Table of contents for 2024-07-15 in Star

South African billionaire Christo Wiese has lost a court appeal in a case relating to a tax debt owed to the SA Revenue Service (Sars) of R216.6 million. Sars had accused Wiese’s privately- held investment company Titan Group of obstructing the collection of assets in 2013 from one of the companies it owned, Energy Africa, by “dissipating its assets”. According to a judgment by the Supreme Court of Appeal on Friday, this dissipation occurred with the transfer of a loan-account claim Energy Africa held in Titan Share Dealers (TSD) as a dividend in specie to Elandspad Investments Proprietary (Elandspad), its holding company. Energy Africa’s only asset at the time was a loan claim of R216.6m owed by another company in the Titan group, Titan Share Dealers, which Energy Africa passed…

The property industry has called on the South African Reserve Bank (SARB) to start cutting interest rates as property sales have plummeted by 25% due to buyers delaying their purchases to wait out the high borrowing costs. This comes as the Reserve Bank’s Monetary Policy Committee (MPC) is expected on Thursday to keep the repurchase rate (repo rate) unchanged at 8.25% from May last year as headline consumer inflation remains above the 4.5% midpoint of the 3% to 6% target range. However, the chance of one interest rate cut at the end of this year has grown as the US June’s headline inflation fell to 3% below the expected 3.1% and down on May’s 3.3% year-on-year. Seef Property Group on Friday said the delays in cutting the rate were doing…

There are some dark clouds gathering over the South African banks. South Africa is still greylisted; we are awaiting court case finalisations where banks are involved covering a wide array of topics. The banks have seriously deep pockets and the best legal minds will be arguing their innocence. The regulator, in instances, will try to mitigate damage to contain the damage. Systemic risk and contagious diseases have may similarities. (We vividly remember Covid-19.) Systemic risk is the financial risk that possibly threatens the entire business, enterprise, entity or economy, leading to its abolition. It begins with affecting units at a smaller scale and transmitting the effects to larger entities, thereby hampering the financial mechanism of the economy as a whole. What is reputational risk? Reputational risk is a threat or…

TWO DISTINGUISHED scholars from UCT’s centre for Actuarial Research (CARe), Professor Robert Dorrington and Professor Tom Moultrie, were attributed the headline “Census 2022 results are incoherent and implausible” in the report they prepared for the Medical Research Council. Their executive summary of their report for the Medical Research Council titled, “The 2022 South African Census, a technical report”, is a common script and predictable. Earlier censuses carried a similar mantra and I have similarly experienced that in the three censuses and two large-scale community surveys that I led. The two professors were part of the expert group for the Statistics Council. The expert group consisted of up to seven PhDs in demography and statistics. The Statistics Council itself had a membership of 15 people, half of whom would be PhDs…

Global resource giants, BHP and Vale SA have agreed to share costs of damages to groups and communities affected by the collapse of the Fundão tailings dam owned by the two firms’ Samarco joint venture in Brazil back in 2015. In November 2015 the Fundão tailings dam burst releasing large volumes of toxic tailings waste that cascaded into the Rio Doce Basin of Brazil, marking one of the worst environmental disasters in the country. As many as 19 people were killed, many others were affected and scores left needing financial assistance. BHP said on Friday that it had so far spent billions of dollars in financial aid and direct compensation to those affected by the collapse of the Brazilian dam. “BHP Brasil remains committed to continue supporting the local remediation…

In a recent episode of L-Tido’s podcast, amapiano singer Sir Trill shared his frustrations and challenges in the music industry. The interview gave fans a rare glimpse into the personal and professional struggles faced by the musician. One of the main topics discussed was the mysterious figure known as “grootman”, whom Sir Trill accused of sabotaging his career. According to Trill, this individual had been actively preventing other artists from collaborating with him, effectively stifling his progress and creativity. Sir Trill elaborated on the issue during the podcast, revealing the extent of the struggles he has faced. “We make a song together, we all happy,” he said. “One week later, artists start pulling out of their songs.” He alleged that after investing time and effort into collaborative projects, his partners…

The Government of National Unity (GNU) is facing concerns that it would intensify and broaden the implementation of the neo-liberal policy that has already caused immense inequality and hardship over the past 30 years. The Workers & Socialists (WASP) and the Socialist Youth Movement (SYM) said this includes fiscal austerity, privatisation and the handing over of public services to corporate profiteering, brutal monetary policy, and a failed industrial policy that is premised on incentivising the private. These remarks came in after they held a recent mass meeting. The parties were joined by other organisations including left political formations, community civic organisations, social justice campaign groups and trade union representatives, to prepare a battle against the multiparty government. They said the strategy for attracting investment was already responsible for the relentless…

Numerous South African women have laid bare how they were scammed – some losing millions – after being encouraged to get bank loans or resign from work to withdraw their pensions, all to take the money to their lover. IOL has tracked scammed women to Mpumalanga, Gauteng and Limpopo, where the alleged scammers are freely roaming the streets and at times show off their newly-acquired wealth on social media platforms. Seasoned forensic investigator and anti-crime campaigner, Calvin Rafadi, said in almost all cases of dating scams, there are red flags apparent at the early stages of the romantic relationship. Women must not ignore the early warning, because they could be wading into a scam in the name of love, he said. The scammers are complete strangers to the…

The Cheetahs, Bulls, and Lions continued their early dominance in the Currie Cup with commanding wins over the weekend that followed their opening-round victories. It sets up a tasty clash between defending champions the Cheetahs and the Bulls on Friday at Loftus Versfeld in Pretoria. Yesterday, the Bulls showed glimpses of their typical flashy rugby but interspersed with some ordinary play as they trumped the Griffons 52-10 in Welkom. They completed the bonus-point win thanks to eight tries, but the score could have been bigger if they used the chances they created and conceded fewer penalties. The Griffons, who beat the Bulls last year, showed plenty of heart during the clash with some fine plays in patches, but after this performance, it’s difficult to see them winning any matches against…

THE International Monetary Fund (IMF) has slashed Botswana’s 2024 growth forecast to 1% from an earlier April estimate of 3.6% due mainly to lower diamond production, it said in a statement. The budget deficit is also expected to widen to 6% from 3.45% due to a fall in mineral revenues, urging the diamond-rich southern African country to consider slowing down new infrastructure projects to help the economy. “The continued (economic) slowdown is mainly due to a fall in diamond production,” the IMF said in a statement released late on Friday. “Some fiscal relaxation is warranted this year given the fall in mineral revenues, but the execution of the ambitious capital budget should be slowed down to contain the deterioration of the deficit and prioritise projects with the highest returns,” the…

The Government Employees Pension Fund (GEPF) has refused to be drawn to comment on whether it would be taking any action against its chairperson Dondo Mogajane after he was implicated in the looting of VBS Mutual Bank. In an affidavit leaked on Thursday, convicted former chairperson of VBS Tshifhiwa Matodzi alleged that Mogajane accepted a R1 million “gratification” when he was director-general of National Treasury in order to allow the defunct bank to continue taking municipalities’ deposits in contravention of the law. Mogajane was appointed chairperson of the board of the GEPF in July 2022 after spending 23 years at National Treasury, five of which he served as director-general. The GEPF is the largest pension fund in Africa with more than R2.3 trillion in assets under its management.…

IT’S NOT comforting that American politics is starting to feel like KwaZulu- Natal after Thomas Matthew Crooks shot Donald Trump though the ear on Saturday. He also killed a member of the crowd and injured another before being killed by the Secret Service. The last attempted assassination of an American president was in 1981, when John Hinckley jr tried to assassinate Ronald Reagan. Crooks is a Republican, making this feel even more like home, where political assassinations seem restricted to members of the same political party. We don’t yet know why Crooks tried to murder Trump, but the attempt got me wondering what would happen if Trump won the November election. Following the disastrous presidential debate, unless President Joe Biden is replaced with someone who won’t be found wandering in…

The US dollar is set to remain Africa’s currency of choice despite suggestions of a Brazil, India, Russia, China, and South Africa (BRICS) currency being in the offing, and the continent’s love affair with China. This was said by Travelex wholesale finance director Adam Kettle in an interview with Business Report on Friday. Kettle said that, based on the forex company’s experience, the US dollar was a key currency for the continent, especially during volatile times as it was seen as being stable. Kettle added that while some countries in Africa and even globally were trying to push trade and financial transactions between them in local currencies, Travelex’s experience over 20 years of trading in Africa under its current brand, and as Thomas Cook before that showed that the greenback…

In spite of a 6% decline in Gauteng province’s gross domestic product (GDP) in the last financial year, Gauteng Economic Development MEC Lebogang Maile has indicated that he and his team are pushing ahead with plans to establish a provincial state-owned bank. Yesterday, Maile addressed the media on several key economic priorities for the province’s 7th administration. He said the intended bank will invest in infrastructure projects including in areas of ICT, business information centres and township-based enterprises. “We will intensify efforts towards the establishment of a provincial state bank. One of the key objectives of this bank will be investing in projects characterised by low private sector investment and high social returns. The number of micro and informal businesses in South Africa is around 3 million, with more…

30ml oil 1 medium onion, diced 250g cubed potatoes 1 red bell pepper, seeded and diced 2 carrots, cubed in small pieces 1 green pepper, seeded and diced 1 yellow pepper, seeded and diced 2 garlic cloves, finely chopped 45ml Rajah curry powder, mild & spicy 45ml Rajah curry powder, mild masala 300g beef, cubed in small pieces 45ml garlic & herb powder 45ml whole crushed peppercorn 15ml salt 15ml fine pepper, to taste 45ml fresh parsley, chopped Heat pan, add beef cubes and cook until water is finished. Add oil and chopped garlic and Rajah curry powder and sauté until it’s all mixed well. Add cubed potatoes, mix well for 2 minutes, and add 500ml water. Cook until meat is soft, and potatoes are al dente. Add more water…

With the clock ticking towards the 2030 Sustainable Development Goals (SDGs), the UNFPA, the UN Sexual and reproductive health agency, announced a groundbreaking new initiative to help create a safer world where women and girls can live free from violence and harmful practices, to achieve their fullest potential. The Social Innovation Toolkit, a central component of the Regional Innovation and Digital Transformation Strategy for East Africa, aims to address critical challenges such as female genital mutilation (FGM) and child marriage, and empower young people through digital innovation. The initiative was unveiled at the Financing Innovation and Digital Transformation in Africa Dialogue in Sandton last week. “Innovation is a key accelerator to achieving the ambitious SDG targets,” said Chinwe Ogbonna, the UNFPA deputy regional director for east and southern Africa. “Our…

The torch relay ahead of the Paris Olympics reached the French capital for the first time yesterday, with organisers hoping to build enthusiasm for the Games among the city’s sceptical residents. The flame was first glimpsed during the traditional military parade held every year on the July 14 national holiday and then began its tour around the city from the Champs-Elysees. World Cup-winning footballing great Thierry Henry was given the honour of the first leg on the capital’s most famous avenue, with the torch then heading for landmarks including the parliament and Notre-Dame Cathedral. “It’s not something you turn down, on our national day, on the Champs- Elysees, the Olympics in Paris,” Henry told reporters of his star turn. “Just extraordinary.” The build-up to the Paris Games has been marked…

Pick n Pay closed Friday’s trade session on the JSE 1.64% higher, capping a 3.52% uptick for the seven-day period during which it announced discounted terms for its R4 billion rights offer and also awarded CEO Sean Summers 4 million performance-based shares. Shares in Pick n Pay closed Friday’s trade session at R27.95 and have been up 47% and 32% in the past three months and six months, respectively. Market analyst Simon Brown told Business Report that the terms laid down by Pick n Pay for its rights offer were “not bad considering that the high share price” had helped the company under its latest scheme. There are high hopes that shareholders will subscribe to the company’s rights offer to which the Ackerman family have already said they are committed…

POSITIVE sentiment remains towards South Africa after President Cyril Ramaphosa’s announcement of the new Government of National Unity (GNU) Cabinet. Share and capital markets continued their second consecutive week of recovery. Supporting the more positive approach by international investors towards South Africa, economic data and market movements in precious metal prices also contributed towards the bullish movement on the equity, bond and foreign exchange markets. The announcement in the US that its annual core consumer price inflation rate (inflation, excluding food and energy prices), has decreased to a three-year low of 3.3% in June kept market sentiment positive. This is down from 3.4% in May and below market forecasts of 3.4%. The better-than-expected inflation figure follows the announcement the previous week by the US Department of Labour that the US…

Brait, the investment company that holds large shareholdings in Virgin Active, Premier and New Look in the UK, will pay its new investment advisory firm The Rohatyn Group (TRG) less as it continues to plan for the exit of its remaining investments The company’s investment adviser is Rohatyn Management South Africa, a specialised global asset management firm focused on emerging markets and real assets. TRG is a new adviser to Brait because as at April 1, 2023, Brait’s former adviser, Ethos, the largest private equity firm in southern Africa, merged with TRG. In order to align the interests of shareholders and the investment adviser in delivering Brait’s strategy of monetising its remaining assets, Brait said the R50 million advisory fee that had been approved for the 2025 financial year would…

Capitec’s share price lifted close to its 12-month high on Friday after it said headline earnings a share would increase sharply by between 25% and 35% for the six months to August 31, 2024. The share price closed 1.42% higher at R2732.24 on Friday, just shy of the 12-month highest price of R2799.50 per share. The price has gained a whopping 69.97% over 12 months, and by 32.8% since the start of the year. The bank, formed in 1997 and which spear-headed paperless banking in South Africa, and which is now the country’s biggest lender in terms of its about 22 million customers, said Friday it expected headline earnings a share to be between 5 090 cents and 5 497c per share. This would represent an increase of between 25%…

Who remembers Braxton Family Values? The reality television show, which ran for seven seasons and gave fans an intimate look at the highs and lows of the Braxton sisters, was full of drama, laughter and warm family moments. Fans of this show will be thrilled to know the famous siblings are back and ready to bring even more family drama to your screens. They are making a return to television on August 9 as they navigate a new set of challenges in their upcoming reality series, The Braxtons. We TV announced in February that Toni, Towanda, Trina, Tamar, and the indomitable matriarch Dr Evelyn Braxton were reuniting for the new show. Three years after their original docu-series came to an end, the ladies are ready to share their lives once…

The Eastern Cape Co-operative Governance and Traditional Affairs Department reported that the death toll from the winter initiation season has climbed to 13. This comes after the provincial government continues to raise concerns about illegal circumcision schools. It said last month that more than 30 underage boys were rescued from an illegal initiation school in the Alfred Nzo district. Last week, the North West Co-operative Governance Department reported that it had rescued more than 100 initiates and closed down 17 illegal initiation schools throughout the province. The Star reported that, according to the provincial department, this followed collaboration with the SAPS and the provincial initiation co-ordinating committee (PICC). “The shutting down of the schools follows the extensive oversight visits conducted by the PICC across the province, to clamp down on…

THE executive mayor of Matjhabeng Municipality, Thanduxolo Khalipha, has introduced NOA, the company selected to lead the ambitious Khautha solar project. This 350MW solar initiative, backed by a R4.4 billion investment, promises to be a game-changer for the Matjhabeng Local Municipality in the Free State, positioning it as a diversified industrial hub while addressing the nation’s energy crisis. Set to operate for 30 years, the solar plant will generate an impressive 900GWH of power annually, providing electricity to about 250 000 homes in Matjhabeng. This project aims not only to bolster energy supply but also to foster economic and socio-economic development through a comprehensive plan influenced by municipal and community feedback. “The Khautha solar project is more than just an energy initiative; it’s a catalyst for economic transformation in Matjhabeng,”…

Grace Bible Church, under the leadership of Bishop Mosa Sono, has donation 70 “lazy boy” recliner chairs to the neonatal unit at Chris Hani Baragwanath Academic Hospital. The donation was conceptualised as part of the 40th anniversary legacy projects of the mega-church, which has its headquarters in Pimville, Soweto and branches in various parts of the country. The other project included the painting at Isaacson Primary School. The unit is the section of the hospital that takes care of sick babies from birth until they are discharged, and is headed by Professor Sthembiso Velaphi. He and his team said the recliner chairs would help mothers of hospitalised newborns to stay at the bedside with their babies while they are on ventilators at the hospital’s high care unit, ICU or kangaroo…

Dear Elon Musk As a fellow white South African settler, I feel an unrelenting urge to write to you from the intersection of colonialism and people’s struggles. The urge stems from the need to address the selective outrage and historical amnesia that underpin your stance on free speech and power dynamics. In witnessing your responses to EFF leader Julius Malema and, more recently, uMkhonto weSizwe Party MP Andile Mngxitama, I have noted a troubling absence of critical thinking regarding your input into the racialised power dynamics that unfold on your influential platform, X. It seems to me that, in your peculiar imaginary, there exists only one kind of free speech reserved for a select few, a privilege that conveniently obliterates the complexities of our shared history – a history in…

As a precocious 12-year-old tennis novice, Barbora Krejcikova had scribbled into her notebook that her ambition was to win the French Open. Three years after achieving that goal, however, she was declaring that July 13 2024 was the best day of her life after she got her hands on the Wimbledon trophy –something she did not even think was possible in her wildest childhood dreams. A 6-2, 2-6, 6-4 victory over Jasmine Paolini on the worn out Centre Court lawn ensured the 28-year-old became the latest Czech to hold aloft the Venus Rosewater Dish, following the likes of Petra Kvitova, Marketa Vondrousova and her late mentor Jana Novotna. “Winning any Slam is great. Winning here at the Wimbledon is huge for me,” said Krejcikova, who teared up when she was…