Inhoudsopgave van 2023-07-28 - Star

LIBERTY Group, part of the Standard Bank Group, intends to buy out the minority shareholders in Liberty Two Degrees (L2D) and de-list the group that owns some of the most iconic properties in the country. L2D’s share price leapt to narrow the gap, with the offer price gaining 41.79% to R5.53 on the JSE yesterday morning. Liberty Group is offering minority shareholders R5.55 per share. Liberty Group and its parent Standard Bank hold about 58.5% of L2D. The offer price is over 35% below the last reported net asset value of R7.51, as at December 31, 2022. However, the offer price represents a 46.4% premium to the volume-weighted average price at which L2D has been trading over the past 30 days. The move represents further consolidation of the Standard Bank…

ROYAL Bafokeng Platinum (RBPlat) yesterday said it expected its earnings to drop by double-digits in a trading statement for the six-month period ended June 30 on the back of lower platinum group metal (PGM) prices. RBPlat said it was in the process of finalising its financial results. A weaker PGM pricing environment, coupled with lower 4E ounce production and inflationary pressures contributed to a decrease in the mining firm’s earnings. Basic earnings per share (Eps) and headline earnings per share (Heps) regressed into estimated basic loss per share (estimated LPS) and estimated headline loss per share (estimated HLPS) from the previous corresponding period, it said. RBPlat said estimated LPS for the period amounts to 117 cents, a decrease of 115.3% compared to a basic Eps of 765.4c for…

TYMEBANK, a fast-growing digital retail bank, experienced an intermittent outage between 17:02 to 18:29 on Tuesday (July 25) and then a total outage from 18:29 to 19:02 due to a network connectivity issue, the bank said in response to BR questions yesterday. Customers who transacted in the affected times would have experi- enced card declines, and, at times, this resulted in funds being deducted from their accounts for a short period, even when the transaction was unsuccessful. “All transactions are automatically verified overnight as per the bank’s standard operating process, so funds would be automatically returned to the customers’ accounts. “Any transaction that can’t be automatically verified overnight is then manually reconciled according to our nor- mal operations process. We can confirm that both these processes were completed by 09:30…

SUPER Group, the logistics and mobility solutions group, yesterday flagged strong annual results on the horizon as it gained market share. Shares in Super Group rose 3.56% to close at R35.23 on the JSE yester- day. For the year end financial results for the 12 months ended June 30 it expected its earnings per share (Eps) to rise by up to 20% to 27%, from between 454.2 cents per share to 480.7c per share from 378.5c in the previous corresponding period.Headline earnings per share were likely to be between 456.8c per share to 483.5c per share, roughly 20% to 27% higher, from 350.7c a share a year ago. Super Group said it had delivered a strong performance despite a volatile macro-economic environ- ment. “This growth was achieved against a…

GLOBAL coal consumption hit a new record high in 2022 and will stay near that level this year as strong growth in Asia outpaced declines in the US and Europe, the International Energy Agency (IEA) said yesterday. Coal consumption last year rose by 3.3% to 8.3 billion tons, according to the IEA’s mid-year Coal Market Update. This year and next year, small declines in coal-fired power generation were likely to be offset by rises in industrial use of coal, the report added. Global coal demand is estimated to have grown by about 1.5% in the first half of this year to a total of about 4.7bn tons, lifted by an increase of 1% in power generation and 2% in non-power industrial uses. In the first half of this year,…

AS A RESULT of shareholder concerns, MultiChoice recently terminated a service contract with one of its directors, who was nevertheless classified as an “independent” director in the com- pany’s integrated report for 2023. The director, Kgomotso Moroka, had been providing consulting services to the company, for which she was remunerated R1.5 million for the year ending March 2023. That the advisory contract was extended from a previous year points to an “ongoing” engagement, thus falling foul of one of King IV’s indicators of a lack of independence. Terminating the service agreement is a move in the right direction, and makes it appropriate for her to be categorised as an independent non-executive director. However, the decision to continue paying another director for ongoing advisory services while still categorising him as…

Kevin Spacey wept in court as he was cleared of all charges at the conclusion of his sex assault trial in London. A jury at Southwark Crown Court found the Hollywood actor not guilty on all nine counts of sexual offences and the House Of Cards star was seen crying as he stood in the dock listening to the jury forewoman read out the verdicts. Spacey was seen hugging his manager and members of his legal team and thanking court staff as the trial reached its end on Wednesday. He was cleared of seven charges of sexual assault, one charge of causing a person to engage in sexual activity without consent and one charge of causing a person to engage in penetrative sexual activity. Spacey had initially been facing 12…

SONGSTRESS Kelly Khumalo was in contact with one of the five men just weeks before Orlando Pirates soccer ace Senzo Meyiwa was shot and killed at her Vosloorus home in 2014. As the murder trial against Muzikawukhulelwa Sibiya, Bongani Sandiso Ntanzi, Mthobisi Prince Mncube, Mthokoziseni Maphisa and Sifisokuhle Ntuli continued in the Gauteng High Court, Pretoria, yesterday, startling information was revealed by the State’s latest witness. Colonel Lambertus Steyn, of the SAPS National Cold Case Investigation Unit, was called to testify after Khumalo’s neighbour, Nthabiseng Mokete, had completed her testimony. According to Steyn, it was discovered that the fifth accused, Ntuli, had called Khumalo on at least two occasions before the deadly shooting on October 26, 2014. Steyn said that he (Ntuli) called her on August 2, 2014, as well…

IF YOU are out and about at dawn in the Pretoria area on August 6, don’t be surprised to be sharing the road with hundreds, or perhaps even thousands of classic cars as they head for the Zwartkops Raceway. It’s the 41st rendition of the annual Cars in the Park, and some 2 500 classic cars are expected at the race track venue, with classics admitted to the grounds from 6am onwards. Spectators are admitted from 8.30am and this year the organisers from the Pretoria Old Motor Club, are expecting upwards of 10 000 visitors. “I am always amazed at how this event just keeps gathering momentum every year,” said chief organiser, Frik Kraamwinkel. “This year we have had 120 clubs book space around the track for their members’ cars.…

A black mamba had to be removed from the eaves of a roof in Effingham in Durban. Snake handler Jason Arnold said that it had been a warm winter’s day, with a temperature of 26ºC, and no clouds in the sky, or wind. However, there was no snake activity, and he had not received any calls. Then, at about 4pm, when the sun was going down and it was starting to cool down, he got a call from a family in the Effingham area. “They’ve got a large black snake that’s apparently coiled at their front door or back door. They seem to think it’s a mamba and they live right along the Umhlangane River, so it very well could be a mamba, and could also be a spitting cobra,”…

We took note of Dr Sibongile Vilakazi’s article, “Russia-Ukraine war presents a perfect chance for Africa to lead” (The Star, June 26). It cannot be treated otherwise than as yet another biased material ignoring facts and spreading distorted view of the situation – totally in the wake of Western mainstream narratives. First of all, Dr Vilakazi’s concerns about dire consequences of warfare for civilians, stirred by a meeting with a delegation from Ukraine, are well understandable, yet seem somewhat selective. Why not talk to people from Donbass, too? We believe that she, as a person who (according to her words) had also lived through hardships of an armed conflict, would apprehend what residents of Donbass felt when being subjected to economic blockade by the Kiev regime, intimidated and abused for…

The Wales team may be the ‘Feathers’ but Proteas assistant coach Dumisani Chauke expects South Africa to be met by fire-breathing dragons in their World Cup opener at the Cape Town International Convention Centre today (6pm). Wales are considered rank outsiders against the hosts, particularly after the Proteas ran out comfortable victors at the Commonwealth Games in Birmingham last year. Bongi Msomi’s SA team are also ranked four places above Wales. But a World Cup is an entirely different proposition, especially for the hosts, who are routinely inundated with plenty of off-field commitments – which the Proteas have had an abundance of this week – while the expectation from SA fans also fuels the pressure cooker. “We are expecting Wales to come out and challenge us. We know that they’ve…

Jude Bellingham scored the first goal of his Real Madrid career as the Spanish giants defeated Manchester United 2-0 in a pre-season friendly in Houston on Wednesday night. English midfielder Bellingham, who joined Madrid from Borussia Dortmund in a $114-million transfer in June, opened his account with an exquisite finish after just six minutes. Madrid defender Antonio Rudiger caught the United defence napping with a superbly weighted ball that sent Bellingham bearing down on goal. The 20-year-old took one touch to control, and then lifted a delicate chip over on-rushing United goalkeeper Andre Onana to give Madrid a deserved lead. Brazilian international Vinicius jnr might have doubled the Madrid lead shortly afterwards, but scuffed his shot from eight yards out to let United off the hook. United, meanwhile, almost got…

This is expected to streamline regulatory processes for private investment INDEPENDENT Power Producers (IPPs) in South Africa could soon see their applications for new renewable energy projects approved in record time if the government succeeds in implementing the newly-launched facility to fast-track processes. The Minister of Trade, Industry and Competition Ebrahim Patel launched the Energy One-Stop Shop (EOSS) and the Energy Resilience Fund yesterday to mitigate the ongoing energy crisis as part of the Energy Mitigation Strategy. The EOSS is expected to streamline regulatory processes for private investment in electricity generation, facilitate pre-investment screening for all energy projects and fast-track the approval of energy applications. This is part of the government’s wider efforts to refocus resources and increase the supply of energy available to the grid, mainly through additional…

CHINESE investors racing to secure lithium supplies could help Zimbabwe rise to become the world’s fifth biggest primary producer of the material that’s vital to battery electric vehicles and the green revolution, mining consultancy CRU said. The lithium industry in Africa’s top producer has rapidly expanded, buoyed by about $1 billion (R17.62bn) of investments during the past two years by Chinese companies including Zhejiang Huayou Cobalt, Sinomine Resource Group, Chengxin Lithium Group and Yahua Group. The Chinese companies, faced with production constraints at home, have focused on Zimbabwe to lock-in future lithium supplies. The investments could boost capacity to 192 000 tons of lithium carbonate equivalent (LCE) per year of petalite and spo- dumene in 2027, from 13 000 tons per year LCE in 2022, Cameron Hughes,…

ARCELORMITTAL South Africa (Amsa) reported an interim headline loss as Kobus Verster, the CEO of ArcelorMittal South Africa, said yesterday that load shedding, high inflation and weak demand from the key steel-consuming sector put it on the back foot. The steel manufacturer in its financial results for the six months ended June 30 reported a headline loss of R448 million compared to 2022 first half R3 billion profit and declared no dividend for the period. Its revenue declined from R22.17bn in the first half of 2022 to R21.04bn in the first half of 2023. Verster said domestic steel demand had remained muted, which put significant pressure on local prices and volumes. “On a more positive note, renewable energy and regional infrastructure projects are starting to give some support…

RUSSIAN President Vladimir Putin yester- day told African leaders he would gift them tens of thousands of tons of grain within months, despite Western sanctions, which he said made it harder for Moscow to export its grain and fertilisers. Speaking at a summit in St Petersburg devoted to Russian-African ties, Putin said Russia was expecting a record grain harvest this year and was ready to replace Ukrainian grain exports to Africa on both a commercial and aid basis and honour what he said was Moscow’s critical role in global food security. “We will be ready to provide Burkina Faso, Zimbabwe, Mali, Somalia, Central African Republic and Eritrea with 25 000 to 50 000 tons of free grain each in the next 3 to 4 months,” Putin told the…

CONSUMERS in South Africa may start seeing prices on the shelves normalising in the months ahead as producer prices for final manufactured goods at the factory gate continued the downward streak and fell to a two-and-a-half year low in June. Data from Statistics South Africa (StatsSA) yesterday showed that most major categories had moderated further, amplified by the higher base established last year. StatsSA said the annual producer price inflation (PPI) decelerated further to 4.8% in June, down from 7.3% in May. This PPI reading was below consensus expectations of 5.8% to 6.3% year-on-year, the lowest level since February 2021 when the print was at 4% year-on-year. These producer prices complemented the June consumer price inflation which fell to 5.4% from 6.3% in May as volatility in global trade eased.…

TV host facing accusations of rape, attempted murder released on bail Well-known rapper and TV host Molemo “Jub Jub” Maarohanye has been released on bail after handing himself in to the authorities after being accused of rape, assault and attempted murder. Gauteng police confirmed a warrant of arrest was issued and that the rapper handed himself over to the Brixton police station yesterday morning. On the same day, Maarohanye appeared before the Johannesburg Magistrate’s Court on charges of rape, attempted murder and assault, where he was granted R10 000 bail. The NPA’s Gauteng spokesperson, Phindi Mjonondwane, revealed that the case had been postponed to August 24. Mjonondwane added that there were four complainants dating back from 2006 to 2010. Maarohanye was ordered to hand over his travel documents to…

ALL eight accused in the “bluelight” highway assault case will spend a weekend in custody. The suspects appeared in the Randburg Magistrates Court, in a bid to get bail this week, but the State is opposing that, amid one of its witnesses receiving threats. The threatening message sent to a State witness says, “You have made enemies by supplying the video to the media.” This week, the lawyers of the accused tried to convince the court to release them on bail because they work in the police services, and they submitted that they are not a flight risk. However, Magistrate Hleziphi Mkhasibe, said judgement on the bail application will be delivered on Tuesday. The suspects are VIP Protectors attached to Deputy President Paul Mashatile’s security detail; they were recorded…

THE demands by the SA Municipal Workers Union (Samwu) for salary increases took the spotlight during a council meeting in Tshwane House, with the ANC insisting that mayor Cilliers Brink go out to address workers who had reconvened outside. Brink, however, refused by saying that addressing workers “would undermine the position of the city manager in managing the employer-employee relationship”. Workers demonstrated again in spite of a violent march on Wednesday which erupted in a clash with the police. Marchers hurled beer bottles and cans at the police, who used stun grenades to disperse them. Gauteng Samwu secretary Mpho Tladinyane said yesterday that at least 11 members were arrested on Wednesday. Four workers, who were apprehended during a violent protest in Centurion on Monday, appeared at the Pretoria Magistrate’s Court…

It is essential for you to believe in yourself before anyone else can believe in you. Your beliefs directly impact the level of success you may experience in life. Firm belief in yourself means to have faith in your own capabilities, to accomplish something within your abilities. The idea of having to believe in yourself may differ for each of us. By believing in yourself, you can overcome doubt and gain confidence to achieve goals. Studies have shown that all your skills, training and tools will not change your life. Each of us has unique talents, skills and abilities that must surface at a certain point in our lives. By believing in yourself, you can achieve an exceptional life. We are reminded of the phrase, “believe in yourself” when we…

The Rugby World Cup will get considerably more real for the Springboks after they complete their Rugby Championship schedule at Ellis Park against Argentina tomorrow (kick-off 5.05pm). It is the last action on home soil for Jacques Nienaber’s men, and also a step closer to the big squad announcement on August 8. That is the date when the chosen 33 for France 2023 will be revealed, and it means there is everything to play for tomorrow for the players who are on the periphery. The Boks play a friendly against the Pumas in Buenos Aries and then they head north of the equator for the rest of the year. There is a warm-up against Wales in Cardiff, a showdown with the All Blacks at Twickenham, a short camp on the…

French superstar Leon Marchand claimed his third gold of swimming's world championships yesterday, while Australia’s Kyle Chalmers won a sprint shoot-out that sent Romanian sensation David Popovici home empty-handed. Marchand continued his imperial procession through the competition in Fukuoka, winning the 200m individual medley to add to his 400m IM and 200m butterfly titles. The 21-year-old is set to be one of the faces of next year’s Paris Olympics, and said he believes he can keep improving before then. “I think that if I can get off to a faster start, that’ll do it, because in general, breaststroke and freestyle are pretty good,” he said. “In the freestyle, I lack a little power to finish, but I think it’s mainly the butterfly and backstroke where I need to go a…

The Proteas will have done well to improve on their fourth-place finish at the 2019 Netball World Cup by the time the 2023 version has run its course in Cape Town. The global showpiece starts in Cape Town today when all 16 teams will be in action at the International Convention Centre. Hosts South Africa open their account against Wales, who are ninth on the world rankings, at 6pm. South Africa are currently fifth on the world standings, which is topped by Australia, who have won the world title a record 10 times outright. In 1979, however, the title was shared by Australia, New Zealand and Trinidad and Tobago. That year, a round-robin format was used to decide the winner, and as it turned out, three teams tied at the…

SPUR CORPORATION is taking a 60% stake in the Doppio Group, owners of the speciality restaurant brands Doppio Zero, a further indication of the recovery of Spur since the lows of the Covid pandemic. The acquisition, the price of which was not disclosed, did not appear to set the market alight, as Spur’s share price increased only 0.43% to close at R23.60 on the JSE yesterday. However, it is worth considering the price has already gained more than 70% from the lows it reached during the Covid pandemic in the latter part of 2020. Also, in the six months to March 31, Spur Corporation increased headline earnings per share a very strong 198.5% to 136.65 cents and it lifted the interim dividend 67% to 82c. The Doppio’s other restaurant…

DIVERSIFIED mining giant Anglo American delivered lower earnings in the six months to June as lower commodity prices and higher costs took a toll. In its interim financial results for the six months ended June 30, 2023, the group yesterday reported a 41% decrease in underlying earnings before interest, taxes, depreciation, and amortisation, which amounted to $5.1 billion (R90bn), largely due to weaker product prices. The group flagged that attributable profit dropped by 66% to $1.26bn, while total group production increased by 10%, but average prices for its basket of products decreased by 19%. Anglo said this led to a 13% decline in revenue. As a result the group slashed its dividend by 55.6% to $0.55 from $1.24 the previous year, a $700 million payout. Group production was…

HAMMERSON, the London-listed owner of retail centres in the UK and Europe with a secondary JSE listing, yesterday declared an interim cash dividend of 72 pence (R16.38) per share, signifying a return to cash dividends. Last year the group declared a 0.2p cash dividend and a 2p a share enhanced scrip dividend. The market reacted positively to the results, with Hammerson’s share price closing up 2.79% at R5.89 on the JSE yesterday. The group’s portfolio value fell slightly to £4.7 billion to end June (full financial year (FFY) 2022: £5.1bn), mainly due to disposals. Net debt fell 24% to £1.32bn (FFY22: £1.73bn). The group completed £215m of disposals in the first half, bringing the total since the start of the 2022 financial year to £410m. The target…

Money lessons that South Africans were forced to learn during the Covid-19 pandemic are quickly being forgotten as high interest rates and inflation take their toll and drive up their financial stress and debt levels. Two surveys released recently, Old Mutual’s 2023 Savings and Investment Monitor and DebtBusters’ second annual Money Stress Tracker, show that high numbers of consumers are experiencing financial stress and they have rising, unsustainable levels of debt in proportion to household income. DebtBusters survey The DebtBusters survey polled users of its online platform who are not in debt counselling – 35 000 subscribers participated this year. More than three out of four respondents (78%, up from 70% last year) said they felt stressed financially. The stress was more prevalent among women than men, and it…

IN JANUARY 2025, the global anti-money laundering watchdog, the Financial Action Task Force (FATF), will review its decision to greylist South Africa and interrogate the public and private sector measures to address its concerns. The country will need to demonstrate a practical, scalable plan to combat money laundering, fraud and other financial crimes. Failing to achieve this will have serious economic knock-on effects, such as a significant decrease in international capital inflows and downgrading by credit rating agencies, all of which will negatively impact the rand. An extended greylisting is also a serious threat to State-owned enterprises that rely on offshore debt capital markets for funding. This doesn’t need to be South Africa’s reality. Mauritius successfully met FATF’s criteria and was removed from the grey list in two years. However,…

Carnival City has a hip hop and rap line-up planned for August, kicking off the beat with the Kwesta Legacy Concert on Saturday, August 12, and then the highly anticipated concert, Inkabi Zezwe Live, on Saturday, August 26. Spirit hitmaker Kwesta is hosting his legacy concert in Joburg and fans are in for a jam-packed night of high-energy performance at Carnival City. The internationally recognised and award-winning South African rapper and songwriter has dubbed August a double celebration as he showcases his concert and also celebrates 16 years in the music industry on August 12. The show takes place at The Big Top Arena, Carnival City. To celebrate his legacy and his impact on popular culture, Kwesta launched The 16th Bar Legacy Tour. Keeping true to his hip hop roots,…

The Jacob Zuma Foundation (JGZ Foundation) has dismissed reports suggesting that former president Jacob Zuma may be arrested when landing in South Africa as “shebeen gossip”. According to reports, there are plans in place for Zuma to be arrested when he lands at OR Tambo International Airport. Earlier this month, the former statesman travelled to Russia for medical attention. “The former president was made aware of this plan while in Russia. It is not clear who made the call to arrest Zuma; however, authorities have been asked to be on standby and make the arrest. At this stage, the charges are not known,” said the source. Political analyst Professor Sipho Seepe said that, as things stood, the former president was unlikely to be arrested on arrival. “The national commissioner would…

Similar to recent events in South Africa, where political parties, unions and other forums have expressed their worries about banks possessing too much power, politically intervening and account closures of specific persons, banks in the UK are being chastised. This follows the closure of the accounts belonging to the former leader of the UK Independence Party, Nigel Farage, based on “personal and political grounds”. UK Treasury Minister Andrew Griffith has taken the matter seriously and met the 19 bank bosses for a summit on Wednesday to discuss concerns over denied access to banking because of politics. While there has been little, if no intervention from the South African government with ever-rising concerns about South Africa’s banks accused of tampering with the ideals of freedom of speech through targeted closure…

SOUTH Africa is a poor country with massive unemployment and huge levels of poverty and is involved in an ongoing battle with very high food inflation. Millions of people live below the poverty line. The situation is desperate. It stands to reason that any opportunity to reduce food prices should be enthusiastically grasped. Yet in the case of statutory levies on basic foods, this is simply not the case. In terms of the Marketing of Agricultural Products Act, these levies may be implemented upon acceptance of an application to the National Agricultural Marketing Council. The important point here is that industry applies to government for implementation of the levy. It is not the state that imposes it. It is, therefore, totally voluntary and only enforceable once voluntarily implemented. There are…

Nigeria stunned co-hosts Australia 3-2 yesterday in the biggest shock of the Women’s World Cup so far, while the US failed to hit top gear in a stalemate with the Netherlands. Australia’s damaging defeat, having surrendered a 1-0 lead, leaves their last-16 hopes in real danger with one round of games to play in Group B. Randy Waldrum’s Nigeria and Canada are both on four points from two games and in pole position to make the knockout rounds. Australia are a point behind and now must beat Olympic champions Canada on Monday, otherwise they will be out of their home World Cup. It had all started so well for the co-hosts in front of an expectant crowd of nearly 50000 in Brisbane, who were there to see the Australians seal…

Max Verstappen will seek to extend his and Red Bull’s current sequence of record-breaking invincibility at this weekend’s Belgian Grand Prix ahead of a spectacular Dutch homecoming next month. After winning seven consecutive races and nine out of 11 this year, the Belgium-born defending double world champion and runaway leader of this year’s title race could make it eight on Sunday and then a record-equalling nine at Zandvoort next month. Two more successive victories would take the Dutchman level with former Red Bull driver and four-time world champion Sebastian Vettel’s 2013 run of nine, and extend his team’s record sequence to 13 and then 14. Only five drivers have won seven races consecutively – Alberto Ascari, Michael Schumacher, Vettel, Nico Rosberg and now Verstappen – and the 25-year-old Dutchman’s current…

Paris Saint-Germain striker Kylian Mbappe has refused to meet officials from Al Hilal, dealing a potentially fatal blow to the Saudi Arabian club’s ambitious hopes of completing a world record €300 million swoop. The French star has refused “any discussion with the representatives of the Al Hilal club, present in Paris this Wednesday”, reported L’Equipe sports daily. According to the report, a delegation from the Saudi club came to Paris to finalise the transfer of Brazilian Malcom from Zenit Saint Petersburg. They also wanted to present their project to Mbappe while in the French capital. “This approach will not succeed,” added L’Equipe because the entourage of the 24-year-old player “refused any discussions with the representatives of the Saudi club”. “The captain of Les Bleus has never considered this option,” the…