the US and Western European countries would…

A RISE IN insolvencies is becoming a growing concern for businesses offering trade credit, with load shedding posing significant challenges, according to Frank Knight, the CEO of Debtsource, a credit management services company. Additio- nal costs and disruptions caused by power outages could adversely affect cash flow and profitability. However, rising interest rates are the primary contributor to the rise in insolvencies. “Interest rate hikes corre- late with an increase in delinquency ratios in certain markets. Even a small increase in the repo rate leads to a corresponding rise in delinquency. “By staying informed about the potential impact on your custo- mers, you can proactively manage your credit exposure and adjust risk manage- ment strategies accordingly,” Knight says. SA’s elevated dependence on portfolio investment flows, currency volatility, and ageing infrastructure…

MiX TELEMATICS said yesterday that attributable income for the quarter to June 30 increased to $1.61 million from $678 000 in the same quarter a year before as subscriber numbers increased and a lower tax bill was paid. Its board declared a South African 4.5 cents dividend for the quarter, and R1.125 per American Depositary Share (ADS). Adjusted net income, which includes foreign exchange gains or losses, and restructuring costs, increased to $2.76 million from $1.87m at the same time last year. The fleet and asset management company has offices in South Africa, UK, US, Uganda, Brazil, Australia, Ro- mania, United Arab Emirates, Mexico and India as well as a network of more than 130 fleet value-added resellers worldwide. In the first quarter of fiscal year…

THE TOP TWO challenges faced by South African small- and medium- sized enterprises (SMEs), according to the latest Business Partners SME Index, are cash flow and economic conditions – and this has remained unchanged in the Index for several years. Getting your financial house in order by preparing a financial road map for your business, with consider- ation of risk and risk mitigation, is therefore critical. It’s critical to regularly revisit one’s financial priorities and consider your ability to withstand unexpected shocks that could derail your efforts, possibly in partnership with a trusted financial adviser, in order to set your business up to thrive. Although the International Monetary Fund forecast recently that South Africa’s economic growth would not weaken as much as previously predicted, SME owners should still take caution…

BACK IN 1961, James Meade, a re- nowned Nobel Prize laureate in economics, made a well-known prediction that painted a bleak future for Mauritius. He highlighted the nation’s susceptibility to weather and price fluctuations, as well as its limited employment prospects beyond the sugar industry. Instead, the country emerged as a shining example, boasting the second-highest per capita income among African countries and earning the top rank in the World Bank’s Doing Business survey for all sub-Saharan nations in 2020. Although there are no guaran- tees for its future prosperity, effective leadership, consensus-building, prudent macroeconomic management, and strategic policies for the private sector positions Mauritius favourably for the times ahead. Is it possible for South Africa to achieve the same transformation as Mauritius? The answer is definitely yes. However, the…

Tshedza Pictures is dominating this year’s 17th edition of the annual South African Film and Television Awards (Saftas) with their telenovelas The River and Legacy receiving 11 nominations each. The comedy series How to Ruin Christmas season three is also leading the pack with 11 nominations, including Best TV Comedy, Best Achievement in Scriptwriting and Best Directing. Following closely behind, Binnelanders has secured nine nominations, while House of Zwide received seven nominations. Diepe Waters received six nominations and The Wife, Gomora, Scandal! and Skeem Saam each obtained five nominations. Other notable nominations include Senzo: Murder of a Soccer Star, a five-part true crime documentary series that explores the murder of Senzo Meyiwa in 2014. The documentary received nominations for Best Made For TV Documentary and Best Achievement In Sound For…

Tory Lanez has been jailed for 10 years for shooting Megan Thee Stallion. The 31-year-old rapper, whose real name is Daystar Peterson,was convicted in December of three felony counts, including assault with a semi- automatic firearm, carrying a loaded, unregistered firearm in a vehicle, and discharging a firearm with gross negligence, in connection with the 2020 incident. And following a series of delays, Los Angeles County Superior Court Judge David Herriford told him he’d be spending a decade behind bars, after prosecutors had pushed for a 13-year term. Before the announcement, the judge had received over 70 letters of support for the rapper, including one from Iggy Azalea, who urged the court to impose a sentence that was “transformational, not life destroying”. A number of witnesses also spoke during the…

Women from different corners of life are always searching for spaces that they can call safe, where they can truly feel free and enjoy a night out on the town. A woman-centric beverage brand, Brutal Fruit Spritzer brought a women’s wonderland to Soweto, a pop-up venue aptly named SheBeen, where each detail of the interiors honours women and their femininity. Shebeen served as the first-ever women’s pop-up bar in South Africa. Different breathtaking shades of pink greeted guests with thought-provoking messages to take home, reminding women of their supremacy. A star-studded round-table which was the prelude to the launch of the venue included prominent personalities who unpacked the significance of safe spaces and women coming together to celebrate themselves for all the work they do. This included the popular Dr…

Faf de Klerk will go to the World Cup in France a changed man – older, wiser, more experienced and a veteran of the Springbok squad that will look to defend the Webb Ellis Cup. In 2019, at the start of the World Cup in Japan so handsomely won by the Boks – in which he played a pivotal role – De Klerk had just broken into his 20s regarding Test caps. By the time the Boks meet Scotland on September 10 in their opening match in Marseilles, he will be on the verge of 50 – if not already on it. The 31-year-old will undoubtedly be one of the leaders within the 33-player squad, and will be the old hand among a group of scrumhalves, which includes Cobus Reinach…

The new season of the MTN8 and the newly designed trophy for the tournament has whetted the appetite of Kaizer Chiefs’ new coach Molefi Ntseki for trophies. Chiefs have defied their ‘Cup kings of South African football’ tag in recent years, enduring a trophy drought for the last eight seasons. That hasn’t gone down well with their supporters, who have had to endure mockery from their counterparts at Mamelodi Sundowns and Orlando Pirates. Chiefs, though, have put plans in place to redeem themselves this season. They’ve appointed Ntseki as the new mentor, while they’ve made several new signings after getting rid of some dead wood. Ntseki relinquished his role as the head of technical and youth development at the club to take over from Arthur Zwane, who has been demoted…

Japan are the revelation of the Women’s World Cup, but they must brace themselves for the ultimate clash of styles when they face Sweden in the quarter-finals at Eden Park in Auckland today. The only team left in the tournament who have won the World Cup before, 2011 champions Japan have surged into the last eight with 14 goals scored in four games and one conceded. One of the few teams to have lined up with three centre-backs, they have been devastating on the counter-attack, surgical with their passing in behind the opposition defence and clinical in the final third. In Hinata Miyazawa, they have the leader in the race for the golden boot with five goals. Sweden have built their success on a solid defence that has also let…

Mining production increased by 1.1% year-on-year in June 2023, led by a 28% increase in gold production and a 11.1% increase in the platinum group metals (PGM), data from Statistics South Africa showed yesterday. But, said FNB senior economist Thanda Sithole, despite sustained quarterly growth momentum, the mining sector remains challenged by load-shedding and logistics constraints, as well as moderating external demand. The largest negative contributors to overall monthly mining production were iron ore, where production fell -18% and diamonds, which was down -41%, which contributed to a -2.4 and -1.8 percentage point decline respectively in the overall production data. Seasonally adjusted mining production increased by 1.3% in June 2023 compared with May 2023. This followed month-on-month changes of -3,8% in May 2023 and 1.6% in April 2023. Investec economist…

Countries all over the world are witnessing the measurable realities of climate change in the form of increased water scarcity, changing rainfall patterns, extreme droughts and intensified natural disasters such as floods. Great emphasis has been placed on the role of governments, policymakers and leaders of big business in driving the sustainability agenda. But there is much that can be done at a grass-roots level, starting with small businesses as the building blocks of socio-economic development. Too often when it comes to addressing the need for climate action, we think in terms of the greater risk exposure of larger companies and their incumbent responsibility to turn the tide against climate change. But small businesses, as large-scale employers, drivers of the gross domestic product and microcosms of society at large, play…

HOBBLED by the impact of sanctions against founding shareholder Russia, the New Development Bank (NDB), set up by the BRICS countries, needs to increase its local currency fundraising and lending, South Africa’s finance minister told Reuters. South Africa will host leaders of the other BRICS nations – Brazil, Russia, India and China – as the bloc aims to widen its influence at a summit in Johannesburg later this month. Finance Minister Enoch Godon- gwana said boosting local currency usage among the NDB’s members would also be on the agenda, with the aim of de-risking the impact of foreign exchange fluctuations rather than de-dollarisation. The greenback has gained against emerging market currencies since Russia invaded Ukraine, and the Federal Reserve began raising interest rates to fight inflation in early 2022, making…

MURDER and rape accused Ntokozo Zikhali (28), who was on Monday acquitted of the murder of four-year-old Bokgabo Poo, has been sentenced to life imprisonment yesterday for the rape and kidnapping of a nine-year-old girl. Judge Ian Cox acquitted Zikhali of the kidnapping, rape, murder, and mutilation of Bokgabo. Zikhali had earlier pleaded guilty to the second case involving a nine-year-old girl. Bokgabo went missing in October, and her dismembered body was later found in two separate locations. According to neighbours, she was last seen playing with a friend. The National Prosecuting Authority (NPA), said there was no DNA link between Zikhali and Bokgabo. “The State led evidence of video footage showing the man and the four-year-old walking in close proximity to each other. The State also relied on a…

A JUDGE has criticised the conduct of the police in gathering information after the shooting of Orlando Pirates soccer player Senzo Meyiwa on October 26, 2014. Judge Ratha Mokgoatlheng made the criticism during the cross-examination of Meyiwa’s childhood friend Tumelo Madlala in the Gauteng High Court, Pretoria, yesterday. He asked Madlala if the police had conducted any gunshot residue tests on him or any of the occupants of the house on the night Meyiwa was shot in an alleged botched robbery. Madlala said he could not remember such a test being done. “The other thing is that competent police should have taken all of your clothes. I am surprised because this firearm exploded in a confined space, therefore, common sense tells you that they should have taken all the clothes…

THE City of Tshwane’s Wonderboom national airport has regained its Category 5 status after it was downgraded to Category 2 for failing to comply with the South African Civil Aviation Authority’s aerodrome licence regulations. The Pretoria News previously reported that poor management and inability to appoint a manager were among factors that attributed to the airport’s non-compliance with regulations. In the past, the metro was embroiled in litigation from the appointment of a private company to manage the airport, instead of hiring a manager in line with its by-laws. The appointment landed the metro in hot water with the aviation authority. The then roads and transport MMC Sheila Senkubuge, however, claimed the metro was not in the wrong as it had given the authority reasons why it veered from the…

Minister in the Presidency, Khumbudzo Ntshavheni, said yesterday that the South African government is following established diplomatic channels in seeking recourse after the major diplomatic storm sparked by the US Ambassador to South Africa Reuben Brigety. Earlier this year, Brigety made explosive claims that Pretoria had sold weapons to Russia, in spite of having taken a non-aligned stance on Moscow’s invasion of Ukraine. Pretoria has initiated a thorough investigation into the matter of weapons allegedly loaded onto the Russian cargo vessel Lady R in Cape Town. The panel that investigated the matter has concluded its work, and according to reports, the cargo was not weapons, as claimed by Brigety. Findings of the panel have not been made public yet, but some sources claim the government is now using the…

Women football received a boost following a sponsored kit and sanitary pad donation from Seshego, Limpopo-born entrepreneur Matome Rapetsoa. Through his Matome Rapetsoa Foundation, he presented Mito Stars Football team with a soccer kit in celebration of Women’s Day in Zola, Soweto. The presentation held at Gestos Lounge, Soweto, was part of Mahuma Group and all its divisions, including Get Down Productions and the Matome Rapetsoa Foundation’s special day in honour of Women’s Day. Speaking to The Star, coach of the team, Mito Matola, said the contribution will make it possible for the team to continue developing young women footballers in the township. He said the club which caters to women footballers between the ages of 12 to 18 is making a mark in township football as it brings…

Orlando Pirates coach Jose Riveiro says they have accepted the pressure and responsibility that comes with defending the MTN8 trophy this season. Pirates had a season to remember under Riveiro in his first campaign in charge, as he guided them to two trophies – the MTN8 and Nedbank Cup –while earning them a runners-up spot in the Premiership. And while those achievements endeared him to The Ghost, Riveiro’s second season in charge of the Buccaneers is expected to be challenging. Not only are Pirates set to push Mamelodi Sundowns for the league title, but fans will be hoping to see their club challenging for honours in all five five competitions the club are involved in this season, including the new Carling Cup, as well as the Caf Champions League. Pirates,…

Manchester City kick off the new Premier League season at Burnley tonight to begin their bid to become the first team to ever win four consecutive English top flight titles. Arsenal appear best placed to capitalise if City’s grip on the English game is to come to an end, and will expect to get off to a flier at home to Nottingham Forest tomorrow. Liverpool and Chelsea face an early test of how they will bounce back from disappointing seasons when they face off at Stamford Bridge on Sunday. AFP Sport looks at the pick of the action from the opening weekend of the Premier League campaign ... Kompany plans to burst City bubble City are still riding the wave of euphoria from the end of last season as they…