Indholdsfortegnelse for 2024-08-22 i Mercury

Sibanye-Stillwater has struck a R1.8 billion gold prepayment arrangement and concluded a refinancing transaction for its R5.5bn rand-denominated revolving credit facility from Nedbank CIB and RMB that it has now resized to R6bn. Hard done by currently depressed platinum group metals (PGM) prices, and bracing for intense capital requirements for its lithium projects, Sibanye-Stillwater has also been roiled by a $2 billion loss (R35.6bn) in 2023. The company has had to cut capital and retrench from its South Africa operations. Sibanye-Stillwater CEO, Neal Froneman, said yesterday the gold prepayment arrangement it had secured would be helpful for the company from a strategic financing perspective. The gold prepayment is a proactive, strategic financing alternative that improves the group’s liquidity and strengthens the balance sheet, while retaining leverage to potential increases in…

Like many economic sectors in the country, the agricultural sector is not unfamiliar with the Government of National Unity (GNU) because the sector was led by the National Party minister Dr André Kraai van Niekerk between 1994 and 1996. At the core of GNU1 was to build a stable, competitive and internationally inclined agricultural economy. As a consequence, there was a radical shift in agricultural policies from strong state control towards a policy era that is characterised by the privatisation of farm credit, information and inputs; and the liberalisation of trade and the deregulation of markets. Essentially, policy reforms adopted during the first GNU aimed to minimise state interventions in agriculture and make agriculture export-oriented. There is sufficient evidence to believe that GNU1 was successful in deregulating and privatising the…

Spur Corporation, which employs more than 31 500 people in its restaurant franchise network, said yesterday that while there would likely be increased consumer confidence and spending this year, longer term economic growth was only possible through increased job creation. Group CEO Val Nichas said at the release of their results for the year to June 30 that the group’s trading outlook was likely to remain subdued in the short term, even though South Africa’s economic growth was forecast to expand. “The outlook for improved consumer confidence and spending is positive following the national elections in May, and the transition to the new government. The stable electricity supply, lower inflation, the new two-pot retirement system and expected interest rate relief are all likely to support increased consumer spending,” she…

China opened an anti-subsidy probe into dairy imports from the EU yesterday, stepping up tension with the bloc a day after Brussels published its revised tariff plan for China-made electric vehicles. The EU on Tuesday revised its proposed punitive duties on imports of Chinese EVs to 36.3% from an initial planned duty of 37.6%, but fell short of abandoning them as Beijing had called on Brussels to do. The revision drew a rebuke from China’s commerce ministry, which in response said it is “firmly opposed to and highly concerned” about the findings, and vowed to take all necessary measures to protect Chinese firms. The anti-subsidy investigation on dairy announced by China’s commerce ministry yesterday, the latest in a series of Chinese probes this year into EU agricultural goods, will focus…

Al Jazeera English correspondent, Youmna El Sayed, who is in South Africa until next month, has detailed the atrocities that befell and continue to befall the people of Palestine since the start of the war on the Gaza Strip. Even though the current atrocities could be said to have started on October 7 when the Palestinian militant group Hamas launched an attack on Israel on the day, El Sayed said this was a retaliation over many years of brutality against the people of Palestine, who to this day continue to suffer at the hands of Israel’s bombardment. “I spent three months inside Palestine when scores were being evacuated with their families. I only left because I had lost my soul inside Gaza and went out because this was the only…

A 35-year-old pilot and business owner said she had to push through the challenges she faced as a woman in the male-dominated aviation industry to achieve her dream of becoming an instructor. Kaela Okafor, who is the owner of Paramount Aviation Academy in Mahikeng in the North West province, was speaking at the 2024 National Aviation Gender Summit in uMhlanga yesterday. Okafor said that when she began studying in 2010 at an aviation academy in Bloemfontein, the industry was mostly white and male-dominated. She said it was very challenging and the comments that she faced as a woman were degrading. “We got comments like ‘you finding it difficult and you taking longer to progress because you didn’t grow up riding bicycles or having Rollerblades so you don’t understand the mechanics…

MAYBE it’s the curly bleached blond hair that fights to be seen under his baggy green Proteas cap. Or the elongated, almost stoned tempo of his voice. There certainly is a feeling that Tristan Stubbs would be much more at home surfing some waves with his university mates in Jeffreys Bay than chasing balls to the boundary in the midday Caribbean heat. Having been born in Knysna, before moving to Gqeberha, Stubbs’ love for the ocean is comprehensible as he still hops onto a board whenever he’s back at his digs in the Eastern Cape – if he’s not hitting the fairways on the golf course. But Stubbs, of course, plays cricket for a living – one that rewards him handsomely, but also keeps him on the road for long…

Lock Josh Lord and utility back Harry Plummer will remain in the All Black squad for the Rugby Championship tour of South Africa, with Patrick Tuipulotu and Stephen Perofeta still sidelined by injury. Plummer and Lord were called up to the New Zealand squad as injury cover for the two Tests against Argentina on home soil, after lock Tuipulotu and fullback Perofeta both suffered calf injuries. Lord ended up playing off the bench in both matches against the Pumas, a loss in Wellington and a win in Auckland, because of a finger injury to skipper Scott Barrett. Hopes are high that Barrett will be fit to face the world champion Springboks in the Tests in Johannesburg on August 31 and Cape Town the following week, which are likely to decide…

The non-profit Localisation Support Fund (LSF) aims to fast-track growing jobs in the local retail-clothing, textile, footwear and leather (R-CTFL) manufacturing sector by 172% through helping companies in the industry leverage relationships, improve growth, and become more efficient through technology. Speaking at an event held at clothing manufacturer Karma Factory in Johannesburg yesterday, the executive head of the LSF, Thami Moatshe, said “South Africa used to have manufacturing, and we lost it. And that led to the sector being de-industrialised.” Between 2000 and 2008, anywhere between 10 000 and 15 000 jobs were lost a year, with many factory closures. Moatshe told Business Report that the industry currently provided employment for 121 000 people. She said the LSF also aimed to help fast-track a Department of Trade, Industry and Competition…

Consumer activity in South Africa is expected to ramp up significantly in the final three months of this year on the back of the central bank easing the cost of borrowing as the rate of inflation comes down much faster than expected. This comes as the headline inflation has cleared the path for the SA Reserve Bank (SARB) to begin its interest rates cut cycle, after four years of restrictive policy decisions. The SARB is expected to cut rates by 25 basis points to 8.00% per annum next month for the first time following a cumulative 425 basis points increase since the beginning of the hiking cycle in November 2020 as it has raised rates to a 14-year high of 8.25% per annum. Old Mutual Group chief economist, Johann Els,…

The New Development Bank (NDB) plays a pivotal role in global trade and Africa’s development, Independent Media chairman Dr Iqbal Survé said in an interview with IOL ahead of the NDB’s annual meeting in Cape Town. Dr Survé emphasised the bank’s transformative potential, particularly for Africa and South Africa. He highlighted the NDB’s creation as a response to the limitations of traditional Western-dominated financial institutions. He believes that the NDB offers a more inclusive and flexible approach to financing, better suited to the unique needs of BRICS nations and other developing countries. According to Dr Survé, this flexibility positions the NDB as a crucial tool for reshaping global trade dynamics and supporting long-term development goals. He also shared his insights on the BRICS common currency. He views this currency…

IN SOUTH Africa, woman entrepreneurs are a force to be reckoned with. While balancing their roles as mothers, community activists and partners, women are at the helm of thousands of small businesses that play an important role in fuelling the engines of the country’s gross domestic product (GDP). Their resilience and adaptability have enabled them to navigate the complexities of the business landscape, often overcoming significant barriers, such as limited access to funding and markets. Despite the challenges women face as business owners, many continue to drive innovation, create jobs and contribute to the economic empowerment of their communities. According to reports by the World Economic Forum, women constitute close to 60% of self-employment on the continent and make up at least 13% of Africa’s total GDP. On a national…

CURRO Holdings successfully focused on growing its independent education business as well as tightly managing costs, and as a result earnings before interest, taxation, depreciation and amortisation increased 10.4% to R625 million in the six months to June 30. CEO Cobus Loubser said the success of these strategies were further indicated by the 16.2% increase in headline earnings per share to 40.2 cents a share, while the operating margin had improved by 1% to 18%. “Curro’s mission is to create more opportunities for more learners. We are pleased with the improvement in key financial metrics ... These results reflect our ability to manage costs efficiently while continuing to expand our offerings,” Loubser said. Curro’s revenue rose by 8.3% to R2.59 billion driven by a 0.5% increase in the average…

THE DRDGold share price plunged 6.4% to R16.91 per share after it announced that it had to scramble around for production to attain its targets for the year to June 2024. This is a situation that brought up costs by 20% although it is now reducing legacy mining sites from 15 to five ahead of a planned intensive capital reinvestment to boost output by one ton. Production for the full year under review tanked by 5% to 160 818 ounces while gold sold was also lower by a similar margin at 160 400 ounces for the full year. A 20% upswing to about R1.2 million/kg in the average gold price received by the company boosted operating profit for the year to June by 14% to R2 billion. Resultantly, headline earnings…

ETHEKWINI Municipality has welcomed the World Travel Awards nominating the City’s business travel and tourism industry for eight awards for their 31st edition. The City described this as a vote of confidence and a nod of approval of eThekwini’s offerings. The awards are to be held later this year. eThekwini said it had received four direct nominations this year. “This includes Africa’s Leading Festival and Event Destination 2024, which Durban has scooped for three consecutive years, Africa’s Leading Business Travel Destination 2024, Africa’s Leading City Destination 2024 as well as Africa’s Leading Meetings and Conferences Destination 2024.” The City added that other nominations included Africa’s Leading Airport 2024 (King Shaka International Airport), Africa’s Leading Cruise Port 2024 (Port of Durban), Africa’s Leading Luxury Hotel 2024 (The Oyster Box), while the…

The Aids Healthcare Foundation (AHF), in an effort to combat food insecurity by promoting healthy living through nutritional education and food security, and in partnership with eThekwini Food Security, has launched an aeroponic vertical garden at the Isipingo Clinic. The aeroponic garden system is an innovative plant cultivation technique. This method involves suspending plants in an environment composed solely of air or mist, thereby eliminating the traditional need for soil or aggregate mediums. The Isipingo Clinic Food for Health Garden Training Hub said it aims to address food insecurity and promote healthy living, particularly to those on antiretroviral treatment (ART). “Good nutrition is the foundation of effective HIV and TB care. Without proper nutrition, patients are less able to withstand the side effects of their medications and more susceptible to…

India has emerged as an essential source for foreign direct investment for SA Let me take this opportunity to congratulate India as it celebrated its 78th Independence Day on August 15. South Africa and India enjoy a strategic partnership, and bilateral relations are anchored in the shared history of friendship and solidarity. Close and friendly ties continue to be maintained bilaterally and through forums such as BRICS+, India Brazil South Africa Forum, Indian Ocean Rim, G20 and other forums. South Africa and India have established a strong framework of co-operation with the conclusion of many agreements and of understanding since the establishment of diplomatic relations in 1993. We believe that the forum will continue to nurture and strengthen the bilateral commercial relations. The South African government’s ambitions of generating growth,…

ROB Walter had never seen Kwena Maphaka bowl “in the flesh” before the teenage fast-bowling sensation arrived in the Caribbean for the upcoming three-match T20I series against the West Indies. The Proteas’ white-ball coach was therefore more than pleased that his gut feel was indeed on point after previously only watching video highlights of the 18-year-old left-arm seamer. “Yesterday was the first time in the flesh,” Walter admitted from Trinidad yesterday ahead of tomorrow’s first T20 clash against the Windies (9pm SA time start). “But I’ve watched plenty of footage, so it was good to see what I’ve seen on TV was exactly the same in reality. “We’ve seen him bowl for the Lions and win games for them in the Super Over. He performed well at the Under-19 World…

World No 1 Nelly Korda is hoping to rediscover her stunning early season form as the women’s British Open returns to the famous old course at St Andrews this week, starting today. Korda won six times in seven starts on the LPGA Tour between January and May, including her second Major at the Chevron Championship. But the American’s best finish since was a tie for 22nd at the Olympics. Korda missed the cut at both the US Open and PGA Championship, and tied for 26th at the Evian Championship in the season’s other three Majors. “I think recently what’s been happening to me is I make a mistake and then I make another mistake on top of it,” Korda said after a poor finish to her final round at the…

PORT Natal teams have returned from the KwaZulu-Natal Fours Championships, hosted by the Natal Inland Bowling Association, with an impressive haul of prizes. Leading the charge was the team from Westville Bowling Club, who clinched the gold medal in the men’s section. The team, consisting of Richard Hendicott, Troy Garland, Arnold Muscat and skip Paul White, displayed exceptional teamwork and strategic play throughout the tournament. Hendicott, known for his prowess as a skip but opting to take on the lead position for this championship, highlighted the importance of positive dovetailing within the team, emphasising how each member of the team understood the strengths and skills that their teammates brought to the green. This deep understanding allowed them to apply strategies that not only played to individual strengths but also enhanced…

Blue Label Telecoms’s share price shot up 13.6% to R5.00 yesterday after the holding company of Cell C said its headline earnings per share was expected to increase by between 73% to 77% for the year to May 31. Headline earnings per share was expected to be between 72.80 and 74.48 cents a share, from 41.97 cents a share. The share price is well up from R3.33 a year ago on the same date. Core headline earnings amounted to R679 million compared with R402m at the same time last year, equating to core headline earnings of 76.08 cents per share compared with 45.55 cents per share the previous year. Excluding the positive contributions of R66m in the current year, and negative contributions of R523m in the comparative year, primarily resulting…

In recent years, the “shop local” movement has evolved from a mere consumer preference into a powerful strategy for fostering economic growth and promoting sustainable practices. By supporting local businesses, consumers invigorate their community’s economic vitality and champion environmentally responsible practices and innovative supply chain solutions. Shopping local is more than a transaction – it’s a catalyst for economic rejuvenation. When consumers choose local businesses over national chains, they contribute to a cycle of reinvestment within their community. Local businesses are more likely to spend their earnings on local suppliers, creating a ripple effect that enhances overall economic health. This local spending translates into job creation, supports other small enterprises and nurtures a robust, interconnected economic ecosystem. While the benefits of supporting local businesses are numerous, the enterprises often face…

South African small and medium-sized enterprises (SMEs) are struggling with cash flow, with 72% resorting to personal funds to stay afloat, according to the latest South African SME Tech Index released yesterday. Reabetswe Motsamai, the marketing and communications manager at MakwaIT Technologies, yesterday said these businesses were already battling existing financial burdens. Motsamai said they were now facing a perfect storm with fuel and electricity costs skyrocketing, interest rates being at a record high, and the exchange rate remaining volatile. “These forces combine to make effective cash-flow management a matter of survival for SMEs. In this challenging environment, taking control of their finances is critical for these businesses to stay afloat,” she advised. According to the index, 56% of SMEs were spending more than 5% of their budgets on information…

Sometimes, just sometimes, organisations and captains of industry proudly brandishing statements along the lines of “we support and promote our women” tend to sound like Steve Hofmeyr saying, “Some of my best friends are black”. It’s an eerie side of platforming that veers towards objectifying women in professional and entrepreneurial settings. Part of this speaks to where we are socially as people. We live in a world that compels us to live-blog and self-promote ourselves, which does have its benefits when considering the number of careers it has created. Everyone is a a content creator and everyone is an audience. The issue that may arise from this, however, is that when content runs dry (and, boy, does it run out), it leads to a gold rush-like scramble where every single…

August 22 marks the annual World Plant Milk Day – a day to celebrate and promote dairy alternatives as well as to expose the alleged cruelty of the dairy industry. The day was founded by Robbie Lockie, co-founder of Plant-Based News, in 2017 as a partnership with ProVeg in 2018. The campaign has grown and acquired the attention of millions of people around the world, accelerating the transition from dairy milk to plant-based alternatives. According to ProVeg, plant-based milk is low in saturated fatty acids and free of cholesterol, containing polyunsaturated fatty acids like omega-3 and omega-6. Consuming them as a part of a balanced diet helps to maintain a healthier lipid profile, which is essential for cardiovascular health and an active lifestyle. The World Plant Milk Day website says…

There is no legal basis on which former public protector Busisiwe Mkhwebane is entitled to receive a gratuity payment as she was removed from office before her term expired, advocate Tembeka Ngcukaitobi on Tuesday argued on behalf of the Office of the Public Protector (OPP). Mkhwebane turned to the Gauteng High Court, Pretoria, for the OPP to pay the R10 million gratuity she claims she is entitled to. But Ngcukaitobi told Judge Omphemetse Mooki that Mkhwebane did not vacate her office after completing her term, nor did she resign. She was forced out after she was found guilty of misconduct and incompetence. She left her office a month before her seven-year term expired. “There is no legal basis for her entitlement to gratuity payment,” he said. Ngcukaitobi argued that there…

IT is over a year since Lood de Jager last played a Test for the Springboks, but he has vowed to return to the green and gold as soon as injury permits because he can’t recall the world champions being in a healthier state. Rassie Erasmus’ Boks have returned from Australia with a full house of 10 Rugby Championship points, and now host the All Blacks on August 31 and September 7 in Johannesburg and Cape Town. De Jager suffered a serious shoulder rotator cuff injury a year ago and missed out on the last World Cup, but he is hoping to return to action in January. He says he has been a frustrated bystander as the Boks grew another arm and a leg under a coaching staff boosted by…

Denis Shapovalov was among players who called out what they said are double standards in the game after world No 1 Jannik Sinner was cleared of wrongdoing despite failing two drug tests this year. The International Tennis Integrity Agency (ITIA) said on Tuesday that an independent tribunal had cleared Sinner to continue competing, and former top-10 player Shapovalov was among those quick to suggest the Italian received preferential treatment. “Can’t imagine what every other player that got banned for contaminated substances is feeling right now,” the Canadian wrote on social media. “Different rules for different players.” Sinner’s representatives told Reuters they would not respond to opinions on social media. “Jannik has been found innocent following a rigorous process and a detailed review by an independent panel,” his team added. “The…

KAIZER Chiefs sporting director Kaizer Motaung Jr is hopeful that new signing Inacio Miguel will write his own piece of history at the club after his arrival yesterday. Miguel became the fifth signing to join Chiefs for the new season after passing his medicals on Tuesday afternoon, before putting pen to paper on a three-year deal. The defender, who’s the first Angolan to sign for the club, joins Gaston Sirino, Rushwin Dortley, Fiacre Ntwari and Bongani Sam on the list of newcomers so far in the new campaign. As the team look to usher in a fresh era under new coach Nasreddine Nabi, Motaung hopes Miguel will leave a lasting impression at the Naturena-based club during his tenure. “We are happy to have a player of Inacio Miguel’s calibre join…