Indholdsfortegnelse for 2024-06-27 i Mercury

Listing is the second of an expected 10 so far this year ONE OF SOUTH Africa’s best-known chicken producers, Rainbow Chicken, listed on the JSE Main Board yesterday through an unbundling from its parent RCL Foods. The listing, the second in two days for the bourse, followed RCL announcing its decision to list Rainbow in March. Rainbow’s 890.3 million shares were untraded at R4 each yesterday, and will begin trading from July 1 this year. The JSE has been struggling to attract new listings recently after only three companies listed last year. Although it predicted possibly up to 10 new listings this year, so far Rainbow is only the second after Cilo Cybin listed on the AltX board yesterday. Smalltalkdaily Research market analyst Anthony Clark said the listing of…

SOUTH Africa has asked the World Trade Organisation (WTO) to establish two panels to probe EU Citrus Black Spot and False Codling Moth citrus regulations, which it says “are unscientific and discriminatory”. This is according to a joint statement released yesterday by the Department of Agriculture, Land Reform and Rural Development, the Department of Trade, Industry and Competition and the Citrus Growers’ Association of Southern Africa. The request to establish the two panels is a significant development. This is the first time that South Africa has progressed a dispute at the WTO beyond the panel state of the established Dispute Settlement Body process. The government’s representatives reiterated the legal basis of their complaints at the WTO headquarters in Geneva this week. These included the following arguments: ■ The measures…

THE COMPETITION Commission has referred Pailpac to the Competition Tribunal for prosecution for the alleged abuse of dominance in contravention of the Competition Act. It said that Pailpac entered into exclusive agreements which required or induced certain major paint manufacturers not to deal with the com- pany’s market competitors for the supply of injection moulded plastic containers used for the packaging of water-based paints. It said in a statement yesterday that its conduct breached the Competition Act, which prohibits a dominant firm from engaging in anti-competitive conduct which has the effect of excluding its competitors from the market. Pailpac is a manufacturer of injection moulded thick-walled and wide-mouthed plastic packaging, also known as pails or buckets, which are supplied to paints/coatings manufacturers in South Africa. The injection moulded plastic containers…

My executive role at sub-Saharan Africa’s biggest development finance Institution gives me a helicopter view of the state of youth entrepreneurship and how this ties to unemployment. Youth unemployment in the South African context is downright scary. Sta- tistics SA’s youth unemployment rate, which measures job seekers between 15 and 34 years old, has consistently been above 30% since at least 2013. What’s new? In the first quarter of 2024, youth unemployment reached a record 45% – an alarming rate that should wake every stakeholder from their slumber. Agreed, the aftermath of the global financial crisis that hit home in 2009 has consigned economic growth to tepid levels. More recently, a trifecta of challenges, the Covid-19 pandemic and the social unrest which characterised the country, including flooding in key…

SEVERAL years after the former EOH CEO, Stephen van Coller, disclosed to the Zondo Commission of Inquiry irregularities within the company that led to millions of rand being funnelled to various people as well as the ruling party in exchange for tender awards, investigations continue. So far, the company’s former executive, Jehan Mackay, has been arrested and appeared in court earlier this month along with former Sports, Arts and Culture Minister Zizi Kodwa, who stepped down in disgrace after the arrest, yet is now set to be an MP. Mackay was charged over a “questionable” R1.7 million loan to the former Minister. However, there is still more to be done when it comes to dealing with legacy corruption issues that afflicted the company, which has since installed new and…

Play dates are an excellent way for children to develop social skills while having fun. However, like any social interaction, there’s an etiquette to follow to ensure the gatherings are enjoyable and stress-free for everyone involved. The benefits of play dates often outweigh the drawbacks. They are instrumental in promoting social, emotional and physical development. Proper planning and communication can mitigate most issues, making play dates a valuable and enjoyable experience for children and parents. In a recent TikTok post, a mom named Shay, who goes by @shay.nanigans87, sparked controversy by suggesting that parents should send bills for play date expenses. She explained that after hosting a play date for her daughter and her daughter’s friend, she charged the friend’s mother $15 (R273) to cover the costs. The video gained…

Illegally detained for 22 hours in a filthy cell after the police mistook pieces of glass for illicit diamonds, an Uber driver, who is also a motivational speaker, turned to the North West High Court, sitting in Mafikeng, to claim R150 000 in damages from the police. Judge Ronald Hendricks concluded that R60 000 in damages for unlawful arrest and detention was a fair amount to pay Tony Sethaba. While he gave a detailed account about what had happened during and after his arrest, the SAPS offered no defence. The police initially noted an intention to defend the claim but never forwarded a defence to the court. There was also no appearance for or on behalf of the SAPS by the State attorney. Sethaba testified that on the morning of…

The Eastern Cape has new champions in the Engen Knockout Challenge after eBhayi FC and Nav Galaxy FC were crowned the 2024 Engen Knockout Challenge Eastern Cape (EC) champions on Sunday at the Nelson Mandela Metropolitan University. The return of the tournament to the talent-rich province lived up to the high expectations, with all 24 participating teams producing quality youth football at the two-day tournament in Gqeberha. The crowning of eBhayi FC in the boys’ and Nav Galaxy FC in the girls’ divisions means the province will be represented by new teams at this year’s Engen Champ of Champs, with eBhayi dethroning Chippa United in the boys’ section, while Nav Galaxy takes the crown from former champions, City Lads FC. eBhayi FC were clinical en route to the final…

IT would seem that the Springbok team to face Ireland is taking shape nicely in Rassie Erasmus’ eyes. Last Saturday, with Siya Kolisi – who Erasmus confirmed yesterday will resume the captaincy in next Saturday’s first Test at Loftus Versfeld – watching from the dug-out, the Boks comfortably beat Wales while exposing some new faces to the coalface of Test rugby. They have also been strengthened by the inclusion of Bulls players who unfortunately lost to the Glasgow Warriors in the URC final last weekend, and can include veterans playing in England and France in their plans. “Willie (le Roux) is cleared,” coach Erasmus declared yesterday in Pretoria from a short list of injury concerns. “Cheslin (Kolbe) is cleared. Edwill (van der Merwe) and Makazole (Mapimpi), we will have to…

The Proteas Women need to play more Test cricket to close the gap to other nations playing in the longest format. The South Africans are set to play their second Test match of the year when they come up against India at the MA Chidambaram Stadium in Chennai tomorrow (6am SA time start). Fresh off a 3-0 ODI series whitewash, South Africa’s quest to get their first win of the tour will not get easier against an India side high on confidence after their recent success against the visitors and their experience in the format. The introduction of T20 cricket has had a huge and direct impact on the sustainability and growth of the Test format, with those making their way into the game leaning more towards white-ball cricket. Proteas…

THE JOBS BLOODBATH in South Africa’s mining industry is likely to worsen in the upcoming months, the Minerals Council has warned. This after data from Statistics South Africa (StatsSA) earlier this week painted a bleak picture of the state of jobs across the mining industry. The 2024 first-quarter mining sector employment numbers declined for the first time in six quarters amid stubborn headwinds in the operating framework. The South African mining sector lost 3 000 jobs, or 0.6%, in the quarter to the end of March 2024 to 479 000 compared to the December 2023 employment data. A reversal of fortunes is now afflicting employment prospects in the South African mining sector, with job losses escalating, especially in the first quarter of 2024. South African mining companies have…

ESKOM is managing to keep the lights on even through the winter period, despite reduced off-take of coal from suppliers such as Exxaro Resources, which said this week that it expects a 12% half-year decline in sales of the energy commodity to the power utility. Exxaro was diverting some of its local coal sales for export, it said on Tuesday. It attributed the expected interim decline in coal sales to Eskom for the period to the end of June to “lower Eskom demand linked to their internal maintenance and production” plans. However, Eskom has been keeping the lights on, avoiding lengthy load shedding, a development that has brought some respite to South African mining, manufacturing and industry companies. “I suspect that Exxaro is referring to last year’s performance for both…

The EXPECTED renewal of the African Growth and Opportunity Act (Agoa) for another 10 years in 2025 should be better negotiated by Africa for more benefits. This was according to panellists yesterday at a Trade & Industrial Policy Strategies (Tips) Development Dialogue on South Africa in Agoa: Impact and Renewal. Agoa provides preferential access for African, including South African, exports to the US. Agoa provides eligible sub-Saharan African countries with duty-free access to the US market for more than 1 800 products, in addition to the more than 5 000 products that are eligible for duty-free access under the Generalised System of Preferences programme. South Africa, and by extension the continent, did not need the Agoa extension as much as the US did as it played catch-up to…

Whether anyone can become an entrepreneur has been a subject of debate for decades, but what we can all agree on is that entrepreneurs are not all the same. People have different takes on and approaches to how business should be done. What we can also agree on is that as a developing society, South Africa needs them all. The diversity of entrepreneurial paths offers a range of inspiring models for aspiring business owners to follow. Understanding these types can help individuals identify their strengths and pursue the entrepreneurial journey that best aligns with their goals and passions. These are the five main types of entrepreneurs – which one are you? The hustler Hustlers are the kind of entrepreneurs who have the grit and determination to get a business…

BHP SAYS ITS emissions will slightly increase this year due to organic growth, although it is on track to reduce its carbon emissions by at least 30% in the next six years as it adopts emission reduction technologies in steel making and enhances the quality of iron ore and coal it produces. The company, which is also increasing investment focus on renewable energy minerals such as copper, has adopted a non-linear strategy that “requires significant effort to overcome organic growth and technology challenges” in its decarbonisation journey. Graham Winkelman, BHP’s vice-president for climate, said yesterday that the Australian resource giant was “on track to reduce our operational GHG emissions (including) scopes 1 and 2 from our operated assets by at least 30%” by 2023 from its 2020 levels. This comes…

STEINHOFF’S former chief financial officer (CFO), Andries Benjamin le Grange, has been released on bail after appearing in the Pretoria Specialised Commercial Crimes Court on charges of fraud. Le Grange, who paid R150 000 in bail, handed himself over to the Serious Economic Offences unit yesterday morning, Hawks spokesperson Brigadier Thandi Mbambo told Business Report. The former CFO is set to face two counts of racketeering under the Prevention of Organised Crime Act in addition to five counts of fraud, one of corruption under the Prevention and Combating of Corrupt Activities Act as well as three counts of contravening the Financial Markets Act following Steinhoff’s spectacular implosion and its October 2023 liquidation. Steinhoff International, which used to own brands such as Ackermans, HiFi Corp, Incredible Connection, and Timbercity,…

The three Gauteng men accused of using a dating app to lure a victim before he was held hostage in Woodstock are allegedly linked to two more cases in Cape Town. Mlungisi Mbutu, Bongani Zulu, and Zwelakhe Ngwenya were arrested for kidnapping and extortion during the Youth Day long weekend after a top multi-disciplinary team, led by the Hawks and the Western Cape Organised Crime Unit, received information about a possible kidnapping. This led them to a 50-year-old man found tied up in the main bedroom of the house the accused allegedly rented. It is reported that they made contact with the victim through the Grindr app; however, Grindr did not respond to enquiries by deadline. The suspects made their second appearance in the Cape Town Magistrate’s Court on Tuesday…

IN A weekend of surprising outcomes, the PNB Men’s Open and Veterans Masters Championship saw Stella Park’s Keegan Bauristhene and Amanzimtoti’s Alec Nel emerge as champions, defying predictions. Both champions were in the draw by virtue of their second-place finishes in their respective qualifying masters competitions, making their victories even more remarkable. Keegan Bauristhene, the newly crowned 2024 Open Masters champion, faced a tough section that included Protea bowler Wayne Roberts from Hillcrest. Despite this, Bauristhene began the tournament on Friday with a positive mindset, confident in his ability to perform well. His confidence was well-founded as he won all six of his games on Friday and Saturday, securing an unassailable position when he faced Roberts on Sunday morning. Roberts, having lost two games, was out of contention for the…

AYO TECHNOLOGY Solutions shareholders yesterday voted overwhelmingly in favour of a resolution for the firm to buy back its shares from the Government Employee Pension Fund (GEPF), which effectively finalises the settlement agreement with the Public Investment Corporation (PIC). In terms of an agreement with the government-owned asset manager, AYO had undertaken to repurchase over 17.2 million of its shares from the GEPF, for R620.4 million. The AYO and PIC settlement agreement had been made an order of court in March 2023. The finalising of the settlement left a clear runway for the diversified ICT investment group to ramp up its business, said AYO CEO Amit Makan. “This significant endorsement reflects the confidence our shareholders have in the company’s leadership team, the board and its strategic direction. “The…

THE ROYAL Group said yesterday it had been granted the right to sell seized ETG assets which a court ordered it to seize as an economic bond for the $60 million (R1.1 billion) losses and damages caused by ETG to Royal Group. ETG’s international shareholders include Japan’s Mitsui, South Africa’s Public Investment Corporation, and Saudi Arabia’s Sabic chemicals com- pany. This order was made pending the outcome of the main case. Ahead of the sale of the seized assets, Royal had been ordered to provide an immediate guaran- tee of $39m to the court, which it had done. This amount included an approximate $32m for the value at cost of security, plus a 20% margin for potential changes in market pricing. The Judicial Court of Nacala-Porto authorised…

The SOUTH African Poultry Association (Sapa) welcomed the precedent-setting judgment by the Eastern Cape High Court that a farming entity, which lost more than R31 million when its stock was culled during the outbreak of avian flu in 2021, be allowed to resubmit its claim for compensation. This comes as the Eastern Circuit Local Division, Thembalethu, sitting in Cape Town on Friday ruled that the Director of Animal Health in the Department of Agriculture, Land Reform and Rural Development and the Minister of the Department were amiss in awarding the George Moerasrivier Boerdery nil compensation in January 2023 for the culling of chickens at their farm in terms of the Animal Diseases Act. The court ruled that the claim for compensation be remitted to the Director of Animal Health…

ANGLO American believes there will be a protracted U-shaped recovery in demand for its right diamond after its provisional 5th cycle sales of $315 million (R5.78 billion) was more than 30% below the $456m sold in the 5th cycle last year. The provisional 5th cycle sales figure for De Beers at the Global Sightholder Sales and Auctions was also 17.8% below the $383m of rough diamonds sold during the 4th cycle in 2024. “The northern summer is generally a quieter period for rough diamond sales, and this was reflected in our cycle 5 sales,” De Beers CEO Al Cook said in a statement yesterday. He said the recent annual JCK jewellery show in Las Vegas had confirmed a resurgence in retailers’ interest in natural diamonds in the…

IT WAS only a few years ago that this Proteas squad was labelled a group of no-name brands. They had the destructive force of Quinton de Kock at the top of the order and Kagiso Rabada’s fearsome pace, but to a large degree they were devoid of the ‘superstar’ factor that previous Proteas teams boasted, in the form of modern-day legends such as AB de Villiers, Hashim Amla, Faf du Plessis and Dale Steyn. That’s not even stretching further back to the previous golden era of Graeme Smith, Jacques Kallis, Mark Boucher and Shaun Pollock. Yet there they are at the T20 World Cup in the Caribbean in another major ICC tournament semi-final in the space of just over six months, after reaching the final four in last year’s ODI…

A recurring theme of the Junior Springboks’ Rugby Championship campaign was their lack of finishing in the red zone, and it’s something that is being addressed ahead of Saturday’s World Rugby Under-20 Championship opener against Fiji. The Junior Boks will hope that the dry conditions expected at Cape Town Stadium (7pm start) at the weekend will work in their favour, after negotiating slippery conditions in Australia last month. The South Africans drew 13-13 against New Zealand, lost 24-19 to Australia and beat Argentina 30-28 to finish second in the Rugby Championship, but are aiming to go all the way in the ‘World Cup’ on home soil. They finished third in last year’s tournament in the Western Cape after losing to Ireland in the semi-finals. The Junior Boks – captained by…

A handful of England fans let manager Gareth Southgate know how they felt after an underwhelming 0-0 draw with Slovenia at Euro 2024 on Tuesday night, hurling empty beer cups in his direction. Southgate – whose team finished top of Group C with five points, but scored two goals in three games – said he will bear the brunt of the criticism, but made a plea for the fans to support his players. “I understand it. I’m not going to back away from it. The most important thing is the supporters stay with the team,” Southgate told reporters. “I understand the narrative towards me, and that’s better for the team than it being towards them. But it is creating an unusual environment to operate in. I’ve not seen any other…

The period of incomings and outgoings has begun in the DStv Premiership as clubs attempt to trim the fat off their squads ahead of the 2024/2025 campaign. All 16 clubs in the division are paging through their team sheets, and are deep in discussions formulating efficient groups of players for what is expected to be another exciting season. Leading the interest in that regard is the behind-the-scenes work at Soweto giants Kaizer Chiefs, who are under tons of pressure that is threatening to break down the club’s doors. The Amakhosi have been widely reported to be in the midst of plans to bring in an entirely new technical team, with two arrivals already getting their hands dirty at their Naturena-based facility. Just days after the arrival of Fernando de Cruz…