Table of contents for 2024-05-06 in Star

THE COST OF borrowing in South Africa will remain elevated for longer as the first interest rate cut in four years now looks likely to be pushed further out to the final Monetary Policy Committee (MPC) meeting for the year in November. The SA Reserve Bank (SARB) has kept rates at a 14-year high of 8.25% since May 2023, as it tries to tame consumer price inflation (CPI), which has remained towards the upper limit of its 3% to 6% target range, though moderating to 5.3% in March from 5.6% in February. However, inflation is still expected to hover around 5% for the better part of the year as the US Federal Reserve (Fed) continued to signal that interest rate cuts were unlikely in the near term. As widely expected,…

MONDI, the global packaging and paper pro- ducer, said market conditions continued to improve in the first quarter of 2024, with stronger order books leading to higher sales volumes. In the three months to March 31, this was supported by a solid performance in the downstream converting operations. Average selling prices were lower, compared to the fourth quarter of 2023, however, recently-announced paper price increases were starting to come through in the second quarter, the group said in a trading statement on Friday. “Market demand has continued to improve. While we entered the year with lower selling prices compared to the prior year, improvements in demand have supported our initiatives to increase selling prices across the business,” chief executive Andrew King said in a statement. Costs remained broadly stable compared…

Philippa Larkin, Executive Editor of Business Report, interviews Michael Jordaan, the chairperson of Bank Zero, on advice for new entrants in banking. As the former CEO of First National Bank, and with more than 20 years’ experience in the financial services sector, Jordaan co-founded digital-only bank, Bank Zero. Philippa Larkin: New bank entrants are coming into the local market. What are the biggest barriers to new entrants entering the market? Michael Jordaan: The biggest challenge is bringing together an A-team of individuals who understand both the big picture, but are also not afraid of the details. The best way to start a new bank is from deep insight and an understanding of first principles. The next requirement is to obtain a banking licence. This requires adequate capital, individuals…

GLOBAL and South African financial markets continued to recover strongly last week. The rand appreciated for the second consecutive week, while the Brent oil price is at its lowest since March 13. The outcome of the US Federal Reserve’s Federal Open Market Committee (FOMC) meeting on interest rates last Wednesday, as well as the non-farm payrolls data that were released on Friday, indicate US interest rates will start to come down within the next three to five months. Federal Reserve chair Jerome Powell declared in no uncertain terms that the central bank’s next move will not be a rate hike, and that rates should start to decrease during the second part of the year. The Fed kept its bank rate unchanged in the range of 5.25% to 5.5%. Powell stressed…

Alec Baldwin recently opened up about why he decided to have such a big family, explaining that work got “less interesting” later in his career. The 66-year-old actor – who has Ireland, 28, with ex-wife Kim Basinger, and Carmen, 10, Rafael, 8, Leonardo, 7, Romeo, 5, Eduardo, 3, Lucia, also 3, and Ilaria, 16 months with spouse Hilaria – loves his career but has found the projects he is offered don’t appeal as much as they used to, so he’s found contentment in his personal life instead. Speaking on the Our Way with Paul Anka and Skip Bronson podcast, he said: “I found that as I got older, work became less interesting to me. “I’m interested, you know, I wanna work and I like to work. But they just don’t…

Limpopo MEC of Health, Dr Phophi Ramathuba, has visited South African nationals who are hospitalised in Botswana, following a horrific road crash where at least seven South Africans lost their lives in the neighbouring country. The crash happened last week after the group of South Africans had gathered in Gauteng, and travelled in a minibus to Botswana, for a church service. The Botswana Police Service (BPS) said the incident occurred in the southern district of the country, in Ranaka village, about 77km from Gaborone. It involved a Range Rover SUV occupied by four Batswana travellers and a Toyota minibus occupied by the 15 South Africans. Limpopo Health MEC Dr Phophi Ramathuba, who travelled to Botswana to represent the South African government at the mass funeral of 45 Batswana who died…

The public tension between the Johannesburg Metro Police Department (JPMD) and the SAPS risks disrupting their work. This follows weeks of public statements issued by member of the mayoral committee Mgcini Tshwaku aimed at National Police Commissioner General Fannie Masemola and Gauteng Commissioner Lieutenant-General Tommy Mthombeni. Cracks between the JMPD and the SAPS surfaced when Tshwaku revealed that although the metro police had more successes than the SAPS in Johannesburg, the SAPS didn’t want to work with the JMPD. He said that when the operation was a JMPD initiative, the SAPS never wanted to take part. In another embarrassing sign of tension last week, Tshwaku issued a statement calling out Mthombeni, saying the SAPS should “cease to falsely claim credit for the arrests of seven suspects” which the JMPD had…

After the high of beating Clermont in the Challenge Cup semi-final at the weekend, the Sharks turn their attention to the relatively mundane matter of a home United Rugby Championship fixture against Benetton. But given their lowly position of 13th on the URC log, it is not rocket science that the Sharks will use their remaining three matches to get themselves into the best possible state to beat Gloucester in the final of the Challenge Cup on Friday, May 24. The Sharks lost 10 of their first 11 games in the URC to relegate themselves to the position of targeting the Challenge Cup to achieve redemption. Long gone are their hopes of qualifying for the top eight of the URC and participation in next season’s Champions Cup, but they have…

Stellenbosch FC (0) 1 Palace 81’ Mamelodi Sundowns (1) 2 Mudau 11’, Lorch 74’ Mamelodi Sundowns survived a frenetic finish to a pulsating Nedbank Cup semi-final to end Stellenbosch FC’s 25-game unbeaten streak across all competitions at the Danie Craven Stadium yesterday. Despite a second-half penalty miss from their premier goalscorer Peter Shalulile, Sundowns’ “mentality monsters” were just too much for the gallant Winelands’ outfit to handle as the DStv Premiership champions held on for a tense 2-1 victory. Sundowns have now set up a mouthwatering Nedbank Cup final against Orlando Pirates, who beat Chippa United in the first semi-final, on June 1. It was the visitors’ substitutions that had the greatest impact with Thapelo Morena delivering a player-of-the-match performance after replacing Divine Lunga early in the first half. But…

THE key improvement in Arsenal midfielder Bukayo Saka this season was a sharpened competitive edge to win, his manager Mikel Arteta said on Saturday after their 3-0 home victory over Bournemouth. Arsenal cleared another hurdle in their Premier League title quest and kept the pressure firmly on Manchester City as Saka’s penalty just before half-time took his league tally to 16 goals, four ahead of their next highest scorer, Kai Havertz. Arteta said although Saka was also hugely consistent last season, he had been even better in this campaign. “In the game, he has become more effective, I would say,” Arteta said. “I see a different edge on him. The way he competes – he loves winning more than three months ago, six months ago, a year ago – and…

BUSINESS Rescue Practitioners (BRP) at Tongaat Hulett are preparing to implement the business rescue plan for the company as they believe that the company can be salvaged. In January, Tongaat Hulett shareholders adopted an amended business rescue plan which the BRP are now preparing to implement after the company was rocked by an accounting scandal, spinning into a debt of R8.2 billion amid delays to publish its financials. “The business rescue practitioners continue to advance the preparatory steps for the implementation of the Adopted and Amended Business Rescue Plan of the Company as approved and adopted by the requisite majority of creditors on Wednesday, January 31, 2024, in accordance with section 151 of the Companies Act,” Tongaat Hulett said in an update on Friday. The BRPs are concurrently readying…

IN A CASE that shows even professionals neglect to read insurance contracts closely, a Gauteng High Court judge has ruled in favour of Fourways Mall owners in a separation of issues dispute about a more than R1 billion insurance claim for loss of rental income through the pandemic. The Gauteng High Court ruled in favour of Fourways Mall joint owners Azrapart and Accelerate Property Fund on the separation of issues relating their claim against insurers for loss of business rental income due to lockdown restrictions. Judge Norman Manoim said in his judgment: “The case turns on a series of mishaps … Extraordinary as this might seem, it turns on the legal implications of oversights in reading documents by employees of the parties.” In November 2022, the plaintiffs instituted legal…

PRIVATE hospital group Netcare anticipates normalised earnings before interest tax depreciation and amortisation (Ebitda) to increase by between 7.3% and 7.7% for the six months to March 31. In a trading statement on Friday, the group – its directors expect interim results to be published on May 20 – said it expected revenue would increase by between 4.2% and 4.4%. Activity in the six months had been influenced by sector seasonality, a change in respiratory disease patterns, less maternity cases and the impact of low-cost medical scheme networks. The group also invested R264 million in share buybacks to April 30. The normalised Ebitda margin was expected to be between 17.8% and 18.2% compared with 17.5% at the interim stage last year. Sector seasonality was affected by a one-week delay…

From a young age, award-winning actor Frank Rautenbach has been fascinated by the complexities of the human mind. This prompted him to initially pursue a degree in industrial psychology and while he decided to venture into the entertainment industry instead, he believes this knowledge has vastly improved his craft. “I have always been fascinated by the human condition, so whenever I approach a role, my first question is, what kind of person is it that I’m trying to portray and what are their traits from a psychological point of view? “When I prepare for a role, I do a bit of a profile of the character and I break them down. I really just think why would he say what he says, and why does he act in the way…

Jonisayi Maromo and Sipho Jack Appropriate action should be taken against Joburg Property Company chief executive Helen Botes, Joburg MMC for human settlements Anthea Leitch and Joburg public safety MMC Dr Mgcini Tshwaku for the decay, overcrowding and dilapidation which festered at the City of Johannesburg’s Usindiso Building, where at least 77 people died in an inferno last year. These are the recommendations of former Constitutional Court Justice Sisi Khampepe, chairperson of the inquiry into the Usindiso Building fire. The recommendations are part of the commission’s part one report which was handed to Gauteng Premier Panyaza Lesufi yesterday. In the hard-hitting recommendations, the Khampepe Commission said the city must consider erecting a plaque bearing the names of the 77 people who perished in the August inferno. She said the process…

The Presidency has declined to publicly engage with the former director-general of the Department of Public Enterprises (DPE), Kgathatso Tlhakudi, who has sought guidance on the protected disclosure processes in his drawn-out war-of-words with Public Enterprises Minister Pravin Gordhan over the failed sale of SAA. This comes as the parliamentary portfolio committee on public enterprises concluded its report in March and recommended that the matter be taken up by law-enforcement agencies, including the Special Investigating Unit (SIU). Tlhakudi has accused Gordhan of producing a fraudulent memorandum indicating that he (Tlhakudi) led the evaluation committee that selected Takatso Consortium as the preferred strategic equity partner for SAA. Last month, Tlhakudi followed up with President Cyril Ramaphosa on his 2022 request for a protected disclosure investigation of Gordhan on his conduct in…

NATIONAL police commissioner General Fannie Masemola says the SAPS is ready to safeguard and maintain public order during the elections. Addressing religious and political leaders at the Grace Bible Church in Soweto yesterday, Masemola said they had done enough preparations to ensure the safety of South Africans as the country headed into the elections. He was speaking during the National Day of Prayer which united various religious and political leaders ahead of the May 29 elections. “We have done a lot of preparations. The police are well aware of our obligations. In terms of the Constitution, we must prevent crime and ensure public order. It also says we must uphold the law. “We will be doing exactly that,” Masemola said. The Electoral Commission of SA (IEC), led by chairperson…

THE National Prosecuting Authority (NPA) is set to sell several vehicles, properties, and seize bank accounts worth millions of rand belonging to members of an illegal gold mining syndicate operating in Carletonville and Khutsong. The sale follows a ruling by Gauteng High Court, Pretoria, Judge John Holland-Muter in March, after an application by National Director of Public Prosecution Shamila Batohi. Properties, cars and bank accounts belonging to Bethuel Ngobeni, Lerato Bathebeng, Poppy Mathongwane, Bongani Khumalo, Dumisani Moyo, Kesitaal Pty Ltd, a company belonging to Moyo, Nhlanhla Leon Magwaca, Neo Susan Duba, Tsepo Dube, Itumeleng Rejoice Magagane, Gloria Kgalalelo Magagane, an individual identified as Mlambo, Nhlanhla Mathebula, Manuel Nhamucho and Thabiso Sechele will be sold. Ngobeni, Magwaca, Thabiso and Moseki Sechele, Moyo, Mashaya, Bathebeng, Mathongwane and Duba are due to face…

American DJ and artist, DJ Icon, is ready to take over South Africa with a limited residency performance at the posh Just Badela restaurant in Midrand this week. The Mississippi-born DJ will become a prominent figure between Thursdays and Mondays at the Midrand establishment until after the elections on May 29. DJ Icon, real name, James Bennet, said he was looking forward to performing for his Soweto fans as the next house music DJ at the food establishment. “It is really awesome that South Africa is a great country that attracts people from the different parts of the world,” the DJ said. DJ Icon said he decided to leave his country of birth to follow his passion and chose South Africa to be his next stop because the “people and…

The South African spotlight shifts this week from the Sharks and their flourishing ambitions in the Challenge Cup to the dogfight for places in the United Rugby Championship play-offs. The in-form Sharks are out of the running for a top-eight finish but they can help their countrymen by beating eighth-placed Benetton in Durban on Saturday. The Lions would especially enjoy the favour as they consider how they can move up the ladder from 11th. The Joburgers have their destiny in their hands, to a degree, but it is non-negotiable for them to beat Cardiff at Ellis Park on Saturday and the Glasgow Warriors the following week. The Lions conclude their campaign with a tough away match against the Stormers. In recent URC history, the Lions have beaten the Stormers in…

Strikes from Mohamed Salah, Andy Robertson, Cody Gakpo and Harvey Elliott took Klopp’s men within five points of leaders Arsenal with two games remaining, and four points behind holders Manchester City, who have a game in hand over both. Liverpool talisman Salah headed home his 18th league goal of the season in the 16th minute before Robertson doubled their lead with a tap-in just before half-time. Gakpo headed in Elliott’s cross in the 50th, then the midfielder bagged his own with a rocket from 20 yards out that curled into the top corner. Richarlison and Son Heung-min pulled two back to make for a lively ending, but a comeback was not on the cards for Ange Postecoglou’s Spurs, who are fifth in the table. Meanwhile, Chelsea’s first back-to-back Premier League…

HARMONY Gold will hold a safety day for its employees this week after the death of a mineworker during a fall-of-ground incident at its deep-level, single-shaft Doornkop mine in Gauteng. The fatality at Doornkop mine near Soweto on Thursday last week involved a rock drill operator. A day earlier on Wednes- day, another Harmony Gold employee also died while working on underground rail maintenance at the Mponeng mine near Carletonville. “Harmony Gold Mining Com- pany regrets to announce that one of its employees employed as a rock drill operator tragically lost his life, following a fall-of-ground incident at its Doornkop mine,” the company said in a statement on Friday. It added that the cause of the accident was now under investigation internally and by the industry regulator. “Harmony will be…

IN THE HEART of sun-soaked Morocco, scientists are cultivating a future where tough crops defy a relentless drought, now in its sixth year. “Look at these beautiful ears of wheat,” said Wuletaw Tadesse Degu, the head of wheat breeding at the International Center for Agricultural Research in Dry Areas (Icarda). “The difference in quality between our field and others is striking,” he said, pointing towards a lush expanse in Marchouch, south of Rabat, that stood in stark contrast to the barren lands elsewhere. By 2040, Morocco is poised to face “extremely high” water stress, a dire prediction from the World Resources Institute, a non-profit research organisation. Figures from the North African country’s central bank paint a grim picture. Cultivated areas across the kingdom are expected to shrink to 2.5…

MIKE BROWN, the outgoing CEO of Nedbank, identifies two problems to be fixed in the economy, which will give us a growth rate of 6% if resolved – Eskom and Transnet. While these are obviously essential to sort out, they are insufficient to get us anywhere close to the 6% growth rate we all aspire too, or even the more modest 4% alternative proffered by Brown. Here is why. Transnet and Eskom are not natural disasters, which if resolved, will return South Africa back to normal. Their failure is the outcome of very bad poli-cies, executed by incompetent people (thank God, or it would be worse). Yes, we are now working off a low base, but this does not imply that the growth will automatically be high if the…

Since the mid-80s, award-winning film-maker Anant Singh has been making films that showcase South Africa’s journey from apartheid to democracy. Some of these national treasures include Place of Weeping, the first anti-apartheid film to be made entirely in South Africa by South Africans, The Stick, Cry, the Beloved Country, Countdown to Freedom, the Oscar-nominated Yesterday and Mandela: Long Walk to Freedom. “Our history and the stories of our resilient people is great film material,” he said. “This, together with the legacy of trying to make a difference in the journey of creating awareness of the South African reality of the time, was very important to make these films.” Overall, Videovision Entertainment has produced more than 80 feature films over the past 30 years in South Africa, the US, the UK,…

ANC secretary-general Fikile Mbalula has called out “counter-revolutionary forces” that want to destabilise the governing party, including the formation of the uMkhonto weSizwe Party (MKP). Mbalula briefed the media yesterday on the party’s impending disciplinary process against former president Jacob Zuma, who was scheduled for the party’s disciplinary process tomorrow. Mbalula said Zuma and the MKP are trying to fragment the ANC’s transformation agenda. The governing party has been at pains to discipline Zuma over his contravention of the ANC’s constitution after the former president declared his support for the newly-formed MKP. These forces have been hard at work trying to weaken the party through internal battles, he said. Mbalula said splinter groups such as the MKP were hell-bent on undermining and destroying the party’s transformation agendas. “We know that…

The National Union of Metalworkers of SA (Numsa) has welcomed the signing of the wage agreement in the bus passenger sector. “It’s a two-year agreement valid from April 1, 2024 to March 31, 2026 and this means there will be back pay,” Numsa general secretary Irvin Jim said. “Besides securing across-the-board wage increases, we secured the demand for primary health-care (cover) which was a burning demand from workers. Until now, bosses were unwilling to offer any kind of medical aid or medical insurance.” Jim said Numsa had secured an across-the-board increase of 5% on the rate of pay to be implemented from April 1, 2024 until March 31, 2025. An increase of 6.5% on the base rate of pay will be implemented from April 1, 2025 until March 31, 2026.…

Durban hip hop musician Ntokozo Zakwe returned home last week after a month-long tour of the US. Zakwe left South Africa on April 12 with other musicians from the African continent. The trip was organised by the US Consulate in Durban. He was nominated to represent the country to improve hip hop in the country. He met artists and role-players from Mexico, Argentina, France and Switzerland. The seasoned rapper said hip hop was well established and very popular in America. Zakwe said they toured places from where hip hop originated. The tour included a trip to Washington to understand how the US government relates to the influence of hip hop. Zakwe believes he is the first South African hip hop ambassador. “They want hip hop to improve everywhere, not only…

THE National Health Insurance (NHI) Bill is poised to bring significant changes to South Africa’s health-care system. This landmark legislation, designed to provide universal health coverage, has been a subject of vigorous debate and criticism. Despite controversies and delays in getting it signed into law, the bill represents a crucial step to achieving health care equity SA. The bill aims to overhaul the current health-care system by creating a centrally managed public fund that would purchase services and medicines from both public and private providers. This approach intends to bridge the gap between the rich and poor, making quality health care accessible to all regardless of socio-economic status. According to an opinion piece by Jean Marie Bissoko in the Daily Post on April 10, the bill envisions a future…

THE Blue Nation are in big time football. The Crocodiles are going to swim in the big sea with the sharks. Magesi FC earned promotion to the DSTV Premiership in style yesterday afternoon in Polokwane, Clinton Larsen’s team beating Milford FC 3-1 to win the Motsepe Foundation Championship with two games to spare. And with the second-placed University of Pretoria being held 2-2 at Black Leopards, the result meant that Magesi’s 55 points cannot be bettered. The wild celebrations that ensued at the final whistle told the story of the delight brought about by promotion courtesy of a Wonderboy Makhubu brace, plus a strike by Edmore Chirambadare. The home side took the lead on 25 minutes via a headed goal by Makhubu after a good cross by Diamond Thopola. Watched…

Real Madrid claimed a record-extending 36th La Liga title on Saturday, after Girona’s 4-2 thrashing of local rivals Barcelona left Carlo Ancelotti’s side with an unassailable lead in the standings. With four games left, Real moved to 87 points on top of the standings, after their second-string players earned a 3-0 win over relegation-threatened Cadiz earlier on Saturday, 13 ahead of Girona in second and 14 clear of third-placed Barcelona. Xavi Hernandez’s side were the only ones left who could prevent their bitter rivals Real from lifting the title, but their faint hopes were extinguished in Girona as they fell to their second league defeat in three matches. Real now can turn their attention to a La Liga-Champions League double as they get ready to host Bayern Munich in the…

NEXT month, Jose Riveiro will finish his second year as head coach of the mighty Orlando Pirates. The 48-year-old has had a relatively successful period with a club that demands consistent silverware. In this time, Riveiro has added three trophies to the cabinets at Orlando Stadium – the MTN8 (twice) and the Nedbank Cup, while this past weekend the Spaniard’s troops booked a spot in the final in defence of their title after comprehensively beating Chippa United 3-1 in Gqeberha on Saturday. This means that the Buccaneers are set for a fourth successive final in two seasons, an achievement that Riveiro has every reason to talk up. He has described the past two years as a period where he not only engineered an eye-catching style of football, but one in…