Inhoudsopgave van 2024-06-28 - Star

GROWTHPOINT Properties plans to spend R2.3 billion to optimise and enhance the value of its portfolio. The group announced it would also dispose of R4bn of assets over the 2024 and 2025 financial years as part of strategy to simplify its business. South Africa’s largest eal estate investment trust (Reit), which also owns commercial property assets in the UK and Central and Eastern Europe, said in a nine-month trading statement that some R1.6bn would be spent on new assets, particularly logistics warehouses for the industrial portfolio, while further environmental, social and governance (ESG) initia- tives would be undertaken. Some R1.7bn was spent on developments and capital expenditure in the nine months to March 31. Given the negative impact of high interest rates, the guidance of a 10% to 12%…

THE RAND FELL sharply following reports of continuing disagreement between the DA and President Cyril Ramaphosa about Cabinet posts in the new Government of National Unity (GNU). Financial markets are on edge over the composition of the Cabinet, as it will give an indication of whether the ANC intends to share power meaningfully with parties including the DA, notwithstanding that both parties claim to be more investor friendly. In addition, at the start of this week, emerging market currencies were on the back foot due to a stronger dollar and indications the US Federal Reserve would keep rates higher for longer. Yesterday evening, the rand, which had strengthened to under R18 per dollar last Wednesday following optimism about the announcement of the formation of the GNU, was trading at R18.52…

ABSA yesterday said entrepreneurs in South Africa, particularly women and youth, were facing unique challenges, especially due to structural challenges within the economy that perpetuate inequality. The bank said this as the world marked International Micro-, Small, and Medium-sized Enterprises (MSMEs) Day. The UN General Assembly designated June 27 as the International Day for MSMEs in recognition of the importance of MSMEs in promoting economic growth and job creation. It provides an opportunity to highlight the crucial role of MSMEs in sustainable development and advocate for policies that support their growth. An Absa spokesperson said this was while this country was known for its entrepreneurial spirit. Women entrepreneurs in many cases must juggle the responsibilities of a home and family against business demands. “Equally, they may struggle with various barriers,…

This year marks the 30th anniversary of Disney’s The Lion King and The Walt Disney Company Africa is gearing up to commemorate this milestone in grand style across South Africa. The film, which first hit South African audiences in 1994 with its epic tale of Simba, a young lion cub destined to reclaim his throne, continues to resonate deeply in the hearts of viewers. The Lion King’s journey in South Africa began with its release in both English and Zulu, capturing the imaginations of a nation. It remains the highest-attended animated film of all time in the country. Over the years, the legacy of The Lion King expanded beyond the silver screen to include a critically acclaimed Broadway musical in 1997. Directed by Julie Taymor and featuring South African talent,…

Finding tasty, nutritious lunch ideas that you have the time to make is sometimes easier said than done. We have two simple ideas to help you update your routine. Shish kebab flatbreads with Turkish fried eggs Serves: 4 Ingredients 300g beef sausage Olive oil, for drizzling 5ml paprika 4 eggs Salt and pepper 2 garlic cloves, crushed 250ml plain yoghurt Handful mint, chopped 4 flatbreads (like naan bread or wraps) 80ml sweet chilli sauce Chilli flakes, to sprinkle (optional) ½ red onion, thinly sliced Method Squeeze the sausage meat from the casings. Shape the meat it into 4 long sausages and wind each around a skewer. Cook under a hot grill or braai for about 15 minutes, turning halfway until cooked. Heat a splash of oil and paprika in a…

The United Democratic Movement (UDM) has called for an inclusive national dialogue which should prioritise the country’s economy, with land and property at the apex of that debate. Party leader Bantu Holomisa said among other things that should be discussed at the national dialogue were the role of the state in the economy, national security and national interest in foreign policy, adding that were also other burning issues that needed the country’s attention. “The country has just spent over R1 billion on the Zondo Commission and should also spend some time talking about how we capture the lost ground where corruption is concerned. “The UDM is also of the view that there should be a committee of stakeholders that should agree on a secretariat that would organise the national dialogue,…

Unaudited data from the Central Energy Fund (CEF) is indicating fuel-price decreases, particularly significant drops to petrol prices for July, the AA says. That would bring much-needed relief to embattled consumers, the association said yesterday. The adjusted fuel price for July comes into effect next Wednesday, July 3. The association said all fuel prices were anticipated to fall when the Mineral Resources and Energy Department adjusted prices next week. The decrease would be the second-consecutive one in two months. According to the latest unaudited data from the CEF, ULP93 and ULP95 are expected to drop by around R1/litre, while diesel and illuminating paraffin prices are likely to drop by around 30cents/litre and 25c/litre respectively. “A second-consecutive drop in fuel prices is good news for consumers, motorists and the economy. Lower…

BP SOUTHERN Africa has responded to the plight of 100 North-West University students as part of its centenary commemorative initiatives. The company has donated R2.5 million to help 100 of the university’s students clear their outstanding fees, enabling them to enter the working world with confidence. Answering a parliamentary question earlier this year, Higher Education Minister Dr Blade Nzimande said 56 627 students at North-West University have outstanding fees. “While we acknowledge the need is great, we wanted to do our part to help some of these students into their next chapter. We have a long and proud relationship with South Africa, going back a century, and we owe our longevity to the communities and customers of this country – this is another way we are giving back,”…

The only constant in life is change. Embodying this proverb, HONOR has evolved its N Series to provide cutting-edge technology that surpasses its predecessors. Global technology brand HONOR is known for being at the forefront of smartphone innovation. The company said on June 25 that it was days away from launching the latest addition to the N series – the HONOR 200 Lite 5G. With the introduction of the HONOR 200 Lite 5G, many consumers may wonder: Is it just a rehash of the HONOR 90 Lite 5G? The truth is far more exciting: The HONOR 200 Lite 5G surpasses its predecessor with advanced technology and enhanced features, setting a new standard in performance and innovation. From internal software to hardware, the distinctions between the HONOR 200 Lite 5G and…

Dating apps have now turned into hazardous spaces filled with scammers, swindlers, and criminals. Apps like Tinder, Badoo, and Grindr are no longer safe havens for people to connect, socialise, and form relationships. Tinder is widely known as one of the best dating apps, but many users do not talk about its dark side. Former users allege that the app is rife with fake profiles, with people arranging meetings to steal belongings. Refilwe Molapo, a student in Pretoria, shared her bad experience with a Tinder meet up. “I went on a date with a guy I met on Tinder. He looked exactly like his pictures, so I didn’t think he was catfishing me. “After we finished eating at a restaurant, he said he needed to charge his phone at the…

SOUTH Africa has notified the World Trade Organisation (WTO) of its intention to impose a 9% duty on hot-rolled steel products, effective from today, to protect the local industry from a surge in imports. XA Global Trader Advisors said the Gazette Notice was expected imminently. Developing countries would be exempt from this duty and the provisional safeguard measure would last up to 200 days. In February, the South African Iron & Steel Institute (Saisi), on behalf of ArcelorMittal South Africa (Amsa), applied for a safeguard on hot-rolled steel. The International Trade Administration Commission of South Africa then initiated a safeguard investigation into hot-rolled steel. Saisi alleged in its complaint that the Southern African Customs Union industry was experiencing significant harm, causally linked to the recent surge in imports of…

CONSUMERS will continue to feel price pressure deep into the second half of the year in spite of prices for finished manufactured goods falling more than expected in May, mainly driven by non-metallic mineral pro-ducts prices. Data from Statistics South Africa (StatsSA) yesterday showed that the annual producer price inflation (PPI) detracted from consumer price inflation (CPI) and declined to 4.6% in May, down from a six-month high of 5.1% in April, and below market forecasts of 4.8%. In contrast, this May PPI reading comes on the back of stubbornly high CPI, which remained unchanged at 5.2% in May on higher transport, alcoholic beverages and tobacco prices. StatsSA said the main contributors to the headline PPI annual inflation rate were the 7.3% increase in coke, petroleum, chemical, rubber and plastic…

IN TODAY’S increasingly globalised economy, South African businesses and high net-worth individuals must consider diversifying their investment portfolios through foreign investments. This strategic move not only offers protection against local market volatility but also provides access to more dynamic and lucrative opportunities abroad. One of the foremost reasons for considering foreign investments is to shield your assets from the fluctuations of the rand. By leveraging stable global currencies, you can significantly minimise risk and enhance the security of your investments. Diversifying your holdings across multiple currencies helps create a robust financial foundation that is less susceptible to local economic turmoil. Investing internationally opens doors to some of the world’s most dynamic markets. For instance, establishing a presence in Dubai, a hub of innovation and business growth, can provide unparalleled access…

RMB HOLDINGS (RMH), which has been monetising its assets, said yesterday it had declared a special dividend of 3.5 cents per share following the disposal in April of the Divercity urban renewal property company. RMH, which has RMH Property as its last major asset, had also paid out a R327 million special dividend on January 29, 2024. Prior to that, a special dividend of R2 billion was paid on October 10, 2022. RMH has to date returned R3.48bn in cash to its shareholders since June 2020, when it changed its strategy from being a long-term investor to one of monetising its assets. On June 2020, the market capitali- sation of RMH was R2.4bn. “Management continues to explore opportunities to monetise the remaining assets in the portfolio in…

“I’M so glad we’ve made them proud.” This was Proteas’ Men’s T20 captain Aiden Markram’s feeling after his team made history by progressing to an ICC T20 World Cup final for the first time yesterday. A full generation of Proteas teams have fallen short since South Africa’s return to international cricket from isolation back in 1992. No Proteas’ Men’s team had advanced any further than seven previous semi-finals across the two white-ball formats – ODI and T20 – with Markram’s Class of 2024 breaking the curse with an emphatic nine-wicket win over Afghanistan in Trinidad and Tobago. The nature of the World Cup semi-final defeats, most notably in Birmingham (1999), Trent Bridge (2009) and Auckland (2015), were heartbreaking and left these groups of players with mental scars. Former Proteas fast…

MUSAWENKOSI Mnikathi, the Electoral Court of SA (IEC) official charged with election misconduct, appeared in the Pietermaritzburg High Court yesterday. The case was postponed to July 2. Yesterday, there were a handful of uMkhonto weSizwe Party (MKP) supporters outside the court. This was in contrast to the scenes outside the court on Wednesday when thousands of MKP supporters marched to the court, chanting revolutionary songs. Reggie Ngcobo, an MKP leader in the Moses Mabhida region, said the case against Mnikathi was proof that the elections were rigged. “We are glad that the official is in court so that he will explain how the network of vote rigging went in the province and nationwide,” said Ngcobo. Mnikathi was arrested in Plessislaer after he was allegedly found with ballot boxes without supervision.…

The Javett Art Centre at the University of Pretoria (UP) recently hosted the launch of the City of Tshwane’s 2024 Higher Education Innovation Challenge. The initiative encourages students at higher education institutions to partner with the city to come up with innovative solutions to help improve governance. Deputy mayor of Tshwane Dr Nasiphi Moya was in attendance with various other stakeholders. The challenge, introduced in November 2019, is about collaboration between industry and higher education institutions to share knowledge and transfer skills in the community. Through it, the city hopes to build a vibrant, competitive entrepreneurial community in Tshwane, and create a pipeline of student entrepreneurs and innovators who can conceive and implement innovative solutions that can solve service delivery challenges. The city is seeking to employ new technology…

The SA Depression and Anxiety Group (Sadag) has highlighted the significance of having frank discussions about alcohol and drugs with parents, adults, teachers, and children having marked World Drug Day on Wednesday. The substance abuse co-ordinator for Sadag, Tebogo Ramadiro, highlighted the value of early and continuous dialogue in minimising children’s exposure to drugs and alcohol. Ramadiro said the focus of this year’s campaign is “Talk Early, Talk Often: Preventing Substance Abuse in Youth”. “Early and ongoing conversations about the dangers of substance use can significantly reduce the likelihood of children experimenting with alcohol and drugs. “These discussions not only educate but also empower children to make informed choices and resist peer pressure. “We receive many calls daily from teenagers and young people who are dealing with alcohol or drug…

The realists will tell you that the likelihood of a runner emulating Josiah Thugwane by winning the marathon at the Paris Olympic Games is slim to none – and slim has just left town. And with good reason, too, for such is the high standard of marathon runners across the globe that our best athletes in the 42.195km event lag pretty far behind. The Olympic marathon, though, is a different beast; it’s nothing like the world’s major marathons that are all about speed. At the Games, the race is highly tactical and is often won by the man who plays his cards right, as Thugwane did in Atlanta in 1996. South Africa is sending two classy marathoners to Paris – Stephen Mokoka and Elroy Gelant – both of whom have…

WHILE most of the Premiership clubs have yet to show their hand, Cape Town City and Orlando Pirates have declared their signings ahead of the official opening of the PSL transfer window on July 1. Yesterday, City’s post on the social media platform X declared: “Cape Town City have added winger Kayden Francis to their squad for the 2024/25 season after the 21-year-old signed a four-year contract following his move from Chippa United.” At the same time, Pirates alerted their fans to the retention of their midfield strongman Miguel Timm, 32, via a media statement, which read: “Orlando Pirates Football Club can confirm that Miguel Timm has signed a new deal. The 32-year-old midfielder’s current contract was due to expire at the end of the month, but he has now…

FOREIGN investors could continue dumping billions of rand worth of South Africa’s assets on the market as uncertainty over the formation of the Government of National Unity (GNU) prevails, in spite of having remained bullish in the first quarter of 2024 before the elections. Data from the SA Reserve Bank (SARB) yesterday showed that the country recorded foreign direct investment inflows of R24.4 billion in the first quarter of 2024. According to the SARB’s latest Quarterly Bulletin, this was significantly higher compared to a downwardly revised R2.5bn in the previous three-month period ending December 2023. “The inflow in the first quarter of 2024 largely reflected the acquisition of a domestic publicly listed vehicle tracking company by a foreign company,” said the SARB. In February, Midrand-based fleet management and vehicle-tracking…

THE AGRICULTURAL Business Chamber of South Africa (Agbiz) yesterday said the Crop Estimates Committee (CEC) has lifted the 2023/24 summer grains and oilseed harvest by 0.6% from last month to 16 million tons. Agbiz chief economist Wandile Sihlobo said a closer look at the data showed that white and yellow maize harvest could be 6.3 million tons and 7.1 million tons, a 0.1% and 1.3% month-on-month increase, respectively. Sihlobo said these revisions placed the total maize production estimate at 13.4 million tons, up by 0.7% month-on-month. When viewed annually, Sihlobo said white maize harvest was down 26%, with yellow maize down 10% from the 2022/23 season. “The disparity in the crop decline is due to regions where each crop variety is planted, with white maize predominantly…

What are THE best investments and where will I generate the greatest return, which areas of the market are the most attractive, what products should I buy, and which providers should I use? Headlines, conversations, and reading material are often centred on investment returns. These are all valid questions and certainly very relevant. While investment returns take centre stage in conversations, it is only one side of the coin. The other side of the coin, that is often neglected, is your savings rate. For money to grow, it needs to be there, and saved, in the first place. The magic really happens when you combine saving and investing. We could call it “the ultimate power couple”. Unfortunately, the harsh reality is that without savings, returns are impossible. The old saying…

PETRA Diamonds, which has appointed a new chief financial officer, is extending the life of its South African mines after scaling back operating costs by $30 million (R545m) from 2025 onwards. Earlier this month, Petra Diamonds and the National Union of Mineworkers (NUM) inked a five-year wage agreement, effective from next month, giving employees at the diamond miner above-inflation salary increases. The company, which operates Finsch and Cullinan diamond mines in Mpumalanga, as well as the Williamson mine in Tanzania, has now instituted “sustainable reduction in operating costs of $30m per annum from its 2025 full year” after outlaying “total capital (mainly for) development and sustaining capital to $100m per annum” at its South African operations. The Cullinan mine now has a life-of-mine potential to the 2048 financial year,…

BIANCA Naidoo recently visited Mpoomy Ledwaba’s YouTube podcast to chat about everything from her childhood and growing up in a mixed family, to how she’s dealing with the death of her late rapper husband, Rikhado “Riky Rick” Makhado. Naidoo, whose mother is African and father is Indian, said she battled to fit in. “Growing up mixed, I did struggle a little bit ... You get a form that you have to fill in, are you black, are you Indian, are you coloured, and I would always get confused, what do I tick? People say you mixed, so you’re coloured, and I didn’t necessarily think of myself in that way ... I also had some racial encounters growing up. “I had very strong parents and I didn’t school in the area,…

NATIONAL Treasury has cut back on a R5 billion of conditional grants allocated to the City of Tshwane by R346 million due to underspending of budget recorded by the municipality. This is contained in a council report tabled at yesterday's ordinary council meeting at Tshwane House. The report was tabled after the council approved the adjustments to the Medium-Term Revenue and Expenditure Framework for the 2023/24 financial year on February 29 this year. The report essentially altered the budget allocation in respect of some of the transfers and grants to the council. “The total adjusted operating transfers and grants amounts to R5bn and the total capital transfers and grants amounts to R1.8bn, reflecting a decrease of R346m because of fiscal reduction implemented by the National Treasury,” the report said. Opposition…

Author Wendy Selebi shares crucial financial insights in her new book I wish someone had told me, which illuminates the importance of understanding your money beliefs and behaviours. Selebi says the book teaches financial success by defining vision, purpose and how to navigate budgeting and investing with confidence and prudence. With a distinguished 37-year career in retail banking, Selebi most recently served as Nedbank’s executive for Financial Wellness. Among her major contributions are leading the charge in establishing the consumer financial education programme in both rural and urban areas and helping to develop the financial education curriculum required by the Financial Sector Charter. The dynamic speaker, mentor, coach, facilitator, and host of her own financial education podcast, Let’s Talk Money with Wendy Selebi, hosted on YouTube, shares details with The…

As NEGOTIATIONS in the Government of National Unity (GNU) coalition enter high gear, the leaked letter detailing the DA’s Cabinet position demands looks like staged political theatre. A closer look reveals a likely negotiation stratagem employed by both sides to manage public perception. This psychological operation allows the ANC to portray the DA as unreasonably demanding, while enabling the DA to set its negotiation agenda and terms. The DA’s leadership likely doesn’t expect to secure the Cabinet positions outlined in the leaked document. The successful rebranding of the ANC and DA coalition into the GNU showcases a silent co-ordination between the parties, each helping the other save face and sell this model to their respective support bases. As the majority party in the GNU coalition, the ANC bears the responsibility…

BY THIS time next week, World Rugby’s fan-focused laws will be fully in effect, not that it concerns Springbok coach Rassie Erasmus one bit. The world governing body will implement their new variation on July 1 in an effort to “enhance” the spectacle. The changes include rectifying the “Dupont Law” and introducing free-kick options to the set pieces, especially the reset scrum. The Boks had an early trial of these laws against Wales this past week in their 41-14 victory at Twickenham, and with the help of former Test referee Jaco Peyper, the coach is confident his team will have an expert understanding of the new rules. “It is not something big for us,” Erasmus said on Wednesday during a media briefing in Pretoria. “The scrum ... I think there…

Phiwe Nomlomo intends to repay the faith shown in him with a successful campaign after being officially announced as the new Bulls Currie Cup head coach yesterday. The 38-year-old mentor joined the Pretoria franchise from the Sharks last season already, where he worked as the skills coach for all teams. Now he will take charge of the senior provincial side for the first time, with the Bulls keen to reach new heights. They sneaked into the semi-finals in fourth position after Edgar Marutlulle was demoted back to the junior teams when Bulls had lost three games under his watch: 63-15 to the Pumas in Pretoria, 32-7 to the Cheetahs in Bloemfontein and 32-28 to the Griffons in Welkom. That resulted in director of rugby Jake White taking charge of the…