Indholdsfortegnelse for 2024-08-12 i Mercury

South Africa’s largest chicken producer, Astral Foods, said on Friday that CEO Chris Schutte would retire from his position in January next year when the company holds its next annual general meeting. Schutte, who has been CEO since 2009 when the company was unbundled from Tiger Brands and listed separately, has seen the company go through several changes in the industry as well as tough times such as load shedding and skyrocketing maize costs. He will consult to the company from February for a year, ensuring a smooth transition process with the incoming CEO, continuing to facilitate key stakeholder engagement and providing strategic insight to both the Astral executive team and the Board. The share price closed 0.35% higher at R168.49 on Thursday. Anthony Clark, an independent analyst at Small…

Publication of the business rescue plan for beleaguered car-parts and accessories retailer AutoZone was extended to later this month from its scheduled August 5 deadline. This was confirmed by trade union Motor Industry Staff Association (Misa), which belatedly registered interest in the process as well as Absa Bank, which has secured an order to attach AutoZone’s assets. “Absa is comfortable with the business rescue extension, and continues to support AutoZone and the business rescue practitioners towards achieving a constructive solution,” an Absa spokesperson said. At its meeting with creditors in July, the business rescue practitioners of Matuson and Associates reported that they had begun discussions with several parties who have expressed an interest in acquiring AutoZone. This raised the possibility that the company may be sold, and the proceeds from…

NASPERS and Prosus said in a statement that Basil Sgourdos would retire as group financial officer and financial director of both companies on November 30 this year after 29 years of “exemplary leadership and service”. Sgourdos has had a broad and varied career at Naspers and Prosus, having joined the company in 1994, initially as the finance manager of the South African operations division in MultiChoice before taking on a number of other global leadership positions within the group. He was appointed group chief financial director of Naspers in July 2014 and of Prosus since its listing in 2019. “While Basil will remain active in his role for another few months, I would like to take this opportunity to recognise and thank Basil for his dedicated service to the company…

That investing in human capital is the best choice that can be made by society is not in doubt. What is in doubt is first, the path and tools deployed towards investment in human capital; second, what measures constitute points of reference as to whether the investment has paid off or not; and finally, what adjustments might need to be made especially in the light of fast-paced and disruptive information technology. Sethababthaba Sa Basotho, established by Reverend Mohlominyane Moeletsi in Lesotho, and Mogweko Secondary School established by the Obonyo clan stand out as public institutions of note. The two broad strands distinguishing pathways in education in South Africa and many parts of the world seem to be between private and public schools. In South Africa, the pathways to matriculation are…

Jubilee Metals, diversified metals producer with operations in South Africa and Zambia, has started operations at its Roan upgrade project in Zambia, adding processing capacity and flexibility to the already operating Roan milling and flotation sections. Jubilee is involved in copper in Zambia as well as chrome and platinum group metals (PGM) in South Africa. The upgrade of the Roan project located in Zambia has added more processing capacity and flexibility to the plant’s milling and flotation sections. Roan’s new front-end capacity has been constructed adjacent to the already operating milling and flotation circuits, increasing the overall capacity of Roan to a maximum design of 13 000 tons of copper per annum (tpa). “The Roan front-end module upgrade project in Zambia has commenced production ramp-up of previously mined material,…

Women spend a significant portion of their working lives facing unique health challenges that men often don’t experience. On average, women dedicate 25% more of their working years to managing health-related issues, from reproductive health and pregnancy to chronic conditions like autoimmune diseases. These challenges not only affect their well-being but also impact their careers and everyday lives. Understanding and addressing these issues is crucial for creating a more equitable and supportive environment for women in the workforce. We delve into the specific health hurdles women face, the reasons behind these disparities, and what can be done to support women in balancing their health and professional lives. More than half of the female health burden occurs in their working- age years. Global GDP could be estimated to be raised by…

The Durban High Court has granted the eThekwini Municipality an eviction order for DGC Golf Development to vacate the Papwa Sewgolum Golf Course in Clare Estate. This comes after the contract between the municipality, which owns the golf course, and DGC to run and maintain the greens came to an end in January 2022. Despite the contract ending, DGC continued to perform services for the municipality on a month-to-month basis, which was accepted by the City. However, following a procurement process, the municipality awarded the contract to Leitch Landscapes, which led to DGC launching an application to challenge the municipality’s decision. The municipality then wrote a letter to DGC on July 15 advising the company that a new service provider had been appointed and would commence work on August 1,…

The government is saddled with contingent liabilities amounting to more than R21 billion, which excludes the more than R2bn from state-owned enterprises (SOEs). Planning, Monitoring and Evaluation Minister Maropene Ramokgopa disclosed these figures when replying to written parliamentary questions from EFF MP Vuyani Pambo. “The consolidated financial statements for the financial year ending March 31, 2023, which was compiled by the National Treasury, show that contingent liabilities which emanated out of legal court proceedings stood at R21bn,” Ramokgopa said. State institutions were required to make provision for contingent liabilities in line with accounting standards, she said. “Details relating to claims against the state are considered confidential as it contains information of claimants. Furthermore, departments cannot disclose the information thereof as it is still subject to court proceedings,” she said. However,…

It was a display of brute physicality and beautiful innovation that laid the foundation for the record-equalling victory that included five well-crafted tries after some typical Bok rugby. Independent Newspapers looks at five talking points from the match ahead of the second clash this Saturday in Perth. Kolbe at scrumhalf, double line-out pods, innovation galore When Cheslin Kolbe popped up at scrumhalf at the first scrum, there was a sense that the Springboks were cooking something up not seen by their opponents and supporters before. What a feast was it not to see the innovation coming from the South Africans, especially with the double pods in the line-out that led to the first try, where the Aussies did not have an answer for their creativity. If Saturday is anything to…

CHELSEA announced the signing of Portuguese winger Pedro Neto from Wolves yesterday for a reported fee of £54 million (about R1.26 billion). Neto has signed a seven-year deal and will cost an initial £51m with a further £3m in add-ons, according to reports. The 24-year-old becomes the Blues' ninth signing of another busy transfer window for the London club since a takeover two years ago by a consortium fronted by LA Dodgers co-owner Todd Boehly. Chelsea have now spent around £185m (R4.3bn) in the past few months, much of which has been splashed on prospects for the long-term. By contrast, Neto is expected to go straight into Enzo Maresca’s first team plans ahead of their Premier League opener at home to Manchester City next weekend. “I feel really grateful to…

The US pipped China for top spot in the battle for medals yesterday as Paris brought the curtain down on one of the most successful Olympic Games in history. South Africa, meanwhile, finished 44th at the Games with six medals, including a gold, three silver and two bronze. SA was the third-best African nation in Paris, behind 17th-placed Kenya and Algeria, who finished 39th. In a thrilling finale that capped 17 days of spellbinding action, the US women’s basketball team squeezed past France 67-66 to clinch the last gold of the Games. The win – the eighth consecutive Olympic women’s basketball event won by the US – ensured the Americans finished level with China on 40 golds each as the Games drew to a close. The US, however, finished on…

Auto components-manufacturer, MA Automotive Die and Cast in Rosslyn, Pretoria, is putting its workers on short time (fewer working hours) from today, and scaling down capacity for the rest of the year in preparation for the BMW X3, the first electric vehicle to be manufactured in this country, albeit for the export market. MA regional leader Henk van der Merwe confirmed last week that the group was introducing intermittent short time in line with run out of a current model, and introduction of the replacement model. “As we ramp up to reach full volume, so will our short time reduce. We have been very transparent with our people in preparation for the run-out and ramp-up. Our recent communication must be viewed in this context,” Van der Merwe said. This is…

Transnet has confirmed it has appointed an external presiding officer – a senior counsel at the Johannesburg Bar – to chair the disciplinary hearing of its suspended Ports Authority CEO, Pepi Silinga. However, Transnet said proceedings had been delayed by a request from Silinga’s legal team to file a defence. “Mr Silinga’s disciplinary hearing will be scheduled once his defence has been received,” Transnet spokesperson Ayanda Shezi said. Transnet indicated in June that investigations had been completed, as it officially announced the appointment of Bowmans Attorneys to implement recommendations of a forensic report by Fundudzi Investigators, which considered the awarding of a tender for the multi-purpose terminal at the Port of Ngqura. Silinga, who has been on leave of absence since January, was implicated along with other managers in alleged…

The Red Meat Producers Organisation (RPO) has called for South Africa to also consider some meat products to be included in the zero VAT list alongside individually quick frozen (IQF) chicken portions to drive affordable food for consumers in South Africa. This comes after the South African Poultry Association (Sapa) and the DA recently called for IQF chicken products to be VAT zero-rated. It also comes after President Cyril Ramaphosa, during his Opening of Parliament Address, announced a plan to change the range of food items exempt from VAT, saying it indicated multiparty support for an initiative that would help to lower food prices for low-income households. This includes a comprehensive review of administered prices to identify areas where prices can be reduced. RPO CEO Dr Frikkie Maré said…

Headline earnings per share (Heps) for Gold Fields for the interim period to June 2024 are expected to be lower by at least 25% compared to the previous contrasting period, on the back of lower gold production, although the company expects to bump up its output in the second half-year period. Gold Fields expects Heps for the first half of the current year to be in the range of $0.38 (R7.12) to $0.34 a share. This will be lower compared to the 2023 same period Heps of $0.45 by between 25% and 33%. The expected plunge in the company’s earnings has come against the backdrop of an expected dive in Gold Fields’s gold production for the half year, which is expected to be lower compared to the same period in…

On Friday, we honoured the 68th anniversary of the heroic march to the Union Buildings by more than 20 000 women during the darkest days of apartheid. While it was sparked by the pass laws and the dream to be free in one’s own land, equally important was the desire to earn a living wage, and improve the lives of one’s children and families. Without a doubt, we have made great progress as a nation since the democratic breakthrough of 1994, and the coming to power of ANC-led governments. Before 1994, less than 2% of Members of Parliament were women and only one minister under the apartheid regime had been female. Today, South Africa is a global leader with half of Cabinet posts held by women, nearly similar ratios achieved…

JSE- and Australia-listed mining exploration company Orion Minerals has added to its growth pipeline with the granting of additional prospecting rights for its Okiep Copper Project, in the Northern Cape province. These rights encircle the existing Flat Mines Mining Right on which Orion is finalising its Bankable Feasibility Study (BFS) for Flat Mine North, Flat Mine East and Flat Mine South, the company said in a statement. The prospecting rights, referred to as the “SAFTA PR”, are for the same geographic area, but also provide rights to different commodities, and surround the Orion Flat Mines Mining Right. The SAFTA PR covers seven historical copper mines and seven additional unmined prospects, where previous owners Goldfields and Newmont carried out high density drilling to delineate highly mineralised bodies. The mining right that…

Where do lower-income families find a home, if the entry and affordable residential markets are seeing significantly less new delivery and transactions compared to the high-end price range? The question comes, following findings from the Centre for Affordable Housing Finance in Africa (CAHF)’s Citymark National Housing Market Report – 2024. The report is based on data from title deeds registered on the Deeds Registry as of December 31, 2023. It analyses South Africa’s residential property market with a particular focus on affordable housing and houses delivered through South Africa’s national subsidised housing programme. According to the report, the lack of affordable housing in the market is especially true for the entry market where, “apart from government-subsidised housing programmes, there is limited delivery of properties financed by the private sector. “Resale…

THE Embassy of the People’s Republic of China in South Africa has opened its heart and purse to youth sport climbers who will participate at the 2024 International Federation of Sports Climbing Youth World Championships later this month in China. Ambassador of the People’s Republic of China to South Africa Wu Peng on Women’s Day handed a donation of R200 000 to the South African youth climbing team manager, Carmen Bouwer, during a ceremony at the embassy in Pretoria. These young female and male athletes, ranging in age from 13 to 19, have demonstrated exceptional skill, determination, and passion for the sport and are eager to compete against the best youth climbers from around the world. The team, selected through a rigorous national qualification process in March, includes climbers who…

THe aura of the double World Cup winners playing alongside him has rubbed off on Sacha Feinberg-Mngomezulu and kept the flyhalf calm and collected in his first start in the No 10 jersey for the Springboks, he feels. Feinberg-Mngomezulu was instrumental in the Springboks’ 33-7 win over the Wallabies in Brisbane on Saturday, which took them to the top of the Rugby Championship log with five points. The 22-year-old assisted in the try of lock Pieter-Steph du Toit, and had numerous magical moments on attack, while he was solid defensively in his channel. He contributed eight points with the boot, and although it was not a complete performance, he keeps improving game by game as the Boks’ new general. He received high praise from former All Black ace Sonny Bill…

NEW Zealand coach Scott Robertson said he would reflect on what he could have done differently in the build-up to Saturday’s Rugby Championship opener after the All Blacks were stunned 38-30 by Argentina at the Wellington Regional Stadium. Tries from Lucio Cinti, Mateo Carreras, Franco Molina and Agustin Creevy, plus an 18-point haul from the boot of Santiago Carerras, saw the All Blacks suffer their first defeat under Robertson since he succeeded Ian Foster in November. “You look at yourself first,” former Crusaders coach Robertson said. “You ask: ‘What could I have done personally as the head coach, how could I have framed this week better, how could I have more edge?’ “I’ll reflect over the next 24 hours. I’m disappointed. I’m hurt. They’ll look to me and I’ll make…

The SA Revenue Service (Sars) has announced upcoming tax changes to the customs import system effective from September 1, which will affect Chinese e-retailers Shein and Temu, among others. Sars plans to introduce VAT – in addition to the current 20% flat rate customs duty, by September 1 – as an immediate interim measure. The SA International Ecommerce Association (Saiea) said that the early implementation on September 1 did not leave much time for adjustment and streamlining of processes. When local retailers import clothing, they have to pay a 45% import tax. The government feels it is only fair that the importing consumer, who is now effectively bypassing the middleman (the local retailers), also faces an import tax to level the competitive playing field. Imports from online retailers increased from…

TONGAAT Hulett’s business rescue practitioners (BRPs) said the failure by shareholders at a meeting to approve a share subscription would result in “a more laborious” business rescue process, but with “effectively the same outcome”. “Considering shareholder approval has not been obtained for the equity subscription, (which would have resulted in the Vision Consortium owning 97.3% of Tongaat’s shares) this suspensive condition is unfulfilled. The BRPs will continue to implement the Adopted Plan,” a statement from Tongaat’s BRPs said. This meant that the Tongaat Hulett business, all its operations and employees, would be transferred and housed inside Vision Investments in future. “The difference is the new owner will have the Vision consortium as its 100% shareholder, instead of 97.3% as was hoped for as an outcome if shareholders voted in favour…

In a landmark judgment, global poultry feed chain manufacturer Technical Systems (TS) has been awarded a more than R180 million copyright infringement claim against upstart Feed Chain Industries, which was proved to have stolen intellectual property to manufacture and sell the feed chain. The feed chain is a conveyor belt that transports chicken feed in a trough. In what Western Cape High Court Judge Mark Sher described as an “egregious and brazen infringement”, Feed Chain founder Christiaan Kurtz, who was employed by TS as a plant engineer from 2001 to 2009, was found to have transferred more than 34 000 electronic files containing drawings, confidential production processes and machinery from his work-supplied Mecer computer to his personal HP and/or Dell laptops and to other hard drives. Through Feed Chain, subsidiaries…

Despite huge volatility and uncertainty on global financial markets last week, South African equity, bond and foreign exchange markets remained stable and even improved. After the worse-than-expected US unemployment data investors feared that the world’s largest economy may go into a recession, which hammered US and global stock markets. Analysts saw the big sell-off of equities last Monday as only a healthy correc- tion, but investors remained nervous. Fears that the US Federal Reserve will not implement a large interest rate cut in its Bank rate of at least 0.5% to counter any recession frights contributed to negative and volatile sentiment. Many felt that the Fed should hold an interim meeting to cut rates. On Wall Street equity prices experienced their most volatile week for the year. The Dow Jones…

Exxaro Resources has blamed low offtake of coal volumes by Eskom and depressed prices for the expected fall in its earnings for the half-year period to June, though it expects a higher contribution from its wind energy business in the second-half of the year. Exxaro expects its headline earnings per share (Heps) for the six-month period ended June 30, 2024 to decrease by between 31% and 45% to between 1 686 cents and 1 344c compared to the previous contrasting period. The JSE-listed company has attributed this to “lower sales prices and sales volumes, amid ongoing logistical challenges and reduced offtake” by Eskom. However, this had partially been offset by a slightly weaker exchange rate for its coal business. Nonetheless, Exxaro is expecting “a higher contribution from our energy business…

Most teenagers in puberty tend to suffer from skincare woes, including uneven skin tone and acne. Before rushing to put your teenager onto chemicals, at least try the holistic approach by putting them into vegan skincare. Below are some of the top five superfoods your teenager can try to improve their skin. Avocado: The moisture miracle Why it works: Rich in healthy fats, vitamins C and E, and antioxidants, avocado nourishes the skin deeply. Its hydrating properties can help manage dry patches. How to use: Enjoy it in your salads, or create a nourishing face mask by mashing avocado with a bit of honey. Green Tea: The antioxidant powerhouse Why it works: Packed with polyphenols and antioxidants, green tea helps combat inflammation and reduce acne. It also supports hormone balance.…

The Mr Price Foundation has managed to place 6 571 unemployed youths in a year, thanks to its R24.2 million investment in retail skills development through its JumpStart programme. The JumpStart programme, established in collaboration with the Mr Price Foundation, is meant to prepare youths for entry-level jobs in retail stores. Releasing the Mr Price Foundation’s 2024 Annual Integrated Report last week, for the period April last year to March this year, it said that in the reporting period, the foundation invested R24.2 million in retail skills development through its JumpStart programme, upskilling 7 252 unemployed youths, with 90% of them securing employment at Mr Price Group, Spar and the foundation’s other employer partners. Karen Wells, the head of Mr Price Foundation, said this meant 6 571 youths were taken…

Jo-Ane van Dyk’s Tokyo disappointment returned fruitful results three years later as she roared back to secure a silver medal in the final of the women’s javelin at the Paris Olympic Games on Saturday night. Van Dyk’s second-place finish ensured South Africa wrapped up their Olympic journey with a hard-fought six medals comprising one gold, three silver and two bronze medals. Coming into the Olympics, the underrated Van Dyk was quietly confident after her double gold medal wins at the African Games in Accra, Ghana and Africa Championships in Douala, Cameroon earlier this year. A trip to Paris came just at the right time as she hit top form just when it mattered most. Her qualifying throw of 64.22m – a personal best – saw her ranked fourth among…

MAMELODI SUNDOWNS(0) 1 Matuludi (OG) 110’ POLOKWANE CITY0 Manqoba Mngqithi’s era as Mamelodi Sundowns’ head coach got off to a flyer last night as he won his first game in charge to help the team to reach the MTN8 semi-final. Having needed extra-time to seal their progress, it would appear as though this match was a full-blown contest. Far from it. Even when Sundowns went one man down after Denis Onyango’s late red card in regulation time, they continued to dominate, while their only shortcoming was in front of goal. Mngqithi ought to be proud of his team’s performance, especially given the uncertainty that hung over his new era following his promotion amid the sacking of Rulani Mokwena. And having worked as an assistant to Pitso Mosimane, and both as…

SPRINGBOK and Sharks scrumhalf Jaden Hendrikse showed some deft touches but, more importantly, came through his comeback match against Griquas yesterday unscathed. Hendrikse helped orchestrate some enterprising play in the Sharks’ impressive 40-21 Currie Cup defeat of the courageous men from Kimberley. Hendrikse opened the scoring with a neat dummy and dart over the Griquas’ line from a ruck. It was a nice “welcome back” for the 24-year-old after four months of injury. The Sharks exploded into a 21-0 lead after tries by Hakeem Kunene and Eduan Keyter, thanks to neat passing by flyhalf Lionel Cronje. On the point of half-time, rising Sharks star Jurenzo Julius scored a 50m try and that should have killed off any hope of a Griquas’ fightback at 35-7. But Sharks coach JP Pietersen’s pre-game…