Índex per 2024-05-24 a Star

PETMIN-owned Tendele Coal Mining’s bid to resume and expand mining at its majority-controlled Somkhele coal mine in KwaZulu-Natal has sparked controversy with surrounding communities again. Community and environmental groups around the Somkhele mine are complaining about the company’s disregard for due process in the compilation of data for an environmental impact assessment (EIA), as well as in the relocation and resettling of displaced villagers. Somkhele, ultimately controlled by Petmin which de-listed from the JSE in 2017, is South Africa’s biggest mine for metallurgical anthracite, with capacity to produce 1.2 million tons of hard coal. The mine, which had depleted its life of mine, stopped operations in 2022. The resumption of operations hinged on an expansion project which, however, was opposed by communities around the mine, sparking off litigation actions…

PRICEWaterhouseCoopers (PwC) South Africa has called for sustain- able solutions to adequately feed the South African population following evidence that households were buying less food as their spending power declines alongside elevated inflation. In its fifth South Africa Economic Outlook report for 2024, PwC said failure to find solutions around food security could be problematic as the population is expected to grow by another four million people by the year 2030. PwC South Africa chief economist, Lullu Krugel, said South Africans were buying less food, because of pressure on household finances. “As a society, we need to make better use of our resources to ensure that food production is increased and that improved nutrition is available to more people at affordable prices,” Krugel said. “This requires agricultural players to produce…

MANY YEARS ago I thought Rwanda was mad to go ahead with a census of civil registration, and I will explain why. However, in retrospect, it showed great vision, and there are lessons South Africa can take from Rwanda as it gears up to work towards implementing National Health Insurance (NHI). It is akin to a tale of two twins separated at birth. To put it in perspective, Statistics South Africa played a significant role in the making of the Institute of Statistics of Rwanda, and we enjoyed a mutually beneficial relationship. Twelve years after the bloody geno- cide that ripped through Rwanda, Rwanda hosted South Africa and other nations on the derivation of indicators of fragility. We then flanked out into the Civil Registration and Vital Statistics (CRVS) as…

REVENUE momentum at higher-end lender Investec would likely continue into the 2025 financial year, underpinned by book growth, stronger client activity levels and success in client acquisition strategies, partly offset by interest rate cuts, CEO Fani Titi said yesterday. Speaking at the release of results for the year to March 31, he said the bank’s management anticipates the return on equity (ROE) to be 14% in the new financial year, with the southern Africa business expected to report an ROE of 18.5%, while the UK & Other operations return on tangible equity (Rote) was expected to be 14%. The forecast group ROE is slightly lower than the 14.6% achieved in 2024, above 13.7% in 2023 and in the midpoint of the group’s 12% to 16% target range. He said costs…

JSE-LISTED Tsogo Sun will be re-evalu- ating some of its business units after it delivered less than sterling results in the year to March following headwinds which have burdened the local economy for the past two years. The country’s largest hospitality group, 49.5% owned by Hosken Consolidated Investments, said yesterday that it was hampered by load shedding and a lack of disposable income among South African consumers. However, it said that “good progress” was being made in its solar panel installation, which will continue throughout the 2025 financial year. Tsogo Sun’s income rose 2% to R11.5 billion, although it noted that “the cost of diesel and the adverse effect on income due to load shedding continued to negatively impact the group’s results.” It reported adjusted earnings before interest,…

THE City of Joburg has outlined a recovery plan to resume refuse removal services. Parts of Joburg are beset with uncollected waste, following ongoing protests by Pikitup part-time workers who are demanding permanent jobs. Yesterday, during a media briefing at Pikitup head offices in Braamfontein, city manager Floyd Brink lamented that the strike was disrupting essential waste services. Protesters allege that Pikitup does not hire workers on merit. They claim that nepotism and corruption are rife within the company. Brink denied the claims, saying 300 job posts were advertised last year and an independent recruitment agency was responsible for the process. He said an independent investigator would spearhead investigations and a report was expected in the coming weeks. “Organised labour was notified to attend as observers during the…

THE good news for shoppers commuting to Menlyn Park Shopping Centre in taxis is that they will no longer be dropped off on the streets and left exposed to harsh weather conditions in the event of heavy rains. Instead, they will be dropped off at the entrance of the new taxi rank located inside the mall, where they will also board taxis to transport them back home. This was shared by the mall general manager, Nisha Kemraj, who spoke to Pretoria News during the official opening of the Menlyn Park Shopping Centre taxi rank yesterday. She said 60% of shoppers commute to the mall on a daily basis and a large component of them are staff coming from the surrounding areas. She said customers won’t have to alight on the…

There shouldn’t be any lack of service delivery or support when Kaizer Chiefs land in the Mother City ahead of their must-win DStv Premiership clash against Cape Town Spurs tomorrow (3pm kick-off). And as such, coach Cavin Johnson expects the club’s 12th man to come out in full force to rally behind the team at the Cape Town Stadium. This is the final game of the season that Chiefs need to win at all costs if they are to finish in the top eight and play in the MTN8 next season, after another disastrous campaign. “The reignition (between the team and the fans) will happen in due course,” Johnson said. “It’s been three games now since we won a game. And that’s what our people want: They want us to…

SuperSport United attacker Gamphani Lungu expects a tough visit to Orlando Pirates tomorrow (3pm kick-off), given that the two teams are chasing respective targets. SuperSport will make the short trip from Tshwane to Orlando hoping to come away with all three points from their DStv Premiership showdown. That win could see them finish fourth on the log – provided that TS Galaxy drop points away to Polokwane City – and possibly qualify for the CAF Confederation Cup next season. This follows reports that the league’s fourth-placed team will play in the competition with the third-placed side because Nedbank Cup finalists Pirates and Sundowns are guaranteed a top-three finish on the log. Should that be the case, SuperSport will be making their return to the competition after crashing out in the…

US TREASURY Secretary Janet Yellen said yesterday she was concerned by a threat from Israel to cut off Palestinian banks from their Israeli correspondent banks, a move that would close a critical lifeline for the Palestinian economy. Yellen told a news conference ahead of a G7 finance ministers meeting beginning on Friday that the US and its partners “need to do everything possible to increase humanitarian assistance to Palestinians in Gaza, to curtail violence in the West Bank, and to stabilise the West Bank’s economy.” She said she would bring up the issue at the meeting of the Group of seven industrial democracies in the lakeside resort town of Stresa in northern Italy. “I expect other countries to express concern about the impact of such a decision on the…

FINANCIAL markets in South Africa retreated yesterday after the US Federal Reserve (Fed) remained hawkish about tapering monetary policy as inflation in the world’s largest economy was forecast to remain stubborn above the target range for longer. The JSE all share index was 0.6% lower at 79 024 index points while the rand plunged by 1% to R18.45 against the US dollar by 5pm yesterday on the back of the strengthening greenback. The JSE and the rand also weakened as the US economy showed resilience as the S&P Global Purchasing Managers’ Index (PMI) smashed expectations and pointed to robust economic growth in the US private sector activity and a fresh acceleration in inflationary pressures in May. However, it was the Federal Open Market Committee (FOMC) minutes that had driven…

RAND MERCHANT Bank (RMB) yesterday said Vivo Energy’s acquisition of Engen South Africa’s operations aligned seamlessly with the combined businesses’ strategic vision and would solidify its position as a key player in the African energy market. RMB said the combination of Engen and Vivo Energy invited enhanced distribution capabilities, resulting in value creation not only for shareholders but for employees, customers and the communities served by Engen. RMB’s co-head of corporate finance, Krishna Nagar, said the deal strategically positioned Vivo Energy and Engen to harness synergies across their businesses, capitalise on regional growth opportunities, and enhance overall market presence. Nagar said the acquisition significantly expanded Vivo Energy’s footprint into southern Africa, providing it access to new markets and reinforcing its commitment to serving diverse communities across the African continent. “We…

When engaging with tax professionals in their grey-suited demeanour, one encounters brilliance mixed with intimidation. Your tax knowledge, however sophisticated, might pale compared to theirs. Despite their enigmatic aura, you might feel drawn to the professionals, recognising their expertise as indispensable. But let’s strip away the literary references and dive into the reality of taxation. Two distinct approaches exist: the “Vanilla” and the “Flavoured”. Consider Ms B, a salaried employee. Her tax affairs are akin to vanilla ice cream – comfortable, familiar and, seemingly, safe. Her income and deductions are straightforward, leaving little room for creative structuring. On the other hand, there’s Mrs Jones, a trader hungry for financial optimisation. She seeks to add flavour to her economic life and craves more from her financial endeavours. Her financial transactions and…

STRONGER demand and elevated prices of chrome, boosted by rising exports to China, as well as increased global production of stainless steel helped Tharisa avert heavy blows from the plunge in platinum group metals (PGM) prices. The low PGM prices are forcing larger operators to scale down production, curtail capital and shut down some shafts. Tharisa has also had to delay its Zimbabwean Karo platinum production. Nonetheless, the company has been receiving an uplift from chrome, whose prices have been inching up, on the back of stronger demand from China and global steel manufacturing. “Continued real demand for chrome concentrates from China, necessary to maintain its stainless steel appetite, and the rich mineral endowment in South Africa continues to support the demand from South Africa,” Tharisa said yesterday. It added…

SOUTH African households have become more dependent on the government’s social assistance as social grants remain the main source of income for almost one-quarter of households nationally on the back of stagnant economic growth and widespread unemployment. This was revealed by Statistics SA (Stats SA) during the release of the General Household Survey 2023 yesterday. StatsSA said social grants remained crucial for household survival, especially in the poorest provinces. It said the proportion of households and individuals benefiting from social grants increased from 12.8% in 2003 to 30.9% in 2019, and surged to 39.4% in 2023 due to the introduction of the Social Relief of Distress (SRD) grant. Statistician-General Risenga Maluleke said households that considered social grants their main source of income increased sharply in 2020, mainly due to the…

Sizzlers – The Hate Crime That Tore Sea Point Apart Nicole Engelbrecht Loot (R235) Melinda Ferguson Books Adam Woest admitted that he had a deep desire to kill long before he took nine lives at Sizzlers. Twenty-one years ago, nine young men were lost to the world, and the life of the 10th was forever changed. In January 2003, a day after celebrating my 25th birthday, Cape Town woke up to the news of a heinous crime that took place in Sea Point. For the families of the slain victims, January 20, 2003, will forever be a day of trauma and disbelief. One family, who did not want to attend the trial, decided to meet with their son’s killers in the hope of getting answers and closure. Leigh Visser was…

THE excitement is building as the countdown begins for the return of the country’s most anticipated annual horse racing event. Organisers of the renowned lifestyle BOOMTOWN experience together with iconic partner Johnnie Walker Blonde, is thrilled to announce the official opening of ticket sales. BOOMTOWN, synonymous with unparalleled hospitality, is set to deliver yet another unforgettable experience. Renowned for its world-class sound, spectacular lighting, and electrifying live performances from the hottest artists in the country, this year promises to surpass all expectations! Scheduled to take place at home of the Durban July, the Greyville Racecourse on July 6, BOOMTOWN will once again play host to a dazzling array of South Africa’s biggest names in entertainment, sport and business. Year after year, this event has solidified its reputation as the pinnacle…

A bad week for Springbok coach Rassie Erasmus just got worse with the news that No 8 Jasper Wiese will miss the first six Test matches of 2024 because of suspension. Earlier this week, Erasmus learned that fullback Damian Willemse will miss a similar period of international rugby because of a finger injury that requires surgery. Two weeks ago, the Bok coach watched midfielder Lukhanyo Am crock his shoulder playing for the Sharks, and he will miss at least the two matches against visiting Ireland in the first half of July. On the injury list for some time are another No 8 in Kwagga Smith, loosehead prop Steven Kitshoff, hooker Malcolm Marx, flank Deon Fourie and two scrumhalves in Faf de Klerk and Jaden Hendrikse. Wiese was the natural successor…

Lucas Radebe says Bafana Bafana are ready to go to the 2026 Fifa World Cup. Radebe, a former Bafana Bafana captain who was part of the only South African team to win the Africa Cup of Nations, was hugely impressed by coach Hugo Broos and his unfancied Bafana team at the Afcon in Ivory Coast earlier this year. Against all expectations, Bafana finished as bronze medal winners. Radebe said no one had foreseen that the team would reach the semi-finals. “It is great that Bafana Bafana did well, and for me, that was fantastic,” said Radebe. “At Afcon, I have seen a lot of improvement in Bafana Bafana’s performance. For me, it was amazing. “I think not everybody thought they would reach that level, but I saw the level of…

Stellenbosch FC will show relegation-threatened Richards Bay no mercy in their DStv Premiership clash tomorrow (3pm kick-off) in their efforts to establish themselves as a powerhouse in local football. There is so much riding for both teams on the clash at the King Goodwill Zwelithini Stadium in Umlazi, a township south-west of Durban. For hosts Richards Bay, it is a matter of survival in the Premiership. They are in 15th place in the 16-team league and seem certain to contest the promotion-relegation play-offs unless a miracle saves them. Even if they defeat Stellenbosch, their fate will be decided by the outcome of the Moroka Swallows-Royal AM match. If Royal AM win or draw, Richards Bay will have to survive the play-offs to remain in the top-flight. Richards Bay must win…

A sight that should settle the nerves of Sharks fans at 9pm (SA time) tomorrow will be mighty Eben Etzebeth leading the Durban side out onto the Tottenham Hotspur Stadium pitch for the Challenge Cup final against Gloucester. Etzebeth was the only Springbok to make the World Rugby Dream Team after the last World Cup, and has been the SA Rugby Player of the Year for two years. Coach John Plumtree knows that by giving the living legend the captain’s armband, the 14 other Sharks will follow him into battle. Etzebeth takes over the captaincy from the injured Lukhanyo Am, and he and Gerbrandt Grobler are in a second row behind World Cup winners Vincent Koch, Bongi Mbonambi and Ox Nche. Plumtree said from London yesterday that as the week…

IN THIS WEEK’S Personal Finance Saturday Page, we look at how the Pension Funds Adjudicator can help with unpaid pension contributions. Muvhango Lukhaimane, the Pension Funds Adjudicator, has recourse and can order employers to pay benefits that are due, and this order can be executed by a sheriff of the court. On investing offshore, we answer whether investors should wait for the rand to strengthen before taking their money offshore. We also look at the world of crypto- currency, and why there are fewer bitcoin billionaires than you think. South African learning institutions have been plagued with corruption for years. In this week’s edition, we look at how corruption at these learning institutions is much worse than anyone anticipated. If you have any questions on investment, tax, and insurance,…

LONDON Stock Exchange-listed Petra Diamonds is the world’s largest producer of rough diamonds by value and is focused on the highest margin section of the diamond pipeline. With South African miners susceptible to production disruptions from rotational power cuts by Eskom, Petra Diamonds has turned to independent renewable energy suppliers while also helping to curb emissions from operations. The company announced yesterday that it had entered into long-term Power Purchase Agreements (PPAs) for the procurement of wheeled renewable energy for its Cullinan and Finsch diamond mines with Etana Energy, a licensed South African energy trader. Petra Diamond CEO, Richard Duffy, said the agreements signed by the company will see Etana supplying each of Petra Diamonds’ two mines in South Africa with up to 72% of the expected load requirement from…

THE NEWLY formed Multi-modal Inland Port Association (Mipa), set up by businesses in the logistics sector to fast-track rail reforms and efficiency, is pushing the establishment of freight villages in strategic areas of the rail network in efforts to win back the 85% market share that road logistics has over the rail sector. Mipa is envisaging different models of product-specific freight villages to act as a midpoint between the point of origin of goods and ports. It said yesterday that these freight villages would have the capacity to process a variety of products, including a range of fruit, range of containers, range of dry bulk, range for processed foods, and range for fuel. This comes on the back of South Africa’s rail volumes plummeting to 15-year lows. The SA Reserve…

IN THE early 1970s a hamburger and chips at a well-known steakhouse chain cost about 30c. That same meal today will set you back more than R100. In 50 years, the price of a hamburger and chips has increased by more than 33 000%. That’s what inflation does to your spending power over long periods. Former US president Ronald Reagan said: “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman.” At the time he said it, in the 1980s, the US was emerging from a decade or so of high inflation, when it peaked at about 15%. South Africa, on the other hand, was just entering a high-inflation period – in the mid-1980s it peaked at about 22%. Under…

BID CORPORATION traded well in the 10 months to April 2023, with much lower food inflation and real, constant currency growth continuing from the first half, directors of the international food services group said yesterday. Bidcorp’s estimated weighted average food inflation of about 2.6% to April 2024 had declined significantly from 15.2% a year ago. Currency volatility impacted rand-translated results, with year-to-date (ytd) movements to the end of April 2024 having a 9% positive impact on rand numbers, the group said in an update yesterday. Australia and New Zealand delivered strong trading results despite weaker economic conditions, particularly in New Zealand. Sales in home currencies in Australia were up 4,6% ytd and New Zealand up 10.4% ytd, excluding two big contracts exited in October 2022. Europe operations continued to perform…

The arrival of a new season of Bridgerton comes with fresh characters and intimate scenes, but many viewers are unaware of how these scenes are meticulously crafted. Jonathan Bailey, who portrays Anthony Bridgerton, shared insights about the techniques and tools used to safely create the show’s sex scenes. “There are new tricks to the trade – little cushions – and it’s amazing what you can do with a half-inflated netball,” Bailey revealed. Nicola Coughlan, the lead for season three, who plays Penelope Featherington, said she worked closely with Bridgerton’s intimacy co-ordinator, Lizzy Talbot. “There’s one scene where I’m very naked on camera, and that was my idea, my choice. It was amazingly empowering,” she stated. Talbot, the founder of Intimacy for Stage and Screen, ensures the safe and respectful…

Rise Mzansi Youth and Student Chapters convenor, Lawrence Manaka, has lashed out at the ANC Youth League for marching against crime in Gauteng, when the governing party is the epitome of corruption and thrives in lawlessness leadership. On Wednesday, the ANCYL led an anti-crime march at Giant Stadium in Soshanguve, Pretoria. This follows the murder of 5-year-old Ditebogo Phalane, shot during a hijacking. The march was led by senior ANCYL officials, including national chairperson Wesley Kgang. “On top of the good work the ANC has done, the issue of crime is taking us backwards because women and children are not safe in their own homes,” Kgang said. “We are saying the police minister must pull up his socks and work hard, because a lot of resources have been invested for…

The City of Tshwane’s health services in Region 4 hosted the Paws for Wellness Education campaign at Olievenhoutbosch Primary School. The purpose of this annual awareness campaign was to educate those in attendance about the by-laws for keeping animals. The Pit Bull Federation of South Africa, Soshanguve Animal Shelter and Edu-Centre, Tshwane SPCA, Chris Pets Carcass Removals and Community Orientated Substance Use Programme also attended the campaign. MMC for Health Rina Marx said the by-laws ensure that health hazards related to the keeping of animals are proactively prevented. “A need was identified to make the public aware of existing regulations and legislation on the keeping of domesticated animals, and the correct channels to report irresponsible ownership, abuse and neglect,” she said. Marx said she was encouraged by the enthusiasm of…

Just one match stands between Rulani Mokwena and football immortality. At the tender age of 37, the Mamelodi Sundowns coach is on the verge of achieving something so great it will probably see him eclipse the members of his revered football family in stature. A descendant of the famous Sono family – which includes South African football legends such as the late Eric “Scara” Sono and his sons Ephraim “Jomo” Sono and Julius “KK” Sono – Mokwena need only lead the Brazilians to avoiding defeat to Cape Town City tomorrow at Loftus Versfeld (3pm kick-off) to become a football IMMORTAL. That result will see Sundowns become the first club in the history of South African football to go through a full league season unbeaten. It is an unthinkable feat, one…

Ademola Lookman was Atalanta’s hat-trick hero on the club’s greatest night in Dublin as German champions Bayer Leverkusen were vanquished 3-0 in the Europa League final on Wednesday night. Leverkusen arrived in the Irish capital unbeaten in 51 games this season and on course for a remarkable treble. But it was Atalanta’s rise under Gian Piero Gasperini that finally found its ultimate reward. Lookman may be an unlikely figure to score the first hat-trick in a European final since 1975. However, the Nigerian is a prime example of the savvy recruitment and excellent coaching from Gasperini that has allowed a provincial club to step out from the shadow of nearby giants AC and Inter Milan. Born in England and a product of the Charlton Athletic youth academy, Lookman’s first big…

Twenty-five years ago, Manchester United were winning a historic treble, while Manchester City were just about clawing their way out of English football’s third tier. Tomorrow in the FA Cup final at Wembley, City will be looking to follow up their own treble last season with a double to underline just how far the pendulum has swung. For the second season in succession, United stand in the way of City and another landmark triumph. Only eight clubs in English history have won the English league title and FA Cup in the same season – United managing it three times during their pomp. But no club has achieved the feat in successive seasons, so City, who sealed an unprecedented fourth Premier League title in a row last weekend, have the opportunity…