Inhoudsopgave van 2024-10-25 - Star

The investment case for South Africa is the best in over a decade, Valdene Reddy, the director of capital markets at the JSE, said yesterday ahead of the SA Tomorrow Conference to be held in New Yorknext week. The JSE, alongside co-sponsors Standard Bank, Old Mutual, and UBS, is set to host the 11th annual SA Tomorrow Conference on October 28-29, before the Medium-Term Budget Policy Speech (MTBPS) next Wednesday, with the aim of showcasing South Africa’s potential as a viable investment destination. “This year’s conference comes at an opportune time, when South Africa has started to outperform even global markets. From April to December, we’ve seen South Africa outshine key emerging markets like Brazil, Mexico, Saudi Arabia and India,” said Reddy in an interview with Business Report. “Our normalised…

Group risk cover is an employee benefit provided by employers, typically including life and disability cover. Due to risk pooling, economies of scale, and group underwriting, these policies are generally more affordable and advantageous, particularly for employees with pre-existing conditions that might limit individual coverage. Confusion often arises around the terms “approved” and “unapproved” cover. Despite misconceptions, “unapproved” cover is not negative; the distinction lies in how premiums and benefits are taxed and paid out. Understanding these differences is important for employees to fully appreciate the benefits of group risk cover within their employment package. Approved group life cover is offered through a tax-approved pension or provident fund, meaning the employer’s retirement fund is registered with the Financial Sector Conduct Authority and approved by the SARS Commissioner. In this case,…

Kumba Iron Ore has reported a commendable increase in production and sales volumes in the third quarter of 2024, even as the company grapples with logistics challenges stemming from weather disruptions at Saldanha Bay and an impending maintenance shutdown by Transnet. The mining giant’s resilience in the face of such hurdles is likely to play a pivotal role in attaining its annual sales targets. In the quarter to the end of September, Kumba Iron Ore increased production by 3% to 9.4 million tons compared to the previous quarter to June, with the company on course to to deliver on its 2024 full year guidance of between 35m and 37m tons. The company raised sales volumes for the third quarter to September by 2% to 9m tons relative to the comparative…

Anglo American Plc said it’s weighing further cuts to diamond production as the industry is hamstrung by weak Chinese demand and too much supply. The mining behemoth, which intends to sell or spin off its De Beers diamond business, has seen the unit suffer from a slump in prices for the gems. Poor consumption in the crucial Chinese market has added to pressures from lab-grown stones and inflation-hit consumers around the world. “The diamond market remains challenging as the midstream continues to hold higher-than-normal levels of inventory,” Anglo said Thursday. “As a result and together with our partners, we will continue to assess the options to reduce production going forward.” The company announced plans to exit De Beers earlier this year as part of a successful rebuttal of a $49…

THE legal woes of Diddy (Sean Combs) have taken a serious turn as more information and allegations continue to surface. With more than two dozen lawsuits filed against him, Diddy is facing charges of racketeering conspiracy, sex trafficking and transporting individuals for prostitution. He is in federal custody awaiting trial in the Southern District of New York, where he has pleaded not guilty. The fallout has been massive and social media has been buzzing with opinions, conspiracy theories and leaked footage. Since November last year, when Diddy’s ex-girlfriend, Cassie Ventura, filed a lawsuit accusing him of years of abuse, the floodgates opened. The allegations range from emotional and physical abuse to orchestrating disturbing criminal activities. Amid the legal storm, Diddy’s children have come forward to share their side of the…

South Africa’s Department of International Relations and Cooperation has denied claims that it is under pressure from China to relocate Taiwan’s liaison office from Pretoria to Johannesburg. Taiwan has hit back at South Africa, insisting that it is not going to move its Pretoria-based Taipei Liaison Office to the City of Johannesburg. The diplomatic row has now drawn in US lawmakers who have hit out at South Africa. Last week, the Department of International Relations (Dirco) communicated to Taiwan to relocate the liaison office from Pretoria as South Africa does not recognise Taiwan as a bona fide State, but an inalienable part of the People’s Republic of China. “We hope that both sides can communicate and leave room for change, but we have also planned a worst-case scenario,” Taiwanese Foreign…

At a graduation ceremony held on October 18, Unisa conferred the degree of Doctor of Philosophy in Business Management (Honoris Causa) on revered property mogul and pioneer, Mike Nkuna. Nkuna is the founder and executive chairman of the Masingita Group of Companies, whose subsidiary entities are involved in property management, asset management, construction management facilities, auctioneering services, manufacturing and mining in South Africa, among others. He is revered as a business giant with over three decades of experience. He is hailed as one of the few people who saw the value of developing commercial and retail spaces in rural and township areas. His passion for developing townships and rural areas earned him recognition as the “pioneer of township and rural commercial and retail developer”. The Masingita Group has been praised…

While patients battle breast cancer, clinical executive at Profmed Justine Lacy highlighted the journey to healing is financially daunting. Profmed is one of South Africa’s longest-running medical aid schemes that has been in operation for six decades. According to a medical article by Turnberry, an insurance scheme, oncology patients face a financial burden of between R10 000 and R450 000 towards treatment per year, depending on the required treatment. The most well-known and oldest method of surgically treating breast cancer is mastectomy, which involves having the entire breast removed from the body, leaving the patient with a flat chest and scars. Lacy listed Keytruda, a cancer treatment, which costs about R100 000 per cycle. “By costs, we mean not just treatment and care but the emotional and physical toll that…

The Reach For A Dream Foundation announced its expansion of eight new Dream Rooms across hospitals in the country, to be launched by the end of the year. The Foundation is an organisation dedicated to fulfil the dreams of children between the ages of three and 18, who are battling life-threatening illnesses. With the Dream Room initiative, the organisation would have established 46 rooms nationwide, to launch more in the near future. The rooms offer children a healing space and a much-needed escape from the clinical setting, where they will not be robbed of the opportunity to experience the joys of being a child. The Dream Rooms will feature a wide range of activities such as arts and crafts, and other educational games. According to senior specialist radiation oncologist at…

It is almost exactly 10 years since the University of the Western Cape (UWC)hosted a Farewell Festival to honour the legacy of Brian O’Connell – the legacy of an education advocate, a community activist and an ethical leader. Today we celebrate Prof O’Connell’s life – a life of dedication and commitment to education, to South Africa the country he loved and to transforming the lives of the marginalised. Brian, we salute you. In 2011, I was approached by Brian and the UWC Council to take on the important task of being the University Chancellor – a position previously occupied by my predecessor, the late Archbishop Desmond Tutu, for more than 20 years. I accepted gladly, and in that position, I had the honour of experiencing first-hand what Brian meant to…

Mamelodi Sundowns coach Manqoba Mngqithi has issued a cautionary challenge to Orlando Pirates in their quest for the Premiership title. With the season already four games deep and both teams maintaining a perfect record, the pressure is mounting as they vie for supremacy. As the Brazilians gear up for what will be their seventh consecutive domestic title defence, the challenge from Pirates signals a thrilling season ahead. Both clubs are currently perched at the top of the league standings, with Sundowns narrowly ahead on goal difference. This intensifying battle for supremacy is poised to escalate, especially with the impending CAF Champions League group stages looming. Mngqithi, speaking after a tense 2-1 victory against Royal AM on Wednesday night, acknowledged the threat posed by Pirates, recognising their aim to dethrone Sundowns…

African champions Banyana Banyana will have to conjure up something special if they hope to impress against Denmark in Aalborg this evening (6pm SA time kick-off). After defeating hosts Morocco to win the Women’s Africa Cup of Nations title in 2022 and then reaching the round of 16 at the 2023 Women’s World Cup, Banyana’s form took a dip, and they failed to qualify for the women’s tournament at the 2024 Paris Olympics. Since then, the process of rebuilding started, and in June, the South Africans played lowly Senegal (No 83 world-ranked) in two friendlies in Dakar and came away with a win and a draw. Denmark, with their lofty 12th world ranking, should prove too strong for Banyana (No 50), who will be handicapped by the absence of four…

Kaizer Chiefs have all the tools in their arsenal to pile more misery on SuperSport United’s poor start to the season when the two sides clash in the Premiership this weekend. Nasreddine Nabi and his charges will get an opportunity to back up their 4-0 win over SuperSport last week in the Carling Knockout Cup when the Peter Mokaba Stadium in Polokwane once again hosts this heavyweight clash tomorrow (5.30pm kick-off). There has been an attractive and exciting quality in Naturena, and that has seen the mighty Kaizer Chiefs overturn their fortunes in a short space of time. The stumble against powerhouses Mamelodi Sundowns in their last league match could have easily derailed the path back to glory. Instead, ‘Nabi Ball’ resumed as per normal last weekend, with goals from…

Wholesale sector will gain additional sales of R32.1bn, with an additional R6.2bn in fuel sales As anticipation starts building for Black Friday specials when items are expected to be heavily discounted on November 29, new research suggests that consumers seem to be more interested in the annual sale than in any of the past three years, which could add R88 billion to the economy. Research conducted by the Bureau of Market Research (BER) for fintech Capital Connect released yesterday that retailers in South Africa will generate R22bn in additional direct revenues because of Black Friday sales this year, which will also generate R28bn in indirect economic impact. In this same period, the wholesale sector will gain additional sales of R32.1bn, while there will be an additional R6.2bn in fuel sales.…

The Eskom Multi Year Price Determination (MYPD6) is finally officially in the public domain. The proposed electricity tariff increases for the next three financial years, starting on the 1 April 2026, have gone out with public submissions open until 4pm on 1 November. The impact of MYPD6 stretches beyond the price changes, critically, it’s about Renewable Energy project viability. An under estimation of the potential impact to the viability of Renewable Energy projects across all installation sizes, based on changes in the Eskom Megaflex tariff will have a resulting impact on other tariffs – including Municipal tariff structures. MYPD6 details Eskom Holdings price increases based on the historically used NERSA (National Energy Regulator of South Africa) approved cost plus return on asset base (RAB) methodology to get to a revenue…

THE South African Poultry Association (Sapa) has made a pressing plea for the removal of the 15% VAT on certain chicken products, arguing that such a move would significantly benefit families grappling with financial strain. Izaak Breitenbach, the head of Sapa’s broiler organisation, said yesterday that this initiative aimed to lower the cost of popular poultry meat, thereby improving accessibility and directly addressing the escalating issue of food insecurity faced by many in South Africa. Breitenbach stated that zero- rating VAT on chicken products is a priority, both for sustaining the nation’s food supply and for bolstering the economic welfare of households. The application for this exemption is set to be formally submitted by mid-November, coinciding with President Cyril Ramaphosa’s commitment to expanding the list of essential food items exempt…

According to Forbes the Artificial Intelligence (“AI”) market is projected to experience substantial growth from $86.9 billion in revenue in 2022 to $407 billion by 2027. As such, it is no surprise that more questions are arising about inventorship and ownership of intellectual property of works and inventions created either by or with the assistance of AI. As is usually the case in fast-evolving technology areas, regulatory frameworks are lagging behind the rapid development of technology. In the USA, the leading case in this regard is the 2022 US Federal Circuit decision of Thaler v. Vidal which found that, under the U.S. Patent Act, only natural persons can be recognised as inventors, thereby excluding AI systems from being listed as inventors in patent applications. As such, no matter how valuable/life-changing…

Anglo American is reportedly nearing the disposal of its platinum group metals (PGM) unit while simultaneously entering the final bidding phase for its steelmaking coal operations. This announcement came from CEO Duncan Wanblad, who provided updates during a financial briefing yesterday. “Our accelerated portfolio simplification to unlock the inherent value in Anglo American is well under way,” said Wanblad. “The PGM demerger is on track to complete by the middle of 2025 (while) our Steelmaking Coal sale process continues to see significant competition for this world-class set of assets, with a final round of bidders in place, and we expect to announce execution of a sale agreement in the coming months.” Anglo American Platinum said it had delivered R8 billion of its targeted R10bn cost and capital reduction programme. Consultations…

Martha Stewart was “dragged into solitary confinement” and deprived of food and water for a day during her stint in prison. The lifestyle guru was sentenced to five months behind bars in September 2004 after being found guilty of charges relating to an insider trading case. She has opened up about her experience at Alderson Federal Prison Camp in West Virginia, nicknamed Camp Cupcake, in a new Netflix documentary called Martha. In the film, Stewart’s prison diaries are read out and one extract reveals she was punished for accidentally touching one of the prison guards. She wrote: “Today I saw two very well-dressed ladies walking and I breezed by them, remarking on the beautiful warm morning and how nice they looked. When I realised from the big silver…

MANY people across the world will be raising their glasses to toast to Global Champagne Day today. The occasion, initiated in 2009 by American blogger Chris Oggenfuss, pays homage to the sparkling beverage that transforms any gathering into a celebration. As champagne lovers worldwide clink their flutes, the spotlight shifts not just to the bubbly but also to what culinary delights pair impeccably with it. This year, we take a gastronomic journey to explore the best foods to elevate your champagne experience. Crispy fried chicken Forget the traditional notion that only caviar and oysters can be served with champagne. One of the most delightful pairings you could experience is crispy fried chicken. The classic bright acidity of champagne is a perfect counterpart to the rich, greasy goodness of fried chicken.…

Passions in death J.D. Robb Loot (R245) Piatkus Books Nora Roberts, writing as J.D. Robb’s in her In Death series is a long-running favourite, with nearly 60 books and counting. For new readers, that can seem like a lot to tackle, but the good news is that each book stands on its own. You can easily jump in with Passions in Death and still get a full murder mystery, complete with back story and character development. However, long-time fans will tell you there’s more fun in starting at the beginning with Naked in Death, especially to follow the evolution of Eve Dallas and her close-knit team of recurring characters. In Passions in Death, we’re thrust into the middle of a bachelorette party gone horribly wrong. The bride’s circle of friends…

A SHOCKING viral video posted on TikTok showing pork chops with maggots inside a meat tray at Kwik Save Fresh & Frozen in Soshanguve has landed the business outlet in trouble with the City of Tshwane’s Health Department. This comes after a swift reaction from newly-appointed Health MMC Tshegofatso Mashabela, who visited the establishment following calls for authorities to act against it for putting the lives of shoppers at risk by keeping spoiled meat for sale. The 21-second clip, which has racked up over 1.6 million views, shows the hands of someone believed to be one of the employees covering maggots with two pork chops. The video has since elicited angry reactions from people who denounced the practice by owners of the business. Many people suggested that law enforcement arrest…

The Gauteng Department of Health (GDoH), in partnership with the Gauteng AIDS Council, recently hosted a provincial seminar tackling the pressing issues of teenage pregnancy, gender-based violence (GBV), and mental health. This multi-sectoral engagement is part of ongoing efforts to address the rising numbers of teenage pregnancies, which are high in the province, particularly in the Ekurhuleni District. Recent statistics underscore the urgent need for concerted intervention: over 24 941 cases of teenage deliveries and terminations of pregnancy were recorded among girls aged 10 to 19 during the 2022/2023 period. Notably, the Ekurhuleni District accounted for more than 6 670 of these cases, highlighting the area as a critical focal point for health initiatives. Dr Mkhulu Selepe, acting Chief Operating Officer for Gauteng Health, emphasised the department’s commitment to fostering…

Orlando Pirates fringe player Evidence Makgopa has given coach Jose Riveiro a selection headache. Makgopa was given a rare chance in Pirates’ starting XI in the midweek clash against SuperSport, and he knocked the stuffing out of Gavin Hunt’s team with clinical finishing for a second-minute goal. A few days earlier, Makgopa was called off the substitutes’ bench to rescue Pirates after they trailed 3-0 at halftime against Magesi FC. He managed a goal in the second half, but it was not enough – although he threatened twice in the closing stages. This was enough for Riveiro to promote him to the run-on XI for the SuperSport clash, and after these two goals, he has done enough to be in tonight’s line-up for the AmaZulu encounter at Orlando Stadium (7.30pm…

Jake White has often spoken about wanting to develop a large number of the Bulls players into Springboks. He has virtually achieved that goal now, as there are nine Bulls in the 35-man Bok group that was updated yesterday with the addition of Wilco Louw and Johan Grobbelaar. But the Bulls may now become the victims of their own success. After completing the current three-week European tour tonight against Benetton in Treviso (8.35pm start), the likes of Elrigh Louw, Canan Moodie, Kurt-Lee Arendse, Wilco Louw and Grobbelaar will join the Bok side on Sunday for their week-long training camp in Jersey ahead of the three Tests against Scotland, England and Wales. The Pretoria sidewill resume their season away against Connacht in Galway on November 30 and Saracens in London a…

Clicks Group’s resilience in tough consumer environments was proven again in the year to August 2024 after it lifted trading profit by 15.1% to R4.2 billion for the year to August 2024, expanding margins, generating strong cash flows and delivering industry-leading shareholder returns. The results were above management expectations and continued a trend where the group has produced an 18.5% compound annual growth rate in shareholder returns over 10 years, which was well ahead of the average 5.1% return of the Top 40 companies over the same period and 7.1% return from the group’s peers, CEO Bertina Engelbrecht said in an interview yesterday. “We have long-term shareholders and they have done well. Our biggest shareholder is the PIC (Public Investment Corporation), and we are one stock that the Government Employee…

Westfalia Fruit, a prominent global supplier of avocados and fresh fruits, recently marked a significant milestone with the arrival of its inaugural container of South African Hass avocados in India on Tuesday. This shipment not only underlines the company’s robust export efforts but also highlights the immense potential within the South African avocado industry. This news comes shortly after Westfalia announced the successful shipment of avocados to a completely different market—China—earlier this month. The dual achievements underscore Westfalia’s commitment to expanding its international footprint and delivering high-quality produce to diverse markets around the globe. Zac Bard, business development executive at Westfalia Fruit, expressed their enthusiasm for this monumental step. “This achievement highlights our dedication to expanding our global footprint and delivering top-quality produce to new markets,” Bard stated. “We look…

Afrimat experienced difficult trading in the six months to August 31, but a gathering of pace of the turnaround of newly-acquired cement group Lafarge South Africa, rising production from the anthracite mine, and higher iron ore export prices should result in a better second half. This was according to chief financial officer, Pieter de Wit, who was interviewed at the release of results that showed headline earnings a share falling markedly to 53 cents from 263.4 cents, and the net debt equity position increasing to 45.6% (February 2024: 1.4%) due to funding the Lafarge and Glenover transactions. The interim dividend of 10 cents a share was well down on 40 cents at the same time last year. Afrimat CEO Andries van Heerden said there had been a solid performance from…

Spear REIT, which has a portfolio of commercial properties in the Western Cape, lifted its distribution per share by 3.14% to 39.53 cents in the six months to August 31, the results showed yesterday. Distributable income per share increased 2.06% to 41.61 cent per share. The payout ratio was 95% of distributable income versus 94% previously. Total distributable income increased 22.24% to R111.22 million. Despite the challenging trading environment and high interest rates, Spear management said they were optimistic that operating conditions would not remain deeply challenging forever, as very encouraging prospects of economic growth, contracting government bond yields and economic growth had started to emerge across the macro-economic landscape of South Africa. Loan-to-value was lower at 23.93% versus 31.60 previously. Tangible net asset value per share was R11.74 (R11.78).…

One of South Africa’s most prolific criminal cases, The Station Strangler, will be streamed on Showmax. The documentary delves into the world of serial killer Norman Afzal Simons, who is believed to have killed 21 boys and one adult from the mid-1980s to the mid-1990s in the Cape Flats. The school teacher was convicted of the rape and murder of 10-year- old Elroy van Rooyen and sentenced to 25 years in 1995. In November last year, 28 years after he was imprisoned, Simons was released on parole and placed under 24-hour monitoring. The development opened fresh wounds in a community where justice has been denied for decades. The true-crime feature documentary, which will premiere on November 6, is produced by IdeaCandy which brought viewers Tracking Thabo Bester, Devilsdorp, Steinheist and…

PROFESSOR Michael Pepper, Director of the Institute for Cellular and Molecular Medicine and a professor in the Department of Immunology at the University of Pretoria’s Faculty of Health Sciences, has been ranked as the top Biology and Biochemistry scientist in South Africa. This prestigious ranking comes from the latest edition of Research.com, a respected academic platform. Pepper's ground-breaking work has not only placed him at the pinnacle of national rankings but has also garnered significant international attention. With a D-index of 91, based on the rigorous citation-based metrics specific to the discipline of Biology and Biochemistry, Pepper’s scholarly contributions boast an impressive 31,436 citations across 337 publications. This data was meticulously compiled using multiple reputable sources, including OpenAlex and CrossRef, with the evaluation conducted on November 21, 2023. In response…

The Men’s Foundation of South Africa has issued an urgent call to action regarding the pervasive issue of toxic masculinity, which is reported to fuel stigma around men’s health issues in the country. The impact is alarming, particularly in the realms of mental health and prostate cancer, two areas where the necessity for change has become increasingly crucial. Garron Gsell, CEO of the Men’s Foundation SA, emphasises the dire need for systemic intervention, urging both the public and policymakers to act swiftly. “Toxic masculinity is one of the most pervasive issues affecting men in South Africa today. It’s a dangerous narrative that tells men to prioritise toughness, stoicism, and dominance over their well-being. This has devastating consequences, particularly when it comes to seeking help for physical and mental health concerns,”…

TEN years have gone by without South Africa tasting a Test victory in the often dry and spin-friendly tracks of the Indian subcontinent. During this time, South Africa have toured Sri Lanka, India, Pakistan and Bangladesh, and on each trip, the Proteas returned home empty-handed as they toiled for many overs in the field in that part of the world. The last time they won a Test in Asia was in Sri Lanka in the winter of 2014, on the back of a spirited shift of fast bowling from one of the greatest quicks of all time, Dale Steyn. Hashim Amla stood up and fought for the team to win that series with exemplary batting. Yesterday in Mirpur, it was yet another generational talent in Kagiso Rabada that led from…

There can be no doubt about it: the Lions are in for a hostile reception tomorrow when they take on Leinster in the United Rugby Championship. They will be facing a cauldron of fanatical support baying for comeuppance after months of being at daggers drawn over who is better at the game at international, provincial, local and grassroots level. By the account of the Irish club, Aviva Stadium is expecting 50 000-plus supporters when the match kicks off (6.15pm SA time), reaching near full capacity – if not sold-out status – by then. It could be the biggest crowd the Lions have faced since joining the URC. It will certainly be the first time this group of players has even played at the ground. The recent rugby rivalry between the…

Kaizer Chiefs’ Tunisian-born coach Nasreddine Nabi sat in the stands at the Loftus Versfeld Stadium on Wednesday evening to watch Mamelodi Sundowns in action against a depleted Royal AM side. His surprising visit to Loftus would have been prompted by the Premier Soccer League’s media release on Wednesday afternoon. The statement informed that his side’s crunch Carling Knockout Cup quarter-final fixture against Sundowns would be played next Saturday evening at the FNB Stadium (6pm kick-off). Although the star-studded Brazilians clinched a narrow 2-1 win over Royal AM despite an overwhelming possession advantage, Nabi would not have been overly impressed by what he saw. Royal AM, with a miserly 30% possession, managed almost as many shots on target, as reflected by the 9-8 count at the end of the match. Sundowns…