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Star 2021-09-10

Unchallenged as South Africa’s most influential daily newspaper, The Star covers the heart of the nation with unequalled reporting of local, national and international news and sport. It is widely considered to be a superb advertising environment.

Country:
South Africa
Language:
English
Publisher:
Independent Media Pty Ltd
Frequency:
Daily
R 6,99
R 1 099,99
253 Issues

in this issue

3 min
sanlam business growth well up, but earnings hurt by r10bn mortality claims ‘covid-19 related claims had a significant negative impact on earnings,’ largely offset by reserves

Edward West edward.west@inl.co.za SANLAM’S earnings took a big hit from the R10 billion of Covid-19-related mortality claims that it paid out in the six months to June 30, but this was offset by the release of discretionary reserves. “Covid-19 related mortality claims had a significant negative impact on earnings, but this was largely offset by the release of discretionary reserves in the South African life insurance operations,” the group said in its interim results yesterday. Further discretionary reserve releases would be considered for the second half of 2021. “Based on current estimates, the group expects that existing reserves should largely mitigate the Covid-19 related excess mortality impact on operating profit for 2021. There, however, remains significant uncertainty regarding the impact of future waves, possible variants and the progress…

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2 min
mustek earnings are benefiting from remote learning and working

Edward West edward.west@inl.co.za MUSTEK, local assembler of information communication technology (ICT) and home computers, lifted headline earnings a share by a whopping 247.5 percent to 441.81 cents and the dividend by 246 percent to 90c after the group benefited from remote working and learning trends. The share price leapt 3.38 percent to R13.75 by yesterday afternoon, bringing the gain in the price over a year to 96 percent. “We are confident the working and learning from home reality is more than a passing trend. Employees had a glimpse of what their workplaces can be, and most will demand this type of flexibility from their employers in future,” the group said. Revenue increased 25.6 percent to R8.04 billion and gross profit was up 14.8…

2 min
hard-hit retail liquor industry counting sales and job losses

Banele Ginindza banele.ginindza@inl.co.za THE SOUTH African liquor industry had haemorrhaged at least R8.5 billion in lost sales plus about 3 000 jobs and still counting from the 4-day trade restrictions imposed on retail liquor stores, it said yesterday. According to research conducted by the Institut de Publique Sondage d’Opinion Secteur South Africa, commissioned by the Consumer Goods Council of South Africa (CGCSA) and the Liquor Traders Association of South Africa (LTASA), liquor retailers have been losing about 50 percent of revenue they would have earned from Thursday to Saturday, yet overhead costs have remained unchanged. In a statement on the research yesterday, liquor retailers said revenue losses for small liquor outlets were as high as 65 percent of weekly turnover between Friday and Sunday. “To put this…

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3 min
current accounts post record surplus as manufacturing takes a hit from lockdown, looting

Banele Ginindza banele.ginindza@inl.co.za Subdued sentiment on global markets kept the rand in the red yesterday, putting a slight dampener on the substantial widening in the current account balance of payments, which came in at the largest surplus ever of R343 billion in the second quarter of 2021, advancing from R261bn in the first quarter. The figure was R10bn higher than analysts’ expectations for the quarter, signifying the height in the softening of commodity prices, particularly platinum group of metals. As a ratio of gross domestic product (GDP), the current account surplus widened to 5.6 percent in the second quarter of 2021 from 4.3 percent in the preceding quarter. Investec economist Kamilla Kaplan in a note said export demand for non-commodity goods had also been supported by the…

4 min
ascendis health recapitalisation vote is a battlefield of vested interests

Philippa Larkin philippa.larkin@inl.co.za THE NOTES leading to Ascendis Health’s important shareholder meeting on October 4 to vote on its re- capitalisation has become a battlefield of vested interests as they eye the remaining value in the group. The major institutional shareholders of Ascendis Health are the International Finance Corporation, holding 12.6 percent and Kefolile Health Investments, holding 11.7 percent. The company leapt into the spotlight last Friday after it quashed take-over rumours, sending its shares spiralling down 10 percent, only on Monday, October 6, for the firm to issue about a 3 000 word SENS statement around the incident citing “representatives of certain investment firms, based in the US (the third party)”, while Ascendis again reminded shareholders that it would be good to vote for the…

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4 min
social media stars hope to crack the big time

Travis M Andrews | The Washington Post Early in Hulu’s The D’Amelio Show, TikTok’s biggest star Charli D’Amelio speaks to the camera. “I have no idea how this is going to work out in the long run. ... Social media could go away like this,” she says, snapping her fingers. “I have no idea.” D’Amelio emerges on what appears to be a documentary set, far from the casual bedroom setting where her TikToks usually take place. Instead of using a selfie stick or a smartphone, she’s surrounded by a professional television crew. In the next scene, she squeezes her eyes shut, as three professional stylists work on her hair. The 17-year-old has already achieved TikTok superstardom, posting short, choreographed dances on the way to more than 100 million…

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