Indholdsfortegnelse for 2023-11-24 i Mercury

TODAY South African consumers are expected to be on the lookout for good-value deals on Black Friday amid a cost-of-living crisis. Data from the Bureau of Market Research (BMR) shows that R7 billion more is likely to be spent on goods during this period compared to last year. Research by the BMR on behalf of retailer finance provider Capital Connect found that Black Friday spending was expected to increase from R19bn last year to R26.6bn this year and create approximately 150 000 seasonal or temporary jobs. Anton Hugo, PricewaterhouseCoopers (PwC) South Africa retail and consumer industry head, said the net impact of Black Friday/Cyber Monday on retail income was challenging to calculate accurately, because of some shift in holiday spending from December to November. “Nonetheless, South African re-…

SHIPPING conglomerate Maersk has not removed Cape Town as a port of call, but has started a weekly service out of the port through transhipment in a bid to avert the bottlenecks caused by weeks of congestion in South African ports. There are currently 96 vessels waiting at anchorage outside South African commercial ports, costing the economy R98 million a day in direct, sunken costs, at least R26m a day in indirect costs, and impeding at least R7 billion worth of goods from moving every day. Maersk’ media relations manager for Indian Subcontinent, Middle East and Africa, Adhish Alawani, said they had not removed Cape Town from their services. Alawani said South Africa was an extremely important market and a strategic location for their operations, and they were…

THE CURRENT $800 billion (R15 trillion) invested annually in the global oil and gas sector could be halved by 2030 if a goal to limit global warming to 1.5ºC was to be reached, the International Energy Agency (IEA) said in a report yesterday. The report added that no new long-lead-time oil and gas sector projects would be needed if that goal were to be reached, and some current projects would need to be shuttered. The highest emitters in the global oil and gas industry have “vast potential for improvements”, the IEA said, as they face choices amid a climate crisis fuelled in large part by their products. The industry would need to reduce emissions by 60% by 2030 in order for the industry to align with climate goals to…

South Africa’s dual retirement savings structure presents a growing challenge for women during maternity leave, as they often find their contributions to the employer-backed retirement fund dwindling or pausing entirely, negatively affecting their ability to save for retirement. The consequences of inadequate retirement savings for women can be severe. Insufficient funds may necessitate reliance on state pensions as the primary source of retirement income, which might not be adequate to maintain a comfortable lifestyle. Consequently, many women face financial uncertainty and an elevated risk of experiencing economic challenges in their later years. The situation only amplifies an already gender-skewed working world. According to the Statistics South Africa Quarterly Labour Force Survey for the third quarter of 2023, South Africa’s labour force participation rate increased to 60.2% in the third quarter…

MR PRICE Group’s interim results show just what a good acquisition can do to the top line during tough times, but it wasn’t enough to lift the value fashion retailer’s earnings. In the 26 weeks to September 30 revenue grew 26.4% to R16.8 billion, a performance that included the recently acquired Studio 88 Group (S88). Excluding the acquisition, revenue grew only 3.5% to R13.7bn, a figure that is below average inflation. Diluted headline earnings a share decreased 9.6% to 439.5 cents, compared with growth in the previous period of 10.8%. An interim dividend of 283.5c was declared, 9.3% lower than at the same time last year, but maintaining the 63% pay-out ratio. Store sales increased 28.8% (excluding S88: 4.1%). Online sales decreased 3.2% (excluding S88: -5.7%), against…

Black Friday is one of the biggest shopping occasions in South Africa, and across the globe. The shopping extravaganza - which takes place on the last Friday of November – involves scores of people buying a range of sale items, including electronics, clothes and home appliances. But while there are great deals to be found, it's important to shop smart and not overspend. Although it’s easy to find yourself justifying spending money on deals during Black Friday, South Africans should maintain an “if I can’t afford it, it’s not my bargain” mindset and keep their credit score at the forefront of their minds, advised Ayanda Ndimande, of strategic business development at Sanlam Retail Credit. She also suggested setting up a vision board in order to remain focused on long-term financial…

Banyana Banyana coach Desiree Ellis says they won’t leave any stone unturned in their Women’s Africa Cup of Nations qualifier against Burkina Faso, considering what’s at stake. Banyana are the reigning African queens. They won their first crown in Morocco last year to take positives to this year’s World Cup, where they finished in the last 16. Banyana will start their bid to defend their African title against Burkina Faso in the last round of the qualifiers. The first leg is in Yamoussoukro in Ivory Coast on Thursday next week. And in ensuring a positive result, Ellis named a strong 24-member squad – which will be trimmed down to 23 before they travel – at Safa House in Nasrec, Johannesburg yesterday. She named the extra player in case of eventualities…

Richards Bay head coach Kaitano Tembo has expressed his team’s excitement ahead of the visit of Soweto giants Orlando Pirates as league action resumes this weekend. The Natal Rich Boyz will welcome the Sea Robbers to King Zwelithini Stadium tomorrow (3.30pm kick-off), looking to continue where they left off before the international break. The KwaZulu-Natal-based outfit have seemingly remembered how to win football matches, having previously gone on an unprecedented 19-match winless streak between January and September. Tembo’s men have now been victorious in three of their past five matches in all competitions, including a penalty shootout triumph over their next opponents Pirates to book a spot in the semi-finals of the Carling Knockout Cup. The 53-year-old mentor spoke ahead of his side’s battle with the Buccaneers in Durban and…

THE SOUTH African Breweries (SAB) confirmed yesterday that its R5.8 billion investment commitment had been used to increase capacity at two of its plants. The investment was for civil works and new equipment to allow for increased local production for new product innovations. SAB announced this investment at the South African Investment Conference 2023 earlier in the year. Two of SAB’s plants were identified for these capacity upgrades, Prospecton Brewery in Durban and Ibhayi Brewery in Gqeberha in the Eastern Cape. Richard Rivett-Carnac, the CEO of SAB, said in a statement: “We are dedicated to sustainable investments and economic growth. Our investments over time have contributed billions of rands to the South African gross domestic product (GDP), which, alongside the investment commitments pledged at the 2023 South African Investment…

In the AGE of rapid ongoing digitisation, traditional employment structures are undergoing a metamorphosis. Mirroring global trends, there has been a noteworthy rise in South Africa’s freelance economy, carrying with it the allure of independence, flexibility and financial possibility. But there are caveats. One of the most profound challenges in navigating the freelance economy lies in financial planning, particularly for retirement. Recent data from the Southern African Freelancers’ Association revealed that two out of three freelancers reported losses between 25% and 100% of their income between 2020 and 2021 – amid challenges brought on by the Covid-19 pandemic and the prevailing digital disruption in the communications sector. But this turbulence isn’t restricted to our borders. Research into the US gig economy – with a formidable freelancer force of 73.3…

KAL GROUP’S revenue increased strongly by 42.7% to R22.40 billion in the year to September 2023, buoyed by the inclusion for a full year of PEG Retail Holdings, as well as market share growth in its retail and fuel businesses. PEG was acquired by KAL’s TFC Operations from July 1, 2022, and only three months of PEG performance was included in KAL’s financial results for the 2022 year. CEO Sean Walsh said the group had continued to perform strongly throughout the year and the revenue growth was off 64.4 million transactions, an increase of 93.4% year-on-year. Excluding PEG, the increase would have been 1.3%. He said in an interview that without PEG, revenue growth would have been 4.5% after building materials sales fell by 10%, and the…

SAA AND DISCOVERY yesterday unveiled the completion of a landmark refurbish- ment of their premium airport lounge. “This newly revitalised space is a corner- stone in realising their joint vision of provid- ing exceptional luxury and convenience for travellers,” Discovery said in a state- ment. Dinesh Govender, CEO of Discovery Vitality said: “The Lounge is more than just an airport lounge; it's a testament to our vision of behavioural-driven design that delights users at every touchpoint.” There are several lounges at OR Tambo, including Bidvest Premier Lounge and Slow Lounge, which offer travellers respite and are often perks for bank cardholders. Discovery Bank Purple, Black, and Platinum cardholders could now join SAA Business class passengers and Star Alliance Gold members in accessing The Lounge. Hylton Kallner, the CEO of Discovery…

It’s not the festive season until Sho Madjozi drops a hairstyle trend for children. Madjozi, rapper, singer, songwriter, actress and poet, is a trend-setter, with young girls known to copy her colourful hairstyles during the end-of-year school holidays.. And as the festive break approaches, the John Cena hitmaker took to X to announce that the hairstyle for the season is out – and it’s sparkling braids. “I finally figured out the sparkle braids,” she posted. Those in Madjozi’s X comments section encouraged her to sell hair extensions, adding that this would help her rack in the cash. “Yoh, guys, I’m tired of Sho Madjozi, she literally could have a multi-million rand empire by now – her team is doing her wrong. Hair extensions, hair accessories, school supplies – bags,…

An argument can be made that the Sharks’ confidence is shot to be near unrecognisable, riddled with piercing holes and bleeding out. That could all be about to change this weekend if their recently returned Springboks are selected for their United Rugby Championship clash against Dragons at Kings Park tomorrow (7.05pm kick-off). In fact, there should not even be a debate about whether they should be selected – they must simply be picked. The Sharks have had a horrid start to the new season, and after five games are rooted to the bottom of the URC standings. They have yet to win a game, having collected only two losing bonus points, and will have to also overcome a points difference of -51. A quick scan of the stats of their…

DAY three presented different challenges altogether for South Africa A and West Indies A in the first unofficial Test match at Willowmoore Park in Benoni yesterday. The wicket had began to deteriorate and showed signs of uneven bounce early on in the day. With the big West Indies quicks having had sufficient rest on day two, the conditions on offer yesterday only spelt trouble for Shukri Conrad’s SA A. Jayden Seales was the first West Indies paceman to exploit the spicy conditions as he unleashed a back-of-a-length delivery that shot up and hit Tony de Zorzi on the gloves, but it luckily fell in no-man’s land. It was a big wake-up call for what was to come on the day as the hosts looked to build on their overnight score…

Daniel Akpeyi has vowed to wear his heart on his sleeve for Moroka Swallows when they host his struggling former employers Kaizer Chiefs in Dobsonville on Sunday. Kick-off is at 3.30pm. Chiefs are known for producing or signing some of the finest goalkeeping talents on the continent, dating back to Eshele Botende, Brian Baloyi, Rowen Fernandez and Itumeleng Khune. That’s why Akpeyi still prides himself on donning the famous gold-and-black jersey of the club, having spent three-and-half seasons there after being signed from Chippa United. He left Chiefs empty-handed. The stocky Nigerian has since resurfaced at Chiefs’ arch-rivals Swallows, where it’s safe to say he’s maturing like fine wine, given that he’s the No 1 of the team. The 37-year-old’s heroics between the sticks have guided Swallows to fifth spot…

FINANCIAL and insurance services group Discovery, which is facing complaints over unfair treatment of its health insurance clients, has denied that it is pursuing re-domiciling of its operations from South Africa to London, even as speculation swirled around the purpose of CEO Adrian Gore’s travels abroad. Discovery offers banking, investment, health, life and vehicle insurance among other services to South Africans as well as to other international markets, including the UK. Financial and insurance industry sources in South Africa have said that the company was now focused more on its international business, with a source who declined to be named telling Business Report the group was considering moving its operations to London as woes mounted back in South Africa. Gore has spoken out about the National Health Insurance in recent…

ANCHOR Capital has remained optimistic about South Africa’s sovereign credit ratings in spite of three major ratings agencies holding it in below investment status. Last week, S&P Global Ratings affirmed South Africa’s long-term foreign and local currency debt ratings, at BB- and BB, respectively, and maintain the stable outlook. Moody’s Investor Services also maintained South Africa’s stable outlook earlier this month, following the Medium-Term Budget Policy Statement (MTBPS), but rates South Africa’s long-term foreign debt at a sub-investment grade Ba2. In July, Fitch Ratings Fitch maintained its BB- credit rating on South Africa and kept its stable outlook on the country’s long-term foreign and local currency debt ratings. Anchor Capital’s investment analyst, Casey Delport, said yesterday that South Africa stood as a seemingly resilient protagonist in the tempest of economic…

A financial ombud scheme that merges the non-statutory long-term insurance, short-term insurance, banking and credit ombud schemes will become operational early next year. According to information released by the Ombud Council, which is overseeing the transformation of the financial ombud system in South Africa, the four existing schemes will form the four divisions of the National Financial Ombud Scheme of South Africa (NFO) and operate under a common set of rules. This is in accordance with changes in financial legislation over the past six years that have sought to improve outcomes for consumers of financial products and services. The Financial Sector Regulation Act of 2017 signalled the transition to a “treating customers fairly” regulatory environment. It gave effect to the formation of the Ombud Council in November 2020, which, in…

THE SPAR GROUP share price fell more than 4% yesterday after it forecast sharply lower earnings for the year to September 30, with the failure of a new SAP information technology system largely to blame. The grocery store group said in a trading statement yesterday that it expected diluted headline earnings per share (Heps) to fall by between 53% to 43% for the year. The share price was last seen trading at R112.56. The price has fallen in a steady trendline by 42.5% over three years. The group’s management said diluted Heps were expected to fall to between 544.8 cents to 660.7c compared with 1 159.1c at the same time last year. Turnover growth was lower than expected, and input costs rose faster than expected, across all regions,…

Every day, countless lives are lost due to the absence of preventive measures that could have made a difference. And when it comes to men's health, scientific evidence has shown that a lack of preventive measures can result in tragic consequences and claim lives prematurely. Research published in The Lancet, journal found that the absence of health check-ups, screenings, and timely interventions are costing scores of lives each year. The research highlighted that preventable conditions, such as heart disease, certain cancers, and chronic illnesses, are claiming lives that could have been saved through proactive measures. A lack of awareness and prioritisation of preventive care, particularly for men, have been blamed as undetected conditions worsen over time. Societal stigmas and expectations surrounding masculinity have also discouraged men from seeking preventive care,…

So you thought pineapple on pizza was weird? Compared to this bizarre pizza topping, pineapple is not far-fetched at all. According to The Sun, a popular pizza restaurant chain in Hong Kong has collaborated with Ser Wong Fun, a snake restaurant established in 1895, to create an unusual pizza. The topping is a modern twist on a traditional snake soup, which is a popular dish in Hong Kong, Southern China, Vietnam, and Thailand. The recipe features shredded snake meat, black mushrooms, and Chinese dried ham which are essential components of Hong Kong snake soup. The pizza franchise’s general manager said it used meat from several snake species, such as Chinese rat snakes, banded kraits, and white banded snakes in its unique topping. This 22cm pizza, featuring abalone sauce, was…

Human rights activist and former member of the ANC Kumi Naidoo has penned an open letter to President Cyril Ramaphosa calling for the Cabinet to “put your money where your mouth is” and slash their “exorbitant” salaries by 50%. In an open letter posted on Naidoo’s social media platforms, he specifically addresses Ramaphosa, deputy president Paul Mashatile and ANC secretary-general Fikile Mbalula. He said he was writing the letter as a former ANC member and, more importantly, “a gatvol citizen”. “It is high time you heeded Madiba’s words. We find ourselves in a state of disaster and are not content to remain silent. “I propose, no, I demand, that the Cabinet and Parliament make a resounding statement of their commitment by slashing their exorbitant salaries by a staggering 50%. It’s…

AmaZulu boss Sandile Zungu has praised inaugural African Football League champions Mamelodi Sundowns for their rise to become one of the biggest clubs on the continent. The Brazilians were recently crowned the winners of the first instalment of the continental competition that featured only eight of the finest clubs from powerhouse nations across Africa. While many have questioned the process of determining the participants of the competition, Zungu has moved to defend the 13-time Premiership champions, stating their case in what he deemed was rightful admission into the tournament. Sundowns also currently hold the record for the most consecutive league title wins at six, while number seven seems to be coming, with their sizeable gap at the top of the table. Next up for AmaZulu will be tomorrow’s league encounter…