Inhoudsopgave van 2025-02-21 - Star

Company accrues $1.3bn in cost savings and recorded an Ebitda of $8.5bn at 30% margin Anglo American is facing some challenges as it moves to restructure its portfolio after reporting a $3.1 billion (R57bn) loss to shareholders for the 2024 full year which was also weighed down by $3.8bn in net impairments. The company, however, accrued $1.3bn in cost savings and recorded an earnings before interest, tax, depreciation and amortisation (Ebitda) of $8.5bn at a margin of 30%. This was despite the impact of lower commodity prices which tanked 10% during the period under review as well as “challenging rough diamond trading” conditions under De Beers. Anglo American, which is demerging De Beers, said “the work to separate De Beers is well under way, with action taken to strengthen cash…

Through using 21 different financial terms such as marketing contributions, professional fees, rebates, retail concepts, and rent, rates and services, Steinhoff helped poorly performing business units either inflate revenue or reduce cost. This, a comprehensive PwC investigation showed, had been ongoing for, in some cases, 10 years. PwC’s probe, a copy of which is in Business Report’s possession, was the result of Steinhoff’s auditors, Deloitte, flagging accounting irregularities in 2017. The news of what has become known as South Africa’s largest in the business world resulted in Steinhoff losing 97% of its market capitalisation between August 2017 and March 2019 as investors reacted to the news. Overall, PwC found that €6.5 billion – or R125bn – artificially went through Steinhoff's books between 2009 and 2017 when the lid was on…

Gold production from the South Deep mine operated by Gold Fields in South Africa declined by 17% to 8.3 tons in the full year to December 2024 as a result of low volumes and reduced grades while all in-sustaining costs shot up by 32% with free cash flow generation subsequently reducing. Gold Fields, which also operates gold mines in Australia, Ghana, Peru and Chile as well as Canada, reported Thursday that attributable profits for the 2024 full year of $1.2 billion (R22.2bn) compared to a profit of $703.3 million a year ago had yielded a rise in the final dividend from 420 cents in 2023 to 700 cents per share. This brought up the total dividend for 2024 to 1 000 cents per share compared to 745 cents a year…

THE saga of a lawyer, an estate agent, and an ex-wife - which culminated in defamatory messages being sent by the estate agent - was the subject of a legal tussle before the Gauteng High Court, Johannesburg. The respondent, an estate agent who was only identified by the court as BT, sent a WhatsApp text, and two pieces of correspondence (one a letter from his attorney, sent on his instructions, and one an email which he wrote himself), which defamed the applicant, the lawyer, only identified as JW. The correspondence was also sent to the lawyer’s senior colleagues at the law firm where the applicant works as a conveyancer. The court was told that previously, the estate agent had an amicable relationship with the lawyer and sent him a lot…

Hundreds of students at the Stellenbosch University embarked on a protest yesterday, shutting down the institution over registration issues. They moved from one faculty to the next removing students from lecture rooms. As the protest moved to the Law Faculty more students joined in as they moved from building to building. SRC secretary general Mzwakhe Bolotina addressed the marchers, saying: ”There must be solidarity. We are not joking here. “The issue might not affect you, but it affects us.” They also went through the mess hall, disturbing students who continued to eat. A student in EFF regalia said ‘the clowns are those who don't want to join them’. He told students at the Jan Mouton Learning Centre: “I'm not here to disturb you or your peace. It is very privileged…

Governance experts said the burden of government corruption, failure and incompetence had been passed on to the taxpayers, culminating in Wednesday’s attempts during the now postponed budget to increase value added tax (VAT) by 2%. The budget speech has been postponed to March 12, following a disagreement between political parties in the Government of National Unity (GNU). The experts said corruption, incompetence and bad politics are the reasons South Africa is in economic crisis and failing to create jobs. They said President Cyril Ramaphosa must consider cutting the benefits of politicians from national, provincial and local governments. Governance expert Professor William Gumede said the government’s development model has been to transfer the burden and the consequences of incompetence, corruption and bad politics to the taxpayers. Gumede said this is the…

The fund follows the spate of food poisoning incidents that claimed the lives of more than 23 schoolchildren nationwide last year. Tau addressed the Select Committee on Economic Development and Trade in Parliament that the fund’s primary objective is to support spaza shops and township-based convenience stores. The fund will be administered by the Ministry of Small Business Development and the Department of Trade, Industry and Competition (dtic). Tau noted the fund aims to address the nuanced challenges that food stores experience in preventing future widespread contamination cases. “The prevalence of food poisoning incidents linked to spaza shops poses significant health risks to consumers and erodes trust in these businesses. “Contributing factors include inadequate food handling practices, poor storage conditions, and limited awareness of hygiene standards,” said Tau. As the…

Games in hand are not points guaranteed, so Orlando Pirates better remember that as they try to close the gap at the top of the Premiership log this weekend. Pirates are chasing their first league title in 13 years, and those ambitions got off on high note as they won their first seven games in the campaign. But after losing to Stellenbosch FC for the first time in their eighth league match, Pirates’ roster has been muddied by postponements, including Wednesday’s clash away to Golden Arrows, due to a waterlogged pitch at Mpumalanga Stadium in Hammarsdale. Thanks to that, the Sea Robbers are second on the standings with 33 points, 12 behind champions and log leaders Mamelodi Sundowns, who have played three games more. While Pirates will feel that all…

The ICC Champions Trophy is known for its fast-paced action and high-stakes drama, and for Rob Walter’s Proteas, the time for complacency is over. As they prepare to take on Afghanistan in Karachi on Friday (11am SA time start), the South Africans must hit the ground running, armed with a game-plan that will halt their Asian opponents. Independent Media cricket writer Zaahier Adams, who has covered the last three ICC Champions Trophy tournaments, outlines five pivotal strategies that could set the tone for the Proteas’ journey... 1 Focus on the captain’s form The performance of skipper Temba Bavuma will undoubtedly influence the Proteas’ results. His impressive overall ODI average of 43.32, complemented by five centuries, must be translated into crucial match contributions. Despite a dip in form over the past…

The ‘royal’ mess that has muddied the image of the PSL has given Kaizer Chiefs some breathing space ahead of their next Premiership clash. Chiefs were scheduled to face Royal AM tonight in Pietermaritzburg, but that game has since been postponed, owing to the suspension of the KZN side’s games indefinitely. ‘Thwihli Thwahla’ are currently under the curatorship of SARS due to the tax monies owed by the club’s president, Shauwn Mkhize. With Chiefs set to get some time off this weekend, coach Nasreddine Nabi decided that he’ll give his troops a breather as well. Chiefs need the break, especially heading into their next clash away to log leaders and champions Mamelodi Sundowns in the nation’s capital on Saturday, March 1 (3.30pm kick-off). Sundowns are still the team to beat…

South Africa’s automotive sector faces a looming threat from US President Donald Trump’s planned 25% tariffs on foreign cars, the National Automobile Dealers’ Association (Nada) warned on Thursday. President Trump said this week that he plans to impose auto tariffs on foreign cars of around 25%. Semiconductor chips and pharmaceuticals are also set to face higher duties. This after he also recently announced tariffs on a 25% tariff on all imported steel and aluminium. A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Trump said 25% tariffs would come as soon as April 2. He said the tariff would gradually rise, penalising automakers that export cars to the US rather than making them in the US.…

Cell C’s financial turnaround is gaining momentum, and the mobile network operator and its major shareholder Blue Label Telecom are in a good position to move forward profitably from June, said joint CEO Brett Levy. Cell C’s performance was released as part of the interim results of Blue Label, which holds 49.53% of Cell C and has the possibility of acquiring another 10%, giving it control, pending the repayment of loans from a special purpose vehicle, which was formed to house loans used to recapitalise Cell C in 2022. Levy said on Thursday that he was confident the loans would be repaid and the shareholding would be returned to Cell C. In the six months to November 30, Cell C lifted revenue by 13%, earnings before interest, tax, depreciation, and…

Teaching children financial confidence—from basic piggy bank habits to budgeting and investing—demands patience, intentionality, and a dedication to instilling lifelong financial wisdom. Speak openly about finances: Foster open, age-appropriate conversations about money to eliminate secrecy and reduce anxiety. Avoid hidden discussions, as they can instill fear or shame. Transparency around family finances cultivates positive financial attitudes and helps children develop a healthy, confident approach to managing money. Encourage decision-making: Allow your children to make mistakes with their money so that they learn early on what it feels like to have regrets about poor decision-making. Learning to live with the consequences of one’s decisions is an important life lesson. Demonstrate honesty: Model honesty in all financial matters so your children understand that deceit, concealment, or dishonesty about money…

Mondi, the global packaging and paper group with mills and plantations in South Africa, started up five major expansion projects in the year to December 31, 2025, and paid a stable dividend. Underlying earnings before interest, tax, depreciation, and amortisation (Ebitda) came to €1.05 billion, including €7 million forestry fair value gain (€1.2bn including €128m forestry fair value gain). The group said the five projects, all delivered on time and within budget, included the new paper machine at Steti (Czech Republic), which commenced operations ahead of plan in December 2024. “Our focus now turns to executing our operational and commercial strategy and leveraging our expanded product offering,” said group CEO Andrew King in a statement. “As we move into 2025, while significant macroeconomic and geopolitical uncertainties remain, we are seeing…

In an era where the origins of our food are becoming increasingly important, a new documentary series, Lamb Champs: The Heart and Soul of Sheep Farming, takes viewers on an enlightening journey through the world of sheep farming in South Africa. The six-episode series delves into the lives of six farmers whose dedication to their craft elevates mutton from mere meat to a symbol of tradition and family gatherings. South African model and TV presenter, Minki van der Westhuizen, travels across the country, following these farmers as they prepare for the esteemed 2024 Lamb Champs competition held in Pretoria, where the top sheep farmer will get the chance to win R160,000 in prizes. This initiative, championed by Saai (Southern Africa Agri Initiative), aims to elevate the visibility of family farmers…

THE government was planning to spend R1.03 trillion over the medium term expenditure framework on infrastructure projects by state-owned enterprises and government departments. This is contained in the proposed 2025 budget that was deferred for tabling in Parliament on Wednesday until March 12 after parties in the GNU disagreed on proposals by the National Treasury. The documents shared by the National Treasury, at the media lock up before the presentation of the budget was postponed, indicate that the government will significantly upscale its infrastructure delivery programme. “There are major opportunities to reduce the backlog in public infrastructure while creating jobs and bolstering economic activity,” reads the document. The proposed 2025 budget contained plans for strategic investments to achieve faster economic growth, focusing on electricity, rail, water and transportation infrastructure projects.…

Political analysts have cast doubt that the newly appointed interim ANC leaders in Gauteng and KwaZulu-Natal to revive the depleted organisation will succeed. By yesterday afternoon, the ANC had not confirmed Amos Masondo and Jeff Radebe as the party members who will lead the reconfigured Gauteng and KwaZulu-Natal provincial executive committees. These two seniors, however, have reportedly been called upon to spearhead the organisation’s revival in these provinces. It appears that Masondo and Hope Papo will be the leaders of the Gauteng ANC, with Panyaza Lesufi serving as the co-convener. Radebe has been partnered with Siboniso Duma as KZN conveners, with Mike Mabuyakhulu serving as coordinator, which is the equivalent of secretary. Notably, Bheki Mtolo, who was provincial secretary, Sipho Hlomuka, the deputy secretary and Dr Ntuthuko Mahlaba, the treasurer,…

The City of Tshwane has reminded business owners that all spaza shops and food-handling businesses must register by February 28 to ensure compliance and avoid closure. More than 4 100 business owners have submitted their documentation to apply for spaza shop registration in Tshwane by the end of January. MMC for Economic Development and Spatial Planning, Sarah Mabotsa, earlier said the majority (54%) of registration applications received so far have been from South African citizens, and just over one-third of the applications are from women. Of the approximately 4 109 applications received at the end of last month, 148 had been approved, and 564 were pending the submission of further relevant documentation. About 343 foreign nationals’ applications have been processed and are awaiting confirmation of status from the Department of…

THE fact that a car was purchased on a “voetstoots” basis does not prevent the purchaser from being reimbursed if the seller knew of the latent defects. This is especially so if the problems were not disclosed and in fact deliberately concealed with the intention to defraud the purchaser. This is according to the Bloemfontein High Court, which granted permission to the buyer of the vehicle to cancel his contract of sale and ordered the dealership to refund him for the vehicle payments. Adriaan Meiring turned to court to get his money back from RC Auto after he had discovered soon after he bought his dream vehicle that it had in fact been in an accident in the past. This, in spite of the dealership maintaining that the vehicle was…

Proteas captain Temba Bavuma is hoping his team “win the moments that matter” when they face Afghanistan in their crunch ICC Champions Trophy opener in Karachi on Friday (11am SA time start). The Proteas once again enter a major ICC tournament with the weight of previous disappointments hanging over their heads. The latest, of course, was the ICC T20 World Cup final, where the South Africans made history by overcoming their semi-final hurdle for the first time, but fell short again when ultimate glory was beckoning in Barbados last year. “There’s no negativity from the fact that we haven’t been able to be successful in other ICC events or editions, but instead, there’s a lot more positivity and confidence in terms of our ability or how far we can go…

Alulutho Tshakweni is not your everyday loosehead prop. Looking lean and mean, the 26-year-old from Mdantsane near East London resembles more of a loose forward than a front-rower – and he explained the story behind it this week ahead of the Bulls’ United Rugby Championship clash against the Lions at Loftus Versfeld (2pm start). “Back in the day, in high school, I was a lock-flank, and I changed later to prop. I think it was a very good change, and I haven’t looked back ever since,” the Hudson Park High product said. “I am a bit lighter than many other props, but Wilco (Louw) is built different. I bring my energy and work-rate, and not just scrumming – although it’s very important. I just play rugby, man.” Tshakweni was also…

Sekhukhune United shook off their poor run of form with a commanding win against AmaZulu, and now they hope to continue in that vein against Chippa United in East London on Saturday (3.30pm kick-off). Wednesday night’s win promoted Lehlohonolo Seema and his troops to fourth position on the log, and they are now hot on the heels of neighbours Polokwane City (29 points). City suffered a shock 1-0 loss against Magesi FC on Tuesday, and only one point separates them, with Sekhukhune having played one game less. Babina Noko last won a league encounter in a 2-0 victory against Cape Town City last month. Their triumph comes after a three-game winless run in the league, with their two draws sliced between a 2-1 loss against Orlando Pirates. Having fallen behind…

Tax Justice SA (TJSA) said in a statement on Thursday that their analysis indicated that tackling the country’s pervasive illicit cigarette trade could deliver a comparable financial windfall for the nation without squeezing citizens further. This comes as finance minister was forced to postpone tabling his 2025 Budget Review in Parliament on Wednesday after the deadlock over the proposed VAT hike from 15% to 17% in a bid to raise R58 billion. “According to official figures, each percentage point increase in VAT would have raised an extra R29bn in 2023/24. Meanwhile, a study by Oxford Economics has found that South Africa lost R27.1bn in tax revenue due to illicit cigarettes in 2022 alone,” said TJSA founder Yusuf Abramjee. “This means that cracking down on criminal cigarette syndicates could deliver…

Adcock Ingram Holdings’s interim operational and financial performance was below its management’s expectations due to constrained consumer spending and lower pharmaceutical stocks. The share price for the leading South African pharmaceutical manufacturer that was founded in 1891 fell sharply by 5.56% to R59.90 on the JSE by late yesterday afternoon, indicating investors might also have been unhappy with the results. The price, however, is 13.3% above what it traded at a year ago. “Although the results fell short of expectations, the company has retained its status as the Number 1 pharmaceutical player in the South African private market. In the prevailing economic climate, our teams are focused on growing market share, excelling at customer service and exercising strict cost control,” said CEO Andy Hall. In the six months to December…

Citadel Investment Services, the asset management division of the Citadel financial services group, has overcome stiff competition in South Africa’s investment industry to win the coveted South African Manager of the Year trophy at the annual Raging Bull Awards gala dinner, held at the Cape Town International Convention Centre on Monday, February 17. The runners-up in the South African Manager of the Year race were Nedgroup Investments. The event, sponsored this year by the JSE, recognised outstanding performance to the end of 2024 by collective investment scheme managers. For the first time, the awards included passively managed funds and ETFs. Iress and Apex were the data providers. The guest speakers at the event were Mark Barnes, founder of Purple Group and former chief executive of the SA Post Office, and…

A vibrant celebration of music, fashion and art is set to take place in Gauteng tomorrow at the Mahindra Fusion Fest. The inaugural festival will see some of the nation’s top musical acts taking to the stage. They include Cassper Nyovest, Zandile Mzazi, Radio Kalahari Orkes, Sjava, Matthew Mole and Tarryn Lamb. These artists will be joined by Mi Casa, Young Stunna, K.O, Kamo Mphela, Sipho “Hot Stix” Mabuse and Aymos, with renowned local media personality Nomuzi “Moozlie” Mabena set to host the gathering. The festival will also spotlight local fashion as it seeks to integrate a colourful fashion show featuring top South African designer Thuli Sindi with his Discover the X collection. Meanwhile, the “Again the Together We Rise” initiative will also be offering one emerging designer the opportunity…

Author and social activist Jackie Phamotse is sounding the alarm on safety issues within the club culture, following the emergence of disturbing videos from the Pretoria nightclub, Zanzou. The footage, which has since gone viral on social media, depicts the shocking assault and humiliation of five young men at the venue, igniting widespread outrage across the digital landscape. The incident has put Zanzou under intense scrutiny, with many calling for its immediate closure. In a plea on X, Phamotse urged individuals to reconsider the safety of club environments. “For your safety, get out of Club Culture! If you value your life, never go to clubs. That entire scene is demonic and disgusting,” she stated emphatically. “Why eat and drink with murderers, rapists and mafias? No one is safe in…

Ikapa Express Auctioneers will be hosting a SARS Customs online auction on March 4 from 8am to 12.30pm. The auction will feature miscellaneous goods from SARS’ KwaZulu Natal warehouses, with lots including machinery, mining equipment, furniture, kitchenware, tyres, and more. Viewing is only on February 26 and 27 from 9am to 3pm. Viewers must wear safety boots and a safety vest. Please contact the depot managers.The KZN depot physical addresses are as follows: Grindrod Logistics – 1021 South Coast Road, Mobeni, Durban. Contact Vino Pillay on 031 4527606. Grindrod Logistics – Unit 6 Bluff Road, Jacobs. Contact Junaid Gaffar on 031 452 7606 or 066 065 8732. Grindrod Logistics – 110 South Coast Road, Durban. Contact Mayogin Nair on 031 459 5579 or 083 6617065. Grindrod Logistics – 6 Beechgate…

Keneilwe Shalaba, the 32-year-old woman accused of pocketing R75 000 from the sale of her two-year-old son last year, has reportedly given birth while in custody. The heavily pregnant Shalaba appeared before the Vanderbijlpark Magistrate’s Court last Friday, where her bail plea was postponed to February 21. It is not clear whether Shalaba, who is facing charges of human trafficking, conspiracy to commit an offence, and making a false statement to the police, will make her scheduled appearance due to her current condition. Last week, Shalaba, who was arrested in November 2024 after falsely reporting her son’s kidnapping, told the court she was expecting twins and cited her pregnancy as one of the reasons she should be granted bail. National prosecuting Authority (NPA) spokesperson, Lumka Mahanjana, could neither confirm nor…

If the National Treasury could have its way, the R350 social relief of distress would have been extended by yet another year until March 2026, at a cost of R35.2 billion. The department’s proposal emerged from the documents of the 2025 budget, which was postponed to March 12 after parties in the Government of National Unity (GNU) could not reach consensus on the proposals made by the National Treasury. The plan to extend the grant comes at a time when the social security policy reform, together with the funding, has yet to be finalised. The Social Relief of Distress (SRD) grant was initially introduced for six months to support the unemployed during the Covid-19 pandemic in 2020. It has been extended several times and was only increased in this year’s…

The City of Tshwane has launched a campaign against illegal land invasion that it says threatened development projects and community stability. As part of the campaign officials conduct site visits and implement measures to protect property owners while warning of legal consequences for unlawful settlers. Illegal land occupations pose a serious threat to development and legal stability, the City of Tshwane has warned. The municipality cautioned that such invasions not only derail planned projects but also expose both occupants and rightful landowners to significant legal risks. This comes after a site visit to Hoekplaats by MMC for Corporate and Shared Services, Kholofelo Morodi, amid growing concerns over illegal land occupations that have put many residents at risk of financial loss and displacement. The visit is part of the City’s ongoing…

Judge Avinash Govindjee called for improved alcohol labelling to address the link between alcohol consumption and gender-based violence, as highlighted in recent court cases in the Eastern Cape. While Health Minister Dr Aaron Motsoaledi would be open to placing stronger alcohol labelling messaging for the public to take note of, he is aware that this would be a minor step toward a much bigger problem. Judge Govindjee, sitting in the Makhanda High Court in the Eastern Cape, recently addressed alcohol labelling when sentencing two men who were found guilty of murdering their partners in the province. The judge expressed concerns during two unrelated judgments involving men who had brutally murdered their partners after consuming alcohol. Govindjee urged the Minister of Health to add more warnings on the labels of alcoholic…

Mamelodi Sundowns continue to battle with a tight fixture schedule, but their fighting spirit is helping them over the line after sluggish starts in matches. On Wednesday night, the Brazilians were rudely surprised by lowly Marumo Gallants, who led 1-0 at halftime at the Dr Molemela Stadium in Bloemfontein. Gallants are one point clear of the dreaded relegation zone, and managed the only first-half score against the run of play. Nowadays, Sundowns coach Miguel Cardoso regularly deals with unfamiliar situations during matches as the team’s heavy workload takes its toll on the players. During Wednesday’s halftime talk, Cardoso needed to play the role of a psychologist as he urged his players to deal with the 1-0 setback and mount a come-from-behind win, which eventually resulted in a 3-1 triumph. The…

I will admit, I do not understand fashion. I can look at a Monet and appreciate the thin brushstrokes, the way he breathes life into the relatively mundane expressions of the human condition through experiments with light; or look at an Aston Martin DB9 and feel something stir in my stomach; or watch a movie and rant and rave about the cinematography, symbolism and artistic expression. But when models are strutting down a runway wearing the latest haute couture, I’m left questioning reality. Admittedly, if it were up to me, I would still be wearing my ’90s punk aesthetic – a T-shirt, long shorts, knee-high white socks and skater shoes, while exclaiming, “Grunge will rise again” to anyone who will listen. Nevertheless, I will admit that Sir Lewis Hamilton does…