Índex per 2024-10-01 a Star

THE SPAR GROUP is achieving growth in key segments while a two-year plan to reshape its balance sheet is on track, the grocery franchise store chain said yesterday. The Spar Group said in a trading update that for the 47 weeks to August 23, they had seen a “welcome upturn in Build it sales in the last month, as the two-pot retirement withdrawal system started kicking in and interest rates start trending down”. “While customers seem to slowly be enjoying more disposable income, we continue to focus on delivering everyday value and low prices for our shoppers,” said Spar Group CEO Angelo Swartz. He said the sale of its Polish division was well under way and awaiting regulatory approval. The group also reported positive progress on its IT…

Old Mutual Group Chief Economist Johann Els sees rand breaking R16/$ The RAND AND the JSE’s all share index were on a hot streak yesterday, continuing to break records on the back of the new administration, falling inflation, lower interest rates, and wiping out the losses the market saw during the global Covid-19 pandemic. The all share index is up around 50% over the past five years, but was 0.8% weaker to 86 921 index points by 4pm yesterday. Meanwhile, the local currency also strengthened to R17.05 against the greenback early yesterday morning, before shedding gains to R17.22/$1 by 4pm. Unlike some recent rallies, the JSE’s gains were not being exclusively driven stronger by miners, which were on the back foot during morning trade, but rather an assortment of…

The AGRICULTURAL Business Chamber of SA (Agbiz) yesterday said indications were that the winter crop is in reasonably good condition in some regions of South Africa, although the start of the season was challenging. Wandile Sihlobo, chief economist at Agbiz, said the Crop Estimates Committee (CEC) lifted South Africa’s 2024 to 2025 winter crop by 2% from August to 2.72 million tons. “This placed the projected harvest only negligibly (ie 0.04%) less than the previous season. This winter crop encompasses wheat, barley, canola, oats and sweet lupines. The upward revisions in the CEC’s latest projections were mainly on wheat, canola and sweet lupines,” Sihlobo said. Agbiz said much of this positive activity is in the Western Cape, a major province in the production of winter crops. “For example,…

FORTNITE-maker Epic Games is suing tech giants Google and Samsung, it announced yesterday, accusing them of illegally colluding to block competition on Samsung devices. CEO Tim Sweeney said his company would file a claim in a US federal court in California, the same jurisdiction where the company won a years-long legal battle with Google in 2023. He said he would take the fight to authorities in Europe and Asia if necessary, amid his long-running battle to force Apple and Google to open up their smartphone to other app stores. “This is a major global fight, which is ultimately for the right of consumers to get all the benefits of competition and choose freely who they want to do business with,” Sweeney told reporters. The latest lawsuit focuses on Samsung’s Auto…

PPC GROUP’s cement sales volumes fell 4.6% in South Africa and Botswana for the four months to end July, but an average 5.5% increase in selling prices resulted in revenue rising by 1.6%, the group said in an operational update yesterday. PPC’s directors said although interest rates had begun to decline and local sentiment was improving, there was still no clear evidence of large-scale infrastructure or retail developments. As a result, the overall outlook for the SA and Botswana group remained “subdued.” PPC would continue to focus on the turnaround of its cement businesses to improve profitability and cash generation. In the four month period the vari- able cost per ton was almost flat, but fixed costs increased by more than inflation and earnings before interest, tax, depreciation and amortisation…

NETCARE said yesterday it was encour- aged by the improvement in its financial performance as the full-year to September 30 results normalised from the seasonal inconsistencies of the first-half results. The private hospital group said in a trading statement the improvement was suppor- ted by sustained activity growth through the second half. The group said it was on track to meet the full-year guidance and strategic project goals published in the first-half results. Total paid patient days (PPD) for the year were expected to grow by 0.3% against 2023. Revenue for both the group and the hospital and emergency services segment was expected to grow by 5.5% to 6.5%. The business remained focused on cost efficiencies and continued to benefit from operating leverage. Norma- lised group earnings before interest, tax,…

Tributes continue to pour in for kwaito star Siphiwe "General GTZ" Sibisi, who died after a major operation at the age of 48, on Sunday. Sibisi was the last surviving member of Chiskop, a group comprising the late Mduduzi ''Mandoza” Tshabalala, Sibusiso "SB-Bless" Thanjekwayo and Sizwe "Lollipop" Motaung. They shot to fame in the late 1980s and became renowned for hit songs such as Abasazi and Abantwana. Tshabalala and Motaung died in 2003 and Mandoza died in 2016. Sibisi’s family announced his death in a statement. “The family of Siphiwe ‘General GTZ’ Sibisi announces with deep sadness our great loss suffered through the passing of our dear one, after hospitalisation where he underwent major surgery.” “We wish to thank all those who loved and supported him during all his years…

Gauteng MEC for finance Lebogang Maile has revealed that in spite of financial challenges facing the province, Gauteng will never go bankrupt. Yesterday, Maile confirmed that as promised last Thursday, the province had paid its first instalment of R3.8 billion towards the e-toll debt which was scrapped following a government proclamation in April that authorised the scrapping of the e-tolls in the province. He said that the obligation to service the e-toll debt had necessitated the implementation of reforms such as cutting down on expenditure and a host of other interventions. “Today, the Gauteng provincial government is starting the process to service the historical debt of R12.9bn in five equal annual instalments at government five-year interest rate. “The first instalment that we are paying today amounts to R3.8bn, consisting of…

Reports of residential apartments occupied by families going up in flames have been common of late, with tragic losses of life in some of the incidents. Injuries and major losses of properties and goods have also been widely reported. In most instances, the occupants of the apartments were tenants who often struggled to get answers from landlords after an inferno. Last Wednesday, IOL reported that the body of a woman was found and extracted from Broadwalk Urban Village in Midrand, which was gutted by a massive fire on Heritage Day. In an update at the time, Xolile Khumalo, spokesperson for the City of Joburg’s emergency management services (EMS), said her lifeless body was covered by rubble inside the doomed residential complex, which used to be an office park. The inferno…

With the recent ousting of Tshwane Mayor Cilliers Brink in a dramatic vote of no confidence, acting Mayor Dr Nasiphi Moya has stepped in to reassure residents that essential services will not falter during this transitional period. This declaration comes as the ANC’s no-confidence motion, passed at last week’s council meeting, left Tshwane without a mayoral executive. However, Moya, who is currently holding the fort, stressed that service delivery will not only continue but also be prioritised until a new mayor was elected within the next 14 days. During a visit to Soshanguve, Moya, accompanied by City officials from waste management, horticulture, and the Expanded Public Works Programme (EPWP), underscored her commitment to maintaining the city’s operations. “Residents will not suffer in the absence of a mayoral executive. There will…

A COMMUNITY panel discussion over the weekend focused on gender-based violence affecting marginalised and migrant communities. The interactive dialogue, which included shared personal accounts from survivors, was hosted by Africa Unite’s migrant women’s programme, Tusimame Wanawake, at its office in Spin Street in the CBD on Saturday. Organisations present included Village of Hope, Nyanga Men Empowerment, Kwesu, and iThemba Walkway. Tusimame Wanawake (“Stand Up Women” in Swahili) co-ordinator, Tolulola George, said migrant communities were marginalised as they faced secondary victimisation, or were afraid to report an offence to police or law enforcement due to lack of documentation and fear of deportation, or not being believed by the authorities. “Many of the African migrant communities also have a culture of silence because we are bound by our cultural beliefs, we are…

The Springboks dominated the Rugby Championship and were it not for a defensive implosion in Argentina, they could have achieved a rare Grand Slam of wins in the southern hemisphere competition. After claiming the trophy spectacularly this past Saturday in the season finale against Los Pumas in Mbombela, the world champions underlined their dominance over their Sanzaar counterparts in the new era of coach Rassie Erasmus. Here, Independent Newspapers looks at how the teams fared. The Springboks (P6 W5 L1 Pts24 PD97) Standout player: Ox Nche (prop) Were it not for that late missed penalty goal against Argentina in Santiago del Estero, the wins column would have read six from six. But even Bok coach Rassie Erasmus said it should not have come down to one kick. Despite that,…

After claiming the Rugby Championship spectacularly this past weekend, there won’t be any real rest for the Springbok coaches, who shift their attention to the URC to keep a keen eye on the Boks' fringe players. While head coach Rassie Erasmus alluded to the fact that some of the players planned to take a well-deserved holiday in Mauritius, he and his coaches will take stock and start plotting for the world champions’ trip to the UK next month. The Springboks will take on Scotland (November 10), England (November 16) and Wales (November 23) in their final three Tests of 2024. It’s been a season that has brought convincing wins over most of their opponents and only two losses by a single point against Ireland and Argentina. Apart from claiming the…

THE SIGNIFICANT decrease in fuel prices for October will provide real relief for financially constrained South African consumers. This comes as the Minister of Mineral and Petroleum Resources, Gwede Mantashe, announced yesterday the adjustment of fuel prices based on current local and international factors, such as lower global oil prices and the stronger rand exchange rate, with effect from Wednesday. The department said petrol 93 (ULP & LRP) would decrease by R1.06 and petrol 95 (ULP & LRP) by R1.14 per litre. Henry van der Merwe, chairperson of the South African Petroleum Retailers Association – a member of the Retail Motor Industry Organisation – said yesterday that the fuel price cut was a highly positive development for the economy, especially in these challenging times as we approach the last quarter…

IN THE PREVIOUS edition of Coffee Table Economics, dated September 18, we discussed how, according to the latest data from the Institute of International Finance (IIF), global debt reached a new record in 1Q24, adding $1.3 trillion in just three months to a total of $315trln. While rising global debt has risks, it can play a critical role in economic development and crisis recovery when managed carefully and used for growth-enhancing purposes. As such, debt plays a crucial role in shaping the economic landscapes of both DMs and EMs, but the dynamics of how it operates in these two spheres differ significantly. This divergence stems from differences in economic maturity, risk profiles, and institutional frameworks. These variations are evident across multiple sectors, including sovereign debt, corporate debt, the financial…

IN THE LUSH, impenetrable depths of the Congo Basin, forest elephants have been silently shaping their ecosystem for centuries. These gentle giants, as National Geographic’s Secrets of the Elephants series reveals, are the unsung gardeners of the rainforest. Their ancient pathways, carved through generations of foraging, have become superhighways for unparalleled seed dispersal, fostering biodiversity and creating one of the world’s most effective carbon capture zones. As I reflect on this natural marvel, a testament to the intricate and purposeful design of our world, I can’t help but draw parallels to the digital transformation journey unfolding across Africa. Like those elephant-engineered pathways, our digital initiatives have the potential to reshape our socio-economic landscape profoundly. But are we approaching this transformation with the same patience, intelligently-bestowed wisdom and symbiotic relationship with…

MARK ZUCKERBERG changed our world with social media. Last week he launched something that could change it with eyewear. For about a decade, Meta has been working on an audacious project: AR glasses stylish enough to pass as regular eyewear, and yet so powerful that they could one day replace the smartphone. At last week’s Meta developer conference, the company showed off Orion: an AR glasses prototype that comes closer to this vision than any other device in its category. Zuckerberg, Meta’s CEO, declared that they are “the most advanced glasses in the world.” Meta has spent tens of billions of dollars on its AR hardware plans, and the company is not alone in its pursuit of wearable computing. Google, Apple, Samsung, and others all are working on AR…

Jeremy Loops has included the personal hardships over the past few years in his new album. The South African singer and songwriter admitted that it was challenging to put it together but he is thrilled with the outcome and excited for his fans to hear it. “Making this album has been some of the most cherished moments of my life,” he said. “It’s been some of the hardest songwriting I’ve ever done and some of the easiest song-writing I have ever done at the same time. It represents a shift for me, because of some of the things I’ve gone through in the past four years. “There are some weightier songs on this album and some things that will go on to mean a lot to others who have also…

ANC Gauteng chairperson Panyaza Lesufi and DA federal council chairperson Helen Zille are at odds over the removal of Cilliers Brink as mayor of Tshwane. Lesufi told Zille to get off her high horse and heal. On Thursday last week, a vote of no confidence resulted in Brink’s removal. This came about as a result of 87 council members voting against the resolution and 120 supporting it. One council member did not vote. Since then, Zille has given the ANC a deadline by which the party should either bring Cilliers back or the DA would not hold negotiations in other metro areas. The DA announced that when the council convenes to choose the next mayor, Brink will run for office once more. “The DA will not abandon the residents…

The Chinese embassy in Pretoria celebrated the 75th anniversary of the founding of the People’s Republic on October 1, 1949, with a gala event on Thursday attended by more than 500 representatives from the South African government, business sector and media. Ambassador Wu Peng gave the keynote address and Minister of Human Settlements Mmamoloko Kubayi responded on behalf of the South African government. Wu highlighted how far China had progressed in the past 75 years, lifting more than a billion people out of poverty into a state of shared prosperity. “In 1949, China’s per capita national income was only 27 US dollars. Our economic output was less than 5% of the world’s total. In 2023, China’s per capita national income reached 13 000 US dollars and our economic output…

Kaizer Chiefs FC successfully regained their Engen Champ of Champs title on Sunday after they emerged victorious against Stellenbosch FC at the Marks Park Stadium in Johannesburg. Amakhosi, who lifted the title two years ago had to dig deep, having to contend with a highly spirited Stellies side who held them for most parts of the match before a late strike by the newly crowned champions in the closing minutes successfully handed Amakhosi their title. Gauteng was the big winners of the Engen Champ of Champs as Mamelodi Sundowns Ladies also lifted the Engen Champ of Champs title in the Girls division. Sundowns were up against KZN champions, Durban Ladies, in a highly contested encounter that concluded with the club from the nation’s capital claiming the victory, a result that…

The Orlando Pirates technical team have an anxious wait ahead of them this week with two of the club’s stars at risk of missing the MTN8 final. The Buccaneers are targeting a third MTN8 title in a row as they take on in-form side Stellenbosch at the Moses Mabhida Stadium on Saturday. The Sea Robbers visited Durban for a league encounter against Richards Bay on Sunday. Despite their dramatic win off the boot of Kabelo Dlamini, it was the absence of two men that grabbed the attention on the day. The in-form duo of Olisah Ndah and Monnapule Saleng were deemed not fit enough to make the trip to Durban and are also at risk of missing the blockbuster at the weekend. The two players were pulled off against Polokwane…

The Lions and Bulls have the perfect opportunity to back up their opening wins from the weekend, but the Sharks and Stormers must find some answers to their overseas woes in the United Rugby Championship (URC). While the Lions didn't play their best rugby against Ulster at Ellis Park, there is another chance for them to gain some valuable momentum if they can topple their Scottish opponents Edinburgh in Johannesburg on Saturday. Head coach Ivan van Rooyen will probably look at some continuity in selection for their last home game with most players not setting a foot wrong in the victory, although they would feel they left some points out on the field that could've been converted. Edinburgh will also provide a very different challenge to what Ulster did. The…

Nearly 200 local and international T20 cricketers will go under the hammer at the SA20 season 3 player auction taking place in Cape Town today. Fourteen countries are represented across the field, with 115 South African and 73 overseas players making up the main auction. West Indies fast-bowling phenomenon Shamar Joseph tops the list along with his Windies teammate, Matthew Forde. Joseph shot to prominence earlier this year when he delivered a spectacular seven-wicket haul to drive the Windies to their first Test win over Australia in 27 years. He has since backed up his maiden performance with further inspirational spells in both Test and T20Is. New Zealand’s record-breaking T20I opener Martin Guptill could also potentially add some explosive batting power to one of the six teams, while Sri Lanka’s…

EXXARO Resources is forging a path of resilience and sustainability by leveraging its Environmental, Social and Governance (ESG) strategy, board chairperson Geoffrey Qhena announced yesterday. The South African mining giant is focusing on decarbonisation beyond compliance and diversifying into more resilient minerals, setting ambitious targets to navigate the future’s environmental challenges. Over the half-year period to June, Exxaro said it was affected by “continued lacklustre rail performance due to locomotive unavailability, cable theft, derailments, (while) vandalism” remained a challenge. However, collaborations under the Transnet Freight Rail-Industry Recovery Team had brought about some benefits, with the deterioration in Transnet services halting. Nonetheless, Exxaro is now focusing on decarbonisation, setting targets to achieve carbon neutrality by 2050. The company wants to maximise coal runway through early value strategy and market-to-resource optimisation initiatives.…

THERE’S no denying that technology has indelibly transformed the modern workplace, especially after the onset of the global pandemic. Streamlined processes, enhanced communication, and boosted productivity are just some of the benefits businesses have eagerly embraced in this digital era. However, these benefits come at a price, warns Nicol Myburgh, Head of the HCM Business Unit at CRS Technologies. Myburgh highlighted a very real dark side to technology, which, if left unchecked, could give rise to negative consequences that may severely impact employees’ mental health and, ultimately, businesses as a whole. “The advent of remote work, for example,” Myburgh explained “has shown how technology can quickly blur the lines between work and personal life. “Some companies expect their staff to be available all the time, even beyond their official working…

HARMONY Gold has signed a deal for the upgrade of its instrumentation workshop with Schneider Electric, a development that is expected to boost workforce devel- opment. The upgraded instrumentation workshop forms part of Harmony Gold’s Moab Khotsong Engineering Training Centre situated in Orkney, in the North West province. After the upgrade exercise, the workshop will also cater for external clients that include other SA mining, industry and construction companies such as Murray & Roberts Cementation, Impala Platinum Rustenburg, Impala Springs Refinery, and Kopanang and Gold Mining Company (Kop-Gold), among others. “Partnering with our multiple stakeholders to uplift our mine communities always been a key part of our strategic pillar of responsible stewardship,” said Peter Steenkamp, Harmony Group CEO. “This training centre is a true demonstration of us being stronger together…

Tributes continue to pour in for Days of Our Lives star Drake Hogestyn, who died one day before his 71st birthday after battling pancreatic cancer. The renowned actor played John Black on the soap for 38 years. A statement from Hogestyn’s family – including his wife Victoria and their children Whitney, Alexandra, Rachael, and Ben – was shared on the soap’s social media accounts to announce the news of his death. It read: “It’s with heavy hearts that we announce the passing of Drake Hogestyn. “He was thrown the curve ball of his life when he was diagnosed with pancreatic cancer, but he faced the challenge with incredible strength and determination. After putting up an unbelievable fight, he passed peacefully surrounded by loved ones. “He was the most amazing husband,…

Electricity and Energy Minister Kgosientsho Ramokgopa said yesterday that backlogs of more than R270 billion in infrastructure projects and in the energy space have been cleared through intense engagements of directors-general, as he gave assurance to independent power producers (IPP) that issues pertaining to procurement were in the cross-hairs. Speaking at a seminar for ministerial engagement with the renewable energy sector yesterday, Ramokgopa said improvements were being made to the bid windows to iron out inefficiencies up to financial close. “As part of our quest and to ensure that we see an exponential rise in renewables as part of the energy mix, we are going to be a bit more aggressive in embodying bid windows if we don’t challenge the inherent weaknesses in the system,” he said. “Of course, we…

President Cyril Ramaphosa has conveyed his condolences to the families of 18 people who lost their lives in a weekend mass shooting at Ngobozana village in Lusikisiki, Eastern Cape. Ramaphosa also assured the families of the deceased that the SAPS had mobilised maximum resources to ensure that the perpetrators were brought to book. Ramaphosa said: “I feel deeply for all the families and members of the broader community affected by this attack and on behalf of all of us as South Africans, I offer you our deepest sympathies. While we are united in our grief, we are also united in our outrage and condemnation of this excessive criminal assault which will not go unpunished.” A team of specialist detectives and forensic science experts have been deployed to assist with the…

People often consume alcohol to feel happy or to calm their nerves, but usually do so at social events and in the company of others. But it becomes a problem when alcohol is abused and will definitely bring about undesired results. *Mandla Nyalunga (not real name) regrets not getting help sooner. He thought he would control his drinking and the ramifications that came from his inebriated decisions. Nyalunga – now homeless and unemployed – worked as a teacher for more than 20 years at a primary school in Soshanguve, north of Pretoria. Looking back at the choices that killed his career and left him destitute, he said if he could start all over again, he’d leave alcohol out of the equation. “When I started drinking I was curious. I surrounded…

An Eastern Cape woman who hired her neighbour to kill her uncle so that she could benefit from an insurance policy has been sentenced to an effective 26 years behind bars. Nompelo Maloyi, 37, and her neighbour and hitman Yithulwazi “Lwazi” Kay, 35, were sentenced in the Eastern Cape Division of the High Court of South Africa. Kay also received a 26-year jail term. The National Prosecuting Authority (NPA) said the duo were convicted for the murder of 66-year-old Mynhardt Maloyi. Maloyi was killed at his Umasizakhe township home in Graaff-Reinet on November 25, 2022. Nompelo, who was Maloyi’s niece, was the beneficiary of several insurance policies, which she had taken out on him. The total insurance was worth R165 000. “Evidence presented in court revealed that she orchestrated…

The Blessing Ngobeni Art Prize (BNAP) Foundation is set to host its 2024 public solo exhibition opening, showcasing the works of the winner, Keabetswe Seema, in a display titled Let the Fire Lead you Home. The exhibition opens at the Everard Read CIRCA gallery in Cape Town at 6pm today. Seema, an interdisciplinary artist that is as concerned with resolution as with projection, reveals that the exhibition began with a “recurring dream in which a border of fire acted as an enclosure without engulfing its witness”. On the exhibition, Seema says that “home is an unknown place in dreamscape that is calling out to me”. On the socio-political/abstract worlds she occupies, Seema says she is yet to find a home because “the place I exist in is not safe…

With Soweto bustling with eateries and known for a hub of activities attracting tourists from abroad, Sakhumzi Restaurant has carved a name for itself among the finest culinary gems in the township. The restaurant, located on Vilakazi Street, is known for its authentic African cuisine, serving culinary adventures to local, national, and international guests, showcasing the unique street where two Nobel Peace Prize laureates lived. Capping off Heritage Month, on Sunday, The Star clients and readers were treated to an immersive experience that blended authentic cuisine, rich history, and a lively atmosphere. The restaurant is located in three locations, Vilakazi Street in Soweto; Phefeni, also in Soweto; and a third location, Sakhumzi Zoo Lake, in Parkview, Johannesburg. Johannesburg City Parks and Zoo (JCPZ) celebrated the grand opening of Sakhumzi Zoo…

EVERYBODY speaks of Nelson Mandela’s greatness and his legacy, and so we should, but nothing of what he fought for is alive and well today. This is sad! In strong contrast to the damaging effects of Zuma and Ramaphosa’s ANC thieves, Springbok coach Rassie Erasmus has signs of greatness written all over it! Never before has a South African rugby coach invested so truthfully in his players! Never before have we seen such genuineness, such humility, and such passion for a sports team who represent our nation so well! Rassie and Kolisi’s men have shown South Africa what unity really looks like, and despite the ANC racist regime who keep using the apartheid card as a weapon to further its false narratives, our beloved Springboks keep inspiring us, uniting us,…

Mikel Arteta said Arsenal’s dramatic last-gasp victory against Leicester will help “shape the character” of the team as he prepares for tonight’s Champions League showdown against Paris Saint-Germain. The Gunners scored twice in injury time to win 4-2 on Saturday and finished the weekend third in the Premier League, one point behind leaders Liverpool. Arsenal host French champions PSG in a Champions League match at the Emirates tonight, seeking their first win in the competition this season after a goalless draw against Atalanta. Arsenal manager Arteta was asked at his pre-match media conference about the importance of winning games from different positions – either by dominating games or with last-gasp victories. “It shapes the character and the body of the team, that they have the certainty that they can win…

THE DEBATABLE refereeing decisions that have left Kaizer Chiefs fans feeling their club could have got something out of the Betway Premiership clash with Mamelodi Sundowns, are fooling Amakhosi from the reality of their situation. Chiefs are nowhere near being championship material. Granted, there is already evidence of improvement from last season. Coach Nasreddine Nabi has clearly brought some positive energy into a team that had previously resembled a bird without a song. But beating Marumo Gallants and AmaZulu should never have been used as a yardstick of Chiefs’ readiness to return to the long-forgotten glory days of old. It was always going to be clashes with the top teams, such as Sundowns, where Chiefs was to be tested. And ‘robbed’ as they were by the officials, as their fans…