Star 2021-12-07

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
ayo strongly denies claims by former employee zama mlaba that it misstated costs

Edward West AYO TECHNOLOGY Solutions has strongly denied claims by a purported “whistle-blower” and disgruntled former employee in a Daily Maverick report that the company had misstated payroll costs before the release of its results for the year to end August, 2021. Zama Mlaba, a former member of the AYO finance staff, who had for much of this year been facing disciplinary proceedings at the company on other matters, alleged that the omission would have had the effect of AYO misstating its results by some R15 million. In a market announcement on the matter yesterday, AYO said Mlaba, who was dismissed for “repeated gross insubordination and insolence”, had claimed that this money came from undeclared payroll accounts for five months. BR put questions to AYO, as the allegations…

2 min
price of chicken over the festive season is expected to rise

Banele Ginindza CHICKEN prices are expected to soar over the festive season, figures from ChickenFacts and the National Agricultural Marketing Council indicate, impacted by the cost of chicken feed, droughts, avian flu, South Africa’s recent civil unrest, the prices of fuel and increased tariffs on chicken imports This as the price of chicken fillets in South Africa is below only that of Libya and Mauritius in a comparison with other African countries, which reflect a much lower price tag. In a peek at festive prices for poultry in different markets, figures adjusted for the exchange rate as of October 18, and for conversion from imperial to metric, point to a kilogram of chicken fillets in Thailand being at R31.84, in South Africa R72.48, Mauritius higher at R79.55, Nigeria R57.34,…

3 min
nedbank in bumper earnings as full-year profits double

Dineo Faku NEDBANK said yesterday that it anticipates full-year profits would almost double for the year ended December. This was hard on the heels of Absa, which a few days ago saw profits more than doubling in 2021 compared with a year earlier. Nedbank said it now expected full-year headline earnings a share to increase by more than 90 percent and a 180 percent jump in earnings per share when compared with a year earlier. The strong profits from Nedbank come after Absa said on Friday it expected normalised headline earnings per share for the year to December to be more than double the 946.5 cents for 2020. However, Nedbank flagged that a severe fourth wave would impact its financial performance. “Risk to our guidance includes…

2 min
jse big guns aim for mandatory covid-19 jabs in the new year mtn group and sappi have joined growing list of companies in favour

Siphelele Dludla JSE-LISTED firms have started consoli- dating their position on mandatory Covid-19 vaccines for the coming year as cases in South Africa continue to rise from the new Omicron variant, which has become the dominant strain. MTN Group and Sappi yesterday joined a growing list of companies that have adopted a mandatory vaccine policy for their employees starting from January. MTN, the largest telecoms network provider in Africa, said its new vaccine policy was a measure to meet its legal obligations in regard to providing a safe workplace. Employees will have a right to apply to be exempted from the policy on certain clearly defined grounds, but those who are not exempt and still refuse vaccination could be fired. MTN CEO Ralph Mupita said the policy will…

2 min
impala platinum greenlights $1.8 billion capital budget for zimplats expansion

Tawanda Karombo IMPALA Platinum has approved $1.8 billion (R29bn) in capital expenditure for its Zimbabwe unit, Zimplats, which would develop a new mine and expand production at existing portals. Zimplats is a big investor in Zimbabwe’s mining sector, accounting for a bigger portion of the country’s platinum output. Implats also has an investment in Mimosa mine, which it jointly owns with Sibanye Stillwater. The new capex vault for Zimplats formulates part of its capital investment strategy “over a 10-year period beginning in 2021” with about $1.2bn already approved for implementation. The projects set to receive a boost from the new investment include maintaining current production levels through mine replacements and upgrades under which $516 million has been set aside for expansion of production levels through growth projects and…

2 min
thungela’s shares surge as market welcomes additional shareholder returns

Dineo Faku THUNGELA Resources, the coal producer that debuted on the JSE in June, surged by 15.01 percent on the JSE to close at R80.99 a share in anticipation of additional shareholder returns on the back of strong cash generation in the year to date. Thungela, which is valued at R9.5 billion, told shareholders in a trading statement for the year ended December yesterday that its cash position was R8bn at the end of November after riding the wave of strong coal prices. “Cash flow generation has been robust on the back of strong benchmark export coal prices and narrower discounts, albeit in a context of lower export sales volumes,” the company said. Thungela said it might declare additional returns above the targeted minimum pay-out ratio of…