Tabla de contenidos para 2024-08-20 en Star

President Cyril Ramaphosa has hailed the growing confidence among investors about the prospects for South Africa’s economy on the implementation of structural reforms, as the stocks and currency markets continued yesterday to new record highs. The JSE All-Share Index rose more than 1% to above 83 600 index points, setting a new record high and marking its fifth consecutive day of gains, largely buoyed by retail-linked stocks, resources, financials, and telecommunications. The growing optimism around interest rate cuts by the US Federal Reserve continued to support market sentiment yesterday, as investors awaited the release of Federal Open Market Committee (FOMC) minutes and the Jackson Hole symposium of central bankers where Fed chairperson Jerome Powell is set to give a speech on Friday. Meanwhile, the rand also remained at more than…

Shares in Thungela Resources, which will kick-start a share buyback scheme for the second half of 2024, fell 1.7% in afternoon trade on the JSE yesterday after it reported declining interim dividends and earnings for the six months ended June 30 2024. The company advised, though, that it had noted progress in efforts to improve Transnet Freight Rail’s capacity. It traded firmer at around R128 per share in the early trading session, extending its 9.65% surge on the local bourse in the past 30 days before tipping into negative territory in the afternoon. In the half-year to June, Thungela repurchased 3.3 million ordinary shares for R441 million, and yesterday the company said it had set its focus on the second instalment of its share buyback scheme. Thungela said it would…

South Africa’s agricultural exports fell slightly to $3.37 billion (R59.7bn) in the second quarter of this year, a 0.1% decline relative to the same period last year following recording a sharp increase of 6% year on year in the first quarter, data from Trade Map showed yesterday. Wandile Sihlobo, chief economist at Agbiz, said the slight decrease in the second quarter reflected the moderation in the prices of some agricultural products and a decline in the volumes. “Notably, while the value of the exports is down mildly from the second quarter of 2023, the efficiency at the ports this year was arguably much better than what the stakeholders experienced in 2023,” Sihlobo said. “This again shows that the decline in export value is largely due to lower prices of some…

A FEW months ago, my wife, Sithabiso Daphne Masuku née Ncube, and I celebrated our 10th wedding anniversary. Naturally, she’s been on my mind a lot lately. But it’s her eclectic STEM career that I feel compelled to share with you this week. With Women’s Month in full swing, now seems like the perfect time to cast a spotlight on the important and timely breast cancer-related research that she is currently devoted to. Wake-up call Did you know that breast cancer is the most common cancer affecting women in South Africa, with a lifetime risk of one in 27, according to the 2019 National Cancer Registry? Turns out, in South Africa, patients are more likely to present with late-stage (stage III or IV) breast cancer, with studies indicating that the…

Australia warned yesterday that the “softness” of China’s economy and tumbling iron ore prices could leave a multibillion-dollar hole in the nation’s budget. Troubles in China’s massive construction sector have seen iron ore prices drop about 30% since the start of the year – and the ripple effects are now being felt Down Under. Australia is the world’s largest producer of iron ore, the main raw component for making steel used in building homes, railways and other infrastructure. Treasurer Jim Chalmers warned that the “softness in the Chinese economy” and sinking iron ore prices were reminders that Australia was “not immune from volatility and uncertainty in the global economy”. His department now believes that the faster-than-expected fall could reduce tax receipts by around A$3 billion (R36bn) over the next three…

For most people, a day without checking their social media or posting online is a day incomplete. Content creators have found ways to keep us entertained for hours on end by sharing jokes, skits, recipes, travel experiences and fashion. To honour and celebrate their continued efforts, DStv, 947, Amarula Premium African Gin, LIFT and One-eyed Jack have teamed up to host the annual DStv Content Creator Awards. This year’s nominees were recently announced across 17 categories at the Radisson Red Rooftop in Rosebank. Among the categories, five will be open for public voting, allowing fans to choose who takes home the awards. These are the Cause Award, Emerging Creator Award, Song of the Year Award, the Trendsetter Award and the DStv Creator of the Year Award. TV presenter and social…

South Africa’s domestic workers are being hit hard as inflation and the broader cost-of-living crisis are taking an immense financial and mental toll on them. This was according to the seventh annual SweepSouth Report on Pay and Working Conditions for Domestic Workers, released this week. Lourandi Kriel, CEO of SweepSouth, said the figures made for sobering reading. “They also underline how critical economic reform will be if South Africa is to be a mentally healthy country where all inhabitants live in comfortable dignity,” Kriel said. The report, which has tracked progress in the pay and working conditions of domestic workers since 2018, also revealed that living costs for the average domestic worker had increased by 15% in the past year, dwarfing the 5% earnings increase they accrued over the same…

Ingredients 500g of Prawns, deveined 10 mussels 10 white mussels ( optional) 3 tablespoons of oil 1 onion, peeled and sliced thinly 1 green or red pepper cut into strips 4 garlic cloves, peeled and chopped 3 chillies, chopped Salt to taste 3 tablespoons of paprika 1 tsp of black pepper 2 cups of Basmati rice, uncooked A few strands of saffron soaked in 850ml of warm water Fresh coriander A lemon cut in quarters Method Heat the oil in a large deep paella pan, on a medium to high heat. Add the onion and fry until golden brown. Add the peppers, garlic, salt and spices and stir fry for a few seconds. Next, add the raw rice and the warm water and cook for 7 minutes. Add the mussels…

The De Deur police are investigating a case of murder and suicide following a freak lovers’ tiff that resulted in a female traffic officer, based in the Vaal, allegedly fatally shooting her fellow traffic officer boyfriend, four times before allegedly turning the gun on herself. According to Gauteng police spokesperson Colonel Noxolo Kweza, the couple had attended an “after tears” event to pay their respects to a fellow traffic officer who had died. It is reported that some time during the event, a disagreement allegedly arose between the couple, escalating to the point where they decided to step outside to address the issue away from the gathering. “The situation allegedly took a devastating turn when, in a moment of extreme distress or anger, the girlfriend, 38, allegedly pulled out…

The Springbok coaches have the next week to compose the side they think will be strong enough to triumph over New Zealand in the first of two Rugby Championship Tests next weekend at Ellis Park. After a stellar display in Australia, where they won back-to-back Tests in Brisbane and Perth, the South Africans will enjoy a bit of a break before linking up in Johannesburg to start preparations for the All Blacks. Rassie Erasmus, Springbok coach, will have some selection headaches before the squad is announced for the New Zealand matches, especially in key positions in the backline. Arguably the most important spot will be that of flyhalf, and who gets the nod between Handré Pollard, Manie Libbok and Sacha Feinberg-Mngomezulu for the big games. The question is has Feinberg-Mngomezulu…

Business rescue practitioners (BRPs) of the beleaguered automotive parts retailer, AutoZone, have confirmed being in productive negotiations with potential buyers of the franchise, which has necessitated the postponement of the rescue plan for the second time to early September. Matuson & Associates BRPs said yesterday the latest postponement of publication of the business rescue plan was to allow identified potential investors to conduct due diligence on the enterprise, which is about R300-million in the red with Absa. Lance Schapiro, a partner at Matuson & Associates, said: “The publication of the business rescue plan has been extended to September 2 to allow for due diligence by potential investors.” This is as the legal department of the Motor Industry Staff Association (Misa) confirmed it was monitoring developments around ongoing negotiations. “AutoZone has…

Electricity Minister Dr Kgosientsho Ramokgopa’s decision to withdraw the 2 500MW new nuclear procurement from the government gazette should be welcomed, even by those who support a new nuclear power station. His concession shows that finally the former Department of Mineral Resources and Energy (DMRE) – which has been split into the new Department of Electricity and Energy; and the Department of Mineral Ressources – is learning the lessons as to why the 2016 alleged “Russian nuclear deal” failed. The court judgment at the time made no ruling on the R1 trillion number that we still hear about, rather the judge ruled that the public participation process wasn’t adequately followed. In fact, all that the government had to do, if they were serious about new nuclear power, was…

AI-ASSISTED cyber-attacks, called deep fakes, are an increasing threat to global businesses. South Africa is not immune, with these techniques increasing locally. Through the use of artificial intelligence, criminals create realistic videos, emails, and email attachments among others, to lure unsuspecting end users into clicking on the items, and gain access to a company’s network. And ICT professionals are working hard to tackle this threat, often using AI as well to detect weaknesses in IT systems so they can be plugged in advance. No definitive statistics are available for such hacks in South Africa, but cryptocurrency company Luno has proactively detected more than 2 000 fake social media sites with a take-down success rate of 98% and almost 500 fake websites, with a take-down success rate of 87.6% over the…

Despite using scrap and focusing on reducing costs, rolled aluminium products manufacturer, the JSE-listed aluminium producer Hulamin, recorded a fall in half-year volumes, turnover and earnings although it has started to see an uptick in demand for its produce. Earlier this year, Hulamin acquired 58.7% of the equity interest in Isizinda Aluminium, bumping up its control in the company to 100%. In June, Hulamin, however, suffered a fire at its Coil Coating Line which mainly impacted the company’s export can end and tab markets, although repair works are on schedule, with production expected to resume next month. Mark Gounder, Hulamin CEO, said yesterday that demand for the company’s production had “started to improve in the first half of 2024, especially in the second quarter to June following a period of…

MTN Group again passed the interim dividend after it reported a 198.5% slump in headline earnings a share to -256 cents per share in the six months to June 30 due to other African currency devaluations, and the weak macro- economic environment. CEO Ralph Mupita said, however, that strong operational momentum was maintained and the resilience of the business was reflected in the growth of their ecosystem, with data traffic and fintech volumes up by 35.7% and 18.0%, respectively. The fintech platform continued to expand, driving good growth in advanced services, while strategic initiatives were initiated, particularly localisations and portfolio optimisation. “We will continue to execute our Ambition 2025 strategy to drive growth and unlock value for all our stakeholders over the medium term. The board anticipates paying a minimum…

Veteran actor, Carlo Radebe, well-known for his lead role as Duke Ngcobo on e.tv’s former soapie Backstage, blames himself for his financial woes and lack of employment. Speaking on Radio 702, Radebe shared his constant struggle to secure acting work, which ultimately led him to plead with South Africans for financial assistance. The struggling actor took to social media in April and again a few days ago, to make the plea. While speaking, an emotional Radebe said: “I am so uncomfortable and I am sorry for upsetting those that were upset. I had to come forward (to tell my story) ... “I was on Facebook and saw how many people are upset and it’s their absolute right. I don’t blame them. I realised that I can’t be upset anymore because…

Gauteng ANC provincial secretary Thembinkosi “TK” Nciza says the party will fight illegal immigration in the province, which it believes has contributed to its poor performance in the recent elections. Nciza has hit back at pro-immigration groupings that have suggested that South Africans are xenophobic in pushing back against foreign nationals. Nciza, along with ANC provincial chair Panyaza Lesufi, addressed the media on the outcomes of the Provincial Executive Committee (PEC) at the Ruth First House in Johannesburg yesterday. He said among others, illegal immigration was on their priority list at the PEC meeting over the weekend. This is as the party is planning to reclaim Johannesburg and other towns in Gauteng from criminal elements. Nciza threatened that the illegal takeover of buildings in Gauteng towns would come to…

Almost four years after the murder of two Johannesburg businesswomen, the High Court in Limpopo sentenced the killers to life imprisonment. The convicted killers include Thabo Leshabane, 62, husband of one of the two women who died in a hail of bullets. Construction and property businesswoman Tebogo Mphuti, 35, and her friend Makoena Mabusela- Leshabane, 46 – a senior aviation finance consultant at Investec – were ambushed and killed on October 10, 2020, while they were looking for business premises in Polokwane. “Thabo Leshabane; Ndondo Buthelezi, 32; Thembelani Dhlamini, 37; and Sfiso Phiyose, 40, each received two life sentences for their roles in the murders of Makoena Mabusela-Leshabane and Tebogo Mphuthi,” said Limpopo police spokesperson, Colonel Malesela Ledwaba. “Ndondo Buthelezi received an additional three-year sentence for possession of unlicensed firearms…

A collection of items once owned by the royal family, including dresses and notes from the late Princess Diana, has been hailed as the most extensive assembly of Diana’s personal belongings since 1997, generating over R102 million. The sale, which featured more than 200 items, was described by auctioneers as the largest collection of Diana’s personal belongings to go under the hammer since she held her own charity auction just two months before her death in 1997. Leading the auction was a magenta silk and lace off-the-shoulder evening dress by British designer Victor Edelstein, worn by Diana in London and Germany in 1987. The gown sold for R17m – nearly five times its original lower estimate. The auction, titled “Princess Diana’s Elegance & A Royal Collection”, featured designs from…

Lorraine Govender, national manager of health programmes at the Cancer Association of South Africa (Cansa), has emphasised the significance of increasing knowledge about cervical cancer, pointing out that it is preventable and treatable if detected and addressed early. To promote successful treatment outcomes, this involves educating women on the significance of treating precancerous lesions, raising awareness of the warning signs and symptoms of cervical cancer, and encouraging early diagnosis through routine screening. Govender said great strides have been made in advancing gender equality, economic opportunities, and empowerment of women; however, many still overlook their health. “Often, it’s a matter of having little or no time to go for medical check-ups and ignoring niggling symptoms. And there are also those women who just don’t know about cancer and how to recognise…

Orlando Pirates head coach Jose Riveiro has heaped praise on Madagascan side Disciples FC after a frustrating opening game in the CAF Champions League. The Sea Robbers were not clinical enough to see off their less-fancied opponents in the preliminary round first-leg clash played in Mauritius on Sunday. Riveiro saw his team spurn chances but they also rode their luck on occasion as the two teams failed to find the back of the net, setting up the second leg in South Africa this weekend well. After an embarrassing exit from the competition last season, Riveiro and his team are determined to at least make the group stage of the continental tournament this time around. Having already explained the importance of getting into gear as soon as possible this campaign, Pirates…

ABSA Group CEO Arrie Rautenbach is stepping down after only two-and-a-half years as the lender reports a 5% slide in first half headline earnings to R10.2 billion, despite profit growth in the South African operations and prospects of a better second half overall. In a surprise announcement with the interim results yesterday, South Africa’s fourth-largest lender said Rautenbach had agreed to take early retirement. This appeared to be favourably received by the market, as the share price had advanced by 4.99% to R165.27 by late yesterday afternoon, which is a sharp increase for one of South Africa’s big banks. Rautenbach would be CEO until October 15, and would serve out his six-months contractual notice period as “garden leave”. Tasneem Samodien, research analyst at Old Mutual Wealth Private Clients, said the…

The Companies Amendment Act extends the time bar to hold directors accountable from 24 to 60 months, or even more with good cause. It’s a move in the right direction, but I question whether it is enough. The amendment is a direct result of the Zondo Commission of Inquiry into State Capture’s finding that directors of captured state-owned entities had not been properly held accountable. It called for an amendment of the Companies Act to extend the period in which an application for an order declaring a person delinquent can be brought “as it can take a number of years for the facts of delinquency to be uncovered”. The Companies Amendment Act amends the Companies Act of 2008 to extend the 24-month time bar to launch proceedings to 60 months…

There’s no denying that technology dominates most of our lives. Just about everything we do in public, in private entities and at a personal level utilities technology. Little is known, however, about the people behind these technology companies. In the interest of creating more awareness about the founders of innovation and technology companies, I’ve been speaking with the people behind these companies to understand them better. It is clear to me that they are inspirational and I hope they will also inspire you. The founder of Y Combinator, Paul Graham, was once asked to write about the qualities his technology accelerator start-up and venture capital firm looks for in the start-up technology founders that it supports. He highlighted five key traits: determination, flexibility, imagination, naughtiness and friendship. What matters most,…

The Tiger Brands board said yesterday it had extended the tenure of its newly-appointed CEO and executive director Tjaart Kruger for a period of three years to December 31, 2028. In October, 2023 Kruger was appointed CEO and executive director of Tiger Brands for a 26-month period starting on November 1, 2023. “The decision (to extend his tenure) is premised on Tjaart’s positive progress with the group’s long-term strategic turnaround plan, including the appointment of new executive managing directors for the group’s six operating divisions, implementation of a new operating model, as well as progress with regard to the group culture and staff engagement,” the board said. “The board believes this decision will provide leadership certainty to Tiger Brands’ multiple stakeholders and the necessary runway for the group’s succession plans,”…

The US Federal Reserve will cut interest rates by 25 basis points at each of the remaining three meetings of 2024, one more reduction than predicted last month, according to a slim majority of economists polled by Reuters who said a recession is unlikely. The change in Fed rate cut calls follows a weaker-than-expected July US jobs report, which encouraged interest rate futures traders to price in as much as 120 basis points of reductions in 2024 earlier this month. That pricing has reduced to roughly 100 now. Investors also said a violent, but brief market sell-off also was a driver of aggressive rate cut calls, related to the unwinding of large leveraged positions as a result of a sudden, sharp rise in the Japanese yen. Although some Fed officials…

Nomfundo Moh has been feeling so positive since she turned 24 in July that she even decided to name her latest album after her age, like Adele. The renowned musician dropped her third studio album, Twenty Four, earlier this month. “For some reason, the 24-year-old me is more confident and positive about life,” she admitted. “I took time to reflect on my journey and realised I have achieved some of my dreams I had five years ago and that gives me hope that others can also reach their dreams if they put their minds to it and work hard. “I feel like I am brave enough to be the voice for the voiceless and my Twenty Four album accentuates that.” The nine-track album, which features collaborations with Cassper Nyovest and…

WHILE the ANC in Gauteng has conceded defeat after the May 29 elections, the party has asserted that calls for the disbandment of the Provincial Executive Committee (PEC) were “misplaced” despite the organisation “bleeding” support in the province. The party’s chairperson and Gauteng Premier Panyaza Lesufi and its provincial secretary TK Nciza, were addressing the media on the outcomes of the ANC provincial lekgotla at Ruth First House in Johannesburg yesterday. The duo dispelled reports that the PEC was on the brink of being disbanded after their poor showing at the elections with the ANC in the province falling from 50% of the vote in 2019 to 34% in this year’s general elections. They said, during the two-day gathering that ended yesterday, that the PEC had adopted a resolution to…

Limpopo police are offering a R20 000 reward to anyone who can provide positive information which can lead to the arrest and successful conviction of a “notorious” wanted suspect. SAPS in Limpopo have launched an extensive manhunt for Lovemore Musoyi, a Zimbabwean national believed to be around 35 years old. Musoyi is wanted in connection with more than 10 criminal cases, including murder, attempted murder, armed robberies, house robberies, business robberies, kidnapping, assaults, stock theft. He is also wanted for possession of an unlicensed firearm. The crimes occurred in Elandskraal, Motetema, Dennilton and Rakgoadi policing area in Sekhukhune District. Last month, Limpopo police spokesperson, Colonel Malesela Ledwaba said Musoyi is believed to be behind a daring business robbery, where he allegedly attacked a man. “Musoyi viciously attacked a male victim,…

TENANTS at Palm Court rental flats in Sunnyside are at odds with the property managers, MidCity Property Agency, over the planned installation of electricity smart meters scheduled to start today. They expressed their dissatisfaction yesterday during a march led by a group of EFF members in ward 81. Marchers said the installation of meters by a private agency would spell disaster for them as they were likely to be overcharged for their consumption of electricity. One of the EFF activists, Buhle Ndovela, said tenants had all along been receiving utility bills from the City of Tshwane and were in favour of the status quo remaining. Their fear is that putting a private entity in charge of administering electricity billing could see them being forced to pay exorbitant amounts for their…

Dricus du Plessis’ head coach, Morne Visser, echoed his champion’s sentiments surrounding a potential fight with current Ultimate Fighting Championship (UFC) light-heavyweight champion Alex Pereira and wants a fight as soon as December. Shortly after South Africa’s UFC middleweight champion defended his title against Israel Adesanya, getting him to submit him via rear-naked choke at UFC 305 in Australia on Sunday, Pereira posted a picture of himself with Du Plessis on TV in the background with a caption reading: “I am going down to 84kg again. Coming down to 185 one more time.” After seeing the post, Du Plessis confirmed that he would like to save Pereira the trouble and excuses of battling with a weight cut, suggesting that he would go up to 93kg instead to face the former…

South African cricket has always had an almost vulgar obsession with fast bowling: tall, athletic, loose-limbed men charging in delivering thunderbolts. Nothing subtle about rattling the rib-cages of the opposition batting line-ups. And it gained even greater traction after the country’s readmission to international cricket back in 1991. Coaches and captains came and went, but the inherent culture remained with the art of spin bowling resigned to the backwaters. Omar Henry was the first spin bowler trialled after unity with the veteran left-armer being utilised solely to hold up an end while the prized race horses charged in from the other. Others such as Clive Eksteen were later called upon and treated in a similar disdainful manner. It was only when Paul Adams, the wrist spinner with ‘the frog-in-a-blender action’,…