Star2024-05-15的目錄

LOWER mining production and a plunge in mineral sales in the first quarter of this year is dragging down South Africa’s gross domestic product (GDP) growth, and is reflecting reduced profitability in the sector despite a rally in the price of gold. Data released by Statistics SA (StatsSA) yesterday showed mining production in South Africa declining by 1.7% on a quarter-on-quarter and year-on-year basis in the first quarter of 2024 compared with the fourth quarter of 2023, dragged down by platinum group metals (PGMs), coal and surprisingly gold, whose output volumes lowered by 2.9%. The data by StatsSA showed South Africa’s seasonally adjusted mining production decreasing by 5% on a monthly basis in March compared with February. On an annual basis, mining production plunged the most in 13 months, falling…

JSE-LISTED firms with healthcare exposure tumbled on the exchange yesterday after it was announced that President Cyril Ramaphosa was set to sign the National Health Insurance (NHI) Bill into law today. Business groups slammed the signing of the bill into law, saying in its current form the NHI Bill was fundamentally flawed, would damage the economy and dent confidence in investing in South Africa. Insurance firms with medical exposure fell. Discovery slid 8.07% to R107.21, Momentum Metropoli- tan slid 3.84% to R21.29, Sanlam was down 1.07% at R70.42, while Old Mutual fell 2.16% to R10.89. Private healthcare provider Netcare slid 3.59% to R11.27 and Life Healthcare fell 1.2% to R10.72, while AfroCentric Group, a JSE-listed investment holding company providing services and products to the healthcare sector, shed 1.89% to R2.60.…

ZERO CARBON Charge, in partnership with the Free State provincial government, yesterday launched the R4.3 billion provincial rollout of a network of solar-powered, off-grid, ultra-fast electric vehicle (EV) charging stations. The province signed a collaborative memorandum of understanding (MoU) with Zero Carbon Charge, a private partner providing off-grid electrification and covering strategic routes in South Africa. The project will create thousands of jobs, establish a thriving EV economy within the Free State’s special economic zone, and support energy resilience within the province. The rollout projects includes the construction of 15 electric passenger and seven electric truck charging stations by Zero Carbon Charge and Zero Carbon Logistic. This network is expected to be completed by September 2025. Zero Carbon Charge said in a statement that it would form part…

OCTODEC Investments’ distributable income before tax decreased by 7% to R220.3 million, but it maintained the interim dividend at 60 cents as the real estate investment trust (Reit) navigated tough markets in Tshwane and Johannesburg, and the low interest rate environment. However, dividend guidance was not provided for the second half due to the uncertainty around the elections. However, if all things being equal from the first half, the residential, commercial, industrial and retail property group should at least be able to repeat the interim dividend at year-end, financial director Anabel Vieira said yesterday. “We are pleased to have still maintained a strong capital and liquidity position and loan-to-value ratio, as well as a solid and diversified funding base, which will protect our portfolio and allow us to…

DIPULA Income Fund, which yesterday reported a slightly lower interim dividend of 24.58 cents (25.85c) per share, will increase its solar power capacity fourfold before the end of its financial year, and will then treble it over the next 24 to 36 months. Businesses, fearful of the consequences of additional load shedding on their operations, have been doing all they can to bolster renewable energy capacity. JSE-listed Dipula Income Fund owns a R9.8 billion portfolio of 166 retail, office, industrial and residential rental assets countrywide. “Before the end of this financial year, we expect to increase our solar power capacity more than fourfold, from 1.6kWp to 7kWp in total. Then, we plan on trebling this number in the next 24 to 36 months,” CEO Izak Petersen said at…

South Africa’s unemployment rate for the first quarter of 2024 has increased by 0.8% to 32.9%, up from the 32.1% seen in the previous quarter. This was revealed by statistician-general Risenga Maluleke yesterday. Maluleke added that the working-age population increased by 137 000 or 0.3% in the first quarter of 2024 compared to the fourth quarter of 2023 while the number of employed persons increased by 22 000 to 16.7 million in Q1: 2024, and the number of unemployed persons increased by 330 000 to 8.2 million compared to Q4: 2023, resulting in an increase of 352 000 (up by 1.4%) in the labour force. The latest labour force survey statistics have triggered an avalanche of criticism from various political parties as well as the labour…

THE reopening of the inquest into the death of Struggle stalwart and former ANC president Chief Albert Luthuli will lay bare the truth about his death but will not give the family justice. This is the view of the Luthuli family after the Department of Justice and Correctional Services announced on Monday that it was reopening the inquest into the death of the Nobel Peace Prize recipient and two other activists. The Luthuli family believe he was assassinated and the delay in reopening the inquest means those responsible will not be held to account. The stalwart’s family said they had been calling for the inquest for close to 30 years because they never believed he was struck by a train as claimed by the apartheid government, which held its own…

A consumer who hauled Mr Delivery to the Advertising Regulatory Board (ARB) after he received a small watermelon slice slightly bigger than the size of his hand, has won his case. Consumer Colijn van Bergen told the ARB that he ordered a watermelon from Pick n Pay and a magnum ice cream from an Engen garage via the Mr D app, part of the Takealot group. The man complained that the advertisements on the Mr D app did not match the items that he received. “The complainant stated that the app showed a picture of a large watermelon slice, and he received a slice slightly bigger than his hand.” Van Bergen also complained that the ice cream from the Engen Quickshop via the Mr D app was advertised as 110ml…

AN ILLEGAL recycling site littered with tons of rat-infested and stinking rubbish strewn on the side of Solomon Mahlangu Drive near Castle Gate shopping centre has been an eyesore for some time. On Monday, the Tshwane Metro Police Department (TMPD) led an operation to remove recyclers from the site, which is among many that have sprung up all over the municipality. The City of Tshwane has cleaned up the illegal site which was full of scrap metals, building waste, plastics and boxes. Members of the SAPS, TMPD, the municipal waste management unit and Home Affairs Department officials took part in the operation. TMPD police chief Yolanda Faro said “This area has been an eyesore for a very long time.” Regular checks would be conducted to make sure the problem did…

Orlando Pirates head coach Jose Riveiro says he does not think his side’s recent defeat will have any bearing on their fight for CAF Champions League football next season. The Buccaneers spurned a great opportunity to take the driving seat in the race for second place as they fell to defeat at home to Richards Bay. The Sea Robbers also saw their seven-game winning streak broken by the relegation-threatened Natal Rich Boyz. That result means Pirates’ destiny is now in the hands of other teams, whom they’ll hope can derail second-placed Stellenbosch as they look to safely navigate past the last two games of the season. Riveiro, 46, refused to be drawn into a pity party but rather came out fighting in the post-match media conference. He said that he…

BHP IS LIKELY to make another revised and firm offer for Anglo American after the London and Johannesburg-listed resource firm yesterday announced a strategy to spin-off De Beers and Anglo American Platinum (Amplats), but retaining Kumba Iron Ore, ahead of the May 22 deadline stipulated by London listing rules. This comes as Anglo American on Monday rejected BHP’s revised offer, which raised the company’s valuation to nearly $43 billion (R805.5bn), leaving BHP CEO Mike Henry disappointed. Anglo American yesterday laid out its defensive strategy in light of an expected second revised offer by BHP, which entails massive slowdown in crop nutrition, nickel care and maintenance, selling diamond steel-making iron ore and platinum units. Market analyst Simon Brown told Business Report that demerging Amplats “would be real bad for the…

MANTENGU Mining has finalised the acquisition of Birca Copper and Metals (BCM), which mines and processes high-grade chrome ore in the North West province, for R29.9 million. This has paved the way for BCM to expand its production while also enabling Mantengu to grow its footprint and portfolio. As at the end of February this year, BCM had an unaudited net asset value of R102m and posted an unaudited attributable profit of R2m for the year ended February 29, 2024. “The acquisition, valued at R29.9m in Mantengu shares, positions Mantengu to double its chrome operations, enhancing its market presence and reinforcing its commitment to sustainable growth,” the company said in a statement. The acquisition of BCM has helped Mantengu to secure “a substantial increase in chrome ore…

IMPLEMENTATION of the National Health Insurance (NHI) Bill will be a long way off and faces numerous legal actions due to constitutional challenges, experts said yesterday after it was announced that President Cyril Ramaphosa will sign the Bill into law today. Old Mutual Group chief economist Johan Els said the fact that the NHI Bill was going to be signed into law was a moot point at this stage. “Firstly, it’s the fact that any implementation will take very long, because of spending pressures. Secondly, this might be taken to the courts and eventually to the Constitutional Court by private sector health operators,“ he said. He said South Africa was a long way off from the NHI Bill affecting the economy, as it would be implemented over a long-period…

AS THE WORLD prioritises decarbonisation, South Africa stands at a critical juncture in its energy journey. South Africa has historically been powered by coal, of which there are abundant natural deposits around areas like Emalahleni. Approximately 85% – around 42GW of the nation’s electricity – is generated via coal-fired power stations. As the world gears up for COP29 in Azerbaijan, there is a growing global consensus among nations and global alliances to decarbonise globally, with renewables often touted as the best way forward. Globally, institutional funds are being pulled out of fossil fuels, and the coal-based power industry no longer enjoys popular backing. If companies want to do business on the global stage, they have to show their credentials and focus on carbon neutrality. This is the nature of a…

MTN’s NETWORK users have to brace for tariff and bundle offering adjustments as the company implements strategies to defend its resilience against an expected escalation in macroeconomic headwinds after being affected by a plunge in data and voice revenue in the quarter to end March. The rival mobile operator to Vodacom said yesterday that “the remainder of the year is anticipated to continue to present macro headwinds” for its SA operations’ revenue and cost development. This has been made worse by elevated inflation and interest rates as well as the impacts from the ongoing geopolitical volatility. MTN has thus lined up initiatives “to navigate the prevailing conditions” which include price and data bundle offering reviews. “These (strategies) include price-ups in prepaid plans and other portfolios, as well as revision of…

AS THE countdown to the signing of the highly contentious National Health Insurance (NHI) Bill gets under way, civil society organisations are gearing up for the fight of a lifetime to protect the country’s healthcare system from ruin. Following the announcement that President Cyril Ramaphosa is expected to sign the NHI Bill into law today, in the hope of transforming South Africa’s healthcare system and ensuring universal coverage for health services, a plethora of voices have come out to challenge this move. Political party leaders, civil society organisations and industry leaders have in recent months pleaded with Ramaphosa, urging him to send the bill back to Parliament for further stakeholder engagement. However, those pleas appear to have come to nought. SA Medical Association (Sama) CEO, Dr Mzulungile Nodikida, said the…

TO PROMOTE a cleaner environment and greater economic development in townships, the Gauteng Department of Social Development, Agriculture, Rural Development and Environment has launched the Reashoma buy-back centre in Soweto. A number of stakeholders attended the event on Friday, led by the department which raised awareness of waste management, and its recycling efforts. Additionally, this was done on behalf of communities whose lack of resources prevents them from keeping the environment clean. The department said collecting rubbish was often stigmatised, but its work demonstrated that there was “gold in front of our houses through this initiative” – and money to be made. Lerato Makube, founder of Eco Care Holdings, spoke about her business and its challenges, and how she was succeeding as an entrepreneur by turning waste into money.…

AT the weekend, the halls of Brom- berg Retirement Village buzzed with the vibrant energy of charity and craftsmanship. Guiding this impressive display of handmade blankets, beanies, shawls, scarves, and socks, all crafted by the village’s skilled residents, was the dedicated leadership of Rotarian Doulien Knopjes. Supported by the Bromberg social committee, a Rotary district grant, and the Rotary Club of Pretoria East, this initiative churns out hundreds of items monthly destined for those in need across greater Pretoria. This project exemplifies the power of community engagement and the profound impact of collective effort. Dr Rita Sonko, a member of the Rotary Club of Pretoria East, expressed her admiration for the project: “It’s incredible to see how our seniors are turning their talents into such impactful acts of kindness. Their…

THE LEGAL battle between the Electoral Commission of South Africa (IEC) and former president Jacob Zuma has created a psyche of distrust in certain quarters, causing a myriad problems for the upcoming elections. A recusal application brought by Zuma effectively renders Chief Justice Raymond Zondo a conflicted party, who pushed for his own desired outcome through a majority judgment that delivered a law-like imitation of justice. It doesn’t logically follow that Zondo would act as a judge to hear a case about his own misconduct and a misjudgment of the justices of his ilk. Truth be told, Zondo violated our everyday legal practice to undermine the significance of a hierarchy of the courts. A direct access to the Constitutional Court for a contempt of court dispute was a vindictive miscue…

South Africa’s double World Cup winner Siya Kolisi has vivid memories of a tough upbringing, which means no rampaging tighthead prop or 150kg lock can strike fear into him ahead of two Tests against Ireland in July that may be his last as skipper. Springbok coach Rassie Erasmus has hinted that he may appoint a new captain either this year or next, preferring a locally-based option, but could wait until after the eagerly-anticipated series with Andy Farrell’s side. Kolisi, 32, moved to France to play for Racing 92 this season having led the Springboks to World Cup triumphs in 2019 and last year, the latter after pressure-filled knockout wins over hosts France, England and New Zealand. The Boks won each match by a single point. Some might call it luck,…

THE NEW GOVERNMENT administration that will take over the running of South Africa post the elections this month will have its hands full in developing a job-creating economy with the high unemployment in the country. This comes as South Africa’s official unemployment rate rose to its highest in a year, rising by 0.8 of a percentage point to 32.9% in the first quarter of this year, up from 32.1% recorded in the fourth quarter of 2023. Yesterday, Statistics South Africa (StatsSA) said the number of unemployed persons increased by 330 000 to 8.2 million, up from 7.9 million in the previous quarter, marking the highest figure since comparable records began in 2008. Additionally, the number of people who were not economically active for reasons other than discouragement…

OLD MUTUAL Property, a real estate property group owned by financial services giant Old Mutual, is set to bolster its presence in Europe following a significant investment boost. In South Africa, Old Mutual Property manages prime assets, including Gateway Theatre of Shopping in Durban, Cavendish Square in Cape Town, and The Zone @ Rosebank in Johannesburg. Through its joint venture with AG Capital, known as Lion’s Head, the company has secured a €150 million (R3 billion) sustainability-linked investment from the World Bank’s International Finance Corporation (IFC). The group said in a statement yesterday that this strategic move aligned with Old Mutual Property’s vision to expand its operations in Europe, particularly in the logistics sector. Sakina Nosarka, the CEO of Old Mutual Property, said: “This investment is set to…

Afrika Tikkun, a leading youth development and non-profit organisation, yesterday issued a call for immediate action ahead of the elections after data showed South Africa’s jobless rate spiked to 32.9% in the first quarter of 2024 and youth unemployment also rose. Statistics South Africa (StatsSA) yesterday released the latest Quarterly Labour Force Survey, which showed an increase of 0.8 percentage points in the jobless rate from the previous quarter. Lara Hodes, an economist at Investec, said, “Vulnerable youth, comprising those aged 15 to 24, remain the most disadvantaged segment when it comes to finding sustainable employment in this subdued economy. Unemployment in this grouping remains at a critically elevated level. It increased, albeit modestly, to 59.7% in Q1.24 (from 59.4% previously).” She said comparing unemployment rates by level of education…

EACH MONTH seems to herald a new record temperature, the latest being April 2024 as the hottest April ever. The trend seems unstoppable in the short term as many parts of the world are making U-turns on their commitments to reduce their carbon emissions. In the meantime, we have to cope and adapt to a world characterised by ex- treme weather events and a much hotter operating environment. We need to adapt urgently. Climate adaptation is a much-needed, but costly exercise, in a very constrained fiscal environment, knowing that the cost of doing nothing is even more devastating. Like other developing economies, South Africa must safeguard itself against resultant disasters, but also attempt to use these events and progressive climatic shifts as opportunities to adapt to more resilient, low-carbon growth…

EQUITES Property Fund’s share price received a generous 4.37% lift from shareholders to close at R13.13 on the JSE yesterday after it predicted the vacancy rate for A-grade, sustainable warehousing space in South Africa will remain below 1%, or essentially, fully let. CEO of the JSE’s only logistics focused real estate investment trust (Reit) with operations in South Africa and the UK, Andrea Taverna-Turisan, said at the release of annual results yesterday that the low vacancies at this type of warehousing in key logistics nodes was due to high demand and the scarcity of appropriately zoned and serviced land. The demand for B and C-grade warehousing space in South Africa was not likely to be the same as for sustainability-linked A-grade warehouse space, he said in an interview. “The low…

The Electoral Commission of SA (IEC) CEO, Sy Mamabolo, has again clarified the status of the uMkhonto weSizwe Party (MKP) leader, Jacob Zuma, saying that not withstanding in a Constitutional Court case between the IEC and the MKP, Zuma remained the face of the party as he was its only recognised leader. Mamabolo was addressing the media yesterday, on the IEC’s state of readiness to host a free and fair general election in just under two weeks locally, and four days internationally. South Africa is headed to the polls on May 29 amid a series of challenges, with parties such as the Labour Party and others challenging the IEC on registration processes, while the MKP awaits its fate at the Apex Court. The Labour Party has gone as far…

“An inclusive budget that leaves no one behind,” was the theme of this year’s budget speech at the City of Johannesburg Council Chambers. Yesterday, Member of the Mayoral Committee for Finance Dada Morero tabled his annual budget, saying the city saw a budget increase and an inclusive budget for all inner city residents. The metro has been allocated R83.1 billion for the medium-term, a R3bn increase from R80.9bn in the previous year; R75.7bn for operational expenditure and R7.4bn for capital expenditure with a three-year capital budget of R23bn. Morero said the city’s bulk infrastructure continued to be dire, citing abandoned buildings, budget constraints and the impact of load shedding on infrastructure as key challenges. This year’s budget aims to address and possibly curb the challenges. The budget is inclusive as…

President Cyril Ramaphosa is set to sign the National Health Insurance (NHI) Bill today, but the possible impact that it will have on South Africans who have medical aid is still unknown. The NHI is a policy that South Africans may have heard about, but there are still some important aspects of the policy that they may still be in the dark about, such as what it is and how it will affect them. While NHI is yet to be implemented, it is essential that South Africans are aware of the impact that it can have on them, especially those who have medical aid and medical insurance. To shine some light, here is a closer look at the issue. According to the Department of Health (DoH), the NHI is a…

Tshwane’s Deputy Mayor Nasiphi Moya has expressed satisfaction with the work to upgrade the capacity of Rooiwal wastewater treatment plant. This was after her oversight visit to the plant alongside Utilities MMC Themba Fosi, and the MMC for Economic Development and Spatial Planning Hannes Coetzee. “Significant progress has been made with both the general building and mechanical and electrical contractors on-site and actively working on an accelerated plan to enhance the efficiency and functionality of the plant,” said Moya. She said the assessment of the quality of the effluent discharged from the plant was one of the key milestones of the project. “Thanks to the proactive efforts of our contractors, we are optimistic that by December 2024 we will start having measurable data on the improved quality of the effluent…

Having turned 28 last month, Edwill van der Merwe is now in the prime of his career. So, how about a move back to his home side, the Stormers, from the Lions? “I am home!” the speedster said, with a broad smile yesterday when told that Cape rugby fans would love to see him back in the Mother City, where he previously starred for the Stormers before joining the Lions in 2021. “I’m enjoying my time in Joburg, and where we are as a team, it’s quite a special place, as we are fighting for a play-off spot. “Last weekend’s result put (us) in a good place, but this week is a new challenge – something we have to face from 0-0 again.” Of course, the Lions will again fight…

Despite their late disintegration against Glasgow, there is “not a lot to change” for the Bulls in Saturday’s United Rugby Championship clash against Benetton at Loftus Versfeld (2pm kick-off). That is the view of loose-forward ‘bruiser’ Elrigh Louw, who was one of the standout performers and scored a try in the 40-34 victory over the Scottish log leaders last weekend. The Bulls were leading 37-10 heading into the final quarter, but needed a late Chris Smith penalty to secure the win – while still allowing the visitors to grab a last-gasp bonus point via a Duncan Weir penalty. That handed the Glaswegians two bonus points to take them up to 60, with Leinster on 59, Munster on 58 and the Bulls on 56, with two league games to go.…