Star 2021-10-15

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
petrol price could surge in sa as crude oil price soars

Siphelele Dludla siphelele.dludla@inl.co.za THE PRICE of petrol in South Africa could surge to its highest again as the international crude oil price yesterday breached a more than three-year high amid rising concerns about supply tightness. The price of Brent crude rose more than 1 percent yesterday of $84 (R1 248) per barrel as shortages of natural gas in Europe and Asia boosted demand for oil. The Department of Mineral Re- sources and Energy warned earlier this month that the natural gas crunch in Europe would spill over to other countries and lead to higher oil prices. Oil prices have increased over the past year as a result of steady draws on global oil inventories. Brent crude oil spot prices averaged $74 per barrel in September, up $4…

20211015_pic1001111980.jpg
2 min
brian joffe steps down as ceo to become chairperson of long4life

Edward West edward.west@inl.co.za PROMINENT entrepreneur Brian Joffe would step down as chief executive of Long4Life, a company he founded five years ago, to become its chairperson. Long4Life’s share price surged 15.7 percent to R5.15 on the JSE yesterday afternoon after the group also announced in its interim results for the six months to August 31 that it had received an offer from a party, which it did not name, to buy all its shares. The current chairperson, Graham Dempster, will assume the role of deputy-chairperson. Long4Life delivered “particularly pleasing” results in the six-month period with headline earnings per share increasing by multiple times to 22.5 cents compared with 0.8c in the same period in 2020, and by 55 percent compared with the interim period in 2019, which…

20211015_pic1002163028.jpg
2 min
south32 pivots towards greener metals with chile acquisition sierra gorda another step in accelerating global energy transition

Edward West edward.west@inl.co.za THE SOUTH32 $2.05 billion (R30.47bn) cash acquisition of 45 percent of Chile mine Sierra Gorda represented another step in the group’s pivot to extract resources for the accelerating global energy transition, chief executive Graham Kerr said yesterday. The strategy at the Australia-based international resources group has been to move away from the likes of coal and manganese toward base metals. Earlier this year, South32 sold its South African thermal coal business to black-owned Seriti Resources and it was reportedly considering selling its stake in the Eagle Downs coal project in Australia as well. Last month, South32 acquired an additional 25 percent stake in Mozambique’s Mozal aluminium smelter – aluminium is widely used in low-carbon energy supply such as solar-panel frames. In 2018, the…

20211015_pic1002163248.jpg
2 min
separation of poultry portions helps consumers

Banele Ginindza banele.ginindza@inl.co.za LOCAL POULTRY producers are celebrating the banishing of the mixing of chicken portions in the same bag from different countries, or sources of origin, which will ensure that chicken imports will now be traceable in the event of the break out of diseases. Speaking to Business Report yesterday, Fairplay Founder and chief executive Francois Baird said the banishment, part of the South African Poultry Masterplan, was a breakthrough for consumers and industry as importers tended to source from different countries, including Germany, Ireland, Poland, Denmark, the Netherlands and Brazil and then package in the same bags as availability allowed. “If you get sick from eating that chicken where do yo go. The thing now is that it has to be policed. If regulators ignore that there we…

20211015_pic1002163282.jpg
2 min
pepco delivers bullish annual forecast as it ramps up its store portfolio by 17%

Philippa Larkin philippa.larkin@inl.co.za STEINHOFF subsidiary, Pepco, the fast-growing pan-European variety discount retailer, yesterday forecast revenue growth up 19.4 percent for the year to September as it expanded its store portfolio by 17.3 percent and as it opened its first stores in Austria, Serbia and Spain. Pepco, the owner of the Pepco and Dealz brands in Europe and Poundland in the UK and which listed on the Warsaw stock market in May with a €5 billion (R86bn) valuation, said revenue was at €4.1bn), led by Pepco with 29.2 percent growth. Like-for-like sales were up 6.5 percent. Underlying earnings before interest, taxes, depreciation, and amortisation, was anticipated to be within a range of €640 million to €655m, at the upper-end of analyst expectations, and representing…

20211015_pic1001353355.jpg
3 min
psg group’s investee companies have performed well in a weak economy

Edward West edward.west@inl.co.za PSG GROUP’S investee companies put in a resilient performance in the six months to August with a 17 percent increase in the sum-of-the-parts (SOTP) value per share, and they were well positioned for another good second half performance, chief executive Piet Mouton said yesterday. The figure rose from R94.24 per share as at February 28, 2021, to R110.50 as at August 31. On October 8, the SOTP value per PSG Group share was R112.13. No interim dividend was declared compared with 164 cents declared at the interim stage last year. The underlying investments operate across a range of industries including financial services, education and food, and early-stage investments in select growth sectors. Some 80 percent of the SOTP is calculated using exchange-listed share prices,…

20211015_pic1002162865.jpg