Cape Times 2021-07-26

Dineo Faku dineo.faku@inl.co.za TELKOM chief executive Sipho Maseko has told employees that this was the right time to step aside, as news of his surprise resignation emerged on Friday. Maseko, who was at the helm of the partially state-owned telecommunications company, for eight years is due to step down at the end of June next year as chief executive and executive director of its subsidiaries, Telkom said on Friday. “The process to appoint a successor is well under way and a designate group chief executive will be announced in the not too distant future. Sipho would, for the remainder of his tenure, ensure the incoming group chief executive designate’s orderly transition into the role,” Telkom said. Maseko, who trained as a lawyer, succeeded Nombulelo Moholi as Telkom chief executive in…

Banele Ginindza banele.ginindza@inl.co.za South Africa’s “Gateway to Africa” status hangs in the balance after a cyberattack on Transnet last week severely disrupted its operations. And while the parastatal said on Friday that it had identified the source of the hack and its personnel were working on restoring its IT systems, it was not yet clear if all of its systems had been fully restored. The implications for South Africa, both in the short and long term, are serious. The past five years have seen South African ports deteriorating further. In a World Bank report issued earlier this year, the Port of Durban was listed as one of the three worst ports in the world – out of 351 ports that were assessed. Systems operator Navis, which provides some of the…

Siphelele Dludla siphelele.dludla@inl.co.za South Africa’s stunted economy has received a much-needed boost as the government announced the easing of lockdown restrictions, the ramping up of Covid-19 vaccinations and the reinstatement of social support grants. President Cyril Ramaphosa last night announced that the government had decided to place the country on alert level 3 from adjusted alert level 4. This as the country has officially passed the peak of the third wave of Covid-19 infections. Ramaphosa said the overall decline of new cases meant that it was possible to gradually ease some of the restrictions on gatherings, movement and the sale of alcohol. South Africa recorded a total of 9 718 new Covid-19 cases and 287 deaths, with Gauteng still leading the pack followed closely by the Western Cape. The…

Dineo Faku dineo.faku@inl.co.za PEPKOR Holdings closed firmer on the JSE on Friday following news that revenue for the nine months to the end of June had rocketed 13.9 percent to R53.9 billion despite a constrained retail environment. Pepkor shares closed 4.26 percent higher at R20.79 a share as the retailer said its revenue growth for the three months to the end of June had accelerated 27.9 percent. Pepkor, a subsidiary of Steinhoff International Holdings, said the group expected the retail environment to continue to be constrained as a result of the long-term impact of Covid-19 on the economy, exacerbated by the recent civil unrest. “The group’s unparalleled position in the discount and value retail market segments continues to be increasingly relevant in addressing consumer needs,” it said. The retailer…

Philippa Larkin philippa.larkin@inl.co.za DESPITE a torrid year, with the challenge of lockdowns and bans on the sale of alcohol, brewing and beverage company Distell has raised a glass to expected buoyant annual earnings, while it slashed its debt by more than half. In a trading statement for the year to June 30 released on Friday, Distell said its headline earnings per share were likely to increase by between 735.6 cents and 782.7c, up 19.9 percent from the previous year, while earnings per share were forecast to rise by 838.1c to 866.5c, an increase of 118.5 percent from the prior year. The group improved its net debt position compared to pre-Covid-19 levels because of management’s proactive moves to protect the balance sheet during the past 12 months.…

The RECENT civil unrest, violence and looting caused irreparable harm to South Africa and its economy. Only time will tell who the dark forces behind the mayhem are, but it continues to create uncertainty. It seems to be aimed at toppling President Ramaphosa, the current economic system and judiciary. In addition, South Africa’s military involvement in the rest of Africa and, despite being warned, the country’s intention to act against the growing insurgency by jihadists linked to ISIS in Mozambique irked the ire of ISIS and its operatives. Furthermore, the complacency of the South African government in regard to the country’s security as a result of the dearth of funds and factionalism in government make South Africa a soft target for instability and terrorism. Political stability and absence of violence/terrorism…