Star2024-07-23的目錄

The rand moderated yesterday but stocks on the JSE surged nearly 1%, shrugging uncertainty in the US as there was no clear indication as to whether US President Joe Biden’s replacement, Kamala Harris, will fare better than he was expected to do at the polls on November 4. The domestic currency remained virtually unchanged at R18.28 to the US dollar while JSE All Share Index rose 0.9% to 80 659 points by 4pm, rebounding after falling for four consecutive days last week on the back of concerns over trade relations between the US and China. The rand was trading at R18.26 at 6pm. US presidential hopeful Donald Trump has a history of seeing China as a competitor, and getting the US to impose trade restrictions. Analysts yesterday said they…

The Motor Industry Staff Association (Misa) has assigned its legal department to engage with business rescue practitioners (BRPs) of AutoZone Holdings as it ensures the protection of its 317 members, and their continued payment. This comes after the high court last week granted an order for Absa to seize AutoZone’s movable assets over its over R300 million debt burden. AutoZone owes Absa R302m which accumulated during a series of financial agreements and defaults. Misa said yesterday AutoZone did not inform it prior to filing its notice beginning business rescue proceedings, but it was on high alert and would participate in the process to protect the interests of its members. Martlé Keyter, Misa’s operations CEO, said the union was fully aware of the dire ongoing slump in the retail motor…

Cement manufacturer PPC has entered into a comprehensive strategic co-operation agreement with Sinoma Overseas Development Corporation (Sinoma) to work together on opportunities to improve efficiencies. The agreement, announced yesterday, will also modernise technologies, reduce production costs, accelerate the transition to alternative non-fossil fuels, and expand capacities in PPC operations in South Africa, Zimbabwe and Botswana. Matias Cardarelli, CEO of PPC, expressed optimism about the agreement with Sinoma. “In the current highly competitive environment, we must execute our industrial operations in the most efficient way to produce high-quality products sustainably at the right cost,” Cardarelli said. “This agreement strengthens our relationship with Sinoma and will be one of the pillars of our recently initiated turnaround process, which aims to rebuild a profitable and sustainable PPC. It also highlights the commitment of…

Isn’t it fascinating how some things need time to grow, mature, and truly flourish – even when the evidence of progress seems scant – while others must be swiftly deemed unworthy of further investment and decisively cut off? VC Ponzigate? In November 2019, I had the pleasure of hosting a spirited episode of the African Tech Roundup podcast titled, Is Venture Capital a Ponzi Scheme? with guest co-host Rushil Vallabh from Secha Capital. Secha Capital is a South African growth capital impact firm that employs an operator-investor model and invests in traditional industries. Our conversation also featured Grant Phillips of PhilTech Consulting, who is now CEO of e4 Strategic. At that time, Phillips was collaborating with Convergence Partners and Stockdale Street, the Oppenheimer Family’s South African private equity firm, to…

Sasol’s share price shot up 6.3% yesterday after an annual production report showed mining, and fuel and chemicals production was within guidance, while gas production in Mozambique was higher than expected. The share price traded at R144.89 after midday yesterday, which although higher on the day was 39.3% below the price it was trading at the year before. Total mining productivity for the 2024 financial year was 3% higher than the previous year and within market guidance of 975 to 1 100 t/cm/s (tons per continuous miner shift). Secunda collieries productivity improvement was mainly due to the ongoing full potential programme partly offset by safety incidents, and other operational challenges. In the fourth quarter, total mining collieries increased by 4% and ended at 1 000 t/cm/s compared to the…

Two well-known Mzansi musicians have teamed up on a new single, Never Forget, which will feature prominently in the upcoming documentary, A Cape Town Song: The Story of The Luxurama. For the first time, Jimmy Nevis and Craig Lucas have worked together to make a memorable soundtrack for the soon-to-be-released doccie. The song encourages people to never forget the artists who came through the Luxurama Theatre. Produced by Nicki and Liesel Priem of Little Mad Badger, along with Nevis as co-producer and music director, this doccie shares the forgotten tales of the popular Luxurama Theatre in Wynberg. The Luxurama has been a staple of the community since it was built in 1963 and it has launched the music and acting careers of many local artists as well as hosted international…

Eswatini-born amapiano DJ Uncle Waffles is a global sensation. Real name Lungelihle Zwane, Waffles, who recently became the first amapiano DJ in eight years to headline the Wireless Festival in London, has announced dates for her New York show. The Madibuseng hitmaker dropped a promo video to tease her fans with all the details for her Brooklyn Mirage show on August 18. It shows Waffles dancing at a quick shop with young dancers, showcasing their epic amapiano moves. Waffles, who has been touring Europe and North America, has several shows lined up, including the Rebel: We Love Waffles show in Toronto on August 1, the Royale show in Boston on August 2, the Osheaga Music Festival in Montreal on August 3, The Bellwether – Fly Radio in Los Angeles…

Goolam Muhammed Suliman Vawda, known on social media as @goolammv, has left the country after being unmasked by Independent Media investigative journalists. Reports indicate that Vawda has escaped South Africa and is now in Mauritius, where he is said to have fled after the first of several criminal charges against him have been laid. The move followed more than six years of using his anonymous account to defame prominent detractors of President Cyril Ramaphosa and the DA. “Because an owner of a media house and another person I have rightly called out have put a total of R3 million on my head, I have safely left the country. Will reach my final destination country tomorrow which I will call home for a while. I will then continue doing what I…

A Grade 7 learner who fell from the second floor of her school building has died in hospital. Clair Aucamp died on Saturday afternoon. It is alleged that Clair fell from the second floor balcony at Laerskool Mayville on Thursday last week. In a Facebook post, the school expressed condolences to the young girl’s family. “It is with broken hearts that we must inform you that Clair has passed away. We want to express our deepest condolences to her family and loved ones. We pray for you God’s comfort at this time. “We request that you please give her family the opportunity to try and process this. Please say a prayer for them. Thank you for everyone’s prayers and support,” the school said. The school’s management said it understood that…

IN A display of community spirit, the Shaka Easter Tournament has donated 200 pairs of school shoes to Soshanguve schools as part of its corporate social investment commitment. The donation ceremony saw learners, teachers and tournament officials gather to witness the handing over of the new shoes. Shaka Easter Tournament president Tshepo Letjane, Miss Tshwane University of Technology Soshanguve Campus Sharon Maluleke and the educators of the Shalom Primary School, Central Secondary School and Matlapeng Primary School had their hands full as 67 learners from each school became emotional after receiving their new pairs of school shoes. Matlapeng headmaster Elizar Radipale said it was a great relief to know that some learners will no longer be bullied or teased by other learners due to not having shoes. “We are grateful…

Sextortion, a sinister tactic that coerces victims into sharing explicit images or videos by preying on their vulnerabilities and exploiting their trust, has been reported as a growing concern among young people. Tragic stories have surfaced involving teenagers worldwide, sparking calls for greater awareness and preventive measures. The Internet Watch Foundation recorded a startling 257% increase in sextortion reports in the first half of last year compared to the full year prior, underscoring the gravity of the problem. According to the report, scammers masquerading as girls typically start by flirting with their victims on social media by sharing a phony photograph of themselves in their underwear. This is done in an attempt to coerce the victim into revealing private photos. Once the criminals have access to the incriminating material, they…

McLaren boss Andrea Stella said he never doubted Lando Norris would hand back the lead to winning teammate Oscar Piastri in Sunday’s Hungarian Grand Prix despite the Briton’s clear reluctance. The Italian made it clear also that the consequences of ignoring team orders would have been severe. “I know Lando enough … I know enough and well enough that inside Lando we have the race driver and the team player,” he told reporters after McLaren’s one-two finish at the Hungaroring. “I would be extremely concerned if Lando had not demonstrated ‘I am a race driver’ here, because that’s the impulse you need to fight hard. He demonstrated the spirit of the race driver,” said Stella. Norris started on pole position on Sunday but Piastri seized the lead at the start…

Mr Price Group’s sales indicate that positive consumer sentiment was created by the formation of the Government of National Unity (GNU) last month, and this also translated into higher balances at retail store tills. The budget clothing and homeware retailer’s sales picked up sharply by 12.7% in June, the last month of its first quarter trading period, compared to the market’s growth of 10.3%, the group said in a trading statement yesterday. In June, following the formation of the GNU, positive consumer sentiment had supported improved sales performance across the sector, the group directors said. During April and May, the group’s retail sales grew by only 0.9% compared to the comparable market’s decline of 4.6%. “Pleasingly, these sales trends were similar across all trading segments. Gross margin percentage increases were…

The performance of the venture capital (VC) sector in South Africa defied the downwards trend in annual deals seen since 2020 as investments hit the R3 billion mark in 2023, displaying the level of resilience that has since become synonymous with the start-up ecosystem. The Southern African Venture Capital and Private Equity Association (SAVCA) said yesterday that the local information and communication technology (ICT) stole the show once again, capturing investor interest and reiterating the sector’s position as a front runner in economic development and innovation. This was one of the key insights to emerge from this year’s SAVCA VC Survey Launch 2024 – an annual research initiative by the SAVCA launched last week in Cape Town. SAVCA CEO Tshepiso Kobile shared her ongoing conviction that the VC industry must…

Local consultancy XA Global Trade Advisors has launched a website to provide pinprick information on South Africa’s contentious scrap metals industry to help with accurate data on the estimated R20 billion-a-year industry, currently in limbo over efficient regulations. This as the industry awaits considerations of the new Minister of the Trade Industry and Competition (dtic), Parks Tau to pronounce on its regulation following the dropping of an exports moratorium in January after it had been implemented intermittently over the past two years. XA founder and CEO Donald MacKay yesterday said the myscrapmatters platform would have update information from scrap metal suppositories including Transnet and Eskom, scrap value from upstream manufactures to steel mills, cable theft data, landfill data, and updates on export duties, among the many offerings. “The industry is…

Generative artificial intelligence (AI) stands as one of the most disruptive technologies in human history, capable of transforming entire economies and business sectors. It’s also one of the fastest-adopted technologies ever. OpenAI’s ChatGPT gained 1 million users within five days of its 2022 launch and reached 100 million users in just two months. The potential of generative AI has spurred technology giants such as Microsoft Meta and Alphabet to aggressively pursue AI initiatives. Projections suggest the market could contribute up to $20 trillion (more than R372 trillion) to global gross domestic product by 2030 and save 30 billion work hours annually, according to a recently released report by the Oliver Wyman Forum. The report also revealed that 96% of the roughly 25 000 workers surveyed believe generative AI…

South African steel companies have continued coming out against the import duties on steel products as it affects their competitiveness. This comes as South Africa last month notified the World Trade Organization of its intention to impose a 9% duty on hot-rolled steel products in a bid to protect the local industry from a surge in imports. It followed the application by the South African Iron and Steel Institute (Saisi), on behalf of ArcelorMittal South Africa (Amsa), for a safeguard on hot-rolled steel in February. John Thompson, a division of ACTOM and the designer and manufacturer of industrial boilers for the energy, manufacturing and other industries, over the weekend said the import duty on steel products was impacting its input costs and affecting its competitiveness. John Thompson chief operations officer,…

As South Africa continues to make creative strides internationally, The Shakedown, Amazon Prime Video’s first South African original film, is set to be released next month. Set in Cape Town, the crime comedy will be released on the streaming service on August 8. It features a star-studded cast which includes Tali’s Diary star Julia Anastasopoulos, Carl Beukes, who is known for his role in Lioness, and Emmanuel Castis from Warrior and G20. They will be joined by South African rapper Jack Parow and rising talent Berenice Barbier as well as Milton Schorr, who starred in One Piece, David Isaacs from Spinners and James Borthwick from Hotel. Anastasopoulos’s husband, Ari Kruger, makes his directorial movie debut with The Shakedown and has also co-written the script. He has won three Best Comedy…

civil rights organisation Afri- Forum has started legal proceedings to challenge the National Assembly’s recent appointment of former judge president John Hlophe as a member of the Judicial Services Commission (JSC) in the Constitutional Court. AfriForum is requesting the Constitutional Court in its application to declare that Hlophe’s appointment is irrational, unlawful and in conflict with the National Assembly’s constitutional duty. AfriForum has already served its court documents electronically on the Speaker of Parliament, Hlophe and the MK Party. An application requesting, among other things, direct access to the Concourt, will be issued to the Concourt this week. According to Kallie Kriel, CEO of AfriForum, it is unthinkable that aspiring judges’ ethics, integrity and suitability to serve as a judge should henceforth be assessed by Hlophe as a member of…

THIRTEEN people accused of being part of the three-year looting spree at VBS Mutual Bank appeared in the Gauteng High Court, Pretoria, yesterday on an array of charges ranging from racketeering, money laundering and corruption to theft. An amended indictment cites a total of 179 charges, although not all the accused face all the charges. Among those who appeared before Judge Peter Mabuse, were former VBS CEO Andile Ramavhunga; former treasurer Phophi Mukhodobwane; KPMG auditor Sipho Malaba; Lieutenant-General Avhashoni Ramikosi, a non-executive director; and Ernest Nesane and Paul Magula, who both represented the Public Investment Corporation on the VBS board as non- executive directors. Their appearance followed on the heels of the sentencing earlier this month of Tshifhiwa Matodzi, the former VBS chairperson and mastermind behind the looting of R2…

THREE suspects are expected back in the Cape Town Magistrate’s Court on August 1 for various crimes using the Grindr dating app for gays. Mlungisi Vincent Mbutu, Bongani Zulu and Zwelakhe Ngwenya, from Soweto, are accused of luring Grindr users for the purpose of robbing them. They were arrested on June 14 in Woodstock after holding a 50-year-old man hostage in a rental home. On Friday, State advocate Luzaan Williams said a new victim from Camps Bay had come forward – the seventh victim in the matter. The complaint dates back to 2023, when the man chatted with the accused, who are originally from Gauteng, via Grindr. National Prosecuting Authority spokesperson Eric Ntabazalila said: “We now have a new case of Camps Bay. It’s actually not a new case, it’s…

Airports Company South Africa (Acsa) says it does not have any policies or procedures that discriminate against any passengers or airport users on the basis of gender, race, cultural beliefs, religion, or place of origin. This after a Gqeberha airport came under fire for what some described as an ill-worded, offensive security notice, making particular mention and singling out Muslim women’s headdress. The Eastern Cape city’s Chief Dawid Stuurman International Airport announced via Facebook that as part of security measures, people wearing any kind of headgear – including head wraps, hijabs, burkas or niqabs – would undergo a physical search. It added that searches can be conducted in an enclosed area, on request. In a statement on Sunday, Acsa said it noted reports on security screening and searching…

Tadej Pogacar hailed a new “golden age” for cycling after securing a third Tour de France title on Sunday to add to his 2020 and 2021 triumphs. The 25-year-old won the final day’s time trial with defending champion Jonas Vingegaard coming second, 1min:03sec adrift, on the day to seal second overall ahead of Remco Evenepoel, third on the day and overall. Victory also gave Pogacar the first Giro d’Italia-Tour de France double since Marco Pantani in 1998. “It was an amazing journey. What a battle with Jonas and Remco. So much happened,” said the champion who finished 6:17 minutes ahead of Vingegaard in the final standings. Evenepoel was 9:18 off the pace. “We are living in the golden age of cycling. The rivalry with Remco (Evenepoel), Jonas (Vingegaard), Primoz (Roglic)…

ABOUT R2.6 billion in half-year dividends, steady and less acrimonious progress in retrenchment of 3 700 employees from its workforce and a 5% firming up in its refined platinum group metals (PGM) production left Anglo American Platinum’s (Amplats) share price stronger on the JSE yesterday. Shares in the world’s biggest platinum producer on the JSE climbed by 3.14% in afternoon trade to R630.15, momentarily reversing its losses by 4.51%, 16.41% and 36.62% in the past seven days, 90 days and year-to-date comparatives, respectively. This was despite the company reporting an 18% plunge in headline earnings a share for the June interim period to R25.56. The R9.75 a share interim dividend that it declared was also 19% lower compared to the same period a year ago. But with the company…

As the US presidential election nears, the prospect of Donald Trump returning to office raises significant questions about the global economic landscape. For South Africa, Trump’s potential re-election could have multifaceted implications, particularly in areas such as the economy, mergers and acquisitions (M&A) activity, and the overall ease of doing business. Trump’s economic policies during his first term were characterised by a strong emphasis on protectionism, with a focus on “America First”. Should he return to office, South Africa might face similar policies, potentially leading to tighter trade conditions. Trump’s approach to trade often involved tariffs and renegotiating trade agreements to favour US interests. This could be aggravated by the close ties the previous South African government forged with US protagonists, such as Russia, China and Iran, and its anti-Israeli…

Computer users recently experienced what could be described as an important warning for the digital world. For some, it manifested in the form of a blue screen, also known as Blue Screen of Death, which stopped working. For others, it was cancelled flights and the inability to access important information to carry out work. Essentially, the global community experienced what it feels like when systems fail. What happened and what can we learn from the failure of systems? A cybersecurity firm, CrowdStrike, a Texas company that specialises in protecting corporate clients from cyberthreats, pushed out an automatic update to its security software on its clients’ machines. Unfortunately, the update inadvertently contained a bug that forced machines that received it to crash, resulting in the Blue Screen of Death, the screen…

South32’s South African manganese and aluminium mines raised production in the quarter to June, 2024 although the company said yesterday that its cost profile for the country was highly dependent on rand fluctuations, which have an impact on raw material pricing as well as electricity supply dynamics. Despite an improvement in electricity supply over the past three months, South African companies are still suffering from logistical constraints, especially the bulk miners and those that produce large amounts of ore. In spite of this, South32’s manganese and aluminium mines in SA raised output during the June, 2024 quarter as they “responded to stronger manganese prices” to achieve “record” annual production. Its Hillside Aluminium also “achieved record production”. Nonetheless, South32 stocks on the JSE dipped by 12.26% to R36.50 per share in…

Hammerson, owner of upmarket UK city retail destinations with a secondary JSE listing, plans to sell its Value Retail division to Silver Bidco, a new company established by affiliates of L Catterton for £600 million (R14.1 billion) cash. The sale of Hammerson’s “overweight, non-controlling and yield- dilutive interest” in Value Retail at a £1.5bn enterprise value and for £600m would be a clean exit from a complex structure at a good price, Hammerson said in a statement yesterday. Value Retail comprises a portfolio of nine upmarket “Village” centres in Italy, Greece, Spain, France, Belgium, and the UK. “This is a transformational deal for Hammerson, generating cash proceeds of £600m while removing an overweight, low-yielding and minority stake, and positioning us for accelerated growth and value creation,” CEO Rita-Rose…

Adele has announced that she will be taking a “big break” from music after her upcoming concerts. The musician recently revealed to German broadcaster ZDF that her Las Vegas residency was emotionally draining and she missed her life before she became a global celebrity. “My tank is quite empty at the minute,” she was quoted as saying, adding: “I don’t have any plans for new music at all. I want a big break after all this, and I think I want to do other creative things just for a little while. “You know, I don’t even sing at home at all. How strange is that?” The Hello hitmaker has spent the past two years playing her residency Weekends With Adele at The Colosseum at Caesar’s Palace and is due to…

MUNICIPALITIES across the country owing Eskom a staggering R78 billion risk collapsing the power utility, which will plunge the nation into darkness. This warning was issued by Electricity and Energy Minister Kgosientsho Ramokgopa, who said the debt could also cause the return of load shedding. He said the R78bn debt was increasing at an alarming rate and on a daily basis and should urgently be attended to otherwise the power utility would not be able to cope. However, he was sceptical that the matter would be addressed. “Municipalities must pay that money. However, on an objective ground, they simply don’t have the means to pay … Eskom needs this money to reinvest in its infrastructure and perform maintenance to improve its generation fleet’s performance.” But he was of the view…

The Moroka police in Soweto have denied allegations that they were not doing enough to stop car hijackings and burning of cars at an open field next to Isaacson Primary School. Two weeks ago, The Star reported that the community woke up to daily burning of hijacked and stolen cars. Community leader, Mafahleng Albert Selepe, said their complaints to the police had gone unheeded. “Since the last time we spoke, nothing has changed. We continue to wake up to stolen and hijacked cars being burnt, and no police visibility to monitor the situation,” he said. However, police spokesperson, Colonel Noxolo Kweza, denied the accusations. “The management of Moroka police station have recently been alerted to crime activities in the specific area through engagements with the community. To say more than…

MINISTER of Co-operative Governance and Traditional Affairs (Cogta) Velenkosini Hlabisa has confirmed that his department will be clamping down on dysfunctional municipalities to curb corruption and under-performance. Hlabisa announced his department will dissolve under-performing municipalities that misused their funds. Hlabisa alongside other new members of the Government of National Unity, was sworn in on July 3, as part of the seventh administration. “We were sworn in on July 3 and we have received a handover report from the previous minister of the department. We have gone through the handover report and have seen all outstanding matters handed over to the new administration. We are having our feet on the ground and over the past three weeks, we have been interrogating a range of issues,” he said. Hlabisa said among these…

THE executive mayor of the City of Tshwane, Cilliers Brink, has scoffed at a motion of no confidence brought against him by the ANC, saying the party was not coping with the idea of being on the opposition benches. The regional ANC in Tshwane held a media briefing on Friday, where it outlined its attempt to remove Brink via a motion of no confidence, which will be tabled in council. Yesterday, Brink said that the ANC in Tshwane had not been “rehabilitated”. He said the recent bid to oust the DA-led coalition running Tshwane was motivated by new measures implemented to block looting through tenders. “I think it is motivated by the performance standards which the administration has introduced on waste removal contracts. “We suspect that the regional secretary of…

THE Tshwane metro police will escort waste collection trucks servicing households across the metro’s six regions amid threats of violence allegedly instigated by disgruntled service providers who didn’t meet requirements for a new tender. At least 60% of the previous waste contractors have not made it back on to the new tender, owing to the stringent specifications aimed at improving efficiency, according to municipal spokesperson Lindela Mashigo. In terms of the specifications, trucks must not be older than nine years, must be fitted with tracking devices and have valid e-Natis documents. The new requirements were also said to be behind a plan by the ANC to oust Mayor Cilliers Brink through a motion of no confidence, expected to be tabled during an ordinary council meeting on July 25. Finance MMC…

Legendary performer Abigail Khubeka will be given her flowers in a tribute show to celebrate her career spanning over 67 years, and her immeasurable contribution in the arts. To mark Kubeka’s longevity in the entertainment industry, Phambili Siyaya Arts in partnership with Joburg Theatre, supported by the National Lotteries Commission, will be hosting the tribute show on August 17 at the Mandela Theatre at the Joburg Theatre. A varied selection of South African music will be delivered over the evening, with a stellar line-up that includes Judy Page, dubbed the Queen of Cabaret, Brenda Mtambo, Marah Louw, and Lira. Simmy will mellow out the evening with her vibrant tones, while Trompies and Mdu’s rhythmic Kwaito vibes will pump up the dance beats. Director James Ngcobo expressed delight in the tribute…

Why do you negotiate and allow yourself be dominated by people who have stolen everything from you? You know very well what they did to you, your land, your minerals and your culture. Nobody in the world and nobody in history ever got their freedom by appealing to the moral sense of the people who were oppressing them, says US political activist Assata Shakur. How do you fight a slave master and sleep with him at the same time? If you do that, you are obviously a pseudo-Messiah, and chances are you will be laid bare for spouting lies and misleading people in the long run. As we are experiencing a phenomenon of the recurring elusive dawn, what I otherwise term a voyage to uncertainty, we find ourselves in a…

India’s new head coach Gautam Gambhir believes veteran batsmen Virat Kohli and Rohit Sharma can both continue playing until the 2027 World Cup if they remain fit but said yesterday that the decision was entirely up to them. Sharma, 37, and his opening partner Kohli, 35, quit T20 Internationals last month after the team’s victory in the World Cup final against South Africa in Bridgetown, Barbados but both men will continue to play Test and 50-over cricket. Speaking in his first media conference since replacing Rahul Dravid at the helm of the national team this month, Gambhir said the two stalwarts still had plenty to offer. “I think they’ve shown what they can deliver on the big stage, whether it’s the T20 World Cup or the 50-over World Cup,” Gambhir…

In a series leading up to the Paris Games, we here at Independent Newspapers continue to catch up with former South African Olympians to regale us with their unique experiences. Today, David Kannemeyer, who represented the country in football at Sydney 2000, talks to Zaahier Adams. Where does the Games stand in your career? We were the first South African football team to qualify for the Olympics, so it was quite an achievement. Personally, it was the highlight of my football career. I went on to play for big clubs such as Mamelodi Sundowns, but there is nothing like representing your country on the international stage. It was a real journey for us as a team. We had been together for many years, for some of us since our teenage…