Cape Times 2022-01-27

Siphelele Dludla siphelele.dludla@inl.co.za THE STOCKS and currency markets firmed yesterday on improved investor sentiment ahead of the crucial interest rates decision, but the global oil prices could put a damper on momentum. The rand strengthened by 0.7 percent to R15.15 against the US dollar by 3pm yesterday, its highest level in five days, on expectations that the SA Reserve Bank (SARB) will lift its repo rate to 4 percent at its first monetary policy decision of the year today. By 5pm the rand was bid at 15.19 to the dollar. The domestic currency also lifted as investors waited in anticipation of the Federal Open Market Committee outcome in which the Federal Reserve was expected to maintain a hawkish tone and confirm that interest rates in the US will…

Edward West edward.west@inl.co.za TELKOM SA’s share price slid 2.2 percent to R46.33 yesterday following a government announcement that the Special Investigating Unit (SIU) is probing the group’s disposals of its African businesses about 15 years ago. The probe has cast a pall over Telkom considering its share price has rocketed 216 percent since March 2020, earnings growth is strong – headline earnings are expected to rise in the year to end-March 2022, mobile user growth is robust and it is planning a listing of Swiftnet, its masts and towers business, on the JSE. The government owns 40 percent of Telkom and the Public Investment Corporation, which manages the Government Employees Pension Fund, 14 percent. Mike Gresty, a fund manager at Anchor Capital, said although he was…

Edward West edward.west@inl.co.za HARMONY Gold Mining said yesterday that production of the yellow metal had remained steady in the six months to end-December 2021 at 22 355kg (718 726 ounces) compared with 22 031kg produced during the previous six months period ended June 30, 2021. The mining group said in an update ahead of the interim results to be announced on February 28 that gold production over these specific periods was compared because they included a full six months’ production from Mponeng and related assets, whereas the same six-month period a year before included only three months’ production from Mponeng. Rand per kilogram costs for the South African operations remain broadly in line with what was originally guided at about R765 000/kg to R800 000/kg.…

Dieketseng Maleke dieketseng.maleke@inl.co.za IN AN EFFORT to reduce costs and maximise existing cash reserved for its Spanish Toral project, Europa Metals has announced that it has cut the salaries of three directors. The JSE-listed company said yesterday that the cost reduction programme started on January 1. “The company’s existing directors Myles Campion, Laurence Read and Evan Kirby have agreed to the deferral/accrual of 50 percent of their director remuneration (comprising consulting fees and/or salaries) in respect of the 2022 calendar year, with such accrued remuneration to then be settled via the issue of new ordinary shares,” Europa Metals said. Europa Metals chief executive Laurence Read said: “Our cost-cutting programme aims to ensure that our resources are directed as far as possible on project-related expenditure and existing operations, as well…

Lutho Pasiya lutho.pasiya@inl.co.za Summer’s fruit harvest is so bountiful, it’s hard to choose a favourite. But juicy, sweet mangoes are our pick – maybe because they taste like vacation, or maybe because they work in any dish, from chicken to fish to frozen yoghurt. If you’re new to the savoury mango scene, start with a fresh salsa – it will change the way you eat your braai meat forever. Small cubes of fresh mango, tomato, cucumber, corn, red onion, coriander or parsley, fresh chilli, you name it. Then a squeeze of lemon or lime and a splash of olive oil, salt and you’ve made mango magic. Mangoes also love to be baked – with chicken, with fish, even with feta and lentils. Their balance of sweetness and acidity, together with…

Thobile Mazibuko thobile.mazibuko@inl.co.za What was meant to be a two-month project has been extended to help families in need and children with disabilities. Popular clothing brand Levi’s partnership with the Clothes to Good (C2G) for a jeans collection drive that started in September last year has been extended to 2022. C2G is a non-profit organisation created to address specific needs by providing economic opportunities for people living in low-income communities, with a particular focus on people with disabilities and their families. They recycle used and new clothing as a means of creating micro-business opportunities, employment, and job readiness/skills training for those vulnerable communities. For the Levi’s project, C2G is given pre-loved jeans donated to Levi’s stores. The jeans are then washed and re-sold. The ones that cannot be sold are…