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Star 2021-09-20

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.

South Africa
Independent Media Pty Ltd
R 6,99
R 1 099,99
253 Issues

in this issue

2 min
bank earnings have recovered – the focus now is on digital as customer trends shift

Edward West edward.west@inl.co.za The MAJOR banks experienced a sharp earnings recovery in the first half of 2021 from the depressed Covid-19 related trading conditions of the previous year, but recovery at the banks is still under way. Headline earnings of the major banks, combined, increased a whopping 177 percent to R40.6 billion in the first six months of 2021, PricewaterhouseCoopers’ (PwC’s) Major Banks Analysis 2021, released on Friday, showed. The report highlights key themes from the results of Absa, FirstRand, Nedbank and Standard Bank. The combined earnings figure however, was still 4.5 percent behind 2019 levels, as PwC’s analysis for 2019 showed the combined banks’ headline earnings at R42.49bn in that year. The key driver of earnings growth in 2021 was sharply lower credit impairment charges across…

2 min
pension fund legislation expected to take centre stage at mtbps

Siphelele Dludla siphelele.dludla@inl.co.za Pension Fund legislation is expected to take the centre stage in the Medium-Term Budget Policy Statement (MTBPS) which will be tabled on November 4, three days after the country’s local government election. The National Treasury has rejected a number of proposals in the Pension Fund Amendment Bill 2020, which proposed to allow workers to access a portion of their retirement savings immediately. Treasury has so far preferred an arrangement that would allow people to withdraw from pension funds with a limit of a third, or up to 20 percent, under certain conditions, in three to five years. Finance Minister Enoch Godo- ngwane is set to announce the pension reforms after the Treasury proposed a “two pot” system that would allow small withdrawals while having preservations. Alexander…

2 min
ihs towers prepares for africa’s biggest ipo

Company partly owned by MTN files papers with the US Securities and Exchange Commission Dineo Faku dineo.faku@inl.co.za NIGERIA-based tower operator IHS Towers, which is partially owned by MTN, is planning Africa’s biggest initial public offering (IPO) on the New York Stock Exchange (NYSE) after calling it off in 2018. MTN said on Friday IHS Towers had filed papers on Thursday with the US Securities and Exchange Commission relating to a potential IPO on the NYSE. “The timing, number of shares to be offered and price range of the proposed offering have not yet been determined. The launch of the offering is subject to the necessary regulatory approvals, governance approvals and conducive market conditions,” said MTN. MTN, Africa’s mobile giant, holds a 29 percent interest in IHS Towers, which has…

5 min
diversity as well as teamwork gives metropolitan retail its get up and go

PETER Tshiguvho’s journey to leading one of the biggest and most successful financial services companies in South Africa is a lesson in fortitude, foresight, and determination that circumstances do not define one. Self-belief in a better future is critical to success, he says. Before taking up his current position, Peter began his career in the financial services sector at Old Mutual as a trainee administration head, thereafter taking up a position as an assistant manager (sales support manager). After nearly 10 years with Old Mutual he moved on to Sage Life as a divisional manager, which was the beginning of his sales and distribution trajectory. There followed a variety of similar roles in different insurance companies, including companies like African Life, Ithala, Avbob and Absa Financial Services, progressing to senior…

2 min
development bank of southern africa remains strongly capitalised

Edward West edward.west@inl.co.za THE DEVELOPMENT Bank of Southern Africa (DBSA), which helped deliver infrastructure of R26.6 billion in the year to March 31 with R8.2bn of catalysing funding, has remained strongly capitalised and able to deliver on its developmental mandate. The bank said in its annual report Friday its liquidity and capital positions were strong even though Moody’s had downgraded its credit rating to a notch below the government, and the bank’s long-term national scale issuer rating to Aa3.za, from Aa1.za. “Notwithstanding the disruption of the local fixed income market, DBSA has been successful in raising funding from international development finance institutions as well as international and local commercial banks.” The bank said from its point of view, the major impact of the Covid-19 pandemic was disruption of the…

2 min
spur records sales that have grown by 67.6 percent in half a year

Dineo Faku dineo.faku@inl.co.za SPUR CORPORATION, the owner of Spur and RocoMamas eateries, managed to grow franchised restaurant sales by 1 percent for the financial year ended June 2021, the group said in a trading statement released on Friday. Spur said the 1 percent restaurant sales growth represented a 67.6 percent increase in the second half of the financial year, over the same period in 2020, which was severely affected by the total prohibition on sit-down trade in the fourth quarter. Spur profits have been under pressure since the outbreak of Covid-19 and the company is rapidly becoming a serious fast food market competitor with the launch of Spur Steak Ranches’ first drive-through in Pretoria, with plans to introduce drive-through formats for its RocoMamas and Bento brands.…