Table of contents for 2024-03-04 in Star

THE NATIONAL Union of Metalworkers of SA (Numsa) has called for a moratorium on retrenchments, mainly at the platinum group metals (PGMs) mines, as other mining operators are unable to absorb any of the affected workers. Sibanye-Stillwater, Anglo American Platinum (Amplats), and Impala Platinum have been laying off workers from shafts, head offices and across mining operations, arguing that PGM prices have tanked, thereby eroding profitability of the sector. Trade union Uasa told Business Report at the weekend that the number of jobs being lost in the sector was of “grave concern”. What was making it worse was the in- ability of other miners to absorb the worked laid-off. Abigail Moyo, Uasa spokesperson, said: “In previous years, the other mines could absorb the retrenched, but with the current massive amount…

It expects its 2023 earnings per share to decline by between 90% and 70% to a range of between 107 cents and 321c MTN GROUP’s share price ended lower on Friday after it predicted that its annual results to December will be hard hit by the sharp devaluation in Nigeria’s naira against the US dollar, despite a good operational performance by Africa’s biggest cellphone operator. The foreign exchange losses in subsidiary MTN Nigeria’s financials were estimated to be a whopping 593 cents (2022: 52c). This is more than half the entire group’s 1 071c earnings per share reported by MTN in the 2022 financial year. MTN now expects its 2023 earnings per share to decline by between 90% and 70%, or by 964c and 750c, to between…

NORTHAM Holdings’ headline earn- ings a share slumped 92.5% to 121.4 cents in the six months to December 31, a period of downturn in the platinum group metals (PGM) industry, but the miner has resolved to pay a dividend of 100c, from income reserves. Northam’s share price closed 4.68% lower at R104.55 on Friday. The PGM industry is navigating much lower prices and high inflation, with many global geopolitical uncertainties. Locally, it also faces Eskom load curtailment events. However, CEO Paul Dunne said Northam was well placed to weather the storm. “We have not yet seen a change in fundamentals, which are likely to move the market into more positive territory, and consequently the short-term outlook remains challenging,” he said in a statement on Friday. The group did not…

THE WORLD Trade Organisation’s (WTO) 13th Ministerial Conference (MC13) in Abu Dhabi, United Arab Emirates (UAE), has just wrapped up and South Africa’s stance on one development at MC13 gives me cause for concern. South Africa submitted a communiqué to the conference noting their desire to, among others, “agree to terminate the moratorium on the imposition of customs duties on electronic transmissions”. Indonesia, who has already created tariff codes to cover electronic transmissions, supported the submission. Indonesia’s duty rates are, for now, still at zero. By the end of the conference the moratorium still remains in place for another two years, but the stresses are showing. Although I think it’s a bad idea to impose import duties on electronic transmissions, the idea is not irrational. Many electronic goods compete with…

EFF leader Julius Malema has vowed to unseat the ANC in Gauteng in the upcoming provincial elections. On Saturday, during the party’s provincial manifesto launch held at the Dobsonville Stadium in Soweto, Malema accused the ANC of collapsing the province and its its infrastructure. Ahead of the manifesto launch in Soweto, he said Gauteng Premier Panyaza Lesufi was no match to the EFF’s premier candidate, Dr Mbuyiseni Ndlozi, in both capacity and looks. Malema promised to end youth unemployment and eradicate drugs in places like Hillbrow, while also ending illegal mining and human trafficking, which he said had become worse under the ANC’s watch. “Comrades, Gauteng has collapsed. The ANC has destroyed our province. This is where you will see 3 million people without jobs, where 6 000 people are…

Since the arrests of seven suspects in connection with the killing rapper Kiernan “AKA” Forbes, there have been calls for the matter to be treated with urgency and to avoid the prolonged delays which have hampered the murder trial of Senzo Meyiwa. The Bafana Bafana captain was shot dead at his girlfriend Kelly Khumalo’s house in October 2014. It took the police six years to arrest the five men over his murder. It has been three years since the trial started and no conviction has been made. The trial had to start afresh in July last year after Judge Tshifiwa Maumela fell ill and it has been locked in a trial-within-a-trial since around October last year. The AKA and Tibz (Tebello Motsoane) double murder has seen seven people arrested.…

THE Gauteng Education Department’s failure to complete the construction of the Theresapark High School, north of Pretoria, has led to a situation where learners only attend school twice a week. The school uses mobile classrooms at Amandasig High School. Theresapark High School parents have since appointed a task team to mobilise and ensure the department takes accountability. Their first demonstration is scheduled for 7am today. They have called on the provincial government and relevant authorities to fulfil their promise of completing the construction of the school. According to the task team, the department forced the school to admit 1 200 learners and accommodate them in nine container classrooms. They said that this was beyond acceptable capacity levels of the school. “The learners are on a rotation basis, and as…

Ingredients 15ml cooking oil ½ green pepper, chopped 1½ onions, chopped 30ml Rajah Mild & Spicy curry powder 10ml Robertsons barbecue spice 1 tomato, chopped 500g mixed chicken piece 2 carrots, chopped 250g butternut, peeled and cubed 1 Knorrox chicken stock cube 500ml water 30ml Chakalaka soup Method In a pot, brown the onion and green pepper in oil until soft. Add the Rajah Mild & Spicy curry powder, Robertsons Barbeque spice and tomato. Fry for 2 minutes. Add the chicken pieces and fry for another 5 minutes or until well browned. Add the carrots, butternut, Knorrox Chicken Stock Cube and water. Stir well and bring to the boil. Turn down the heat and allow your dish to simmer for 30 minutes with the lid on. Just before serving, mix…

THE Lions completed one of the most memorable comebacks on the fifth and final day to clinch the CSA Four-Day Series trophy at the Wanderers yesterday. The home side ultimately beat Western Province by 99 runs with left-arm spinner Bjorn Fortuin, who also finished as the leading wicket taker in the competition with 35 scalps, claiming 5-69 to help dismiss the visitors for 208. Province’s players will wonder for the rest of their lives how they failed to win the domestic double after annexing the One-Day Cup this season. It will perhaps never be the remotest consolation that it required arguably a once-in-a-lifetime double intervention from Lions all-rounder Delano Potgieter, who struck 81 and 155 not out in the match, that saw Province steal defeat from the jaws of victory.…

A FLAWLESS drive and masterful show of sang-froid from Max Verstappen ensured Red Bull enjoyed a stunning start to the new F1 season, picking up where they left off in 2023 and, temporarily at least, easing the pressure on Christian Horner. But even as they celebrated a perfect one-two, Horner’s position as team chief and Red Bull’s as standard-setters was the focus of renewed speculation – thanks to comments from Verstappen’s father, Jos. Here, we look at three things we learned from Saturday’s season-opening Bahrain Grand Prix Horner crisis overshadows Verstappen dominance Rarely can a team have crushed their rivals as comprehensively as the champions did on Saturday – only to be rocked by claims of an imminent implosion if their principal is not relieved of his duties. According to…

Cape Town Spurs (2) 2 Cupido 12’ Maphathe 27’ TS Galaxy 0 Cape Town Spurs secured their second league win in a row as they downed TS Galaxy 2-0 at the Athlone Stadium yesterday. Two quick-fire goals from the hosts helped the Urban Warriors move to within three points of 15th-placed Richards Bay. Galaxy stayed in seventh place in the DStv Premiership after suffering their first loss of 2024. The Urban Warriors seemed to carry the momentum from their last league encounter into this encounter as they began like a house on fire and deservedly took the lead in the 12th minute. Ashley Cupido scored his sixth goal of the season as she showed great poise and composure to control a Gabriel Michael cross and slot a powerful…

THE BOARD of troubled logistics para- statal Transnet said on Friday that it had approved that Transnet proceeds to finalise the contract awarded to Manila-headquartered International Container Terminal Services Inc (ICTSI) following the conclusion of the financial due diligence. In a statement, it said: “The com- pletion of the financial close is still subject to other non-financial processes, which are currently under way, and set to be concluded without undue delay.” Durban Pier 2 is Transnet’s biggest container terminal, handling 72% of throughput from the Port of Durban as well as 46% of South Africa’s traffic. “The partnership will have a posi-tive impact on Transnet, container supply chains and on the competitiveness of South Africa’s economy,” the company said. Transnet said on Friday that, following the selection of ICTSI as…

FINANCE Minister Enoch Godon-gwana announced two seismic considerations in his Budget speech as regards South Africa’s gold and foreign exchange reserves account (GFECRA) and the two-pot pension policy – the worst policy missteps a country can ever make. Firstly, unleashing of GFECRA to the tune of R150 billion to ease the deficit and boost public expenditure. Secondly, the two-pot retirement reform allows pre-retirement access to a third of employees’ retirement assets in times of personal stress to relieve household debt and expenditure pressures. The Fiscal and Financial Commission (FFC) have expressed severe misgivings about using GFECRA to reduce the country's debt, while the Parliament Office of Budget has argued favourably for the step thus taken of availing the R150bn to relieve debt and ensure that the austerity blow is…

TYMEBANK, the fast-growing digital bank, has migrated its Tap-on-Phone customer base to the iKhokha Tap-on-Phone platform, a move that will enable its business banking customers to access a range of business tools and online payment acceptance solutions. TymeBank is one of the world’s fastest-growing digital banks and the first digital bank to reach profitability in Africa, with more than 8.7 million customers since its launch in February 2019. Retail Capital, a division of TymeBank, is the largest small and medium enterprise (SME) funder of its kind in the sector. iKhokha is a South African techno- logy company redefining the way SMEs do business through mobile innovation. iKhokha, a start-up founded in 2012 by Matt Putman, Ramsay Daly and Clive Putman, is claimed to be one of the fastest-growing fintech…

Local actress Ayakha Ntunja might be a newcomer to the entertainment industry, but she is already going to unusual lengths to perfect her craft. The 20-year-old, whose breakthrough began only last year when she played Thembi in season 3 of MTV Shuga Down South, is now the star of Showmax’s Youngins. The rising star has been cast in the lead role of Amo Mosweu. In the show, which premiered last month, the young protagonist’s life is turned upside down when a personal tragedy forces her to leave her rural KwaZulu-Natal home to attend the fictional Olifantsfontein High School in Johannesburg. This sees the youngster attempting to find herself, all while being entangled in a scandal at her boarding school. To prepare for the role, Ntunja said she decided to write…

Premier announced on Friday that it is responding decisively to recent statements from its holding company regarding the misappropriation of funds from Premier Fishing’s Mauritian bank account. In a statement, the company said: “Premier Fishing wishes to inform the public that it has taken decisive action by formally laying a criminal case, encompassing charges of fraud, theft, and money laundering, in accordance with the Prevention of Organised Crime Act, No 121 of 1998. This legal process is directed towards the individuals directly linked to the events surrounding the fraudulent transfer and theft of $820 000 (about R15.6m). “An exhaustive internal investigation conducted by Premier Fishing identified Mr Sooren Ramdenee, the former CEO, as an interested party, principally owing to his close association with the events precipitating the misappropriation of…

Former President Jacob Zuma’s uMkhonto weSizwe (MK) Party is way ahead of the ANC in terms of political strategy, says political analyst Professor Andre Duvenage. Duvenage said this was because Zuma knows the inner-workings of the ANC, its strategy and tactics, more especially when it came to politics. He said the former president still had influential people within the ANC’s political circles, which are more comprehensive than the party and the party in government. “I have no doubt that he also has the support of the international forces, with Russia as an interesting factor and, yes, he is in a way ahead of the ANC strategies and I think he’s giving them a lot of headaches. “This can be proven by the recent by-election results of Mpumalanga, one can tell…

Following a tough 2023 financial year where South African consumers struggled with the rising cost of living, high interest rates and a tough economic climate, it is essential that they prepare themselves for any further economic turbulence. Sbusiso Kumalo, chief marketing officer at African Bank, warned that it is vital for South Africans to prepare a financial plan for the harsh economic times looming. To help, Kumalo offers these tips to equip yourself for any financial storm ahead: Review your bank statement to determine your expenses and be honest in identifying what expenses can be downscaled or cut. Divide essential expenditure (rent, fuel, insurances) from discretionary expenditure, such as entertainment, subscriptions and travel. Money cut from discretionary spending can be put into savings. Focus on repaying high-interest debt to free…

IN THE heart of Pretoria, the Rotary Club of Hatfield has been making waves with its skills programme, a beacon of empowerment that has illuminated the paths of countless individuals since its inception in 2006. Under the adept leadership of co-ordinators such as Lololo Kopanyek, this programme has become synonymous with hope, growth, and the socio-economic upliftment of the Pretoria community. Offering a diverse range of training opportunities, from computer literacy and financial management to specialised vocational skills in carpentry, plumbing, and electrical engineering, the programme is a comprehensive toolkit for those looking to navigate today’s challenging job market. “Our goal is to foster not only professional skills but also personal development, ensuring our participants are well-rounded and ready to tackle the future,” said Kopanyek, the driving force behind the…

Having recently marked teenage pregnancy awareness month, a severe issue that plagues society, much attention has been brought to the subject. According to Tshepo Motholo of Gauteng Social Development, teenage pregnancy is one of the most serious issues in South Africa, underscoring the imperative to address it. Motholo says in South Africa, teenage pregnancy has become a pandemic, leaving a trail of shattered dreams and unfulfilled potentials in its wake. “But let’s not engage in finger-pointing, for this is not merely a gender-specific problem; rather, it’s a multifaceted issue that demands a holistic approach.” In a June 2022 parliamentary statement, Angie Motshekga, the Minister of Basic Education, said that the data points to a dire situation: almost 90 000 pregnancies among girls between the ages of 10 and 19…

With the global spotlight on US President Biden’s administration’s shameless and duplicitous role in unconditionally backing Israel’s genocide in Gaza, it is apparent that Americans have slept through the takeover of their government by Zionist Jews. This is neither an exaggeration nor conspiracy theory, as the American Israel Public Affairs Committee (Aipac) boasts that 98% of its preferred candidates are elected to office. The takeover explains why at the International Court of Justice (ICJ), the American representative spoke in defence of Israel’s interest in maintaining its apartheid oppression over the daily lives of the Palestinians. He didn’t speak to make America a respectable nation that upholds human rights. He did nothing but further alienate America and Americans from the rest of the international community. Why did he sacrifice his country’s…

The final score will show a sizeable 18-point victory that saw the Bulls break their Stormers hoodoo, but Jake White insisted that his team won’t get carried away by the result for the rest of the URC. The 40-22 triumph at Loftus Versfeld on Saturday night was a memorable one for White and his Bulls side, who had suffered seven consecutive defeats to the Capetonians. It seemed like they would never get one over their arch-rivals over the past few years, but it all came together at the weekend as they scored four tries to grab a bonus point in front of the 50 026 spectators at a pumping Loftus. They made an excellent start to lead 19-5 in the first half, but allowed the Stormers back into the mix…

Phil Foden scored twice as Manchester City came from behind to beat Manchester United 3-1 yesterday and close to within one point of Premier League leaders Liverpool. Erling Haaland also struck in stoppage time to leave the title race perfectly poised ahead of City’s trip to Liverpool next weekend. Marcus Rashford’s wonder strike had fired United into a shock lead at the Etihad. Haaland was then guilty of a miss that will go down in Premier League folklore when he fired over with an open goal just before half-time. Foden ensured City did not slip up in the title race as he blasted into the top corner to level and produced a composed finish 10 minutes from time. Haaland then rolled in his sixth goal in four Premier League derbies…

NEW VEHICLE sales in February fell year-on-year, continuing a trend that started in August 2023, as economic pressure and political uncertainty continue to impede growth and consumers downsize, the National Automobile Dealers’ Association (Nada) chairperson, Brandon Cohen, said on Friday. Domestic sales of new vehicles fell 0.9% in February, compared with the same month a year before. Statistics released on Friday by the National Association of Automobile Manufacturers of South Africa (Naamsa) showed new vehicle sales in February at 44 749 units, a decline of 413 units over February 2023. “The market faced headwinds from the recent fuel price increase and antici- pation of another hike (this) week. The Budget speech further strained consumer pockets, compounded by the looming general election. Cohen said there were some positives. Light commercial…

THE JOHANNESBURG Stock Exchange (JSE) is currently the largest stock exchange in Africa and one of the oldest on the continent. Since its establishment in 1887, the JSE has played a critical role in capital formation, investment facilitation, and economic development. It also serves as a key platform for both domestic and international investors seeking exposure to South African equities and bonds, and is renowned for its stringent regulatory framework. Now, however, there is a different picture emerging and not all of it is looking rosy. Exodus In recent years, the JSE has witnessed a concerning trend of companies de- listing or considering delisting from the exchange. For instance, in 2023, 23 companies exited the exchange. But what made 2023 stand out was the lack of new equity listings on…

THE 2024 ADJUSTMENT of the National Minimum Wage (NMW) came into effect on Friday, March 1. This is a welcome increase from R25.42 to R27.58, or 8.5%, or inflation plus 3%. Cosatu had submitted this proposal to the NMW Commission and the Minister for Employment and Labour, Thulas Nxesi, earlier this year. We are very pleased it has now been implemented. This NMW raise helps protect its value from inflationary erosion and provide relief to 6 million workers’ ability to take care of their families. It helps protect and raise the wages of the most vulnerable, who often fall outside established collective bargaining. Farm, domestic, retail, hospitality, construction, security, cleaning and transport workers are key beneficiaries of the NMW. When workers have additional money, it is spent in the…

THE ABSA PURCHASING Managers’ Index (PMI) improved in February into expansionary territory, following a very poor start to the year, rising from 43.6 points to 51.7 points – better than expected. While the index showed resilience in February, it did need to be qualified – business activity remained more subdued, Absa said. Both the business activity and new sales orders’ indices improved considerably, after dipping markedly in January. They remained in contractionary territory (below 50 points), with the business activity sub-index at 48.6 points (previously 37.1 points) and the new sales orders sub-index at 49.9 points (previously 37.2 points). Only the suppliers’ performance rose above 50 points. “New sales orders performed even better, with the index rising to 49.9 points. Respondents…

Actor Wiseman Mncube, pictured, has penned a heartfelt message to his Uzalo fans upon the airing of his last scenes on the SABC 1 drama. Mncube joined Uzalo in 2018, playing the role of Sbonelo who arrived as a medical doctor but fell into criminal activities. His exit was announced in September last year and his last episode aired on Wednesday after his character was killed. “RIP Qhawe. Its been a long beautiful journey. Ngyabonga kakhulu for the love and support you gave Sbonelo Babongile Mhlongo,” Mncube wrote on Facebook. The actor reflected on the journey that changed his life as he wished the remaining cast members well as they continued with the journey. “I will never forget this journey which changed my life. Good luck to the remaining…

United Democratic Movement (UDM) leader General Bantu Holomisa says Parliament did exceptionally well in terms of introducing new legislations that took the country forward from the period 1994 to 1999. Holomisa emphasised that Parliament had done its work and it was doing its work, but the frustrations stemmed from members of the executive who have failed to develop policies that were in line with the country’s constitution or the National Development Plan (NDP). “The calibre of the Cabinet and accounting officers, who are supposed to develop these policies are found wanting. It became worse when former president Thabo Mbeki was recalled; that led to many competent people leaving the government. “President Jacob Zuma came with his own team, and we therefore lost institutional memory and continuation,” the UDM leader added.…

LEADING consumer analytics company Eighty20 has shared insights on how South African households are changing as birth rates decline. The material also explores the expense of raising children, the dynamics of marriage, the size of households, and the demographic make-up of the country. It revealed that postponed family formation and child-bearing, as well as a drop in desired family sizes, have all contributed to a substantial decline in birth rates over the past few decades. “The changing structure of South African households is affected by all these factors and, over time, has resulted in a very different-looking South Africa. “These changes will have profound implications for not only dependency ratios, the labour market, the healthcare system, and overall GDP, but also the future of our country,” says Eighty20. Cost of…

Cavin Johnson has pleaded with his Kaizer Chiefs squad to step up to the occasion and ensure the team finishes the DStv Premiership campaign on a high. Chiefs are in a pit. They are winless in their last four matches in all competitions, following four successive draws in the league and Nedbank Cup. The draw in the Nedbank Cup a fortnight ago was catastrophic after Chiefs lost the tie on penalties to Milford, which extended their barren run without a trophy to nine years. After that, Chiefs did nothing to improve their fortunes and ensure they finish the league in the top three as they drew 0-0 with arch-rivals Moroka Swallows on Saturday. It was a disappointing result for Chiefs ahead of their clash against another arch-rival, Orlando Pirates –…

SANELE Nohamba and Morne van den Berg have woven plenty of magic this season as a halfback combination but at the weekend they worked in relay to help undo the Sharks 40-10 at Ellis Park. Nohamba, a former Shark, has been used by coach Ivan van Rooyen as a flyhalf, with Van den Berg at scrumhalf, but Jordan Hendrikse was recalled to the No 10 jersey for the visit of the Durbanites, with Nohamba moving back to No 9, and Van den Berg backing him up off the bench. Both were recently rewarded for their form with call-ups to the Springbok alignment camp. On Saturday, the pair were up against World Cup Springbok Grant Williams but he was outshone first by Nohamba and, in the second half, by Van den…

Orlando Pirates’ coach Jose Riveiro believes it was important to start their nine-point week with a bang, as they’ve now fully set their sights on Cape Town Spurs. The Sea Robbers ended their three-game winless streak in the DStv Premiership over the weekend, beating Polokwane City 1-0 at the New Peter Mokaba Stadium. That result strengthened their aspirations to finish second in the league. Pirates are now fourth on the log with 29 points, only two behind the second-placed Cape Town City. Both teams have played 18 league games so far. The Bucs are now well placed to finish second having achieved that feat last term after picking up key points (35) at this stage of the season. This week could boost those top-two hopes as Pirates will face Spurs…

Rhulani Mokwena, the Mamelodi Sundowns coach, praised his team's bravery in the group stages of the CAF Champions League. On Saturday, Sundowns gained revenge over TP Mazembe with a 1-0 home win at the Lucas Moripe Stadium in Atteridgeville. In December, TP Mazembe defeated Sundowns 1-0 in Lubumbashi, Democratic Republic of Congo, despite the visiting South Africans dominating throughout. The only other Group A setback for Sundowns was a goalless draw against 10-man Pyramids FC in December. Saturday’s clash was the clubs’ final Group A match and Sundowns finished as the group winners, with 13 points, followed by TP Mazembe. Both teams had already qualified for the quarter-finals before Saturday’s match. After the match, Mokwena recalled the team’s setbacks midway through the season. “Congratulations to the club,” said Mokwena. “I…