Inhoudsopgave van 2024-04-23 - Star

ONLY 40 OF the world’s 100 largest private firms have set net-zero carbon emissions targets to fight climate change, according to a report released yesterday, lagging far behind public companies. But for the world to meet the 2015 Paris Agreement to limit global warming to 1.5ºC, all companies needed to reduce their planet-heating emissions, the report by the group Net Zero Tracker noted. The lack of market and reputational pressures on private firms compared to those publicly-listed, along with an absence of regulation, were to blame for their slow uptake of climate commitments, said John Lange of Net Zero Tracker. “I think things are changing on all three of those fronts,” he added. The report compared 200 of the world’s largest public and private companies based on their reported emissions…

ARTIFICIAL intelligence (AI) and digital innovation are expected by bankers to play a key role in the future of the sector on the continent, according to the findings of KPMG’s inaugural Southern African Banking Survey that was released yesterday The African bank market has seen the withdrawal of many global banks over the past five years, but local banks have expanded aggressively, led mostly by South African, West African, and Northern African banks – 100% of survey respondents indicated that the size of the market is a key driver for their growth strategies on the continent. According to the respondents, this growth would be driven primarily by opportunity in corporate banking, investment banking, and transaction banking, followed by retail and wealth management – underpinned by innovation that enabled more customers…

WE ARE NOT going to manufacture electric vehicles (EVs) or their components in South Africa in the next decade, even if the Electric Vehicles White Paper promises the first electric cars by 2026. This has interesting implications for South Africa. Electric cars, it turns out, are very different to their internal combustion engine (ICE) cousins. There is just much less to them, so far few components. A very big battery and an electric motor replace all the complexity of an engine and gearbox, removing a lot of jobs from the value chain. You would think this would make it easier, not more difficult, to produce in South Africa, but that too is not the case. The battery is not just a massive torch battery. It’s complicated, can catch fire if…

EVER SINCE Open AI started the AI race by dropping ChatGPT, every other tech company has been trying to catch up. Although leading tech companies have some form of AI capability, few are able to get users to adopt their technology. Some have used their products to convert users into new users of their AI technology, but even that has not yielded desired results. The latest tech company to capture the attention of users is Meta (formerly Facebook). Last week, Meta launched Meta AI with built-in Llama 3. The move by Meta is significant for several reasons. One is that Meta is leveraging its popular products to deploy its version of AI. Facebook, Instagram and WhatsApp have been blessed with MetaAI powers. On WhatsApp, you will now have an assistant…

THE BOARD of listed independent school group Curro Holdings announced yester- day that an independent non-executive director Themba Baloyi was appointed as chairperson-elect to succeed Santi Botha, after the company’s AGM on June 12 this year. Baloyi has been an independent non-executive director of the company since November 2020. Botha announced in June last year her intention to step down from the board at the shareholders annual meeting on June 12, 2024. Botha has been a director since July 2012, and was chairperson since April 1, 2013. Botha said in a statement: “Themba’s leadership skills, business experience and his commitment to education make him well placed to lead the board and to add value to the direction and growth of Curro’s business for the benefit of all stakeholders. “His appointment…

JSE-ISTED South32’s manganese production swung up by 8% in South Africa in the nine-month period ended March 31, as the company delivered improved mining performance, despite port, rail and electricity constraints afflicting the country’s economic productivity. The stronger SA manganese production covered up for low output in Australia where operations were impacted by Cyclone Megan. South32 yesterday said it was now working on “recovery plans to enable safe return to operations” and exports of ore. Saleable production from the South Africa manganese operations of South32 grew by 119 000 wet metric tons to a new high of 1.6 million wet metric tons over the nine months to the end of March. The company said this had been attributed to the South African operation delivering “improved mining performance” while…

Lady Zamar’s highly anticipated new album has been released after a five-year musical hiatus. Rainbow is the singer and songwriter’s third solo album, following 2019’s highly successful Monarch. “After a five-year hiatus, the award-winning singer is excited to treat her fans to a new chapter in her musical narrative as she explores new heights in her capabilities as a singer and songwriter,” a statement read. It added that in keeping with its title, Rainbow, “exudes a delightful sense of playfulness, skilfully expressed through each track’s delivery”. “Infused with heartfelt lyrics and a vibrant array of melodies, it showcases a kaleidoscope of musical creativity.” The themes explored include love, empowerment and resilience. This is evident with Work for It, an empowering anthem on the album which was released last month. The…

The Ngema family has dismissed assertions swirling around that the body of legendary playwright and world-renowned producer, Mbongeni Ngema, will be exhumed to be reburied at a cemetery that he preferred. This comes after reports were rife that the Sarafina star preferred to be buried in eMfana, eNhlwathi, north of KwaZulu-Natal, and some in the family had taken a legal step to exhume his remains. The Stimela Sase Zola hitmaker was buried at Heroes Acre in Red Hill Cemetery, Durban, in January after he died in a car accident on his way from a funeral in the Eastern Cape. The playwright received a special category 2 provincial funeral. Barely days after his death, reports were rife that there was a family feud over where the musician was to be laid…

The frequent removal of mayors in coalitions could be a thing of the past if a proposal by the official opposition is backed by political parties. The opposition has proposed a limit on motions of no confidence to remove a mayor, deputy mayor and speaker. Civil society has joined political parties in proposing a raft of changes in law to prevent unstable coalitions. In a position paper released on Friday, My Vote Count said after the 2021 local government elections, one in every three municipalities will be governed by a coalition. This comes after the DA also tabled a private member’s bill that proposes a limit on motions of no confidence to remove a mayor. The ANC has said it wants the party with most of the votes to lead…

IN yet again stressing the need for black lawyers to be briefed in matters before our courts especially in cases involving BEE cases, Judge Mandlenkosi Motha questioned “from where are future judges of a high calibre to come, if they are not briefed?” “For love of country, let's call a spade a spade,” he said on Friday when he delivered judgment in a matter between Periform Work Scaffolding Engineering (Pty) Ltd v the Commissioner of Broad-Based Black Economic Empowerment Commission. Judge Motha, sitting in the Gauteng High Court, Pretoria, sparked controversy in January when he expressed concern about the fact that all the parties concerned were represented by all-white counsel. He cited potential violations of section 9.2 of the Constitution which addressed the need to correct past inequalities, as his…

Drummer extraordinaire, Darshan Doshi, is set to lead his trio with a hybrid kit at the Cape Town International Jazz Festival (CTIJF), promising a captivating fusion of genres. In a recent interview, Doshi discusses his musical journey, collaboration with saxophonist Mark Hartsuch and bassist Tony Grey, and the unique blend of sounds that festivalgoers can expect. The Darshan Doshi Trio is a must-see act on the CTIJF line-up, with an offering that comprises world-class musicians at the peak of their artistry. Hartsuch’s collaborations with luminaries like AR Rahman and Ranjit Barot, alongside Tony Grey’s impressive resumé featuring John McLaughlin and Hiromi, add layers of depth to the ensemble. And at the heart of it all is Doshi, a prodigious talent whose journey began at the tender age of two under…

THE RAND REMAINED volatile above the R19-mark against the US dollar in spite of clawing back some lost ground after calm returned to the markets yesterday as the war between Israel and Iran entered the second week. This comes as the JSE index edged up to around 73 850 index points, tracking its global peers, as easing geopolitical jitters prompted investors to return to riskier assets. The rand traded at R19.10 to the dollar for most of the day yesterday after spiking to R19.40/$1 when Iran entered the Middle East conflict with retaliatory strikes against Israel. By 4.49pm the rand was 0.44% weaker at R19.15/$. Analysts yesterday said that fears around any escalating fallout in the Middle East had eased, providing some room for riskier assets to recover some…

ANGLO American may soon be compelled to defend itself anew against accusations of lead pollution in Zambia, following a high court ruling permitting the litigants to appeal a prior judgment favouring the global resources conglomerate. On Friday, the high court in Johannesburg granted litigants from Kabwe in Zambia rights to appeal a dismissal of their earlier application in respect of lead pollution from the town against Anglo American. Leigh Day and Mbuyisa Moleele – UK and South Africa-based law firms respectively – are representing the Zambian claimants in the case against Anglo American which dates back five years ago. On August 23, 2019, the law firms announced an intention to bring a class action lawsuit against Anglo American South Africa on behalf of claimants in Kabwe, a town located in…

THE FUEL RETAILERS Association (FRA) has welcomed the Supreme Court of Appeal (SCA) judgment, which ruled that all new fuel retail licences would be suspended until the Minister of Energy decided on the matter if existing licence holders were challenging their granting. Responding to a Business Report media enquiry yesterday, FRA CEO Reggie Sibiya said appeals could take from six to 12 months, or years, as could be seen in this case where the appeal was lodged in 2021, and to date there was no outcome. “This judgment will ensure that construction does not happen until the affected retailers have exhausted all their legal rights in opposing new to industry sites that will ultimately collapse their volumes and thus render them unviable,” Sibiya said. “This judgment will promote the Petroleum…

IN FAKE VIDEOS that have gone viral online, two of India’s A-lister Bollywood actors are seen criticising Prime Minister Narendra Modi and asking people to vote for the opposition Congress Party in the country’s ongoing general election. In a 30-second video that shows Aamir Khan and another 41-second clip of Ranveer Singh, the two Bolly- wood actors purportedly say Modi failed to keep campaign promises and failed to address critical economic issues during his two terms as Prime Minister. Both AI-generated videos end with the Congress election symbol and slogan: “Vote for Justice, Vote for Congress”. The two videos have been viewed on social media more than half a million times since last week, a Reuters review shows. Their spread underlines the potential role such artificial intelligence (AI)-generated content can…

MURRAY & Roberts Holdings (M&R) said yesterday that a subsidiary company Terra Nova Technologies (TNT), in joint venture with Ingeniería y Construcción Sigdo Koppers, had been awarded a $200 million (R3.78 billion) engineering, procurement and construction contract with a large copper producer for a mine in South America. TNT's share in the joint venture was 51%, a statement from M&R said. The scope of work included a primary crushing facility, a 6.3km long overland conveyor, a 23kV power transmission system, and associated infrastructure. Starting this month, the project was expected to have a duration of 27 months. M&R said the award reinforced TNT's capability to deliver complete EPC material handling systems in Latin America and was a welcome order for the business that had to rebuild its order book…

ORION Minerals has struck high-grade copper grades at its Okiep project in the Northern Cape province, marking a key milestone as the company pushes for production from the former Gold Fields-owned asset. Last week, Orion applied for a suspension in trade in the company’s shares on the JSE ahead of the announcement of the results. Shares in the company leaped 31.58% on the JSE yesterday to trade at R0.25 after the announcement of the discovery of the high grade copper mineralisation from Okiep. It reported that “outstanding initial results from diamond drilling at Flat Mine East, part of the Okiep Copper Project” had brought results indicating high-grade copper deposits. “This is the highest-grade drill intercept ever reported at Flat Mines and confirms the high-grade copper intercepts returned from drilling completed…

Taylor Swift, pictured, has surprised fans by revealing her new record, The Tortured Poets Department, is actually a “secret double album”. The 34-year-old pop superstar released her 11th studio record at midnight on Friday and just hours later, she dropped a bombshell by announcing she was adding a second instalment of 15 extra songs to make it an “Anthology”. In a post on social media, Swift wrote: “It’s a 2am surprise: ‘The Tortured Poets Department’ is a secret double album. “I’d written so much tortured poetry in the past two years and wanted to share it all with you, so here’s the second instalment of TTPD: The Anthology, 15 extra songs. And now the story isn’t mine anymore … it’s all yours.” The extra release means the album now clocks…

Johannesburg, the financial capital of South Africa, has emerged as the wealthiest city on the African continent with the most HNWI (high-net-worth individuals). This is according to the 2024 Africa Wealth Report, a publication by Henley & Partners, an international wealth advisory firm, produced in collaboration with New World Wealth, a global wealth intelligence partner. As Africa’s wealthiest city, Johannesburg is home to 12 300 millionaires, 25 centi-millionaires, and two billionaires. Holding the second spot is another South African city, Cape Town. Cape Town, South Africa’s legislative capital, follows Johannesburg closely with 7 400 millionaires, 28 centi-millionaires, and one billionaire. Rounding up the top five wealthiest cities in Africa are Egyptian capital Cairo with 7 200 millionaires, followed by Nairobi with 4 400 millionaires, and Lagos with 4 200 millionaires.…

As South Africans are due to cast their votes in 36 days’ time in the elections, various parties are going full force to garner support. African Content Movement (ACM) leader Hlaudi Motsoeneng cautioned party members and supporters not to fall for the ANC’s tricks of dishing out food parcels in a bid to get votes. Motsoeneng said the governing party was nowhere to be seen when people needed help; they were only making themselves available now that it was elections time. The ACM leader accused the ANC of buying South Africans with food parcels, grants and blankets. “During elections they come here to give you false hope and provide you with temporary jobs, but it ends after the elections. “As the leader of the ACM, I always strive to better…

WITH 30 years of democracy under its belt, the last thing South Africa should still be witnessing is the deaths of children as a result of drowning in pit latrines. Recently news reports surfaced that a 3-year-old boy from Mdantsane, Eastern London, had drowned after falling into a pit latrine at the Little Champions Day Care Centre. Little Unecebo Mboteni was discovered in a pit latrine on Thursday by a member of staff after they noticed he was not with the other children. He was rushed to the Cecilia Makiwane Hospital and transferred to the Frere Hospital’s ICU, where he died on Friday. Eastern Cape police have reportedly opened an investigation into the circumstances surrounding the death. African Transformation Movement (ATM) president Vuyolwethu Zungula expressed the party’s condolences to the…

As voters head to the polls next month, housing, particularly the lack of proper and affordable accommodation, has started hitting home for many voters who cannot even find jobs. With almost 60 million waiting in anticipation of the 2024 national and provincial elections, the housing backlog has risen to a staggering level. The backyard of a small house in Joburg’s Alexandra township is occupied by families struggling to make ends meet. This is where you find about 15 people living in one yard, adults and minors included. It is one of the overpopulated areas in Gauteng. Here, most of the residents are unemployed and poverty, crime and pregnancy are rampant. Basic service delivery, such as water and sanitation, electricity and proper roads are not prioritised. However, this problem is also…

AFTER enduring a weekend without electricity, residents in the Pretoria east suburbs will have power restored to their households and businesses from tomorrow. The affected areas are Woodlands Boulevard, Garsfontein east of Solomon Mahlangu, Pretorius Park, various extensions, including Woodhill, Mooikloof Estate and Mooikloof Ridge, Olympus, Zwavelpoort, The Wilds Estate, Moreleta Park, including Pretoria East Hospital, Woodlands Lifestyle Estate, Woodhill Lavender Estate, Park View Shopping Centre, East Side Church and School, Moreleta Park Group 7 and various extensions. Municipal spokesperson Lindela Mashigo said the City of Tshwane’s energy and electricity team was working around the clock in making sure all work on-site was expedited. So far the team has completed the installation of panels and the installation of busbar and bus wiring was scheduled to be done by Sunday. In…

The third annual Umsizi noPende Visual Arts Project Competition has shone the light on the country’s visual arts sector following the prestigious awards ceremony held at the Springs Art Gallery this past week. This year’s competition was fierce after more than 20 shortlisted artists, culled from a staggering 250 applications, participated in workshops led by The Arts Company Soweto (Tacs). Their work culminated in a powerful group exhibition titled Qoqiqiniso: Archives of the Past, Present, and Future, on display at the Springs Art Gallery until May 31. Three young artists emerged victorious with their artworks which captured the very essence of South Africa’s past, present, and future. Hoek Swaratlhe’s awe-inspiring multi-coloured silkscreen series struck gold, earning him the coveted R20 000 prize. Swaratlhe’s work is not just art but has…

CHINESE tech giant Tencent Holdings said yesterday that it would release its much-anticipated “Dungeon and Fighter” mobile game on May 21 after seven years of development. Officially named “Dungeon and Fighter: Origin”, the action game, developed by Korean firm Nexon, is a mobile adaptation of the “Dungeon and Fighter” computer game, one of the world’s most profitable computer games. Tencent’s shares rose about 4.5% yesterday morning. E-commerce platforms Naspers and Prosus shares rose due to their stakes in Tencent. Naspers shares closed 5.35% up at R3431.79, while Prosus shares were also up 4.60% to close at R609.50 on the JSE yesterday. The game was released in South Korea in 2022 and became an instant hit. But its China release was delayed after the government cracked down on the gaming industry…

Dr Sigqibo Biggz THE EXCITEMENT around the im- pending elections is being compared by those who voted in 1994 to the circumstances of the country at that time. I can’t say if I agree or disagree, because I was only seven years old at the time. Despite the fact that the era is distinct, most of the nation was set to vote for the first time in the new regime in 1994, having endured a dark past of persecution. A better living for everyone served as the cornerstone of the high expectations for what demo- cracy would offer. In 1994, the ANC, which had been banned in South Africa since the 1950s for opposing apartheid, took over as the country’s governing party. The South African constitutional regime is anchored on…

THE AGRICULTURAL Business Chamber (Agbiz) has cautioned of uncertainty within the agricultural sector that would emerge as a result of a coalition government in case no single political party wins an outright majority in the May 29 general elections. Agbiz chief economist Wandile Sihlobo yesterday said the seventh administration of democratic South Africa might have to refresh its eco-nomic policies when it assumed office. Sihlobo, however, said that in Agbiz’s view, South Africa’s agricultural policy did not require any review. “For some sectors of the economy, such a review may be necessary. The global environment in which we operate has changed significantly in recent months, partly because of the rising geopolitical tensions and their associated economic risks,” he said. “The sector needs a sharper focus on implementing the existing programmes.…

The GLOBAL transport industry, while still expanding, faces a slowdown attributed to various factors, notably the enduring impacts of the pandemic. Despite this, projections anticipate significant growth, with the industry expected to reach a value of $8.9 trillion (R170trln) by 2030, boasting an average annual growth rate of 3.6%. In light of this slowdown, the sector in South Africa is actively evolving, leveraging technological innovations to optimise the transport industry as well as supply chain processes while addressing new obstacles. ` Revolutionising transport efficiency with AI and ML Artificial intelligence (AI) and machine learning (ML) are reshaping transport operations by revolutionising both route planning and predictive maintenance. Traditionally, route planning methods led to inefficient routes, prolonged delivery times, and increased fuel consumption. However, the integration of AI algorithms…

TELKOM was operating in a challenging environment, but expects to continue to see positive momentum from a number of mitigation measures it has implemented such as investing in infrastructure, driving cash generation and managing its working capital. The JSE-listed telecoms group said yesterday in a circular to shareholders about the vote on the R6.75 billion sale of its masts and towers subsidiary Swiftnet to international private equity group Actis, that South Africa faced a unique set of challenges that include weakening growth prospects and high unemployment. Royal Bafokeng Infrastructure, a vehicle owned 100% by Royal Bafokeng Holdings (RBH), will become a 30% shareholder of the Actis subsidiary purchasing Swiftnet. Telkom shareholders will cast their votes in a meeting on May 24, 2024. Actis invests in infrastructure across energy transition,…

Eskom will deliver its electricity outlook for the winter period at the end of this week, on the back of 26 consecutive days of uninterrupted suspension of load shedding due to sustained generation capacity and adequate emergency reserves. This was confirmed by Eskom’s acting general manager in the office of the group CEO, Eric Shunmagum, yesterday at a media briefing on the implemen- tation of the Energy Action Plan. Shunmagum said the struggling power utility will present its winter plan on Friday as the Energy Availability Factor (EAF) of a number of Eskom’s power stations was improving. “We will be presenting three scenarios. Our base scenario will be one of having 14 000MW of unplanned outage and 3 500MW of planned maintenance,” Shunmagum said. “In terms of EAFs of specific…

Families of the deceased Lily Mine victims who were engulfed in a sinkhole more than eight years ago have yet to receive justice for their lost loved ones. The National Prosecuting Authority (NPA) has still not made a decision on whether it would institute criminal charges after the Mbombela Magistrate’s Court ruled late last year that it should consider criminal prosecution. The court also ruled that the Mineral Resources Department should be prosecuted. In 2020, ActionSA president Herman Mashaba filed an application to force the government and other stakeholders to investigate the matter. At the time, Mashaba did this to compel the government to retrieve the remains of the three mineworkers – Pretty Nkambule, Yvonne Mnisi and Solomon Nyirenda – trapped underground on February 5, 2016. Yesterday Mashaba, together with…

The National Association of School Governing Bodies has added its voice to growing calls for swimming to be added as a mandatory life skill in the South African national curriculum. This follows the recent tragic drowning of two Gauteng pupils – Siphamandla Peterson, 15, and Sibusiso Sibiya,17, – during an excursion at Hennops River in Centurion. Social media users added their voices to the debate, arguing that the school did not take the necessary precautions, while others highlighted the importance of acquiring swimming skills, which can ultimately save lives. The boys allegedly drowned during an unsanctioned discipline camp held by non-governmental organisation Rising Stars Generation. Gauteng Education MEC Matome Chiloane has appointed an independent law firm to probe the tragedy. Weighing in on the ongoing discourse about water safety and…

The SA Municipal Workers’ Union (Samwu) is expected to publicly denounce the City of Tshwane’s stance to appeal against the outcome of the municipality’s internal disciplinary process involving five senior officials implicated in the R295 million tender for refurbishing Rooiwal wastewater treatment plant. The Pretoria News has reliably learnt that the union is formalising its position on the matter after the City announced the suspension of the five officials on Saturday. The labour union will, during the course of this week, cite reasons for opposing the City’s decision to review the entire outcome of a year-long internal disciplinary process at the Labour Court. Municipal spokesperson Selby Bokaba said the officials were found guilty on one of the four charges they faced, and the disciplinary board chairperson recommended a sanction of…

The Sta-Sof-Fro Soweto Fashion Week is back! This year’s fashion week schedule is jam-packed with exciting events, collaborations and presentations. Fashionistas from across South Africa attend the event each May to experience the latest trends and collections for the coming Autumn/Winter Collections by some of the industry’s most renowned designers. The event is also a great opportunity to discover new names and faces in the fashion world. As you step into a world of elegance and sophistication, each piece on the runway tells a story of timeless beauty and exquisite craftsmanship, under the theme “Uncharted Creativity”. The event is attended by fashion buyers, critics and stylists. Five talented designers from “The Intern”, by David Tlale, will make their debut under the Coca-Cola Emerging Designers Bloc. The Boys of Soweto, known…

Max Verstappen won the main race and the sprint in another all-conquering display as the Chinese Grand Prix returned for the first time since 2019. Here, we look at three talking points from the Shanghai International Circuit at the weekend. Zhou sends crowd wild China’s first Formula One driver Zhou Guanyu was an enormous draw as he made his home F1 debut. The Chinese GP was first held in 2004 and there had always been enthusiastic F1 crowds in Shanghai, but the presence of Zhou ramped the excitement levels up to fever pitch. Tickets for Sunday’s race sold out in minutes when they went on sale, huge grandstands were packed all weekend and Zhou’s image was plastered all over his native Shanghai for weeks leading up to the race. The…

Erik ten Hag admitted Manchester United “got away with it” after his team won an FA Cup semi-final penalty shoot-out against Coventry on Sunday following an astonishing collapse during the match. The Premier League side scraped through at Wembley after the game ended 3-3 after extra time, with Rasmus Hojlund scoring the decisive spot kick. United won 4-2 on penalties against the Championship side but only after throwing away a 3-0 lead during a chaotic second half. It is the latest chapter in a frenzied campaign for the club, who are in danger of missing out on a European place next season. They have made a dangerous habit of tossing away winning positions over recent weeks, conceding an alarming number of chances and they reverted to their bad habits against…