Indholdsfortegnelse for 2024-08-20 i Mercury

President Cyril Ramaphosa has hailed the growing confidence among investors about the prospects for South Africa’s economy on the implementation of structural reforms, as the stocks and currency markets continued yesterday to new record highs. The JSE All-Share Index rose more than 1% to above 83 600 index points, setting a new record high and marking its fifth consecutive day of gains, largely buoyed by retail-linked stocks, resources, financials, and telecommunications. The growing optimism around interest rate cuts by the US Federal Reserve continued to support market sentiment yesterday, as investors awaited the release of Federal Open Market Committee (FOMC) minutes and the Jackson Hole symposium of central bankers where Fed chairperson Jerome Powell is set to give a speech on Friday. Meanwhile, the rand also remained at more than…

Shares in Thungela Resources, which will kick-start a share buyback scheme for the second half of 2024, fell 1.7% in afternoon trade on the JSE yesterday after it reported declining interim dividends and earnings for the six months ended June 30 2024. The company advised, though, that it had noted progress in efforts to improve Transnet Freight Rail’s capacity. It traded firmer at around R128 per share in the early trading session, extending its 9.65% surge on the local bourse in the past 30 days before tipping into negative territory in the afternoon. In the half-year to June, Thungela repurchased 3.3 million ordinary shares for R441 million, and yesterday the company said it had set its focus on the second instalment of its share buyback scheme. Thungela said it would…

South Africa’s agricultural exports fell slightly to $3.37 billion (R59.7bn) in the second quarter of this year, a 0.1% decline relative to the same period last year following recording a sharp increase of 6% year on year in the first quarter, data from Trade Map showed yesterday. Wandile Sihlobo, chief economist at Agbiz, said the slight decrease in the second quarter reflected the moderation in the prices of some agricultural products and a decline in the volumes. “Notably, while the value of the exports is down mildly from the second quarter of 2023, the efficiency at the ports this year was arguably much better than what the stakeholders experienced in 2023,” Sihlobo said. “This again shows that the decline in export value is largely due to lower prices of some…

A FEW months ago, my wife, Sithabiso Daphne Masuku née Ncube, and I celebrated our 10th wedding anniversary. Naturally, she’s been on my mind a lot lately. But it’s her eclectic STEM career that I feel compelled to share with you this week. With Women’s Month in full swing, now seems like the perfect time to cast a spotlight on the important and timely breast cancer-related research that she is currently devoted to. Wake-up call Did you know that breast cancer is the most common cancer affecting women in South Africa, with a lifetime risk of one in 27, according to the 2019 National Cancer Registry? Turns out, in South Africa, patients are more likely to present with late-stage (stage III or IV) breast cancer, with studies indicating that the…

Australia warned yesterday that the “softness” of China’s economy and tumbling iron ore prices could leave a multibillion-dollar hole in the nation’s budget. Troubles in China’s massive construction sector have seen iron ore prices drop about 30% since the start of the year – and the ripple effects are now being felt Down Under. Australia is the world’s largest producer of iron ore, the main raw component for making steel used in building homes, railways and other infrastructure. Treasurer Jim Chalmers warned that the “softness in the Chinese economy” and sinking iron ore prices were reminders that Australia was “not immune from volatility and uncertainty in the global economy”. His department now believes that the faster-than-expected fall could reduce tax receipts by around A$3 billion (R36bn) over the next three…

According to Pop Pulse, Nara Smith has been nominated for the Food Influencer of the Year award at the South African Social Media Awards and, of course, Mzansi is up in arms. Smith, who has a following of over 9 million on TikTok, is now world- famous for her “from scratch” recipes. However, the originality of her recipes came into question when South African content creator Onezwa Mbola accused her of copying her recipes. Even though they both share similar recipes, Mbola’s style is far more earthy compared to Smith’s video. Since then South Africans have had Mbola’s back, even though Smith is adamant that the rumours are false. According to Pop Pulse’s X post, Smith has been nominated along with other popular food influencers like Zola Nene, Lazy Makoti,…

Rusks, a beloved South African treat, have a history as rich and diverse as the nation itself. These hearty biscuits, resembling dry bread, have become a staple in many households. South African rusks’ history dates back to the early days of European settlement. The term “rusk” is the anglicised word for the Dutch “beschuit,” which refers to a twice-baked bread. This tradition was brought to South Africa by Dutch settlers in the 17th century. Seeking a way to preserve bread for long sea voyages, they devised a method of double-baking, resulting in the creation of rusks. This evolved into a beloved South African tradition, with each family adding its unique twist to the recipe. Rusks are known for their crunchy exterior and slightly softer interior. The double-baking process not only…

Head of the eThekwini Metro’s Sizakala customer service unit said the recently launched “Sizakala app” had reached the milestone of 100 000 users in the City and will almost eliminate the need for customers to physically go into customer service centres. The app will allow for the payment of bills and reporting of faults. Mavuso Tshabalala said the Sizakala app will act as an interface between the City and its customer. “It is a platform where you can engage the metro instead of walking to Sizakala centres. You can log in your complaints such as electricity faults or water outages and you are able to receive information from the City. You will also be able to find out about vacancies at the City and apply for jobs.” Tshabalala…

Teamwork made the dream work as the Cape of Good Hope SPCA and the Law Enforcement Animal Control Unit united to save a dog in need. This was after a call reached the SPCA about a dog, alone and trapped on a tiny island of soil amid the flowing waters of a canal in Langa, Western Cape near the busy N2 highway. After receiving the call, Inspector Lwazi Ntungele was sent to the site, according to SPCA spokesperson Belinda Abraham. She said that when he arrived, Ntungele’s concerns were confirmed: the dog was indeed stranded and the water was swirling around dangerously. “Knowing the risks but hindered by his inability to swim and uncertain about the water’s depth, Inspector Ntungele made a call for back-up, and soon Officer Yaaseen Abrahams…

Dricus du Plessis’ head coach, Morne Visser, echoed his champion’s sentiments surrounding a potential fight with current Ultimate Fighting Championship (UFC) light-heavyweight champion Alex Pereira and wants a fight as soon as December. Shortly after South Africa’s UFC middleweight champion defended his title against Israel Adesanya, getting him to submit him via rear-naked choke at UFC 305 in Australia on Sunday, Pereira posted a picture of himself with Du Plessis on TV in the background with a caption reading: “I am going down to 84kg again. Coming down to 185 one more time.” After seeing the post, Du Plessis confirmed that he would like to save Pereira the trouble and excuses of battling with a weight cut, suggesting that he would go up to 93kg instead to face the former…

After a first-round hiccup for the All Blacks, they returned to winning ways, while Argentina came down from a high to a tough loss. Australia find themselves at the bottom of the log with nothing to show for their efforts against South Africa. Independent Newspapers looks at five things we learnt from the first two rounds of the Rugby Championship. The Boks are in a prime position One can venture as far as to say that the Springboks didn’t have to work too hard to see off the Wallabies for their 10 points after the first two matches in the tournament. Despite missing key players who were injured, and making 10 changes to the side for the second Test, the Boks were far too strong for their hosts who could…

While the Betway Premiership is three weeks from the long-awaited kick-off, several South African teams have been in action with mixed fortunes on international fronts. Here, we look a five talking points from the weekend’s football. 1 Bucs held at bay by Madagascan fishermen Orlando Pirates returned home empty-handed after they fired blanks in the opening leg of their CAF Champions League first preliminary round, first- leg clash against Disciples FC. A goalless draw was hardly on the cards since highly-fancied Pirates were up against an amateur team from Antsirabe, a city in Madagascar. Several Disciples FC players are fishermen. Even more embarrassing for Pirates was that although Disciples FC were the hosts, they too were playing away from home. Disciples FC’s home ground is not CAF-approved. 2 Stellies…

Business rescue practitioners (BRPs) of the beleaguered automotive parts retailer, AutoZone, have confirmed being in productive negotiations with potential buyers of the franchise, which has necessitated the postponement of the rescue plan for the second time to early September. Matuson & Associates BRPs said yesterday the latest postponement of publication of the business rescue plan was to allow identified potential investors to conduct due diligence on the enterprise, which is about R300-million in the red with Absa. Lance Schapiro, a partner at Matuson & Associates, said: “The publication of the business rescue plan has been extended to September 2 to allow for due diligence by potential investors.” This is as the legal department of the Motor Industry Staff Association (Misa) confirmed it was monitoring developments around ongoing negotiations. “AutoZone has…

Electricity Minister Dr Kgosientsho Ramokgopa’s decision to withdraw the 2 500MW new nuclear procurement from the government gazette should be welcomed, even by those who support a new nuclear power station. His concession shows that finally the former Department of Mineral Resources and Energy (DMRE) – which has been split into the new Department of Electricity and Energy; and the Department of Mineral Ressources – is learning the lessons as to why the 2016 alleged “Russian nuclear deal” failed. The court judgment at the time made no ruling on the R1 trillion number that we still hear about, rather the judge ruled that the public participation process wasn’t adequately followed. In fact, all that the government had to do, if they were serious about new nuclear power, was…

AI-ASSISTED cyber-attacks, called deep fakes, are an increasing threat to global businesses. South Africa is not immune, with these techniques increasing locally. Through the use of artificial intelligence, criminals create realistic videos, emails, and email attachments among others, to lure unsuspecting end users into clicking on the items, and gain access to a company’s network. And ICT professionals are working hard to tackle this threat, often using AI as well to detect weaknesses in IT systems so they can be plugged in advance. No definitive statistics are available for such hacks in South Africa, but cryptocurrency company Luno has proactively detected more than 2 000 fake social media sites with a take-down success rate of 98% and almost 500 fake websites, with a take-down success rate of 87.6% over the…

Despite using scrap and focusing on reducing costs, rolled aluminium products manufacturer, the JSE-listed aluminium producer Hulamin, recorded a fall in half-year volumes, turnover and earnings although it has started to see an uptick in demand for its produce. Earlier this year, Hulamin acquired 58.7% of the equity interest in Isizinda Aluminium, bumping up its control in the company to 100%. In June, Hulamin, however, suffered a fire at its Coil Coating Line which mainly impacted the company’s export can end and tab markets, although repair works are on schedule, with production expected to resume next month. Mark Gounder, Hulamin CEO, said yesterday that demand for the company’s production had “started to improve in the first half of 2024, especially in the second quarter to June following a period of…

MTN Group again passed the interim dividend after it reported a 198.5% slump in headline earnings a share to -256 cents per share in the six months to June 30 due to other African currency devaluations, and the weak macro- economic environment. CEO Ralph Mupita said, however, that strong operational momentum was maintained and the resilience of the business was reflected in the growth of their ecosystem, with data traffic and fintech volumes up by 35.7% and 18.0%, respectively. The fintech platform continued to expand, driving good growth in advanced services, while strategic initiatives were initiated, particularly localisations and portfolio optimisation. “We will continue to execute our Ambition 2025 strategy to drive growth and unlock value for all our stakeholders over the medium term. The board anticipates paying a minimum…

Chidimma Adetshina is already leading the race for the Miss Universe Nigeria title since accepting an invitation to enter the competition. The 23-year-old mother of one withdrew from the Miss South Africa pageant amid a preliminary investigation into her citizenship by the Department of Home Affairs. She had already made it to the Top 11 of the Miss SA competition before withdrawing. On Wednesday last week, she accepted the invitation from the Miss Universe organisers, saying: “I have received an invitation from the Silver- bird Group who are the organisers of the Miss Universe Nigeria pageant to participate in the Miss Universe Nigeria 2024, and I say this with great excitement because I have decided to accept the invitation. “I have decided to participate in the Miss Universe Nigeria 2024…

Burn victims often face a long, painful road to recovery, with one of the most frustrating aspects being the slow and complex process of wound healing. For many, the journey is fraught with discomfort, risk of infection and the looming threat of severe scarring. One of the biggest challenges is the regeneration of skin tissue. Unlike small cuts or scrapes, burns can destroy multiple layers of skin, complicating the healing process. Burn wounds need to be rebuilt from deeper layers, which takes time and leaves patients vulnerable to complications. The risk of infection is another major concern. Burn wounds create an open portal for bacteria, making hygiene and continual care essential. Infection can significantly delay healing and increase the likelihood of scarring. There are three levels of injury: First-degree burns…

Gender-based activists have called on the Western Cape High Court to dismiss the bail appeal of a Kraaifontein man, arrested for allegedly being part of an international child porn syndicate. Corné van Rooyen, 40, lodged an appeal after his bid for freedom was denied by the Blue Downs Magistrate’s Court earlier this year, saying the magistrate erred in his judgment. Van Rooyen was arrested alongside Garth van West, 53, and Shannon Manuel, 32, following a joint operation by the SAPS and the US Department of Homeland Security in January. At the time, national police spokesperson Athlenda Mathe said the trio from Worcester, Kraaifontein and Mitchell’s Plain were among seven South African suspects busted. She said Van Rooyen was arrested on January 18, allegedly with more than 149 000 pictures of…

Even South Africa’s “B-team” forwards gave Australia a run for their money and in the absence of several key players, healthy depth was built by Springbok head coach Rassie Erasmus. So much so that he and his assistants will be thinking long and hard over who their first- and second-choice players will be for the two Tests against New Zealand starting with next weekend’s match at Ellis Park. When the scrums went uncontested this past weekend in Perth, the Bok pack switched things up by mauling the Wallabies to shreds when they could not gain the ascendency with their set-piece weapon. Now, though, Erasmus will have a few tough calls to make when it comes to his pack for the first Test against the All Blacks in Johannesburg. No 8…

The Proteas’ 40-run win in the second Test against the West Indies ensured that they continued their dominance over the home side as they won their 10th consecutive series against the men from the Caribbean. Here, we rate how each player did during the series. Temba Bavuma: 7/10 His top score of 86 deserved to be converted into three figures, but his overall captaincy in the series showed a lot of proactiveness with a lot of good, timely changes and field placings. Aiden Markram: 5/10 He ended the series with an overall average of 28 and a high score of 51. His career average in Test matches outside South Africa is 22.19 while he performs better in his home conditions, averaging 43.50. There was a slight improvement on this…

The Springbok coaches have the next week to compose the side they think will be strong enough to triumph over New Zealand in the first of two Rugby Championship Tests next weekend at Ellis Park. After a stellar display in Australia, where they won back-to-back Tests in Brisbane and Perth, the South Africans will enjoy a bit of a break before linking up in Johannesburg to start preparations for the All Blacks. Rassie Erasmus, Springbok coach, will have some selection headaches before the squad is announced for the New Zealand matches, especially in key positions in the backline. Arguably the most important spot will be that of flyhalf, and who gets the nod between Handré Pollard, Manie Libbok and Sacha Feinberg- Mngomezulu for the big games. The question is has…

ABSA Group CEO Arrie Rautenbach is stepping down after only two-and-a-half years as the lender reports a 5% slide in first half headline earnings to R10.2 billion, despite profit growth in the South African operations and prospects of a better second half overall. In a surprise announcement with the interim results yesterday, South Africa’s fourth-largest lender said Rautenbach had agreed to take early retirement. This appeared to be favourably received by the market, as the share price had advanced by 4.99% to R165.27 by late yesterday afternoon, which is a sharp increase for one of South Africa’s big banks. Rautenbach would be CEO until October 15, and would serve out his six-months contractual notice period as “garden leave”. Tasneem Samodien, research analyst at Old Mutual Wealth Private Clients, said the…

The Companies Amendment Act extends the time bar to hold directors accountable from 24 to 60 months, or even more with good cause. It’s a move in the right direction, but I question whether it is enough. The amendment is a direct result of the Zondo Commission of Inquiry into State Capture’s finding that directors of captured state-owned entities had not been properly held accountable. It called for an amendment of the Companies Act to extend the period in which an application for an order declaring a person delinquent can be brought “as it can take a number of years for the facts of delinquency to be uncovered”. The Companies Amendment Act amends the Companies Act of 2008 to extend the 24-month time bar to launch proceedings to 60 months…

There’s no denying that technology dominates most of our lives. Just about everything we do in public, in private entities and at a personal level utilities technology. Little is known, however, about the people behind these technology companies. In the interest of creating more awareness about the founders of innovation and technology companies, I’ve been speaking with the people behind these companies to understand them better. It is clear to me that they are inspirational and I hope they will also inspire you. The founder of Y Combinator, Paul Graham, was once asked to write about the qualities his technology accelerator start-up and venture capital firm looks for in the start-up technology founders that it supports. He highlighted five key traits: determination, flexibility, imagination, naughtiness and friendship. What matters most,…

The Tiger Brands board said yesterday it had extended the tenure of its newly-appointed CEO and executive director Tjaart Kruger for a period of three years to December 31, 2028. In October, 2023 Kruger was appointed CEO and executive director of Tiger Brands for a 26-month period starting on November 1, 2023. “The decision (to extend his tenure) is premised on Tjaart’s positive progress with the group’s long-term strategic turnaround plan, including the appointment of new executive managing directors for the group’s six operating divisions, implementation of a new operating model, as well as progress with regard to the group culture and staff engagement,” the board said. “The board believes this decision will provide leadership certainty to Tiger Brands’ multiple stakeholders and the necessary runway for the group’s succession plans,”…

The US Federal Reserve will cut interest rates by 25 basis points at each of the remaining three meetings of 2024, one more reduction than predicted last month, according to a slim majority of economists polled by Reuters who said a recession is unlikely. The change in Fed rate cut calls follows a weaker-than-expected July US jobs report, which encouraged interest rate futures traders to price in as much as 120 basis points of reductions in 2024 earlier this month. That pricing has reduced to roughly 100 now. Investors also said a violent, but brief market sell-off also was a driver of aggressive rate cut calls, related to the unwinding of large leveraged positions as a result of a sudden, sharp rise in the Japanese yen. Although some Fed officials…

figuring out which spices go well with certain foods is a subjective topic. Understanding the way flavours work with different foods is the best way to become a good cook at home. One of the best parts of cooking is being able to naturally comprehend herb and spice pairings, so you can get flavour combinations that make your food taste good. Cooking with spices and herbs lessens the urge to shake the salt, enhances flavour and adds depth to food. Here are some of the most flavourful combinations to try: Beef This has the most flavourful profile among all the meats. Therefore, you will need a spice that can stand on its own versus the beef but does not overpower it. Depending on the cut of beef, you may also…

South African cricket has always had an almost vulgar obsession with fast bowling: tall, athletic, loose-limbed men charging in delivering thunderbolts. Nothing subtle about rattling the rib-cages of the opposition batting line-ups. And it gained even greater traction after the country’s readmission to international cricket back in 1991. Coaches and captains came and went, but the inherent culture remained with the art of spin bowling resigned to the backwaters. Omar Henry was the first spin bowler trialled after unity with the veteran left-armer being utilised solely to hold up an end while the prized race horses charged in from the other. Others such as Clive Eksteen were later called upon and treated in a similar disdainful manner. It was only when Paul Adams, the wrist spinner with ‘the frog-in-a-blender action’,…

New Chelsea manager Enzo Maresca added to speculation about Raheem Sterling’s future at Stamford Bridge when he left the winger out of Sunday’s squad for the visit of Manchester City, saying some players might have to move on. “I want Raheem Sterling but I want all the 30 players that we have, but there is no space for all of them. So for some of them, they have to leave,” Maresca said after the 2-0 defeat, when asked about the former England striker’s absence. The Italian said Sterling’s omission was a “technical” decision. Sterling’s representatives issued a statement shortly before kick-off, saying the player had a good working relationship with Maresca and was committed to delivering for Chelsea. “Given his inclusion in official club pre-match material this week, our expectation…

Bangladesh begin a two-Test series in Pakistan this week with their preparations severely hampered by the political turmoil that has racked the country. Unrest that led to the ousting of prime minister Sheikh Hasina kept the team’s foreign coaches indoors, strictly following advisories from their embassies, while mass protests stopped the team from assembling for practice sessions. The make-up of the Bangladesh Cricket Board (BCB) is also up in the air, after president Nazmul Hassan fled the country due to his association with Hasina. Cricket and politics go hand in hand in Bangladesh, but ace all-rounder Shakib Al Hasan – a member of the now-dissolved parliament for Hasina’s party – is being allowed to feature in the Pakistan series by the interim government. “Because of the situation it was not…