Star 2021-10-18

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

2 min
dipula proposes share consolidation scheme to improve liquidity

Edward West edward.west@inl.co.za DIPULA Income Fund on Friday proposed a scheme to consolidate its dual share structure into one, a R1 billion capital raise that will include an investment by Resilient, and the possibility of relinquishing real estate investment trust (Reit) status in the interests of reducing gearing. South Africa focused Dipula owns a sectorally and geographically diversified property portfolio, mainly in convenience and township retail, which has proven defensive in the current market. Its dual share structure comprises “A” shares that have preferential entitlement to dividends, but do not receive any residual dividends in excess of their preferential entitlement. But, according to management, its shares are “substantially illiquid,” volatile and have consistently traded at a discount to net asset value and did not correlate to the operational performance reflected…

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2 min
karooooo group grows subscribers by a massive 111%

Edward West edward.west@inl.co.za KAROOOOO, the Nasdaq and JSE-listed group that owns 100 percent of Cartrack Holdings, grew net subscriber additions by 102 609, or 111 percent, in the six months to August 31 due to increased investment in sales and marketing, which takes about six months to translate into new customers. Subscription revenue increased 16 percent to R1.23 billion, and by 20 percent on a constant currency basis. Operating profit fell 6 percent to R346 million, because, while much boosted sales and marketing investment had materialised in part, management expected to see the benefits via customer acquisition only by the end of the fourth quarter of 2022. Founder and chief executive Zak Calisto said in a telephone interview they had increased…

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2 min
trillions in investment needed for lower carbon economy crunch national treasury set to start talks with international investors

Siphelele Dludla siphelele.dludla@inl.co.za THE NATIONAL Treasury is set to start formal talks with institutional investors in a bid to unlock at least R2 trillion in sustainable finance, towards building a more climate resilient and lower carbon economy. The Treasury on Friday published an updated version of its draft techni- cal paper, “Financing a Sustain- able Economy”, which aims to mobilise investment in sustainable development. It said that addressing climate- related risks and transitioning towards low carbon economy will require significant new resources, blending state and private capital, and access to financial markets through additional instruments. The paper serves as a foundational step towards encouraging more long-term investment in sustainable economic assets by the banking industry, retirement funds, insurance, asset management and capital markets. The Treasury said the…

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2 min
unrest fund approvals surpass r1 billion, save 22 493 jobs, says the idc

GIVEN MAJOLA given.majola@inl.co.za THE INDUSTRIAL Development Corporation (IDC), a national development finance institution, said at the weekend its IDC’s Post Unrest Business Recovery Funding approvals had surpassed the R1 billion mark, sustaining 22 493 jobs.The businesses, impacted by civil unrest and looting, which hit parts of Gauteng and KwaZulu-Natal in July, were now slowly returning to activity, it said. Following the unrest that disrupted businesses and livelihoods in the two provinces, the IDC established a Post Unrest Business Recovery Fund to help affected businesses recover and rebuild. Supported clients are spread across a variety of sectors, including the retail, manufacturing and agricultural sectors. IDC chief executive TP Nchocho said there was still work to be done to bring many businesses to full operations. According to him, the unrest…

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2 min
reality on the ground pops rosy picture of employment stimulus

Siphelele Dludla THOUSANDS of unemployed youths were probably left shocked last week when the government’s head honchos announced that they had created more than 550 000 jobs since October 2020. The Phase 1 of the Presidential Em- ployment Stimulus Programme has apparently spent more than R12 billion assisting young people with a variety of job opportunities in 15 national depart- ments. Now, another R11bn has been earmarked for Phase 2 of the programme, and many more thousands will be joining the queue, hoping to eke out an honest living, even if temporary. The Minister in the Presidency, Mondli Gungubele, waxed lyrical, thumbing his chest that the multi-billion rand programme had been so smooth and untainted by any corruption. “Up to this point, so much money has been spent,…

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6 min
a $100 barrel – and its many side effects

LOOKING at the recent political events in South Africa, it would seem as if it doesn't take much to expose its economic underbelly, with disastrous long-term social consequences. And considering the tenuous relationship between and among the millions of unemployed people, an administration with a complicated attitude towards economic growth and an extremely wealthy class that lacks empathy, the masses have been viscerally conditioned to react in only one way every time discontent manifests itself. Violence. There is no doubt that a $100 (R1 460) barrel of crude oil will be an uneasy political moment, an unwelcome one at that. A government that is afraid to govern, always finds excuses not to take hard decisions, especially by avoiding those areas which may somewhat perturb the financial interests of…

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