Star 2021-11-15

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

2 min
transnet losses trickle to a drip as economy opens up after lifting of covid-19 restrictions

Banele Ginindza banele.ginindza@inl.co.za LOGISTICS SOE Transnet narrowed its losses in the six months to September, aided by a further easing of lockdown restrictions, though there are still telling effects from the July looting and unrest, a devastating cyber-attack later in that month and disruptions associated with fuel theft from its pipelines for which it had to pay over the barrel. The group posted a net loss of R104 million, narrowing down from a net loss of R3 billion in the same period a year earlier, while revenue increased by 11.3 percent from R32bn to R35.6bn. “With the financial performance for the six months to September 2021 as well as expected continued recovery for the six months thereafter, we expect the busi- ness and financial performance for the…

2 min
absa’s share price falls as the bank announces more changes to its board

Edward West edward.west@inl.co.za ABSA’S SHARE price fell 2.13 percent to R135.50 on Friday after its board announced that prominent businessman Sipho Pityana would be removed as lead independent director with immediate effect, although he will remain on the board as a director. The share price fell the most of the country’s four biggest banks. His removal followed his decision to take the Reserve Bank’s Prudential Authority to court for allegedly unfairly blocking his candidacy as Absa’s chairperson, which allegedly was due to a claim of sexual harassment made against him during his time as chairperson of Anglo Ashanti, a claim that Pityana has denied. At the end of last month Absa announced former Momentum Metropolitan chairperson Sello Moloko as chairperson-designate, with effect from December 1. Moloko takes over from…

2 min
richemont soars on jse on strong sales and profits

Dineo Faku dineo.faku@inl.co.za RICHEMONT, the Swiss luxury group chaired by billionaire Johann Rupert, touched record highs on the JSE to close 10 percent higher on Friday at R223.93 after posting bumper sales for the half-year ended September and announcing that it was in talks to boost its partnership with e-commerce platform Farfetch. As if to shrug off criticism of poor valuation, Richemont, which owns jewellery brand Cartier, said sales had significantly exceeded pre-pandemic levels during the six months under review. Sales were 20 percent higher than the pre-pandemic levels of the six-month period ended September 30, 2019, said Richemont. On a year-on-year basis, sales increased by 65 percent at constant exchange rates and by 63 percent at actual exchange rates to €8.91 billion (R156bn), leading…

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2 min
ratings agencies adopt a ‘wait and see’ approach to minister godongwana’s mtbps promises minister credited with having tabled very balanced fiscal metrics in budget

Siphelele Dludla siphelele.dludla@inl.co.za Finance minister Enoch Godongwana may have managed to stave off a potential credit ratings downgrade of South Africa’s bonds as he tabled very balanced fiscal metrics in his Budget. Moody’s Investor Services and S&P Global are set to issue their country review on Friday. A further downgrade of South Africa’s bonds deeper into sub-investment level would mean higher borrowing costs for the government, raising the overall cost of living which is already at record highs. The markets last week responded positively to Godongwana’s Medium-Term Budget Policy Statement (MTBPS) which committed to fiscal discipline, debt reduction and managing the Budget deficit. The rand even strengthened below the R15.20-mark to the greenback as South Africa’s credit risk, which is the perceived risk of default, slightly moderated. The MTBPS showed…

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2 min
irongate group has rejected the latest buyout offer from 360 capital group

Edward West edward.west@inl.co.za IRONGATE Group, formerly Investec Australia Property Fund (IAP), has spurned a revised offer from Australia- based asset management firm 360 Capital Group. Irongate had wind of IAP’s intentions in July already, when it warned in a letter to shareholders against appointing two 360 Capital’s directors to the IAP board at the annual meeting that month, and stating in the letter: “The board is concerned … 360 Capital Group could seek to gain effective control of IAP below its fundamental value.” Shareholders heeded the call evidently, as the two directors did not receive enough votes for their appointment at the IAP annual meeting. 360 Capital Group already holds about 19.11 percent of IAP shares. IAP said on Friday that it had received a…

5 min
encounters with s africa’s finance ministers in the past 25 years

Helmo Preuss SINCE May 2014 South Africa has had seven finance ministers, which means that their average time in office is barely one year. As a journalist we get to interact with them at least twice a year, namely at the February Budget and the October Medium-Term Budget Policy Statement (MTBPS). There are other occasions as well, such as when they launch a new series of bank notes such as the Mandela series or a new savings product such as the RSA retail savings bond. What follows is my personal impression of the finance ministers I interacted with. Enoch Godongwana (appointed August 5, 2021) The November 11 MTBPS was my first interaction with him and he set his marker with two firsts, namely he was the first finance minister…

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