Innehållsförteckning för 2025-02-27 från Mercury

Many African countries have tax-to-GDP ratios well below 15%, a threshold commonly seen as the limit for sustainable fiscal management, but there is good potential to improve revenue mobilisation without directly raising taxes, delegates heard at the G20 Finance Minister’s meeting in Cape Town. The discussion is particularly relevant for South Africa at this time because, last week, in an unprecedented event, the South Africa government postponed the tabling of its Budget due to political opposition to a proposed 2% hike in VAT. It became clear that other sources of raising government revenue might be required. No quick-fix solutions were provided by the meeting delegates, however. Speaking at the meeting that was held in Cape Town on Wednesday, South African Revenue Services commissioner Edward Kieswetter said that much had been…

Barloworld stocks plunged by more than 5% in afternoon trade on the JSE on Wednesday following a vote against the R23 billion takeover bid by a consortium involving management of the company and Saudi Arabian company, Zahid. Barloworld CEO, Dominic Sewela, has been criticised for pushing for the takeover of the company by Zahid. The board of Barloworld approved the bid by the Zahid consortium a few weeks ago but shareholder disagreements have dogged the transaction, culminating in a no vote from shareholders on Wednesday. Shareholders in Barloworld voted against the acquisition and also rejected a motion to pay fees for independent board members at an extraordinary general meeting held on Wednesday. Sewela is enlisted as a director of Newco, which was the acquiring company, with Zahid also having shares…

BankservAfrica’s Take-home Pay Index (BTPI) has revealed that the take-home pay for approximately 4 million salary earners has gained momentum at the start of 2025. With an average monthly take-home pay soaring to R18 098 in January, up from R17 246 in December 2024 and R15 564 just a year prior, these statistics have been met with optimism by economists who view this as a significant sign of economic improvement. Shergeran Naidoo, BankservAfrica’s Head of Stakeholder Engagements, noted the steady upward trend in average salaries since early 2024. “Despite some monthly volatility, nominal take-home pay continues to tick higher,” he said, illustrating the resilience of South African salary earners amidst lingering economic challenges. Independent economist Elize Kruger echoed this sentiment, attributing the positive developments in take-home pay to a combination…

Juggling a taxing academic schedule and keeping constant smiles on the faces of a demanding client base is something that Luyanda Majozi, Durban University of Technology (DUT)- based student entrepreneur handles very well. With grit and determination, the 22-year-old is behind the rise of streetwear fashion label Enigmatic Cotton, a brand churning out stylish garments for a young and vibrant audience, which saw its humble beginnings at DUT through its entrepreneurial nerve centre, the innobiz DUT Centre for Entrepreneurship and Innovation. Majozi, a clothing management graduate is currently pursuing his Advanced Diploma in Apparel Technology at DUT. Majozi hails from the rural village of Gomane, in Impendle, an hour’s drive from Pietermaritzburg. It was Majozi’s idea to establish and run his own streetwear apparel brand that saw him drawn to…

Sibanye-Stillwater has decided to halt its involvement in the Rhyolite Ridge Lithium-Boron Project, electing not to proceed under its joint venture agreement with ioneer Ltd. This pivotal move was communicated to stakeholders on Wednesday confirming the board's commitment to carefully evaluate potential investments amidst a dynamic market landscape. The Rhyolite Ridge Project, which was initially announced to be part of a joint venture back in September 2021, aimed to capitalise on the growing demand for lithium and boron as critical components for battery manufacturing. However, despite commitments made during the agreement's inception, the situation has evolved considerably over the past two years. More recently, the venture faced multiple amendments as it awaited the fulfilment of various conditions precedents, including a crucial final investment decision from the Sibanye-Stillwater Board.…

The markets cheered the upbeat trading statement of Momentum Group on the back of a strong operational performance, which powered its shares 10% higher on Wednesday. At 5pm on Wednesday the share of the JSE-listed financial services giant, formerly known as Momentum Metropolitan Holdings, was at R30.60 on the JSE. In a trading statement for the six months ended December 31, 2024, the group said that headline earnings per share (heps) are set to hit 240 to 248 cents, up 50% to 55% from 159.9 cents a year ago - a gain of 80.1 to 88.1 cents. Earnings per share matches that range. Diluted normalised Heps, their adjusted go-to figure, is pegged at 241 to 249 cents - up 43% to 48% from 168 cents last time. Momentum Group said…

National leaders of the ANC have been accused of using the reshuffle of the party’s Gauteng and KwaZulu-Natal provincial executive committees to take over branches of the party and serve their own interests. While the ANC removed KwaZulu-Natal provincial leader Siboniso Duma and his Gauteng counterpart Panyaza Lesufi, the removal of Bheki Mtolo and TK Nciza as the respective provincial secretaries was seen as more strategic as it is these roles that oversee the auditing and administration of members, branches and regions. Duma was replaced by ANC stalwart Jeff Radebe and now assumes the position of provincial co-ordinator while Lesufi was replaced by David Masondo and is now the deputy co-ordinator. Mtolo and Nciza have now assumed more minor roles in the reconfigured leadership structures. Sources within the ANC Gauteng…

While Eskom suspended load shedding yesterday following the recovery of generation capacity and the replenishment of emergency reserves, energy experts said it was concerning how quickly the power utility had been forced to implement stage 6 power cuts this week. In yesterday’s statement, Eskom group chief executive Dan Marokane said “load shedding is largely behind us due to structural improvement” and the focus was on eliminating it completely. Energy expert, Professor Wikus van Niekerk, who is the dean of engineering at Stellenbosch University, said that the weekend’s events demonstrated how small the current reserve margin of Eskom’s generation fleet was. “The fact that we went from no load shedding to stage 6 meant Eskom needed 6 000MW or 6GW to stabilise the system, more than the sum of the generators…

Social Development Minister Sisisi Tolashe has raised alarm over the social grant card replacement process, saying she did not believe that Postbank had a plan in place to deal with the challenges being experienced by grant recipients. While the initial deadline for the switch over process had been February 28, civil society groups raised concerns about the challenges that grant beneficiaries especially the elderly, disabled and those in rural areas were faced with when trying to change to the black cards. The deadline for the switchover was then moved to March 20. Tolashe yesterday informed parliamentarians about Postbank’s intention to switch the gold cards issued by the South African Social Security Agency (Sassa) to the bank’s new black cards for grant beneficiaries. “Indeed, there is a crisis. It is a…

“I don’t think a lot of the guys here are over that final,” said Sibabalo Qoma, recalling the climax of last year’s Currie Cup. “So there is some degree of this being personal. We have to, however, stay professional about the way we go about it and the way we prepare for it.” That statement alone suggests that there will be some serious niggle this weekend when the Lions host the Sharks on Saturday (kick-off 2:30 pm) at Ellis Park in an United Rugby Championship (URC) clash. It will be the first time the two teams meet since that bruising Cup final, won by a last-gasp penalty by the Durbanites. Even now, nearly six months later, it remains a painful defeat for the Doornfontein-based union. After all, the Lions had…

EVENTUALLY a decision has been made! It took them long enough, alright. But then again they probably did not want to jump the gun, did they? The Premier Soccer League's (PSL) decision on Monday to ‘kick’ Royal AM out of the Nedbank Cup came about after the order by the curator of the South African Revenue Services (SARS) that the club be sold so as for the taxman to recoup what Shauwn Mkhize owes them. While, from the outside, one always felt the league should expel the club that has done their reputation a lot of harm, the reality of it is that the PSL had to take their time in making such a decision. For one, the country’s elite leauge is a 16-team entity. And when they go out…

Economists believe that headline inflation remains well-contained despite a slight acceleration Consumer prices in South Africa are expected to remain subdued in the first half of 2025 in spite of headline inflation starting the year on the upswing. Data from Statistics South Africa (Stats SA) showed that the rate of headline consumer price inflation (CPI) rose for the third month from 3% in December 2024 to 3.2% in January 2025, the highest in four months, compared with market forecasts of 3.3%. Still, it remains well below the South African Reserve Bank's preferred midpoint target of 4.5%. The January CPI is the first to incorporate the changes to the CPI bar scale and weights that Stats SA announced last month. The data was released using the new base year 2024, replacing…

Steinhoff’s indirect move to create a subsidiary called Hemisphere to consolidate its properties was to decrease the amount that the company needed to pay in tax through frequent changes in the unit’s shareholding. This is detailed in a comprehensive PwC probe, a copy of which is in Business Report’s possession, which was instigated as the result of Steinhoff’s auditors, Deloitte, flagging accounting irregularities in 2017. Hemisphere was incorporated on June 25, 2008, as an “entity limited by liability” in the Netherlands and holds a significant portion of Steinhoff Group’s properties in Europe, a lengthy report by PwC into Steinhoff Group’s accounting manipulations noted. Between the date it was incorporated and just more than a year later, Hemisphere’s majority shareholders changed four times before Steinhoff Finance finally gained full ownership in…

Summit Africa, a black-owned impact investment manager and licensed financial services provider, has officially launched its Private Equity Fund II (SPEF II), in a bid aimed at bolstering economic growth and addressing pressing social issues. The fund has secured a $20 million (approximately R355m) anchor investment from British International Investment (BII), the UK’s development finance institution and leading impact investor. SPEF II will strategically focus its investments on small-to-mid market companies within the financial services and ICT sectors, both critical areas for promoting financial and digital inclusion, job creation, transformation, and diversity throughout South Africa and its neighbouring regions. This initiative comes at a time when the need for innovative solutions in these sectors is paramount to drive sustainable development. In addition to these sectors, the fund has identified food…

Sustainability is not just a corporate buzzword. It is a thriving economic model that is reshaping Africa’s entrepreneurial landscape. African communities have long practiced sustainability through land stewardship, water conservation, and resource-sharing traditions. Concepts like Ubuntu—“I am because we are”—reflect sustainability at a social level, while agroecological farming, rotational grazing, and rainwater harvesting showcase environmental sustainability. From informal waste reclaimers to high-tech agri-businesses, small enterprises are demonstrating that environmental responsibility and economic growth can go hand in hand. These entrepreneurs are not only tackling pressing environmental challenges but also driving job creation, community empowerment, and resource efficiency. Whether it’s turning waste into valuable products, promoting ethical sourcing, or leveraging digital innovations for sustainable agriculture, these businesses prove that Africa’s future lies in circular economies and socially conscious enterprise. However, for…

The Competition Commission has recommended the approval of Novus Holdings' proposed takeover of Mustek, a move that comes in the wake of a recent ruling from the Takeover Regulation Panel (TRP) which found that the DK Trust acted in concert with Novus in the mandatory buyout. This complicated web of corporate governance was highlighted in a detailed ruling published on Tuesday, which mandates immediate compliance with takeover regulations. This endorsement is particularly significant given the TRP's findings, which determined that the DK Trust’s irrevocable undertaking, signed on November 13, 2024, significantly facilitated Novus’s bid of R13 per share for Mustek. The Trust’s decision not to accept the offer or sell its Mustek shares until the deal concluded was deemed a "critical enabler," effectively reducing Novus's financial exposure under Regulation 111…

Menopause is a natural biological process that marks the end of a woman's reproductive years. It is a significant transition that every woman experiences, typically occurring between the ages of 45 and 55. However, menopause is not a single event but a gradual process that unfolds over several years. It is generally divided into three main stages: perimenopause, menopause and postmenopause. Perimenopause Often referred to as the “menopausal transition”, perimenopause is the stage that leads up to menopause. It typically begins in a woman’s 40s but can start as early as the mid-30s for some. This phase can last anywhere from a few months to several years, with the average duration being about four years. Hormonal fluctuations: During perimenopause, the ovaries gradually produce less estrogen. This decline is not linear;…

There were seven fatal aviation accidents last year across the world according to the International Air Transport Association (IATA) 2024 Annual Safety Report which was released yesterday. In 2024, seven fatal accidents were reported, resulting in 244 “on-board fatalities” and seven additional “other fatalities”, including those on the ground or on-board another aircraft. This is an increase from a single fatal accident in 2023. One of the major incidents was the Jeju Air crash in South Korea on December 29 last year that left 179 people dead. According to the IATA report, there were 10 accidents in Africa in 2024. Africa recorded the highest accident rate, though the fatality risk remained at zero for the second year in a row meaning that no passengers or crew members were killed in…

Former Manchester United manager Erik ten Hag says modern footballers find it tough to deal with criticism and that his generation had "much thicker skin". The 55-year-old, sacked in October after a poor start to the season, clashed with several high-profile players during his tenure at Old Trafford. Cristiano Ronaldo said he did not respect Ten Hag, leading to his exit from the club in November 2022, a few months into the Dutchman's reign. The following year Jadon Sancho, now on loan at Chelsea, said he was being made a "scapegoat" as he responded on social media after Ten Hag said he had dropped the England winger because of his training performances. Ten Hag disciplined Marcus Rashford when the forward, currently on loan at Aston Villa, missed training after reportedly…

Former Springbok prop Steven Kitshoff expressed a willingness to give back to rugby earlier this week, and if the Stormers were wise to the 33-year-old’s words, they should rope him post haste and without reservation. “I would love to stay involved in rugby,” he said, at the time of his retirement from all levels of rugby, due to a neck injury. “The sport has given me so much,” he continued, “and now it is time for me to give a little back, whether it is youth development, mentoring or consulting or whatever form it is, I just want to stay involved as long as I can.” One suspects that Kitsie has given a few pointers here and there to the Stormers pack, regarding the set-pieces, but with the Bulls…

The Household Affordability Index revealed a mixed bag of outcomes for South African families struggling to make ends meet. Data was released on Wednesday by the Pietermaritzburg Economic Justice & Dignity Group (PMBEJD) that showed in February 2025, the average cost of the Household Food Basket was R5 313.22. While the food basket price showed a decrease of R120.48 (-2.2%), from R5 433.70 in January 2025 to R5 313.22 in February 2025, year-on-year the price had increased. Year-on-year, the average cost of the Household Food Basket increased by R35.92 (0.7%), from R5 277.30 in February 2024 to R5 313.22 in February 2025. In February, of the 44 foods tracked in the basket, 11 foods increased in price, and 32 foods decreased in price, and 1 food, oranges, remained unchanged, it…

In a promising sign for the South African hospitality sector, the tourism and hospitality industry in South Africa has hailed the 12.1% year-on-year increase in income derived from tourist accommodation for December 2024. This growth, albeit slightly less than the previously revised 12.9%, coincides with a broader year-on-year increase of 11.8% for the fourth quarter of 2024 compared to the same period in 2023. Recent data from Statistics South Africa (Stats SA) showed that the hotels category was the largest contributor to the overall increase, adding 8.1 percentage points to the 12.1% rise with its own robust growth of 13.6%. Furthermore, the “other” accommodation segment – which includes lodges, bed-and-breakfast establishments, and self-catering options – contributed an additional 3.5 percentage points. According to the Minister of Tourism, the ongoing growth…

The latest S&P Global South Africa Purchasing Managers’ Index (PMI) paints a picture of a rocky start to 2025 for South African businesses, as operating conditions slumped to their lowest levels in January since July 2021. As a business owner, putting on a brave face is not easy, but keeping your employees engaged and motivated during tough times is not just beneficial – it is essential for resilience and long-term success. Here are five practical ways to boost employee confidence in challenging circumstances: 1. Communicate Openly and Honestly Employees can sense when times are tough, and a lack of transparency results in fear, speculation, and uncertainty. Keeping your team informed about the company’s challenges, upcoming changes, and the strategy to turn things around is crucial. However, this transparency should be…

Bidcorp, the JSE-listed international food service group operating on five continents, said a strong performance in the six months to December 31 was only marred slightly by a subdued performance in mainland China. In constant currency measures, headline earnings per share (HEPS) increased by 10% to 1 267.1 cents per share, despite activity in Greater China remaining subdued by the macro environment. An interim cash dividend of 560 cents a share was declared, an increase of 6.7% on last year’s half-year payout. “We have increased our revenue by 7.1% in constant currency, and after adjusting for our relevant food-basket inflation and acquisitions, we have grown the business by around 5% in real organic terms,” Bidcorp CEO, Bernard Berson, said in a statement. He said food inflation had disappeared, although cost…

Shares in beer behemoth Anheuser-Busch InBev (AB InBev) surged 8% after it capped 2024 with a record $59.8 billion (R1.1 trillion) in revenue, a 2.7% jump from 2023. By 5pm the shares were up 8% at R1 092 on the JSE as investors welcomed the robust performance and welcomed a hefty dividend. The Board proposed a full year 2024 dividend of €1.00 (R19) per share - a 22% hike, subject to shareholder approval at the annual general meeting on April 30, 2025. Michel Doukeris, the CEO, AB InBev, said, "Beer is a passion point for consumers and a vibrant category globally. The strength of our 2024 results is a testament to the consistent execution of our strategy and the hard work and dedication of our people. We delivered Ebitda growth…

The co-chairpersons of the Joint Standing Committee on Defence, Malusi Gigaba and Phiroane Phala, along with the chairperson of the Portfolio Committee on Defence and Military Veterans, Dakota Legoete, have welcomed the successful repatriation of South African soldiers injured in the eastern Democratic Republic of the Congo (DRC). The soldiers, who were part of a peacekeeping mission, were evacuated from Goma after being ambushed by M23 rebels last month. 14 SANDF soldiers were killed. Gigaba and Phala expressed their hope that the injured soldiers would receive the necessary medical and psycho-social support. Phala emphasised the importance of keeping the families of deployed soldiers informed about their welfare. He and Gigaba had previously called for the SANDF and the Department of Defence and Military Veterans to prioritise the repatriation of the…

Enzo Maresca admitted he was relieved after Chelsea climbed to fourth place in the Premier League with a 4-0 rout of woeful Southampton on Tuesday. Maresca's side got back on track after three successive defeats with a dominant display at Stamford Bridge. Christopher Nkunku put the Blues ahead and Pedro Neto doubled their lead before Levi Colwill bagged the third just before the break. Marc Cucurella capped Chelsea's biggest league win since thrashing Southampton 5-1 in December. Pointed questions were being asked about Maresca after Chelsea were beaten at Aston Villa on Saturday, a limp performance that followed successive defeats to Brighton in the Premier League and FA Cup. "We all needed that. We were in a bad run in terms of results. The performance was always there, maybe except…

The stage is set, and the competition is heating up! After a grueling Sunday of sectional battles played in sweltering conditions, the Port Natal Bowls Men’s and Women’s Trips Championships now move into the knockout rounds at Westville Country Club this Saturday. Expect nothing less than fierce rivalry and strategic brilliance as teams fight for a coveted spot on the podium. The draw for the first knockout round has thrown up some exciting clashes. Hillcrest’s defending men’s champions Wayne Roberts, Dougie Bashford and Roger Boulle are not competing as a unit this year. Boulle has transferred to Westville BC, while Bashford is focused on his duties as a national selector. However, Roberts has joined forces with Greg Worst and Nick Horne in a formidable new trio. Their first knockout…

“There is no one anywhere in the world at any stage who is any bigger or any better than this football club.” These are the famous words of Liverpool’s legendary forward and manager Kenny Dalglish. But “King Kenny” also said: “The people who come to watch us play, who love the team and regard it as part of their lives, would never appreciate Liverpool having a huge balance in the bank. They want every asset we possess to be wearing a red shirt.” It is exactly this conundrum that Liverpool are faced with in regard to Mohamed Salah. The 32-year-old Egyptian has been tearing up the record books at Anfield since joining the Reds in September 2017. And despite his advanced age, especially for a flying winger, he is showing…

The 2025 Formula 1 season is finally underway as pre-season testing in Bahrain got into gear on Wednesday and will draw to a close on Friday. Teams will have three days to dial their cars in and work out any kinks before race day in Melbourne, Australia. Here are five things to know about pre-season testing It was during the time of the 2021 season that testing left Spanish shores and settled in the Middle East, in Bahrain, which now serves as a pre-season test location. The country is favoured mainly for its climate, which offers consistent weather for a sport like motor racing. Mild and dry conditions are what can be expected in Bahrain. Pre-season testing is the first time teams will get the true feel of their cars…