Table of contents for 2023-12-08 in Star

SOUTH Africa’s current account deficit nar- rowed sharply in the third quarter of 2023, to 0.3% of gross domestic product (GDP) from a revised 2.7% in the second quarter, central bank data showed yesterday. In rand terms, the current account recorded a deficit of R19.3 billion for the July-Sep- tember period from a revised R185.2bn deficit in April-June. Analysts polled by Reuters had forecast a deficit of R111.2bn or 1.9% of GDP in the third quarter. The trade surplus grew to R189.1bn in the third quarter, compared to R22.2bn in the second quarter. “The value of merchandise imports decreased more than that of goods exports,” the South African Reserve Bank said in a statement accompanying the data. On Tuesday, the statistics agency released third-quarter GDP figures which showed a…

IT IS SIX years since the former CEO of Steinhoff International, Markus Jooste, stepped down from the firm in December 2017 after massive accounting fraud came to light, and yet he is still not behind bars. Corruption Watch said yesterday that South Africa should do a lot more to translate rhetoric about fighting corruption involving high-profile cases such as the masterminds of the Steinhoff scandal into successful prosecutions and penalties. The collapsed Steinhoff has been the most significant and high-profile corruption case to rock corporate South Africa in recent years. The Johannesburg and Germany dual-listed multinational company was liquidated in October this year after investigations showed that it had overstated profits over several years in an accounting scandal. However, there has been no criminal action against Jooste, who resigned from…

THE COP28 summit currently underway in the United Arab Emirates, has put a firm spotlight on the damaging effects of climate change in developing economies including South Africa. For a country that’s grown accustomed to a festive season, often characterised by rain and cool weather, signs of a rapidly shifting weather phenomenon are now ominous – the impact of climate change is painfully transparent. In fact, the entire southern Africa region is in the throes of El Niño – a climate related variability that is likely to impact agricultural and food production. Poor rainfall could potentially impact crop yields – especially in the Free State, KwaZulu-Natal (KZN), Northwest and Limpopo. This only accounts for the physical risks of climate change. In addition, developed countries’ responses to climate change pose transition…

In the current global financial landscape, marked by economic uncertainty and market fluctuations, South Africans are increasingly seeking avenues to safeguard their wealth and explore opportunities beyond the country’s borders. Political and economic uncertainties amplify challenges, as shifts in government policies or economic conditions can directly impact the rand. Foreign currency accounts – a gateway to diversification and cost-efficient transactions A crucial initial step is opening a rand CCM account and foreign currency account (if required), typically offered by major banks and forex intermediaries. These accounts empower South Africans to hold and transact in various foreign currencies, providing a means to diversify savings. Diversification serves as a risk management strategy, if you have international financial commitments or expect to make purchases in foreign currencies. Holding multiple currencies shields your…

SHARES in Wesizwe Platinum dived at one stage 11% yesterday, after it advised its shareholders that it was facing the second day of an illegal sit-in at its troubled Baku- bung Platinum Mine in North West by its employees. The shares in the JSE-listed firm closed at 43 cents on the JSE yester- day, having closed at 45c on Wednesday. The sit-in commenced on Wednesday morning, December 6, 2023, when employees chose not to return to surface at the end of their shift, it said. “Demands have been made by the participating employees. Management, together with local union representatives, are engaging with the purpose of returning all em- ployees to surface,” it added. Last month, Wesizwe, which is 45% controlled by China Africa Jinchuan, issued a section 189A notice at…

ANGLO American is preparing to freeze spending on growth and widen job cuts in South Africa, going far beyond its initial savings target and paving the way to mothballing some higher-cost platinum mines, sources familiar with the matter said yesterday. Anglo’s sweeping spending cuts could be announced as soon as Friday, when the miner updates investors on its three-year outlook, five sources said. They said measures include shelving an ambitious plan to boost output at Anglo American Platinum’s key Mo- galakwena mine, and, if metals prices remain depressed, place on care and maintenance some shafts at the Amandelbult complex in the longer term, which had been initially targeted for mechanisation and output expansion. A concentrator plant at Amandelbult could also be placed on care and maintenance, one of the sources…

Sean “Diddy” Combs has been accused of gang-raping and sex-trafficking a 17-year-old schoolgirl when she was in the 11th grade. The 54-year-old rapper and business mogul has been hit by the fourth allegation of abuse after he recently settled out of court with his singer ex-girlfriend Cassie, 37, following her filing a suit accusing him of rape and abuse. He’s now been hit by four allegations of abuse in three weeks – prompting Diddy to hit back at the latest claims minutes after they emerged. Diddy raged in a statement to Page Six: “ENOUGH IS ENOUGH. For the last couple of weeks, I have sat silently and watched people try to assassinate my character, destroy my reputation and my legacy. Sickening allegations have been made against me by individuals looking…

THE resignation of ANC stalwart and deputy president of the ANC Veterans League, Dr Mavuso Msimang, has set tongues wagging. On Wednesday night, Msimang’s letter surprised many when he indicated that he no longer sees value in being part of the ANC that has failed to change the lives of millions of South African citizens. “For several years now, the ANC has been wrecked by endemic corruption, with devastating consequences on the governance of the country and the lives of poor people, of whom there continue to be so many. “Of course, the ANC did not invent corruption. “We inherited a state that was morally bankrupt and that was built on the most profound forms of corruption. “When we took over the government in 1994, we had the moral high…

POLITICAL analysts have minced no words in blaming the government for advancing policies that appeared to be deregulating financial institutions and other big corporations – allowing these companies to commit treasonous acts and rig the economy of South Africa. This comes after the UK-based Standard Chartered Bank (SCB) admitted to being one of 28 banks responsible for manipulating the US dollar-rand exchange rate between 2007 and 2013. The Competition Commission said the country lost trillions of rand during this period. Independent political analyst and senior lecturer at the University of Limpopo Dr Metji Makgoba, weighed in blaming the role of government in advancing “full-blown and free-market neoliberal policies” that encouraged the domination of corporations. “Their policies are mostly deregulating capital in South Africa. This domination allows corporations to engage in…

TSHWANE Metro Police Department (TMPD) chief commissioner Yolanda Faro has issued a warning to motorists to abide by the law or face the consequences this festive season. She said the Tshwane metro police were ready to clamp down on unlawful activities by applying the necessary legal force. Faro spoke against miscreant behaviour in a recorded message to residents, motorists and the metro police ahead of the launch of the TMPD’s festive season road operations on the N1 highway near Petroport garage today. The warning came as traffic volumes were expected to peak next week as holidaymakers travelled to various destinations for the festive period. Faro said: “We have now entered the busiest season of the year where people will be celebrating, travelling and throwing parties. The TMPD wishes everyone a…

ONE of Gauteng’s most prominent music and lifestyle festivals, Tshwane All White Festival, is celebrating 25 years this year. In recognition of this milestone, the festival organisers, Liciatainment and Sister T Promotions, have put together a line-up of some of Mzansi’s top talents from various provinces. The event takes place on December 16 at Mzansi Resort, formerly Morula Sun, in Mabopane. Revellers coming for the festival will enjoy performances from KwaZulu-Natal’s Big Zulu accompanied by songbird Lwa Ndlunkulu, and the Eastern Cape’s Blaq Diamond, while legendary Xitsonga music performer and producer Dr Joe Shirimani and King Monada will be flying the Limpopo flag high. Award-winning radio broadcaster Amon Mokoena and Mckenzie (formerly Rhythmic Elements) will be representing the North West. Comedians Peter Mashata, Pastor A, Ntate Modiri and DJ Noise,…

DECEMBER 1 marked 365 days since India assumed the G20 Presidency. It is a moment to reflect, recommit, and rejuvenate the spirit of Vasudhaiva Kutumbakam, “One Earth, One Family, One Future”. As we undertook this responsibility last year, the global landscape grappled with multifaceted challenges: recovery from the Covid-19 pandemic, looming climate threats, financial instability, and debt distress in developing nations, all amid declining multilateralism. Amid conflicts and competition, development co-operation suffered, impeding progress. Assuming the G20 chair, India sought to offer the world an alternative to the status quo, a shift from a GDP-centric to human-centric progress. India aimed to remind the world of what unites us, rather than what divides us. Finally, the global conversation had to evolve – the interests of the few had to give way…

On THE heels of an abysmal loss at Newcastle that sparked more reports of unrest in Manchester United’s dressing room, beleaguered manager Erik ten Hag said his team wanted to send a message to their fans at Old Trafford on Wednesday. Mission accomplished. Scott McTominay scored twice and United thoroughly dominated Chelsea in a 2-1 win – a scoreline that flattered the visitors – to climb to sixth in table with their fourth Premier League win in five games. “We are pleased with the result and the performance. We deserved this,” Ten Hag told the BBC. “We wanted to send this message to the crowd, but this is also our style. In the first 30 minutes, we did it perfectly on the pitch. “When you are not on top form…

The Blitzboks need to shut out the noise around the Cape Town Stadium to avoid falling into the trap of crowd pressure that has hampered trophy ambitions in the past when they take centre stage at the Cape Town Sevens tournament tomorrow. Having won the first edition way back in 2015, the Springbok Sevens team have failed in each attempt to win at home for the last seven years, always coming up just short or flunking out in the quarters or semi-finals. It doesn’t matter if they win in Dubai – the first tournament of the new season – when they arrive at home and run out in front of their families, friends and supporters, they always struggle to produce the goods. Tomorrow, Great Britain (10.50am), USA (2.18pm), and Ireland…

AFRICA could lose up to $25 billion (R473bn) a year as a result of the EU Carbon Border Tax Adjustment Mechanism, African Development Bank (AfDB) group president Dr Akinwumi Adesina said yesterday. He was addressing delegates at the Sustainable Trade Africa Conference at the UAE Trade Centre in Dubai. The new EU carbon border tax could significantly constrain Africa’s trade and industriali- sation progress by penalising value-added exports including steel, cement, iron, aluminium and fertilisers. Adesina said that with Africa’s energy deficit and reliance mainly on fossil fuels, especially diesel, the implication was that Africa would be forced to export raw commodities again into Europe, which would further cause the de-industrialisation of Africa. “Africa has been short-changed by climate change; now it will be short-changed in global trade,” Adesina…

Parastatal says its recovery plan to address equipment availability is gaining traction TRANSNET Port Terminals (TPT) has vowed that its recovery plan to address equipment availability at Africa’s biggest and busiest container terminal was gaining traction following a groundbreaking agreement with Original Equipment Manufacturers (OEMs). TPT yesterday concluded a seven- year agreement with four OEMs for the supply of critical spares for equipment across its terminals, including the Durban Container Terminals (DCT) Pier 2. The confinement agreements signed with the OEMs are aimed at reducing waiting times for critical spares of handling equipment like straddle carriers, ship-to-shore and rubber-tyred gantry cranes. This comes as there were a total of 22 container vessels at anchorage destined for the Durban Container Terminals yesterday as TPT continues to alleviate container vessel congestion at…

While South Africa’s rising short-term interest rates have inflicted some financial pain on consumers by increasing the cost of living, long-term bond yields have also risen, which means life companies are able to offer higher annuity rates. A guaranteed, or life, annuity is a pooled product that pays you a regular income for life. The annuity rate is the factor that determines how much annual income you receive initially. South African life insurers are currently offering annuity rates at highs rarely seen over the past 20 years because the country’s long-term bond yields are at their highest since 2002. This is good news for retirees looking to buy a guaranteed income for life with their retirement savings. Buying a guaranteed life annuity now will lock in the current high rates…

OOLD MUTUAL (OM) yesterday confirmed that it had reached an amicable agreement with former employees who were dismissed during the height of the Covid-19 crisis, in the wake of the declaration of the Disaster Management Act. “This settlement is, therefore, neither an admission of liability nor linked to the merits of the case and all these former colleagues are now welcome to apply for new roles at Old Mutual,” it said. Old Mutual said yesterday the agreement only related to the cases referred to the Labour Court and not all dismissals were referred to the Labour Court. It failed to confirm how many people it had settled with. In 2022 media reports emerged that 49 people had left Old Mutual’s employ due to incapacity after refusing to vaccinate against Covid-19.…

IHS HOLDING has offered improved commercial terms to MTN Nigeria for the lease of 2 500 towers it lost to American Tower Corporation (ATC), saying the move would prevent network disruption in Africa’s most populous country. MTN Nigeria, owned by South Africa’s MTN Group, announced in September that the leasing on 2 500 sites due to expire in 2024 and 2025 was awarded to ATC Nigeria after a bidding process. The mobile network operator said the deal would diversify its towers portfolio and unlock significant network cost efficiencies. IHS Towers chairperson and CEO Sam Darwish said these towers represented only a fraction of his company’s total tenancies, but it was willing to match ATC’s terms. “IHS has offered improved commercial terms on the 2 500 towers to…

The festive season is here, which means every weekend is a chance to be out and about. The festivities are about to kick off with a bang as all roads lead to Pretoria this weekend, where one of the biggest festivals will be taking place. Hey Neighbour is a three-day lifestyle festival in the capital city. It is also a global gathering, as well as a celebration of music, culture and community. Glen Netshipise from Glen 21 Entertainment says the festival will be “a sonic journey unlike any other” . “From the freshest, most exciting talent on the scene to chart-topping legends, we are committed to showcasing artists making waves and shifting paradigms in the music world.” Netshipise added that they are “buzzing” to launch Hey Neighbour in South Africa.…

Kaizer Chiefs have decided to enrol goalkeeper Itumeleng Khune in support programmes which will help with his personal growth after temporarily suspending him from the team yesterday. Khune allegedly arrived for training under the influence of alcohol in recent weeks, bringing the club and his status as the club captain and the most senior player in the team into disrepute. And it then emerged that Chiefs had decided to suspend Khune, pending internal disciplinary measures. Yesterday, through their social media platforms, Chiefs stated the future of the 36-year-old former Bafana Bafana international. “The committee has taken stern action and decided that Itumeleng Khune should be temporarily separated from the team until certain conditions have been fulfilled,” the club said. “During his absence, Khune will be expected to attend and actively…

A 33-year-old woman who allegedly dumped her newborn baby in a pit toilet, and left the child to die, narrowly escaped death at the hands of an angry mob of community members. The woman was severely assaulted by community members on Wednesday, according to Mpumalanga police spokesperson, Brigadier Selvy Mohlala. “Police in Calcutta were called to the scene where the newborn baby who was already in a decomposing state was found in a pit toilet at Hlangalezwe in Mkhuhlu. “The lifeless body was recovered by family members who went to clean their father’s property,” said Mohlala. “While cleaning, one of the family members made a gruesome discovery in the pit toilet. “The gender of the child could not be established due to the body’s state.” Police were summoned. “While busy…

PAUL Lynch has been named as the winner of the Booker Prize this year. The Irish writer scooped the prestigious award for 2023 for his fifth novel, Prophet Song. An ecstatic Lynch was presented with his trophy by Shehan Karunatilaka, the 2022 winner, and received £50 000 (about R1.2 million) in prize money at a lively ceremony held at Old Billingsgate, London on Sunday, November 26. The book is a 2023 dystopian novel that has been described as an “explosive literary sensation” where a mother faces a terrible choice as Ireland slides into totalitarianism. In the near-future Republic of Ireland, in the wake of a teacher’s union strike, the right-wing National Alliance party seizes control of the government. The National Alliance gives the Irish national police (the Garda Síochána)…

Three KwaZulu-Natal women are ready to promote the culture of reading at the first annual iLembe Book Festival taking place at the Luthuli Museum in KwaDukuza in February. The festival, titled “Our Time, Our Stories, Our Voices”, will feature acclaimed authors Nozizwe Jele, Dudu Busani-Dube and Ayanda Xaba. Busani-Dube, the author of the popular Hlomu series of self-published novels, said the festival would give them the responsibility to encourage reading and writing skills in the local community. “Reading opens one’s mind to different things and different worlds, and expands horizons. In order to create a culture of reading among children, we need to make books accessible to them and write stories they can relate to,” she said. Busani-Dube, Xaba and Jele are the facilitators and members of the festival’s organising…

Consumers are taking a cautious approach to shopping this festive season, as the latest consumer sentiment index (CCI) reading of -17 has marked the lowest festive-season confidence in more than two decades. Consumer confidence surveys provide regular assessments of consumer attitudes and expectations and are used to evaluate economic trends and prospects. The surveys are designed to explore why changes in consumer expectations occur and how the changes influence consumer spending and saving decisions. Having recovered from -25 index points during the second quarter of 2023, to -16 in the third quarter, FNB/Bureau for Economic Research (BER) said its CCI edged slightly lower, to -17 index points in the fourth quarter. Although consumer sentiment remained higher compared to the very low levels recorded during the first half of 2023, the…

Aston Villa started the season prioritising a top-four Premier League finish, but inspiring performances under manager Unai Emery have catapulted them to third and within reach of title rivals and his former club Arsenal, who they host tomorrow. Emery has brought European football back to Villa Park after finishing seventh last year, but they have shown no signs of Thursday night hangovers after Conference League games, losing just once in the top flight in their past 11 matches. In that run, they have swatted aside Chelsea and early pacesetters Tottenham Hotspur, while Wednesday’s 1-0 win over Manchester City saw Emery beat old rival Pep Guardiola for the first time and drop the champions to fourth. Remarkably, a dominant Villa side restricted City to just two shots at Villa Park, a…

CONSTRUCTION activity in South Africa surged to its highest level in nearly seven years in the three months to September, and could pick up in 2024 on the back of renewable energy investment and public/private partnerships. This is according to the findings of the Afrimat Construction Index (ACI) for the third quarter of 2023. The ACI is a composite index of the level of activity within the building and construction sectors compiled by economist Dr Roelof Botha on behalf of Afrimat. The index recorded a level of 131.5 points in the third quarter, compared with 120.3 points in the previous quarter. According to Botha, the lethargy of the economy as a whole during the third quarter was not evident in the construction sector, with six of the nine…

FOR THOSE involved in the beef in- dustry this year was a perfect storm, according to Roelie van Reenen, the supply chain executive at Beefmaster Group. He said financially grain farmers had made considerable gains this year, but the profits of beef, chicken and pork industries had been knocked by foot and mouth disease (FMD), Avian flu and African Swine Fever, among others. Paul Makube, a senior agricultural economist at FNB Commercial, said they had seen a negative price growth for beef and pork with poultry mostly flat, while overall livestock slaughter fell by 8% relative to the previous quarter. “The livestock sub-sector also grappled with disease outbreaks such as the avian influenza in the poultry industry by mid-quarter three and given its sheer size of 42% of total agriculture…

The recently published insurance fraud statistics by the Association of Savings and Investment South Africa (Asisa), showing that most fraud cases in 2022 were perpetrated by dishonest financial advisers, raises serious questions about ethics in the advisory industry and underlines the importance of finding the right person to advise you on money matters. “Financial advice”, as defined in our legislation, refers to advice you receive from a registered financial services provider, or representative thereof, that has the sale of a financial product as its objective. To quote the Financial Advisory and Intermediary Services (Fais) Act, it is “any recommendation, guidance or proposal of a financial nature furnished, by any means or medium, to a client or group of clients in respect of the purchase or investment in any financial product”.…

EMASWATI gets to own 24.99% of FNB Eswatini through the sale of shares by the FirstRand Group, the firm said yesterday. The listing of FNB Eswatini on the Eswatini Stock Exchange showed strong support for the local capital market and the poten- tial for Emaswati to continue developing the Eswatini economy. The group has decided to sell shares to local sharehold- ers, including a significant proportion of the country’s pensioners and savers who, in this transaction, are represented by the largest Pension Fund in Eswatini, the largest Provident Fund, the largest Private Sector Umbrella Fund, one of the largest and oldest co-operative societies, as well as asset managers who hold substantial consumer savings. Speaking on behalf of the FirstRand Group, Sam Baldson said FirstRand welcomed the new share- holders who…

TYME, WHICH owns TymeBank, is on the verge of securing a new capital raise from new and existing shareholders, its parent company, African Rainbow Capital, said yesterday as it highlighted resilience across its investment portfolios in spite of a tough economic environment in South Africa. TymeBank, which also has operations in the Philippines, has an annual revenue run rate of R1.8 billion and has been raising its clientele base by 450 000 users per month. The GoTyme operation has annual revenues of R100 million. “The Tyme group is currently in the process of closing the Series C Capital raise with a combination of existing and new shareholders,” African Rainbow Capital said yesterday in a trading update for the quarter period to the end of September. TymeBank has…

Have you ever wondered why that restaurant dish tastes so different at home? It isn’t just the recipe but the cookware you are using. What you put on the stove or in the oven can make a big difference to your culinary creations. That is why having the right cookware can elevate even the simplest of meals. Whether you are cooking a daily dinner or a special feast, the quality of your pots and pans matters. Here are the basics of buying cookware. Have a budget You will find cookware to suit different budgets in the market. So set your budget and then pick your product accordingly. Along with the budget, look into the features of the utensil for the best buy. Choose your pieces If you are building a…

The DA in Johannesburg has confirmed that it will be taking the city of Johannesburg to court for the “unlawful” reappointment of Floyd Brink as city manager. The DA says despite warning the speaker and the executive that Brink’s reappointment is in contempt of an existing court order, the city blatantly went ahead with his reappointment. Last week, the city council resolved to reappoint Brink in spite of a Gauteng High Court, Johannesburg, ruling giving the coalition – led by the ANC, EFF and PA – and the city 10 days to find a new replacement. Last month, acting Judge Steven Budlender found against Brink and ruled in favour of the DA when it directed Brink’s appointment be reversed due to the unlawful processes leading up to his appointment.…

THE new Barbie Dreamhouse is a highly anticipated item this year and is already a hit with kids and parents, for all the right reasons. Behind the stylish designs and integrated play opportunities are incredible benefits and features that we don’t always see or know about … So, here are five interesting facts about the new Dreamhouse that you didn’t know: It is a symbol of childhood dreams. The new Barbie Dreamhouse is a symbol of childhood dreams for many children. It promotes creativity as it’s a place where they can imagine themselves as anything they want to be, from a doctor to a fashion designer, and everything else in-between. By creating their own scenarios, children develop critical thinking skills, learn to think outside the box, and practise social interactions…

Mamelodi Sundowns’ priority list has somewhat rearranged itself in recent years, as achieving continental dominance climbs to the top, considering the ease with which they are navigating their domestic duties. The Brazilians are en route to securing a seventh consecutive league title after beating AmaZulu 1-0 on Wednesday to win all 10 league matches of the 2023-2024 campaign so far, which is unprecedented supremacy on South African shores. According to stats platform OptaJabu, Sundowns head caoch Rulani Mokwena also became the first coach in PSL history to lead a team over a 30-game period without defeat, and only the second to win 78-90 points across 30 games, after Ted Dumitru in 1999. Sundowns now have a five-point buffer over second-placed Cape Town City in the DStv Premiership standings, with three…

Jurgen Klopp blasted an “ignorant” television presenter for making a joke about Liverpool’s next game after Wednesday’s 2-0 win at Sheffield United being at lunchtime on a Saturday. Klopp was furious when Amazon Prime Video presenter Marcus Buckland mentioned to the Liverpool boss that his team were next in action against Crystal Palace in the early kick-off tomorrow. The German was speaking in a post-match pitch-side interview after Liverpool’s 2-0 success against United in the Premier League on Wednesday. Goals from Virgil van Dijk and Dominik Szoboszlai at Bramall Lane moved Liverpool within two points of leaders Arsenal. But Klopp’s mood soured when Buckland joked about Liverpool being back in action in the manager’s “favourite kick-off time” against Crystal Palace for the 12.30pm kick-off (2.30pm SA time). Klopp has previously…

The powerhouses of cricket, India, have brought out their young guns for their two-month-long visit to South Africa. From the young and exciting T20 stars Yashasvi Jaiswal and Sai Sudharsan to the more established Shubman Gill, the Indian selectors have rested the household names of the likes of Virat Kohli and captain Rohit Sharma for the white-ball leg of the tour that gets under way with the first T20 International on Sunday at Kingsmead in Durban (4pm start). South Africa have followed the same script, resting the often overworked Kagiso Rabada and batter Temba Bavuma for the T20Is and ODIs. Instead, Rob Walter has called on the services of 23-year-old Western Province all-rounder Mihlali Mpongwana, among a few other youngsters. The tall and lanky Mpongwana finds himself in the Proteas…