Inhoudsopgave van 2024-09-13 - Star

A lowering of South Africa’s high real interest rates, currently the highest in the world with homeowners paying an average R4 000 per month more on their bonds, could boost confidence in the construction sector in the fourth quarter, economist Dr Roelof Botha said yesterday. The Afrimat Construction Index (ACI) increased 8.8% in the second quarter over the first quarter, but the year-on-year decline was 1.9%, which was unfortunate against the background of the dire need for housing development and the associated infrastructure, Dr Botha said. He said the ACI was not alone in reflecting subdued economic activity, with the latest Absa/BER Purchasing Managers’ Index for manufacturing having slipped below the neutral level of 50 points. He said the residential property market had also been dealt a severe…

ELECTRICITY and Energy Minister Kgosientsho Ramokgopa yesterday re- stamped nuclear as part of the energy mix with the 2 500MW nuclear procurement process back on track after cleaning up legal loopholes. Ramokgopa also punted the idea of small modular reactors (SMRs) as part of strategy, which could have negated the need for the building of 14 000km of electricity transmission lines. Addressing a Nuclear Seminar aimed at unpacking the role of nuclear as a part of the mix, Ramokgopa extolled the country’s nuclear intellectuals to take the lead in demystifying the technology for which the country had an at least 76 year lead. South Africa has been directly operating the Koeberg nuclear power plant for 40 years, and could now be exporting the technology and expertise to…

ANALYSTS, business people and trade unions in South Africa are now expecting the headline consumer price inflation (CPI) to ease slightly from previous forecasts as fuel and food prices continue to decline. This comes as the CPI sank below 5% in July, the lowest in three years, slowing to 4.6% in July from 5.1% in June, after holding steady for 10 months in the 5% to 6% range, largely driven by slow- ing food and non-alcoholic beverages prices. In the US, inflation also fell to 2.5% in August from 2.9% in July, setting the stage for the Federal Reserve to start cutting interest rates gradually at its meeting next week. According to the Inflation Expectations Survey for the third quarter of 2024 released by the Bureau for Economic Research…

South Africa was greylisted in 2023 by the global financial crime watchdog, the Financial Action Task Force (FATF), created under the Group of Seven countries (G7) to combat international money laundering and, after 2001, terrorist financing, for not complying with international standards. This increased reputational risk, limited inward foreign investment, and made it more difficult for South Africans to access foreign capital as foreign businesses and banks require more due diligence. According to Krutham (formerly Intellidex) this could optimistically cost our economy 1% of gross domestic product (GDP) a year or pessimistically even 2% to 3% – a cost we can hardly afford. The goal is to have all 22 action items agreed to with the FATF addressed by January 2025 so that we can be removed from the greylist…

DISCOVERY, the private medical aid and financial services group, said yesterday normalised headline earnings were expected to increase between 12% and 17% for the year to June 30. Discovery, which expects to report its annual results on September 19, said in a trading statement headline earnings were likely to increase between 4% and 9%. New business increased by 18%. Normalised profit from operations was expected to have increased between 15% and 20%. The share price rose 4.46% to close at R155.08 on the JSE yesterday, after the release of the trading statement. The group said its Discovery SA segment performed strongly, with a “compelling contribution” from each business in the composite. Discovery Bank exceeded their management expectations. “The acqui- sition of quality clients continued to accelerate, resulting in strong revenue…

Some of South Africa’s top TV shows and movies scooped awards at the inaugural Inclusive Lens Awards. The award formed part of the 2024 FAME Week Africa festival, which was recently held in Cape Town. The awards, sponsored by Urban Brew, shone a spotlight on the most diverse films and series across Africa for kids’ programmes, disability and LGBTQIA+ representation. Local shows Wyfie and Binne- landers and the movie iNumber Number: Jozi Gold were some of the winners. Wyfie and Binnelanders bagged awards for Best Scripted Series in the LGBTQIA+ category and Disability category, respectively. iNumber Number: Jozi Gold won the award for Best Scripted Feature in the Disability category. Showmax’s newly released reality show, Beaulah: Queens van die Kaap, took home silverware for Best Non-Scripted Series in…

South African-born superstar Tyla has bagged the Best Afrobeats honours at the MTV Video Music Awards, following her Grammy, Billboard and BET wins. The 22-year-old took the honours for her hit song Water on Wednesday night in New York City. Dazzling in a bright yellow string dress from Area’s Spring/Summer 2025 Collection, the Jump hitmaker took to the stage as the audience applauded her for yet another accolade. During her acceptance speech, she described her win as “bittersweet”. “This is such a big moment for Africa, African music, like guys, the global impact that Water has had on the world just proves that African music can be pop music too,” she said. “This is just so special but it is also bittersweet because I know there is a tendency to…

Global technology brand, HONOR, in partnership with the National Youth Development Agency (NYDA), is excited to announce the launch of the 2024 HONOR Talents Global Design Awards. This prestigious competition is a golden opportunity for young, aspiring artists and designers from South Africa to showcase their creativity on a global stage. With more than R2 million in total prize money, the competition aims to discover and celebrate exceptional talents, offering them a unique platform to excel. The contest is committed to bringing together those at the forefront of youth art, providing a space for innovation, creativity, and artistic expression. Participants will have the chance to not only win substantial prizes but also gain exposure through global exhibitions, with selected works being developed as HONOR products. Contest schedule: •…

Several vehicles which were reported stolen in South Africa have been recovered in neighbouring Lesotho, following a multi-disciplinary operation called “Siyaqoqa” which brought different stakeholders and communities together in a cross-border operation. The anti-crime blitz was intensified along the Lesotho and Free State border, according to SAPS spokesperson Captain Lorraine Earle. “During the five-day operation, 72 suspects were arrested on charges such as possession of suspected stolen goods, driving while under the influence, possession of a dangerous weapon, illegal possession of a firearm and contravention of the Immigration Act,” she said. The operation focused on illegal border crossings, and law enforcement agents confiscated man-made bridges and rafts while going through the Caledon River and its banks at various points. In addition, hundreds of sandbags were destroyed and wooden logs were…

“We had to draw a line in the sand at some point and say, ‘We must give the Currie Cup a good go’,” said Lions coach Mziwakhe Nkosi yesterday. Now, after 10 regular-season rounds, Nkosi and Co can happily declare that they have done so, after having secured a home semi-final and quite possibly a home final if they beat the Free State Cheetahs at Ellis Park tomorrow (2.30pm kick-off). Of course, Nkosi would never openly admit to such lofty dreams, instead insisting that the team is concentrating on the here and now.Nevertheless, after a tough run in the cup in recent years, there can be no hiding how pleased Nkosi should be. Indeed, since 2021, the Lions have made the play-offs of the competition only once. Last season, the…

SIBANYE-STILLWATER CEO Neal Froneman expects improvements to South Africa’s operation environment and further strengthening of the rand under the Government of National Unity (GNU) after the gold and platinum group metals (PGM) and lithium-focused miner sank to a basic loss of R7.5 billion for the first half to June 2024. With operations across South Africa’s gold and PGM industry, as well as developing the Keliber lithium project in Finland, Sibanye-Stillwater also has exposure to the US PGM sector. However, it has had to impair the US PGM operations to an amount of R7.5bn during the period under review, with the company gearing to cut platinum and palladium production from the US by 200 000 ounces “in the face of low metal prices that pushed it to a half-year…

THINKING about what happens in the event of your passing may feel like a morbid thought, but if you own a busi- ness, it’s an important consideration that should not be neglected. When you pass away, your assets go to wherever your will says they must go to. And if you don’t have a valid will, there are certain laws that dictate how your estate gets wound up and distributed. So, if you’re a business owner, everyone will need to know who gets your share of the business if there are multiple shareholders, and if you’re a 100% owner, who is now the owner? What happens to the business if you don’t have a will? Of course, it’s not unprecedented for a business owner to pass away without having a…

RFG HOLDINGS said yesterday its revenue increased by 1.4% in the 11 months ended August 2024, after its international volumes in particular were affected by lower pricing and port delays. The group said in a trading update its regional segment delivered resilient revenue growth in an environment of sustained pressure on consumer disposable income due to high electricity, food and living costs together with high interest rates. Revenue in the international segment was impacted by softer global pricing and demand for canned deciduous fruit, and lower volumes due to shipping delays at the Cape Town and Durban ports. Group revenue growth was driven by selling price inflation of 5.4% as higher input costs continued to be recovered. Despite the pressure on volumes, management focused on driving pro- fitable growth, recovering…

Rapper and media mogul Sean “Diddy” Combs’s legal woes continue to mount. Combs has now lost a $100 million (R1.7 billion) judgment against a Michigan inmate who accused him of drugging and sexually assaulting him at a party almost 30 years ago. This week, Derrick Lee Smith, 51, won the multimillion-dollar judgment by default in Lenawee County Circuit Court, after Combs failed to contest the allegations. An attorney for Combs issued a statement denying that his client knows the plaintiff, Derrick Lee Cardello-Smith. “This man (Smith) is a convicted felon and sexual predator, who has been sentenced on 14 counts of sexual assault and kidnapping over the last 26 years,” attorney Marc Agnifilo said in a statement. “His resume now includes committing fraud on the court from prison, as Mr…

IN THE dynamic world of the food service industry, embracing innovation isn’t just a luxury, it’s a necessity for staying competitive and relevant. One such game-changing innovation is the adoption of digital ordering kiosks. Restaurants such as KFC and McDonald’s have introduced the system in many parts of the country and, recently, Ocean Basket is also trialling it at its Rosebank, Johannesburg, location. If successful, it will be rolled out across the restaurant’s network, enhancing diners’ experience and operational efficiencies. Chief executive officer Grace Harding said: “Convenience is key. The self-service kiosks cater to walk-in guests seeking a quick meal, whether it’s a lunchtime ‘grab-and-go’ takeaway for the office or a convenient dinner option on the way home, the kiosks are designed to meet the needs of busy people.” If…

Venditor Auctioneers is hosting the online liquidation auction of a prime industrial property in Rosslyn on Wednesday and Thursday. The property, which has a factory warehouse, complete automotive paint line and complete spray booth with control station, is about15 000m2. It is situated over two stands and is in the industrial node of Rosslyn. Both properties are along Hendrick van Eck Street. Rosslyn is a well-established suburb that forms part of the northern outskirts of Akasia, midway between Ga-Rankuwa and Pretoria North. It caters to small- to medium-size industrial properties but also has large industrial properties. The office block comprises an entrance hall flanked by two wings, with five cubicle offices, ablutions, storeroom, boardroom, filing room, kitchen and executive office. The factory is equipped with three roller shutter doors. There…

rapula.moatshe@inl.co.za AUDITOR-GENERAL Tsakani Maluleke has highlighted instability in the management of many municipalities as a factor that constantly contributes to their poor annual audit outcomes. She was speaking yesterday at a breakfast session hosted by the National Press Club in Pretoria, where she talked about the work done by her office in the past five years. She expressed concern about recurring poor audit outcomes incurred by many municipalities, attributing the results in part to instability in management positions. According to her, there is a correlation between the tenure in office of a municipal manager and chief financial officer and the audit outcomes achieved by respective municipalities. Maluleke said municipalities with disclaimers were often the ones where a municipal manager is in office for either six months or a year. “That…

Last week’s round-robin defeat to the Sharks would have hurt the Blue Bulls, despite not making a difference in where they finished on the Currie Cup log. But loose forward Nizaam Carr feels that the loss can actually push the Pretoria side to a higher level in tomorrow’s semi-final against the Durban outfit at Loftus Versfeld (5pm start). The Bulls went down 24-18 in what Carr described as “really terrible” conditions at Kings Park last Sunday, but it didn’t affect their second place in the standings after the Lions thrashed the Griffons 62-5 last Friday to secure top spot already. Director of rugby Jake White allowed the full United Rugby Championship group to feature in their first hit-out of their pre-season, and they may get another outing in tomorrow’s semi-final…

SOUTH Africa will return to one-day international cricket next week for the first time this year, having last made an appearance against India in Paarl last year. That series against India was the Proteas’ first ODI clash after the 2023 World Cup semi-final exit, and even then, the squad looked a lot different, with key players rested and promising youngsters given an opportunity. One of those youngsters was left-handed opening batter Tony de Zorzi, who seemingly replaced the retired Quinton de Kock in the 50-over format. De Zorzi would go on to have a dream debut with a sparkling match-winning century in Gqeberha and a decent half-ton in Paarl to announce himself as a viable option at the top of the order. As a result, there were no surprises when…

CELL C, SOUTH Africa’s fourth-largest mobile operator, is confident it will have enough cash to settle its shareholder debt due in the next three to five years, as it continues to execute a turnaround plan, its top executives said. Under CEO Jorge Mendes, the once struggling company is going through another recapitalisation aimed at gaining financial independence from majority shareholder Blue Label Tele-com. Mendes said the group’s free cash flow before debt obligations is expected to turn positive in about two months, while its operational cash flow is basically positive, chief financial officer, El Kope, added. “That’s a very good position, because that allows us to stop borrowing money to run the business,” Mendes said in an interview late on Wednesday. “Now we start looking at ways of how to…

ECONOMISTS said yesterday that the recovery of productivity and activity across South Africa’s mining sector was expected to remain moderate, given the ongoing inefficiencies in port, rail and water supply sectors. Latest data from Statistics South Africa (StatsSA) yesterday showed mining activity slumping by 1.4% on a year-on-year basis in July, although mineral sales for the same month increased by 24.5%. Iron ore recorded the biggest slump at a negative 19% while other metallic minerals shed 36.2%. Gold output was 3.5% weaker, despite higher bullion prices, although manganese ore production rebounded by 27%, in addition to a 23% firmer in output of chromium ore. South Africa’s mining activity for July also decreased by 0.9% compared to June output, following month on month of -1.7% in June and -0.9% in…

If you’re thinking of buying your first home, this may be a good time to do so, but don’t put it off for too long – there are signs that the residential property market will see a turnaround in months to come, after what have been a gloomy few years. Next week’s anticipated announcement by the South African Reserve Bank (SARB) to start lowering interest rates, signalling the beginning of a series of rate cuts over the next year or so, all going well, will add to the optimism. Only a few months ago, the property market, in line with the economy generally, was in the doldrums. A report in Personal Finance, “SA house prices are going nowhere” (March 2024), quoted the FNB House Price Index, which registered year-on-year growth…

IVAN Botha and Donnalee Roberts, the husband and wife team behind South African box office hits like Pad Na Jou Hart and Vir Altyd, stepped up their game with their first TV series, Een Keer Om Die Son. And it’s been an emotional roller-coaster for viewers. If you haven’t watched it on kykNET yet, grab your tissues because the Van Wyk family will leave you in your feels. This 12-episode series doesn’t just tell a story – it lives it. From mental health struggles to the raw realities of family loss, bullying and even marital issues, it lays everything bare. Roberts nailed it when she said: “People can see themselves in these situations. All of us have lost someone and suffered pain. In South Africa, certain things are swept under…

ANC secretary-general Fikile Mbalula has said Pravin Gordhan remained in critical condition in hospital. He took the opportunity to slam those who had spread fake news about Gordhan’s death and “wished him dead”. Speaking to the media after he visited the former minister yesterday, Mbalula described Gordhan as “one of the most outstanding compatriots of the country”. “We believe that the medical team is doing all that is necessary to give comrade Pravin Gordhan the best care. We remain hopeful for his recovery. “We have extended our heartfelt words of encouragement to the Gordhan family, offering support during this difficult time,” he said. Mbalula asked all members of the ANC and the country at large to keep the Gordhan family in prayer. “Comrade Pravin Gordhan is a veteran of our…

“Panga Pastor” Paseka “Mboro” Motsoeneng is a free man – until his next court appearance next month. Mboro was released on R3 000 bail while his co-accused, bodyguard Vincent Baloyi, was released on warning. The pair appeared in the Palm Ridge Magistrate’s Court yesterday. Speaking to the media, Mboro said: “Being a father, being a man in South Africa is a very painful thing. It feels emotional. I am glad that my two sons are here with me. “I never wanted my children to be known because I was avoiding a lot. In their lives, they never had a good time with their father. He’s been there saving lives and doing a lot.” Mboro revealed that the custody and feuds over his grandchildren had been ongoing. ”We were threatened in…

THE ANC alliance partners in Tshwane have cast doubt on the motive of the political party to take over the reins of the municipality should it succeed in ousting Mayor Cilliers Brink from power on September 26. While the alliance partners, which include the SACP, South African Civic Organisation and Cosatu, threw their support behind a looming move to remove Brink, they doubted “if ANC leadership will be able to run the city more effectively”. Their concerns about the regional ANC’s ability to run the metro stemmed from the accusations that the party had constantly failed to consult with them on the intention to form a government of local unity (GLU). They said: “The ANC, as a leader of the society, has the revolutionary duty to unite a revolutionary alliance.…

The Healthy Living Alliance (HEALA) will this month advocate for South Africans to embrace their food heritage for a healthier nation. This is as South Africans observe Heritage Month. Over the years, healthy eating habits have been associated with the Western food traditions. However, HEALA says there are various ways South Africans can embrace healthy living through their traditional foods. “Our food is a fundamental part of our cultural identities. By allowing big food to homogenise our plates we run the risk of finding ourselves losing the rich tapestry of our collective identities. “This, however, is near impossible given the proliferation of cheap, addictive ultra-processed food. HEALA is calling on government to use funds from unhealthy food taxes to subsidise healthier alternatives. Since its inception in 2018, the Health…

Ten years ago, South Africa’s most progressive and pluralistic Muslim House of Worship opened its doors. On September 19, 2014, the trailblazing Open Mosque in Wynberg emerged as the only Qur’an-centric, gender-equal and non-sectarian place of prayer in the country. A decade later – despite relentless clergy persecution – this trendsetting institution marks its 10th anniversary with a week of prayers, functions and public activities. Everyone, irrespective of belief or background, is welcome. These celebrations culminate with a novel interfaith conference in Greyton on September 27 – 29 to debate the role of religion and climate change. The launch of the Open Mosque was the result of concerted research and objective study for a viable scriptural-based alternative to the myopic orthodox faith in the Western Cape. Islam in South Africa…

Arsenal face a daunting set of fixtures starting with a trip to Tottenham Hotspur in the Premier League, with influential midfielders sidelined this weekend, but Mikel Arteta’s side can take heart from their recent record in north London derbies. Having been held to a draw by Brighton & Hove Albion in their last outing, Arsenal are two points off the pace after champions Manchester City and Liverpool had perfect starts. Arsenal have been punished in the title race after letting points slip in the past two campaigns. With City and Liverpool playing tomorrow, Arsenal could potentially be staring at a five-point gap ahead of Sunday’s short trip to face their neighbours. Arsenal will wear their away kit in the derby for the first time in 38 years due to a…