Índex per 2024-03-28 a Star

OLD MUTUAL’s integrated financial services strategy, which also sees it on track to launch a bank this year, helped drive strong top-line growth and new business and its dividend for 2023 increased 7% to 81 cents a share. Sales growth of 17% was generated across life segments, indicating profitable market share growth in key markets, CEO Iain Williamson said yesterday. The share price increased 3.77% to close at R11.84 on the JSE yesterday, compared with a flat 0.59% increase in the life insurance index of the JSE, indicating the results were favourably received by investors. Value of new business grew by a sturdy 37% in 2023, with gross flows and gross written premiums increasing by 14%. Profitability remained strong. Re- sults from operations increased 14% driven by strong sales…

SOUTH Africa has made significant progress in containing and closing the outbreaks of foot-and-mouth disease (FMD) that had pla- gued the country since 2021, the Depart- ment of Agriculture, Land Reform and Rural Development (Dalrrd) said in a statement yesterday. Dalrrd spokesperson Reggie Ngcobo said only KwaZulu-Natal and Free State had areas with unresolved outbreaks in the previous FMD free zone. “All other outbreaks in the previous FMD free zone have been resolved and closed with the World Organisation for Animal Health (Woah). No cases of FMD were reported in the Eastern Cape, Northern Cape and Western Cape Provinces. These provinces have remained FMD free without vaccination. “In Gauteng, Limpopo, Mpumalanga and North West Provinces, the last outbreaks in the previous FMD free zone were reported more than a year…

BUSINESS confidence in the other ser- vices sector slightly dipped in the first quarter of this year amid a weak economy. According to a survey by the Bureau for Economic Research (BER) released yesterday, business confidence in the other services sector fell by one point to 41 points in the first quarter of this year, implying that about six out of 10 businesses in this sector were dissatisfied with business conditions. Katrien Smuts, an economist at the research institute, said essentially level results came despite lower business volumes and deteriorating business conditions. “Compared to the RMB/BER Business Confidence Index (BCI), confidence in the other services sector is slightly better, driven by relatively upbeat sentiment in the hospitality and business services sub-sectors,” Smuts said. Business volumes and business conditions declined…

ENTREPRENEURSHIP is a vital part of South Africa’s business world, with small businesses providing essential employment opportunities and providing millions of people with viable livelihoods. For a number of reasons, including the fact that women have been found to reinvest more of their income into the health and education of their children and the community, women entrepreneurs need to be supported in achieving their goals. The latest Global Entrepreneurship Monitor (GEM) Women’s Entrepreneurship Report also found that women in countries like South Africa are among the most innovative and high growth entrepreneurs in the world. Despite the immense value that women entrepreneurs offer South African society at large, there is a $42 billion (R795bn) gender funding gap that exists in sub-Saharan Africa, according to The Mastercard Index of Women…

METAIR automotive component subsidiary Hesto Harnesses returned to profitability in the second half of its financial year, but there remained much work to be done to return the group to its full potential, CEO Paul O’Flaherty said yesterday. The international manufacturer, distributor and retailer of energy storage solutions and automotive components yesterday reported headline earnings per share (adjusted for impairments and profit on disposals) of 135 cents for the 12 months to December 31, compared to a loss of 17c in 2022. Following the complexity and subsequent first-half losses linked to the ramp-up of Hesto’s new major customer model, management collaborated with Hesto’s customer and technology partner to turn the business around. Hesto’s revenue increased 222% to R5.7 billion, and the business generated R104 million in operating…

THE embattled private college group, Education Investment Corporation Limited (Educor), which runs four of the recently deregistered colleges – Damelin, Lyceum, ICESA and City Varsity – says it is surprised by the Higher Education and Training Minister Dr Blade Nzimande’s decision to deregister four of its colleges. “It has come to our attention that a notice, dated July 2023, was published by the Department of Higher Education and Training (DHET) despite ongoing communication and engagement between our organisation and various senior individuals within the department,” the group’s spokesperson, Surina Baijnath, told The Star yesterday. On Tuesday, Nzimande confirmed that his department had come to the decision to revoke the higher education institution status of four private college brands. According to the department, the decision was made after Educor and its…

Load shedding remained one of the biggest inhibitors of job creation with thousands of small businesses forced to close as a result, while incidents of crime spiked, ActionSA leader Herman Mashaba said yesterday. Mashaba said children were forced to go home when schools could not operate without power and were left without daycare and feeding programmes. “Hospitals and clinics are unable to save lives when the lights go out. This is simply unacceptable. “The only way for South Africa to finally end load shedding is by taking action to remove the ruling party at the ballot box this year,” he said. Mashaba was speaking outside the Gauteng High Court, Pretoria, where his party sought to oppose the national government and Eskom’s application for leave to appeal against a landmark judgment…

What are the implications of artificial intelligence (AI) in higher education and what does applying such a technology responsibly look like for the African continent? These are some of the questions explored during the recent University of Pretoria (UP)-Meta AI Policy Dialogue held at the University of Pretoria’s Javett Art Centre at the Hatfield Campus. The policy dialogue brought together leaders and practitioners from the higher education, government and private sectors who explored the use of AI under the theme: “Responsible AI: Current Realities and Future Possibilities for Africa”. “One of the things we foster at the UP is what we call trans-disciplinary work because the world’s problems are not an engineering problem or a computer science problem or a law problem. They encompass different facets and we try and…

The Market Theatre has enlisted the services of leading South African musicians, poets and performers for the inaugural edition of Legends Never Die: #IamWinnieMandela concert set for April 2 at this iconic venue. Among those set to honour and celebrate the rich political and freedom fighting spirit of Madikizela Mandela are Napo Masheane, Langa Mavuso, jazz sensation Zoe Modiga, Brenda Mtambo and Morena the Squire. The event, hosted with support from the City of Joburg’s Department of Community Development, Legends Never Die makes its global debut at the historic Market Theatre with #IAmWinnieMandela – a music-driven production marking six years since the sad passing of the celebrated Struggle icon, who died aged 81. The #IAmWinnieMandela musical tribute show is directed by celebrated theatre director Clive Mathibe and features giants…

NISSAN is embarking on a trans-Africa expedition that will take a cluster of Navaras on an eight-country tour ending in Cairo. Called the ‘Nissan Daring Africa 2024’, the locally made bakkies will drive through Mozambique, Zimbabwe, Zambia, Malawi and Tanzania before heading to Egypt. Nissan says it’s a celebration of the brand and its African heritage as the only manufacturer to have wholly owned plants in South Africa and Egypt. It has been here for more than 60 years, with its Rosslyn plant in Pretoria now the Japanese company’s LCV manufacturing hub for the whole continent. The facility in Cairo is the passenger vehicle assembly centre. Having recently opened new markets in North Africa, Nissan Africa now has representation in every country on the continent. Last year Nissan announced its…

Bafana Bafana coach Hugo Broos says his troops and the nation have nothing to fear going forward, after an impressive outing against Algeria. Bafana drew 3-3 with the Desert Foxes on Tuesday night in their second game of the Fifa Series pilot project, which was hosted by the north Africans over the last two weeks. Bafana’s Themba Zwane scored a brace and Iqraam Rayners got the third goal as they cancelled out Yassine Benzia’s double and Yassine Brahimi’s strike. But the scoreline was not of much significance to Bafana. Instead, Broos left the Nelson Mandela Stadium a man satisfied with the performance. The South Africans matched the 2019 African kings from start to finish – so much so that they could have won the game if it wasn’t for individual…

If the Bulls thought the Dragons had slowed their ball down at the breakdowns, they have another thing coming in tomorrow’s United Rugby Championship clash against Leinster in Dublin (9.35pm kick-off, SA time). That was the warning from co-captain Ruan Nortjé and hooker Johan Grobbelaar to their teammates this week. Coach Jake White spoke about how the Dragons were able to disrupt the Bulls in their 31-10 victory in Newport last Saturday, which led to a slower ball from the rucks. The Pretoria side, though, managed to clinch a bonus-point victory in the final passage of play as Grobbelaar scored the fourth try from a driving maul, which ensured the Bulls moved up to second on the log on 45 points, four behind Leinster. White’s team have all the weapons…

A 62.5% PLUNGE in interim headline earnings worsened the plight of Sasfin, which is facing a R4.87 billion suit from the South Africa Revenue Service (Sars) for allegedly covering up for clients who may have repatriated large sums of funds without paying due taxes. Sasfin has been in the crosshairs of Sars, with the taxman saying it had conducted a thorough investigation that unearthed how clients of Sasfin Bank had colluded to expatriate funds offshore in a manner that jeopardised the recovery of due taxes in South Africa. Sasfin said yesterday it was continuing to engage regulators regarding the suit by Sars. “On the basis of strong legal opinion, Sasfin Holdings concluded that the claim (by Sars) will not result in the recognition of any liability and the likelihood…

THE US YESTERDAY launched a new initiative to boost imports of African foods – specialities such as seafood, nuts and herbs – seeing untapped potential in items that benefit small-scale farmers. The new Africa Trade Desk aims to increase imports of African speciality foods into the US by $300 million (R5.7 billion) over the next 18 months, marking a 10% increase in the continent’s agricultural exports to the world’s largest economy. The US Agency for International Development (USAid) announced the project at a trade event in Atlanta that is focusing in particular on South Africa. “We see untapped potential across the continent of Africa,” said USAid Deputy Administrator Isobel Coleman. “We want to see more countries leveraging this opportunity to enter the American market,” she said. “Additionally, we…

CONSUMERS got a reprieve at the till this month as the cost of the average household food basket showed only a marginal increase. While the cost of the average household food basket increased by 63 cents from R5 277.30 in February to R5 277.93 this month, the cost of the average household food basket has spiked by R311.72 (6.3%) from R4 966.20 in March last year, according to the Pietermaritzburg Economic Justice & Dignity Group’s (PMBEJD) Household Affordability Index. Mervyn Abrahams, the PMBEJD programme co-ordinator, said the March price data showed a marginal increase in the total cost of the average household food basket. Twenty-eight foods increased, 16 foods decreased, while “all baskets fluctuated quite unpredictably this month”. Foods in the basket, which in- creased by…

ARTIFICIAL intelligence is the must-have technology for every business owner in 2024. By leveraging AI technologies, small- and medium-sized enterprises (SMEs) can achieve performance and innovation boosts across multiple areas of the business, from financial management to sales and marketing to human capital management and product development. The global AI market is expected to grow from $208 billion (R4 trillion) in 2023 to nearly $2trln by 2030. For SMEs, the growth of AI holds huge promise: one study found that businesses can expect a 6% to 10% revenue boost from adopting AI. The intelligent SME The adoption of AI forms part of a broader shift among businesses to establish intelligent enterprise capabilities. An intelligent enterprise consistently applies advanced technologies and best practices within agile, integrated business processes. For…

Fast-moving consumer goods (FMCG) company CA Sales Holdings has acquired a 49% stake in South Africa rural and informal sector focused retail and merchandising company Roots Sales, boosting its distribution channels after posting a 28% rise in headline earnings to R464.8 million for the year to end December 2023. CA Sales completed the acquisition of Roots Sales last week, it said yesterday, describing the acquisition of the company which services the informal market in South Africa as “a channel-broadening” strategy. CA Sales’ headline earnings per share (Heps) rose 25.3% to 97.97 cents. In February, CA Sales attributed the rise in Heps to “good organic growth from all the operations as well as the successful onboarding” of new clients. It also said its earnings per share – which went up by…

THE Rand Show, one of Joburg’s proudest and longest-standing traditions, is back this long weekend. Held annually over the Easter period, the family-friendly gathering offers a wide range of shopping experiences at various exhibitions. It also features food and beverage offerings, a Public Services Hall and a SANDF display. There will be live entertainment from Jesse Clegg, Pabi Cooper, March Mellow and Sleazy as well as Kamo Mphela over the weekend. Attendees can experience giant dinosaurs, dino rides and fossil finding at The Rand Show’s Dino Expo. Children are also in for a treat at the Kids’ Zone, which includes trampolines, a bike park, football pitch activations and a maze. They can meet their favourite characters too, from Tom and Jerry to The Powerpuff Girls. At the Adrenaline Zone, a…

Mangaung mayor Gregory Nthatisi and the municipal manager Sello More are accused of facilitating a “jobs for friends” syndicate in Mangaung. This following an expose by community activist Zwelakhe Msabe who took to social media to lambaste the mayor and city manager over irregular appointments and bloating staff as favours for political associates. These allegations have now prompted an investigation into ghost workers and the jobs-for-friends syndicate. The Hawks are particularly investigating More. He is not new to controversy. In a judgment handed down on 15 December 2021, Judge AJ van Rhyn found that More’s appointment as the man in charge of the Metro, was null and void since October 30, 2021, because the municipality failed to act in accordance with legal prescripts when appointing him. More, despite the judgment,…

There is no doubt that our own “Mother Teresa”, Naledi Pandor, is more than slightly miffed at having been snubbed by Israel as well as the international community. Her ego depressed and her status devalued, this has undoubtedly called for more action to make her voice heard. She has now called for protests outside those embassies which support Israel – the five major supporters. Foreign diplomats, in return, have protested and are calling for police protection as allowed in the Vienna Convention. The call by Pandor is unheard of in diplomatic relations. Pandor also maintains that Israel’s defiance of the International Court of Justice ruling would set a precedent for leaders to defy the top UN court. South Africa is guilty of doing this in the past. Pandor is definitely…

Three men who killed LGBTQI+ activist Sam Mbatha have been found guilty of his murder by Judge Frances Reid in the North West High Court. The killers, including a teenager, are Arthur Khoza, 19, Mahlatsi Nkuna, 21, and Thato Mosetla, 22. Mosetla abandoned his attempts to get bail while Khoza and Nkuna were out on R500 bail each. All three men were facing charges of robbery, kidnapping, murder, malicious damage to property, and defeating the ends of justice. Mbatha’s body was found inside a burnt Hyundai i20 vehicle at a soccer field in Ikageng Section on January 10, 2021. “The trio were arrested on June 21, 2021, at a house in the Phutha section near Klipgat,” said provincial NPA spokesperson Henry Mamothame. “Police found bloodstains on the floor, under and…

The hot hatchback isn’t what it used to be, and soon it won’t exist at all in the form we’re accustomed to. The original Golf GTI was designed around raw driving pleasure, not caring too much for creature comforts. The current one is a luxury car with a sporty tinge. GTIs of the future will be fully electric. Just last week Volkswagen revealed its first electric hot hatch, the ID.3 GTX, and a battery-powered GTI successor is set to follow around 2026. The current Golf GTI, and its Polo GTI sibling featured here, represent the middle ground. Fast, and dynamic enough to shoot through your favourite track or mountain pass, but civilised enough to tackle a lengthy road journey in comfort or a trip to the shops. With old rivals…

However, after Tuesday night’s clash against the two-time Afcon winners Algeria, there was wide-scale praise for Broos and his players. The air of scepticism after the Andorra clash has made way for a frisson of optimism in the ranks of Mzansi supporters. It is very likely that when next Bafana have a home match, there will be more spectators than the proverbial one man and his dog. Despite the advantage of home-ground support in a packed ground in Algiers – incidentally named the Nelson Mandela Stadium – Algeria were forced to settle for a draw in a 3-3 thriller. Unlike the South African squad, which was made up mostly of locally-based players, most of Algeria’s squad ply their trade in England, Spain, France and Italy. The match stats show that…

Kobbie Mainoo gives England a different profile of midfield player, manager Gareth Southgate said on Tuesday night as he weighs up his options for Euro 2024 after his side salvaged a late draw against Belgium at Wembley. Jude Bellingham struck in stoppage time to earn an impressive England a 2-2 draw with Belgium, after a Youri Tielemans double had threatened a smash-and-grab victory in an entertaining friendly. Manchester United’s Mainoo, 18, who made his debut as a substitute in England’s 1-0 defeat to Brazil on Saturday, impressed again in a midfield three with Bellingham and Arsenal’s Declan Rice with a performance that earned strong praise from his manager. “He gives us a different profile of midfield player to anything else we’ve got, and we’re really pleased with what he’s done,”…

Consumers will have to wait until later this year for lowering of rates LESETJA Kganyago, the recently reappointed South African Reserve Bank (SARB) governor, yesterday kept interest rates on ice, dashing hopes for consumers paying back loans who will have to wait until later this year for the Monetary Policy Committee (MPC) to lower rates. This means that the repo rate will remain at 8.25%, while the prime lending rate also stays at 11.75%. The governor said that inflation continues to be a problem in the country and around the globe, as well as unemployment rates. He said: “Since the start of the year, we have seen persistent global inflation pressures. Headline inflation rates are generally lower than they were a year ago, but underlying inflation is still elevated.…

FROM NAVIGATING complex regulatory landscapes to addressing stakeholder demands for greater transparency, and holding organisations to account for diversity and sustain- ability, the role of board members has never been more crucial. The benefits of effective governance that board members can bring to the table is truly transformative, both in terms of strengthening strategic planning and risk management, but even in accelerating growth through attracting investments. Likewise, individual board members can make invaluable contributions to organisations of all sizes and across all sectors. They can lend their experience and expertise in key areas such as finance, strategy, and organisational culture, and emphasise fundamental environmental, social, and governance concerns (ESG) throughout company operations. By doing so, board members can play a guiding role in enhancing triple bottom lines and developing the…

IT TOOK 80 days. But for the airline industry, enough was enough. A revolt by US airline bosses helped topple Boeing’s top leadership, including CEO Dave Calhoun this week, capping weeks of pressure after the freakish January 5 blowout of a door plug on an Alaska Airlines 737 Max 9 passenger jet, people familiar with the discussions said. With the company’s major US customers agitating for a boardroom meeting without Calhoun, Boeing’s board pre-empted their demands with a major upheaval. Now, after the shakeup that took out the CEO, chairperson and head of Boeing's commercial airplanes business, airlines face prolonged uncertainty over jet supplies and are calling for deeper changes – starting with picking a manufacturing heavyweight as CEO. “It wouldn’t surprise me that people said: ‘What exactly is the…

IF ANY TREND signals the next evolutionary stage of business in South Africa and around the world, it’s sustainability. Environmental, social, and governance (ESG) discussions have become ubiquitous, illustrated by the number of companies that are setting science-based carbon targets and pledging to reach net zero by 2050. Prioritising sustainability in South Africa is now a strategic necessity, at least from a local SME perspective. According to a survey by Retail Capital, small and medium enterprises (SME) respondents identified improved customer relations (41.6%), cost savings (37.8%), and improved brand reputation as benefits of incorporating sustainability into their operations. This trend applies to all sectors, and a fundamental part of it is taking responsibility for the entire value chain of products and services. That means working to achieve supply chain…

CEMENT manufacturer PPC faces contrasting fortunes in its home and regional markets, with its South African outlook remaining subdued against positive prospects from its debt free Zimbabwe operations, with earnings before interest, tax, depreciation and amortisation (Ebitda) improving to 13.6% in the 10 month period to the end of January. In January, PPC disposed of its 51% shareholding in the Rwandan Cimerwa business. The controlling stake was sold for $42.5 million (R804.5m) and the company is now awaiting approvals for the deal from the Common Market for Eastern and Southern Africa Competition Commission after paying $474 000 in capital gains tax to the Rwandan government. In South Africa as well as in Botswana, PPC said in a trading update yesterday, the outlook for the next few months remained less…

Have you ever gone into a store and bought something you don’t really need? This happens to many people and one ends up spending money unnecessarily. This is called impulse buying and the founder of the online community Overcoming Overspending, Paige Pritchard, explains why you do it. Pritchard took to TikTok to share her tips on how to keep impulse buying at bay. The content creator says that the reason for her video is to “de-influence you out of buying things you don’t need”. She says that underneath the desire for a new object is a deeper desire for an unmet emotional need. “So when you buy the product, you’re not actually buying the product. I mean, you are, but you’re not really buying the product for the product,” she…

Police in Mpumalanga have recovered the chopped-off hands of a man, 30, who narrowly escaped death when he was kidnapped and brutally attacked on Wednesday last week. The victim lost both his hands, viciously amputated by a group of six assailants. The man was walking on the road in Vosman, in the early hours of the morning, when he was abducted. At the time of the attack, Mpumalanga police said the assailants had taken both hands and fled the scene, leaving the victim writhing in excruciating pain and bleeding profusely. He was later rescued by security officers. In the latest update, Mdhluli has announced the victim’s hands have been found. “The discovery of the hands spiralled from a horrific incident on March 20, 2024, when the victim was attacked by…

The next time I’m asked to comment on the ferocious attacks by pro-Israel supporters on Minister Naledi Pandor, I’ll describe them as a “broadside”. Having read and heard a broad range of insults hurled at her, I’m convinced that the expression “broadside” best fits the attacks on her. These thoughts came to mind when the latest broadside by Karen Milner, the national chairperson of the South African Jewish Board of Deputies (SAJBD), was published in Politicsweb. Her fierce verbal attack on Pandor may assuage her band of noisy cheerleaders who applaud and endorse Israel’s genocidal war in occupied Gaza but does little to persuade anyone outside her circle. The fact that Milner’s broadside is linked to her public profile as an advocate for Israel and Zionism, raises serious concerns…

The DA has quashed speculation that City of Tshwane Mayor Cilliers Brink will be deployed to either Parliament or Gauteng legislature after the general elections on May 29. This was despite Brink getting the nod to represent the party as either MP or Gauteng MPL following the DA’s candidate selection process by its federal council chairperson Helen Zille. This week, Brink announced his decision to stay put at the helm of the municipality after the election to “finish what we started”. “Big announcement. I’m staying on as mayor of Tshwane. To finish what we started as a coalition: restore the finances, build energy independence and improve services. “In the face of cadres, tenderpreneurs, and everyone else who would prefer Joburg-like leadership in Tshwane,” Brink said on X. Brink, who resigned…

When Ford South Africa announced that the end of the line had come for the Fiesta, Figo and EcoSport, the impression it created was that if you didn’t want a Ranger, Everest, Tourneo van or Mustang, buyers would have to look elsewhere. The Silverton-based company needed a car to fill the void, which saw the arrival of the compact cross-over Puma albeit almost four years after its debut. Built in Hungary and based on the seventh-generation Fiesta underpinnings, the bug-eyed, three-cylinder offering has proven a popular choice in Europe, and I saw plenty of them in Barcelona and Paris last year. Locally it entered a cluttered segment, competing with the Volkswagen T-Roc, Hyundai Kona and probably the Opel Mokka as well. To date it hasn’t exactly topped the sales charts…

South Africa is bakkie country and it makes sense that any global commercial vehicle brand worth its salt would look for a slice of the action in our market. Now there’s an all-new player entering the fray and it goes by the name of LDV. Its products hail from China but the brand does have a British back story, evolving from the UK’s Leyland DAF Vehicles, but abbreviated to LDV in modern times under the ownership of SAIC. This Chinese automotive giant also owns the MG brand, following the bankruptcy of MG Rover in 2005, and there are also rumours of that brand returning to South Africa. If it looks a little familiar, your eyes are not deceiving you, as it is essentially an internal combustion version of the Maxus…

Desiree Ellis’ heart is warm amid the availability of most of her experienced players for Banyana Banyana’s Olympic qualifiers against Nigeria. Banyana are two games away from being one of the two teams, alongside either Zambia or Morocco, that will represent Africa in the 2024 Paris Olympics. And after the first three rounds of the qualifiers – against the DR Congo, Burkina Faso and Tanzania – Banyana’s ultimate test couldn’t be more difficult. South Africa will face sworn rivals Nigeria in Abuja on April 5 (6pm kick-off, SA time), before welcoming them to Loftus Versfeld in Pretoria four days later. Banyana and the Super Falcons have forged an intense rivalry over the years, with the two teams competing for most of the continent’s top prizes. Banyana have been reigning supreme…

Mduduzi Mdantsane is grateful to be back in the Kaizer Chiefs fold after using his time on the sidelines to work on his mistakes and improve. The Soweto derby is regarded as the biggest sporting spectacle in the land, thanks to its magnitude and potential of making or breaking a player’s career. So, as Chiefs and Orlando Pirates renewed their rivalry before the Fifa break, not only were three points on the line, but also defining moments for some of the players. Pirates walked away with all three points after winning 3-2, but Mdantsane’s career got a much-needed boost after being coach Cavin Johnson’s trump card. It had been four months since Mdantsane made his last appearance for the team before starting for the Glamour Boys in the derby. And…