Indholdsfortegnelse for 2023-03-23 i Mercury

SARB now set to add more pain and increase interest rates by 25 basis points THE COST OF living in South Africa will remain elevated for a prolonged period after inflation in February rose for the first time in four months due to costs incurred by retailers to mitigate load shedding. As a result, the South African Reserve Bank (SARB) is now set to add more pain and increase interest rates by 25 basis points to 7.5% next week to contain rising consumer prices. Data from Statistics South Africa (StatsSA) yesterday showed that the annual headline consumer price inflation (CPI) edged to 7% in February from 6.9% in January, mainly driven by food and non-alcoholic beverages, and transport. This was the first time that inflation had risen since October last…

AFTER three consecutive days of no power cuts, Eskom yesterday resumed its rotational load shedding as the resumption of economic activity after the national shutdown and the public holiday put a strain on the grid. The struggling power utility had given South Africa a reprieve from intensified power cuts for the first time this year on Sunday, suspending load shedding for 3 days in a row. This coincided with the EFF’s planned national shutdown to protest against load shedding on Monday, which saw a majority of businesses closing for trade and reducing demand for electricity. However, Investec chief economist Annabel Bishop yesterday said that protesting against load shedding by seeking to drive a national shutdown, made the situation worse, not better, as the electricity supply constraints could not be quickly…

SHARES in RFG Holdings, which owns brands such as Rhodes, Bull Brand, Magpie, Squish, Bisto, Hinds, and Pakco, leapt yesterday after it released a trading update for the 21 weeks ended February 26, saying revenue increased by 7.4%, driven by price inflation of 14.7%. The shares closed 1.05% higher at R8.70 on the JSE yesterday. In its trading statement the food group said: “The deteriorating domestic consumer environment and competitor activity created volume pressure in some categories, and overall group volumes declined by 11%, which was partially compensated for by 2.5% growth from the Today acquisition," the group said. Volumes in the regional segment declined by 9.4% – largely in line with the market in comparable categories, it said. The pie category delivered a strong all-around performance after recovering from…

Transnet Port Terminals (TPT) celebrated a record yesterday as the Durban Car Terminal handled its 600 000th vehicle in a 12-month period. The vehicle was loaded onto the vessel Cattleya Ace, for export to Europe. TPT hailed the event as a breakthrough with the terminal having handled this number of vehicles for the first time in a 12-month period.Managing executive of Durban Terminals Earle Peters said Durban Terminals is the largest automotive terminal in Southern Africa. “We normally handle an average of 500 000 vehicles over a 12-month period. Today we celebrate the handling of 600 000 vehicles, something we have never done before. This includes import units coming into South Africa and export units that are built in South Africa, pre-assembled, and then shipped out of South Africa.” Peters…

The driver of a Mercedes-Benz vehicle was apprehended yesterday after leaving a Pietermaritzburg petrol station, allegedly without paying for fuel to the value of R1 600. Security company Mi7 national group director Colin David said reaction officers stationed in the Athlone area received information regarding the driver of a vehicle, a grey Mercedes V Class, who had fled a fuel station without paying. “Mi7 reaction officers immediately made their way to the fuel station and obtained CCTV footage of the incident, passing on the vehicle’s details to Mi7 control room operators, who uploaded it to the Mi7 surveillance net,” he said. David explained that the Mi7 surveillance net is a network of surveillance technology installed by the company in Pietermaritzburg, Hilton and Howick. The technology is equipped with Navic’s…

Non-profit organisation Justice for Forensics has offered a R1 million reward to anyone who can help track down the mastermind behind the murders of insolvency practitioner Cloete Murray and his son Thomas. The two came under fire at the weekend while travelling along the N1 highway near Midrand, in Gauteng. Murray died in hospital; his son died at the scene. Justice for Forensics has appealed to the public for assistance. “The callous murder of father and son has left the crime-fighting community devastated. This type of anarchy, if left unchecked, will bring South Africa to its knees. Forensics for Justice will therefore pay a reward of R1 million to any person that provides information which leads to the arrest and conviction of the person or persons that arranged this cowardly…

EVEN before the MotoGP season opens in Portugal on Sunday, defending world champion Francesco Bagnaia appears to hold pole position. Six-time champion Marc Marquez might be back to full fitness, as his Honda team insist, but pre-season testing suggested Bagnaia is again the fastest rider on the fastest bike and is poised to continue the domination he established late last season. Bagnaia was fastest in the last pre-season tests in Portimao in March on the track where the season starts. “I’m very happy,” Bagnaia said after smashing the track record. “We are ready at 100% for first race.” The Italian failed to finish five races last season and at the halfway point, after crashing on lap three in Germany, trailed the 2021 champion Fabio Quartararo by 91 points. Bagnaia accelerated…

SAFA president Danny Jordaan on Wednesday warned all clubs that are vying to compete in Caf competitions to launch women’s teams. In 2021, Caf sent a directive to their 54 regions that their domestic clubs should launch women’s teams as one of the pre-requisites to qualify for the Champions League and Confederation Cup. However, it appears that rule has been pushed to a further deadline, with teams in most parts of the continent, including South Africa, yet to adhere to the directive. From the Premiership, it is only Mamelodi Sundowns, TS Galaxy and Royal AM that have teams competing in the national Super League. However, with Soweto giants Orlando Pirates and Kaizer Chiefs expected to compete in African competitions, they are racing against time to launch their women’s…

OUTSURANCE Group, which almost doubled its interim dividend to 56.8 cents per share from 23.5c, has identified Ireland’s motor and home insurance market as a new expansion opportunity. Ireland is “a strong strategic fit”, the group said in its results for the six months to December 31, released yesterday. Ireland had a growing insurance market, favourable distribution dynamics, historic market profitability and a familiar regulatory environment. The market entry is subject to obtaining a non-life insurance licence from the Central Bank of Ireland. The group already sells insurance products in Australia, New Zealand and Namibia. “While the general economic outlook is tough, we remain optimistic about growth prospects given our low market share and growth potential in newly identified markets and channels,” Outsurance Holdings CEO Marthinus Visser said in…

CA SALES Holdings (CA&S) lifted its dividend 30.4% to 15.35 cents a share in its maiden year as a listed group and it is well placed to continue to deliver good results in the year ahead, CEO Duncan Lewis said yesterday. The retail group has a strong balance sheet and a diverse portfolio and geographic presence, he said at the end of the financial year to December 31 where headline earnings per share increased well by 31.2% to 78.2c per share. CA&S’s dual listing on the JSE and Botswana Stock Exchange in June 2022 had raised its profile among South African retail and institutional investors, and had increased the liquidity of the share, he said. The share priceclosed 2.71% higher at R7.20 on the JSE yesterday, close…

A SPAT BETWEEN RCL Foods and a minority shareholder, Albie Cilliers, sole director of Breede Coalitions, continued with yesterday’s call by Cilliers for the JSE to investigate RCL’s alleged “defamatory” and “false” claims on the JSE News Service (Sens). On Monday, RCL Foods claimed Cilliers had abused and profiteered from the share appraisal rights process. In a letter to the JSE yesterday, Cilliers requested it to investigate a trend where “issuers are using the Sens platform to defame shareholders exercising their rights and to discourage dissent and shareholder engagement.” RCL published an announcement on Sens alleging that Breede Coalitions abused and was involved in “profiteering” from shareholder appraisal rights, which saw the repurchase of R2.2 million worth of shares held by the minority shareholder, although RCL also said…

KwaZulu-Natal police recovered 89 firearms and arrested 2 252 suspects for crimes ranging from murder, attempted murder and robberies in the past week. Provincial police spokesperson Colonel Robert Netshiunda, said continuous police operations, from March 13 to 20, resulted in the recovery of 68 pistols, 10 rifles, four shotguns and seven home-made firearms. He said 1 418 rounds of ammunition of various calibres were also seized. “Thirty four suspects were arrested for illegal possession of firearms and ammunition. Over 2 500 tablets of drugs, including mandrax, heroin and ecstasy were also recovered during the operations,” said Netshiunda. According to Netshiunda, of the arrested suspects, 757 were arrested for contact crimes, while 47 were nabbed in connection with cases of murder. “Thirty two suspects were arrested in relation to cases of…

RESIDENTS, councillors and property owners of eThekwini Municipality have spoken of their frustration over living in areas with overgrown vegetation, saying this posed a serious threat to their safety. While some have questioned the efficiency in eThekwini Municipality’s parks division in dealing with uncut grass and trees, others said they had given up complaining because the problems had been going on for a while. A Newlands resident, who wanted to remain anonymous, spoke of how she had been unable to use a public gym facility since December because it was surrounded by overgrown grass. Ward 24 councillor Hugh Makhathini admitted there were challenges with vegetation, adding that they had been reported to the authorities a number of times. He cited an incident in which a stream in Mahlathini Road, Chesterville,…

MORE than a century of burning fossil fuels and unsustainable energy and land use worldwide, but in particular in developed countries, has led to global warming of 1.1°C since the start of the industrial revolution. This is according to the Intergovernmental Panel on Climate Change (IPCC)’s Summary for Policy Makers and a longer synthesis report of the Sixth Assessment Cycle. The report, released this week, brings together the work of leading global scientists over the past six years. The global warming of 1.1°C has resulted in more frequent and more intense extreme weather events, with devastating impacts on people and nature in every region of the world. A recent example is cyclone Freddy which killed people in Malawi, Mozambique, South Africa and Zimbabwe. The IPCC found that with every increment…

THE Sharks have targeted a maximum of 15 points from their final three United Rugby Championship (URC) matches in a bold attempt to rescue a home semi-final from their campaign as well as ensure they qualify for next season’s Heineken Cup. The Durbanites visit the Scarlets on Saturday and wing Werner Kok says the game is of “massive importance” as the Sharks look to climb the ladder from their current seventh position. Only the top eight finishers in the URC qualify for the Heineken Cup but as Kok explains, even seventh or eighth may not be good enough because places have to be found for one franchise from each of the five countries participating in the URC. “Our seventh place is in fact last place because there has to be…

THE INTERNATIONAL Monetary Fund (IMF) has slashed South Africa’s growth forecast for 2023 significantly due to heightened power cuts, weak commodity prices and weakening global economy. The IMF yesterday lowered South Africa’s real gross domestic pro- duct (GDP) growth forecast for 2023 drastically to 0.1% from 1.2% previously projected in January. This forecast is contained in the concluding statement describing the preliminary findings of IMF staff at the end of an official staff visit in South Africa for consultations under Article IV of the IMF’s Articles of Agreement. IMF’s head of research in the African Department, Papa N’Diaye, said South Africa’s near-term growth outlook had deteriorated. N’Diaye led an IMF team on March 1 to 17 to hold meetings with the economic authorities and other counterparts from the public and…

JSE AND 2X-listed Life Healthcare Group, announced yesterday that it was set to acquire TheraMed Nu- clear’s non-clinical imaging operations in Gauteng, in a bid to continue with its South African diversification strategy. The group declined to disclose how much the acquisition would cost, but said the transaction would be finalised mid-year. TheraMed Nuclear is a nuclear medicine and molecular imaging business offering advanced-techno- logy medical scanning services for the detection and treatment of diseases, such as organ dysfunction and cancer. Southern Africa Life Healthcare CEO Adam Pyle said: “The acquisition further entrenches our commitment to investing in medical imaging in South Africa, with our capability now extending into nuclear and molecular imaging. “As part of this journey, we plan to drive improved accessibility for clinicians and their patients in…

People across the globe can attest to the power of music to cross all barriers, but new research has revealed music can be appreciated by and be beneficial for other species too. Those species include none other than the humble dairy cow. According to a recent study by the University of Pretoria (UP), playing soothing classical music to dairy cows has been proven not only to lower their stress levels, but also increase their milk production. The findings, published in the journal Domestic Animal Endocrinology, were the result of research by Lize-Mari Erasmus, a former member of UP’s Camerata choir, who has a master of science degree in agriculture specialising in animal science from the university. Erasmus’s studies allowed her to combine her two passions of music and animals. Her…

The One-Day International series against the West Indies has painted a vivid picture of where the Proteas stand and where improvements need to be made going into their clashes with the Netherlands. The abandoned first ODI did not aid South Africa’s quest for excellence and had it been played, there’d be a clearer understanding of where the team is ahead of the Netherlands series. The two matches, in East London and Potchefstroom, have however answered two big questions South Africa had been posed as an ODI unit. Quinton de Kock, as wicket-keeper and with the bat at the top of the order, is a proven success. A reminder to the fans, and perhaps to himself as well, is what is needed from him to further clarify the height of this…

THE race to buy Manchester United entered a crucial stage yesterday as bidders faced a deadline to submit improved offers for the Premier League giants. Qatari banker Sheikh Jassim Bin Hamad Al Thani and British billionaire Jim Ratcliffe have rival bids on the table. There are reported to be several other groups whose interest in United has remained private throughout a bidding war which has intensified this week. Elliott Investment Management reportedly made it through to the second stage of the process, although the firm is believed to be offering funding to United owners, the Glazer family, rather than a takeover. Those who wanted to buy United had to declare their offer to Raine, the merchant bank brought in to assist the club, by last night. At least six bids,…

THREE months on from Argentina's dramatic World Cup final victory over France, international football returns this week as Euro 2024 qualifying gets underway. Germany, as hosts, are exempt from the qualifying process but the rest of Europe's heavyweights begin the process this week. AFP Sport picks out some of the storylines to follow: Italy back Italy were the highest-profile nation to miss out on the World Cup in Qatar. They now begin their defence of the European Championship trophy with a mouthwatering showdown against England in a repeat of the Euro 2020 final which the Azzurri won on penalties at Wembley. Roberto Mancini remains in charge despite the failed World Cup qualifying campaign, but there are some new faces in his squad. One man to look out for will be…