Table of contents for 2024-03-19 in Star

South African banks’ headline earnings grew 13.8% last year despite difficult operating conditions and a complex macroeconomic environment, PricewaterhouseCoopers (PwC) Southern Africa said in report yesterday. The report, PwC’s Major Banks Analysis, examined the results of Absa, FirstRand, Nedbank and Standard Bank. The report showed combined headline earnings growth of 13.8% against 2022 to R113.2 billion with a combined return on equity of 17.6% – an increase from 17.1% the prior year. Worryingly the credit loss ratio of these banks rose to 102 basis points (bps) from 82 bps. PwC said: “In South Africa, credit impairments increased on a combined basis to the upper ends of ‘through-the-cycle’ levels as credit models reacted to low growth, consumer pressure and the adverse effects of load shedding on South African households and businesses.…

THE South African Reserve Bank (SARB) yesterday continued to remain mum on when it would be holding a media briefing after media reports broke last week that one of its employees had allegedly been overseeing Steinhoff International’s cross border-transactions in 2022. Last week, an article was published in the Daily Maverick, “Steinhoff: Reserve Bank manager signed off on billions in alleged unlawful cross-border transactions (Part One).” Steinhoff International was liquidated last year after an accounting scandal brought it to its knees in 2017, when news broke of the country’s biggest corporate fraud, amounting to €6.5 billion (R134bn), which was explained as an accounting error. The fraud also cost the Public Investment Corporation close to R21 billion of investments. Yesterday, the SARB said: “All matters related to corruption or of a…

Thungela Resources will pay out final ordinary dividends for the year to the end of December 2023 amounting to R1.4 billion after beating coal price headwinds and rail underperformance which resulted in headline earnings per share plunging 73% to R3.49. Yesterday’s declaration of the R1.4bn final dividend brings up the company’s total payout to shareholders for the year to R2.8bn, having already paid a similar interim dividend that amounts to R10 per share. Thungela is also embarking on a share repurchase programme with a value of R500 million but “subject” to market conditions. Shares in Thungela traded 3.47% stronger in afternoon trade on the JSE at R111.71. Thungela was a “plucky business with good management and substantial cash reserves”, said market analyst Karin Richards yesterday. “I feel so badly for…

With so many hyperbolic claims and counterclaims being made about artificial intelligence, it’s hard to know what to think. Should we be hopeful or afraid, excited or sceptical? Is any of this actually going to make a difference to our lives any time soon? While today’s generative AI tools can do amazing things, they are still nowhere near human-level intelligence. They are, in effect, highly sophisticated pattern recognition machines. But while they can’t think for themselves, they are remarkable problem-solving tools. They’re already helping to accelerate medical and scientific research and making a big difference in a range of industries. Across the South African economy, AI tools have the potential to boost productivity enormously. And they can help us in our everyday lives. AI assistants could provide tailored support when…

World-renowned blues rock guitarist Dan Patlansky is excited to see how fans take to his new album, Movin’ On. In his 11th offering, the South African-born artist wanted to keep things as natural as possible with minimal editing and post-production. He wanted it to sound as close to a live performance as possible. Patlansky’s album tour started in Durban on March 6. Before touring the UK, he will be heading to several other cities, including Johannesburg, Cape Town and Port Elizabeth in the upcoming weeks. He said this offering is one that he’s been wanting to make for more than a decade. Finally, he decided to take a leap of faith and make it. “It’s an album that I’ve wanted to make for at least the last decade,…

South Africans have their popcorn out and they are glued to Showmax’s newest documentary, Tracking Thabo Bester. The documentary aired on Showmax on Friday afternoon after the Johannesburg High Court dismissed applications by Thabo Bester and Nandipha Magudumana to stop the public from watching the documentary. The first two episodes of Tracking Thabo Bester are streaming exclusively on Showmax and true crime lovers are tuned in to the story of the criminal and his lover, a once popular aesthetics doctor, who ran a successful practice. The fascinating documentary sheds light on the allegations against Bester and Magudumana and allows the public the opportunity to make up their own minds about what took place. @NeoMerafi said: “30min in, the drama … Big respect to Nathi, Nandipha’s brother, he had big balls…

Dr Nandipha Magudumana’s lawyer, Machini Motloung, is demanding she be moved to another prison cell after she was allegedly assaulted at the weekend. Speaking to eNCA yesterday, Motloung said Magudumana contacted him to say she had been assaulted, was in pain and suffered bruises. She is in custody at the Kroonstad Correctional Centre in the Free State. Motloung said Magudumana was allegedly assaulted by a sangoma and a mentally-ill woman. Magudumana had been receiving threats of violence and has reported them to the authorities, but nothing ever came from the complaints, he said. The issue between Magudumana and the sangoma emanated from singing and prayer sessions with other inmates in the cell, he added. According to Motloung, there have been previous issues between Magudumana and the other inmates implicated in…

“The single story creates stereotypes, and the problem with stereotypes is not that they aren’t true, but that they are incomplete. They make one story become the only story.” In her seminal TED Talk, Chimamanda Ngozi Adichie delves into the perils of embracing a single story. She adeptly navigates the complexities of narratives, highlighting how they can arise from innocuous misunderstandings, or be wielded with malicious intent to suppress certain groups because of prejudice. Adichie’s insights have a particular resonance in our contemporary political landscape, where new parties are often perceived as strange or foreign entities outside the bounds of our familiar narrative. Unfortunately, in his recent conversation with Unisa students, Thabo Mbeki appears committed to promoting a singular political narrative that exclusively revolves around the ANC, disregarding other perspectives.…

ROAD safety is one of Bakwena’s key pillars, and with the Easter holiday season around the corner, various additional measures have been implemented, including partnering with various authorities to ensure the safety of motorists travelling the route. Bakwena is responsible for managing and maintaining a safe and reliable road infrastructure along the N1 and N4 highway routes within the Limpopo, Gauteng and North West to ensure greater road monitoring presence to promote driver vigilance. “We would like to assure motorists that crucial roadworks will be suspended during this period,” Bakwena said in a statement. “Bakwena is thrilled once again to announce our ongoing collaboration with Renault South Africa, Motus Corporation and the various law-enforcement authorities, as we gear up to enhance road safety on the Bakwena N1N4 route this Easter…

MURDER accused Bongani Sandiso Ntanzi’s confession alleges that he was repeatedly threatened by his co-accused into keeping silent about their role in the murder of Senzo Meyiwa. As the murder trial of the Orlando Pirates soccer player resumed in the Gauteng High Court, Pretoria, yesterday, magistrate Vivian Cronje was called to the stand to testify about one of the two confessions she took from Ntanzi. Cronje told the court that she took his statement on June 24, 2020, in the presence of his lawyer at the time, Ntokozo Mjiyako, shortly after his arrest. According to the statement, Ntanzi alleged that he was called by Fisokuhle Ntuli, the fifth accused, and asked to come to the Basotho Hostel in Vosloorus. He placed all five men at the hostel that day,…

With less than two months until South Africans cast their votes in the 2024 National and Provincial elections and decide on their leadership, several politicians have already announced their intentions to run for premier and revealed how they would govern the provinces if their respective parties win the elections. The elections will be held on May 29. As the election campaigns take shape, here are the names you need to know in Gauteng, KwaZulu-Natal (KZN), and the Western Cape. Provinces are often considered the most challenging territories to govern due to the diversity of political beliefs and structures they encompass, particularly for those who are not in the majority. Political parties, the ANC, EFF, DA, ActionSA, Patriotic Alliance (PA) and RISE Mzansi are going head-to-head for the premiership across the…

The South African franchises will start the end game of their URC campaigns this weekend with three sides still in the running for play-off spots, while there’s some pride to salvage in Durban to avoid the wooden spoon. It’s tricky away Saturday games for the Bulls against the Dragons (9.35pm) and the Lions against Connacht (7.15pm), with the Stormers (Edinburgh, 5.05pm) and Sharks (Ulster, 3pm) at home against two other top-eight contenders. Here, Independent Newspapers looks at four backs we’d like to see perform for their teams this weekend. Embrose Papier of the Bulls He was desperately unlucky to miss out on the Springboks’ first alignment camp of the year, but such is the competition at half-back in the national set-up. But at the Bulls, he’s been the No 1…

TS Galaxy coach Sead Ramovic was happy with his side’s 3-0 win over D’General on Sunday but has asked his players to be more ruthless and clinical in front of goal. The Rockets qualified for the quarter-finals for the first time since they last won the trophy in 2019. Galaxy went into the encounter with D’General having failed to score in their two previous matches and Ramovic didn’t hide his disappointment with the scoreline, even with his side progressing to the next round. “With a lot of respect to the opposition,” he said, “we should have scored more. “Our goal was to win the game, but if we have these opportunities in front of goal, we must improve our final pass and have a winning mentality. We have about 14…

OUTSURANCE Group (OGL), an insurance group operating across South Africa and Australia, plans to open a new business in Ireland in the next three months. “We look forward to a successful market entry of OUTsurance Ireland and are on track to ensure that systems and processes, pricing and customer service are streamlined for a successful business,” CEO Marthinus Visser said yesterday. He said in an online event that there were already 60 people employed in Ireland. Processes were under way to test the systems and establish infrastructure for a direct business to satisfy regulators in that country, such as call centres. The company was following much the same model it had used in setting up its successful Youi Insurance operation in Australia 15 years ago, he said, and significant and…

THE Johannesburg Stock Exchange (JSE), which is migrating to Amazon World Service (AWS), is to spend between R145 million and R165m in capital expenditure this year, after raising operating income for the 2023 full year by 6.9% to R2.9 billion in a South African market dogged by lower liquidity in equities markets. The JSE was planning a minimum capex of R145m to fund its information services growth strategy, it said yesterday. The capital spend would include “rejuvenation of infrastructure, regulatory enhancements and automation of key” processes. It would focus on “a pragmatic and systematic approach to modernisation by converting to modern software technology” by moving from mainframe to cloud computing and hosting, after “partnering with AWS” in an effort to “facilitate and de-risk” migration processes. In 2023, the JSE…

Online vehicle sales are on the resurgence for WeBuyCars, which is listing on the JSE next month after unbundling from Transaction Capital, said yesterday in a trading update that the car dealer had bought 14 354 vehicles and sold 13 132 units in February. Transaction Capital is hoping to bag as much as R1 billion from the unbundling and separate listing of WeBuyCars. Despite the trading update yesterday showing stronger revenue and sales performance by WeBuyCars, shares in Transaction Capital declined by 3.16% to R9.51 in afternoon trade on the JSE. “The sales number for February, 2024 is pleasing, with sales per-day volumes in-line with January, 2024, and this positive momentum has continued into March. Revenue for February was R1.8bn and core earnings R66 million,” said Transaction Capital in…

Naval Ravikant is an Indian-born American tech entrepreneur and investor who came to prominence as the co-founder, chairperson and former CEO of AngelList. AngelList is a successful software platform for venture fund-raising that connects start-ups with investors. Ravikant launched it in 2010 with his partner, Babak Nivi. Ravikant is also famous for his tech investment acumen, which has seen him secure spots on the cap tables of numerous start-ups early on, including several notable ones such as Twitter (now X), Uber, and Yammer (now Microsoft Viva Engage). Ravikant’s start-up journey started in the late 1990s, long before the “overnight success” of AngelList, which was, apparently, the seventh company he launched. As it happens, AngelList was the only successful venture out of the numerous projects Ravikant had initiated up until that…

Water and Sanitation Deputy Minister David Mahlobo said Rand Water and Umngeni-Uthukela Water Boards have been deployed to tackle water woes in the struggling municipalities that cannot constantly provide water to communities in Gauteng and KZN. This is as Gauteng residents are still without water in some areas and residents in Durban have also been facing serious water outages for weeks. In Joburg, residents have experienced water outages for two weeks. “Those of us deployed in government, our ministry, has decided that because these metros are struggling to perform this function, we have agreed to deploy our water boards and very capable water boards which is Rand Water for all municipalities in Gauteng. “We have deployed the Umngeni-Uthukela Water board in eThekwini to support them,” he said. He said the…

The Durban magistrate dealing with the bail application of five men accused of killing South African rapper Kiernan “AKA” Forbes has ruled to not look at a charge sheet purported to be that of the two accused yet to be extradited from eSwatini. The eSwatini charge sheet was one of the annexures attached to the bail affidavit of 36-year-old Mziwethemba Harvey Gwabeni. Yesterday, before advocate Joe Wolmarans, representing Gwabeni, could begin reading the accused’s bail affidavit, Deputy Director of Public Prosecution advocate Lawrence Gcaba asked to bring an application for the exclusion of some annexures attached to Gwabeni’s bail affidavit. Gwabeni and his co-accused Lindokuhle Thabani Mkhwanazi, 30, Lindani Zenzele Ndimande, 35, Siyanda Eddie Myeza, 21, Lindokuhle Lindo Ndimande, 29, are charged with 12 counts including two murders, conspiracy to…

During the early years of our hard-earned democracy, South Africa was a beacon of hope to the rest of the continent. It also won the Rugby World Cup and the Africa Cup of Nations. Now our beautiful country is regarded as just “one of those African countries” – thanks to the ANC. Not long ago, the ANC’s first deputy secretary-general, Nomvula Mokonyane, spoke to the international news agency Reuters. According to Mokonyane, 30 years was not enough time for them to turn the country around. They had tried, but couldn’t. Things such as high unemployment were stubborn, she added. The curious questions are: How many more years does the governing party need “to turn things around”? An extra 20 years? Let’s say it is afforded yet another opportunity to govern.…

A FIVE-MEMBER Unisa delegation led by the institution’s principal and Vice-Chancellor, Professor Puleng Lenka- Bula, recently visited Seoul, South Korea. Starting on March 11, the visit was part of the institution’s strategic focuses of developing meaningful collaborative international partnerships and generating revenue. In addition to a strategic high-level meeting in which advanced engagements explored meaningful partnership and collaborative possibilities with Yonsei University’s president, Professor Dong-Sup Yoon and his delegation, the Unisa delegation attended two critical meetings. The first was the international meeting of the Global Engagement and Empowerment Forum on Sustainable Development (GEEF 2024), organised by the Ban Ki-moon Foundation. GEEF is a critical space in which a variety of global leaders participated on topics based on the theme “Reboot the SDGs, Reset Our Future”. The conference was hosted by…

South African scholars, government officials, entrepreneurs, foreign diplomats and local and international media gathered at the University of Johannesburg for a seminar discussing how Africa can draw inspiration from China’s modernisation success. The seminar hosted by the African Bureau of the China Media Group in conjunction with the University of Johannesburg on Thursday was held under the theme: “China in Spring – Insights into Chinese-type modernisation and new opportunities for Africa”. The seminar, also attended by University of Johannesburg students, was held in the context of the just ended “Two Sessions” or “Lianghui” – the collective term for the Chinese government’s annual plenary sessions of the National People’s Congress (NPC) and of the Chinese People’s Political Consultative Conference (CPPCC), which are typically both held every March at the Great Hall…

Ingredients: 3 Tbsp olive oil 1 onion, diced 2 carrots, peeled and diced 2 cloves garlic, crushed 500g ostrich mince 2 sprigs rosemary 1 can lentils, golden drained 1 Tbsp tomato paste 1 can (400g) chopped tomatoes ½ cup beef stock 1 tsp sugar Salt and milled pepper 2 heads (about 300g each) cauliflower Pinch ground nutmeg Method Heat 1 Tbsp (15ml) oil in a large pan and sauté onion until soft. Add carrots and cook for a few more minutes. Add garlic and fry until fragrant. Add mince and rosemary, stirring to break up any lumps. Cook for 10 minutes. Add lentils, tomato paste, tomatoes, stock and sugar, then cover and simmer for 30 minutes and season. Steam cauliflower until tender. Purée cauliflower with nutmeg and remaining olive oil…

Theft of motor vehicles is a constant headache for the SAPS, motorists and private security companies in all parts of the country. On a regular basis, Independent Media has covered stories in the getaway provinces of Limpopo, Mpumalanga and KwaZulu-Natal, where stolen or hijacked cars are intercepted while being driven towards neighbouring countries of Zimbabwe, eSwatini and Mozambique respectively. In these series, trends show that double cab bakkies and sport utility vehicles (SUVs) are the favourite targets for the criminals, who then make an easy passage onto the freeways in a dash towards the country’s borders. However, many of the stolen or hijacked vehicles have been intercepted and recovered on the busy South African roads, in some instances with number plates cloned and at times the vehicle’s registration altered. Private…

Mongezi Masombuka, 30, born and raised in Tembisa, Ekurhuleni, is the founder and managing director of a thriving information technology (IT) and business solutions firm that is creating waves in the IT world. The entrepreneur has already overcome a string of obstacles. Masombuka had always hoped to achieve academic distinction, which would lead to a successful profession. However, he encountered academic hurdles despite his love of reading and innate enthusiasm for knowing and exploring concepts. Later, it was determined that he was suffering from attention deficit hyperactivity disorder (ADHD). “Although I often found it difficult to finish tasks, I was always full of ideas that were impressive to the people I shared them with. The problem was that I could not always follow through on them. I eventually learnt that…

The Stormers have a set team for the next couple of matches in the URC as they look to break back into the top eight and play-off spots. After falling to the Bulls in their last match, the Stormers have a run of home matches over the next couple of weeks to gain momentum as they also prepare for a crucial Champions Cup knockout clash against La Rochelle next month. For now, the focus is on Edinburgh on Saturday (kick-off 5.05pm), where they can leap towards the top eight with a bonus point victory in front of their supporters. After an absence of almost two months, the inaugural URC winners are excited to play at DHL Stadium again as they target the next two matches, looking to gain some winning…

Government’s investment in large-scale infrastructure is contribution to job creation The government was involved in infrastructure projects in various stages of completion worth R2.4 trillion of which some R570 billion was for transport projects, Public Works and Infrastructure Minister Sihle Zikalala said yesterday. Speaking at the Infrastructure South Africa (ISA) conference in Cape Town, the first time the conference was being held in four years, Zikalala said the government had started 113 “major infrastructure projects” since the last conference in 2020, and these were to build hospitals, roads, dams and other water facilities, and other infrastructure, and some of them were still under construction. He said the government’s investment in large-scale infrastructure was its contribution to job creation and economic growth in the country, and investment in infrastructure was one…

Analysts say the hotel, resort and casino sectors are raking in profits for hoteliers and related operators, after Sun International raised earnings for the full year to December by 88%, though there are concerns that the growth of the industry is mainly concentrated in the Western Cape. Sun International raised revenues for the 2023 full-year period 70% to R12.1 billion with SunBet income and profitability robust, while Sun City had record adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) of R455 million. The group’s South Africa operations generated R3.6bn. This resulted in headline earnings per share for Sun International for the full-year period under review surging by 88.1% to 425 cents, helping it declare a final dividend of 203 cents per share. The group’s adjusted Ebitda margin was impacted…

THE Discovery Group said it delivered robust profit and new business growth in the six months to December 31, 2023. In a trading statement yesterday, the health-care and financial services group said normalised headline earnings (NHE) were expected to increase between 8% and 13% in the interim period, while new business annual premium income increased 28%. Normalised profit from operations was expected to rise by between 10% and 15%. Headline earnings (HE) were expected to be between 3% lower, and 2% higher. The difference between the growth in NHE and HE was attributed mainly to the prior period fair value gain from a UK interest rate swaption. The swaption was realised towards the end of the prior year and so had no profit impact in the reporting period. And consistent…

“Publishers are in control”, “Publishers Decide”: these are just some of the words used by Google to defend itself against media companies. The tech company was defending itself at an enquiry conducted by the Competition Commission with the purpose of determining if there are any market features that may be adversely affecting competition or undermining the purposes of the Competition Act, and to comprehensively remedy those features. One sentence stands out for me: “Google is not a news aggregator”. As I was going through the Google presentation, I could not help but think that this is part of the reason why the media industry is in trouble. Technology companies do not understand the damage they have caused. Whether by default or design, Big Tech has negatively impacted the media industry.…

President Cyril Ramaphosa has called on political party leaders to urge their members to desist from political violence. Ramaphosa said yesterday that, as the ANC, they wanted people to be free to choose who they wanted to be their MPs, and so doing is their democratic right. “We want these elections to be conducted on a non-violent basis where the people who want to go and vote are able to exercise their right without being coerced or threatened. “We as the ANC and ANC-led government will ensure there is safety from now right up to the elections,” he said. Ramaphosa said all those who sought to undermine and take democracy for granted would face the consequences of their actions and attitudes. “Obviously, the ANC is totally against violence, and we…

The Deputy Minister of Higher Education Buti Manamela said the two metros, the City of Joburg and City of Ekurhuleni were a clear result that coalition governments were not the answer for citizens. Manamela said they were unsustainable, creating delays in service delivery and policymaking as well as leadership inconsistency. The residents in the two metros have been complaining about a lack of service delivery, load shedding, water outages, crime, and also inconsistent billing of electricity and water. Recently, the ANC and EFF councillors came to blows at an Ekurhuleni council meeting over the mayor’s no-confidence vote. This was after ActionSA had put forward the motion of no confidence in mayor Sivuyile Ngodwana owing to his “failure” to deliver services to the people of Ekurhuleni. In Johannesburg, residents have…

THE multimillion rand projects to construct both Refilwe and Caledonian stadiums in Tshwane will undergo a forensic probe following allegations of corruption and misuse of public funds at the facilities. The investigation which is set to determine the cause of the delays in the stadiums’ construction, comes after Tshwane deputy mayor Nasiphi Moya’s recent visit to the two projects. Moya, who doubles as MMC for Community and Social Development Services, called for an investigation two years after her predecessor, Peggy de Bruin, expressed confidence that the stadiums projects were on course for completion. The EFF previously accused De Bruin of lying when she said the Caledonian project in Arcadia was on track and scheduled for completion in the 2022/23 financial year. The project site is littered with heaps of sand…

Returning from their European tour in first position on the URC points table is all the motivation the Bulls will need, as they fly out to face the Dragons and Leinster over the next two weekends. But, the experienced Marcell Coetzee warned, they can’t set their eyes on the Irish powerhouse just yet, and then fall short against a tricky Dragons on Saturday (kick-off 9.35pm), who currently occupy second last spot in the tournament. The Bulls, though, have set a goal for themselves on this tour, and after breaking their duck against the Stormers in the last game, they are keen to continue that good form to push to the top. They are second in the standings, just four points behind Leinster. One can assume that head coach Jake White…

Bruno Fernandes has urged Manchester United to use the “spicy” FA Cup quarter-final win against Liverpool as fuel for a late surge in their troubled season. Erik ten Hag’s side came from 2-1 and 3-2 down to beat bitter rivals Liverpool 4-3 after extra-time at Old Trafford on Sunday. Amad Diallo’s last-gasp winner eased the pressure on under-fire boss Ten Hag and kept United in contention to salvage silverware from their rocky campaign. “The game got a little bit spicy, a little more special because it’s an FA Cup game and if you lose, you’re out,” United captain Fernandes said. “We know the rivalry between fans, we know how United fans wanted us to win the game to give us something to celebrate because it’s not been great for us.”…

Carlos Alcaraz said his successful Indian Wells title defence was all the sweeter because he felt he had found himself in the California desert after a difficult few months. The Spaniard, still only 20, had not won a title since clinching his second major crown at last year's Wimbledon until he beat Daniil Medvedev 7-6 (5), 6-1 on Sunday in a rematch of last year's final. Alcaraz said the title drought had not bothered him but, struggling with injury, he felt he had lost his way a bit and was not enjoying being on court. "It's difficult to put it into words, because I had really difficult months," he said afterwards. "Let's say the last two months it was difficult for me to find myself. I didn't enjoy stepping on…