Star2024-04-15的目錄

SOUTH African companies that have expanded into the rest of Africa have largely “not done well”, finding regional market dynamics challenging, despite the allure of robust economic growth compared to South Africa’s. This is according to Anthony Modisane, a senior equity sales trader at Absa Corporate and Investment Banking, in an interview with Business Report (BR) on Friday, “The bulk of the SA Inc companies that ventured into the African regions have battled to adapt to the dynamic landscape, and subsequently reduced their presence where possible,” Modisane said. Food retailers such as Pick n Pay and Shoprite, as well as financial services providers – including Standard Bank, Nedbank, FNB, Absa and Sanlam – are among South African companies with operations in some African markets. However, the majority…

AFRIKA Tikkun, a non-profit youth organisation for disadvantaged communities in South Africa, has welcomed the US bipartisan effort to renew the African Growth and Opportunity Act (Agoa) until 2041. Democrat Senator Chris Coons and Republican Senator James Risch, introduced a 34-page “Agoa Renewal and Improvement Act of 2024” bill in Congress last week, in a bid to renew and strengthen a key trade programme with sub-Saharan African countries. Agoa provides eligible sub-Saharan African countries with duty-free access to the US market for more than 1 800 products, in addition to the more than 5 000 products that are eligible for duty-free access under the Generalised System of Preferences programme. Afrika Tikkun executive deputy chairperson Marc Lubner yesterday said they strongly supported initiatives that create opportunities for youth, both…

An investment firm has raised many red flags about Ascendis Health’s plans to plans to delist and has called on stakeholders, shareholders, financial market regulators and law enforcement “to put an end to this corporate fraud”. In documents released on Friday, Black Mountain Investment Management hedge fund manager Mohamed Dhorat said they wanted the Ascendis general meeting on April 23, where shareholders will vote on plans to delist via an offer to shareholders, to be suspended, and “all concert parties as highlighted in the documentary evidence are sterilised ahead of any vote for the delisting”. In contrast, a report by financial advisory firm BDO in February found the Ascendis’ offer of 80 cents a share to buy out shareholders and delist was fair. The share price was unchanged at…

Social media users have banded together to help South African actor Carlo Radebe, who has been out of work. The actor has been trending online for a social media post which revealed he is in deep financial difficulty. Radebe is well-known for his roles as the villain, Duke Ngcobo, on e.tv’s Backstage and Sello Mvuyane on SABC1’s Generations. He has also acted in local films such as Mrs Right Guy, How to Steal 2 Million and Amandla. In the viral post, it’s revealed that Radebe, like many actors, failed to secure acting roles after the pandemic and has found himself relying on a government grant to survive. The post read: “Relying on a government grant of only R350pm, you can understand that this no way to afford him the means…

THE City of Joburg council speaker, Margaret Arnolds, has announced that former evidence leader of the state capture commission, advocate Pule Seleka, will lead an investigation into the city’s group forensics and investigating services (GFIS) department. The announcement follows reports of operational challenges as well as allegations of unlawful conduct by the metro’s group forensics and investigation services. Last year, GFIS came under fire after several councillors reported the procurement of spyware employed to snoop on them. In August, a group of concerned councillors descended on the GFIS offices in Braamfontein to uncover if they were being monitored through the use of grabbers. According to Independent Media, in 2022, Police Minister Bheki Cele reportedly ordered the City of Joburg to lay criminal charges over the GFIS’s purchase of multimillion-rand counter-…

ANC secretary-general Fikile Mbalula says his party is not interested in coalition talks as it is focusing on getting an overwhelming victory come May 29. Mbalula was replying to DA leader John Steenhuisen’s proposal of entering into a coalition with the ANC after the elections. “I am not working for a coalition; John is working for it. I am working for victory, an outright victory, so those who are working for a coalition are experts on what would happen. “Where am I? I am working and we are working for outright majority. Let John think about coalition, I think about victory,” the ANC SG explained. Steenhuisen had shared his willingness to form a coalition with the ANC after the elections. However, Mbalula said the ANC was not worried about opposition…

THE United Democratic Movement (UDM) has lauded the ruling of the Supreme Court of Appeal in Bloemfontein regarding a case involving the SA Council of Educators (Sace). The case involved two primary school teachers who physically punished two learners. In one instance, a teacher struck a learner across the cheek with a PVC pipe, which necessitated immediate surgery. The party has further expressed disappointment and concern over reports that the use of corporal punishment persists in schools, and has urged learners who have experienced such incidents to come forward. “It is reported that, according to a report released by Stats South Africa, almost half of the children who have encountered violence in schools reside in the Eastern Cape, Free State, KwaZulu-Natal and North West. “The report indicates that a greater…

A R3.1 million project to rehabilitate 15 boreholes in Hammanskraal, north of Pretoria, is nearing its end, says Shumikazi Kwinana, programmes director for South Africa at ForAfrika, the largest African humanitarian development organisation. ForAfrika received a R1.9m grant from the Industrial Development Corporation (IDC) to rehabilitate nine of the boreholes as part of the South African government’s emergency response after at least 30 people died of cholera, a waterborne disease, in Hammanskraal in the first half of 2023. The rest of the funds came from a donor that has requested anonymity. The IDC funding included water, sanitation and hygiene training, Kwinana says. ForAfrika hopes to complete the project by the end of this month. Some of the 15 boreholes had to be fully rehabilitated, with new casing laid, while others…

THE University of South Africa (Unisa) has confirmed that it will be honouring iconic Ndebele artist Dr Esther Mahlangu with an honorary doctorate in recognition of her mathematical prowess. Mahlangu will be awarded the degree of Doctor of Philosophy in Mathematics at a graduation ceremony at the Unisa Muckleneuk Campus in Pretoria tomorrow. Her prestigious award comes hot on the heels of that of the late Stimela front man, Ray “Chikapa” Phiri, who was honoured with a philosophy doctorate for his contribution to music. According to Unisa, the university council, in its September 23 sitting last year, unanimously agreed to confer the degree of Doctor of Philosophy in Music to Phiri in recognition of the impact he made with his outstanding contributions and singular accomplishments in music. “Ray Chikapa…

FORMER president Jacob Zuma announced shortly before the end of his tenure as the president of the country that the government would provide free tertiary education to all those from historically disadvantaged communities. At the time, South Africans were excited. But the person who would be left to deal with where the money would come from was his successor. The magnitude of the undertaking was not interrogated. The assumption was that anyone with a university-entry matric certificate could register for a degree. No thought was given to the fact that there were other options that could offer a student a fair chance of gainful employment. The result was that many students spent as much as five years without passing all the modules. No plans were put in place to avoid…

“Fasten your seatbelts and prepare for take-off”. These are words we usually hear in an aeroplane as it gathers pace on the runway to take us to faraway destinations. And with a resurgence in the aviation sector, there might be many “take-offs” to new economic growth opportunities in the near future. We have already noticed that South African tourism figures are on the increase (Cape Town’s 2023 domestic tourism numbers are 20% up from 2022), a new airport is being planned in the Cape Winelands, and despite the SAA – Takatso deal being cancelled, the national carrier is still airborne and building new international flight routes. Aviation is the internet of the sky. It is globalisation in action. It connects us in person with loved ones and business colleagues,…

AFTER all the drama around his Bulls team selection for the Northampton clash, Jake White says he may have to use many of those same players for their coming game against Munster at Loftus Versfeld. The Pretoria side were still in the contest at 28-22 down at half-time, but succumbed 59-22 in their Champions Cup quarter-final at Franklin’s Gardens this past Saturday as their defence fell apart in the second half. The lack of cohesion was evident in combinations that hadn’t played much rugby this season, despite White explaining before and after the match that most of the Bulls who played had considerable experience. There were line-out overthrows, tackles missed, multiple knock-ons on attack and a few other shortcomings that saw the Bulls concede nine tries against the English Premiership…

POWERTRANS Sales & Services, a cre- ditor in the business rescue proceedings of embattled sugar company Tongaat Hulett (THL), has approached the High Court to have the business rescue plan for THL set aside. In a statement on Friday, Power- trans, which was owed about R2 million by Tongaat, said that it had supplied evidence to the court suggesting Tongaat’s Business Rescue Partners (BRPs) yielded to pressure exerted by “the Lending Group”, a group of banks and financial institutions owed billions of rand by Tongaat, and an opaque consortium of businesses registered in Mauritius and the United Arab Emirates. In February, an urgent interdict application to the court by Powertrans was dismissed due to lack of urgency. Powertrans was ordered to pay the costs, but RGS Group, which joined…

WASHINGTON and London on Friday prohibited metal-trading exchanges from accepting new aluminium, copper and nickel produced by Russia and barred the import of the metals into the US and Britain. The action is aimed at disrupting Russian export revenue amid Moscow’s ongoing invasion of Ukraine, which has killed or wounded tens of thousands and reduced cities to rubble. Russia is a major producer of aluminium, copper and nickel. Russian metals producers Rusal and Nornickel did not immediately reply to a Reuters request for comment, nor did the Russian embassy in Washington. The US Treasury Department said Friday’s action would prohibit the London Metal Exchange (LME) and Chicago Mercantile Exchange from accepting new Russian production of aluminium, copper and nickel. “Our new prohibitions on key metals, in co-ordination with our partners…

THE LENGTHENING delay in the Department of Mineral Resources (DMRE) issuing of the request for proposal (RFP) to acquire 2 500MW of nuclear energy capability has raised concerns that the government is angling for a more expensive model to plug the energy deficit in the country. Consensus among nuclear analysts, however, favours the State’s pathway, contained in last year’s Integrated Resource Plan (IRP 2023), with its estimate of close to R200 billion for a 2 500MW unit. The Southern African Faith Communities’ Environment Institute (Safcei) – which claims credit along with Green Connection for instituting legal action that prompted government to comply with stakeholder consultation processes – on Friday said it was concerned that understated costs in the IRP 2023 were meant to induce…

THE CONGRESS of South African Trade Unions (Cosatu) commends the government’s efforts and progress to boost trade opportunities with the US through the African Growth and Opportunities Act (Agoa). Our number one challenge is our 41% unemployment rate. While we have made progress in reducing unemployment by 5% in 2023, we cannot afford to lose a single job. Cosatu has a vested interest in protecting and creating jobs and growing the economy. We ignore unemployment at our own peril. Agoa provides preferential access for African, including South African, exports to the US. The US is not only the world’s largest economy, but one of our major trading partners. South African sectors benefiting from this preferential access include minerals, motor vehicles, clothing, jewellery, chemicals and agriculture. Agoa has helped boost Africa’s…

RISE Mzansi Youth and Student Chapters are intensifying their call for the resignation of Higher Education Minister Blade Nzimande in the wake of escalating National Student Financial Aid Scheme (NSFAS) turmoil. Citing systemic failures and allegations of corruption, the organisation on Friday demanded swift action to address the crisis gripping South Africa’s education system. In a bold move, Rise Mzansi Youth and Student Chapters are ramping up pressure on Nzimande, calling for his immediate resignation amid deepening chaos within the NSFAS. According to Rise Mzansi Youth and Student Chapters convenor Lawrence Manaka, it is time to usher in a new era of ethical leadership, one marked by compassion, efficiency, and a genuine commitment to the welfare of our nation’s youth. Students are suffering, enough is enough. The dissolution of the…

The pandemic of crime has often hit many South Africans while visiting petrol stations across the country while topping up fuel or buying supplies. Some of the victims have been targeted while using automated teller machines (ATMs) which are often found at filling stations. Similarly, the filling stations themselves have been hit by violent crimes including robberies targeting their cash safes. The situation is compounded by lack of security personnel at the petrol stations, leaving hapless fuel attendants and customers vulnerable when rapacious criminals make unannounced visits. Amid widespread, less reported cases of customers being robbed of personal items including cellphones, South Africa awoke recently to the tragic news of Kaizer Chiefs defender Luke Fleurs being fatally shot in a botched hijacking on 14th Avenue in Honeydew, north Johannesburg. After…

Have you ever had a favourite item of clothing that you would wear all the time? In most cases, you would wear it until it was in tatters but, somehow, you couldn’t get yourself to part with your favourite item. Well, this is exactly what the administration in Gauteng is doing. They have decided not to do proper, regular maintenance until it has reached the stage where it is beyond repair. Despite having a department in the province solely responsible for ensuring that infrastructure like schools, hospitals, libraries and clinics are built, the pace at which this happens is slow. Shoddy workmanship, going over budget and not delivering within the set time frame are the order of the day for the administration. More often than not, schools, hospitals, clinics…

Arsenal’s Premier League title hopes suffered a massive blow as Aston Villa struck twice in the closing stages to boost their top four bid with a dramatic 2-0 win at the Emirates Stadium yesterday. Mikel Arteta’s side would have gone back to the top of the table with a victory, but instead they surrendered the initiative to Manchester City after conceding two goals in the last six minutes. Leon Bailey put the visitors ahead and Ollie Watkins doubled their lead as Villa boss Unai Emery enjoyed a second sweet win this season over the club that sacked him in 2019. Arsenal’s first defeat in 12 league games leaves them in second place, two points behind City, while third-placed Liverpool are behind Arsenal on goal difference. With just six games left,…

The Sharks made a bit of rugby history on Saturday, becoming the first South African team to reach a semi-final in a European Professional Club Rugby tournament but more hard work lies ahead if they are to reach the final. A different beast awaits next month, in French club Clermont, and there are a few things the Durban side can improve on ahead of that game if they are to continue pushing for the title. Luckily they have two clashes in the United Rugby Championship (URC) to use as a stepping stone towards the Challenge Cup semis. The forwards laid the platform for Saturday’s 36-30 victory over Edinburgh at Kings Park, with the backs getting to stretch their legs in the match as well. Clermont ran Ulster, a fellow URC…

SOUTH Africa’s trade relations with the United States could get a reprieve if a new bill for an early extension of the African Growth and Opportunity Act (Agoa) for another 16 years, to 2041, enjoys majority support and is passed by the US Congress. However, analysts say the upcoming US elections could be a big factor behind the bill to renew Agoa, as both Democrats and Republicans try to fortify US foreign policy and preferential trade agreements in case former president Donald Trump emerges victorious in November. University of Johannesburg sociology professor and political economist Patrick Bond on Friday said it was hard to know how things will develop, because in an election year, the Demo- cratic leadership does not want to be seen as being punitive to South Africa…

THE SOUTH African government should probably not consider subsidising a local solar equipment manu- facturing industry as the scale of the international competitors in this market is too big to compete with. This was according to SolarWorld Africa managing director Gregor Kuep-per, who spoke on Friday at a briefing in Cape Town to celebrate the 40 years that the company has been a supplier and distributor of imported solar equipment, mostly from Europe and from China, for a host of local companies and applications. He said investment in solar power manufacturing capacity in South Africa should rather just be on innovations peculiar to the South African market. SolarWorld’s client companies count among the pioneers of solar power installation in South Africa and sub-Saharan Africa, long before the Eskom load shedding…

LOCAL financial markets may find themselves facing a perfect storm in the months to come. Just like the storms that struck with Covid-19 and the Ukraine-Russia conflict, which knocked the global economy and financial markets, so too a storm is gathering now. The storm this time is due to the Middle East conflict in the Gaza strip, as well as rumours of possible air strikes between Iran and Israel. Developing markets as a result face unprecedented sharp increases in the oil price and further increases in US and developed market interest rates. The news last week that the US inflation rate had increased to 3.5% in March 2024, up from the annual rate of 3.2% in February and core inflation back on 3.8%, is an early indication of the disastrous…

FOOD PRODUCER Tiger Brands vowed to meet consumers halfway by bringing down the price of Black Cat peanut butter as it officially launched its new R300 million manufacturing plant on Friday. Peanut butter prices escalated rapidly earlier this year as the dryer and hotter-than-usual weather in the main summer crop-growing regions affected the peanut harvest. The recalls of a number of peanut butter brands by the National Consumer Commission due to excessive aflatoxins in February also added to supply shortages in the market and impacted prices. Though Tiger Brands was not affected, safety and quality assurance protocols in the production process caused the price of a 800g jar of Black Cat peanut butter to surge to an eye-popping R92.99 in February. Tiger Brands CEO Tjaart Kruger said on Friday…

SIBANYE-STILLWATER’S recent an- nouncement of drastic restructuring that will result in a jobs bloodbath looks set to toughen the stance of mineworkers’ representatives, though there has been no talk of industrial action as yet ahead of crucial wage negotiations. Labour unions have accused Sibanye of using its recently announced plans to retrench as many as 4 000 employees at its South African gold mining operations as a way to exert pressure on workers’ unions. Sibanye-Stillwater last week an- nounced that it would enter into consultations in terms of Section 189A of the Labour Relations Act regarding proposed restructuring that could potentially affect 3 107 employees and 915 contractors at its South African gold operations and its Southern Africa region services functions. The multinational mining and metals processing group…

LAST week, the Sunday Independent published part one of the State Security Report after the Supreme Court of Appeal overturned a 2022 high court ruling preventing Independent Media from publishing a report dated November 5, 2020, titled “Top secret: US interest in ANC party dynamics”, commissioned by US intelligence operating at the country’s Pretoria offices. Among those targeted by the US spies were Jacob Zuma, Ace Magashule, Carl Niehaus and many others, including former ANC Youth League leaders. “The purpose of this intelligence brief is to inform the Minister and Deputy Minister of the State Security Agency of the extent of the United States’ collection efforts and outputs regarding the political dynamics of the ANC, specifically in relation to developments regarding ANC secretary- general Ace Magashule and his perceived anti-Ramaphosa…

The SA Rainbow Alliance (Sara) is strongly opposing the introduction of gay rights in schools, by advocating for decent and modest uniforms for learners. Sara president and Gauteng premier candidate, Colleen Makhubele, condemned gay rights in schools, regarding occasional school events, where boys and girls had to swop uniforms. She said that denouncing gay rights on school children is maintaining social order and restoring respect in schools, because parents and teachers are highly concerned. School learners should adhere to schools’ dress code, she said. When The Star enquired whether Sara was driving a homophobic narrative, Makhubele said: “Sara policies vehemently reject introduction of transgender and gay propaganda in primary level schools. Sara does not want gay, or LGBTQ rights forced on our children at schools. We are not homophobic, but…

ELECTRICITY Minister Kgosientsho Ramokgopa has dismissed a suggestion that there has been a recent “frequency of load shedding”. Ramokgopa said the comparison of load shedding during the period December 2022 to February 2023 and December 2023 to February 16, 2024, showed that there were 600 fewer load shedding hours. “It is incorrect to suggest there has been a recent ‘high frequency of load shedding’. It is important to note that Stage 6, which occurred from February 9, 2024, midnight, until February 11, 2024, midday, was an outlier due to the multiple generation units being taken off-line,” he said. Ramokgopa was responding in writing to parliamentary questions from EFF MP Mzwanele Manyi, who asked for details of the causes of the recent “high frequency” of load shedding. Manyi also wanted the…

THE City of Tshwane is basking in glory after it received an improved outlook from negative to stable from Moody’s ratings agency. The rating comes after the auditor-general’s qualified audit report for the City for the 2022/23, an improvement from the previous adverse audit. Despite stinging criticism from opposition parties in the council, labelling the AG’s report “shameful” the City’s executive believed it was a feather in the cap of the municipality. The report had raised concerns about the City's longstanding water and electricity losses due to illegal connections. But Tshwane MMC for finance, Jacqui Uys, said the stable outlook rating coupled with the 2023 qualified audit report reflected a step in the right direction for the City. The latest development, according to Uys, served as evidence that the City’s…

The SA Health Products Regulatory Authority (Sahpra) together with the SA manufacturer of Benylin paediatric syrup – Kenvue (formerly Johnson & Johnson) – have recalled two batches of the cough medication after laboratory findings in Nigeria showed potentially deadly levels of toxicity. Benylin is sold in six African countries. On Saturday night, Sahpra CEO Boitumelo Semete-Makokotlela said the recall of medical products was a crucial measure taken by the national regulatory authority to address safety concerns or quality issues to protect public health. “Sahpra is recalling these two batches from the market due to reported high levels of diethylene glycol, with the potential to cause serious adverse events,” she said. Sahpra said it received a report from Nigeria’s National Agency for Food and Drug Administration and Control (Nafdac) on April…

The battle between Orlando Pirates and AmaZulu will certainly go down as one of the games of the Nedbank Cup, if not of the 2023/24 season. The Buccaneers sealed passage to the semi-finals with a pulsating 4-2 win over Usuthu at the Moses Mabhida Stadium on Saturday. Here, Smiso Msomi takes a look at five talking points from the AmaZulu and Orlando Pirates Nedbank Cup quarter-final. Pirates’ cup pedigree rises to the top The rise of Pirates as a force in cup competitions has seen them take part in some of the most memorable knockout encounters in recent seasons. Their six-goal thriller against Usuthu was no different as they rallied from a goal down to seal a convincing victory under difficult circumstances. The club’s composure and know-how in high-pressure situations…