Índex per 2024-02-14 a Star

WELL-KNOWN South African business-person, Reuel Khoza, has become a shareholder in privately owned shopping centre investor and developer, Flanagan & Gerard Property Group. Khoza’s investment – the extent of which was not disclosed – was built on a decades-long relationship with the company’s founders, Patrick Flanagan and Peter Gerard, and furthered by Khoza’s long-held interest in property and real estate investment, a statement said yesterday. Khoza is a former board chairperson of Nedbank Group, the Public Investment Corporation, Globeleq, Eskom, and GlaxoSmithKline SA. He has held many directorships, including at the JSE, Liberty Life, Standard Bank Group, Old Mutual, Nampak and IBM South Africa. He also farms. Khoza is currently chairperson of Discovery Bank as well as Dzana Investments, an investment holding company with interests in property, energy, education, health…

MINING output in South Africa is expected to remain subdued this year, due to weak global demand, low commodity prices and domestic economic headwinds, in spite of ending 2023 on a positive note. Statistics South Africa (StatsSA) yesterday said that mining production fell marginally by 0.4% in 2023, compared to a steep 7.2% plunge in 2022 and an increase of 12.7% in 2021, mainly due to a decline in diamonds. Seasonally adjusted mining production increased by 2.5% in the fourth quarter of 2023 compared with a contraction of 0.9% during the third quarter, driven largely by platinum group metals (PGMs) and coal. This suggests that the mining sector made a positive contribution to 2023’s fourth quarter gross domestic product (GDP) growth, meaning that the economy avoided a technical recession. StatsSA’s…

AS THE RACE for valuable commo- dities intensifies, it is increasingly evident that geopolitical competition will catalyse a wave of mergers and acquisitions (M&A), reshaping the landscape of Africa’s resource-rich industries. India, the US, Saudi Arabia and the United Arab Emirates (UAE) are all poised to commit further investment to the continent and Africa will need to find ways to maximise its investment attractiveness amid global upheaval. The rise of the “metals of the future” has seen global demand for cobalt, copper, lithium and manganese, rare earths among other minerals, soar to levels where demand exceeds current production levels. China dominates critical mineral supply in many of these levels. It accounts for more than 70% of rare earths extraction and 90% of processing, including 90% of the world’s neodymium and…

THE PUBLIC participation hearings of the South African Integrated Resources Plan (IRP2023) are in progress, but it seems the Department of Minerals and Energy (DMRE) might be overlooking a critical aspect related to risks by not being realistic about Eskom’s performance. A basic principle in risk management is to not assume a biased position that performance will always improve, but rather to be on the lookout for errors that might occur in the system. In fact, this failure in risk management might have been a contributing factor to the failure of the 2019 IRP in predicting South Africa’s future electricity mix and the various stages of load shedding we are experiencing. From the 2019 IRP, Eskom predicted an Energy Availability Factor (EAF) of 73.36% across the coal fleet for 2024.…

GOLD FIELDS’ financial results for the year to December 31, 2023, were expected to be in line with its cost guidance, while production volumes for 2023 were 99.7% of guidance for the year, the group said in a trading statement yesterday. The group said attributable gold equivalent production was expected to be 2 304koz, a 4% decline year-on-year, while attributable gold equi- valent production excluding Asanko was expected to be 2 244koz, a 3% decrease, marginally missing guidance of 2 250koz – 2 300koz. All-in costs were expected to be $1 512 (R28 705) an ounce, 15% higher, and within the guided range of $1 480/oz – $1 520/oz. The increase was mainly due to lower gold sold, higher sustaining capital expenditure and…

THE DECLINING budgetary allocations for land reform continued to hamper the State’s ability to effectively drive a successful land reform programme, leaving many land- dependent communities entrenched in poverty and frustration, according to the Vumelana Advisory Fund. Peter Setou, the CEO at Vumelana Advisory Fund, said in an interview that the adoption, in 1996, of the Proactive Land Acquisition Strategy (Plas) by the Department of Agriculture, Land Reform and Rural Development (DALRRD) sparked optimism for a revitalised land redistribution effort. “However, this optimism has waned as reports emerge of numerous underperforming farms and extensive fallow land still awaiting redistribution,” Setou said. According to Vumelana, the noble intentions of the government to empower communities through land redistribution have been thwarted by various challenges, including, among others, corruption among State officials, bureaucratic…

The last time I saw Alan Committie on stage was for Love Factually, which I loved. As such, I was revved up to see his latest offering, Fast and (Reasonably) Furious, which is showing at Pieter Toerien’s Montecasino Theatre. I attended Saturday’s show, which played to a full house. He arrived on stage on one of those plastic Checkers Sixty60 scooters, which left the audience in stitches. This time around, his show follows a format that is not heavily reliant on a script. A lot of the laughs stemmed from Committie’s interactions with the audience: a visiting guest from the US who was unemployed, a teen student in the front row, as well as a psychologist and a guy named John, who became his sounding board throughout the show. And…

Three women have testified against the 21-year-old Sifiso Mkhwanazi, who faces six counts of murder and rape involving six women believed to be sex workers killed between April and October 2022. On Monday, the court heard from a woman called “Miss A” how Joyce Moyo, who had been missing for over a week, was found murdered, resulting in fear among the women who ply their trade around the Joburg CBD. Mkhwanazi is accused of smothering five women to death and shooting a sixth with his father’s gun. The witness told how she received a call from her friend’s sister, Grace Moyo, who asked her to tell the police about the night her sister was picked up in a white van located on the…

Romantic getaways, especially during the month of love don’t have to burn a hole in your wallet. With careful budgeting and planning, you too can experience a lovely short holiday with your loved one. There are plenty of beautiful places you can check out in Gauteng that might quip your interest. Here are a few that are under R1 000: Emerald Resort and Casino Emerald Resort and Casino, located on a spectacular private estate on the lush banks of the Vaal River less than an hour from Johannesburg, offers a calm luxury getaway as well as exhilarating gaming, resort activities, and entertainment. “Work, play, relax and experience an adventure you’ll never forget at this premier leisure and business destination in South Africa. There’s something here for everyone,” the resort says.…

A MANHUNT has been launched to locate and apprehend a convicted offender, Clatta Gumbo, who escaped from the grounds of Mamelodi Regional Hospital on Monday. Spokesperson for Department of Correctional Services, Singabakho Nxumalo, said a widespread search operation in collaboration with other law-enforcement agencies was under way to locate and re-arrest Gumbo. Gumbo, who was was admitted as an offender on August 28, 2018, is serving a life sentence for rape, kidnapping and assault at Baviaanspoort Correctional Centre in Tshwane. Nxumalo said: “He was escorted to the hospital for a consultation with a dietician when he attacked the guarding official, disarmed him and escaped from the hospital premises.” He added that immediate action was taken to initiate a thorough investigation into the circumstances surrounding the escape. “Correctional Services is appealing…

With the Johannesburg Film Festival approaching, the organisers have revealed an intriguing roster of films celebrating the power of storytelling and the diversity of the human experience. Some of the stories that will be presented include Umkhonto weSizwe, a documentary that follows the lives of former MK members. It is an intergenerational perspective on a group of young people who risked their lives and futures for the ideal of a free South Africa. This premiere screening will be followed by a panel discussion with the director and some of the MK cadres. With something for every cinematic taste, the festival invites audiences to embark on a journey of discovery and enlightenment through the power of film and storytelling. Perfect Days This 2024 Oscar winner for Best International Feature finalist tells…

The Springboks’ international season is only four months away and the heat is on the world champions, given the form of Ireland in the Six Nations. The Irish play Tests in Durban and Pretoria in the first two weeks of July and they will come to South Africa determined to prove a point after they lost out on the Webb Ellis Cup. Independent Media has been looking at the options available to coach Rassie Erasmus and today we check out the No 4 lock position. The position is an interesting one because beyond Eben Etzebeth there is not a heck of a lot of established backup while the breakout player in the Six Nations after two rounds is undoubtedly the young Irish Lock Joe McCarthy. He is a monster in…

To help put the broader group on a better financial footing after steep losses last year TRANSACTION Capital’s share price ramped up 6% after it announced firmed up plans to list WeBuyCars (WBC) on the JSE, and to raise about R750 million once the used car sales subsidiary was unbundled from its parent. There would also be a private placement of R500m. The unbundling and listing was anticipated for early April 2024. Transaction Capital’s share price closed 9.99% higher at R8.26 on the JSE yesterday, well down from R32.73 a year ago on the same day, with the decline in line with that of the group’s general financial performance. Two weeks ago, the group said it was considering listing WBC as a way to help put the broader group…

THE BRITISH business of the Body Shop has collapsed into administration, putting 2 000 jobs at risk at the one-time pioneering ethical cosmetics retailer. Founded in Brighton, southern England, in 1976 by late environmentalist and human rights activist Anita Roddick, the Body Shop was famous for promoting natural, ethically sourced products and rejecting animal testing. The retailer was one of the most popular on the British high street in the 1980s and 1990s, but has faced much greater competition from newcomers in recent years, including from those also touting ethical credentials. FRP, the business advisory firm appointed as administrator, yesterday said the Body Shop’s 199 UK stores and online service would continue to trade. “The joint administrators will now consider all options to find a way forward for the…

South African beer brewers are cautioning against an escalation in sin taxes for beer and have called for a 4.9% increase in excise duties for alcoholic beverages manufactured by Heineken, South African Breweries and craft brewers as a way of cushioning them against a projected increase in inflation this year. The beer industry is a key employment creator and a major revenue earner for the government. It fears that higher sin taxes will take a toll on the industry, resulting in job and revenue losses. But with the government squeezed for revenue and faced with ballooning debt, the beer industry is concerned that Finance Minister Enoch Godongwana may be forced to hit the industry with sin taxes when he announces South Africa’s Budget statement next week. The South African beer…

ELECTRICITY is a critical input for most, if not all, formal and informal economic activities, and is strongly linked with economic development. Higher gross domestic product, for example, is correlated with greater electricity use, access, reliability, and affordability. This is true at all scales and across all sectors of the economy, from large industries like mining, and manufacturing right through to small, medium, and micro enterprises (SMMEs), and the household economy. Electricity is also essential for delivering basic public services. On January 4, 2024, the Minister of Mineral Resources and Energy, Gwede Mantashe, published the draft Integrated Resource Plan (IRP) of 2023, calling for inputs and com- ments from stakeholders and broader society. As the deadline for such submission bolts faster, true to our mandate, the Presidential Climate Commission (PCC)…

INDUSTRIAL group KAP could be close to a deal to dispose of its struggling Unitrans division for a reported R6 billion. The company’s shares rallied to close 4.17% up on the JSE yesterday in response to the news that analysts viewed as a right move in the com- pany’s efforts to reduce debt which forced it to skip a dividend payment last year. KAP, which also owns PG Bison, Restonic and KAP Automotive, said last year that it could sell off some of its assets to reduce debt. The company’s net interest-bearing debt increased by R568 million to R8 billion as at the end of its 2023 full year. Now, it could be close to disposing of the Unitrans unit for R6bn, Bloom-berg reported yesterday. This drove…

GAUTENG Finance MEC Jacob Mamabolo wants Parliament to take action against DA leader John Steenhuisen for his controversial remarks about crime prevention wardens in the province. Mamabolo said Steenhuisen had breached his oath of office and brought Parliament into disrepute. The leader of the official opposition recently caused a stir when he said the crime prevention wardens were “untrainable drunkards wearing ill-fitting PEP store uniforms”. Despite calls for him to apologise, Steenhuisen has not done so, saying there was an overreaction to his remarks and insisting the wardens behaved like drunkards. Speaking during the State of the Nation debate in Parliament yesterday, Mamabolo said the crime prevention wardens were doing a good job to fight crime in the province. “Statistical evidence in the province shows the crime prevention wardens are…

FOLLOWING the recall of Pick n Pay’s No Name and Eden Crunch Peanut Butter last week, the National Consumer Commission (NCC) has now called for urgent tests by all producers in the wake of even more products showing higher than acceptable levels of Aflatoxin. The retail giant had announced the product recall because of the discovery of higher than regulated levels of Aflatoxin, which may constitute a health risk. Aflatoxin is reported to lead to nausea, vomiting and abdominal pain. In what has a similar ring to the 2018 outbreak of listeriosis in South Africa, which claimed over 200 lives, the NCC has now recalled even more brands of peanut butter off shelves. Dischem’s Lifestyle 400g as well as 800g smooth and crunchy peanut butter distributed nationally have also been…

WHILE the UN celebrated International Day of Women and Girls in Science at the weekend, under the theme “Women and Girls in Science Leadership – a New Era for Sustainability”, there is a long way to go to close the gender gap. The University of Johannesburg’s (UJ) Professor Heidi Abrahamse is one of the leading women in science. As a globally recognised researcher in the fields of photobiology and photodynamic therapy (PDT) with expertise in PDT oncology, wound healing and adult stem cell research. Prof Abrahamse is also the director of the university’s laser research centre. Why did you choose to become a scientist? I am someone who finds that science is a venue to provide answers to questions which are not easily answerable. Did you have a role model?…

Award-winning music artist Lady Zamar has expressed her excitement ahead of the release of her highly anticipated music album, titled Rainbow, as she prepares to give her fans a taste of music later in April. After a five-year hiatus, the artist has promised that the album will be a ball of fun with a list of great stories that fans can immerse themselves in. “Overall, it’s a very fun album when you listen to the lyrics, and I had fun on this album. “There’ll be great stories, sensational vocals, and some memorable tracks for everyone. “You’ll also hear some Lady Zamar on amapiano beats on this album, and if you know my roots, you’ll know it’s a sound I have always been close to,’’ she said. The Collide hitmaker also…

The US has consistently sought to police human rights in countries as far apart as Iran, South Sudan, Uganda, Zimbabwe, Nicaragua and China just to mention a few, yet its policies in the Middle East, and direct support for Israel in its conflict with Palestine is fuelling unprecedented possible genocide. A press release by South Africa’s Department of International Relations on January 26 2024 says the International Court of Justice (ICJ) has determined that Israel’s actions in Gaza are plausibly genocidal and has indicated provisional measures on that basis. Media reports on February 1 2024 widely reported on findings by a US court indicating that Israel’s campaign in Gaza “plausibly” amounts to genocide. Yet, two US Congressmen, John James and Jared Moskowitz, who are from the Republican and Democratic…

SOUTH African banks will struggle with rising non-performing loans this year as consumers suffer from narrowing savings and elevated interest rates, although the Moody’s ratings agency has maintained a stable outlook for the country’s financial services sector. It said South Africa would have to balance out macroeconomic and asset risks through issuance of loss-absorbing instruments. Moody’s expects South Africa’s gross domestic product to grow by 1.5% this year and sees an uptick in the banks’ non-performing loans ratio to between 6% and 7% of gross loans from 5.5% in October 2023. “High interest rates, subdued growth and narrowing savings buffers will weaken borrowers’ repayment capacity. Unsecured consumers loans are particularly exposed,” Moody’s said in a Banking System Outlook report for South Africa yesterday. Further worsening the situation was an increase…

SOUTH Africa is a resilient country and economy that is open for business and has great potential. These were my thoughts as I recently participated at the 54th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland. Convening 3 000 leaders under the theme “Rebuilding Trust”, Davos is a great global platform for advancing dialogue, co-operation and action-oriented partnership. Not only can government, business and civil society immerse themselves in meaningful dialogue, while learning from other countries, it is a great opportunity to position the countrys economic potential to investors. This is a critical year for South Africa and the rest of the world due to the number of pressing issues such as geopolitical tension, unemployment, inequality and climate change. With all these issues one can argue…

AVERAGE house price growth in January remained unchanged from December, in line with house price growth having bottomed in the fourth quarter of last year. FNB senior economist, Siphamandla Mkhwanazi, said yesterday that FNB House Price Index growth had averaged 0.6% year-on-year in January, unchanged from December, which was revised from 0.8%. “A discernible upward trend should start in the second half of 2024, once affordability improves. Market strength indicators suggest both demand and supply of properties for sale are contracting, and by a similar magnitude,” he said in a statement. Residential property sales and values ticked up between the second half of 2020 and 2022, and demand was expected to have peaked in 2023. “Available data suggests mortgage volumes have declined by 28%, as affordability pressures kept prospective buyers…

US AUTHORITIES plan to tighten anti-money laundering rules on investment advisers, the Treasury Department announced yesterday, after identifying “illicit finance and national security risks” in the sector. “Thousands of investment advisers overseeing the investment of tens of trillions of dollars into the US economy are generally not subject to comprehensive anti-money laundering and countering the financing of terrorism” measures, the Treasury Department said in a notice. The proposed rule would require investment advisers registered with the Securities and Exchange Commission (SEC) to implement such measures – including reporting suspicious activity and keeping records on the movement of funds. The Treasury Department said the sector has “nearly doubled in assets under management” since 2015, stressing the need to strengthen the regulatory environment. Investment advisers may serve retail investors, high net worth…

In the build-up to the 11th Savanna Comics’ Choice Comedy Awards, funnyman Mpho “Popps” Modikoane has been confirmed as the host. No stranger to the radio, TV or stage, Popps, who also co-hosts the Popcorn and Cheese podcasts with Robot Boii, recently hosted DStv’s give-away show, Unbox Ama-Million. And he is the host of the second season of Most Ridiculous on Comedy Central (DStv channel 122) on weekdays at 9pm. Witty and charismatic, his latest gig is unsurprising as he is a firm favourite with Mzansi. The theme for this year’s show is “You Think You Know South Africa”. “Much like our country, our comedy infrastructure was a bit on the edge there for a while, so everyone’s had to pull their weight to rebuild the framework of comedy,” says…

FIFTY-eight athletes hoping to run this year’s Comrades Marathon on June 9 have had their entries squashed after they were found to have cheated. In a statement this week, the Comrades Marathon Association (CMA) said subsequent to the 2023 race, it identified 58 athletes whose entry to the 2024 marathon were rejected. “The entries of 16 athletes have been rejected after it was discovered they had asked another athlete to run their 2023 qualifying marathon on their behalf; three athletes were found to have ran the qualifying marathon, but used another entrant’s time to enter the 2023 event; and 27 runners lied about their qualifying times when they either didn’t run or finish the marathon or ran slower than the qualifying time,” the CMA said. One athlete ran last year’s…

PwC HAS warned that financially-constrained consumers have to brace for an even higher cost of living as Finance Minister Enoch Godongwana looks likely to opt for a slight hike in value-added tax (VAT) instead of other taxes in a bid to raise R15 billion required to stabilise public finances. Next week, Godongwana will table his Budget speech in Parliament amid seriously deteriorating public finances on the back of a R57 billion tax revenue shortfall as tax collection for the 2023/24 fiscal year has underperformed the original budget estimate in the February Budget 2023. Treasury significantly revised downwards its forecast for total tax revenues in November, from R1.787bn to R1.731bn, mainly led by substantial decreases in expected corporate tax collections of R36bn; and VAT of R26bn due to higher refunds. In…

CRIME statistics by vehicle tracking company Tracker SA have revealed a surge in vehicle theft, with Gauteng, KwaZulu-Natal, and the Western Cape being the provinces hardest hit. Tracker’s vehicle crime statistics showed a surge in late-season vehicle crime, particularly during the festive season frenzy in November. Gauteng led in vehicle and business vehicle crime, with 61% of incidents, followed by KZN at 14% and the Western Cape at 9%. “Relative to Tracker’s subscriber count, the highest propensity toward business vehicle crime occurs in Gauteng, with a 17% over-representation of Tracker’s business-owned vehicle base,” said Duma Ngcobo, chief operating officer at Tracker SA. “This is followed by KwaZulu-Natal with 12% over-representation.KZN shows a high incidence of business-owned vehicle hijackings relative to the business vehicle base, with a 64:36 hijacking to theft…

“THE sky is now your limit! Welcome to an exciting chapter ahead – not only will you be embarking on studies at UP that will prepare you for a successful working career, but the experiences and memories gained will last a lifetime.” These were some of the words with which Professor Themba Mosia, Interim Vice-Chancellor and Principal of the University of Pretoria (UP) welcomed 8 500 first-year students, their parents, guardians and families to UP’s global academic family. Mosia was speaking during UP’s annual Welcome Day, which took place at the Rembrandt Hall on UP’s Hillcrest Campus on Saturday,. In his speech he also congratulated the students on their hard work during their school years. “You have earned a position at one of South Africa’s leading universities; one of the…

February is well known as the month of love, with millions of people cross the world celebrating Valentine’s Day with their significant others, and while the rest may be looking to be struck by Cupid’s arrow, insidious scammers have their sights set on the lovesick. As more people venture into the virtual realm, a surge of scammers has also emerged, preying on the desire for connection and turning the quest for love into a dangerous game of financial deception. This was according to the Financial Sector Conduct Authority (FSCA), which said Valentine’s Day was one of the most popular days for love and it brought with it the threat of romance scams. “Fraudsters use romance scams to exploit individuals emotionally and financially, often resulting in heartbreaking consequences. The online dating…

Last year more than 700 nurses in Limpopo had their contracts abruptly terminated because of lack of funds. The very fact that nurses are employed on a contract basis is strange. Those who apply for overseas jobs have every reason to be on a renewable contracts for obvious reasons, but that does not mean it is a new trend that must be adopted. So the Department of Health is not only failing to train more health professionals but can’t employ enough because the country has no money – in a country that cannot wait to implement universal healthcare coverage. As I watched doctors protesting on eNCA on Monday, I could not believe that the health ministers actually encouraged doctors to go into private practice or emigrate overseas. Only well experienced…

The Bulls have produced four of the four-try bonus points in this season’s United Rugby Championship, which is the joint third most behind Glasgow’s six and Leinster’s five. Yet, there is a nagging feeling that it could have been a few more across their nine matches, even though they have dotted down the most tries in total – 43 – in the tournament. It’s something that has been zoomed in on during their fortnight off, having held off the Lions 30-28 at Loftus Versfeld on January 27. They will face their Gauteng rivals once more, this time at Ellis Park, on Saturday (3pm kick-off), where they will try to entrench their current fourth spot on the log. But the Lions have the firepower to pounce on the Bulls’ missed opportunities,…