Table of contents for 2023-11-16 in Cape Times

PAN AFRICAN entertainment group MultiChoice Group said its headline loss per share slid to 289 cents (-58c) in the six months to September 30 following R1.7 billion of foreign exchange headwinds, Showmax trading losses and a lower contribution from South Africa. Weaker currencies were a significant impediment to profit improvement, with about five currencies in African countries that the group trades in falling sharply against the US dollar, chief financial officer Tim Jacobs said. The sharp fall of particularly the naira in Nigeria resulted in a large proportion of the previously recognised losses incurred on cash remittances, being recorded in trading profit. Jacobs said in an interview it was difficult to predict the currency impact in the second half, but the group was working hard on improving…

October 2023 trade environment survey shows that the sector is facing increasing pressure THE SOUTH African Chamber of Commerce and Industry (Sacci) has warned of possible stagnation in the labour market in the next six months as a majority of companies halt recruiting due to deteriorating trade conditions. Sacci said yesterday that the October 2023 trade environment survey revealed the sector was facing increasing pressure, with both current and anticipated trade conditions receiving negative evaluations. According to the survey, merely 35% of respondents expressed positivity regarding current conditions, while 53% were hopeful for improvements over the next six months. However, a significant majority of respondents (56%) perceived the present trade conditions to be worse than those in October 2022. Sacci said at least 70% of respondents also noted a decline…

RETAILER Woolworths’ shares slid nearly 6% after it released a trading update for the 20 weeks ended November 12, 2023, that showed its food and fashion units taking strain amid a moribund economy, however, it grew its online sales. The shares hit an intraday low of R68.70 after the update. Its turnover and concession sales from continuing operations for the 20 weeks ended November 12, 2023, excluding David Jones that was disposed of in the prior period, increased by 4.7% and by 3.9% in constant currency terms. It said sales growth for the current period should also be considered in the context of the high prior-year base in which group sales grew by 13.4%, driven in part by post-Covid pent-up demand in Australia. Group turnover and concession sales on…

ONE OF THE biggest retailers in the country, Shoprite, which also boasts having one of the largest private fleet of trucks in South Africa, recently held its 11th annual Shoprite Truck Driver of the Year competition. The company announced that Josias Moila, from Centurion, has received the title of Driver of The Year, beating more than 1 400 colleagues from across South Africa and surrounding African countries. With more than 23 000 rolling wheels covering more than 100 million kilometres annually, the Shoprite Group said the Truck Driver of the Year competition served as a platform to celebrate and acknowledge the remarkable skills and dedication of truck drivers operating within the vast network. The top 13 drivers who emerged from the regional competitions throughout the year from…

An extraordinary solo exhibition is making waves in the art scene – Challenges by Welkom-born artist Nkoali Nawa. Challenges is a powerful narrative that delves into the raw struggles observed and personally experienced by Nawa in the informal settlement of Mfuleni. The artist transforms his experiences into 10 compelling charcoal drawings that intricately explore themes of identity, belonging, and the intricate tapestry of navigating cultural differences. Nawa started his working life in the mines in Welkom, where he grew up. This industry is indelibly linked to South Africa’s social and political history, driving the development of towns and cities and some of the exploitative and sometimes dehumanising practices historically tied to it. Working at the coalface of this industry and having first-hand experience of it has shaped Nawa’s outlook as…

MORE than 70 endangered mountain yellow-legged frogs have been reintroduced into a lake in the San Bernardino Mountains thanks to a collaboration between the San Diego Zoo Wildlife Alliance and Omaha’s Henry Doorly Zoo and Aquarium. The release marks the first time the Southern California population of the mountain yellow-legged frog has been reintroduced into a lake instead of a mountain stream. The frogs were bred at San Diego Zoo Wildlife Alliance’s Beckman Centre for Conservation Research from 2020 and 2022, and then reared at the Henry Doorly Zoo and Aquarium. The cross-country effort to save the California frog is part of a conservation breeding and reintroduction research programme aimed at restoring populations of this declining species throughout its historic range. “We have the unique ability to act as a…

MUMBAI: Sometimes Goliath does actually emerge victorious. And with it, India’s quest for a successive home World Cup title remained intact at a spectacular Wankhede Stadium yesterday as they beat New Zealand by 70 runs to advance to Sunday’s final. New Zealand have almost perfected the art of being David, the underdog that over-achieves on the biggest stage. But their spoilsport act, especially hauled out when they face the juggernaut India team, was left in the locker room in this pulsating World Cup semi-final. It allowed India to exact revenge for their defeat four years earlier at the same stage to the Black Caps in Manchester, while also denying Kane Williamson’s team a third consecutive final appearance. It is not often that David Beckham gets upstaged, but the Wankhede Stadium…

Bafana Bafana coach Hugo Broos has set his sights on helping his side qualify for the World Cup for the first time in 21 years. The South African men’s national team begin their 2026 World Cup qualifying campaign with clashes against Benin and Rwanda in the next two weeks and are looking to make a positive start. Although Bafana last featured in the global showpiece in 2010 as hosts, their ability to qualify for the World Cup was last proven in 2002, when Jomo Sono took his team to South Korea. The “Black Prince” led the likes of Benni McCarthy, Quinton Fortune and Mbulelo Mabizela, but South Africa fell short and failed to emerge from the group stages in what would become Bafana’s last earned participation at the World Cup.…

TELKOM, the country’s third-biggest tele- coms operator, said yesterday that its interim profit could rise by almost 50%, led by lower depreciation and improved performance, sending shares up 7% in early trade. The company has seen its market value more than halve from the highs of 2021 as it struggled to gain market share dominated by larger rivals Vodacom and MTN. It booked an impairment of R13 billion on its legacy copper business last year, pushing profits down by more than three quarters and cancelling divi- dends. For the six months ended Sep- tember 30, Telkom was expected to report a headline earnings per share, a profit measure, of between R1.86 and R1.99, up 40% to 50% over a restated profit of R1.33, it said. Analysts had predicted that…

NINETY-ONE, the JSE- and London-listed asset manager, expects the dampened appetite for emerging markets and public equities to remain in place for the rest of its financial year to end-March 2024, CEO Hendrik du Toit said yesterday. He said at the release of their results for the six months to September 30 that rising interest rates and increased geopolitical uncertainty have caused investors to be cautious. “Equity markets have been driven by narrow sectoral and geographic performance. These factors have dampened investor appetite for emerging markets and public equities in general,” he said. The caution that the company had signalled at the beginning of the reporting period had proved justified. “On the surface, equity markets rose, but the rally was extremely narrow and largely restricted to a small number of…

THE 16TH ANNUAL Global Entrepreneurship Week campaign, celebrating and empowering entrepreneurs everywhere, is officially underway. Millions of people have attended thousands of activities in their communities and cities to celebrate the power of entrepreneurship and innovation in advancing economic growth and job creation. With four more days to go, highlights over the past two days include: In Nigeria, Founders nationwide joined their peers and walked to honour the values of entrepreneurship, creativity and innovation, which took place in multiple cities, including Lagos, Calabar, Oshogbo, Benin, Enugu, Araba, Warri, Sokoto, Kibbe, Katsina, Zamfara, Abuja, Kaduna and Ilorin. In the US, $300 000 (R5.56 million) was awarded to 30 small businesses. FedEx, GEN and Hello Alice announced the 30 grant recipients of the FedEx® Entrepreneur Fund, an initiative that provides…

BRAIT’S net asset value fell 3% in the six months to September 30, despite a robust performance by it premium international health and wellness brand, Virgin Active, although it is still losing some members in South Africa, its biggest market. Interim results released yesterday showed Brait’s net asset value close at R6.84 at the half-year stage, compared with R7.06 at the end of the 2023 financial year. Brait’s share price closed 5% lower at R2.28 on the JSE yesterday, indicating that it is trading at an approximate 66% discount to net asset value. Virgin Active, which makes up 65% of Brait’s assets, has operations that span South Africa, the UK, Italy and Australia. In South Africa, Virgin Active sold 170 000 memberships in the nine months to September, net membership…

Inspectors from the Department of Employment and Labour said yesterday that they had issued two prohibition notices and a number of contravention notices on compliance issues to hotels in Durban. This comes after they carried out a number of inspections ahead of the festive season. The inspections came after a section of a roof collapsed at the Southern Sun Rosebank Hotel in Johannesburg following a hailstorm this week. Lennie Samuels, Occupational Health and Safety (OHS) inspector at the Department of Employment and Labour, said they issued two prohibition notices to hotels in Durban. “The reason we issued prohibition notices was because some of the machinery was unsafe. Basically a prohibition means the section can’t be used until compliance is met. “A number of contravention notices have also been…

12 figs, scored or halved 12 slices prosciutto ham 1 baguette, thinly sliced 2 Tbsp butter, melted 3 wheels Camembert 2 Tbsp honey + extra for serving 2 Tbsp pomegranate rubies 1 Tbsp chopped fresh thyme Preheat oven to 180°C. Tightly wrap each fig in a slice of prosciutto. Set aside. Arrange baguette slices on a baking tray and brush with melted butter. Bake for 5 minutes, or until golden. Set aside. Arrange Camembert wheels in a single layer on a lined baking tray. Drizzle with honey and bake for 5–10 minutes, or until soft to the touch. Transfer Camembert to a serving platter and top with prosciutto-wrapped figs. Garnish with pomegranate rubies, drizzle with extra honey and scatter with thyme. Serve immediately with baguette slices on the side.…

THE Department of Public Works and Infrastructure (DPW) has apologised for allowing three of its properties in Waterloo Green Road, Wynberg, to deteriorate to the extent they have. The state of the buildings, which have heritage status, became so dire that it became a haven for drug addicts and criminals, residents told Parliament’s portfolio committee on public works and infrastructure yesterday. They presented a petition calling for the properties worth R33 million to be demolished or for them to be subdivided into four parts, among others. Ward councillor Emile Langenhoven said: “Residents are crying about crime and safety. We recommend: that the properties be disposed of on the property market; potentially utilise the remaining house, in the short term, for educational purposes or dormitory for students living far from Wynberg…

MUMBAI: The iconic Eden Gardens in Kolkata is one of the most storied cricket grounds in the world. The Gardens, as the locals affectionately refer to it, has hosted plenty of significant matches, most notably the 1987 World Cup final won by Australia after an ill-judged Mike Gatting reverse-sweep led to the capitulation of the English. And then there was ‘The Miracle of Kolkata’, when India produced the greatest comeback of all through VVS Laxman and Rahul Dravid in the 2001 Test series against Australia. Let’s not forget Carlos Braithwaite’s “Remember the name” six-hitting heroics to power West Indies to their second T20 World Cup title too. But for South Africans, the mere mention of Eden Gardens, which will host the Proteas’ World Cup semi-final against Australia today, will always…

Novak Djokovic’s winning streak was halted at 19 matches as home favourite Jannik Sinner was roared to a superb 7-5 6-7 (5/7) 7-6 (7/2) victory by a partisan ATP Finals crowd in Turin on Tuesday night. The earlier Green Group clash was a non-event as Stefanos Tsitsipas retired injured against Holger Rune, but the evening ticket-holders were treated to a match of jaw-dropping quality. After more than three hours of an absorbing toe-to-toe battle in which neither player took a backward step, it was world No 4 Sinner who seized his chance in the deciding set tiebreak to finally crack Djokovic’s resistance. Sinner, 14 years Djokovic’s junior, wrapped up his first career win against the 24-time Grand Slam champion with a smash – prompting deafening roars from a sell-out crowd…

A thirst for revenge will not get the Stormers over the line in Saturday’s United Rugby Championship match against Munster, a replay of last season’s final. Instead, Ben-Jason Dixon says the Capetonians need to focus on “finding each other as a team”. The Stormers are into week three of a tour that so far has yielded defeats to Glasgow and Benetton, and the utility forward feels individual errors have added up to hamper the team performance. “It is the little mistakes that are costing us,” the lock-cum-flank said. “We are getting some of the details wrong – be it a silly penalty conceded, a poor option taken or a mistake at a ruck. “When players stray off plan, it has an effect on the team,” Dixon continued. “Fixing those small…

THERE was no need for panic buying at this stage, as the South African egg stock levels were replenishing steadily, the Department of Agriculture, Land Reform and Rural Development (Dalrrd) said yesterday. In a public statement, the department said it has a few open import permits for eggs and poultry products from a few countries. “Import of table eggs, fertilised eggs, pasteurised eggs, egg powder and liquid eggs has been on-going for many years in South Africa and has not only started with the current outbreak of the Highly Pathogenic Avian Influenza (HPAI). “Other countries including Brazil, USA and Argentina have been exporting eggs to South Africa for quite some time and the department is currently processing import permit applications from a few more countries.” The department said it…

IF YOU CAN’T beat them, buy them. For years, a little-known company called Tooling & Equipment International (TEI) has helped Tesla push back the frontiers of “gigacasting”, the process it pioneered to cast large body parts for cars in one piece to save time and money. Until 2023, that is. TEI is now part of General Motors after agreeing to a deal that might have flown under the radar, but was a key part of the US carmaker’s strategy to make up ground on Tesla, four people familiar with the transaction said. By snapping up a specialist in sand- casting techniques that accelerated the development of Tesla’s gigacasting moulds and allowed it to cast more complex components, GM had jump-started its own push to make cars more cheaply and efficiently…

TWK INVESTMENTS, a diversified agriculture and forestry company, said basic headline earnings per share fell 37.25% to 549.54 cents for the year to August 31 after sales were hurt by volatile exchange rates, falling commodity prices and cancelled wood chips sales. CEO André Myburgh said, however, the new summer production year was starting favourably for the primary producers, with much lower input costs, although commodity prices were also much lower than last year. “The most significant danger for the new year lies in the higher interest rates and the production conditions for the season. It is crucial to highlight that an El Niño is forecast in the upcoming 2023/24 summer season and is an aspect to watch. “However, we remain optimistic that it will have a mild impact…

By Faiez Hartley WHILE the notion of the metaverse is fairly conceptual, has lost some of its initial appeal and will evolve along with consumer trends and online user behaviour, several large companies are seeing the benefits of offering customers immersive, digital experiences. With the quantum leaps being made in the realms of virtual and augmented reality, the metaverse has the potential to open doors of opportunity, not only for large corporations but for small businesses too. The metaverse can be loosely defined as a digitally driven reality that mimics the nature of life in the real world. The best examples of this kind of technology can be seen in games like Minecraft and Decentraland. Within the games, users can build their own realities, complete with virtual homes and avatars…

HUMAN rights law firm Richard Spoor Inc (RSI) has filed an application for certification for a class action against the Exxaro Group. The company yesterday announced that it had launched the third in its series of class actions against coal mining giants in ongoing efforts to seek justice for workers facing unacceptable conditions within the coal mining industry. The law firm previously initiated class actions against the South32 Group, including BHP Billiton and Seriti Power, as well as against Anglo American and Thungela. The class action against the Exxaro Group, filed by lawyer Richard Spoor in the Gauteng Division of the High Court of South Africa on November 8, 2023, sought accountability for alleged breaches of legal duties, negligence, and inadequate safety measures that have caused long-term damages to workers’…

Theatre Arts, one of Cape Town’s foremost theatres, is going off the grid to shine the spotlight on the impact of load shedding on the nation with Theatre in the Dark, a brilliant new season of eleven moving productions. International and local audiences are invited to witness 10 days of experimental theatre that creates intimate imaginary landscapes in an Eskom-free season from February 15 to 25, 2024. Supported by the National Arts Council through the Presidential Employment Stimulus Programme and the Department of Sport, Arts, and Culture (DSAC), Theatre in the Dark will attempt to stage 11 productions that are held at the Theatre Arts building in Observatory, Cape Town and at various sites throughout Cape Town without putting a strain on the national grid or taxing Eskom’s resources. The…

The Electoral Commission of South Africa (IEC) said it was ready to get the ball rolling when it welcomed eligible citizens at 23 296 registration stations across the country this weekend. The IEC declared its readiness to conduct a general registration weekend as part of the programme for the preparations of the 2024 national and provincial elections. Over two days, on November 18 and 19, registration stations will operate between 8am and 5pm on both days. The IEC briefed the media yesterday at their offices in Centurion as part of unpacking its readiness for the registration weekend. IEC CEO Sy Mamabolo said they will approach this weekend with a measure of expectation that it will once again provide them with significant registration activity. Mamabolo said the recently released Census 2022…

Chairperson of the National Assembly’s portfolio committee on international relations, Supra Mahumapelo, believes China’s relationship with South Africa and the continent will grow over the next few years, given the level of investment. Mahumapelo said trade between South Africa and China has grown exponentially over the last two-and-a-half decades. He said the Hong Tin Forum Dialogue in Cape Town was taking place at the time Chinese President Xi Jinping was meeting his US counterpart Joe Biden in Washington amid tension in geopolitical matters. Mahumapelo noted that the relationship between China and South Africa has developed significantly over the past 25 years. “Our relationship has evolved into a strategic partnership. China is South Africa’s largest trading partner. It has grown exponentially since 1998.” He said the relationship between Beijing and Pretoria…

In WHAT has been a year of milestones, WWF’s Black Rhino Range Expansion Project (BRREP) recently completed the successful translocation of its 250th rhino. The BRREP, celebrating its 20th anniversary in its tireless work to increase the population of this critically endangered species, announced that it had translocated a further 20 rhinos, bringing the total number of rhinos to have been moved to 250. In this instance, the rhinos were captured from a reserve managed by the Eastern Cape Parks and Tourism Agency (ECPTA). In the past two decades, more than 200 calves have been born on BRREP sites, and the hope is that this latest move will encourage even more successful breeding. As a result of these and other efforts, black rhino numbers have more than doubled in the…

MUMBAI: Barely 18 months ago, South African cricket was in a perilous state. In sync with the state of the nation, nobody trusted an organisation that had become synonymous with maladministration. Sponsors were taking their coinage elsewhere, and the game was on the brink of bankruptcy. With the boardroom collapsing, the knock-on effect of it was most felt by the Proteas’ men’s national team as their results – or rather lack thereof – began reflecting the overall nosedive. And then something happened. Hard decisions were taken by a new set of suits, which almost put the Proteas’ automatic World Cup qualification in jeopardy, but was ultimately necessary to keep the lights on at their Illovo offices. Along with the birth of Betway SA20 – Cricket SA’s new love child –…

Manchester United CEO Richard Arnold will step down, the Premier League club said yesterday, ahead of the reported sale of a stake in the club to British billionaire Jim Ratcliffe. General counsel and board director Patrick Stewart, who has been with United for over 17 years, will become interim CEO, allowing the club’s future owners to take time to identify a new long-term boss. The English club’s future ownership remained uncertain after the American Glazer family said last year that they were looking at options for the 20-time English champions, including a new investment or a potential sale. Reuters reported last month that Ratcliffe would pay more than $1.5 billion for a 25% stake in United were his bid for the iconic football club to be accepted by the…