Star 2021-10-19

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
renergen completes forward sale helium agreement

Edward West edward.west@inl.co.za DOMESTIC natural gas and helium producer Renergen has completed a forward sale agreement for 100 000 units of helium to Argonon Helium US, a helium trading company. The agreement is for 19 years. Each unit represents a thousand cubic feet (mcf) of liquid helium. Argonon will use the helium to issue tokens, which will in due course be listed on an exchange with the assistance of financial services provider Purple Group’s EasyCrypto platform, providing transparency in the price of helium for the first time. Renergen’s share price surged 6.7 percent to R585.85 yesterday morn- ing after the deal was announced. Purple group’s share price was up 1.51 percent to R2.02 at the same time. The tokens will be fully redeemable for helium at the…

2 min
brace for november fuel shocker petrol could increase by 99c a litre, and diesel and paraffin by r1.42

Siphelele Dludla siphelele.dludla@inl.co.za THE PRICE of Brent crude oil rose to above $85.90 (R1 254) a barrel yesterday, the first time since October 2018, as constrained supply was unable to keep up with a rising demand following the reopening of global economies. Market tightness has been intensified by shortages of natural gas and coal in Europe and Asia, which can boost demand by as much as 450 000 barrels a day in the fourth quarter. Market speculators have gone as far as predicting that oil prices could rise as high as $100 per barrel before the year ends, triggering price hikes across the board. Current data in South Africa is predicting fuel price hikes of unprecedented proportions for November. Unaudited mid-month data from the Central Energy Fund indicates…

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2 min
trade conditions should ease from september

Siphelele Dludla siphelele.dludla@inl.co.za SOUTH African businesses are expecting trade conditions to ease for the next six months and move into positive territory after the turbulence experienced in July and August. The SA Chamber of Commerce and Industry (Sacci) yesterday said the momentum in trade conditions remained in negative territory in September. Sacci said the Trade Activity Index (TAI) was at 39 points in September, below the 50 points mark that separates contraction from expansion. The TAI was temporarily interrupted in July and dipped to its lowest this year at 34 points due to supply chain disruption during civil unrest, and recovered to 39 points in August. Trade was severely hampered as thousands of businesses were van- dalised, looted and burnt down in July during some of the…

2 min
kzn ports operational after fire and bad weather, says transnet

Banele Ginindza banele.ginindza@inl.co.za TRANSNET confirmed yesterday that its Richards Bay and Durban ports were fully operational after a major fire at the former facility and bad weather at the latter last week saw the utility declare force majeure over the weekend. The major logistics state-owned enterprise said a second fire at Port Richards Bay, which broke out on Wednesday and reignited on Friday, had affected one of the import conveyor belt routes. “Transnet National Ports Authority (TNPA) would like to reassure all stakeholders that the ports of Durban and Richards Bay are open. TNPA is aware of reports on social media that these ports are closed and confirms that this is fake news,” said Ayanda Mantshongo executive manager: corporate affairs and external relations at TNPA. Mantshongo said shipping was suspended…

3 min
calgro m3 is looking forward to a robust second-half

Edward West edward.west@inl.co.za CALGRO M3 anticipates a robust second-half performance with firm revenue growth from development and sale of its integrated housing developments and from its memorial parks, chief executive Wikus Lategan said yesterday. Revenue increased strongly by 45.6 percent to R576.2 million in the six months to August 2021, the gross profit margin increased to 19.7 percent from 7.9 percent, and interim headline earnings per share increased by 262.8 percent to 42.79 cents per share. Net asset value stood at R7.23 per share. Chronux Research analyst Rowan Goeller said Calgro M3 should have a “fairly good second half”, demand remained healthy, the group had done well to simplify the business, cash flows were strong, with steady cash flow from the memorial parks business,…

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2 min
irongate receives ‘unsolicited’ r12bn bid from oz fund management company

Edward West edward.west@inl.co.za IRONGATE Group, formerly Investec Australia Property Fund (IAP), said yesterday that it had received a “highly conditional” and “unsolicited” A$1.1 billion (R12bn) takeover offer from fund manager 360 Capital Group, a company that IAP’s board previously warned might make a predatory offer. The offer was for all shares in Irongate that 360 Capital did not already own for A$1.6047 cash per security, which was made up of a headline price of A$1.65 less the anticipated distribution of A$0.0453 per IAP security for the half-year to September 30. Irongate’s share price rose 3.66 percent to R16.69 on the JSE yesterday around midday, while in Australia the price was up by the same percentage to A$1.56 per share. The proposal was conditional on ESR Real Estate (Australia)…