Table of contents for 2024-10-23 in Star

Exchange-traded fund (ETF) specialist asset manager Satrix has launched the Satrix MSCI World Islamic Feeder ETF, South Africa’s first Shariah-compliant ETF with global exposure. Listed on the JSE, the fund tracks the MSCI World Islamic Index, which measures the performance of large- and mid-cap Shariah-compliant companies across 23 developed-market countries. The MSCI World Islamic Index represents an investment option that complies with Islamic finance principles by tracking the overall returns of a portfolio made up of compliant companies. It ensures that any dividends paid to shareholders are “purified” by donating portions of dividends generated from prohibited activities to charity rather than distributing to shareholders. Yusuf Wadee, the head of exchange-traded products at Satrix, said: “We are proud to provide investors with a unique opportunity to access a globally diversified portfolio…

IMF’s prospects bolstered by a surge in business confidence due to stable electricity supply The International Monetary Fund (IMF) has given Finance Minister Enoch Godongwana a cushion to deliver optimistic growth forecasts next week during the Medium-Term Budget Policy Statement (MTBPS) as the lender of last resort revised upwards South Africa’s economic growth projections for 2024 and 2025. Godongwana will table the MTBPS before Parliament on Wednesday, outlining the country’s fiscal position and growth forecast amid a surge in business confidence on the back of an improving economic landscape. The IMF’s growth prospects are bolstered by a surge in business confidence attributed to a stabilising electricity supply and ongoing structural reforms instituted by the Government of National Unity (GNU). South Africa has had a good run of stable electricity supply…

The BEE Chamber is pleased with the recent gazetting of the Legal B-BBEE Sector Codes of Good Practice (LSC) on September 20, 2024. This significant milestone marks a pivotal moment for the transformation of the legal profession in South Africa, aligning with the nation’s constitutional commitment to equitable economic participation. We believe that the LSC will usher in a new era of inclusivity and equality within the legal profession. It is our collective responsibility to uphold these principles and work towards a transformed legal sector that serves all South Africans. The primary aim of the LSC is to provide a comprehensive policy framework designed to foster sustainable transformation and growth within the legal sector. By promoting effective and meaningful change, the LSC seeks to ensure that the legal profession reflects…

The question of a just energy transition is top of mind in investment circles as leaders and decision-makers increasingly recognise the urgency of the climate crisis. But the term “just transition” points to the heart of the problem – no transition can be ‘just’ so long as it prioritises planet over people, especially in emerging economies such as South Africa. I recently had the opportunity to attend a pension governance programme at the University of Toronto’s Rotman School of Management, as well the United Nations conference on Principles for Responsible Investment (UNPRI), which brought together more than 3000 delegates from the global investment community. These platforms explored the critical debates taking place about applying responsible investment practices in emerging market contexts where unemployment, poverty and fiscal pressures remain pressing issues.…

Petra Diamonds is taking proactive measures to adapt to a challenging landscape marked by weakness in rough diamond markets. In a recent announcement, Petra Diamonds CEO Richard Duffy revealed that the company is postponing auctions and ramping up production in response to market conditions while also focusing on diversifying its product offerings. The diamond producer reported a significant revenue achievement, raising $76 million from the sale of approximately 600 000 carats during the first and second tender cycles for its fiscal year ending in 2025. Despite the overall market downturn, Petra’s enhanced product mix contributed to a commendable 22% increase in average prices for their auctions, although this was somewhat tempered by a 9% decline in like-for-like prices, notably affecting smaller diamond fractions. “Our combined first and second tenders indicate…

Season 17 of the popular matchmaking show, Boer Soek ’n Vrou kicks off season 17 with not only the return of a new crop of farmers but also with a new presenter. For the past four years, Marciel Hopkins travelled thousands of kilometres as Cupid, helping farmers find love. Now it’s actress Reandi Grey’s turn to help spread the message of hope to potential life partners. After the final episode of the current season of Boer Soek ’n Vrou, kykNET broke the news on the channel’s entertainment magazine show Bravo! “It’s been on my industry bucket list for years – this was what I wanted to do,” Grey confessed in an interview. Grey is no stranger to TV viewers. She has been playing the role of Anja in Diepe Waters…

Independent Media and Independent Online (IOL) have formally withdrawn from the Press Council of South Africa (PCSA). The group announced that it had pulled out with immediate effect. The decision came after considerable deliberation and the company’s efforts to engage with the Press Council on a fair and transparent basis. The company recently accused the PCSA of being biased following its ruling that favoured News24 against Sunday Independent. This was after columnist Edmond Phiri sparked debate on March 3 after writing an opinion piece comparing News24 journalist Karyn Maughan with Nazi propagandist Leni Riefenstahl. Maughan and News24 filed complaints against the Sunday Independent after the publication of the opinion piece. However, despite the company presenting a solid defence against the allegations made by News24, the PCSA ruled against Independent Media.…

TENSIONS between the Gauteng premier Panyaza Lesufi and the DA in the province continue to sour after the party demanded that Lesufi release a lifestyle report of one of his MECs. The two have been at loggerheads since negotiations to form the Government of Provincial Unity (GPU) failed following the May 29 elections where Lesufi’s ANC performed dismally. Despite this, Lesufi refused to give into the DA’s demands to form a GPU that would see the two parties co-govern the province. Now the DA has demanded that Lesufi release Education MEC Matome Chiloane’s lifestyle audit amid fraud allegations. Chiloane has recently come under fire after media reports that he was implicated in a R27 million fraud case involving former ANC spokesperson and former ANC Youth League treasurer Pule Mabe.…

The highly anticipated play, Mr. President II, is set to grace the stage once more, this time at The TX Theatre in Tembisa’s Moses Molelekwa Community Centre, from November 1. The production promises to deliver more than mere entertainment; it will serve as a thought-provoking commentary on the socio-political realities facing South Africa, particularly highlighting the challenges encountered by the unemployed youth of Ivory Park. This theatrical journey is described as a voice for the voiceless. With gripping performances and a narrative that resonates deeply, the play also seeks to shed light on the struggles of youth, women, and individuals with disabilities, portraying their inherent resilience amidst adversity. Evolving from its humble beginnings as short video explorations, the production has now transformed into a full-scale stage presentation, in its second…

FROM his foundational book Things Fall Apart, Chinua Achebe’s saying “Until the lion learns to write, every story will glorify the hunter” powerfully emphasises the basic relevance of viewpoint and narrative control in forming public discourse. Within the framework of media freedom, the proverb functions as a potent emblem for who has the capacity to shape society’s narratives and share stories. Historically, individuals in power – political leaders, businesses, or dominant cultural groups – often control the conditions of information flow, therefore influencing the way events are reported and seen. Often hiding or distorting the reality of underprivileged communities – the “lions” – this dynamic reflects the story of the hunter. Media becomes a tool for these strong interests to forward their goals when it fails to run free, therefore…

There may have been a chuckle or two – or perhaps some tears – raised in the Bulls camp yesterday when the United Rugby Championship organisers announced that the referee for their clash against Benetton on Friday (8.35pm kick-off) would be Eoghan Cross. Irish official Cross issued a red card to Bulls centre David Kriel just a few weeks ago in Swansea for supposedly leading with his forearm into the neck of Ospreys flyhalf Dan Edwards, and the No 12 had to leave the field in the 49th minute. But with the Bulls having scored their bonus-point try in the first half already, they held on for a 29-19 victory. Kriel, though, managed to win his case at the disciplinary hearing and had his red card rescinded, but it was…

WeBuyCars Holdings, a leading player in South Africa’s used-vehicle market, has released its financial projections for the year ending September 31 and the company expects a substantial increase in its core financial performance, despite facing some one-off costs and accounting adjustments. Core headline earnings, which the group uses to measure and benchmark business performance, are projected to rise between 21% and 26%, reaching between R798 million and R832m. This metric represents headline earnings adjusted for certain non-recurring or non-cash items, providing a clearer picture of the company’s underlying performance. On a per-share basis, core headline earnings are expected to increase between 7% and 12%, amounting to between 212.5c and 222.4c per share. However, headline earnings per share is expected to decline between 60% and 65%, falling to between 85.6c and…

South Africa’s manufacturing sector is navigating complex challenges such as underinvestment, rising costs and logistics disruptions, although these could be addressed through localisation and attracting new investments through implementation of conducive policy and taxation policies, said analysts from PwC in a new report yesterday. Manufacturing contributes 13% to South Africa’s gross domestic product (GDP) and analysts at PwC said the sector will continue to play a significant role in the economy. PwC’s South Africa Manufacturing Analysis 2024 report noted that the manufacturing sector’s nominal GDP was forecast to grow by an average rate of 5.7% per year over the next 10 years. However, “the South African manufacturing sector is navigating a complex landscape of challenges and opportunities” that include “underinvestment, escalating production costs and logistics disruptions”, although it was showing…

While climate change impacts are visible in all sectors, the negative impacts in the built environment, agriculture and water sectors have stood out prominently as the theatres of many climate-change related disasters including floods, prolonged droughts and wildfires among other impacts. In the past three years, South Africa has faced increasingly severe and more frequent climate disasters, often simultaneously across the country. We have had wildfires in the Western Cape, heat waves in the Northern Cape, continuing drought conditions in the Eastern Cape and high-energy storms in Gauteng. The exponential rise in built infrastructure has resulted in significant material usage and adverse environmental consequences, particularly in the context of climate change. Surprisingly, more than one-third of global energy consumption and carbon emissions can be attributed to the construction and operation…

Staffing solutions company Adcorp Holdings yesterday reported a substantial decline in earnings per share for the six months ending in August, attributed primarily to once-off restructuring costs of R25.6 million. The anticipated drop in earnings ranges from 9.7% to 19.7%, signalling a challenging period for the company as it navigates operational setbacks. In its recent trading statement, Adcorp revealed that earnings per share are projected to fall between 26.6 cents and 29.9 cents, a stark reminder of the impacts of an underperforming division and challenging economic conditions. Adcorp added that the unit was still “well placed for a recovery in white collar contingent and permanent placements in South Africa”. Adcorp said, in response to challenging market conditions in South Africa and Australia, it proactively launched key restructuring initiatives aimed at…

The death of former One Direction star Liam Payne has reignited discussions about the pressures faced by young musicians. Following the revelation of his struggles, prominent figures in the music industry are calling for reforms to protect under-18 artists from the harsh realities of pop stardom. As Payne’s father, Geoff, arrived in Buenos Aires to arrange for the repatriation of his son’s body, fans were grappling with the shocking news of the 31-year-old’s fall from a hotel balcony. Many have echoed the sentiments of his ex-partner, Cheryl Tweedy, who condemned the sensationalist coverage surrounding his death. Guy Chambers, a leading UK songwriter, has highlighted the need for the music industry to rethink its treatment of young talent. He told The Guardian: “Putting a 16-year-old in an adult world like that…

In an attempt to intensify its efforts to guarantee public safety and adherence to local laws following incidents of food poisoning, the City of Johannesburg has launched a new and reinvigorated by-law enforcement agency within the Department of Public Safety. During an inspection of the Devland Cash and Carry in Soweto yesterday, MMC for Public Safety, Dr Mgcini Tshwaku, unveiled plans for a revitalised by-law enforcement agency aimed at safeguarding residents and businesses alike. The inspection was spurred by serious concerns surrounding the establishment’s adherence to safety regulations, leading to a hefty fine of R4 000 for failing to meet several by-law requirements. The cash and carry, which sells food and groceries to local spaza shops, was found to be lacking an approved safety plan, a requirement deemed critical to…

THE Ministry of Police has come under criticism for taking almost two years to fill a vacant Directorate of Priority Crime Investigation (DPCI) Judge position. This comes after it emerged that former DPCI Judge Frans Diale Kgomo’s contract was not extended in October 2022. His successor, Judge Frans Legodi, was appointed only in May this year to oversee the investigation of complaints related to infringement of the rights of the public by DPCI investigators and interference in probes conducted by the Hawks. The non-filling of the position took place while Bheki Cele was the minister of police. Charmaine Marshall, the director in the Office of DPCI Judge, said the office had been without a judge appointed for the whole of the 2023/24 financial year. “It affected the office severely because…

A University of Pretoria (UP) professor is part of a global team whose new research estimates that 10 000 lives could be saved in South Africa alone if the government were to implement the “endgam strategy” of banning cigarette sales to people born between 2006 and 2010 – even when they get older and become adults. Professor Lekan Ayo-Yusuf, Head of UP’s School of Health Systems and Public Health and Director of the National Council Against Smoking (NCAS), along with researchers from Spain, France, New Zealand, the USA, China and Brazil, set out to estimate the impact of eliminating tobacco smoking on lung-cancer mortality in people born between 2006 and 2010 across 185 countries. Their first-of-its-kind global simulation study of 650 million people predicts nearly three million lung cancer deaths…

The Stormers are gearing up for what promises to be a compelling showdown against the defending champions, the Glasgow Warriors, in Stellenbosch this Saturday. After an encouraging performance in their last match, the Cape side looks to fortify their scrum at the Danie Craven Stadium (1.45pm kick-off) against an opponent known for its rugged scrummaging and rolling mauls. Having witnessed their scrummaging performance fluctuate during the early games, the Stormers recognise room for improvement. Tighthead prop Neethling Fouche pointed out the need for continuity and cohesion in the forwards as they settle into the season. “Scrumming is close to my heart and I told the guys continuity doesn't just come, it takes a couple of weeks for the guys to find each other,” Fouche said. “We knew we weren't going…

The rich vein of form Aphelele Fassi finds himself in currently is not to prove a point to anyone but because he is simply enjoying his rugby at the Sharks and Springboks. After starring for the world champions in the 2024 international season, that form has translated onto the field at the Sharks, with Fassi hitting the ground running in his first United Rugby Championship (URC) match back in Durban. The Bok fullback starred in their win over defending champions the Glasgow Warriors and he is looking forward to another big URC outing, this time against former champions Munster. The clash against the Irishmen at King's Park (kick-off 4pm on Saturday) will be his final club match before linking up with the rest of the Boks on Sunday for the…

Crystal Palace's Premier League campaign took another disheartening turn on Monday, as they fell to a 1-0 defeat against Nottingham Forest, extending their winless streak to eight matches this season. Manager Oliver Glasner expressed his frustration with the team's decision-making and dwindling confidence, despite recognising their fighting spirit on the pitch. The only goal of the game came from Chris Wood, who capitalised on a blunder from Palace keeper Dean Henderson. The shot, taken from 25 yards, somehow slipped through Henderson’s grasp, marking another harsh lesson for a Palace side that continues to struggle with their finishing. "We are all frustrated and disappointed as always one or two situations decide the game. At the moment, it goes against us, but we have to get through it together," Glasner said, following…

Sasol’s share price continued its downward spiral yesterday, falling by up to 6% and bringing its decline over 12 months to over 55%, despite sales and production in the first three months of its 2025 fiscal year being largely in line with market guidance. The group said in a trading statement yesterday that only the crude oil refinery Natref was trading below guidance. Fuel production at the refinery was 24% higher than the previous quarter, but 27% lower than the first quarter of 2024, mainly due to the planned shutdown, along with start-up delays in the first quarter of 2025. This, together with “operational challenges” experienced at the end of the quarter, had resulted in an expected volume increase of only 0%-10% compared with the 2024 financial year, down from…

Amid growing confidence in South Africa’s economic landscape, the latest Bank of America South Africa Fund Manager Survey for October reveals that a significant portion of fund managers are optimistic about the nation’s economic recovery. With expectations of a second interest rate cut looming next month, a striking 82% of fund managers now classify themselves as equity bulls, a marked increase from 72% in September. However, despite this bullish sentiment, many are treading cautiously regarding the addition of domestic stocks to their portfolios. The survey, which gauges the sentiment of key South African fund managers, highlighted a net 59% of respondents who believed equities were currently undervalued, while 71% envisioned a more favourable environment for buying than selling stocks. The improved outlook suggested a departure from previous months when sentiment…

The proposed doubling of the sugar tax on sugar-sweetened beverages is stirring unrest among South African agricultural stakeholders, as fears grow for the livelihoods of thousands of small-scale sugarcane growers across rural areas. This potential increase, while aimed at addressing public health concerns, has positioned the Healthy Living Alliance (HEALA) at the centre of a heated debate regarding its implications for the sugar industry and food security in the nation. SA Canegrowers, which represents 24 000 small-scale growers and 1 200 commercial farmers, has called on HEALA to cease what they describe as misleading the public regarding the repercussions of the sugar tax. “Instead of engaging in an honest, fact-based debate, HEALA is leveraging food justice rhetoric to rally support for further raises in the sugar tax,” said Thomas Funke,…

On Monday morning, Minister of Electricity and Energy Kgosientso Ramokgopa delivered his usually intense weekly energy action plan update. The key focus was on the planned additional renewable energy bid windows to be introduced. Nine renewable energy bid windows have been procured and the plan is to build more renewable energy into the grid. Whether the bid windows have successfully delivered energy to the grid is a topic for another discussion. Under the leadership of Tshifhiwa Bernard Magoro, the Independent Power Producer’s Bid Office has been focusing on procuring dispatchable renewable energy solutions. Dispatchable energy is the correct strategy to adopt and a way to go in on-boarding renewables to the South African grid. However, there is no need to build more renewable energy power projects that will end up…

Sasfin Holdings’ headline earnings per share plummeted 190.96% to a loss per share of 152.15 cents for the year to June 30, but a strategic “reset” has strengthened the balance sheet and enabled the group to navigate existing risks. The directors, who also plan to delist the group as part of the reset, reported in the annual results posted yesterday that the loss for the year came to R155.24 million, compared with a R108.8m profit at the end of the previous financial year. The headline earnings loss amounted to R58.68m in 2024, compared to a R112.68m profit in 2023. The loss was primarily impacted by an increase in expected credit losses and a decline in non-interest income due to negative fair value adjustments in the private equity portfolio. Additionally,…

Shirley MacLaine was in an open relationship with her ex-husband but admits the one famous star she failed to attract was Morgan Freeman. She has claimed that the Hollywood star “shook his head” when she “propositioned him”. In her new tell-all tome, The Wall of Life: Pictures and Stories from This Marvelous Lifetime, the 90-year-old Hollywood star – who was in an open relationship with ex-husband Steve Parker from 1954 to 1982 – confesses to trying to hit on the 82-year-old actor. She wrote: “I propositioned him and he turned me down.” Expanding on the confession in an interview with People, she shared: “Oh, I really liked him right away. I thought his acting was brilliant. I barely said anything and he just shook his head. Isn’t that interesting?” The…

THE EFF has once again been at the centre of a heated debate regarding the mass deportation of illegal foreign nationals by the Department of Home Affairs. The party’s stance on the R52 million price tag accrued by the department between April and August 2024 has been met with criticism from the African Transformation Movement (ATM), Patriotic Alliance (PA), and ActionSA. IOL previously reported that Home Affairs Minister Leon Schreiber disclosed this in a written Parliamentary reply to a question posed by EFF Member of Parliament (MP) Thapelo Mogale. The EFF is known to be the voice of foreign nationals with their posture that SA belongs to all Africans. Mogale further expressed concerns over the “excessive amounts of money” spent on deportations, saying the department’s spending could amount to over…

The EFF and the uMkhonto weSizwe Party have united against President Cyril Ramaphosa to demand that the Special Investigating Unit (SIU) report on the Integrated Financial Management Systems (IFMS) project be released immediately. The MKP also officially laid criminal charges of fraud and corruption against the National Treasury over the same matter on Monday morning. Party officials David Skosana and party MP Des van Rooyen filed the charges at the Brooklyn police station. The SIU handed the findings of the investigations to Ramaphosa in March this year. However, Ramaphosa has yet to release the report, prompting EFF leader Julius Malema to demand the immediate release, citing concerns over corruption and wasteful expenditure. The National Treasury has spent approximately R400 million on the US tech giant Oracle contract, despite irregularities and…

TUCKED away at the confluence of the Shashe and Limpopo rivers, near the borders of South Africa, Botswana, and Zimbabwe, lies the ancient kingdom of Mapungubwe. This UNESCO World Heritage Site is a testament to southern Africa’s earliest civilisation, and its significance extends far beyond its archaeological importance. Recent research by Professor Munyaradzi Manyanga, an expert in Archaeology and Heritage Management at Great Zimbabwe University, has shed new light on Mapungubwe’s intricate social structure. The kingdom thrived from the 11th to the 17th century, boasting monumental architecture, advanced agricultural practices, and extensive trade networks that connected the interior of Africa with the Indian Ocean. The society was divided into two distinct settlements: the elite resided in elevated areas, while common people settled in lower regions, demonstrating clear social stratification.…

In a commendable effort to enhance road safety awareness among the youngest members of the community, Bakwena Platinum Corridor Concessionaire (Pty) Ltd has joined forces with Active Education and the Limpopo Department of Basic Education. Their collaborative initiative has successfully delivered interactive and impactful road safety education shows to five primary schools along the Bakwena N1N4 route in Limpopo. According to the World Health Organisation’s 2023 Global Status report on road safety, while the global figure of annual road traffic deaths has declined slightly to 1.19 million, road traffic injuries continue to be the leading cause of fatalities among children and young people aged 5 to 29. Alarmingly, more than half of these fatalities occur among vulnerable road users, such as pedestrians and cyclists, particularly in low and middle-income nations,…

Celebrated South African designer and founder of the MaXhosa brand, Laduma Ngxokolo, has issued a stark warning to the public regarding an alarming scam using his name. In a video that has gained traction across various platforms, Ngxokolo detailed concerning reports of individuals posing as him and reaching out to celebrities and public figures with false promises of ambassadorships. “Greetings everyone, my name is Laduma Ngxokolo from MaXhosa Africa. Apparently, there has been a person that has been calling celebrities, public figures, or anyone that they can get money out of pretending to be me and promising them they would be brand ambassadors with MaXhosa. “Please be careful; these types of things happen. We live in a digital age, so online scamming and fraud are things. I hope the guys…

Instead of cowering in the corner and hoping for the best, the Lions must “fire some shots” and truly believe that they can beat Leinster in Dublin this weekend. That was the rallying call from assistant coach Ricardo Loubscher from the Irish capital yesterday ahead of Saturday’s United Rugby Championship showdown at the Aviva Stadium (6.15pm kick-off). The Johannesburg side are riding high at the moment as one of only two unbeaten sides – with Leinster the other – in the URC this season with four wins, having seen off Ulster (35-22), Edinburgh (55-21), Dragons (23-19) and Zebre (10-9). And they don’t have the worst records against Leinster either, having lost 21-13 in Dublin in 2022 and 39-36 in Johannesburg in 2023, and then won 44-12 at Ellis Park in…